chloecodes/finqa-de · Datasets at Hugging Face

finqa400

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

finqa401

what portion of the gen-probe's purchase price is paid in cash?

99.9%

divide(3967866, 3972176)

table of contents intangibles 2014goodwill and other in december 2010 , the fasb issued asu 2010-28 , intangibles 2014goodwill and other ( topic 350 ) . asu 2010-28 modifies step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts . for those reporting units , an entity is required to perform step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists . in determining whether it is more likely than not that a goodwill impairment exists , an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist . asu 2010-28 is effective for the company in fiscal 2012 . the adoption of asu 2010-28 is not expected to have a material impact on the company 2019s consolidated financial statements . in september 2011 , the fasb issued asu no . 2011-08 , intangibles 2014goodwill and other ( topic 350 ) : testing goodwill for impairment . asu 2011-08 allows entities to first assess qualitatively whether it is necessary to perform the two-step goodwill impairment test . if an entity believes , as a result of its qualitative assessment , that it is more likely than not that the fair value of a reporting unit is less than its carrying amount , the quantitative two-step impairment test is required ; otherwise , no further testing is required . asu 2011-08 is effective for the company beginning in fiscal 2013 , although early adoption is permitted . the company does not believe that asu 2011-08 will have a material impact on its consolidated financial statements . 3 . business combinations fiscal 2012 acquisition : gen-probe , inc . on august 1 , 2012 , the company completed the acquisition of gen-probe and acquired all of the outstanding shares of gen-probe . pursuant to the merger agreement , each share of common stock outstanding immediately prior to the effective time of the acquisition was cancelled and converted into the right to receive $ 82.75 in cash . in addition , all outstanding restricted shares , restricted stock units , performance shares , and those stock options granted prior to february 8 , 2012 were cancelled and converted into the right to receive $ 82.75 per share in cash less the applicable exercise price , as applicable . stock options granted after february 8 , 2012 were converted into stock options to acquire shares of hologic common stock determined by a conversion formula defined in the merger agreement . the company paid the gen-probe shareholders $ 3.8 billion and $ 169.0 million to equity award holders . the company funded the acquisition using available cash and financing consisting of senior secured credit facilities and senior notes ( see note 5 for further discussion ) resulting in aggregate proceeds of $ 3.48 billion , excluding financing fees to the underwriters . the company incurred approximately $ 34.3 million of direct transaction costs recorded within general and administrative expenses . gen-probe , headquartered in san diego , california , is a leader in molecular diagnostics products and services that are used primarily to diagnose human diseases , screen donated human blood , and test transplant compatibility . the company expects this acquisition to enhance its molecular diagnostics franchise and to complement its existing portfolio of diagnostics products . gen-probe 2019s results of operations are reported within the company 2019s diagnostics reportable segment from the date of acquisition . the purchase price consideration was as follows: .

the fair value of stock options exchanged recorded as purchase price represents the fair value of the gen-probe options converted into the company 2019s stock options attributable to pre-combination services pursuant to asc 805 , business combinations . the remainder of the fair value of these options of $ 23.2 million will be recognized as stock-based compensation expense over the remaining vesting period , which is approximately 3.5 years . the company estimated the fair value of the stock options using a binomial valuation model with the following weighted average assumptions : risk free rate of 0.41% ( 0.41 % ) , expected volatility of 39.9% ( 39.9 % ) , expected life of 3.6 years and dividend of 0.0% ( 0.0 % ) . the weighted average fair value of stock options granted is $ 7.07 per share . source : hologic inc , 10-k , november 28 , 2012 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely . the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law . past financial performance is no guarantee of future results. .

| | cash paid | $ 3967866 | |---:|:--------------------------------------|:------------| | 0 | deferred payment | 1655 | | 1 | fair value of stock options exchanged | 2655 | | 2 | total purchase price | $ 3972176 |

table of contents intangibles 2014goodwill and other in december 2010 , the fasb issued asu 2010-28 , intangibles 2014goodwill and other ( topic 350 ) . asu 2010-28 modifies step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts . for those reporting units , an entity is required to perform step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists . in determining whether it is more likely than not that a goodwill impairment exists , an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist . asu 2010-28 is effective for the company in fiscal 2012 . the adoption of asu 2010-28 is not expected to have a material impact on the company 2019s consolidated financial statements . in september 2011 , the fasb issued asu no . 2011-08 , intangibles 2014goodwill and other ( topic 350 ) : testing goodwill for impairment . asu 2011-08 allows entities to first assess qualitatively whether it is necessary to perform the two-step goodwill impairment test . if an entity believes , as a result of its qualitative assessment , that it is more likely than not that the fair value of a reporting unit is less than its carrying amount , the quantitative two-step impairment test is required ; otherwise , no further testing is required . asu 2011-08 is effective for the company beginning in fiscal 2013 , although early adoption is permitted . the company does not believe that asu 2011-08 will have a material impact on its consolidated financial statements . 3 . business combinations fiscal 2012 acquisition : gen-probe , inc . on august 1 , 2012 , the company completed the acquisition of gen-probe and acquired all of the outstanding shares of gen-probe . pursuant to the merger agreement , each share of common stock outstanding immediately prior to the effective time of the acquisition was cancelled and converted into the right to receive $ 82.75 in cash . in addition , all outstanding restricted shares , restricted stock units , performance shares , and those stock options granted prior to february 8 , 2012 were cancelled and converted into the right to receive $ 82.75 per share in cash less the applicable exercise price , as applicable . stock options granted after february 8 , 2012 were converted into stock options to acquire shares of hologic common stock determined by a conversion formula defined in the merger agreement . the company paid the gen-probe shareholders $ 3.8 billion and $ 169.0 million to equity award holders . the company funded the acquisition using available cash and financing consisting of senior secured credit facilities and senior notes ( see note 5 for further discussion ) resulting in aggregate proceeds of $ 3.48 billion , excluding financing fees to the underwriters . the company incurred approximately $ 34.3 million of direct transaction costs recorded within general and administrative expenses . gen-probe , headquartered in san diego , california , is a leader in molecular diagnostics products and services that are used primarily to diagnose human diseases , screen donated human blood , and test transplant compatibility . the company expects this acquisition to enhance its molecular diagnostics franchise and to complement its existing portfolio of diagnostics products . gen-probe 2019s results of operations are reported within the company 2019s diagnostics reportable segment from the date of acquisition . the purchase price consideration was as follows: ._| | cash paid | $ 3967866 | |---:|:--------------------------------------|:------------| | 0 | deferred payment | 1655 | | 1 | fair value of stock options exchanged | 2655 | | 2 | total purchase price | $ 3972176 |_the fair value of stock options exchanged recorded as purchase price represents the fair value of the gen-probe options converted into the company 2019s stock options attributable to pre-combination services pursuant to asc 805 , business combinations . the remainder of the fair value of these options of $ 23.2 million will be recognized as stock-based compensation expense over the remaining vesting period , which is approximately 3.5 years . the company estimated the fair value of the stock options using a binomial valuation model with the following weighted average assumptions : risk free rate of 0.41% ( 0.41 % ) , expected volatility of 39.9% ( 39.9 % ) , expected life of 3.6 years and dividend of 0.0% ( 0.0 % ) . the weighted average fair value of stock options granted is $ 7.07 per share . source : hologic inc , 10-k , november 28 , 2012 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely . the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law . past financial performance is no guarantee of future results. .

2,012

113

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

what portion of the gen-probe's purchase price is paid in cash?

99.9%

divide(3967866, 3972176)

table of contents intangibles 2014goodwill and other in december 2010 , the fasb issued asu 2010-28 , intangibles 2014goodwill and other ( topic 350 ) . asu 2010-28 modifies step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts . for those reporting units , an entity is required to perform step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists . in determining whether it is more likely than not that a goodwill impairment exists , an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist . asu 2010-28 is effective for the company in fiscal 2012 . the adoption of asu 2010-28 is not expected to have a material impact on the company 2019s consolidated financial statements . in september 2011 , the fasb issued asu no . 2011-08 , intangibles 2014goodwill and other ( topic 350 ) : testing goodwill for impairment . asu 2011-08 allows entities to first assess qualitatively whether it is necessary to perform the two-step goodwill impairment test . if an entity believes , as a result of its qualitative assessment , that it is more likely than not that the fair value of a reporting unit is less than its carrying amount , the quantitative two-step impairment test is required ; otherwise , no further testing is required . asu 2011-08 is effective for the company beginning in fiscal 2013 , although early adoption is permitted . the company does not believe that asu 2011-08 will have a material impact on its consolidated financial statements . 3 . business combinations fiscal 2012 acquisition : gen-probe , inc . on august 1 , 2012 , the company completed the acquisition of gen-probe and acquired all of the outstanding shares of gen-probe . pursuant to the merger agreement , each share of common stock outstanding immediately prior to the effective time of the acquisition was cancelled and converted into the right to receive $ 82.75 in cash . in addition , all outstanding restricted shares , restricted stock units , performance shares , and those stock options granted prior to february 8 , 2012 were cancelled and converted into the right to receive $ 82.75 per share in cash less the applicable exercise price , as applicable . stock options granted after february 8 , 2012 were converted into stock options to acquire shares of hologic common stock determined by a conversion formula defined in the merger agreement . the company paid the gen-probe shareholders $ 3.8 billion and $ 169.0 million to equity award holders . the company funded the acquisition using available cash and financing consisting of senior secured credit facilities and senior notes ( see note 5 for further discussion ) resulting in aggregate proceeds of $ 3.48 billion , excluding financing fees to the underwriters . the company incurred approximately $ 34.3 million of direct transaction costs recorded within general and administrative expenses . gen-probe , headquartered in san diego , california , is a leader in molecular diagnostics products and services that are used primarily to diagnose human diseases , screen donated human blood , and test transplant compatibility . the company expects this acquisition to enhance its molecular diagnostics franchise and to complement its existing portfolio of diagnostics products . gen-probe 2019s results of operations are reported within the company 2019s diagnostics reportable segment from the date of acquisition . the purchase price consideration was as follows: .

the fair value of stock options exchanged recorded as purchase price represents the fair value of the gen-probe options converted into the company 2019s stock options attributable to pre-combination services pursuant to asc 805 , business combinations . the remainder of the fair value of these options of $ 23.2 million will be recognized as stock-based compensation expense over the remaining vesting period , which is approximately 3.5 years . the company estimated the fair value of the stock options using a binomial valuation model with the following weighted average assumptions : risk free rate of 0.41% ( 0.41 % ) , expected volatility of 39.9% ( 39.9 % ) , expected life of 3.6 years and dividend of 0.0% ( 0.0 % ) . the weighted average fair value of stock options granted is $ 7.07 per share . source : hologic inc , 10-k , november 28 , 2012 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely . the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law . past financial performance is no guarantee of future results. .

| | cash paid | $ 3967866 | |---:|:--------------------------------------|:------------| | 0 | deferred payment | 1655 | | 1 | fair value of stock options exchanged | 2655 | | 2 | total purchase price | $ 3972176 |

table of contents intangibles 2014goodwill and other in december 2010 , the fasb issued asu 2010-28 , intangibles 2014goodwill and other ( topic 350 ) . asu 2010-28 modifies step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts . for those reporting units , an entity is required to perform step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists . in determining whether it is more likely than not that a goodwill impairment exists , an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist . asu 2010-28 is effective for the company in fiscal 2012 . the adoption of asu 2010-28 is not expected to have a material impact on the company 2019s consolidated financial statements . in september 2011 , the fasb issued asu no . 2011-08 , intangibles 2014goodwill and other ( topic 350 ) : testing goodwill for impairment . asu 2011-08 allows entities to first assess qualitatively whether it is necessary to perform the two-step goodwill impairment test . if an entity believes , as a result of its qualitative assessment , that it is more likely than not that the fair value of a reporting unit is less than its carrying amount , the quantitative two-step impairment test is required ; otherwise , no further testing is required . asu 2011-08 is effective for the company beginning in fiscal 2013 , although early adoption is permitted . the company does not believe that asu 2011-08 will have a material impact on its consolidated financial statements . 3 . business combinations fiscal 2012 acquisition : gen-probe , inc . on august 1 , 2012 , the company completed the acquisition of gen-probe and acquired all of the outstanding shares of gen-probe . pursuant to the merger agreement , each share of common stock outstanding immediately prior to the effective time of the acquisition was cancelled and converted into the right to receive $ 82.75 in cash . in addition , all outstanding restricted shares , restricted stock units , performance shares , and those stock options granted prior to february 8 , 2012 were cancelled and converted into the right to receive $ 82.75 per share in cash less the applicable exercise price , as applicable . stock options granted after february 8 , 2012 were converted into stock options to acquire shares of hologic common stock determined by a conversion formula defined in the merger agreement . the company paid the gen-probe shareholders $ 3.8 billion and $ 169.0 million to equity award holders . the company funded the acquisition using available cash and financing consisting of senior secured credit facilities and senior notes ( see note 5 for further discussion ) resulting in aggregate proceeds of $ 3.48 billion , excluding financing fees to the underwriters . the company incurred approximately $ 34.3 million of direct transaction costs recorded within general and administrative expenses . gen-probe , headquartered in san diego , california , is a leader in molecular diagnostics products and services that are used primarily to diagnose human diseases , screen donated human blood , and test transplant compatibility . the company expects this acquisition to enhance its molecular diagnostics franchise and to complement its existing portfolio of diagnostics products . gen-probe 2019s results of operations are reported within the company 2019s diagnostics reportable segment from the date of acquisition . the purchase price consideration was as follows: ._| | cash paid | $ 3967866 | |---:|:--------------------------------------|:------------| | 0 | deferred payment | 1655 | | 1 | fair value of stock options exchanged | 2655 | | 2 | total purchase price | $ 3972176 |_the fair value of stock options exchanged recorded as purchase price represents the fair value of the gen-probe options converted into the company 2019s stock options attributable to pre-combination services pursuant to asc 805 , business combinations . the remainder of the fair value of these options of $ 23.2 million will be recognized as stock-based compensation expense over the remaining vesting period , which is approximately 3.5 years . the company estimated the fair value of the stock options using a binomial valuation model with the following weighted average assumptions : risk free rate of 0.41% ( 0.41 % ) , expected volatility of 39.9% ( 39.9 % ) , expected life of 3.6 years and dividend of 0.0% ( 0.0 % ) . the weighted average fair value of stock options granted is $ 7.07 per share . source : hologic inc , 10-k , november 28 , 2012 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely . the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law . past financial performance is no guarantee of future results. .

2,012

113

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

null

finqa402

what was the number of shares issued in 2015 in millions

149

divide(170, 1.14)

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 issued in 2015 in millions

149

divide(170, 1.14)

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

finqa403

what percentage of entergy's total employees are employed in entergy mississippi?

5.6%

divide(828, 14669)

part i item 1 entergy corporation , utility operating companies , and system energy employment and labor-related proceedings ( entergy corporation , entergy arkansas , entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy new orleans , entergy texas , and system energy ) the registrant subsidiaries and other entergy subsidiaries are responding to various lawsuits in both state and federal courts and to other labor-related proceedings filed by current and former employees . generally , the amount of damages being sought is not specified in these proceedings . these actions include , but are not limited to , allegations of wrongful employment actions ; wage disputes and other claims under the fair labor standards act or its state counterparts ; claims of race , gender and disability discrimination ; disputes arising under collective bargaining agreements ; unfair labor practice proceedings and other administrative proceedings before the national labor relations board ; claims of retaliation ; and claims for or regarding benefits under various entergy corporation sponsored plans . entergy and the registrant subsidiaries are responding to these suits and proceedings and deny liability to the claimants . employees employees are an integral part of entergy's commitment to serving its customers . as of december 31 , 2008 , entergy employed 14669 people . utility: .

approximately 5000 employees are represented by the international brotherhood of electrical workers union , the utility workers union of america , the international brotherhood of teamsters union , and the united government security officers of america. .

| | entergy arkansas | 1526 | |---:|:------------------------------|:-------| | 0 | entergy gulf states louisiana | 858 | | 1 | entergy louisiana | 1008 | | 2 | entergy mississippi | 828 | | 3 | entergy new orleans | 378 | | 4 | entergy texas | 744 | | 5 | system energy | - | | 6 | entergy operations | 2448 | | 7 | entergy services | 3179 | | 8 | entergy nuclear operations | 3620 | | 9 | other subsidiaries | 80 | | 10 | total entergy | 14669 |

part i item 1 entergy corporation , utility operating companies , and system energy employment and labor-related proceedings ( entergy corporation , entergy arkansas , entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy new orleans , entergy texas , and system energy ) the registrant subsidiaries and other entergy subsidiaries are responding to various lawsuits in both state and federal courts and to other labor-related proceedings filed by current and former employees . generally , the amount of damages being sought is not specified in these proceedings . these actions include , but are not limited to , allegations of wrongful employment actions ; wage disputes and other claims under the fair labor standards act or its state counterparts ; claims of race , gender and disability discrimination ; disputes arising under collective bargaining agreements ; unfair labor practice proceedings and other administrative proceedings before the national labor relations board ; claims of retaliation ; and claims for or regarding benefits under various entergy corporation sponsored plans . entergy and the registrant subsidiaries are responding to these suits and proceedings and deny liability to the claimants . employees employees are an integral part of entergy's commitment to serving its customers . as of december 31 , 2008 , entergy employed 14669 people . utility: ._| | entergy arkansas | 1526 | |---:|:------------------------------|:-------| | 0 | entergy gulf states louisiana | 858 | | 1 | entergy louisiana | 1008 | | 2 | entergy mississippi | 828 | | 3 | entergy new orleans | 378 | | 4 | entergy texas | 744 | | 5 | system energy | - | | 6 | entergy operations | 2448 | | 7 | entergy services | 3179 | | 8 | entergy nuclear operations | 3620 | | 9 | other subsidiaries | 80 | | 10 | total entergy | 14669 |_approximately 5000 employees are represented by the international brotherhood of electrical workers union , the utility workers union of america , the international brotherhood of teamsters union , and the united government security officers of america. .

2,008

249

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what percentage of entergy's total employees are employed in entergy mississippi?

5.6%

divide(828, 14669)

part i item 1 entergy corporation , utility operating companies , and system energy employment and labor-related proceedings ( entergy corporation , entergy arkansas , entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy new orleans , entergy texas , and system energy ) the registrant subsidiaries and other entergy subsidiaries are responding to various lawsuits in both state and federal courts and to other labor-related proceedings filed by current and former employees . generally , the amount of damages being sought is not specified in these proceedings . these actions include , but are not limited to , allegations of wrongful employment actions ; wage disputes and other claims under the fair labor standards act or its state counterparts ; claims of race , gender and disability discrimination ; disputes arising under collective bargaining agreements ; unfair labor practice proceedings and other administrative proceedings before the national labor relations board ; claims of retaliation ; and claims for or regarding benefits under various entergy corporation sponsored plans . entergy and the registrant subsidiaries are responding to these suits and proceedings and deny liability to the claimants . employees employees are an integral part of entergy's commitment to serving its customers . as of december 31 , 2008 , entergy employed 14669 people . utility: .

approximately 5000 employees are represented by the international brotherhood of electrical workers union , the utility workers union of america , the international brotherhood of teamsters union , and the united government security officers of america. .

| | entergy arkansas | 1526 | |---:|:------------------------------|:-------| | 0 | entergy gulf states louisiana | 858 | | 1 | entergy louisiana | 1008 | | 2 | entergy mississippi | 828 | | 3 | entergy new orleans | 378 | | 4 | entergy texas | 744 | | 5 | system energy | - | | 6 | entergy operations | 2448 | | 7 | entergy services | 3179 | | 8 | entergy nuclear operations | 3620 | | 9 | other subsidiaries | 80 | | 10 | total entergy | 14669 |

part i item 1 entergy corporation , utility operating companies , and system energy employment and labor-related proceedings ( entergy corporation , entergy arkansas , entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy new orleans , entergy texas , and system energy ) the registrant subsidiaries and other entergy subsidiaries are responding to various lawsuits in both state and federal courts and to other labor-related proceedings filed by current and former employees . generally , the amount of damages being sought is not specified in these proceedings . these actions include , but are not limited to , allegations of wrongful employment actions ; wage disputes and other claims under the fair labor standards act or its state counterparts ; claims of race , gender and disability discrimination ; disputes arising under collective bargaining agreements ; unfair labor practice proceedings and other administrative proceedings before the national labor relations board ; claims of retaliation ; and claims for or regarding benefits under various entergy corporation sponsored plans . entergy and the registrant subsidiaries are responding to these suits and proceedings and deny liability to the claimants . employees employees are an integral part of entergy's commitment to serving its customers . as of december 31 , 2008 , entergy employed 14669 people . utility: ._| | entergy arkansas | 1526 | |---:|:------------------------------|:-------| | 0 | entergy gulf states louisiana | 858 | | 1 | entergy louisiana | 1008 | | 2 | entergy mississippi | 828 | | 3 | entergy new orleans | 378 | | 4 | entergy texas | 744 | | 5 | system energy | - | | 6 | entergy operations | 2448 | | 7 | entergy services | 3179 | | 8 | entergy nuclear operations | 3620 | | 9 | other subsidiaries | 80 | | 10 | total entergy | 14669 |_approximately 5000 employees are represented by the international brotherhood of electrical workers union , the utility workers union of america , the international brotherhood of teamsters union , and the united government security officers of america. .

2,008

249

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa404

what was the percent of the change in the risk and insurance brokerage services segment revenue from 2008 2009\\n

1.7%

divide(subtract(6305, 6197), 6197)

risk and insurance brokerage services .

during 2009 we continued to see a soft market , which began in 2007 , in our retail brokerage product line . in 2007 , we experienced a soft market in many business lines and in many geographic areas . in a 2018 2018soft market , 2019 2019 premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity . changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds . prices fell throughout 2007 , with the greatest declines seen in large and middle-market accounts . prices continued to decline during 2008 , although the rate of decline slowed toward the end of the year . in our reinsurance brokerage product line , pricing overall during 2009 was also down , although during a portion of the year it was flat to up slightly . additionally , beginning in late 2008 and continuing throughout 2009 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets . continued volatility and further deterioration in the credit markets have reduced our customers 2019 demand for our retail brokerage and reinsurance brokerage products , which have negatively hurt our operational results . in addition , overall capacity in the industry could decrease if a significant insurer either fails or withdraws from writing insurance coverages that we offer our clients . this failure could reduce our revenues and profitability , since we would no longer have access to certain lines and types of insurance . risk and insurance brokerage services generated approximately 83% ( 83 % ) of our consolidated total revenues in 2009 . revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients . our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates . we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage . specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , healthcare providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability income , and personal lines for individuals , associations , and businesses ; provide reinsurance services to insurance and reinsurance companies and other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance ; provide investment banking products and services , including mergers and acquisitions and other financial advisory services , capital raising , contingent capital financing , insurance-linked securitizations and derivative applications ; provide managing underwriting to independent agents and brokers as well as corporate clients ; provide actuarial , loss prevention , and administrative services to businesses and consumers ; and manage captive insurance companies . in november 2008 we expanded our product offerings through the merger with benfield , a leading independent reinsurance intermediary . benfield products have been integrated with our existing reinsurance products in 2009 . in february 2009 , we completed the sale of the u.s . operations of cananwill , our premium finance business . in june and july of 2009 , we entered into agreements with third parties with respect to our .

| | years ended december 31, | 2009 | 2008 | 2007 | |---:|:--------------------------------|:-----------------|:-----------------|:-----------------| | 0 | segment revenue | $ 6305 | $ 6197 | $ 5918 | | 1 | segment operating income | 900 | 846 | 954 | | 2 | segment operating income margin | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % ) | 16.1% ( 16.1 % ) |

risk and insurance brokerage services ._| | years ended december 31, | 2009 | 2008 | 2007 | |---:|:--------------------------------|:-----------------|:-----------------|:-----------------| | 0 | segment revenue | $ 6305 | $ 6197 | $ 5918 | | 1 | segment operating income | 900 | 846 | 954 | | 2 | segment operating income margin | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % ) | 16.1% ( 16.1 % ) |_during 2009 we continued to see a soft market , which began in 2007 , in our retail brokerage product line . in 2007 , we experienced a soft market in many business lines and in many geographic areas . in a 2018 2018soft market , 2019 2019 premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity . changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds . prices fell throughout 2007 , with the greatest declines seen in large and middle-market accounts . prices continued to decline during 2008 , although the rate of decline slowed toward the end of the year . in our reinsurance brokerage product line , pricing overall during 2009 was also down , although during a portion of the year it was flat to up slightly . additionally , beginning in late 2008 and continuing throughout 2009 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets . continued volatility and further deterioration in the credit markets have reduced our customers 2019 demand for our retail brokerage and reinsurance brokerage products , which have negatively hurt our operational results . in addition , overall capacity in the industry could decrease if a significant insurer either fails or withdraws from writing insurance coverages that we offer our clients . this failure could reduce our revenues and profitability , since we would no longer have access to certain lines and types of insurance . risk and insurance brokerage services generated approximately 83% ( 83 % ) of our consolidated total revenues in 2009 . revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients . our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates . we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage . specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , healthcare providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability income , and personal lines for individuals , associations , and businesses ; provide reinsurance services to insurance and reinsurance companies and other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance ; provide investment banking products and services , including mergers and acquisitions and other financial advisory services , capital raising , contingent capital financing , insurance-linked securitizations and derivative applications ; provide managing underwriting to independent agents and brokers as well as corporate clients ; provide actuarial , loss prevention , and administrative services to businesses and consumers ; and manage captive insurance companies . in november 2008 we expanded our product offerings through the merger with benfield , a leading independent reinsurance intermediary . benfield products have been integrated with our existing reinsurance products in 2009 . in february 2009 , we completed the sale of the u.s . operations of cananwill , our premium finance business . in june and july of 2009 , we entered into agreements with third parties with respect to our .

2,009

46

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

what was the percent of the change in the risk and insurance brokerage services segment revenue from 2008 2009\\n

1.7%

divide(subtract(6305, 6197), 6197)

risk and insurance brokerage services .

during 2009 we continued to see a soft market , which began in 2007 , in our retail brokerage product line . in 2007 , we experienced a soft market in many business lines and in many geographic areas . in a 2018 2018soft market , 2019 2019 premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity . changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds . prices fell throughout 2007 , with the greatest declines seen in large and middle-market accounts . prices continued to decline during 2008 , although the rate of decline slowed toward the end of the year . in our reinsurance brokerage product line , pricing overall during 2009 was also down , although during a portion of the year it was flat to up slightly . additionally , beginning in late 2008 and continuing throughout 2009 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets . continued volatility and further deterioration in the credit markets have reduced our customers 2019 demand for our retail brokerage and reinsurance brokerage products , which have negatively hurt our operational results . in addition , overall capacity in the industry could decrease if a significant insurer either fails or withdraws from writing insurance coverages that we offer our clients . this failure could reduce our revenues and profitability , since we would no longer have access to certain lines and types of insurance . risk and insurance brokerage services generated approximately 83% ( 83 % ) of our consolidated total revenues in 2009 . revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients . our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates . we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage . specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , healthcare providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability income , and personal lines for individuals , associations , and businesses ; provide reinsurance services to insurance and reinsurance companies and other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance ; provide investment banking products and services , including mergers and acquisitions and other financial advisory services , capital raising , contingent capital financing , insurance-linked securitizations and derivative applications ; provide managing underwriting to independent agents and brokers as well as corporate clients ; provide actuarial , loss prevention , and administrative services to businesses and consumers ; and manage captive insurance companies . in november 2008 we expanded our product offerings through the merger with benfield , a leading independent reinsurance intermediary . benfield products have been integrated with our existing reinsurance products in 2009 . in february 2009 , we completed the sale of the u.s . operations of cananwill , our premium finance business . in june and july of 2009 , we entered into agreements with third parties with respect to our .

| | years ended december 31, | 2009 | 2008 | 2007 | |---:|:--------------------------------|:-----------------|:-----------------|:-----------------| | 0 | segment revenue | $ 6305 | $ 6197 | $ 5918 | | 1 | segment operating income | 900 | 846 | 954 | | 2 | segment operating income margin | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % ) | 16.1% ( 16.1 % ) |

risk and insurance brokerage services ._| | years ended december 31, | 2009 | 2008 | 2007 | |---:|:--------------------------------|:-----------------|:-----------------|:-----------------| | 0 | segment revenue | $ 6305 | $ 6197 | $ 5918 | | 1 | segment operating income | 900 | 846 | 954 | | 2 | segment operating income margin | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % ) | 16.1% ( 16.1 % ) |_during 2009 we continued to see a soft market , which began in 2007 , in our retail brokerage product line . in 2007 , we experienced a soft market in many business lines and in many geographic areas . in a 2018 2018soft market , 2019 2019 premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity . changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds . prices fell throughout 2007 , with the greatest declines seen in large and middle-market accounts . prices continued to decline during 2008 , although the rate of decline slowed toward the end of the year . in our reinsurance brokerage product line , pricing overall during 2009 was also down , although during a portion of the year it was flat to up slightly . additionally , beginning in late 2008 and continuing throughout 2009 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets . continued volatility and further deterioration in the credit markets have reduced our customers 2019 demand for our retail brokerage and reinsurance brokerage products , which have negatively hurt our operational results . in addition , overall capacity in the industry could decrease if a significant insurer either fails or withdraws from writing insurance coverages that we offer our clients . this failure could reduce our revenues and profitability , since we would no longer have access to certain lines and types of insurance . risk and insurance brokerage services generated approximately 83% ( 83 % ) of our consolidated total revenues in 2009 . revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients . our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates . we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage . specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , healthcare providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability income , and personal lines for individuals , associations , and businesses ; provide reinsurance services to insurance and reinsurance companies and other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance ; provide investment banking products and services , including mergers and acquisitions and other financial advisory services , capital raising , contingent capital financing , insurance-linked securitizations and derivative applications ; provide managing underwriting to independent agents and brokers as well as corporate clients ; provide actuarial , loss prevention , and administrative services to businesses and consumers ; and manage captive insurance companies . in november 2008 we expanded our product offerings through the merger with benfield , a leading independent reinsurance intermediary . benfield products have been integrated with our existing reinsurance products in 2009 . in february 2009 , we completed the sale of the u.s . operations of cananwill , our premium finance business . in june and july of 2009 , we entered into agreements with third parties with respect to our .

2,009

46

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

null

finqa405

what is the change in the warranty reserve from 2017 to 2018?

111

subtract(23262, 23151)

warranty reserve some of our salvage mechanical products are sold with a standard six month warranty against defects . additionally , some of our remanufactured engines are sold with a standard three year warranty against defects . we also provide a limited lifetime warranty for certain of our aftermarket products . these assurance-type warranties are not considered a separate performance obligation , and thus no transaction price is allocated to them . we record the warranty costs in cost of goods sold on our consolidated statements of income . our warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within other accrued expenses and other noncurrent liabilities on our consolidated balance sheets based on the expected timing of the related payments . the changes in the warranty reserve are as follows ( in thousands ) : .

self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program . we purchase certain stop-loss insurance to limit our liability exposure . we also self-insure a portion of our property and casualty risk , which includes automobile liability , general liability , directors and officers liability , workers' compensation , and property coverage , under deductible insurance programs . the insurance premium costs are expensed over the contract periods . a reserve for liabilities associated with these losses is established for claims filed and claims incurred but not yet reported based upon our estimate of ultimate cost , which is calculated using analysis of historical data . we monitor new claims and claim development as well as trends related to the claims incurred but not reported in order to assess the adequacy of our insurance reserves . total self-insurance reserves were $ 105 million and $ 94 million , of which $ 52 million and $ 43 million was classified as current , as of december 31 , 2018 and 2017 , respectively , and are classified as other accrued expenses in the consolidated balance sheets . the remaining balances of self-insurance reserves are classified as other noncurrent liabilities , which reflects management's estimates of when claims will be paid . we had outstanding letters of credit of $ 65 million and $ 71 million at december 31 , 2018 and 2017 , respectively , to guarantee self-insurance claims payments . while we do not expect the amounts ultimately paid to differ significantly from our estimates , our insurance reserves and corresponding expenses could be affected if future claims experience differs significantly from historical trends and assumptions . stockholders' equity on october 25 , 2018 , our board of directors authorized a stock repurchase program under which we may purchase up to $ 500 million of our common stock from time to time through october 25 , 2021 . repurchases under the program may be made in the open market or in privately negotiated transactions , with the amount and timing of repurchases depending on market conditions and corporate needs . the repurchase program does not obligate us to acquire any specific number of shares and may be suspended or discontinued at any time . delaware law imposes restrictions on stock repurchases . during 2018 , we repurchased 2.3 million shares of common stock for an aggregate price $ 60 million . as of december 31 , 2018 , there is $ 440 million of remaining capacity under our repurchase program . in 2019 , we have repurchased 1.8 million shares of common stock for an aggregate purchase price of $ 46 million during the period ended february 22 , 2019 . treasury stock is accounted for using the cost method . income taxes current income taxes are provided on income reported for financial reporting purposes , adjusted for transactions that do not enter into the computation of income taxes payable in the same year . deferred income taxes have been provided to show the effect of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements . a valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or that future deductibility is uncertain . provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. .

| | balance as of january 1 2017 | $ 19634 | |---:|:-------------------------------|:-----------------| | 0 | warranty expense | 38608 | | 1 | warranty claims | -35091 ( 35091 ) | | 2 | balance as of december 31 2017 | 23151 | | 3 | warranty expense | 43682 | | 4 | warranty claims | -43571 ( 43571 ) | | 5 | balance as of december 31 2018 | $ 23262 |

warranty reserve some of our salvage mechanical products are sold with a standard six month warranty against defects . additionally , some of our remanufactured engines are sold with a standard three year warranty against defects . we also provide a limited lifetime warranty for certain of our aftermarket products . these assurance-type warranties are not considered a separate performance obligation , and thus no transaction price is allocated to them . we record the warranty costs in cost of goods sold on our consolidated statements of income . our warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within other accrued expenses and other noncurrent liabilities on our consolidated balance sheets based on the expected timing of the related payments . the changes in the warranty reserve are as follows ( in thousands ) : ._| | balance as of january 1 2017 | $ 19634 | |---:|:-------------------------------|:-----------------| | 0 | warranty expense | 38608 | | 1 | warranty claims | -35091 ( 35091 ) | | 2 | balance as of december 31 2017 | 23151 | | 3 | warranty expense | 43682 | | 4 | warranty claims | -43571 ( 43571 ) | | 5 | balance as of december 31 2018 | $ 23262 |_self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program . we purchase certain stop-loss insurance to limit our liability exposure . we also self-insure a portion of our property and casualty risk , which includes automobile liability , general liability , directors and officers liability , workers' compensation , and property coverage , under deductible insurance programs . the insurance premium costs are expensed over the contract periods . a reserve for liabilities associated with these losses is established for claims filed and claims incurred but not yet reported based upon our estimate of ultimate cost , which is calculated using analysis of historical data . we monitor new claims and claim development as well as trends related to the claims incurred but not reported in order to assess the adequacy of our insurance reserves . total self-insurance reserves were $ 105 million and $ 94 million , of which $ 52 million and $ 43 million was classified as current , as of december 31 , 2018 and 2017 , respectively , and are classified as other accrued expenses in the consolidated balance sheets . the remaining balances of self-insurance reserves are classified as other noncurrent liabilities , which reflects management's estimates of when claims will be paid . we had outstanding letters of credit of $ 65 million and $ 71 million at december 31 , 2018 and 2017 , respectively , to guarantee self-insurance claims payments . while we do not expect the amounts ultimately paid to differ significantly from our estimates , our insurance reserves and corresponding expenses could be affected if future claims experience differs significantly from historical trends and assumptions . stockholders' equity on october 25 , 2018 , our board of directors authorized a stock repurchase program under which we may purchase up to $ 500 million of our common stock from time to time through october 25 , 2021 . repurchases under the program may be made in the open market or in privately negotiated transactions , with the amount and timing of repurchases depending on market conditions and corporate needs . the repurchase program does not obligate us to acquire any specific number of shares and may be suspended or discontinued at any time . delaware law imposes restrictions on stock repurchases . during 2018 , we repurchased 2.3 million shares of common stock for an aggregate price $ 60 million . as of december 31 , 2018 , there is $ 440 million of remaining capacity under our repurchase program . in 2019 , we have repurchased 1.8 million shares of common stock for an aggregate purchase price of $ 46 million during the period ended february 22 , 2019 . treasury stock is accounted for using the cost method . income taxes current income taxes are provided on income reported for financial reporting purposes , adjusted for transactions that do not enter into the computation of income taxes payable in the same year . deferred income taxes have been provided to show the effect of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements . a valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or that future deductibility is uncertain . provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. .

2,018

83

LKQ

LKQ Corporation

Consumer Discretionary

Distributors

Chicago, Illinois

2016-05-23

1,065,696

1998

what is the change in the warranty reserve from 2017 to 2018?

111

subtract(23262, 23151)

warranty reserve some of our salvage mechanical products are sold with a standard six month warranty against defects . additionally , some of our remanufactured engines are sold with a standard three year warranty against defects . we also provide a limited lifetime warranty for certain of our aftermarket products . these assurance-type warranties are not considered a separate performance obligation , and thus no transaction price is allocated to them . we record the warranty costs in cost of goods sold on our consolidated statements of income . our warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within other accrued expenses and other noncurrent liabilities on our consolidated balance sheets based on the expected timing of the related payments . the changes in the warranty reserve are as follows ( in thousands ) : .

self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program . we purchase certain stop-loss insurance to limit our liability exposure . we also self-insure a portion of our property and casualty risk , which includes automobile liability , general liability , directors and officers liability , workers' compensation , and property coverage , under deductible insurance programs . the insurance premium costs are expensed over the contract periods . a reserve for liabilities associated with these losses is established for claims filed and claims incurred but not yet reported based upon our estimate of ultimate cost , which is calculated using analysis of historical data . we monitor new claims and claim development as well as trends related to the claims incurred but not reported in order to assess the adequacy of our insurance reserves . total self-insurance reserves were $ 105 million and $ 94 million , of which $ 52 million and $ 43 million was classified as current , as of december 31 , 2018 and 2017 , respectively , and are classified as other accrued expenses in the consolidated balance sheets . the remaining balances of self-insurance reserves are classified as other noncurrent liabilities , which reflects management's estimates of when claims will be paid . we had outstanding letters of credit of $ 65 million and $ 71 million at december 31 , 2018 and 2017 , respectively , to guarantee self-insurance claims payments . while we do not expect the amounts ultimately paid to differ significantly from our estimates , our insurance reserves and corresponding expenses could be affected if future claims experience differs significantly from historical trends and assumptions . stockholders' equity on october 25 , 2018 , our board of directors authorized a stock repurchase program under which we may purchase up to $ 500 million of our common stock from time to time through october 25 , 2021 . repurchases under the program may be made in the open market or in privately negotiated transactions , with the amount and timing of repurchases depending on market conditions and corporate needs . the repurchase program does not obligate us to acquire any specific number of shares and may be suspended or discontinued at any time . delaware law imposes restrictions on stock repurchases . during 2018 , we repurchased 2.3 million shares of common stock for an aggregate price $ 60 million . as of december 31 , 2018 , there is $ 440 million of remaining capacity under our repurchase program . in 2019 , we have repurchased 1.8 million shares of common stock for an aggregate purchase price of $ 46 million during the period ended february 22 , 2019 . treasury stock is accounted for using the cost method . income taxes current income taxes are provided on income reported for financial reporting purposes , adjusted for transactions that do not enter into the computation of income taxes payable in the same year . deferred income taxes have been provided to show the effect of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements . a valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or that future deductibility is uncertain . provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. .

| | balance as of january 1 2017 | $ 19634 | |---:|:-------------------------------|:-----------------| | 0 | warranty expense | 38608 | | 1 | warranty claims | -35091 ( 35091 ) | | 2 | balance as of december 31 2017 | 23151 | | 3 | warranty expense | 43682 | | 4 | warranty claims | -43571 ( 43571 ) | | 5 | balance as of december 31 2018 | $ 23262 |

warranty reserve some of our salvage mechanical products are sold with a standard six month warranty against defects . additionally , some of our remanufactured engines are sold with a standard three year warranty against defects . we also provide a limited lifetime warranty for certain of our aftermarket products . these assurance-type warranties are not considered a separate performance obligation , and thus no transaction price is allocated to them . we record the warranty costs in cost of goods sold on our consolidated statements of income . our warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within other accrued expenses and other noncurrent liabilities on our consolidated balance sheets based on the expected timing of the related payments . the changes in the warranty reserve are as follows ( in thousands ) : ._| | balance as of january 1 2017 | $ 19634 | |---:|:-------------------------------|:-----------------| | 0 | warranty expense | 38608 | | 1 | warranty claims | -35091 ( 35091 ) | | 2 | balance as of december 31 2017 | 23151 | | 3 | warranty expense | 43682 | | 4 | warranty claims | -43571 ( 43571 ) | | 5 | balance as of december 31 2018 | $ 23262 |_self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program . we purchase certain stop-loss insurance to limit our liability exposure . we also self-insure a portion of our property and casualty risk , which includes automobile liability , general liability , directors and officers liability , workers' compensation , and property coverage , under deductible insurance programs . the insurance premium costs are expensed over the contract periods . a reserve for liabilities associated with these losses is established for claims filed and claims incurred but not yet reported based upon our estimate of ultimate cost , which is calculated using analysis of historical data . we monitor new claims and claim development as well as trends related to the claims incurred but not reported in order to assess the adequacy of our insurance reserves . total self-insurance reserves were $ 105 million and $ 94 million , of which $ 52 million and $ 43 million was classified as current , as of december 31 , 2018 and 2017 , respectively , and are classified as other accrued expenses in the consolidated balance sheets . the remaining balances of self-insurance reserves are classified as other noncurrent liabilities , which reflects management's estimates of when claims will be paid . we had outstanding letters of credit of $ 65 million and $ 71 million at december 31 , 2018 and 2017 , respectively , to guarantee self-insurance claims payments . while we do not expect the amounts ultimately paid to differ significantly from our estimates , our insurance reserves and corresponding expenses could be affected if future claims experience differs significantly from historical trends and assumptions . stockholders' equity on october 25 , 2018 , our board of directors authorized a stock repurchase program under which we may purchase up to $ 500 million of our common stock from time to time through october 25 , 2021 . repurchases under the program may be made in the open market or in privately negotiated transactions , with the amount and timing of repurchases depending on market conditions and corporate needs . the repurchase program does not obligate us to acquire any specific number of shares and may be suspended or discontinued at any time . delaware law imposes restrictions on stock repurchases . during 2018 , we repurchased 2.3 million shares of common stock for an aggregate price $ 60 million . as of december 31 , 2018 , there is $ 440 million of remaining capacity under our repurchase program . in 2019 , we have repurchased 1.8 million shares of common stock for an aggregate purchase price of $ 46 million during the period ended february 22 , 2019 . treasury stock is accounted for using the cost method . income taxes current income taxes are provided on income reported for financial reporting purposes , adjusted for transactions that do not enter into the computation of income taxes payable in the same year . deferred income taxes have been provided to show the effect of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements . a valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or that future deductibility is uncertain . provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. .

2,018

83

LKQ

LKQ Corporation

Consumer Discretionary

Distributors

Chicago, Illinois

2016-05-23

1,065,696

1998

null

finqa406

what was the total of u.s . dollar notes issued in 2014 , in millions?

2000

add(add(750, 750), 500)

our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. .

| | type | | face value ( e ) | interest rate | issuance | maturity | |---:|:-------------------|:------|:----------------------------------|:-------------------|:--------------|:--------------| | 0 | euro notes | ( a ) | 20ac750 ( approximately $ 1029 ) | 1.875% ( 1.875 % ) | march 2014 | march 2021 | | 1 | euro notes | ( a ) | 20ac1000 ( approximately $ 1372 ) | 2.875% ( 2.875 % ) | march 2014 | march 2026 | | 2 | euro notes | ( b ) | 20ac500 ( approximately $ 697 ) | 2.875% ( 2.875 % ) | may 2014 | may 2029 | | 3 | swiss franc notes | ( c ) | chf275 ( approximately $ 311 ) | 0.750% ( 0.750 % ) | may 2014 | december 2019 | | 4 | swiss franc notes | ( b ) | chf250 ( approximately $ 283 ) | 1.625% ( 1.625 % ) | may 2014 | may 2024 | | 5 | u.s . dollar notes | ( d ) | $ 500 | 1.250% ( 1.250 % ) | november 2014 | november 2017 | | 6 | u.s . dollar notes | ( d ) | $ 750 | 3.250% ( 3.250 % ) | november 2014 | november 2024 | | 7 | u.s . dollar notes | ( d ) | $ 750 | 4.250% ( 4.250 % ) | november 2014 | november 2044 |

our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. ._| | type | | face value ( e ) | interest rate | issuance | maturity | |---:|:-------------------|:------|:----------------------------------|:-------------------|:--------------|:--------------| | 0 | euro notes | ( a ) | 20ac750 ( approximately $ 1029 ) | 1.875% ( 1.875 % ) | march 2014 | march 2021 | | 1 | euro notes | ( a ) | 20ac1000 ( approximately $ 1372 ) | 2.875% ( 2.875 % ) | march 2014 | march 2026 | | 2 | euro notes | ( b ) | 20ac500 ( approximately $ 697 ) | 2.875% ( 2.875 % ) | may 2014 | may 2029 | | 3 | swiss franc notes | ( c ) | chf275 ( approximately $ 311 ) | 0.750% ( 0.750 % ) | may 2014 | december 2019 | | 4 | swiss franc notes | ( b ) | chf250 ( approximately $ 283 ) | 1.625% ( 1.625 % ) | may 2014 | may 2024 | | 5 | u.s . dollar notes | ( d ) | $ 500 | 1.250% ( 1.250 % ) | november 2014 | november 2017 | | 6 | u.s . dollar notes | ( d ) | $ 750 | 3.250% ( 3.250 % ) | november 2014 | november 2024 | | 7 | u.s . dollar notes | ( d ) | $ 750 | 4.250% ( 4.250 % ) | november 2014 | november 2044 |_our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. .

2,014

67

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

what was the total of u.s . dollar notes issued in 2014 , in millions?

2000

add(add(750, 750), 500)

our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. .

| | type | | face value ( e ) | interest rate | issuance | maturity | |---:|:-------------------|:------|:----------------------------------|:-------------------|:--------------|:--------------| | 0 | euro notes | ( a ) | 20ac750 ( approximately $ 1029 ) | 1.875% ( 1.875 % ) | march 2014 | march 2021 | | 1 | euro notes | ( a ) | 20ac1000 ( approximately $ 1372 ) | 2.875% ( 2.875 % ) | march 2014 | march 2026 | | 2 | euro notes | ( b ) | 20ac500 ( approximately $ 697 ) | 2.875% ( 2.875 % ) | may 2014 | may 2029 | | 3 | swiss franc notes | ( c ) | chf275 ( approximately $ 311 ) | 0.750% ( 0.750 % ) | may 2014 | december 2019 | | 4 | swiss franc notes | ( b ) | chf250 ( approximately $ 283 ) | 1.625% ( 1.625 % ) | may 2014 | may 2024 | | 5 | u.s . dollar notes | ( d ) | $ 500 | 1.250% ( 1.250 % ) | november 2014 | november 2017 | | 6 | u.s . dollar notes | ( d ) | $ 750 | 3.250% ( 3.250 % ) | november 2014 | november 2024 | | 7 | u.s . dollar notes | ( d ) | $ 750 | 4.250% ( 4.250 % ) | november 2014 | november 2044 |

our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. ._| | type | | face value ( e ) | interest rate | issuance | maturity | |---:|:-------------------|:------|:----------------------------------|:-------------------|:--------------|:--------------| | 0 | euro notes | ( a ) | 20ac750 ( approximately $ 1029 ) | 1.875% ( 1.875 % ) | march 2014 | march 2021 | | 1 | euro notes | ( a ) | 20ac1000 ( approximately $ 1372 ) | 2.875% ( 2.875 % ) | march 2014 | march 2026 | | 2 | euro notes | ( b ) | 20ac500 ( approximately $ 697 ) | 2.875% ( 2.875 % ) | may 2014 | may 2029 | | 3 | swiss franc notes | ( c ) | chf275 ( approximately $ 311 ) | 0.750% ( 0.750 % ) | may 2014 | december 2019 | | 4 | swiss franc notes | ( b ) | chf250 ( approximately $ 283 ) | 1.625% ( 1.625 % ) | may 2014 | may 2024 | | 5 | u.s . dollar notes | ( d ) | $ 500 | 1.250% ( 1.250 % ) | november 2014 | november 2017 | | 6 | u.s . dollar notes | ( d ) | $ 750 | 3.250% ( 3.250 % ) | november 2014 | november 2024 | | 7 | u.s . dollar notes | ( d ) | $ 750 | 4.250% ( 4.250 % ) | november 2014 | november 2044 |_our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. .

2,014

67

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

null

finqa407

what are the net earnings attributable to pmi in the previous year , ( in billions ) ?

7.0

divide(divide(932, 13.4%), const_1000)

net revenues include $ 3.8 billion in 2017 and $ 739 million in 2016 related to the sale of rrps , mainly driven by japan . these net revenue amounts include excise taxes billed to customers . excluding excise taxes , net revenues for rrps were $ 3.6 billion in 2017 and $ 733 million in 2016 . in some jurisdictions , including japan , we are not responsible for collecting excise taxes . in 2017 , approximately $ 0.9 billion of our $ 3.6 billion in rrp net revenues , excluding excise taxes , were from iqos devices and accessories . excise taxes on products increased by $ 1.1 billion , due to : 2022 higher excise taxes resulting from changes in retail prices and tax rates ( $ 4.6 billion ) , partially offset by 2022 favorable currency ( $ 1.9 billion ) and 2022 lower excise taxes resulting from volume/mix ( $ 1.6 billion ) . our cost of sales ; marketing , administration and research costs ; and operating income were as follows : for the years ended december 31 , variance .

cost of sales increased by $ 1.0 billion , due to : 2022 higher cost of sales resulting from volume/mix ( $ 1.1 billion ) , partly offset by 2022 lower manufacturing costs ( $ 36 million ) and 2022 favorable currency ( $ 30 million ) . marketing , administration and research costs increased by $ 320 million , due to : 2022 higher expenses ( $ 570 million , largely reflecting increased investment behind reduced-risk products , predominately in the european union and asia ) , partly offset by 2022 favorable currency ( $ 250 million ) . operating income increased by $ 688 million , due primarily to : 2022 price increases ( $ 1.4 billion ) , partly offset by 2022 higher marketing , administration and research costs ( $ 570 million ) and 2022 unfavorable currency ( $ 157 million ) . interest expense , net , of $ 914 million increased by $ 23 million , due primarily to unfavorably currency and higher average debt levels , partly offset by higher interest income . our effective tax rate increased by 12.8 percentage points to 40.7% ( 40.7 % ) . the 2017 effective tax rate was unfavorably impacted by $ 1.6 billion due to the tax cuts and jobs act . for further details , see item 8 , note 11 . income taxes to our consolidated financial statements . we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability . based upon our current interpretation of the tax cuts and jobs act , we estimate that our 2018 effective tax rate will be approximately 28% ( 28 % ) , subject to future regulatory developments and earnings mix by taxing jurisdiction . we are regularly examined by tax authorities around the world , and we are currently under examination in a number of jurisdictions . it is reasonably possible that within the next 12 months certain tax examinations will close , which could result in a change in unrecognized tax benefits along with related interest and penalties . an estimate of any possible change cannot be made at this time . net earnings attributable to pmi of $ 6.0 billion decreased by $ 932 million ( 13.4% ( 13.4 % ) ) . this decrease was due primarily to a higher effective tax rate as discussed above , partly offset by higher operating income . diluted and basic eps of $ 3.88 decreased by 13.4% ( 13.4 % ) . excluding .

| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , $ | % ( % ) | |---:|:--------------------------------------------|:-----------------------------------------|:-----------------------------------------|:--------------------------------------|:-----------------| | 0 | cost of sales | $ 10432 | $ 9391 | $ 1041 | 11.1% ( 11.1 % ) | | 1 | marketing administration and research costs | 6725 | 6405 | 320 | 5.0% ( 5.0 % ) | | 2 | operating income | 11503 | 10815 | 688 | 6.4% ( 6.4 % ) |

net revenues include $ 3.8 billion in 2017 and $ 739 million in 2016 related to the sale of rrps , mainly driven by japan . these net revenue amounts include excise taxes billed to customers . excluding excise taxes , net revenues for rrps were $ 3.6 billion in 2017 and $ 733 million in 2016 . in some jurisdictions , including japan , we are not responsible for collecting excise taxes . in 2017 , approximately $ 0.9 billion of our $ 3.6 billion in rrp net revenues , excluding excise taxes , were from iqos devices and accessories . excise taxes on products increased by $ 1.1 billion , due to : 2022 higher excise taxes resulting from changes in retail prices and tax rates ( $ 4.6 billion ) , partially offset by 2022 favorable currency ( $ 1.9 billion ) and 2022 lower excise taxes resulting from volume/mix ( $ 1.6 billion ) . our cost of sales ; marketing , administration and research costs ; and operating income were as follows : for the years ended december 31 , variance ._| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , $ | % ( % ) | |---:|:--------------------------------------------|:-----------------------------------------|:-----------------------------------------|:--------------------------------------|:-----------------| | 0 | cost of sales | $ 10432 | $ 9391 | $ 1041 | 11.1% ( 11.1 % ) | | 1 | marketing administration and research costs | 6725 | 6405 | 320 | 5.0% ( 5.0 % ) | | 2 | operating income | 11503 | 10815 | 688 | 6.4% ( 6.4 % ) |_cost of sales increased by $ 1.0 billion , due to : 2022 higher cost of sales resulting from volume/mix ( $ 1.1 billion ) , partly offset by 2022 lower manufacturing costs ( $ 36 million ) and 2022 favorable currency ( $ 30 million ) . marketing , administration and research costs increased by $ 320 million , due to : 2022 higher expenses ( $ 570 million , largely reflecting increased investment behind reduced-risk products , predominately in the european union and asia ) , partly offset by 2022 favorable currency ( $ 250 million ) . operating income increased by $ 688 million , due primarily to : 2022 price increases ( $ 1.4 billion ) , partly offset by 2022 higher marketing , administration and research costs ( $ 570 million ) and 2022 unfavorable currency ( $ 157 million ) . interest expense , net , of $ 914 million increased by $ 23 million , due primarily to unfavorably currency and higher average debt levels , partly offset by higher interest income . our effective tax rate increased by 12.8 percentage points to 40.7% ( 40.7 % ) . the 2017 effective tax rate was unfavorably impacted by $ 1.6 billion due to the tax cuts and jobs act . for further details , see item 8 , note 11 . income taxes to our consolidated financial statements . we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability . based upon our current interpretation of the tax cuts and jobs act , we estimate that our 2018 effective tax rate will be approximately 28% ( 28 % ) , subject to future regulatory developments and earnings mix by taxing jurisdiction . we are regularly examined by tax authorities around the world , and we are currently under examination in a number of jurisdictions . it is reasonably possible that within the next 12 months certain tax examinations will close , which could result in a change in unrecognized tax benefits along with related interest and penalties . an estimate of any possible change cannot be made at this time . net earnings attributable to pmi of $ 6.0 billion decreased by $ 932 million ( 13.4% ( 13.4 % ) ) . this decrease was due primarily to a higher effective tax rate as discussed above , partly offset by higher operating income . diluted and basic eps of $ 3.88 decreased by 13.4% ( 13.4 % ) . excluding .

2,017

38

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

what are the net earnings attributable to pmi in the previous year , ( in billions ) ?

7.0

divide(divide(932, 13.4%), const_1000)

net revenues include $ 3.8 billion in 2017 and $ 739 million in 2016 related to the sale of rrps , mainly driven by japan . these net revenue amounts include excise taxes billed to customers . excluding excise taxes , net revenues for rrps were $ 3.6 billion in 2017 and $ 733 million in 2016 . in some jurisdictions , including japan , we are not responsible for collecting excise taxes . in 2017 , approximately $ 0.9 billion of our $ 3.6 billion in rrp net revenues , excluding excise taxes , were from iqos devices and accessories . excise taxes on products increased by $ 1.1 billion , due to : 2022 higher excise taxes resulting from changes in retail prices and tax rates ( $ 4.6 billion ) , partially offset by 2022 favorable currency ( $ 1.9 billion ) and 2022 lower excise taxes resulting from volume/mix ( $ 1.6 billion ) . our cost of sales ; marketing , administration and research costs ; and operating income were as follows : for the years ended december 31 , variance .

cost of sales increased by $ 1.0 billion , due to : 2022 higher cost of sales resulting from volume/mix ( $ 1.1 billion ) , partly offset by 2022 lower manufacturing costs ( $ 36 million ) and 2022 favorable currency ( $ 30 million ) . marketing , administration and research costs increased by $ 320 million , due to : 2022 higher expenses ( $ 570 million , largely reflecting increased investment behind reduced-risk products , predominately in the european union and asia ) , partly offset by 2022 favorable currency ( $ 250 million ) . operating income increased by $ 688 million , due primarily to : 2022 price increases ( $ 1.4 billion ) , partly offset by 2022 higher marketing , administration and research costs ( $ 570 million ) and 2022 unfavorable currency ( $ 157 million ) . interest expense , net , of $ 914 million increased by $ 23 million , due primarily to unfavorably currency and higher average debt levels , partly offset by higher interest income . our effective tax rate increased by 12.8 percentage points to 40.7% ( 40.7 % ) . the 2017 effective tax rate was unfavorably impacted by $ 1.6 billion due to the tax cuts and jobs act . for further details , see item 8 , note 11 . income taxes to our consolidated financial statements . we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability . based upon our current interpretation of the tax cuts and jobs act , we estimate that our 2018 effective tax rate will be approximately 28% ( 28 % ) , subject to future regulatory developments and earnings mix by taxing jurisdiction . we are regularly examined by tax authorities around the world , and we are currently under examination in a number of jurisdictions . it is reasonably possible that within the next 12 months certain tax examinations will close , which could result in a change in unrecognized tax benefits along with related interest and penalties . an estimate of any possible change cannot be made at this time . net earnings attributable to pmi of $ 6.0 billion decreased by $ 932 million ( 13.4% ( 13.4 % ) ) . this decrease was due primarily to a higher effective tax rate as discussed above , partly offset by higher operating income . diluted and basic eps of $ 3.88 decreased by 13.4% ( 13.4 % ) . excluding .

| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , $ | % ( % ) | |---:|:--------------------------------------------|:-----------------------------------------|:-----------------------------------------|:--------------------------------------|:-----------------| | 0 | cost of sales | $ 10432 | $ 9391 | $ 1041 | 11.1% ( 11.1 % ) | | 1 | marketing administration and research costs | 6725 | 6405 | 320 | 5.0% ( 5.0 % ) | | 2 | operating income | 11503 | 10815 | 688 | 6.4% ( 6.4 % ) |

net revenues include $ 3.8 billion in 2017 and $ 739 million in 2016 related to the sale of rrps , mainly driven by japan . these net revenue amounts include excise taxes billed to customers . excluding excise taxes , net revenues for rrps were $ 3.6 billion in 2017 and $ 733 million in 2016 . in some jurisdictions , including japan , we are not responsible for collecting excise taxes . in 2017 , approximately $ 0.9 billion of our $ 3.6 billion in rrp net revenues , excluding excise taxes , were from iqos devices and accessories . excise taxes on products increased by $ 1.1 billion , due to : 2022 higher excise taxes resulting from changes in retail prices and tax rates ( $ 4.6 billion ) , partially offset by 2022 favorable currency ( $ 1.9 billion ) and 2022 lower excise taxes resulting from volume/mix ( $ 1.6 billion ) . our cost of sales ; marketing , administration and research costs ; and operating income were as follows : for the years ended december 31 , variance ._| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , $ | % ( % ) | |---:|:--------------------------------------------|:-----------------------------------------|:-----------------------------------------|:--------------------------------------|:-----------------| | 0 | cost of sales | $ 10432 | $ 9391 | $ 1041 | 11.1% ( 11.1 % ) | | 1 | marketing administration and research costs | 6725 | 6405 | 320 | 5.0% ( 5.0 % ) | | 2 | operating income | 11503 | 10815 | 688 | 6.4% ( 6.4 % ) |_cost of sales increased by $ 1.0 billion , due to : 2022 higher cost of sales resulting from volume/mix ( $ 1.1 billion ) , partly offset by 2022 lower manufacturing costs ( $ 36 million ) and 2022 favorable currency ( $ 30 million ) . marketing , administration and research costs increased by $ 320 million , due to : 2022 higher expenses ( $ 570 million , largely reflecting increased investment behind reduced-risk products , predominately in the european union and asia ) , partly offset by 2022 favorable currency ( $ 250 million ) . operating income increased by $ 688 million , due primarily to : 2022 price increases ( $ 1.4 billion ) , partly offset by 2022 higher marketing , administration and research costs ( $ 570 million ) and 2022 unfavorable currency ( $ 157 million ) . interest expense , net , of $ 914 million increased by $ 23 million , due primarily to unfavorably currency and higher average debt levels , partly offset by higher interest income . our effective tax rate increased by 12.8 percentage points to 40.7% ( 40.7 % ) . the 2017 effective tax rate was unfavorably impacted by $ 1.6 billion due to the tax cuts and jobs act . for further details , see item 8 , note 11 . income taxes to our consolidated financial statements . we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability . based upon our current interpretation of the tax cuts and jobs act , we estimate that our 2018 effective tax rate will be approximately 28% ( 28 % ) , subject to future regulatory developments and earnings mix by taxing jurisdiction . we are regularly examined by tax authorities around the world , and we are currently under examination in a number of jurisdictions . it is reasonably possible that within the next 12 months certain tax examinations will close , which could result in a change in unrecognized tax benefits along with related interest and penalties . an estimate of any possible change cannot be made at this time . net earnings attributable to pmi of $ 6.0 billion decreased by $ 932 million ( 13.4% ( 13.4 % ) ) . this decrease was due primarily to a higher effective tax rate as discussed above , partly offset by higher operating income . diluted and basic eps of $ 3.88 decreased by 13.4% ( 13.4 % ) . excluding .

2,017

38

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

null

finqa408

what portion of the total estimated future contingent acquisition obligation is due in the 12 months?

19.3%

divide(76.7, 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: .

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 portion of the total estimated future contingent acquisition obligation is due in the 12 months?

19.3%

divide(76.7, 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: .

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

finqa409

what are the future minimum commitments under the operating leases in 2014 as a percentage of the total future minimum commitments?

10.5%

divide(135, 1286)

to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2017 notes were issued at a discount of $ 6 million , which is being amortized over their ten-year term . the company incurred approximately $ 4 million of debt issuance costs , which are being amortized over ten years . at december 31 , 2013 , $ 2 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 . future minimum commitments under these operating leases are as follows : ( in millions ) .

rent expense and certain office equipment expense under agreements amounted to $ 137 million , $ 133 million and $ 154 million in 2013 , 2012 and 2011 , respectively . investment commitments . at december 31 , 2013 , the company had $ 216 million of various capital commitments to fund sponsored investment funds , including funds of private equity funds , real estate funds , infrastructure funds , opportunistic funds and distressed credit funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company , but which are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments . the company acts as the portfolio manager in a series of credit default swap transactions and has a maximum potential exposure of $ 17 million under a credit default swap between the company and counterparty . see note 7 , derivatives and hedging , for further discussion . contingent payments related to business acquisitions . in connection with the credit suisse etf transaction , blackrock is required to make contingent payments annually to credit suisse , subject to achieving specified thresholds during a seven-year period , subsequent to the acquisition date . in addition , blackrock is required to make contingent payments related to the mgpa transaction during a five-year period , subject to achieving specified thresholds , subsequent to the acquisition date . the fair value of the contingent payments at december 31 , 2013 is not significant to the consolidated statement of financial condition and is included in other liabilities . legal proceedings . from time to time , blackrock receives subpoenas or other requests for information from various u.s . federal , state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings . it is blackrock 2019s policy to cooperate fully with such inquiries . the company and certain of its subsidiaries have been named as defendants in various legal actions , including arbitrations and other litigation arising in connection with blackrock 2019s activities . additionally , certain blackrock- sponsored investment funds that the company manages are subject to lawsuits , any of which potentially could harm the investment returns of the applicable fund or result in the company being liable to the funds for any resulting damages . management , after consultation with legal counsel , currently does not anticipate that the aggregate liability , if any , arising out of regulatory matters or lawsuits will have a material effect on blackrock 2019s results of operations , financial position , or cash flows . however , there is no assurance as to whether any such pending or threatened matters will have a material effect on blackrock 2019s results of operations , financial position or cash flows in any future reporting period . due to uncertainties surrounding the outcome of these matters , management cannot reasonably estimate the possible loss or range of loss that may arise from these matters . indemnifications . in the ordinary course of business or in connection with certain acquisition agreements , blackrock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances . the terms of these indemnities vary from contract to contract and the amount of indemnification liability , if any , cannot be determined or the likelihood of any liability is considered remote . consequently , no liability has been recorded on the consolidated statement of financial condition . in connection with securities lending transactions , blackrock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower 2019s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower 2019s obligation under the securities lending agreement . at december 31 , 2013 , the company indemnified certain of its clients for their securities lending loan balances of approximately $ 118.3 billion . the company held as agent , cash and securities totaling $ 124.6 billion as collateral for indemnified securities on loan at december 31 , 2013 . the fair value of these indemnifications was not material at december 31 , 2013. .

| | year | amount | |---:|:-----------|:---------| | 0 | 2014 | $ 135 | | 1 | 2015 | 127 | | 2 | 2016 | 110 | | 3 | 2017 | 109 | | 4 | 2018 | 106 | | 5 | thereafter | 699 | | 6 | total | $ 1286 |

to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2017 notes were issued at a discount of $ 6 million , which is being amortized over their ten-year term . the company incurred approximately $ 4 million of debt issuance costs , which are being amortized over ten years . at december 31 , 2013 , $ 2 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 . future minimum commitments under these operating leases are as follows : ( in millions ) ._| | year | amount | |---:|:-----------|:---------| | 0 | 2014 | $ 135 | | 1 | 2015 | 127 | | 2 | 2016 | 110 | | 3 | 2017 | 109 | | 4 | 2018 | 106 | | 5 | thereafter | 699 | | 6 | total | $ 1286 |_rent expense and certain office equipment expense under agreements amounted to $ 137 million , $ 133 million and $ 154 million in 2013 , 2012 and 2011 , respectively . investment commitments . at december 31 , 2013 , the company had $ 216 million of various capital commitments to fund sponsored investment funds , including funds of private equity funds , real estate funds , infrastructure funds , opportunistic funds and distressed credit funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company , but which are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments . the company acts as the portfolio manager in a series of credit default swap transactions and has a maximum potential exposure of $ 17 million under a credit default swap between the company and counterparty . see note 7 , derivatives and hedging , for further discussion . contingent payments related to business acquisitions . in connection with the credit suisse etf transaction , blackrock is required to make contingent payments annually to credit suisse , subject to achieving specified thresholds during a seven-year period , subsequent to the acquisition date . in addition , blackrock is required to make contingent payments related to the mgpa transaction during a five-year period , subject to achieving specified thresholds , subsequent to the acquisition date . the fair value of the contingent payments at december 31 , 2013 is not significant to the consolidated statement of financial condition and is included in other liabilities . legal proceedings . from time to time , blackrock receives subpoenas or other requests for information from various u.s . federal , state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings . it is blackrock 2019s policy to cooperate fully with such inquiries . the company and certain of its subsidiaries have been named as defendants in various legal actions , including arbitrations and other litigation arising in connection with blackrock 2019s activities . additionally , certain blackrock- sponsored investment funds that the company manages are subject to lawsuits , any of which potentially could harm the investment returns of the applicable fund or result in the company being liable to the funds for any resulting damages . management , after consultation with legal counsel , currently does not anticipate that the aggregate liability , if any , arising out of regulatory matters or lawsuits will have a material effect on blackrock 2019s results of operations , financial position , or cash flows . however , there is no assurance as to whether any such pending or threatened matters will have a material effect on blackrock 2019s results of operations , financial position or cash flows in any future reporting period . due to uncertainties surrounding the outcome of these matters , management cannot reasonably estimate the possible loss or range of loss that may arise from these matters . indemnifications . in the ordinary course of business or in connection with certain acquisition agreements , blackrock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances . the terms of these indemnities vary from contract to contract and the amount of indemnification liability , if any , cannot be determined or the likelihood of any liability is considered remote . consequently , no liability has been recorded on the consolidated statement of financial condition . in connection with securities lending transactions , blackrock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower 2019s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower 2019s obligation under the securities lending agreement . at december 31 , 2013 , the company indemnified certain of its clients for their securities lending loan balances of approximately $ 118.3 billion . the company held as agent , cash and securities totaling $ 124.6 billion as collateral for indemnified securities on loan at december 31 , 2013 . the fair value of these indemnifications was not material at december 31 , 2013. .

2,013

125

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

what are the future minimum commitments under the operating leases in 2014 as a percentage of the total future minimum commitments?

10.5%

divide(135, 1286)

to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2017 notes were issued at a discount of $ 6 million , which is being amortized over their ten-year term . the company incurred approximately $ 4 million of debt issuance costs , which are being amortized over ten years . at december 31 , 2013 , $ 2 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 . future minimum commitments under these operating leases are as follows : ( in millions ) .

rent expense and certain office equipment expense under agreements amounted to $ 137 million , $ 133 million and $ 154 million in 2013 , 2012 and 2011 , respectively . investment commitments . at december 31 , 2013 , the company had $ 216 million of various capital commitments to fund sponsored investment funds , including funds of private equity funds , real estate funds , infrastructure funds , opportunistic funds and distressed credit funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company , but which are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments . the company acts as the portfolio manager in a series of credit default swap transactions and has a maximum potential exposure of $ 17 million under a credit default swap between the company and counterparty . see note 7 , derivatives and hedging , for further discussion . contingent payments related to business acquisitions . in connection with the credit suisse etf transaction , blackrock is required to make contingent payments annually to credit suisse , subject to achieving specified thresholds during a seven-year period , subsequent to the acquisition date . in addition , blackrock is required to make contingent payments related to the mgpa transaction during a five-year period , subject to achieving specified thresholds , subsequent to the acquisition date . the fair value of the contingent payments at december 31 , 2013 is not significant to the consolidated statement of financial condition and is included in other liabilities . legal proceedings . from time to time , blackrock receives subpoenas or other requests for information from various u.s . federal , state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings . it is blackrock 2019s policy to cooperate fully with such inquiries . the company and certain of its subsidiaries have been named as defendants in various legal actions , including arbitrations and other litigation arising in connection with blackrock 2019s activities . additionally , certain blackrock- sponsored investment funds that the company manages are subject to lawsuits , any of which potentially could harm the investment returns of the applicable fund or result in the company being liable to the funds for any resulting damages . management , after consultation with legal counsel , currently does not anticipate that the aggregate liability , if any , arising out of regulatory matters or lawsuits will have a material effect on blackrock 2019s results of operations , financial position , or cash flows . however , there is no assurance as to whether any such pending or threatened matters will have a material effect on blackrock 2019s results of operations , financial position or cash flows in any future reporting period . due to uncertainties surrounding the outcome of these matters , management cannot reasonably estimate the possible loss or range of loss that may arise from these matters . indemnifications . in the ordinary course of business or in connection with certain acquisition agreements , blackrock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances . the terms of these indemnities vary from contract to contract and the amount of indemnification liability , if any , cannot be determined or the likelihood of any liability is considered remote . consequently , no liability has been recorded on the consolidated statement of financial condition . in connection with securities lending transactions , blackrock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower 2019s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower 2019s obligation under the securities lending agreement . at december 31 , 2013 , the company indemnified certain of its clients for their securities lending loan balances of approximately $ 118.3 billion . the company held as agent , cash and securities totaling $ 124.6 billion as collateral for indemnified securities on loan at december 31 , 2013 . the fair value of these indemnifications was not material at december 31 , 2013. .

| | year | amount | |---:|:-----------|:---------| | 0 | 2014 | $ 135 | | 1 | 2015 | 127 | | 2 | 2016 | 110 | | 3 | 2017 | 109 | | 4 | 2018 | 106 | | 5 | thereafter | 699 | | 6 | total | $ 1286 |

to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2017 notes were issued at a discount of $ 6 million , which is being amortized over their ten-year term . the company incurred approximately $ 4 million of debt issuance costs , which are being amortized over ten years . at december 31 , 2013 , $ 2 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 . future minimum commitments under these operating leases are as follows : ( in millions ) ._| | year | amount | |---:|:-----------|:---------| | 0 | 2014 | $ 135 | | 1 | 2015 | 127 | | 2 | 2016 | 110 | | 3 | 2017 | 109 | | 4 | 2018 | 106 | | 5 | thereafter | 699 | | 6 | total | $ 1286 |_rent expense and certain office equipment expense under agreements amounted to $ 137 million , $ 133 million and $ 154 million in 2013 , 2012 and 2011 , respectively . investment commitments . at december 31 , 2013 , the company had $ 216 million of various capital commitments to fund sponsored investment funds , including funds of private equity funds , real estate funds , infrastructure funds , opportunistic funds and distressed credit funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company , but which are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments . the company acts as the portfolio manager in a series of credit default swap transactions and has a maximum potential exposure of $ 17 million under a credit default swap between the company and counterparty . see note 7 , derivatives and hedging , for further discussion . contingent payments related to business acquisitions . in connection with the credit suisse etf transaction , blackrock is required to make contingent payments annually to credit suisse , subject to achieving specified thresholds during a seven-year period , subsequent to the acquisition date . in addition , blackrock is required to make contingent payments related to the mgpa transaction during a five-year period , subject to achieving specified thresholds , subsequent to the acquisition date . the fair value of the contingent payments at december 31 , 2013 is not significant to the consolidated statement of financial condition and is included in other liabilities . legal proceedings . from time to time , blackrock receives subpoenas or other requests for information from various u.s . federal , state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings . it is blackrock 2019s policy to cooperate fully with such inquiries . the company and certain of its subsidiaries have been named as defendants in various legal actions , including arbitrations and other litigation arising in connection with blackrock 2019s activities . additionally , certain blackrock- sponsored investment funds that the company manages are subject to lawsuits , any of which potentially could harm the investment returns of the applicable fund or result in the company being liable to the funds for any resulting damages . management , after consultation with legal counsel , currently does not anticipate that the aggregate liability , if any , arising out of regulatory matters or lawsuits will have a material effect on blackrock 2019s results of operations , financial position , or cash flows . however , there is no assurance as to whether any such pending or threatened matters will have a material effect on blackrock 2019s results of operations , financial position or cash flows in any future reporting period . due to uncertainties surrounding the outcome of these matters , management cannot reasonably estimate the possible loss or range of loss that may arise from these matters . indemnifications . in the ordinary course of business or in connection with certain acquisition agreements , blackrock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances . the terms of these indemnities vary from contract to contract and the amount of indemnification liability , if any , cannot be determined or the likelihood of any liability is considered remote . consequently , no liability has been recorded on the consolidated statement of financial condition . in connection with securities lending transactions , blackrock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower 2019s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower 2019s obligation under the securities lending agreement . at december 31 , 2013 , the company indemnified certain of its clients for their securities lending loan balances of approximately $ 118.3 billion . the company held as agent , cash and securities totaling $ 124.6 billion as collateral for indemnified securities on loan at december 31 , 2013 . the fair value of these indemnifications was not material at december 31 , 2013. .

2,013

125

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa410

what is the growth rate in the number of stores during 2012?

3.4%

divide(subtract(3576, 3460), 3460)

the following table sets forth information concerning increases in the total number of our aap stores during the past five years: .

( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores . store technology . our store-based information systems are comprised of a proprietary and integrated point of sale , electronic parts catalog , or epc , and store-level inventory management system ( collectively "store system" ) . information maintained by our store system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly . our fully integrated system enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles . our store system provides real-time inventory tracking at the store level allowing store team members to check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers . if a hard-to-find part or accessory is not available at one of our stores , the store system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors . available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time . our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information . we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities . all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability . we plan to start rolling out a new and enhanced epc in fiscal 2013 which is expected to simplify and improve the customer experience . among the improvements is a more efficient way to systematically identify add-on sales to ensure our customers have what they need to complete their automotive repair project . store support center merchandising . purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan . our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals . our global sourcing team works closely with both teams . in fiscal 2012 , we purchased merchandise from approximately 450 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases . our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume . the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand . we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .

| | | 2012 | 2011 | 2010 | 2009 | 2008 | |---:|:-----------------|-------:|:---------|:---------|:-----------|:-----------| | 0 | beginning stores | 3460 | 3369 | 3264 | 3243 | 3153 | | 1 | new stores ( 1 ) | 116 | 95 | 110 | 75 | 109 | | 2 | stores closed | 2014 | -4 ( 4 ) | -5 ( 5 ) | -54 ( 54 ) | -19 ( 19 ) | | 3 | ending stores | 3576 | 3460 | 3369 | 3264 | 3243 |

the following table sets forth information concerning increases in the total number of our aap stores during the past five years: ._| | | 2012 | 2011 | 2010 | 2009 | 2008 | |---:|:-----------------|-------:|:---------|:---------|:-----------|:-----------| | 0 | beginning stores | 3460 | 3369 | 3264 | 3243 | 3153 | | 1 | new stores ( 1 ) | 116 | 95 | 110 | 75 | 109 | | 2 | stores closed | 2014 | -4 ( 4 ) | -5 ( 5 ) | -54 ( 54 ) | -19 ( 19 ) | | 3 | ending stores | 3576 | 3460 | 3369 | 3264 | 3243 |_( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores . store technology . our store-based information systems are comprised of a proprietary and integrated point of sale , electronic parts catalog , or epc , and store-level inventory management system ( collectively "store system" ) . information maintained by our store system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly . our fully integrated system enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles . our store system provides real-time inventory tracking at the store level allowing store team members to check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers . if a hard-to-find part or accessory is not available at one of our stores , the store system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors . available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time . our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information . we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities . all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability . we plan to start rolling out a new and enhanced epc in fiscal 2013 which is expected to simplify and improve the customer experience . among the improvements is a more efficient way to systematically identify add-on sales to ensure our customers have what they need to complete their automotive repair project . store support center merchandising . purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan . our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals . our global sourcing team works closely with both teams . in fiscal 2012 , we purchased merchandise from approximately 450 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases . our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume . the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand . we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .

2,012

12

AAP

Advance Auto Parts, Inc.

Consumer Discretionary

Specialty Retail

Raleigh, NC

2015-01-01

1,158,449

1932

what is the growth rate in the number of stores during 2012?

3.4%

divide(subtract(3576, 3460), 3460)

the following table sets forth information concerning increases in the total number of our aap stores during the past five years: .

( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores . store technology . our store-based information systems are comprised of a proprietary and integrated point of sale , electronic parts catalog , or epc , and store-level inventory management system ( collectively "store system" ) . information maintained by our store system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly . our fully integrated system enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles . our store system provides real-time inventory tracking at the store level allowing store team members to check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers . if a hard-to-find part or accessory is not available at one of our stores , the store system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors . available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time . our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information . we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities . all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability . we plan to start rolling out a new and enhanced epc in fiscal 2013 which is expected to simplify and improve the customer experience . among the improvements is a more efficient way to systematically identify add-on sales to ensure our customers have what they need to complete their automotive repair project . store support center merchandising . purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan . our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals . our global sourcing team works closely with both teams . in fiscal 2012 , we purchased merchandise from approximately 450 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases . our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume . the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand . we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .

| | | 2012 | 2011 | 2010 | 2009 | 2008 | |---:|:-----------------|-------:|:---------|:---------|:-----------|:-----------| | 0 | beginning stores | 3460 | 3369 | 3264 | 3243 | 3153 | | 1 | new stores ( 1 ) | 116 | 95 | 110 | 75 | 109 | | 2 | stores closed | 2014 | -4 ( 4 ) | -5 ( 5 ) | -54 ( 54 ) | -19 ( 19 ) | | 3 | ending stores | 3576 | 3460 | 3369 | 3264 | 3243 |

the following table sets forth information concerning increases in the total number of our aap stores during the past five years: ._| | | 2012 | 2011 | 2010 | 2009 | 2008 | |---:|:-----------------|-------:|:---------|:---------|:-----------|:-----------| | 0 | beginning stores | 3460 | 3369 | 3264 | 3243 | 3153 | | 1 | new stores ( 1 ) | 116 | 95 | 110 | 75 | 109 | | 2 | stores closed | 2014 | -4 ( 4 ) | -5 ( 5 ) | -54 ( 54 ) | -19 ( 19 ) | | 3 | ending stores | 3576 | 3460 | 3369 | 3264 | 3243 |_( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores . store technology . our store-based information systems are comprised of a proprietary and integrated point of sale , electronic parts catalog , or epc , and store-level inventory management system ( collectively "store system" ) . information maintained by our store system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly . our fully integrated system enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles . our store system provides real-time inventory tracking at the store level allowing store team members to check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers . if a hard-to-find part or accessory is not available at one of our stores , the store system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors . available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time . our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information . we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities . all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability . we plan to start rolling out a new and enhanced epc in fiscal 2013 which is expected to simplify and improve the customer experience . among the improvements is a more efficient way to systematically identify add-on sales to ensure our customers have what they need to complete their automotive repair project . store support center merchandising . purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan . our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals . our global sourcing team works closely with both teams . in fiscal 2012 , we purchased merchandise from approximately 450 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases . our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume . the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand . we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .

2,012

12

AAP

Advance Auto Parts, Inc.

Consumer Discretionary

Specialty Retail

Raleigh, NC

2015-01-01

1,158,449

1932

null

finqa411

what is the rate of return of an investment in cadence design systems inc from 2001 to 2004?

-18.5%

divide(subtract(81.52, const_100), const_100)

the following graph compares the cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock relative to the cumulative total returns of the s & p 500 index , the nasdaq composite index and the s & p information technology index . the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on december 29 , 2001 and tracks it through december 30 , 2006 . comparison of 5 year cumulative total return* among cadence design systems , inc. , the s & p 500 index , the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems , inc . nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends . indexes calculated on month-end basis . copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc . all rights reserved . www.researchdatagroup.com/s&p.htm december 29 , december 28 , january 3 , january 1 , december 31 , december 30 .

.

| | | december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006 | |---:|:-----------------------------|-------------------:|-------------------:|-----------------:|-----------------:|-------------------:|-------------------:| | 0 | cadence design systems inc . | 100 | 54.38 | 81.52 | 61.65 | 75.54 | 79.96 | | 1 | s & p 500 | 100 | 77.9 | 100.24 | 111.15 | 116.61 | 135.03 | | 2 | nasdaq composite | 100 | 71.97 | 107.18 | 117.07 | 120.5 | 137.02 | | 3 | s & p information technology | 100 | 62.59 | 92.14 | 94.5 | 95.44 | 103.47 |

the following graph compares the cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock relative to the cumulative total returns of the s & p 500 index , the nasdaq composite index and the s & p information technology index . the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on december 29 , 2001 and tracks it through december 30 , 2006 . comparison of 5 year cumulative total return* among cadence design systems , inc. , the s & p 500 index , the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems , inc . nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends . indexes calculated on month-end basis . copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc . all rights reserved . www.researchdatagroup.com/s&p.htm december 29 , december 28 , january 3 , january 1 , december 31 , december 30 ._| | | december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006 | |---:|:-----------------------------|-------------------:|-------------------:|-----------------:|-----------------:|-------------------:|-------------------:| | 0 | cadence design systems inc . | 100 | 54.38 | 81.52 | 61.65 | 75.54 | 79.96 | | 1 | s & p 500 | 100 | 77.9 | 100.24 | 111.15 | 116.61 | 135.03 | | 2 | nasdaq composite | 100 | 71.97 | 107.18 | 117.07 | 120.5 | 137.02 | | 3 | s & p information technology | 100 | 62.59 | 92.14 | 94.5 | 95.44 | 103.47 |_.

2,006

30

CDNS

Cadence Design Systems

Information Technology

Application Software

San Jose, California

2017-09-18

813,672

1988

what is the rate of return of an investment in cadence design systems inc from 2001 to 2004?

-18.5%

divide(subtract(81.52, const_100), const_100)

the following graph compares the cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock relative to the cumulative total returns of the s & p 500 index , the nasdaq composite index and the s & p information technology index . the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on december 29 , 2001 and tracks it through december 30 , 2006 . comparison of 5 year cumulative total return* among cadence design systems , inc. , the s & p 500 index , the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems , inc . nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends . indexes calculated on month-end basis . copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc . all rights reserved . www.researchdatagroup.com/s&p.htm december 29 , december 28 , january 3 , january 1 , december 31 , december 30 .

.

| | | december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006 | |---:|:-----------------------------|-------------------:|-------------------:|-----------------:|-----------------:|-------------------:|-------------------:| | 0 | cadence design systems inc . | 100 | 54.38 | 81.52 | 61.65 | 75.54 | 79.96 | | 1 | s & p 500 | 100 | 77.9 | 100.24 | 111.15 | 116.61 | 135.03 | | 2 | nasdaq composite | 100 | 71.97 | 107.18 | 117.07 | 120.5 | 137.02 | | 3 | s & p information technology | 100 | 62.59 | 92.14 | 94.5 | 95.44 | 103.47 |

the following graph compares the cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock relative to the cumulative total returns of the s & p 500 index , the nasdaq composite index and the s & p information technology index . the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on december 29 , 2001 and tracks it through december 30 , 2006 . comparison of 5 year cumulative total return* among cadence design systems , inc. , the s & p 500 index , the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems , inc . nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends . indexes calculated on month-end basis . copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc . all rights reserved . www.researchdatagroup.com/s&p.htm december 29 , december 28 , january 3 , january 1 , december 31 , december 30 ._| | | december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006 | |---:|:-----------------------------|-------------------:|-------------------:|-----------------:|-----------------:|-------------------:|-------------------:| | 0 | cadence design systems inc . | 100 | 54.38 | 81.52 | 61.65 | 75.54 | 79.96 | | 1 | s & p 500 | 100 | 77.9 | 100.24 | 111.15 | 116.61 | 135.03 | | 2 | nasdaq composite | 100 | 71.97 | 107.18 | 117.07 | 120.5 | 137.02 | | 3 | s & p information technology | 100 | 62.59 | 92.14 | 94.5 | 95.44 | 103.47 |_.

2,006

30

CDNS

Cadence Design Systems

Information Technology

Application Software

San Jose, California

2017-09-18

813,672

1988

null

finqa412

what is the percent change in the fair value per share between 2014 and 2016?

163%

divide(subtract(31, 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 percent change in the fair value per share between 2014 and 2016?

163%

divide(subtract(31, 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

finqa413

as of december 2018 what was the percent of the 2018 program still outstanding

88%

divide(2.2, 2.5)

table of contents tceq and harris county pollution control services department ( hcpcs ) ( houston terminal ) . we have an outstanding noe from the tceq and an outstanding vn from the hcpcs alleging excess emissions from tank 003 that occurred during hurricane harvey . we are working with the pertinent authorities to resolve these matters . item 4 . mine safety disclosures part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock trades on the nyse under the trading symbol 201cvlo . 201d as of january 31 , 2019 , there were 5271 holders of record of our common stock . dividends are considered quarterly by the board of directors , may be paid only when approved by the board , and will depend on our financial condition , results of operations , cash flows , prospects , industry conditions , capital requirements , and other factors and restrictions our board deems relevant . there can be no assurance that we will pay a dividend at the rates we have paid historically , or at all , in the future . the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2018 . period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) .

( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2018 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans . ( b ) on january 23 , 2018 , we announced that our board of directors authorized our purchase of up to $ 2.5 billion of our outstanding common stock ( the 2018 program ) , with no expiration date , which was in addition to the remaining amount available under a $ 2.5 billion program authorized on september 21 , 2016 ( the 2016 program ) . during the fourth quarter of 2018 , we completed our purchases under the 2016 program . as of december 31 , 2018 , we had $ 2.2 billion remaining available for purchase under the 2018 program. .

| | period | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b ) | |---:|:--------------|---------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------------:|-------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------------| | 0 | october 2018 | 939957 | $ 87.23 | 8826 | 931131 | $ 2.7 billion | | 1 | november 2018 | 3655945 | $ 87.39 | 216469 | 3439476 | $ 2.4 billion | | 2 | december 2018 | 3077364 | $ 73.43 | 4522 | 3072842 | $ 2.2 billion | | 3 | total | 7673266 | $ 81.77 | 229817 | 7443449 | $ 2.2 billion |

table of contents tceq and harris county pollution control services department ( hcpcs ) ( houston terminal ) . we have an outstanding noe from the tceq and an outstanding vn from the hcpcs alleging excess emissions from tank 003 that occurred during hurricane harvey . we are working with the pertinent authorities to resolve these matters . item 4 . mine safety disclosures part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock trades on the nyse under the trading symbol 201cvlo . 201d as of january 31 , 2019 , there were 5271 holders of record of our common stock . dividends are considered quarterly by the board of directors , may be paid only when approved by the board , and will depend on our financial condition , results of operations , cash flows , prospects , industry conditions , capital requirements , and other factors and restrictions our board deems relevant . there can be no assurance that we will pay a dividend at the rates we have paid historically , or at all , in the future . the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2018 . period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) ._| | period | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b ) | |---:|:--------------|---------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------------:|-------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------------| | 0 | october 2018 | 939957 | $ 87.23 | 8826 | 931131 | $ 2.7 billion | | 1 | november 2018 | 3655945 | $ 87.39 | 216469 | 3439476 | $ 2.4 billion | | 2 | december 2018 | 3077364 | $ 73.43 | 4522 | 3072842 | $ 2.2 billion | | 3 | total | 7673266 | $ 81.77 | 229817 | 7443449 | $ 2.2 billion |_( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2018 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans . ( b ) on january 23 , 2018 , we announced that our board of directors authorized our purchase of up to $ 2.5 billion of our outstanding common stock ( the 2018 program ) , with no expiration date , which was in addition to the remaining amount available under a $ 2.5 billion program authorized on september 21 , 2016 ( the 2016 program ) . during the fourth quarter of 2018 , we completed our purchases under the 2016 program . as of december 31 , 2018 , we had $ 2.2 billion remaining available for purchase under the 2018 program. .

2,018

25

VLO

Valero Energy

Energy

Oil & Gas Refining & Marketing

San Antonio, Texas

2002-12-20

1,035,002

1980

as of december 2018 what was the percent of the 2018 program still outstanding

88%

divide(2.2, 2.5)

table of contents tceq and harris county pollution control services department ( hcpcs ) ( houston terminal ) . we have an outstanding noe from the tceq and an outstanding vn from the hcpcs alleging excess emissions from tank 003 that occurred during hurricane harvey . we are working with the pertinent authorities to resolve these matters . item 4 . mine safety disclosures part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock trades on the nyse under the trading symbol 201cvlo . 201d as of january 31 , 2019 , there were 5271 holders of record of our common stock . dividends are considered quarterly by the board of directors , may be paid only when approved by the board , and will depend on our financial condition , results of operations , cash flows , prospects , industry conditions , capital requirements , and other factors and restrictions our board deems relevant . there can be no assurance that we will pay a dividend at the rates we have paid historically , or at all , in the future . the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2018 . period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) .

( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2018 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans . ( b ) on january 23 , 2018 , we announced that our board of directors authorized our purchase of up to $ 2.5 billion of our outstanding common stock ( the 2018 program ) , with no expiration date , which was in addition to the remaining amount available under a $ 2.5 billion program authorized on september 21 , 2016 ( the 2016 program ) . during the fourth quarter of 2018 , we completed our purchases under the 2016 program . as of december 31 , 2018 , we had $ 2.2 billion remaining available for purchase under the 2018 program. .

| | period | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b ) | |---:|:--------------|---------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------------:|-------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------------| | 0 | october 2018 | 939957 | $ 87.23 | 8826 | 931131 | $ 2.7 billion | | 1 | november 2018 | 3655945 | $ 87.39 | 216469 | 3439476 | $ 2.4 billion | | 2 | december 2018 | 3077364 | $ 73.43 | 4522 | 3072842 | $ 2.2 billion | | 3 | total | 7673266 | $ 81.77 | 229817 | 7443449 | $ 2.2 billion |

table of contents tceq and harris county pollution control services department ( hcpcs ) ( houston terminal ) . we have an outstanding noe from the tceq and an outstanding vn from the hcpcs alleging excess emissions from tank 003 that occurred during hurricane harvey . we are working with the pertinent authorities to resolve these matters . item 4 . mine safety disclosures part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock trades on the nyse under the trading symbol 201cvlo . 201d as of january 31 , 2019 , there were 5271 holders of record of our common stock . dividends are considered quarterly by the board of directors , may be paid only when approved by the board , and will depend on our financial condition , results of operations , cash flows , prospects , industry conditions , capital requirements , and other factors and restrictions our board deems relevant . there can be no assurance that we will pay a dividend at the rates we have paid historically , or at all , in the future . the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2018 . period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) ._| | period | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b ) | |---:|:--------------|---------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------------:|-------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------------| | 0 | october 2018 | 939957 | $ 87.23 | 8826 | 931131 | $ 2.7 billion | | 1 | november 2018 | 3655945 | $ 87.39 | 216469 | 3439476 | $ 2.4 billion | | 2 | december 2018 | 3077364 | $ 73.43 | 4522 | 3072842 | $ 2.2 billion | | 3 | total | 7673266 | $ 81.77 | 229817 | 7443449 | $ 2.2 billion |_( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2018 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans . ( b ) on january 23 , 2018 , we announced that our board of directors authorized our purchase of up to $ 2.5 billion of our outstanding common stock ( the 2018 program ) , with no expiration date , which was in addition to the remaining amount available under a $ 2.5 billion program authorized on september 21 , 2016 ( the 2016 program ) . during the fourth quarter of 2018 , we completed our purchases under the 2016 program . as of december 31 , 2018 , we had $ 2.2 billion remaining available for purchase under the 2018 program. .

2,018

25

VLO

Valero Energy

Energy

Oil & Gas Refining & Marketing

San Antonio, Texas

2002-12-20

1,035,002

1980

null

finqa414

considering the year 2012 , how bigger is the capital expenditures on a non-gaap basis than the one on a gaap basis?

8.53%

subtract(divide(2778.3, 2559.8), const_1)

investing activities for the year ended 30 september 2014 , cash used for investing activities was $ 1638.0 , primarily capital expenditures for plant and equipment . for the year ended 30 september 2013 , cash used for investing activities was $ 1697.0 , primarily capital expenditures for plant and equipment and acquisitions . for the year ended 30 september 2012 , cash used for investing activities was $ 2435.2 , primarily capital expenditures for plant and equipment , acquisitions , and investments in unconsolidated affiliates . refer to the capital expenditures section below for additional detail . capital expenditures capital expenditures are detailed in the following table: .

( a ) we utilize a non-gaap measure in the computation of capital expenditures and include spending associated with facilities accounted for as capital leases and purchases of noncontrolling interests . certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases , and such spending is reflected as a use of cash within cash provided by operating activities , if the arrangement qualifies as a capital lease . additionally , the payment for subsidiary shares from noncontrolling interests in a subsidiary is accounted for as an equity transaction and will be reflected as a financing activity in the statement of cash flows . the presentation of this non-gaap measure is intended to enhance the usefulness of information by providing a measure that our management uses internally to evaluate and manage our expenditures . capital expenditures on a gaap basis in 2014 totaled $ 1682.2 , compared to $ 1747.8 in 2013 . the decrease of $ 65.6 was primarily due to the acquisitions in 2013 . additions to plant and equipment are largely in support of the merchant gases and tonnage gases businesses . additions to plant and equipment also included support capital of a routine , ongoing nature , including expenditures for distribution equipment and facility improvements . spending in 2014 and 2013 included plant and equipment constructed to provide oxygen for coal gasification in china , hydrogen to the global market , and renewable energy in the u.k . in 2013 , we completed three acquisitions with an aggregate cash use , net of cash acquired , of $ 224.9 . in the fourth quarter , we acquired an air separation unit and integrated gases liquefier in guiyang , china . during the third quarter , we acquired epco , the largest independent u.s . producer of liquid carbon dioxide ( co2 ) , and wcg . in 2012 , we acquired a controlling stake in indura s.a . for $ 690 and e.i . dupont de nemours and co. , inc . 2019s 50% ( 50 % ) interest in our joint venture , da nanomaterials for $ 147 . we also purchased a 25% ( 25 % ) equity interest in abdullah hashim industrial gases & equipment co . ltd . ( ahg ) , an unconsolidated affiliate , for $ 155 . refer to note 5 , business combinations , and note 7 , summarized financial information of equity affiliates , to the consolidated financial statements for additional details regarding the acquisitions and the investments . capital expenditures on a non-gaap basis in 2014 totaled $ 1885.1 compared to $ 1996.7 in 2013 . capital lease expenditures of $ 202.4 decreased by $ 32.5 , reflecting lower project spending . 2015 outlook excluding acquisitions , capital expenditures for new plant and equipment in 2015 on a gaap basis are expected to be between $ 1650 and $ 1800 , and on a non-gaap basis are expected to be between $ 1700 and $ 1900 . the non-gaap capital expenditures include spending associated with facilities accounted for as capital leases , which are expected to be between $ 50 and $ 100 . a majority of the total capital expenditures is expected to be for new plants . it is anticipated that capital expenditures will be funded principally with cash from continuing operations . in addition , we intend to continue to evaluate acquisition opportunities and investments in equity affiliates . financing activities for the year ended 2014 , cash used by financing activities was $ 504.3 primarily attributable to cash used to pay dividends of $ 627.7 , which was partially offset by proceeds from stock option exercises of $ 141.6 . our borrowings ( short- and long-term proceeds , net of repayments ) were a net source of cash ( issuance ) of $ 1.1 and included $ 148.7 of net commercial paper and other short-term debt issuances , debt proceeds from the issuance of a .

| | | 2014 | 2013 | 2012 | |---:|:----------------------------------------------------------|:-------------|:-------------|:---------| | 0 | additions to plant and equipment | $ 1684.2 | $ 1524.2 | $ 1521.0 | | 1 | acquisitions less cash acquired | 2014 | 224.9 | 863.4 | | 2 | investments in and advances to unconsolidated affiliates | -2.0 ( 2.0 ) | -1.3 ( 1.3 ) | 175.4 | | 3 | capital expenditures on a gaap basis | $ 1682.2 | $ 1747.8 | $ 2559.8 | | 4 | capital lease expenditures ( a ) | 202.4 | 234.9 | 212.2 | | 5 | purchase of noncontrolling interests in asubsidiary ( a ) | .5 | 14.0 | 6.3 | | 6 | capital expenditures on a non-gaap basis | $ 1885.1 | $ 1996.7 | $ 2778.3 |

investing activities for the year ended 30 september 2014 , cash used for investing activities was $ 1638.0 , primarily capital expenditures for plant and equipment . for the year ended 30 september 2013 , cash used for investing activities was $ 1697.0 , primarily capital expenditures for plant and equipment and acquisitions . for the year ended 30 september 2012 , cash used for investing activities was $ 2435.2 , primarily capital expenditures for plant and equipment , acquisitions , and investments in unconsolidated affiliates . refer to the capital expenditures section below for additional detail . capital expenditures capital expenditures are detailed in the following table: ._| | | 2014 | 2013 | 2012 | |---:|:----------------------------------------------------------|:-------------|:-------------|:---------| | 0 | additions to plant and equipment | $ 1684.2 | $ 1524.2 | $ 1521.0 | | 1 | acquisitions less cash acquired | 2014 | 224.9 | 863.4 | | 2 | investments in and advances to unconsolidated affiliates | -2.0 ( 2.0 ) | -1.3 ( 1.3 ) | 175.4 | | 3 | capital expenditures on a gaap basis | $ 1682.2 | $ 1747.8 | $ 2559.8 | | 4 | capital lease expenditures ( a ) | 202.4 | 234.9 | 212.2 | | 5 | purchase of noncontrolling interests in asubsidiary ( a ) | .5 | 14.0 | 6.3 | | 6 | capital expenditures on a non-gaap basis | $ 1885.1 | $ 1996.7 | $ 2778.3 |_( a ) we utilize a non-gaap measure in the computation of capital expenditures and include spending associated with facilities accounted for as capital leases and purchases of noncontrolling interests . certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases , and such spending is reflected as a use of cash within cash provided by operating activities , if the arrangement qualifies as a capital lease . additionally , the payment for subsidiary shares from noncontrolling interests in a subsidiary is accounted for as an equity transaction and will be reflected as a financing activity in the statement of cash flows . the presentation of this non-gaap measure is intended to enhance the usefulness of information by providing a measure that our management uses internally to evaluate and manage our expenditures . capital expenditures on a gaap basis in 2014 totaled $ 1682.2 , compared to $ 1747.8 in 2013 . the decrease of $ 65.6 was primarily due to the acquisitions in 2013 . additions to plant and equipment are largely in support of the merchant gases and tonnage gases businesses . additions to plant and equipment also included support capital of a routine , ongoing nature , including expenditures for distribution equipment and facility improvements . spending in 2014 and 2013 included plant and equipment constructed to provide oxygen for coal gasification in china , hydrogen to the global market , and renewable energy in the u.k . in 2013 , we completed three acquisitions with an aggregate cash use , net of cash acquired , of $ 224.9 . in the fourth quarter , we acquired an air separation unit and integrated gases liquefier in guiyang , china . during the third quarter , we acquired epco , the largest independent u.s . producer of liquid carbon dioxide ( co2 ) , and wcg . in 2012 , we acquired a controlling stake in indura s.a . for $ 690 and e.i . dupont de nemours and co. , inc . 2019s 50% ( 50 % ) interest in our joint venture , da nanomaterials for $ 147 . we also purchased a 25% ( 25 % ) equity interest in abdullah hashim industrial gases & equipment co . ltd . ( ahg ) , an unconsolidated affiliate , for $ 155 . refer to note 5 , business combinations , and note 7 , summarized financial information of equity affiliates , to the consolidated financial statements for additional details regarding the acquisitions and the investments . capital expenditures on a non-gaap basis in 2014 totaled $ 1885.1 compared to $ 1996.7 in 2013 . capital lease expenditures of $ 202.4 decreased by $ 32.5 , reflecting lower project spending . 2015 outlook excluding acquisitions , capital expenditures for new plant and equipment in 2015 on a gaap basis are expected to be between $ 1650 and $ 1800 , and on a non-gaap basis are expected to be between $ 1700 and $ 1900 . the non-gaap capital expenditures include spending associated with facilities accounted for as capital leases , which are expected to be between $ 50 and $ 100 . a majority of the total capital expenditures is expected to be for new plants . it is anticipated that capital expenditures will be funded principally with cash from continuing operations . in addition , we intend to continue to evaluate acquisition opportunities and investments in equity affiliates . financing activities for the year ended 2014 , cash used by financing activities was $ 504.3 primarily attributable to cash used to pay dividends of $ 627.7 , which was partially offset by proceeds from stock option exercises of $ 141.6 . our borrowings ( short- and long-term proceeds , net of repayments ) were a net source of cash ( issuance ) of $ 1.1 and included $ 148.7 of net commercial paper and other short-term debt issuances , debt proceeds from the issuance of a .

2,014

44

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

considering the year 2012 , how bigger is the capital expenditures on a non-gaap basis than the one on a gaap basis?

8.53%

subtract(divide(2778.3, 2559.8), const_1)

investing activities for the year ended 30 september 2014 , cash used for investing activities was $ 1638.0 , primarily capital expenditures for plant and equipment . for the year ended 30 september 2013 , cash used for investing activities was $ 1697.0 , primarily capital expenditures for plant and equipment and acquisitions . for the year ended 30 september 2012 , cash used for investing activities was $ 2435.2 , primarily capital expenditures for plant and equipment , acquisitions , and investments in unconsolidated affiliates . refer to the capital expenditures section below for additional detail . capital expenditures capital expenditures are detailed in the following table: .

( a ) we utilize a non-gaap measure in the computation of capital expenditures and include spending associated with facilities accounted for as capital leases and purchases of noncontrolling interests . certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases , and such spending is reflected as a use of cash within cash provided by operating activities , if the arrangement qualifies as a capital lease . additionally , the payment for subsidiary shares from noncontrolling interests in a subsidiary is accounted for as an equity transaction and will be reflected as a financing activity in the statement of cash flows . the presentation of this non-gaap measure is intended to enhance the usefulness of information by providing a measure that our management uses internally to evaluate and manage our expenditures . capital expenditures on a gaap basis in 2014 totaled $ 1682.2 , compared to $ 1747.8 in 2013 . the decrease of $ 65.6 was primarily due to the acquisitions in 2013 . additions to plant and equipment are largely in support of the merchant gases and tonnage gases businesses . additions to plant and equipment also included support capital of a routine , ongoing nature , including expenditures for distribution equipment and facility improvements . spending in 2014 and 2013 included plant and equipment constructed to provide oxygen for coal gasification in china , hydrogen to the global market , and renewable energy in the u.k . in 2013 , we completed three acquisitions with an aggregate cash use , net of cash acquired , of $ 224.9 . in the fourth quarter , we acquired an air separation unit and integrated gases liquefier in guiyang , china . during the third quarter , we acquired epco , the largest independent u.s . producer of liquid carbon dioxide ( co2 ) , and wcg . in 2012 , we acquired a controlling stake in indura s.a . for $ 690 and e.i . dupont de nemours and co. , inc . 2019s 50% ( 50 % ) interest in our joint venture , da nanomaterials for $ 147 . we also purchased a 25% ( 25 % ) equity interest in abdullah hashim industrial gases & equipment co . ltd . ( ahg ) , an unconsolidated affiliate , for $ 155 . refer to note 5 , business combinations , and note 7 , summarized financial information of equity affiliates , to the consolidated financial statements for additional details regarding the acquisitions and the investments . capital expenditures on a non-gaap basis in 2014 totaled $ 1885.1 compared to $ 1996.7 in 2013 . capital lease expenditures of $ 202.4 decreased by $ 32.5 , reflecting lower project spending . 2015 outlook excluding acquisitions , capital expenditures for new plant and equipment in 2015 on a gaap basis are expected to be between $ 1650 and $ 1800 , and on a non-gaap basis are expected to be between $ 1700 and $ 1900 . the non-gaap capital expenditures include spending associated with facilities accounted for as capital leases , which are expected to be between $ 50 and $ 100 . a majority of the total capital expenditures is expected to be for new plants . it is anticipated that capital expenditures will be funded principally with cash from continuing operations . in addition , we intend to continue to evaluate acquisition opportunities and investments in equity affiliates . financing activities for the year ended 2014 , cash used by financing activities was $ 504.3 primarily attributable to cash used to pay dividends of $ 627.7 , which was partially offset by proceeds from stock option exercises of $ 141.6 . our borrowings ( short- and long-term proceeds , net of repayments ) were a net source of cash ( issuance ) of $ 1.1 and included $ 148.7 of net commercial paper and other short-term debt issuances , debt proceeds from the issuance of a .

| | | 2014 | 2013 | 2012 | |---:|:----------------------------------------------------------|:-------------|:-------------|:---------| | 0 | additions to plant and equipment | $ 1684.2 | $ 1524.2 | $ 1521.0 | | 1 | acquisitions less cash acquired | 2014 | 224.9 | 863.4 | | 2 | investments in and advances to unconsolidated affiliates | -2.0 ( 2.0 ) | -1.3 ( 1.3 ) | 175.4 | | 3 | capital expenditures on a gaap basis | $ 1682.2 | $ 1747.8 | $ 2559.8 | | 4 | capital lease expenditures ( a ) | 202.4 | 234.9 | 212.2 | | 5 | purchase of noncontrolling interests in asubsidiary ( a ) | .5 | 14.0 | 6.3 | | 6 | capital expenditures on a non-gaap basis | $ 1885.1 | $ 1996.7 | $ 2778.3 |

investing activities for the year ended 30 september 2014 , cash used for investing activities was $ 1638.0 , primarily capital expenditures for plant and equipment . for the year ended 30 september 2013 , cash used for investing activities was $ 1697.0 , primarily capital expenditures for plant and equipment and acquisitions . for the year ended 30 september 2012 , cash used for investing activities was $ 2435.2 , primarily capital expenditures for plant and equipment , acquisitions , and investments in unconsolidated affiliates . refer to the capital expenditures section below for additional detail . capital expenditures capital expenditures are detailed in the following table: ._| | | 2014 | 2013 | 2012 | |---:|:----------------------------------------------------------|:-------------|:-------------|:---------| | 0 | additions to plant and equipment | $ 1684.2 | $ 1524.2 | $ 1521.0 | | 1 | acquisitions less cash acquired | 2014 | 224.9 | 863.4 | | 2 | investments in and advances to unconsolidated affiliates | -2.0 ( 2.0 ) | -1.3 ( 1.3 ) | 175.4 | | 3 | capital expenditures on a gaap basis | $ 1682.2 | $ 1747.8 | $ 2559.8 | | 4 | capital lease expenditures ( a ) | 202.4 | 234.9 | 212.2 | | 5 | purchase of noncontrolling interests in asubsidiary ( a ) | .5 | 14.0 | 6.3 | | 6 | capital expenditures on a non-gaap basis | $ 1885.1 | $ 1996.7 | $ 2778.3 |_( a ) we utilize a non-gaap measure in the computation of capital expenditures and include spending associated with facilities accounted for as capital leases and purchases of noncontrolling interests . certain contracts associated with facilities that are built to provide product to a specific customer are required to be accounted for as leases , and such spending is reflected as a use of cash within cash provided by operating activities , if the arrangement qualifies as a capital lease . additionally , the payment for subsidiary shares from noncontrolling interests in a subsidiary is accounted for as an equity transaction and will be reflected as a financing activity in the statement of cash flows . the presentation of this non-gaap measure is intended to enhance the usefulness of information by providing a measure that our management uses internally to evaluate and manage our expenditures . capital expenditures on a gaap basis in 2014 totaled $ 1682.2 , compared to $ 1747.8 in 2013 . the decrease of $ 65.6 was primarily due to the acquisitions in 2013 . additions to plant and equipment are largely in support of the merchant gases and tonnage gases businesses . additions to plant and equipment also included support capital of a routine , ongoing nature , including expenditures for distribution equipment and facility improvements . spending in 2014 and 2013 included plant and equipment constructed to provide oxygen for coal gasification in china , hydrogen to the global market , and renewable energy in the u.k . in 2013 , we completed three acquisitions with an aggregate cash use , net of cash acquired , of $ 224.9 . in the fourth quarter , we acquired an air separation unit and integrated gases liquefier in guiyang , china . during the third quarter , we acquired epco , the largest independent u.s . producer of liquid carbon dioxide ( co2 ) , and wcg . in 2012 , we acquired a controlling stake in indura s.a . for $ 690 and e.i . dupont de nemours and co. , inc . 2019s 50% ( 50 % ) interest in our joint venture , da nanomaterials for $ 147 . we also purchased a 25% ( 25 % ) equity interest in abdullah hashim industrial gases & equipment co . ltd . ( ahg ) , an unconsolidated affiliate , for $ 155 . refer to note 5 , business combinations , and note 7 , summarized financial information of equity affiliates , to the consolidated financial statements for additional details regarding the acquisitions and the investments . capital expenditures on a non-gaap basis in 2014 totaled $ 1885.1 compared to $ 1996.7 in 2013 . capital lease expenditures of $ 202.4 decreased by $ 32.5 , reflecting lower project spending . 2015 outlook excluding acquisitions , capital expenditures for new plant and equipment in 2015 on a gaap basis are expected to be between $ 1650 and $ 1800 , and on a non-gaap basis are expected to be between $ 1700 and $ 1900 . the non-gaap capital expenditures include spending associated with facilities accounted for as capital leases , which are expected to be between $ 50 and $ 100 . a majority of the total capital expenditures is expected to be for new plants . it is anticipated that capital expenditures will be funded principally with cash from continuing operations . in addition , we intend to continue to evaluate acquisition opportunities and investments in equity affiliates . financing activities for the year ended 2014 , cash used by financing activities was $ 504.3 primarily attributable to cash used to pay dividends of $ 627.7 , which was partially offset by proceeds from stock option exercises of $ 141.6 . our borrowings ( short- and long-term proceeds , net of repayments ) were a net source of cash ( issuance ) of $ 1.1 and included $ 148.7 of net commercial paper and other short-term debt issuances , debt proceeds from the issuance of a .

2,014

44

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa415

what is the percent of available potential to increase the multi-currency line of credit

40%

divide(subtract(const_7, const_5), const_5)

2022 a financial safeguard package for cleared over-the-counter credit default swap contracts , and 2022 a financial safeguard package for cleared over-the-counter interest rate swap contracts . in the unlikely event of a payment default by a clearing firm , we would first apply assets of the defaulting clearing firm to satisfy its payment obligation . these assets include the defaulting firm 2019s guaranty fund contributions , performance bonds and any other available assets , such as assets required for membership and any associated trading rights . in addition , we would make a demand for payment pursuant to any applicable guarantee provided to us by the parent company of the clearing firm . thereafter , if the payment default remains unsatisfied , we would use the corporate contributions designated for the respective financial safeguard package . we would then use guaranty fund contributions of other clearing firms within the respective financial safeguard package and funds collected through an assessment against solvent clearing firms within the respective financial safeguard package to satisfy the deficit . we maintain a $ 5.0 billion 364-day multi-currency line of credit with a consortium of domestic and international banks to be used in certain situations by cme clearing . we have the option to request an increase in the line from $ 5.0 billion to $ 7.0 billion . we may use the proceeds to provide temporary liquidity in the unlikely event of a clearing firm default , in the event of a liquidity constraint or default by a depositary ( custodian of the collateral ) , or in the event of a temporary disruption with the payments systems that would delay payment of settlement variation between us and our clearing firms . the credit agreement requires us to pledge certain assets to the line of credit custodian prior to drawing on the line of credit . pledged assets may include clearing firm guaranty fund deposits held by us in the form of u.s . treasury or agency securities , as well as select money market mutual funds approved for our select interest earning facility ( ief ) programs . performance bond collateral of a defaulting clearing firm may also be used to secure a draw on the line . in addition to the 364-day multi- currency line of credit , we also have the option to use our $ 1.8 billion multi-currency revolving senior credit facility to provide liquidity for our clearing house in the unlikely event of default . aggregate performance bond deposits for clearing firms for all three cme financial safeguard packages was $ 86.8 billion , including $ 5.6 billion of cash performance bond deposits and $ 4.2 billion of letters of credit . a defaulting firm 2019s performance bond deposits can be used in the event of default of that clearing firm . the following shows the available assets at december 31 , 2012 in the event of a payment default by a clearing firm for the base financial safeguard package after first utilizing the defaulting firm 2019s available assets : ( in millions ) cme clearing available assets designated corporate contributions for futures and options ( 1 ) . . . . . . . . $ 100.0 guaranty fund contributions ( 2 ) . . . . . 2899.5 assessment powers ( 3 ) . . . . . . . . . . . . 7973.6 minimum total assets available for default ( 4 ) . . . . . . . . . . . . . . . . . . . . $ 10973.1 ( 1 ) cme clearing designates $ 100.0 million of corporate contributions to satisfy a clearing firm default in the event that the defaulting clearing firm 2019s guaranty contributions and performance bonds do not satisfy the deficit . ( 2 ) guaranty fund contributions of clearing firms include guaranty fund contributions required of clearing firms , but do not include any excess deposits held by us at the direction of clearing firms . ( 3 ) in the event of a clearing firm default , if a loss continues to exist after the utilization of the assets of the defaulted firm , our designated working capital and the non-defaulting clearing firms 2019 guaranty fund contributions , we have the right to assess all non-defaulting clearing members as defined in the rules governing the guaranty fund . ( 4 ) represents the aggregate minimum resources available to satisfy any obligations not met by a defaulting firm subsequent to the liquidation of the defaulting firm 2019s performance bond collateral. .

| | ( in millions ) | cme clearingavailable assets | |---:|:-----------------------------------------------------------------|:-------------------------------| | 0 | designated corporate contributions for futures and options ( 1 ) | $ 100.0 | | 1 | guaranty fund contributions ( 2 ) | 2899.5 | | 2 | assessment powers ( 3 ) | 7973.6 | | 3 | minimum total assets available for default ( 4 ) | $ 10973.1 |

2022 a financial safeguard package for cleared over-the-counter credit default swap contracts , and 2022 a financial safeguard package for cleared over-the-counter interest rate swap contracts . in the unlikely event of a payment default by a clearing firm , we would first apply assets of the defaulting clearing firm to satisfy its payment obligation . these assets include the defaulting firm 2019s guaranty fund contributions , performance bonds and any other available assets , such as assets required for membership and any associated trading rights . in addition , we would make a demand for payment pursuant to any applicable guarantee provided to us by the parent company of the clearing firm . thereafter , if the payment default remains unsatisfied , we would use the corporate contributions designated for the respective financial safeguard package . we would then use guaranty fund contributions of other clearing firms within the respective financial safeguard package and funds collected through an assessment against solvent clearing firms within the respective financial safeguard package to satisfy the deficit . we maintain a $ 5.0 billion 364-day multi-currency line of credit with a consortium of domestic and international banks to be used in certain situations by cme clearing . we have the option to request an increase in the line from $ 5.0 billion to $ 7.0 billion . we may use the proceeds to provide temporary liquidity in the unlikely event of a clearing firm default , in the event of a liquidity constraint or default by a depositary ( custodian of the collateral ) , or in the event of a temporary disruption with the payments systems that would delay payment of settlement variation between us and our clearing firms . the credit agreement requires us to pledge certain assets to the line of credit custodian prior to drawing on the line of credit . pledged assets may include clearing firm guaranty fund deposits held by us in the form of u.s . treasury or agency securities , as well as select money market mutual funds approved for our select interest earning facility ( ief ) programs . performance bond collateral of a defaulting clearing firm may also be used to secure a draw on the line . in addition to the 364-day multi- currency line of credit , we also have the option to use our $ 1.8 billion multi-currency revolving senior credit facility to provide liquidity for our clearing house in the unlikely event of default . aggregate performance bond deposits for clearing firms for all three cme financial safeguard packages was $ 86.8 billion , including $ 5.6 billion of cash performance bond deposits and $ 4.2 billion of letters of credit . a defaulting firm 2019s performance bond deposits can be used in the event of default of that clearing firm . the following shows the available assets at december 31 , 2012 in the event of a payment default by a clearing firm for the base financial safeguard package after first utilizing the defaulting firm 2019s available assets : ( in millions ) cme clearing available assets designated corporate contributions for futures and options ( 1 ) . . . . . . . . $ 100.0 guaranty fund contributions ( 2 ) . . . . . 2899.5 assessment powers ( 3 ) . . . . . . . . . . . . 7973.6 minimum total assets available for default ( 4 ) . . . . . . . . . . . . . . . . . . . . $ 10973.1 ( 1 ) cme clearing designates $ 100.0 million of corporate contributions to satisfy a clearing firm default in the event that the defaulting clearing firm 2019s guaranty contributions and performance bonds do not satisfy the deficit . ( 2 ) guaranty fund contributions of clearing firms include guaranty fund contributions required of clearing firms , but do not include any excess deposits held by us at the direction of clearing firms . ( 3 ) in the event of a clearing firm default , if a loss continues to exist after the utilization of the assets of the defaulted firm , our designated working capital and the non-defaulting clearing firms 2019 guaranty fund contributions , we have the right to assess all non-defaulting clearing members as defined in the rules governing the guaranty fund . ( 4 ) represents the aggregate minimum resources available to satisfy any obligations not met by a defaulting firm subsequent to the liquidation of the defaulting firm 2019s performance bond collateral. ._| | ( in millions ) | cme clearingavailable assets | |---:|:-----------------------------------------------------------------|:-------------------------------| | 0 | designated corporate contributions for futures and options ( 1 ) | $ 100.0 | | 1 | guaranty fund contributions ( 2 ) | 2899.5 | | 2 | assessment powers ( 3 ) | 7973.6 | | 3 | minimum total assets available for default ( 4 ) | $ 10973.1 |_2022 a financial safeguard package for cleared over-the-counter credit default swap contracts , and 2022 a financial safeguard package for cleared over-the-counter interest rate swap contracts . in the unlikely event of a payment default by a clearing firm , we would first apply assets of the defaulting clearing firm to satisfy its payment obligation . these assets include the defaulting firm 2019s guaranty fund contributions , performance bonds and any other available assets , such as assets required for membership and any associated trading rights . in addition , we would make a demand for payment pursuant to any applicable guarantee provided to us by the parent company of the clearing firm . thereafter , if the payment default remains unsatisfied , we would use the corporate contributions designated for the respective financial safeguard package . we would then use guaranty fund contributions of other clearing firms within the respective financial safeguard package and funds collected through an assessment against solvent clearing firms within the respective financial safeguard package to satisfy the deficit . we maintain a $ 5.0 billion 364-day multi-currency line of credit with a consortium of domestic and international banks to be used in certain situations by cme clearing . we have the option to request an increase in the line from $ 5.0 billion to $ 7.0 billion . we may use the proceeds to provide temporary liquidity in the unlikely event of a clearing firm default , in the event of a liquidity constraint or default by a depositary ( custodian of the collateral ) , or in the event of a temporary disruption with the payments systems that would delay payment of settlement variation between us and our clearing firms . the credit agreement requires us to pledge certain assets to the line of credit custodian prior to drawing on the line of credit . pledged assets may include clearing firm guaranty fund deposits held by us in the form of u.s . treasury or agency securities , as well as select money market mutual funds approved for our select interest earning facility ( ief ) programs . performance bond collateral of a defaulting clearing firm may also be used to secure a draw on the line . in addition to the 364-day multi- currency line of credit , we also have the option to use our $ 1.8 billion multi-currency revolving senior credit facility to provide liquidity for our clearing house in the unlikely event of default . aggregate performance bond deposits for clearing firms for all three cme financial safeguard packages was $ 86.8 billion , including $ 5.6 billion of cash performance bond deposits and $ 4.2 billion of letters of credit . a defaulting firm 2019s performance bond deposits can be used in the event of default of that clearing firm . the following shows the available assets at december 31 , 2012 in the event of a payment default by a clearing firm for the base financial safeguard package after first utilizing the defaulting firm 2019s available assets : ( in millions ) cme clearing available assets designated corporate contributions for futures and options ( 1 ) . . . . . . . . $ 100.0 guaranty fund contributions ( 2 ) . . . . . 2899.5 assessment powers ( 3 ) . . . . . . . . . . . . 7973.6 minimum total assets available for default ( 4 ) . . . . . . . . . . . . . . . . . . . . $ 10973.1 ( 1 ) cme clearing designates $ 100.0 million of corporate contributions to satisfy a clearing firm default in the event that the defaulting clearing firm 2019s guaranty contributions and performance bonds do not satisfy the deficit . ( 2 ) guaranty fund contributions of clearing firms include guaranty fund contributions required of clearing firms , but do not include any excess deposits held by us at the direction of clearing firms . ( 3 ) in the event of a clearing firm default , if a loss continues to exist after the utilization of the assets of the defaulted firm , our designated working capital and the non-defaulting clearing firms 2019 guaranty fund contributions , we have the right to assess all non-defaulting clearing members as defined in the rules governing the guaranty fund . ( 4 ) represents the aggregate minimum resources available to satisfy any obligations not met by a defaulting firm subsequent to the liquidation of the defaulting firm 2019s performance bond collateral. .

2,012

70

CME

CME Group

Financials

Financial Exchanges & Data

Chicago, Illinois

2006-08-11

1,156,375

1848

what is the percent of available potential to increase the multi-currency line of credit

40%

divide(subtract(const_7, const_5), const_5)

2022 a financial safeguard package for cleared over-the-counter credit default swap contracts , and 2022 a financial safeguard package for cleared over-the-counter interest rate swap contracts . in the unlikely event of a payment default by a clearing firm , we would first apply assets of the defaulting clearing firm to satisfy its payment obligation . these assets include the defaulting firm 2019s guaranty fund contributions , performance bonds and any other available assets , such as assets required for membership and any associated trading rights . in addition , we would make a demand for payment pursuant to any applicable guarantee provided to us by the parent company of the clearing firm . thereafter , if the payment default remains unsatisfied , we would use the corporate contributions designated for the respective financial safeguard package . we would then use guaranty fund contributions of other clearing firms within the respective financial safeguard package and funds collected through an assessment against solvent clearing firms within the respective financial safeguard package to satisfy the deficit . we maintain a $ 5.0 billion 364-day multi-currency line of credit with a consortium of domestic and international banks to be used in certain situations by cme clearing . we have the option to request an increase in the line from $ 5.0 billion to $ 7.0 billion . we may use the proceeds to provide temporary liquidity in the unlikely event of a clearing firm default , in the event of a liquidity constraint or default by a depositary ( custodian of the collateral ) , or in the event of a temporary disruption with the payments systems that would delay payment of settlement variation between us and our clearing firms . the credit agreement requires us to pledge certain assets to the line of credit custodian prior to drawing on the line of credit . pledged assets may include clearing firm guaranty fund deposits held by us in the form of u.s . treasury or agency securities , as well as select money market mutual funds approved for our select interest earning facility ( ief ) programs . performance bond collateral of a defaulting clearing firm may also be used to secure a draw on the line . in addition to the 364-day multi- currency line of credit , we also have the option to use our $ 1.8 billion multi-currency revolving senior credit facility to provide liquidity for our clearing house in the unlikely event of default . aggregate performance bond deposits for clearing firms for all three cme financial safeguard packages was $ 86.8 billion , including $ 5.6 billion of cash performance bond deposits and $ 4.2 billion of letters of credit . a defaulting firm 2019s performance bond deposits can be used in the event of default of that clearing firm . the following shows the available assets at december 31 , 2012 in the event of a payment default by a clearing firm for the base financial safeguard package after first utilizing the defaulting firm 2019s available assets : ( in millions ) cme clearing available assets designated corporate contributions for futures and options ( 1 ) . . . . . . . . $ 100.0 guaranty fund contributions ( 2 ) . . . . . 2899.5 assessment powers ( 3 ) . . . . . . . . . . . . 7973.6 minimum total assets available for default ( 4 ) . . . . . . . . . . . . . . . . . . . . $ 10973.1 ( 1 ) cme clearing designates $ 100.0 million of corporate contributions to satisfy a clearing firm default in the event that the defaulting clearing firm 2019s guaranty contributions and performance bonds do not satisfy the deficit . ( 2 ) guaranty fund contributions of clearing firms include guaranty fund contributions required of clearing firms , but do not include any excess deposits held by us at the direction of clearing firms . ( 3 ) in the event of a clearing firm default , if a loss continues to exist after the utilization of the assets of the defaulted firm , our designated working capital and the non-defaulting clearing firms 2019 guaranty fund contributions , we have the right to assess all non-defaulting clearing members as defined in the rules governing the guaranty fund . ( 4 ) represents the aggregate minimum resources available to satisfy any obligations not met by a defaulting firm subsequent to the liquidation of the defaulting firm 2019s performance bond collateral. .

| | ( in millions ) | cme clearingavailable assets | |---:|:-----------------------------------------------------------------|:-------------------------------| | 0 | designated corporate contributions for futures and options ( 1 ) | $ 100.0 | | 1 | guaranty fund contributions ( 2 ) | 2899.5 | | 2 | assessment powers ( 3 ) | 7973.6 | | 3 | minimum total assets available for default ( 4 ) | $ 10973.1 |

2022 a financial safeguard package for cleared over-the-counter credit default swap contracts , and 2022 a financial safeguard package for cleared over-the-counter interest rate swap contracts . in the unlikely event of a payment default by a clearing firm , we would first apply assets of the defaulting clearing firm to satisfy its payment obligation . these assets include the defaulting firm 2019s guaranty fund contributions , performance bonds and any other available assets , such as assets required for membership and any associated trading rights . in addition , we would make a demand for payment pursuant to any applicable guarantee provided to us by the parent company of the clearing firm . thereafter , if the payment default remains unsatisfied , we would use the corporate contributions designated for the respective financial safeguard package . we would then use guaranty fund contributions of other clearing firms within the respective financial safeguard package and funds collected through an assessment against solvent clearing firms within the respective financial safeguard package to satisfy the deficit . we maintain a $ 5.0 billion 364-day multi-currency line of credit with a consortium of domestic and international banks to be used in certain situations by cme clearing . we have the option to request an increase in the line from $ 5.0 billion to $ 7.0 billion . we may use the proceeds to provide temporary liquidity in the unlikely event of a clearing firm default , in the event of a liquidity constraint or default by a depositary ( custodian of the collateral ) , or in the event of a temporary disruption with the payments systems that would delay payment of settlement variation between us and our clearing firms . the credit agreement requires us to pledge certain assets to the line of credit custodian prior to drawing on the line of credit . pledged assets may include clearing firm guaranty fund deposits held by us in the form of u.s . treasury or agency securities , as well as select money market mutual funds approved for our select interest earning facility ( ief ) programs . performance bond collateral of a defaulting clearing firm may also be used to secure a draw on the line . in addition to the 364-day multi- currency line of credit , we also have the option to use our $ 1.8 billion multi-currency revolving senior credit facility to provide liquidity for our clearing house in the unlikely event of default . aggregate performance bond deposits for clearing firms for all three cme financial safeguard packages was $ 86.8 billion , including $ 5.6 billion of cash performance bond deposits and $ 4.2 billion of letters of credit . a defaulting firm 2019s performance bond deposits can be used in the event of default of that clearing firm . the following shows the available assets at december 31 , 2012 in the event of a payment default by a clearing firm for the base financial safeguard package after first utilizing the defaulting firm 2019s available assets : ( in millions ) cme clearing available assets designated corporate contributions for futures and options ( 1 ) . . . . . . . . $ 100.0 guaranty fund contributions ( 2 ) . . . . . 2899.5 assessment powers ( 3 ) . . . . . . . . . . . . 7973.6 minimum total assets available for default ( 4 ) . . . . . . . . . . . . . . . . . . . . $ 10973.1 ( 1 ) cme clearing designates $ 100.0 million of corporate contributions to satisfy a clearing firm default in the event that the defaulting clearing firm 2019s guaranty contributions and performance bonds do not satisfy the deficit . ( 2 ) guaranty fund contributions of clearing firms include guaranty fund contributions required of clearing firms , but do not include any excess deposits held by us at the direction of clearing firms . ( 3 ) in the event of a clearing firm default , if a loss continues to exist after the utilization of the assets of the defaulted firm , our designated working capital and the non-defaulting clearing firms 2019 guaranty fund contributions , we have the right to assess all non-defaulting clearing members as defined in the rules governing the guaranty fund . ( 4 ) represents the aggregate minimum resources available to satisfy any obligations not met by a defaulting firm subsequent to the liquidation of the defaulting firm 2019s performance bond collateral. ._| | ( in millions ) | cme clearingavailable assets | |---:|:-----------------------------------------------------------------|:-------------------------------| | 0 | designated corporate contributions for futures and options ( 1 ) | $ 100.0 | | 1 | guaranty fund contributions ( 2 ) | 2899.5 | | 2 | assessment powers ( 3 ) | 7973.6 | | 3 | minimum total assets available for default ( 4 ) | $ 10973.1 |_2022 a financial safeguard package for cleared over-the-counter credit default swap contracts , and 2022 a financial safeguard package for cleared over-the-counter interest rate swap contracts . in the unlikely event of a payment default by a clearing firm , we would first apply assets of the defaulting clearing firm to satisfy its payment obligation . these assets include the defaulting firm 2019s guaranty fund contributions , performance bonds and any other available assets , such as assets required for membership and any associated trading rights . in addition , we would make a demand for payment pursuant to any applicable guarantee provided to us by the parent company of the clearing firm . thereafter , if the payment default remains unsatisfied , we would use the corporate contributions designated for the respective financial safeguard package . we would then use guaranty fund contributions of other clearing firms within the respective financial safeguard package and funds collected through an assessment against solvent clearing firms within the respective financial safeguard package to satisfy the deficit . we maintain a $ 5.0 billion 364-day multi-currency line of credit with a consortium of domestic and international banks to be used in certain situations by cme clearing . we have the option to request an increase in the line from $ 5.0 billion to $ 7.0 billion . we may use the proceeds to provide temporary liquidity in the unlikely event of a clearing firm default , in the event of a liquidity constraint or default by a depositary ( custodian of the collateral ) , or in the event of a temporary disruption with the payments systems that would delay payment of settlement variation between us and our clearing firms . the credit agreement requires us to pledge certain assets to the line of credit custodian prior to drawing on the line of credit . pledged assets may include clearing firm guaranty fund deposits held by us in the form of u.s . treasury or agency securities , as well as select money market mutual funds approved for our select interest earning facility ( ief ) programs . performance bond collateral of a defaulting clearing firm may also be used to secure a draw on the line . in addition to the 364-day multi- currency line of credit , we also have the option to use our $ 1.8 billion multi-currency revolving senior credit facility to provide liquidity for our clearing house in the unlikely event of default . aggregate performance bond deposits for clearing firms for all three cme financial safeguard packages was $ 86.8 billion , including $ 5.6 billion of cash performance bond deposits and $ 4.2 billion of letters of credit . a defaulting firm 2019s performance bond deposits can be used in the event of default of that clearing firm . the following shows the available assets at december 31 , 2012 in the event of a payment default by a clearing firm for the base financial safeguard package after first utilizing the defaulting firm 2019s available assets : ( in millions ) cme clearing available assets designated corporate contributions for futures and options ( 1 ) . . . . . . . . $ 100.0 guaranty fund contributions ( 2 ) . . . . . 2899.5 assessment powers ( 3 ) . . . . . . . . . . . . 7973.6 minimum total assets available for default ( 4 ) . . . . . . . . . . . . . . . . . . . . $ 10973.1 ( 1 ) cme clearing designates $ 100.0 million of corporate contributions to satisfy a clearing firm default in the event that the defaulting clearing firm 2019s guaranty contributions and performance bonds do not satisfy the deficit . ( 2 ) guaranty fund contributions of clearing firms include guaranty fund contributions required of clearing firms , but do not include any excess deposits held by us at the direction of clearing firms . ( 3 ) in the event of a clearing firm default , if a loss continues to exist after the utilization of the assets of the defaulted firm , our designated working capital and the non-defaulting clearing firms 2019 guaranty fund contributions , we have the right to assess all non-defaulting clearing members as defined in the rules governing the guaranty fund . ( 4 ) represents the aggregate minimum resources available to satisfy any obligations not met by a defaulting firm subsequent to the liquidation of the defaulting firm 2019s performance bond collateral. .

2,012

70

CME

CME Group

Financials

Financial Exchanges & Data

Chicago, Illinois

2006-08-11

1,156,375

1848

null

finqa416

what percent of the commitments will be due after 2022?

71.62%

divide(1580, 2206)

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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 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 , which were repaid in june 2015 at maturity , 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 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year . the 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 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 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 , 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 . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , and is approximately $ 32 million per year . the 2021 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2043 . future minimum commitments under these operating leases are as follows : ( in millions ) .

in may 2017 , the company entered into an agreement with 50 hymc owner llc , for the lease of approximately 847000 square feet of office space located at 50 hudson yards , new york , new york . the term of the lease is twenty years from the date that rental payments begin , expected to occur in may 2023 , with the option to renew for a specified term . the lease requires annual base rental payments of approximately $ 51 million per year during the first five years of the lease term , increasing every five years to $ 58 million , $ 66 million and $ 74 million per year ( or approximately $ 1.2 billion in base rent over its twenty-year term ) . this lease is classified as an operating lease and , as such , is not recorded as a liability on the consolidated statements of financial condition . rent expense and certain office equipment expense under lease agreements amounted to $ 132 million , $ 134 million and $ 136 million in 2017 , 2016 and 2015 , respectively . investment commitments . at december 31 , 2017 , the company had $ 298 million of various capital commitments to fund sponsored investment funds , including consolidated vies . these funds include private equity funds , real assets funds , and opportunistic funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company that are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments related to business acquisitions . in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products . the fair value of the remaining aggregate contingent payments at december 31 , 2017 totaled $ 236 million , including $ 128 million related to the first reserve transaction , and is included in other liabilities on the consolidated statements of financial condition. .

| | year | amount | |---:|:-----------|:---------| | 0 | 2018 | 141 | | 1 | 2019 | 132 | | 2 | 2020 | 126 | | 3 | 2021 | 118 | | 4 | 2022 | 109 | | 5 | thereafter | 1580 | | 6 | total | $ 2206 |

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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 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 , which were repaid in june 2015 at maturity , 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 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year . the 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 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 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 , 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 . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , and is approximately $ 32 million per year . the 2021 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2043 . future minimum commitments under these operating leases are as follows : ( in millions ) ._| | year | amount | |---:|:-----------|:---------| | 0 | 2018 | 141 | | 1 | 2019 | 132 | | 2 | 2020 | 126 | | 3 | 2021 | 118 | | 4 | 2022 | 109 | | 5 | thereafter | 1580 | | 6 | total | $ 2206 |_in may 2017 , the company entered into an agreement with 50 hymc owner llc , for the lease of approximately 847000 square feet of office space located at 50 hudson yards , new york , new york . the term of the lease is twenty years from the date that rental payments begin , expected to occur in may 2023 , with the option to renew for a specified term . the lease requires annual base rental payments of approximately $ 51 million per year during the first five years of the lease term , increasing every five years to $ 58 million , $ 66 million and $ 74 million per year ( or approximately $ 1.2 billion in base rent over its twenty-year term ) . this lease is classified as an operating lease and , as such , is not recorded as a liability on the consolidated statements of financial condition . rent expense and certain office equipment expense under lease agreements amounted to $ 132 million , $ 134 million and $ 136 million in 2017 , 2016 and 2015 , respectively . investment commitments . at december 31 , 2017 , the company had $ 298 million of various capital commitments to fund sponsored investment funds , including consolidated vies . these funds include private equity funds , real assets funds , and opportunistic funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company that are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments related to business acquisitions . in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products . the fair value of the remaining aggregate contingent payments at december 31 , 2017 totaled $ 236 million , including $ 128 million related to the first reserve transaction , and is included in other liabilities on the consolidated statements of financial condition. .

2,017

122

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

what percent of the commitments will be due after 2022?

71.62%

divide(1580, 2206)

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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 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 , which were repaid in june 2015 at maturity , 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 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year . the 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 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 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 , 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 . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , and is approximately $ 32 million per year . the 2021 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2043 . future minimum commitments under these operating leases are as follows : ( in millions ) .

in may 2017 , the company entered into an agreement with 50 hymc owner llc , for the lease of approximately 847000 square feet of office space located at 50 hudson yards , new york , new york . the term of the lease is twenty years from the date that rental payments begin , expected to occur in may 2023 , with the option to renew for a specified term . the lease requires annual base rental payments of approximately $ 51 million per year during the first five years of the lease term , increasing every five years to $ 58 million , $ 66 million and $ 74 million per year ( or approximately $ 1.2 billion in base rent over its twenty-year term ) . this lease is classified as an operating lease and , as such , is not recorded as a liability on the consolidated statements of financial condition . rent expense and certain office equipment expense under lease agreements amounted to $ 132 million , $ 134 million and $ 136 million in 2017 , 2016 and 2015 , respectively . investment commitments . at december 31 , 2017 , the company had $ 298 million of various capital commitments to fund sponsored investment funds , including consolidated vies . these funds include private equity funds , real assets funds , and opportunistic funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company that are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments related to business acquisitions . in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products . the fair value of the remaining aggregate contingent payments at december 31 , 2017 totaled $ 236 million , including $ 128 million related to the first reserve transaction , and is included in other liabilities on the consolidated statements of financial condition. .

| | year | amount | |---:|:-----------|:---------| | 0 | 2018 | 141 | | 1 | 2019 | 132 | | 2 | 2020 | 126 | | 3 | 2021 | 118 | | 4 | 2022 | 109 | | 5 | thereafter | 1580 | | 6 | total | $ 2206 |

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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 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 , which were repaid in june 2015 at maturity , 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 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year . the 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 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 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 , 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 . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , and is approximately $ 32 million per year . the 2021 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these 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 unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2043 . future minimum commitments under these operating leases are as follows : ( in millions ) ._| | year | amount | |---:|:-----------|:---------| | 0 | 2018 | 141 | | 1 | 2019 | 132 | | 2 | 2020 | 126 | | 3 | 2021 | 118 | | 4 | 2022 | 109 | | 5 | thereafter | 1580 | | 6 | total | $ 2206 |_in may 2017 , the company entered into an agreement with 50 hymc owner llc , for the lease of approximately 847000 square feet of office space located at 50 hudson yards , new york , new york . the term of the lease is twenty years from the date that rental payments begin , expected to occur in may 2023 , with the option to renew for a specified term . the lease requires annual base rental payments of approximately $ 51 million per year during the first five years of the lease term , increasing every five years to $ 58 million , $ 66 million and $ 74 million per year ( or approximately $ 1.2 billion in base rent over its twenty-year term ) . this lease is classified as an operating lease and , as such , is not recorded as a liability on the consolidated statements of financial condition . rent expense and certain office equipment expense under lease agreements amounted to $ 132 million , $ 134 million and $ 136 million in 2017 , 2016 and 2015 , respectively . investment commitments . at december 31 , 2017 , the company had $ 298 million of various capital commitments to fund sponsored investment funds , including consolidated vies . these funds include private equity funds , real assets funds , and opportunistic funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company that are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments related to business acquisitions . in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products . the fair value of the remaining aggregate contingent payments at december 31 , 2017 totaled $ 236 million , including $ 128 million related to the first reserve transaction , and is included in other liabilities on the consolidated statements of financial condition. .

2,017

122

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa417

of the square feet in the us what was the percent of the owned facility of the us total

92.8%

divide(29.9, 32.2)

item 1b . unresolved staff comments not applicable . item 2 . properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 .

1 leases on portions of the land used for these facilities expire on varying dates through 2062 . 2 leases expire on varying dates through 2028 and generally include renewals at our option . our principal executive offices are located in the u.s . and a significant amount of our wafer fabrication activities are also located in the u.s . in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 . we expect that this new facility will allow us to widen our process technology lead . we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated . we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies . outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland . our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 . our assembly and test facilities are located in malaysia , china , costa rica , and vietnam . in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers . we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it . we do not identify or allocate assets by operating segment . for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k . item 3 . legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k . item 4 . mine safety disclosures not applicable . table of contents .

| | ( square feet in millions ) | unitedstates | othercountries | total | |---:|:------------------------------|---------------:|-----------------:|--------:| | 0 | owned facilities1 | 29.9 | 16.7 | 46.6 | | 1 | leased facilities2 | 2.3 | 6 | 8.3 | | 2 | total facilities | 32.2 | 22.7 | 54.9 |

item 1b . unresolved staff comments not applicable . item 2 . properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 ._| | ( square feet in millions ) | unitedstates | othercountries | total | |---:|:------------------------------|---------------:|-----------------:|--------:| | 0 | owned facilities1 | 29.9 | 16.7 | 46.6 | | 1 | leased facilities2 | 2.3 | 6 | 8.3 | | 2 | total facilities | 32.2 | 22.7 | 54.9 |_1 leases on portions of the land used for these facilities expire on varying dates through 2062 . 2 leases expire on varying dates through 2028 and generally include renewals at our option . our principal executive offices are located in the u.s . and a significant amount of our wafer fabrication activities are also located in the u.s . in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 . we expect that this new facility will allow us to widen our process technology lead . we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated . we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies . outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland . our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 . our assembly and test facilities are located in malaysia , china , costa rica , and vietnam . in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers . we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it . we do not identify or allocate assets by operating segment . for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k . item 3 . legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k . item 4 . mine safety disclosures not applicable . table of contents .

2,013

29

INTC

Intel

Information Technology

Semiconductors

Santa Clara, California

1976-12-31

50,863

1968

of the square feet in the us what was the percent of the owned facility of the us total

92.8%

divide(29.9, 32.2)

item 1b . unresolved staff comments not applicable . item 2 . properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 .

1 leases on portions of the land used for these facilities expire on varying dates through 2062 . 2 leases expire on varying dates through 2028 and generally include renewals at our option . our principal executive offices are located in the u.s . and a significant amount of our wafer fabrication activities are also located in the u.s . in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 . we expect that this new facility will allow us to widen our process technology lead . we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated . we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies . outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland . our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 . our assembly and test facilities are located in malaysia , china , costa rica , and vietnam . in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers . we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it . we do not identify or allocate assets by operating segment . for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k . item 3 . legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k . item 4 . mine safety disclosures not applicable . table of contents .

| | ( square feet in millions ) | unitedstates | othercountries | total | |---:|:------------------------------|---------------:|-----------------:|--------:| | 0 | owned facilities1 | 29.9 | 16.7 | 46.6 | | 1 | leased facilities2 | 2.3 | 6 | 8.3 | | 2 | total facilities | 32.2 | 22.7 | 54.9 |

item 1b . unresolved staff comments not applicable . item 2 . properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 ._| | ( square feet in millions ) | unitedstates | othercountries | total | |---:|:------------------------------|---------------:|-----------------:|--------:| | 0 | owned facilities1 | 29.9 | 16.7 | 46.6 | | 1 | leased facilities2 | 2.3 | 6 | 8.3 | | 2 | total facilities | 32.2 | 22.7 | 54.9 |_1 leases on portions of the land used for these facilities expire on varying dates through 2062 . 2 leases expire on varying dates through 2028 and generally include renewals at our option . our principal executive offices are located in the u.s . and a significant amount of our wafer fabrication activities are also located in the u.s . in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 . we expect that this new facility will allow us to widen our process technology lead . we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated . we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies . outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland . our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 . our assembly and test facilities are located in malaysia , china , costa rica , and vietnam . in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers . we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it . we do not identify or allocate assets by operating segment . for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k . item 3 . legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k . item 4 . mine safety disclosures not applicable . table of contents .

2,013

29

INTC

Intel

Information Technology

Semiconductors

Santa Clara, California

1976-12-31

50,863

1968

null

finqa418

what amount of credit facility was paid by entergy louisiana prior to december 31 , 2011 , ( in millions ) ?

150

subtract(200, 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

what amount of credit facility was paid by entergy louisiana prior to december 31 , 2011 , ( in millions ) ?

150

subtract(200, 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

finqa419

considering the year 2019 , what is the contribution of the first quarter in the total dividend?

24.01%

divide(1.10, 4.58)

part ii item 5 . market for registrant 2019s common equity , related stockholder matters , and issuer purchases of equity securities our common stock is listed on the new york stock exchange under the symbol "apd." as of 31 october 2019 , there were 5166 record holders of our common stock . cash dividends on the company 2019s common stock are paid quarterly . it is our expectation that we will continue to pay cash dividends in the future at comparable or increased levels . the board of directors determines whether to declare dividends and the timing and amount based on financial condition and other factors it deems relevant . dividend information for each quarter of fiscal years 2019 and 2018 is summarized below: .

purchases of equity securities by the issuer on 15 september 2011 , the board of directors authorized the repurchase of up to $ 1.0 billion of our outstanding common stock . this program does not have a stated expiration date . we repurchase shares pursuant to rules 10b5-1 and 10b-18 under the securities exchange act of 1934 , as amended , through repurchase agreements established with one or more brokers . there were no purchases of stock during fiscal year 2019 . at 30 september 2019 , $ 485.3 million in share repurchase authorization remained . additional purchases will be completed at the company 2019s discretion while maintaining sufficient funds for investing in its businesses and growth opportunities. .

| | | 2019 | 2018 | |---:|:---------------|:-------|:-------| | 0 | first quarter | $ 1.10 | $ .95 | | 1 | second quarter | 1.16 | 1.10 | | 2 | third quarter | 1.16 | 1.10 | | 3 | fourth quarter | 1.16 | 1.10 | | 4 | total | $ 4.58 | $ 4.25 |

part ii item 5 . market for registrant 2019s common equity , related stockholder matters , and issuer purchases of equity securities our common stock is listed on the new york stock exchange under the symbol "apd." as of 31 october 2019 , there were 5166 record holders of our common stock . cash dividends on the company 2019s common stock are paid quarterly . it is our expectation that we will continue to pay cash dividends in the future at comparable or increased levels . the board of directors determines whether to declare dividends and the timing and amount based on financial condition and other factors it deems relevant . dividend information for each quarter of fiscal years 2019 and 2018 is summarized below: ._| | | 2019 | 2018 | |---:|:---------------|:-------|:-------| | 0 | first quarter | $ 1.10 | $ .95 | | 1 | second quarter | 1.16 | 1.10 | | 2 | third quarter | 1.16 | 1.10 | | 3 | fourth quarter | 1.16 | 1.10 | | 4 | total | $ 4.58 | $ 4.25 |_purchases of equity securities by the issuer on 15 september 2011 , the board of directors authorized the repurchase of up to $ 1.0 billion of our outstanding common stock . this program does not have a stated expiration date . we repurchase shares pursuant to rules 10b5-1 and 10b-18 under the securities exchange act of 1934 , as amended , through repurchase agreements established with one or more brokers . there were no purchases of stock during fiscal year 2019 . at 30 september 2019 , $ 485.3 million in share repurchase authorization remained . additional purchases will be completed at the company 2019s discretion while maintaining sufficient funds for investing in its businesses and growth opportunities. .

2,019

31

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

considering the year 2019 , what is the contribution of the first quarter in the total dividend?

24.01%

divide(1.10, 4.58)

part ii item 5 . market for registrant 2019s common equity , related stockholder matters , and issuer purchases of equity securities our common stock is listed on the new york stock exchange under the symbol "apd." as of 31 october 2019 , there were 5166 record holders of our common stock . cash dividends on the company 2019s common stock are paid quarterly . it is our expectation that we will continue to pay cash dividends in the future at comparable or increased levels . the board of directors determines whether to declare dividends and the timing and amount based on financial condition and other factors it deems relevant . dividend information for each quarter of fiscal years 2019 and 2018 is summarized below: .

purchases of equity securities by the issuer on 15 september 2011 , the board of directors authorized the repurchase of up to $ 1.0 billion of our outstanding common stock . this program does not have a stated expiration date . we repurchase shares pursuant to rules 10b5-1 and 10b-18 under the securities exchange act of 1934 , as amended , through repurchase agreements established with one or more brokers . there were no purchases of stock during fiscal year 2019 . at 30 september 2019 , $ 485.3 million in share repurchase authorization remained . additional purchases will be completed at the company 2019s discretion while maintaining sufficient funds for investing in its businesses and growth opportunities. .

| | | 2019 | 2018 | |---:|:---------------|:-------|:-------| | 0 | first quarter | $ 1.10 | $ .95 | | 1 | second quarter | 1.16 | 1.10 | | 2 | third quarter | 1.16 | 1.10 | | 3 | fourth quarter | 1.16 | 1.10 | | 4 | total | $ 4.58 | $ 4.25 |

part ii item 5 . market for registrant 2019s common equity , related stockholder matters , and issuer purchases of equity securities our common stock is listed on the new york stock exchange under the symbol "apd." as of 31 october 2019 , there were 5166 record holders of our common stock . cash dividends on the company 2019s common stock are paid quarterly . it is our expectation that we will continue to pay cash dividends in the future at comparable or increased levels . the board of directors determines whether to declare dividends and the timing and amount based on financial condition and other factors it deems relevant . dividend information for each quarter of fiscal years 2019 and 2018 is summarized below: ._| | | 2019 | 2018 | |---:|:---------------|:-------|:-------| | 0 | first quarter | $ 1.10 | $ .95 | | 1 | second quarter | 1.16 | 1.10 | | 2 | third quarter | 1.16 | 1.10 | | 3 | fourth quarter | 1.16 | 1.10 | | 4 | total | $ 4.58 | $ 4.25 |_purchases of equity securities by the issuer on 15 september 2011 , the board of directors authorized the repurchase of up to $ 1.0 billion of our outstanding common stock . this program does not have a stated expiration date . we repurchase shares pursuant to rules 10b5-1 and 10b-18 under the securities exchange act of 1934 , as amended , through repurchase agreements established with one or more brokers . there were no purchases of stock during fiscal year 2019 . at 30 september 2019 , $ 485.3 million in share repurchase authorization remained . additional purchases will be completed at the company 2019s discretion while maintaining sufficient funds for investing in its businesses and growth opportunities. .

2,019

31

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa420

in 2013 what was the change in total residential mortgages in millions?

-864

subtract(1356, 2220)

conditions and changes to regulatory capital requirements under basel iii capital standards . beginning in 2014 , other comprehensive income related to available for sale securities ( as well as pension and other post-retirement plans ) are included in pnc 2019s regulatory capital ( subject to a phase-in schedule ) and , therefore will affect pnc 2019s regulatory capital ratios . for additional information , see the supervision and regulation section in item 1 2013 business and the capital portion of the balance sheet review section in this item 7 of this report . the duration of investment securities was 2.9 years at december 31 , 2013 . we estimate that , at december 31 , 2013 , the effective duration of investment securities was 3.0 years for an immediate 50 basis points parallel increase in interest rates and 2.8 years for an immediate 50 basis points parallel decrease in interest rates . comparable amounts at december 31 , 2012 were 2.3 years and 2.2 years , respectively . we conduct a quarterly comprehensive security-level impairment assessment on all securities . for securities in an unrealized loss position , we determine whether the loss represents otti . for debt securities that we neither intend to sell nor believe we will be required to sell prior to expected recovery , we recognize the credit portion of otti charges in current earnings and include the noncredit portion of otti in net unrealized gains ( losses ) on otti securities on our consolidated statement of comprehensive income and net of tax in accumulated other comprehensive income ( loss ) on our consolidated balance sheet . during 2013 and 2012 we recognized otti credit losses of $ 16 million and $ 111 million , respectively . substantially all of the credit losses related to residential mortgage-backed and asset-backed securities collateralized by non-agency residential loans . if current housing and economic conditions were to deteriorate from current levels , and if market volatility and illiquidity were to deteriorate from current levels , or if market interest rates were to increase or credit spreads were to widen appreciably , the valuation of our investment securities portfolio could be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement . additional information regarding our investment securities is included in note 8 investment securities and note 9 fair value in the notes to consolidated financial statements included in item 8 of this report . loans held for sale table 15 : loans held for sale in millions december 31 december 31 .

for commercial mortgages held for sale designated at fair value , we stopped originating these and continue to pursue opportunities to reduce these positions . at december 31 , 2013 , the balance relating to these loans was $ 586 million compared to $ 772 million at december 31 , 2012 . for commercial mortgages held for sale carried at lower of cost or fair value , we sold $ 2.8 billion in 2013 compared to $ 2.2 billion in 2012 . all of these loan sales were to government agencies . total gains of $ 79 million were recognized on the valuation and sale of commercial mortgage loans held for sale , net of hedges , in 2013 , and $ 41 million in 2012 . residential mortgage loan origination volume was $ 15.1 billion in 2013 compared to $ 15.2 billion in 2012 . substantially all such loans were originated under agency or federal housing administration ( fha ) standards . we sold $ 14.7 billion of loans and recognized related gains of $ 568 million in 2013 . the comparable amounts for 2012 were $ 13.8 billion and $ 747 million , respectively . interest income on loans held for sale was $ 157 million in 2013 and $ 168 million in 2012 . these amounts are included in other interest income on our consolidated income statement . additional information regarding our loan sale and servicing activities is included in note 3 loan sales and servicing activities and variable interest entities and note 9 fair value in our notes to consolidated financial statements included in item 8 of this report . goodwill and other intangible assets goodwill and other intangible assets totaled $ 11.3 billion at december 31 , 2013 and $ 10.9 billion at december 31 , 2012 . the increase of $ .4 billion was primarily due to additions to and changes in value of mortgage and other loan servicing rights . see additional information regarding our goodwill and intangible assets in note 10 goodwill and other intangible assets included in the notes to consolidated financial statements in item 8 of this report . 44 the pnc financial services group , inc . 2013 form 10-k .

| | in millions | december 312013 | december 312012 | |---:|:-----------------------------------------------------|:------------------|:------------------| | 0 | commercial mortgages at fair value | $ 586 | $ 772 | | 1 | commercial mortgages at lower of cost or fair value | 281 | 620 | | 2 | total commercial mortgages | 867 | 1392 | | 3 | residential mortgages at fair value | 1315 | 2096 | | 4 | residential mortgages at lower of cost or fair value | 41 | 124 | | 5 | total residential mortgages | 1356 | 2220 | | 6 | other | 32 | 81 | | 7 | total | $ 2255 | $ 3693 |

conditions and changes to regulatory capital requirements under basel iii capital standards . beginning in 2014 , other comprehensive income related to available for sale securities ( as well as pension and other post-retirement plans ) are included in pnc 2019s regulatory capital ( subject to a phase-in schedule ) and , therefore will affect pnc 2019s regulatory capital ratios . for additional information , see the supervision and regulation section in item 1 2013 business and the capital portion of the balance sheet review section in this item 7 of this report . the duration of investment securities was 2.9 years at december 31 , 2013 . we estimate that , at december 31 , 2013 , the effective duration of investment securities was 3.0 years for an immediate 50 basis points parallel increase in interest rates and 2.8 years for an immediate 50 basis points parallel decrease in interest rates . comparable amounts at december 31 , 2012 were 2.3 years and 2.2 years , respectively . we conduct a quarterly comprehensive security-level impairment assessment on all securities . for securities in an unrealized loss position , we determine whether the loss represents otti . for debt securities that we neither intend to sell nor believe we will be required to sell prior to expected recovery , we recognize the credit portion of otti charges in current earnings and include the noncredit portion of otti in net unrealized gains ( losses ) on otti securities on our consolidated statement of comprehensive income and net of tax in accumulated other comprehensive income ( loss ) on our consolidated balance sheet . during 2013 and 2012 we recognized otti credit losses of $ 16 million and $ 111 million , respectively . substantially all of the credit losses related to residential mortgage-backed and asset-backed securities collateralized by non-agency residential loans . if current housing and economic conditions were to deteriorate from current levels , and if market volatility and illiquidity were to deteriorate from current levels , or if market interest rates were to increase or credit spreads were to widen appreciably , the valuation of our investment securities portfolio could be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement . additional information regarding our investment securities is included in note 8 investment securities and note 9 fair value in the notes to consolidated financial statements included in item 8 of this report . loans held for sale table 15 : loans held for sale in millions december 31 december 31 ._| | in millions | december 312013 | december 312012 | |---:|:-----------------------------------------------------|:------------------|:------------------| | 0 | commercial mortgages at fair value | $ 586 | $ 772 | | 1 | commercial mortgages at lower of cost or fair value | 281 | 620 | | 2 | total commercial mortgages | 867 | 1392 | | 3 | residential mortgages at fair value | 1315 | 2096 | | 4 | residential mortgages at lower of cost or fair value | 41 | 124 | | 5 | total residential mortgages | 1356 | 2220 | | 6 | other | 32 | 81 | | 7 | total | $ 2255 | $ 3693 |_for commercial mortgages held for sale designated at fair value , we stopped originating these and continue to pursue opportunities to reduce these positions . at december 31 , 2013 , the balance relating to these loans was $ 586 million compared to $ 772 million at december 31 , 2012 . for commercial mortgages held for sale carried at lower of cost or fair value , we sold $ 2.8 billion in 2013 compared to $ 2.2 billion in 2012 . all of these loan sales were to government agencies . total gains of $ 79 million were recognized on the valuation and sale of commercial mortgage loans held for sale , net of hedges , in 2013 , and $ 41 million in 2012 . residential mortgage loan origination volume was $ 15.1 billion in 2013 compared to $ 15.2 billion in 2012 . substantially all such loans were originated under agency or federal housing administration ( fha ) standards . we sold $ 14.7 billion of loans and recognized related gains of $ 568 million in 2013 . the comparable amounts for 2012 were $ 13.8 billion and $ 747 million , respectively . interest income on loans held for sale was $ 157 million in 2013 and $ 168 million in 2012 . these amounts are included in other interest income on our consolidated income statement . additional information regarding our loan sale and servicing activities is included in note 3 loan sales and servicing activities and variable interest entities and note 9 fair value in our notes to consolidated financial statements included in item 8 of this report . goodwill and other intangible assets goodwill and other intangible assets totaled $ 11.3 billion at december 31 , 2013 and $ 10.9 billion at december 31 , 2012 . the increase of $ .4 billion was primarily due to additions to and changes in value of mortgage and other loan servicing rights . see additional information regarding our goodwill and intangible assets in note 10 goodwill and other intangible assets included in the notes to consolidated financial statements in item 8 of this report . 44 the pnc financial services group , inc . 2013 form 10-k .

2,013

62

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

in 2013 what was the change in total residential mortgages in millions?

-864

subtract(1356, 2220)

conditions and changes to regulatory capital requirements under basel iii capital standards . beginning in 2014 , other comprehensive income related to available for sale securities ( as well as pension and other post-retirement plans ) are included in pnc 2019s regulatory capital ( subject to a phase-in schedule ) and , therefore will affect pnc 2019s regulatory capital ratios . for additional information , see the supervision and regulation section in item 1 2013 business and the capital portion of the balance sheet review section in this item 7 of this report . the duration of investment securities was 2.9 years at december 31 , 2013 . we estimate that , at december 31 , 2013 , the effective duration of investment securities was 3.0 years for an immediate 50 basis points parallel increase in interest rates and 2.8 years for an immediate 50 basis points parallel decrease in interest rates . comparable amounts at december 31 , 2012 were 2.3 years and 2.2 years , respectively . we conduct a quarterly comprehensive security-level impairment assessment on all securities . for securities in an unrealized loss position , we determine whether the loss represents otti . for debt securities that we neither intend to sell nor believe we will be required to sell prior to expected recovery , we recognize the credit portion of otti charges in current earnings and include the noncredit portion of otti in net unrealized gains ( losses ) on otti securities on our consolidated statement of comprehensive income and net of tax in accumulated other comprehensive income ( loss ) on our consolidated balance sheet . during 2013 and 2012 we recognized otti credit losses of $ 16 million and $ 111 million , respectively . substantially all of the credit losses related to residential mortgage-backed and asset-backed securities collateralized by non-agency residential loans . if current housing and economic conditions were to deteriorate from current levels , and if market volatility and illiquidity were to deteriorate from current levels , or if market interest rates were to increase or credit spreads were to widen appreciably , the valuation of our investment securities portfolio could be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement . additional information regarding our investment securities is included in note 8 investment securities and note 9 fair value in the notes to consolidated financial statements included in item 8 of this report . loans held for sale table 15 : loans held for sale in millions december 31 december 31 .

for commercial mortgages held for sale designated at fair value , we stopped originating these and continue to pursue opportunities to reduce these positions . at december 31 , 2013 , the balance relating to these loans was $ 586 million compared to $ 772 million at december 31 , 2012 . for commercial mortgages held for sale carried at lower of cost or fair value , we sold $ 2.8 billion in 2013 compared to $ 2.2 billion in 2012 . all of these loan sales were to government agencies . total gains of $ 79 million were recognized on the valuation and sale of commercial mortgage loans held for sale , net of hedges , in 2013 , and $ 41 million in 2012 . residential mortgage loan origination volume was $ 15.1 billion in 2013 compared to $ 15.2 billion in 2012 . substantially all such loans were originated under agency or federal housing administration ( fha ) standards . we sold $ 14.7 billion of loans and recognized related gains of $ 568 million in 2013 . the comparable amounts for 2012 were $ 13.8 billion and $ 747 million , respectively . interest income on loans held for sale was $ 157 million in 2013 and $ 168 million in 2012 . these amounts are included in other interest income on our consolidated income statement . additional information regarding our loan sale and servicing activities is included in note 3 loan sales and servicing activities and variable interest entities and note 9 fair value in our notes to consolidated financial statements included in item 8 of this report . goodwill and other intangible assets goodwill and other intangible assets totaled $ 11.3 billion at december 31 , 2013 and $ 10.9 billion at december 31 , 2012 . the increase of $ .4 billion was primarily due to additions to and changes in value of mortgage and other loan servicing rights . see additional information regarding our goodwill and intangible assets in note 10 goodwill and other intangible assets included in the notes to consolidated financial statements in item 8 of this report . 44 the pnc financial services group , inc . 2013 form 10-k .

| | in millions | december 312013 | december 312012 | |---:|:-----------------------------------------------------|:------------------|:------------------| | 0 | commercial mortgages at fair value | $ 586 | $ 772 | | 1 | commercial mortgages at lower of cost or fair value | 281 | 620 | | 2 | total commercial mortgages | 867 | 1392 | | 3 | residential mortgages at fair value | 1315 | 2096 | | 4 | residential mortgages at lower of cost or fair value | 41 | 124 | | 5 | total residential mortgages | 1356 | 2220 | | 6 | other | 32 | 81 | | 7 | total | $ 2255 | $ 3693 |

conditions and changes to regulatory capital requirements under basel iii capital standards . beginning in 2014 , other comprehensive income related to available for sale securities ( as well as pension and other post-retirement plans ) are included in pnc 2019s regulatory capital ( subject to a phase-in schedule ) and , therefore will affect pnc 2019s regulatory capital ratios . for additional information , see the supervision and regulation section in item 1 2013 business and the capital portion of the balance sheet review section in this item 7 of this report . the duration of investment securities was 2.9 years at december 31 , 2013 . we estimate that , at december 31 , 2013 , the effective duration of investment securities was 3.0 years for an immediate 50 basis points parallel increase in interest rates and 2.8 years for an immediate 50 basis points parallel decrease in interest rates . comparable amounts at december 31 , 2012 were 2.3 years and 2.2 years , respectively . we conduct a quarterly comprehensive security-level impairment assessment on all securities . for securities in an unrealized loss position , we determine whether the loss represents otti . for debt securities that we neither intend to sell nor believe we will be required to sell prior to expected recovery , we recognize the credit portion of otti charges in current earnings and include the noncredit portion of otti in net unrealized gains ( losses ) on otti securities on our consolidated statement of comprehensive income and net of tax in accumulated other comprehensive income ( loss ) on our consolidated balance sheet . during 2013 and 2012 we recognized otti credit losses of $ 16 million and $ 111 million , respectively . substantially all of the credit losses related to residential mortgage-backed and asset-backed securities collateralized by non-agency residential loans . if current housing and economic conditions were to deteriorate from current levels , and if market volatility and illiquidity were to deteriorate from current levels , or if market interest rates were to increase or credit spreads were to widen appreciably , the valuation of our investment securities portfolio could be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement . additional information regarding our investment securities is included in note 8 investment securities and note 9 fair value in the notes to consolidated financial statements included in item 8 of this report . loans held for sale table 15 : loans held for sale in millions december 31 december 31 ._| | in millions | december 312013 | december 312012 | |---:|:-----------------------------------------------------|:------------------|:------------------| | 0 | commercial mortgages at fair value | $ 586 | $ 772 | | 1 | commercial mortgages at lower of cost or fair value | 281 | 620 | | 2 | total commercial mortgages | 867 | 1392 | | 3 | residential mortgages at fair value | 1315 | 2096 | | 4 | residential mortgages at lower of cost or fair value | 41 | 124 | | 5 | total residential mortgages | 1356 | 2220 | | 6 | other | 32 | 81 | | 7 | total | $ 2255 | $ 3693 |_for commercial mortgages held for sale designated at fair value , we stopped originating these and continue to pursue opportunities to reduce these positions . at december 31 , 2013 , the balance relating to these loans was $ 586 million compared to $ 772 million at december 31 , 2012 . for commercial mortgages held for sale carried at lower of cost or fair value , we sold $ 2.8 billion in 2013 compared to $ 2.2 billion in 2012 . all of these loan sales were to government agencies . total gains of $ 79 million were recognized on the valuation and sale of commercial mortgage loans held for sale , net of hedges , in 2013 , and $ 41 million in 2012 . residential mortgage loan origination volume was $ 15.1 billion in 2013 compared to $ 15.2 billion in 2012 . substantially all such loans were originated under agency or federal housing administration ( fha ) standards . we sold $ 14.7 billion of loans and recognized related gains of $ 568 million in 2013 . the comparable amounts for 2012 were $ 13.8 billion and $ 747 million , respectively . interest income on loans held for sale was $ 157 million in 2013 and $ 168 million in 2012 . these amounts are included in other interest income on our consolidated income statement . additional information regarding our loan sale and servicing activities is included in note 3 loan sales and servicing activities and variable interest entities and note 9 fair value in our notes to consolidated financial statements included in item 8 of this report . goodwill and other intangible assets goodwill and other intangible assets totaled $ 11.3 billion at december 31 , 2013 and $ 10.9 billion at december 31 , 2012 . the increase of $ .4 billion was primarily due to additions to and changes in value of mortgage and other loan servicing rights . see additional information regarding our goodwill and intangible assets in note 10 goodwill and other intangible assets included in the notes to consolidated financial statements in item 8 of this report . 44 the pnc financial services group , inc . 2013 form 10-k .

2,013

62

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

null

finqa421

as of december 31 , 2016 , what percentage of manufacturing and processing facilities are leased?

null

divide(const_4, 87)

item 1b . unresolved staff comments . item 2 . properties . our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois . our co-headquarters are leased and house our executive offices , certain u.s . business units , and our administrative , finance , and human resource functions . we maintain additional owned and leased offices throughout the regions in which we operate . we manufacture our products in our network of manufacturing and processing facilities located throughout the world . as of december 31 , 2016 , we operated 87 manufacturing and processing facilities . we own 83 and lease four of these facilities . our manufacturing and processing facilities count by segment as of december 31 , 2016 was: .

we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs . we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products . in the fourth quarter of 2016 , we reorganized our segment structure to move our russia business from the rest of world segment to the europe segment . we have reflected this change in the table above . see note 18 , segment reporting , to the consolidated financial statements for additional information . several of our current manufacturing and processing facilities are scheduled to be closed within the next year . see note 3 , integration and restructuring expenses , to the consolidated financial statements for additional information . item 3 . legal proceedings . we are routinely involved in legal proceedings , claims , and governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in the ordinary course of our business . on april 1 , 2015 , the commodity futures trading commission ( 201ccftc 201d ) filed a formal complaint against mondel 0113z international ( formerly known as kraft foods inc. ) and kraft in the u.s . district court for the northern district of illinois , eastern division , related to activities involving the trading of december 2011 wheat futures contracts . the complaint alleges that mondel 0113z international and kraft ( 1 ) manipulated or attempted to manipulate the wheat markets during the fall of 2011 , ( 2 ) violated position limit levels for wheat futures , and ( 3 ) engaged in non-competitive trades by trading both sides of exchange-for-physical chicago board of trade wheat contracts . as previously disclosed by kraft , these activities arose prior to the october 1 , 2012 spin-off of kraft by mondel 0113z international to its shareholders and involve the business now owned and operated by mondel 0113z international or its affiliates . the separation and distribution agreement between kraft and mondel 0113z international , dated as of september 27 , 2012 , governs the allocation of liabilities between mondel 0113z international and kraft and , accordingly , mondel 0113z international will predominantly bear the costs of this matter and any monetary penalties or other payments that the cftc may impose . we do not expect this matter to have a material adverse effect on our financial condition , results of operations , or business . while we cannot predict with certainty the results of legal matters in which we are currently involved or may in the future be involved , we do not expect that the ultimate costs to resolve any of the legal matters that are currently pending will have a material adverse effect on our financial condition or results of operations . item 4 . mine safety disclosures . not applicable. .

| | | owned | leased | |---:|:--------------|--------:|---------:| | 0 | united states | 43 | 2 | | 1 | canada | 3 | 2014 | | 2 | europe | 11 | 2014 | | 3 | rest of world | 26 | 2 |

item 1b . unresolved staff comments . item 2 . properties . our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois . our co-headquarters are leased and house our executive offices , certain u.s . business units , and our administrative , finance , and human resource functions . we maintain additional owned and leased offices throughout the regions in which we operate . we manufacture our products in our network of manufacturing and processing facilities located throughout the world . as of december 31 , 2016 , we operated 87 manufacturing and processing facilities . we own 83 and lease four of these facilities . our manufacturing and processing facilities count by segment as of december 31 , 2016 was: ._| | | owned | leased | |---:|:--------------|--------:|---------:| | 0 | united states | 43 | 2 | | 1 | canada | 3 | 2014 | | 2 | europe | 11 | 2014 | | 3 | rest of world | 26 | 2 |_we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs . we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products . in the fourth quarter of 2016 , we reorganized our segment structure to move our russia business from the rest of world segment to the europe segment . we have reflected this change in the table above . see note 18 , segment reporting , to the consolidated financial statements for additional information . several of our current manufacturing and processing facilities are scheduled to be closed within the next year . see note 3 , integration and restructuring expenses , to the consolidated financial statements for additional information . item 3 . legal proceedings . we are routinely involved in legal proceedings , claims , and governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in the ordinary course of our business . on april 1 , 2015 , the commodity futures trading commission ( 201ccftc 201d ) filed a formal complaint against mondel 0113z international ( formerly known as kraft foods inc. ) and kraft in the u.s . district court for the northern district of illinois , eastern division , related to activities involving the trading of december 2011 wheat futures contracts . the complaint alleges that mondel 0113z international and kraft ( 1 ) manipulated or attempted to manipulate the wheat markets during the fall of 2011 , ( 2 ) violated position limit levels for wheat futures , and ( 3 ) engaged in non-competitive trades by trading both sides of exchange-for-physical chicago board of trade wheat contracts . as previously disclosed by kraft , these activities arose prior to the october 1 , 2012 spin-off of kraft by mondel 0113z international to its shareholders and involve the business now owned and operated by mondel 0113z international or its affiliates . the separation and distribution agreement between kraft and mondel 0113z international , dated as of september 27 , 2012 , governs the allocation of liabilities between mondel 0113z international and kraft and , accordingly , mondel 0113z international will predominantly bear the costs of this matter and any monetary penalties or other payments that the cftc may impose . we do not expect this matter to have a material adverse effect on our financial condition , results of operations , or business . while we cannot predict with certainty the results of legal matters in which we are currently involved or may in the future be involved , we do not expect that the ultimate costs to resolve any of the legal matters that are currently pending will have a material adverse effect on our financial condition or results of operations . item 4 . mine safety disclosures . not applicable. .

2,016

23

KHC

Kraft Heinz

Consumer Staples

Packaged Foods & Meats

Chicago, Illinois; Pittsburgh, Pennsylvania

2015-07-06

1,637,459

2015 (1869)

as of december 31 , 2016 , what percentage of manufacturing and processing facilities are leased?

null

divide(const_4, 87)

item 1b . unresolved staff comments . item 2 . properties . our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois . our co-headquarters are leased and house our executive offices , certain u.s . business units , and our administrative , finance , and human resource functions . we maintain additional owned and leased offices throughout the regions in which we operate . we manufacture our products in our network of manufacturing and processing facilities located throughout the world . as of december 31 , 2016 , we operated 87 manufacturing and processing facilities . we own 83 and lease four of these facilities . our manufacturing and processing facilities count by segment as of december 31 , 2016 was: .

we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs . we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products . in the fourth quarter of 2016 , we reorganized our segment structure to move our russia business from the rest of world segment to the europe segment . we have reflected this change in the table above . see note 18 , segment reporting , to the consolidated financial statements for additional information . several of our current manufacturing and processing facilities are scheduled to be closed within the next year . see note 3 , integration and restructuring expenses , to the consolidated financial statements for additional information . item 3 . legal proceedings . we are routinely involved in legal proceedings , claims , and governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in the ordinary course of our business . on april 1 , 2015 , the commodity futures trading commission ( 201ccftc 201d ) filed a formal complaint against mondel 0113z international ( formerly known as kraft foods inc. ) and kraft in the u.s . district court for the northern district of illinois , eastern division , related to activities involving the trading of december 2011 wheat futures contracts . the complaint alleges that mondel 0113z international and kraft ( 1 ) manipulated or attempted to manipulate the wheat markets during the fall of 2011 , ( 2 ) violated position limit levels for wheat futures , and ( 3 ) engaged in non-competitive trades by trading both sides of exchange-for-physical chicago board of trade wheat contracts . as previously disclosed by kraft , these activities arose prior to the october 1 , 2012 spin-off of kraft by mondel 0113z international to its shareholders and involve the business now owned and operated by mondel 0113z international or its affiliates . the separation and distribution agreement between kraft and mondel 0113z international , dated as of september 27 , 2012 , governs the allocation of liabilities between mondel 0113z international and kraft and , accordingly , mondel 0113z international will predominantly bear the costs of this matter and any monetary penalties or other payments that the cftc may impose . we do not expect this matter to have a material adverse effect on our financial condition , results of operations , or business . while we cannot predict with certainty the results of legal matters in which we are currently involved or may in the future be involved , we do not expect that the ultimate costs to resolve any of the legal matters that are currently pending will have a material adverse effect on our financial condition or results of operations . item 4 . mine safety disclosures . not applicable. .

| | | owned | leased | |---:|:--------------|--------:|---------:| | 0 | united states | 43 | 2 | | 1 | canada | 3 | 2014 | | 2 | europe | 11 | 2014 | | 3 | rest of world | 26 | 2 |

item 1b . unresolved staff comments . item 2 . properties . our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois . our co-headquarters are leased and house our executive offices , certain u.s . business units , and our administrative , finance , and human resource functions . we maintain additional owned and leased offices throughout the regions in which we operate . we manufacture our products in our network of manufacturing and processing facilities located throughout the world . as of december 31 , 2016 , we operated 87 manufacturing and processing facilities . we own 83 and lease four of these facilities . our manufacturing and processing facilities count by segment as of december 31 , 2016 was: ._| | | owned | leased | |---:|:--------------|--------:|---------:| | 0 | united states | 43 | 2 | | 1 | canada | 3 | 2014 | | 2 | europe | 11 | 2014 | | 3 | rest of world | 26 | 2 |_we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs . we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products . in the fourth quarter of 2016 , we reorganized our segment structure to move our russia business from the rest of world segment to the europe segment . we have reflected this change in the table above . see note 18 , segment reporting , to the consolidated financial statements for additional information . several of our current manufacturing and processing facilities are scheduled to be closed within the next year . see note 3 , integration and restructuring expenses , to the consolidated financial statements for additional information . item 3 . legal proceedings . we are routinely involved in legal proceedings , claims , and governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in the ordinary course of our business . on april 1 , 2015 , the commodity futures trading commission ( 201ccftc 201d ) filed a formal complaint against mondel 0113z international ( formerly known as kraft foods inc. ) and kraft in the u.s . district court for the northern district of illinois , eastern division , related to activities involving the trading of december 2011 wheat futures contracts . the complaint alleges that mondel 0113z international and kraft ( 1 ) manipulated or attempted to manipulate the wheat markets during the fall of 2011 , ( 2 ) violated position limit levels for wheat futures , and ( 3 ) engaged in non-competitive trades by trading both sides of exchange-for-physical chicago board of trade wheat contracts . as previously disclosed by kraft , these activities arose prior to the october 1 , 2012 spin-off of kraft by mondel 0113z international to its shareholders and involve the business now owned and operated by mondel 0113z international or its affiliates . the separation and distribution agreement between kraft and mondel 0113z international , dated as of september 27 , 2012 , governs the allocation of liabilities between mondel 0113z international and kraft and , accordingly , mondel 0113z international will predominantly bear the costs of this matter and any monetary penalties or other payments that the cftc may impose . we do not expect this matter to have a material adverse effect on our financial condition , results of operations , or business . while we cannot predict with certainty the results of legal matters in which we are currently involved or may in the future be involved , we do not expect that the ultimate costs to resolve any of the legal matters that are currently pending will have a material adverse effect on our financial condition or results of operations . item 4 . mine safety disclosures . not applicable. .

2,016

23

KHC

Kraft Heinz

Consumer Staples

Packaged Foods & Meats

Chicago, Illinois; Pittsburgh, Pennsylvania

2015-07-06

1,637,459

2015 (1869)

null

finqa422

what is the total amount of cash outflow used for shares repurchased during november 2007 , in millions?

20.7

divide(multiply(431170, 48.11), const_1000000)

page 19 of 94 responded to the request for information pursuant to section 104 ( e ) of cercla . the usepa has initially estimated cleanup costs to be between $ 4 million and $ 5 million . based on the information available to the company at the present time , the company does not believe that this matter will have a material adverse effect upon the liquidity , results of operations or financial condition of the company . europe in january 2003 the german government passed legislation that imposed a mandatory deposit of 25 eurocents on all one-way packages containing beverages except milk , wine , fruit juices and certain alcoholic beverages . ball packaging europe gmbh ( bpe ) , together with certain other plaintiffs , contested the enactment of the mandatory deposit for non-returnable containers based on the german packaging regulation ( verpackungsverordnung ) in federal and state administrative court . all other proceedings have been terminated except for the determination of minimal court fees that are still outstanding in some cases , together with minimal ancillary legal fees . the relevant industries , including bpe and its competitors , have successfully set up a germany-wide return system for one-way beverage containers , which has been operational since may 1 , 2006 , the date required under the deposit legislation . item 4 . submission of matters to a vote of security holders there were no matters submitted to the security holders during the fourth quarter of 2007 . part ii item 5 . market for the registrant 2019s common stock and related stockholder matters ball corporation common stock ( bll ) is traded on the new york stock exchange and the chicago stock exchange . there were 5424 common shareholders of record on february 3 , 2008 . common stock repurchases the following table summarizes the company 2019s repurchases of its common stock during the quarter ended december 31 , 2007 . purchases of securities total number of shares purchased ( a ) average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum number of shares that may yet be purchased under the plans or programs ( b ) .

( a ) includes open market purchases and/or shares retained by the company to settle employee withholding tax liabilities . ( b ) the company has an ongoing repurchase program for which shares are authorized for repurchase from time to time by ball 2019s board of directors . on january 23 , 2008 , ball's board of directors authorized the repurchase by the company of up to a total of 12 million shares of its common stock . this repurchase authorization replaces all previous authorizations . ( c ) does not include 675000 shares under a forward share repurchase agreement entered into in december 2007 and settled on january 7 , 2008 , for approximately $ 31 million . also does not include shares to be acquired in 2008 under an accelerated share repurchase program entered into in december 2007 and funded on january 7 , 2008. .

| | | total number of shares purchased ( a ) | average pricepaid per share | total number of shares purchased as part of publicly announced plans or programs | maximum number of shares that may yet be purchased under the plans or programs ( b ) | |---:|:--------------------------------|:-----------------------------------------|:------------------------------|-----------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------| | 0 | october 1 to october 28 2007 | 705292 | $ 53.53 | 705292 | 4904824 | | 1 | october 29 to november 25 2007 | 431170 | $ 48.11 | 431170 | 4473654 | | 2 | november 26 to december 31 2007 | 8310 ( c ) | $ 44.99 | 8310 | 4465344 | | 3 | total | 1144772 | $ 51.42 | 1144772 | |

page 19 of 94 responded to the request for information pursuant to section 104 ( e ) of cercla . the usepa has initially estimated cleanup costs to be between $ 4 million and $ 5 million . based on the information available to the company at the present time , the company does not believe that this matter will have a material adverse effect upon the liquidity , results of operations or financial condition of the company . europe in january 2003 the german government passed legislation that imposed a mandatory deposit of 25 eurocents on all one-way packages containing beverages except milk , wine , fruit juices and certain alcoholic beverages . ball packaging europe gmbh ( bpe ) , together with certain other plaintiffs , contested the enactment of the mandatory deposit for non-returnable containers based on the german packaging regulation ( verpackungsverordnung ) in federal and state administrative court . all other proceedings have been terminated except for the determination of minimal court fees that are still outstanding in some cases , together with minimal ancillary legal fees . the relevant industries , including bpe and its competitors , have successfully set up a germany-wide return system for one-way beverage containers , which has been operational since may 1 , 2006 , the date required under the deposit legislation . item 4 . submission of matters to a vote of security holders there were no matters submitted to the security holders during the fourth quarter of 2007 . part ii item 5 . market for the registrant 2019s common stock and related stockholder matters ball corporation common stock ( bll ) is traded on the new york stock exchange and the chicago stock exchange . there were 5424 common shareholders of record on february 3 , 2008 . common stock repurchases the following table summarizes the company 2019s repurchases of its common stock during the quarter ended december 31 , 2007 . purchases of securities total number of shares purchased ( a ) average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum number of shares that may yet be purchased under the plans or programs ( b ) ._| | | total number of shares purchased ( a ) | average pricepaid per share | total number of shares purchased as part of publicly announced plans or programs | maximum number of shares that may yet be purchased under the plans or programs ( b ) | |---:|:--------------------------------|:-----------------------------------------|:------------------------------|-----------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------| | 0 | october 1 to october 28 2007 | 705292 | $ 53.53 | 705292 | 4904824 | | 1 | october 29 to november 25 2007 | 431170 | $ 48.11 | 431170 | 4473654 | | 2 | november 26 to december 31 2007 | 8310 ( c ) | $ 44.99 | 8310 | 4465344 | | 3 | total | 1144772 | $ 51.42 | 1144772 | |_( a ) includes open market purchases and/or shares retained by the company to settle employee withholding tax liabilities . ( b ) the company has an ongoing repurchase program for which shares are authorized for repurchase from time to time by ball 2019s board of directors . on january 23 , 2008 , ball's board of directors authorized the repurchase by the company of up to a total of 12 million shares of its common stock . this repurchase authorization replaces all previous authorizations . ( c ) does not include 675000 shares under a forward share repurchase agreement entered into in december 2007 and settled on january 7 , 2008 , for approximately $ 31 million . also does not include shares to be acquired in 2008 under an accelerated share repurchase program entered into in december 2007 and funded on january 7 , 2008. .

2,007

35

BLL

Ball Corporation

Materials

Containers & Packaging

Westminster, CO

1970-01-01

9,389

1880

what is the total amount of cash outflow used for shares repurchased during november 2007 , in millions?

20.7

divide(multiply(431170, 48.11), const_1000000)

page 19 of 94 responded to the request for information pursuant to section 104 ( e ) of cercla . the usepa has initially estimated cleanup costs to be between $ 4 million and $ 5 million . based on the information available to the company at the present time , the company does not believe that this matter will have a material adverse effect upon the liquidity , results of operations or financial condition of the company . europe in january 2003 the german government passed legislation that imposed a mandatory deposit of 25 eurocents on all one-way packages containing beverages except milk , wine , fruit juices and certain alcoholic beverages . ball packaging europe gmbh ( bpe ) , together with certain other plaintiffs , contested the enactment of the mandatory deposit for non-returnable containers based on the german packaging regulation ( verpackungsverordnung ) in federal and state administrative court . all other proceedings have been terminated except for the determination of minimal court fees that are still outstanding in some cases , together with minimal ancillary legal fees . the relevant industries , including bpe and its competitors , have successfully set up a germany-wide return system for one-way beverage containers , which has been operational since may 1 , 2006 , the date required under the deposit legislation . item 4 . submission of matters to a vote of security holders there were no matters submitted to the security holders during the fourth quarter of 2007 . part ii item 5 . market for the registrant 2019s common stock and related stockholder matters ball corporation common stock ( bll ) is traded on the new york stock exchange and the chicago stock exchange . there were 5424 common shareholders of record on february 3 , 2008 . common stock repurchases the following table summarizes the company 2019s repurchases of its common stock during the quarter ended december 31 , 2007 . purchases of securities total number of shares purchased ( a ) average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum number of shares that may yet be purchased under the plans or programs ( b ) .

( a ) includes open market purchases and/or shares retained by the company to settle employee withholding tax liabilities . ( b ) the company has an ongoing repurchase program for which shares are authorized for repurchase from time to time by ball 2019s board of directors . on january 23 , 2008 , ball's board of directors authorized the repurchase by the company of up to a total of 12 million shares of its common stock . this repurchase authorization replaces all previous authorizations . ( c ) does not include 675000 shares under a forward share repurchase agreement entered into in december 2007 and settled on january 7 , 2008 , for approximately $ 31 million . also does not include shares to be acquired in 2008 under an accelerated share repurchase program entered into in december 2007 and funded on january 7 , 2008. .

| | | total number of shares purchased ( a ) | average pricepaid per share | total number of shares purchased as part of publicly announced plans or programs | maximum number of shares that may yet be purchased under the plans or programs ( b ) | |---:|:--------------------------------|:-----------------------------------------|:------------------------------|-----------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------| | 0 | october 1 to october 28 2007 | 705292 | $ 53.53 | 705292 | 4904824 | | 1 | october 29 to november 25 2007 | 431170 | $ 48.11 | 431170 | 4473654 | | 2 | november 26 to december 31 2007 | 8310 ( c ) | $ 44.99 | 8310 | 4465344 | | 3 | total | 1144772 | $ 51.42 | 1144772 | |

page 19 of 94 responded to the request for information pursuant to section 104 ( e ) of cercla . the usepa has initially estimated cleanup costs to be between $ 4 million and $ 5 million . based on the information available to the company at the present time , the company does not believe that this matter will have a material adverse effect upon the liquidity , results of operations or financial condition of the company . europe in january 2003 the german government passed legislation that imposed a mandatory deposit of 25 eurocents on all one-way packages containing beverages except milk , wine , fruit juices and certain alcoholic beverages . ball packaging europe gmbh ( bpe ) , together with certain other plaintiffs , contested the enactment of the mandatory deposit for non-returnable containers based on the german packaging regulation ( verpackungsverordnung ) in federal and state administrative court . all other proceedings have been terminated except for the determination of minimal court fees that are still outstanding in some cases , together with minimal ancillary legal fees . the relevant industries , including bpe and its competitors , have successfully set up a germany-wide return system for one-way beverage containers , which has been operational since may 1 , 2006 , the date required under the deposit legislation . item 4 . submission of matters to a vote of security holders there were no matters submitted to the security holders during the fourth quarter of 2007 . part ii item 5 . market for the registrant 2019s common stock and related stockholder matters ball corporation common stock ( bll ) is traded on the new york stock exchange and the chicago stock exchange . there were 5424 common shareholders of record on february 3 , 2008 . common stock repurchases the following table summarizes the company 2019s repurchases of its common stock during the quarter ended december 31 , 2007 . purchases of securities total number of shares purchased ( a ) average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum number of shares that may yet be purchased under the plans or programs ( b ) ._| | | total number of shares purchased ( a ) | average pricepaid per share | total number of shares purchased as part of publicly announced plans or programs | maximum number of shares that may yet be purchased under the plans or programs ( b ) | |---:|:--------------------------------|:-----------------------------------------|:------------------------------|-----------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------| | 0 | october 1 to october 28 2007 | 705292 | $ 53.53 | 705292 | 4904824 | | 1 | october 29 to november 25 2007 | 431170 | $ 48.11 | 431170 | 4473654 | | 2 | november 26 to december 31 2007 | 8310 ( c ) | $ 44.99 | 8310 | 4465344 | | 3 | total | 1144772 | $ 51.42 | 1144772 | |_( a ) includes open market purchases and/or shares retained by the company to settle employee withholding tax liabilities . ( b ) the company has an ongoing repurchase program for which shares are authorized for repurchase from time to time by ball 2019s board of directors . on january 23 , 2008 , ball's board of directors authorized the repurchase by the company of up to a total of 12 million shares of its common stock . this repurchase authorization replaces all previous authorizations . ( c ) does not include 675000 shares under a forward share repurchase agreement entered into in december 2007 and settled on january 7 , 2008 , for approximately $ 31 million . also does not include shares to be acquired in 2008 under an accelerated share repurchase program entered into in december 2007 and funded on january 7 , 2008. .

2,007

35

BLL

Ball Corporation

Materials

Containers & Packaging

Westminster, CO

1970-01-01

9,389

1880

null

finqa423

what is the net change in amount of statutory capital and surplus for bermuda subsidiaries in 2010?

2634

subtract(11798, 9164)

n o t e s t o t h e c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s 2013 ( continued ) ace limited and subsidiaries excluded from adjusted weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective years . for the years ended december 31 , 2010 , 2009 , and 2008 , the potential anti-dilutive share conversions were 256868 shares , 1230881 shares , and 638401 shares , respectively . 19 . related party transactions the ace foundation 2013 bermuda is an unconsolidated not-for-profit organization whose primary purpose is to fund charitable causes in bermuda . the trustees are principally comprised of ace management . the company maintains a non-interest bear- ing demand note receivable from the ace foundation 2013 bermuda , the balance of which was $ 30 million and $ 31 million , at december 31 , 2010 and 2009 , respectively . the receivable is included in other assets in the accompanying consolidated balance sheets . the borrower has used the related proceeds to finance investments in bermuda real estate , some of which have been rented to ace employees at rates established by independent , professional real estate appraisers . the borrower uses income from the investments to both repay the note and to fund charitable activities . accordingly , the company reports the demand note at the lower of its principal value or the fair value of assets held by the borrower to repay the loan , including the real estate properties . 20 . statutory financial information the company 2019s insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate . these regulations include restrictions that limit the amount of dividends or other distributions , such as loans or cash advances , available to shareholders without prior approval of the insurance regulatory authorities . there are no statutory restrictions on the payment of dividends from retained earnings by any of the bermuda subsidiaries as the minimum statutory capital and surplus requirements are satisfied by the share capital and additional paid-in capital of each of the bermuda subsidiaries . the company 2019s u.s . subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulators . statutory accounting differs from gaap in the reporting of certain reinsurance contracts , investments , subsidiaries , acquis- ition expenses , fixed assets , deferred income taxes , and certain other items . the statutory capital and surplus of the u.s . subsidiaries met regulatory requirements for 2010 , 2009 , and 2008 . the amount of dividends available to be paid in 2011 , without prior approval from the state insurance departments , totals $ 850 million . the following table presents the combined statutory capital and surplus and statutory net income of the bermuda and u.s . subsidiaries at and for the years ended december 31 , 2010 , 2009 , and 2008. .

as permitted by the restructuring discussed previously in note 7 , certain of the company 2019s u.s . subsidiaries discount certain a&e liabilities , which increased statutory capital and surplus by approximately $ 206 million , $ 215 million , and $ 211 million at december 31 , 2010 , 2009 , and 2008 , respectively . the company 2019s international subsidiaries prepare statutory financial statements based on local laws and regulations . some jurisdictions impose complex regulatory requirements on insurance companies while other jurisdictions impose fewer requirements . in some countries , the company must obtain licenses issued by governmental authorities to conduct local insurance business . these licenses may be subject to reserves and minimum capital and solvency tests . jurisdictions may impose fines , censure , and/or criminal sanctions for violation of regulatory requirements. .

| | ( in millions of u.s . dollars ) | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | bermuda subsidiaries 2008 | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | 2008 | |---:|:-----------------------------------|:----------------------------|:----------------------------|:----------------------------|:----------------------------|:----------------------------|:-------| | 0 | statutory capital and surplus | $ 11798 | $ 9164 | $ 6205 | $ 6266 | $ 5885 | $ 5368 | | 1 | statutory net income | $ 2430 | $ 2369 | $ 2196 | $ 1047 | $ 904 | $ 818 |

n o t e s t o t h e c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s 2013 ( continued ) ace limited and subsidiaries excluded from adjusted weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective years . for the years ended december 31 , 2010 , 2009 , and 2008 , the potential anti-dilutive share conversions were 256868 shares , 1230881 shares , and 638401 shares , respectively . 19 . related party transactions the ace foundation 2013 bermuda is an unconsolidated not-for-profit organization whose primary purpose is to fund charitable causes in bermuda . the trustees are principally comprised of ace management . the company maintains a non-interest bear- ing demand note receivable from the ace foundation 2013 bermuda , the balance of which was $ 30 million and $ 31 million , at december 31 , 2010 and 2009 , respectively . the receivable is included in other assets in the accompanying consolidated balance sheets . the borrower has used the related proceeds to finance investments in bermuda real estate , some of which have been rented to ace employees at rates established by independent , professional real estate appraisers . the borrower uses income from the investments to both repay the note and to fund charitable activities . accordingly , the company reports the demand note at the lower of its principal value or the fair value of assets held by the borrower to repay the loan , including the real estate properties . 20 . statutory financial information the company 2019s insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate . these regulations include restrictions that limit the amount of dividends or other distributions , such as loans or cash advances , available to shareholders without prior approval of the insurance regulatory authorities . there are no statutory restrictions on the payment of dividends from retained earnings by any of the bermuda subsidiaries as the minimum statutory capital and surplus requirements are satisfied by the share capital and additional paid-in capital of each of the bermuda subsidiaries . the company 2019s u.s . subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulators . statutory accounting differs from gaap in the reporting of certain reinsurance contracts , investments , subsidiaries , acquis- ition expenses , fixed assets , deferred income taxes , and certain other items . the statutory capital and surplus of the u.s . subsidiaries met regulatory requirements for 2010 , 2009 , and 2008 . the amount of dividends available to be paid in 2011 , without prior approval from the state insurance departments , totals $ 850 million . the following table presents the combined statutory capital and surplus and statutory net income of the bermuda and u.s . subsidiaries at and for the years ended december 31 , 2010 , 2009 , and 2008. ._| | ( in millions of u.s . dollars ) | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | bermuda subsidiaries 2008 | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | 2008 | |---:|:-----------------------------------|:----------------------------|:----------------------------|:----------------------------|:----------------------------|:----------------------------|:-------| | 0 | statutory capital and surplus | $ 11798 | $ 9164 | $ 6205 | $ 6266 | $ 5885 | $ 5368 | | 1 | statutory net income | $ 2430 | $ 2369 | $ 2196 | $ 1047 | $ 904 | $ 818 |_as permitted by the restructuring discussed previously in note 7 , certain of the company 2019s u.s . subsidiaries discount certain a&e liabilities , which increased statutory capital and surplus by approximately $ 206 million , $ 215 million , and $ 211 million at december 31 , 2010 , 2009 , and 2008 , respectively . the company 2019s international subsidiaries prepare statutory financial statements based on local laws and regulations . some jurisdictions impose complex regulatory requirements on insurance companies while other jurisdictions impose fewer requirements . in some countries , the company must obtain licenses issued by governmental authorities to conduct local insurance business . these licenses may be subject to reserves and minimum capital and solvency tests . jurisdictions may impose fines , censure , and/or criminal sanctions for violation of regulatory requirements. .

2,010

200

CB

Chubb Limited

Financials

Property & Casualty Insurance

Zurich, Switzerland

2010-07-15

896,159

1985

what is the net change in amount of statutory capital and surplus for bermuda subsidiaries in 2010?

2634

subtract(11798, 9164)

n o t e s t o t h e c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s 2013 ( continued ) ace limited and subsidiaries excluded from adjusted weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective years . for the years ended december 31 , 2010 , 2009 , and 2008 , the potential anti-dilutive share conversions were 256868 shares , 1230881 shares , and 638401 shares , respectively . 19 . related party transactions the ace foundation 2013 bermuda is an unconsolidated not-for-profit organization whose primary purpose is to fund charitable causes in bermuda . the trustees are principally comprised of ace management . the company maintains a non-interest bear- ing demand note receivable from the ace foundation 2013 bermuda , the balance of which was $ 30 million and $ 31 million , at december 31 , 2010 and 2009 , respectively . the receivable is included in other assets in the accompanying consolidated balance sheets . the borrower has used the related proceeds to finance investments in bermuda real estate , some of which have been rented to ace employees at rates established by independent , professional real estate appraisers . the borrower uses income from the investments to both repay the note and to fund charitable activities . accordingly , the company reports the demand note at the lower of its principal value or the fair value of assets held by the borrower to repay the loan , including the real estate properties . 20 . statutory financial information the company 2019s insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate . these regulations include restrictions that limit the amount of dividends or other distributions , such as loans or cash advances , available to shareholders without prior approval of the insurance regulatory authorities . there are no statutory restrictions on the payment of dividends from retained earnings by any of the bermuda subsidiaries as the minimum statutory capital and surplus requirements are satisfied by the share capital and additional paid-in capital of each of the bermuda subsidiaries . the company 2019s u.s . subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulators . statutory accounting differs from gaap in the reporting of certain reinsurance contracts , investments , subsidiaries , acquis- ition expenses , fixed assets , deferred income taxes , and certain other items . the statutory capital and surplus of the u.s . subsidiaries met regulatory requirements for 2010 , 2009 , and 2008 . the amount of dividends available to be paid in 2011 , without prior approval from the state insurance departments , totals $ 850 million . the following table presents the combined statutory capital and surplus and statutory net income of the bermuda and u.s . subsidiaries at and for the years ended december 31 , 2010 , 2009 , and 2008. .

as permitted by the restructuring discussed previously in note 7 , certain of the company 2019s u.s . subsidiaries discount certain a&e liabilities , which increased statutory capital and surplus by approximately $ 206 million , $ 215 million , and $ 211 million at december 31 , 2010 , 2009 , and 2008 , respectively . the company 2019s international subsidiaries prepare statutory financial statements based on local laws and regulations . some jurisdictions impose complex regulatory requirements on insurance companies while other jurisdictions impose fewer requirements . in some countries , the company must obtain licenses issued by governmental authorities to conduct local insurance business . these licenses may be subject to reserves and minimum capital and solvency tests . jurisdictions may impose fines , censure , and/or criminal sanctions for violation of regulatory requirements. .

| | ( in millions of u.s . dollars ) | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | bermuda subsidiaries 2008 | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | 2008 | |---:|:-----------------------------------|:----------------------------|:----------------------------|:----------------------------|:----------------------------|:----------------------------|:-------| | 0 | statutory capital and surplus | $ 11798 | $ 9164 | $ 6205 | $ 6266 | $ 5885 | $ 5368 | | 1 | statutory net income | $ 2430 | $ 2369 | $ 2196 | $ 1047 | $ 904 | $ 818 |

n o t e s t o t h e c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s 2013 ( continued ) ace limited and subsidiaries excluded from adjusted weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective years . for the years ended december 31 , 2010 , 2009 , and 2008 , the potential anti-dilutive share conversions were 256868 shares , 1230881 shares , and 638401 shares , respectively . 19 . related party transactions the ace foundation 2013 bermuda is an unconsolidated not-for-profit organization whose primary purpose is to fund charitable causes in bermuda . the trustees are principally comprised of ace management . the company maintains a non-interest bear- ing demand note receivable from the ace foundation 2013 bermuda , the balance of which was $ 30 million and $ 31 million , at december 31 , 2010 and 2009 , respectively . the receivable is included in other assets in the accompanying consolidated balance sheets . the borrower has used the related proceeds to finance investments in bermuda real estate , some of which have been rented to ace employees at rates established by independent , professional real estate appraisers . the borrower uses income from the investments to both repay the note and to fund charitable activities . accordingly , the company reports the demand note at the lower of its principal value or the fair value of assets held by the borrower to repay the loan , including the real estate properties . 20 . statutory financial information the company 2019s insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate . these regulations include restrictions that limit the amount of dividends or other distributions , such as loans or cash advances , available to shareholders without prior approval of the insurance regulatory authorities . there are no statutory restrictions on the payment of dividends from retained earnings by any of the bermuda subsidiaries as the minimum statutory capital and surplus requirements are satisfied by the share capital and additional paid-in capital of each of the bermuda subsidiaries . the company 2019s u.s . subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulators . statutory accounting differs from gaap in the reporting of certain reinsurance contracts , investments , subsidiaries , acquis- ition expenses , fixed assets , deferred income taxes , and certain other items . the statutory capital and surplus of the u.s . subsidiaries met regulatory requirements for 2010 , 2009 , and 2008 . the amount of dividends available to be paid in 2011 , without prior approval from the state insurance departments , totals $ 850 million . the following table presents the combined statutory capital and surplus and statutory net income of the bermuda and u.s . subsidiaries at and for the years ended december 31 , 2010 , 2009 , and 2008. ._| | ( in millions of u.s . dollars ) | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | bermuda subsidiaries 2008 | bermuda subsidiaries 2010 | bermuda subsidiaries 2009 | 2008 | |---:|:-----------------------------------|:----------------------------|:----------------------------|:----------------------------|:----------------------------|:----------------------------|:-------| | 0 | statutory capital and surplus | $ 11798 | $ 9164 | $ 6205 | $ 6266 | $ 5885 | $ 5368 | | 1 | statutory net income | $ 2430 | $ 2369 | $ 2196 | $ 1047 | $ 904 | $ 818 |_as permitted by the restructuring discussed previously in note 7 , certain of the company 2019s u.s . subsidiaries discount certain a&e liabilities , which increased statutory capital and surplus by approximately $ 206 million , $ 215 million , and $ 211 million at december 31 , 2010 , 2009 , and 2008 , respectively . the company 2019s international subsidiaries prepare statutory financial statements based on local laws and regulations . some jurisdictions impose complex regulatory requirements on insurance companies while other jurisdictions impose fewer requirements . in some countries , the company must obtain licenses issued by governmental authorities to conduct local insurance business . these licenses may be subject to reserves and minimum capital and solvency tests . jurisdictions may impose fines , censure , and/or criminal sanctions for violation of regulatory requirements. .

2,010

200

CB

Chubb Limited

Financials

Property & Casualty Insurance

Zurich, Switzerland

2010-07-15

896,159

1985

null

finqa424

how many options were issued under the 2001 plan as of december 31 , 2009?

20633770

subtract(24000000, 3366230)

4 . stock options and other stock plans we have 100962 options outstanding under the 1993 stock option and retention stock plan of union pacific corporation ( 1993 plan ) . there are 7140 restricted shares outstanding under the 1992 restricted stock plan for non-employee directors of union pacific corporation . we no longer grant options or awards of retention shares and units under these plans . in april 2000 , the shareholders approved the union pacific corporation 2000 directors plan ( directors plan ) whereby 1100000 shares of our common stock were reserved for issuance to our non-employee directors . under the directors plan , each non-employee director , upon his or her initial election to the board of directors , receives a grant of 2000 shares of retention shares or retention stock units . prior to december 31 , 2007 , each non-employee director received annually an option to purchase at fair value a number of shares of our common stock , not to exceed 10000 shares during any calendar year , determined by dividing 60000 by 1/3 of the fair market value of one share of our common stock on the date of such board of directors meeting , with the resulting quotient rounded up or down to the nearest 50 shares . as of december 31 , 2009 , 18000 restricted shares were outstanding under the directors plan and 292000 options were outstanding under the directors plan . the union pacific corporation 2001 stock incentive plan ( 2001 plan ) was approved by the shareholders in april 2001 . the 2001 plan reserved 24000000 shares of our common stock for issuance to eligible employees of the corporation and its subsidiaries in the form of non-qualified options , incentive stock options , retention shares , stock units , and incentive bonus awards . non-employee directors were not eligible for awards under the 2001 plan . as of december 31 , 2009 , 3366230 options were outstanding under the 2001 plan . we no longer grant any stock options or other stock or unit awards under this plan . the union pacific corporation 2004 stock incentive plan ( 2004 plan ) was approved by shareholders in april 2004 . the 2004 plan reserved 42000000 shares of our common stock for issuance , plus any shares subject to awards made under the 2001 plan and the 1993 plan that were outstanding on april 16 , 2004 , and became available for regrant pursuant to the terms of the 2004 plan . under the 2004 plan , non- qualified options , stock appreciation rights , retention shares , stock units , and incentive bonus awards may be granted to eligible employees of the corporation and its subsidiaries . non-employee directors are not eligible for awards under the 2004 plan . as of december 31 , 2009 , 8939710 options and 3778997 retention shares and stock units were outstanding under the 2004 plan . pursuant to the above plans 33559150 ; 36961123 ; and 38601728 shares of our common stock were authorized and available for grant at december 31 , 2009 , 2008 , and 2007 , respectively . stock options 2013 we estimate the fair value of our stock option awards using the black-scholes option pricing model . groups of employees and non-employee directors that have similar historical and expected exercise behavior are considered separately for valuation purposes . the table below shows the annual weighted-average assumptions used for valuation purposes : weighted-average assumptions 2009 2008 2007 .

.

| | weighted-average assumptions | 2009 | 2008 | 2007 | |---:|:----------------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | risk-free interest rate | 1.9% ( 1.9 % ) | 2.8% ( 2.8 % ) | 4.9% ( 4.9 % ) | | 1 | dividend yield | 2.3% ( 2.3 % ) | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % ) | | 2 | expected life ( years ) | 5.1 | 5.3 | 4.7 | | 3 | volatility | 31.3% ( 31.3 % ) | 22.2% ( 22.2 % ) | 20.9% ( 20.9 % ) | | 4 | weighted-average grant-date fair value of options granted | $ 11.33 | $ 13.35 | $ 11.19 |

4 . stock options and other stock plans we have 100962 options outstanding under the 1993 stock option and retention stock plan of union pacific corporation ( 1993 plan ) . there are 7140 restricted shares outstanding under the 1992 restricted stock plan for non-employee directors of union pacific corporation . we no longer grant options or awards of retention shares and units under these plans . in april 2000 , the shareholders approved the union pacific corporation 2000 directors plan ( directors plan ) whereby 1100000 shares of our common stock were reserved for issuance to our non-employee directors . under the directors plan , each non-employee director , upon his or her initial election to the board of directors , receives a grant of 2000 shares of retention shares or retention stock units . prior to december 31 , 2007 , each non-employee director received annually an option to purchase at fair value a number of shares of our common stock , not to exceed 10000 shares during any calendar year , determined by dividing 60000 by 1/3 of the fair market value of one share of our common stock on the date of such board of directors meeting , with the resulting quotient rounded up or down to the nearest 50 shares . as of december 31 , 2009 , 18000 restricted shares were outstanding under the directors plan and 292000 options were outstanding under the directors plan . the union pacific corporation 2001 stock incentive plan ( 2001 plan ) was approved by the shareholders in april 2001 . the 2001 plan reserved 24000000 shares of our common stock for issuance to eligible employees of the corporation and its subsidiaries in the form of non-qualified options , incentive stock options , retention shares , stock units , and incentive bonus awards . non-employee directors were not eligible for awards under the 2001 plan . as of december 31 , 2009 , 3366230 options were outstanding under the 2001 plan . we no longer grant any stock options or other stock or unit awards under this plan . the union pacific corporation 2004 stock incentive plan ( 2004 plan ) was approved by shareholders in april 2004 . the 2004 plan reserved 42000000 shares of our common stock for issuance , plus any shares subject to awards made under the 2001 plan and the 1993 plan that were outstanding on april 16 , 2004 , and became available for regrant pursuant to the terms of the 2004 plan . under the 2004 plan , non- qualified options , stock appreciation rights , retention shares , stock units , and incentive bonus awards may be granted to eligible employees of the corporation and its subsidiaries . non-employee directors are not eligible for awards under the 2004 plan . as of december 31 , 2009 , 8939710 options and 3778997 retention shares and stock units were outstanding under the 2004 plan . pursuant to the above plans 33559150 ; 36961123 ; and 38601728 shares of our common stock were authorized and available for grant at december 31 , 2009 , 2008 , and 2007 , respectively . stock options 2013 we estimate the fair value of our stock option awards using the black-scholes option pricing model . groups of employees and non-employee directors that have similar historical and expected exercise behavior are considered separately for valuation purposes . the table below shows the annual weighted-average assumptions used for valuation purposes : weighted-average assumptions 2009 2008 2007 ._| | weighted-average assumptions | 2009 | 2008 | 2007 | |---:|:----------------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | risk-free interest rate | 1.9% ( 1.9 % ) | 2.8% ( 2.8 % ) | 4.9% ( 4.9 % ) | | 1 | dividend yield | 2.3% ( 2.3 % ) | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % ) | | 2 | expected life ( years ) | 5.1 | 5.3 | 4.7 | | 3 | volatility | 31.3% ( 31.3 % ) | 22.2% ( 22.2 % ) | 20.9% ( 20.9 % ) | | 4 | weighted-average grant-date fair value of options granted | $ 11.33 | $ 13.35 | $ 11.19 |_.

2,009

65

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

how many options were issued under the 2001 plan as of december 31 , 2009?

20633770

subtract(24000000, 3366230)

4 . stock options and other stock plans we have 100962 options outstanding under the 1993 stock option and retention stock plan of union pacific corporation ( 1993 plan ) . there are 7140 restricted shares outstanding under the 1992 restricted stock plan for non-employee directors of union pacific corporation . we no longer grant options or awards of retention shares and units under these plans . in april 2000 , the shareholders approved the union pacific corporation 2000 directors plan ( directors plan ) whereby 1100000 shares of our common stock were reserved for issuance to our non-employee directors . under the directors plan , each non-employee director , upon his or her initial election to the board of directors , receives a grant of 2000 shares of retention shares or retention stock units . prior to december 31 , 2007 , each non-employee director received annually an option to purchase at fair value a number of shares of our common stock , not to exceed 10000 shares during any calendar year , determined by dividing 60000 by 1/3 of the fair market value of one share of our common stock on the date of such board of directors meeting , with the resulting quotient rounded up or down to the nearest 50 shares . as of december 31 , 2009 , 18000 restricted shares were outstanding under the directors plan and 292000 options were outstanding under the directors plan . the union pacific corporation 2001 stock incentive plan ( 2001 plan ) was approved by the shareholders in april 2001 . the 2001 plan reserved 24000000 shares of our common stock for issuance to eligible employees of the corporation and its subsidiaries in the form of non-qualified options , incentive stock options , retention shares , stock units , and incentive bonus awards . non-employee directors were not eligible for awards under the 2001 plan . as of december 31 , 2009 , 3366230 options were outstanding under the 2001 plan . we no longer grant any stock options or other stock or unit awards under this plan . the union pacific corporation 2004 stock incentive plan ( 2004 plan ) was approved by shareholders in april 2004 . the 2004 plan reserved 42000000 shares of our common stock for issuance , plus any shares subject to awards made under the 2001 plan and the 1993 plan that were outstanding on april 16 , 2004 , and became available for regrant pursuant to the terms of the 2004 plan . under the 2004 plan , non- qualified options , stock appreciation rights , retention shares , stock units , and incentive bonus awards may be granted to eligible employees of the corporation and its subsidiaries . non-employee directors are not eligible for awards under the 2004 plan . as of december 31 , 2009 , 8939710 options and 3778997 retention shares and stock units were outstanding under the 2004 plan . pursuant to the above plans 33559150 ; 36961123 ; and 38601728 shares of our common stock were authorized and available for grant at december 31 , 2009 , 2008 , and 2007 , respectively . stock options 2013 we estimate the fair value of our stock option awards using the black-scholes option pricing model . groups of employees and non-employee directors that have similar historical and expected exercise behavior are considered separately for valuation purposes . the table below shows the annual weighted-average assumptions used for valuation purposes : weighted-average assumptions 2009 2008 2007 .

.

| | weighted-average assumptions | 2009 | 2008 | 2007 | |---:|:----------------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | risk-free interest rate | 1.9% ( 1.9 % ) | 2.8% ( 2.8 % ) | 4.9% ( 4.9 % ) | | 1 | dividend yield | 2.3% ( 2.3 % ) | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % ) | | 2 | expected life ( years ) | 5.1 | 5.3 | 4.7 | | 3 | volatility | 31.3% ( 31.3 % ) | 22.2% ( 22.2 % ) | 20.9% ( 20.9 % ) | | 4 | weighted-average grant-date fair value of options granted | $ 11.33 | $ 13.35 | $ 11.19 |

4 . stock options and other stock plans we have 100962 options outstanding under the 1993 stock option and retention stock plan of union pacific corporation ( 1993 plan ) . there are 7140 restricted shares outstanding under the 1992 restricted stock plan for non-employee directors of union pacific corporation . we no longer grant options or awards of retention shares and units under these plans . in april 2000 , the shareholders approved the union pacific corporation 2000 directors plan ( directors plan ) whereby 1100000 shares of our common stock were reserved for issuance to our non-employee directors . under the directors plan , each non-employee director , upon his or her initial election to the board of directors , receives a grant of 2000 shares of retention shares or retention stock units . prior to december 31 , 2007 , each non-employee director received annually an option to purchase at fair value a number of shares of our common stock , not to exceed 10000 shares during any calendar year , determined by dividing 60000 by 1/3 of the fair market value of one share of our common stock on the date of such board of directors meeting , with the resulting quotient rounded up or down to the nearest 50 shares . as of december 31 , 2009 , 18000 restricted shares were outstanding under the directors plan and 292000 options were outstanding under the directors plan . the union pacific corporation 2001 stock incentive plan ( 2001 plan ) was approved by the shareholders in april 2001 . the 2001 plan reserved 24000000 shares of our common stock for issuance to eligible employees of the corporation and its subsidiaries in the form of non-qualified options , incentive stock options , retention shares , stock units , and incentive bonus awards . non-employee directors were not eligible for awards under the 2001 plan . as of december 31 , 2009 , 3366230 options were outstanding under the 2001 plan . we no longer grant any stock options or other stock or unit awards under this plan . the union pacific corporation 2004 stock incentive plan ( 2004 plan ) was approved by shareholders in april 2004 . the 2004 plan reserved 42000000 shares of our common stock for issuance , plus any shares subject to awards made under the 2001 plan and the 1993 plan that were outstanding on april 16 , 2004 , and became available for regrant pursuant to the terms of the 2004 plan . under the 2004 plan , non- qualified options , stock appreciation rights , retention shares , stock units , and incentive bonus awards may be granted to eligible employees of the corporation and its subsidiaries . non-employee directors are not eligible for awards under the 2004 plan . as of december 31 , 2009 , 8939710 options and 3778997 retention shares and stock units were outstanding under the 2004 plan . pursuant to the above plans 33559150 ; 36961123 ; and 38601728 shares of our common stock were authorized and available for grant at december 31 , 2009 , 2008 , and 2007 , respectively . stock options 2013 we estimate the fair value of our stock option awards using the black-scholes option pricing model . groups of employees and non-employee directors that have similar historical and expected exercise behavior are considered separately for valuation purposes . the table below shows the annual weighted-average assumptions used for valuation purposes : weighted-average assumptions 2009 2008 2007 ._| | weighted-average assumptions | 2009 | 2008 | 2007 | |---:|:----------------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | risk-free interest rate | 1.9% ( 1.9 % ) | 2.8% ( 2.8 % ) | 4.9% ( 4.9 % ) | | 1 | dividend yield | 2.3% ( 2.3 % ) | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % ) | | 2 | expected life ( years ) | 5.1 | 5.3 | 4.7 | | 3 | volatility | 31.3% ( 31.3 % ) | 22.2% ( 22.2 % ) | 20.9% ( 20.9 % ) | | 4 | weighted-average grant-date fair value of options granted | $ 11.33 | $ 13.35 | $ 11.19 |_.

2,009

65

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa425

what percentage of total future principal payments of corporate debt are due in 2011?

13%

divide(453815, 3450152)

before the purchase in november 2008 , the units will be reflected in diluted earnings per share calculations using the treasury stock method as defined by sfas no . 128 , earnings per share . under this method , the number of shares of common stock used in calculating diluted earnings per share ( based on the settlement formula applied at the end of the reporting period ) is deemed to be increased by the excess , if any , of the number of shares that would be issued upon settlement of the purchase contracts less the number of shares that could be purchased by the company in the market at the average market price during the period using the proceeds to be received upon settlement . therefore , dilution will occur for periods when the average market price of the company 2019s common stock for the reporting period is above $ 21.816 . senior secured revolving credit facility in september 2005 , the company entered into a $ 250 million , three-year senior secured revolving credit facility . as a result of the citadel investment in november 2007 , the facility was terminated and all unamortized debt issuance costs were expensed . corporate debt covenants certain of the company 2019s corporate debt described above have terms which include customary financial covenants . as of december 31 , 2007 , the company was in compliance with all such covenants . early extinguishment of debt in 2006 , the company called the entire remaining $ 185.2 million principal amount of its 6% ( 6 % ) notes for redemption . the company recorded a $ 0.7 million loss on early extinguishment of debt relating to the write-off of the unamortized debt offering costs . the company did not have any early extinguishments of debt in 2005 . other corporate debt the company also has multiple term loans from financial institutions . these loans are collateralized by equipment and are included within other borrowings on the consolidated balance sheet . see note 14 2014securities sold under agreement to repurchase and other borrowings . future maturities of corporate debt scheduled principal payments of corporate debt as of december 31 , 2007 are as follows ( dollars in thousands ) : years ending december 31 .

.

| | 2008 | $ 2014 | |---:|:--------------------------------------------------|:-------------------| | 0 | 2009 | 2014 | | 1 | 2010 | 2014 | | 2 | 2011 | 453815 | | 3 | 2012 | 2014 | | 4 | thereafter | 2996337 | | 5 | total future principal payments of corporate debt | 3450152 | | 6 | unamortized discount net | -427454 ( 427454 ) | | 7 | total corporate debt | $ 3022698 |

before the purchase in november 2008 , the units will be reflected in diluted earnings per share calculations using the treasury stock method as defined by sfas no . 128 , earnings per share . under this method , the number of shares of common stock used in calculating diluted earnings per share ( based on the settlement formula applied at the end of the reporting period ) is deemed to be increased by the excess , if any , of the number of shares that would be issued upon settlement of the purchase contracts less the number of shares that could be purchased by the company in the market at the average market price during the period using the proceeds to be received upon settlement . therefore , dilution will occur for periods when the average market price of the company 2019s common stock for the reporting period is above $ 21.816 . senior secured revolving credit facility in september 2005 , the company entered into a $ 250 million , three-year senior secured revolving credit facility . as a result of the citadel investment in november 2007 , the facility was terminated and all unamortized debt issuance costs were expensed . corporate debt covenants certain of the company 2019s corporate debt described above have terms which include customary financial covenants . as of december 31 , 2007 , the company was in compliance with all such covenants . early extinguishment of debt in 2006 , the company called the entire remaining $ 185.2 million principal amount of its 6% ( 6 % ) notes for redemption . the company recorded a $ 0.7 million loss on early extinguishment of debt relating to the write-off of the unamortized debt offering costs . the company did not have any early extinguishments of debt in 2005 . other corporate debt the company also has multiple term loans from financial institutions . these loans are collateralized by equipment and are included within other borrowings on the consolidated balance sheet . see note 14 2014securities sold under agreement to repurchase and other borrowings . future maturities of corporate debt scheduled principal payments of corporate debt as of december 31 , 2007 are as follows ( dollars in thousands ) : years ending december 31 ._| | 2008 | $ 2014 | |---:|:--------------------------------------------------|:-------------------| | 0 | 2009 | 2014 | | 1 | 2010 | 2014 | | 2 | 2011 | 453815 | | 3 | 2012 | 2014 | | 4 | thereafter | 2996337 | | 5 | total future principal payments of corporate debt | 3450152 | | 6 | unamortized discount net | -427454 ( 427454 ) | | 7 | total corporate debt | $ 3022698 |_.

2,007

126

ETFC

E*TRADE Financial Corporation

Financials

Investment Banking & Brokerage

Arlington, VA

2004-01-01

1,015,780

1982

what percentage of total future principal payments of corporate debt are due in 2011?

13%

divide(453815, 3450152)

before the purchase in november 2008 , the units will be reflected in diluted earnings per share calculations using the treasury stock method as defined by sfas no . 128 , earnings per share . under this method , the number of shares of common stock used in calculating diluted earnings per share ( based on the settlement formula applied at the end of the reporting period ) is deemed to be increased by the excess , if any , of the number of shares that would be issued upon settlement of the purchase contracts less the number of shares that could be purchased by the company in the market at the average market price during the period using the proceeds to be received upon settlement . therefore , dilution will occur for periods when the average market price of the company 2019s common stock for the reporting period is above $ 21.816 . senior secured revolving credit facility in september 2005 , the company entered into a $ 250 million , three-year senior secured revolving credit facility . as a result of the citadel investment in november 2007 , the facility was terminated and all unamortized debt issuance costs were expensed . corporate debt covenants certain of the company 2019s corporate debt described above have terms which include customary financial covenants . as of december 31 , 2007 , the company was in compliance with all such covenants . early extinguishment of debt in 2006 , the company called the entire remaining $ 185.2 million principal amount of its 6% ( 6 % ) notes for redemption . the company recorded a $ 0.7 million loss on early extinguishment of debt relating to the write-off of the unamortized debt offering costs . the company did not have any early extinguishments of debt in 2005 . other corporate debt the company also has multiple term loans from financial institutions . these loans are collateralized by equipment and are included within other borrowings on the consolidated balance sheet . see note 14 2014securities sold under agreement to repurchase and other borrowings . future maturities of corporate debt scheduled principal payments of corporate debt as of december 31 , 2007 are as follows ( dollars in thousands ) : years ending december 31 .

.

| | 2008 | $ 2014 | |---:|:--------------------------------------------------|:-------------------| | 0 | 2009 | 2014 | | 1 | 2010 | 2014 | | 2 | 2011 | 453815 | | 3 | 2012 | 2014 | | 4 | thereafter | 2996337 | | 5 | total future principal payments of corporate debt | 3450152 | | 6 | unamortized discount net | -427454 ( 427454 ) | | 7 | total corporate debt | $ 3022698 |

before the purchase in november 2008 , the units will be reflected in diluted earnings per share calculations using the treasury stock method as defined by sfas no . 128 , earnings per share . under this method , the number of shares of common stock used in calculating diluted earnings per share ( based on the settlement formula applied at the end of the reporting period ) is deemed to be increased by the excess , if any , of the number of shares that would be issued upon settlement of the purchase contracts less the number of shares that could be purchased by the company in the market at the average market price during the period using the proceeds to be received upon settlement . therefore , dilution will occur for periods when the average market price of the company 2019s common stock for the reporting period is above $ 21.816 . senior secured revolving credit facility in september 2005 , the company entered into a $ 250 million , three-year senior secured revolving credit facility . as a result of the citadel investment in november 2007 , the facility was terminated and all unamortized debt issuance costs were expensed . corporate debt covenants certain of the company 2019s corporate debt described above have terms which include customary financial covenants . as of december 31 , 2007 , the company was in compliance with all such covenants . early extinguishment of debt in 2006 , the company called the entire remaining $ 185.2 million principal amount of its 6% ( 6 % ) notes for redemption . the company recorded a $ 0.7 million loss on early extinguishment of debt relating to the write-off of the unamortized debt offering costs . the company did not have any early extinguishments of debt in 2005 . other corporate debt the company also has multiple term loans from financial institutions . these loans are collateralized by equipment and are included within other borrowings on the consolidated balance sheet . see note 14 2014securities sold under agreement to repurchase and other borrowings . future maturities of corporate debt scheduled principal payments of corporate debt as of december 31 , 2007 are as follows ( dollars in thousands ) : years ending december 31 ._| | 2008 | $ 2014 | |---:|:--------------------------------------------------|:-------------------| | 0 | 2009 | 2014 | | 1 | 2010 | 2014 | | 2 | 2011 | 453815 | | 3 | 2012 | 2014 | | 4 | thereafter | 2996337 | | 5 | total future principal payments of corporate debt | 3450152 | | 6 | unamortized discount net | -427454 ( 427454 ) | | 7 | total corporate debt | $ 3022698 |_.

2,007

126

ETFC

E*TRADE Financial Corporation

Financials

Investment Banking & Brokerage

Arlington, VA

2004-01-01

1,015,780

1982

null

finqa426

what was the percentage change in revenues from 2016 to 2017 for transactions with related parties?

18%

divide(subtract(1297, 1100), 1100)

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 was the percentage change in revenues from 2016 to 2017 for transactions with related parties?

18%

divide(subtract(1297, 1100), 1100)

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

finqa427

payments to participants in the unfunded german plans are expected to be total approximately how much , in millions , for the years 2008 through 2012?

104

multiply(subtract(2012, 2008), 26)

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

payments to participants in the unfunded german plans are expected to be total approximately how much , in millions , for the years 2008 through 2012?

104

multiply(subtract(2012, 2008), 26)

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

finqa428

what is the percentage change in total liabilities for litigation settlements from 2006 to 2007?

-15.2%

divide(subtract(404436, 476915), 476915)

mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) on june 24 , 2008 , mastercard entered into a settlement agreement ( the 201camerican express settlement 201d ) with american express company ( 201camerican express 201d ) relating to the u.s . federal antitrust litigation between mastercard and american express . the american express settlement ended all existing litigation between mastercard and american express . under the terms of the american express settlement , mastercard is obligated to make 12 quarterly payments of up to $ 150000 per quarter beginning in the third quarter of 2008 . mastercard 2019s maximum nominal payments will total $ 1800000 . the amount of each quarterly payment is contingent on the performance of american express 2019s u.s . global network services business . the quarterly payments will be in an amount equal to 15% ( 15 % ) of american express 2019s u.s . global network services billings during the quarter , up to a maximum of $ 150000 per quarter . if , however , the payment for any quarter is less than $ 150000 , the maximum payment for subsequent quarters will be increased by the difference between $ 150000 and the lesser amount that was paid in any quarter in which there was a shortfall . mastercard assumes american express will achieve these financial hurdles . mastercard recorded the present value of $ 1800000 , at a 5.75% ( 5.75 % ) discount rate , or $ 1649345 for the year ended december 31 , 2008 . in 2003 , mastercard entered into a settlement agreement ( the 201cu.s . merchant lawsuit settlement 201d ) related to the u.s . merchant lawsuit described under the caption 201cu.s . merchant and consumer litigations 201d in note 20 ( legal and regulatory proceedings ) and contract disputes with certain customers . under the terms of the u.s . merchant lawsuit settlement , the company was required to pay $ 125000 in 2003 and $ 100000 annually each december from 2004 through 2012 . in addition , in 2003 , several other lawsuits were initiated by merchants who opted not to participate in the plaintiff class in the u.s . merchant lawsuit . the 201copt-out 201d merchant lawsuits were not covered by the terms of the u.s . merchant lawsuit settlement and all have been individually settled . we recorded liabilities for certain litigation settlements in prior periods . total liabilities for litigation settlements changed from december 31 , 2006 , as follows: .

see note 20 ( legal and regulatory proceedings ) for additional discussion regarding the company 2019s legal proceedings. .

| | balance as of december 31 2006 | $ 476915 | |---:|:--------------------------------------------------------|:-------------------| | 0 | provision for litigation settlements ( note 20 ) | 3400 | | 1 | interest accretion on u.s . merchant lawsuit | 38046 | | 2 | payments | -113925 ( 113925 ) | | 3 | balance as of december 31 2007 | 404436 | | 4 | provision for discover settlement | 862500 | | 5 | provision for american express settlement | 1649345 | | 6 | provision for other litigation settlements | 6000 | | 7 | interest accretion on u.s . merchant lawsuit settlement | 32879 | | 8 | interest accretion on american express settlement | 44300 | | 9 | payments on american express settlement | -300000 ( 300000 ) | | 10 | payments on discover settlement | -862500 ( 862500 ) | | 11 | payment on u.s . merchant lawsuit settlement | -100000 ( 100000 ) | | 12 | other payments and accretion | -662 ( 662 ) | | 13 | balance as of december 31 2008 | $ 1736298 |

mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) on june 24 , 2008 , mastercard entered into a settlement agreement ( the 201camerican express settlement 201d ) with american express company ( 201camerican express 201d ) relating to the u.s . federal antitrust litigation between mastercard and american express . the american express settlement ended all existing litigation between mastercard and american express . under the terms of the american express settlement , mastercard is obligated to make 12 quarterly payments of up to $ 150000 per quarter beginning in the third quarter of 2008 . mastercard 2019s maximum nominal payments will total $ 1800000 . the amount of each quarterly payment is contingent on the performance of american express 2019s u.s . global network services business . the quarterly payments will be in an amount equal to 15% ( 15 % ) of american express 2019s u.s . global network services billings during the quarter , up to a maximum of $ 150000 per quarter . if , however , the payment for any quarter is less than $ 150000 , the maximum payment for subsequent quarters will be increased by the difference between $ 150000 and the lesser amount that was paid in any quarter in which there was a shortfall . mastercard assumes american express will achieve these financial hurdles . mastercard recorded the present value of $ 1800000 , at a 5.75% ( 5.75 % ) discount rate , or $ 1649345 for the year ended december 31 , 2008 . in 2003 , mastercard entered into a settlement agreement ( the 201cu.s . merchant lawsuit settlement 201d ) related to the u.s . merchant lawsuit described under the caption 201cu.s . merchant and consumer litigations 201d in note 20 ( legal and regulatory proceedings ) and contract disputes with certain customers . under the terms of the u.s . merchant lawsuit settlement , the company was required to pay $ 125000 in 2003 and $ 100000 annually each december from 2004 through 2012 . in addition , in 2003 , several other lawsuits were initiated by merchants who opted not to participate in the plaintiff class in the u.s . merchant lawsuit . the 201copt-out 201d merchant lawsuits were not covered by the terms of the u.s . merchant lawsuit settlement and all have been individually settled . we recorded liabilities for certain litigation settlements in prior periods . total liabilities for litigation settlements changed from december 31 , 2006 , as follows: ._| | balance as of december 31 2006 | $ 476915 | |---:|:--------------------------------------------------------|:-------------------| | 0 | provision for litigation settlements ( note 20 ) | 3400 | | 1 | interest accretion on u.s . merchant lawsuit | 38046 | | 2 | payments | -113925 ( 113925 ) | | 3 | balance as of december 31 2007 | 404436 | | 4 | provision for discover settlement | 862500 | | 5 | provision for american express settlement | 1649345 | | 6 | provision for other litigation settlements | 6000 | | 7 | interest accretion on u.s . merchant lawsuit settlement | 32879 | | 8 | interest accretion on american express settlement | 44300 | | 9 | payments on american express settlement | -300000 ( 300000 ) | | 10 | payments on discover settlement | -862500 ( 862500 ) | | 11 | payment on u.s . merchant lawsuit settlement | -100000 ( 100000 ) | | 12 | other payments and accretion | -662 ( 662 ) | | 13 | balance as of december 31 2008 | $ 1736298 |_see note 20 ( legal and regulatory proceedings ) for additional discussion regarding the company 2019s legal proceedings. .

2,008

126

MA

Mastercard

Financials

Transaction & Payment Processing Services

Harrison, New York

2008-07-18

1,141,391

1966

what is the percentage change in total liabilities for litigation settlements from 2006 to 2007?

-15.2%

divide(subtract(404436, 476915), 476915)

mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) on june 24 , 2008 , mastercard entered into a settlement agreement ( the 201camerican express settlement 201d ) with american express company ( 201camerican express 201d ) relating to the u.s . federal antitrust litigation between mastercard and american express . the american express settlement ended all existing litigation between mastercard and american express . under the terms of the american express settlement , mastercard is obligated to make 12 quarterly payments of up to $ 150000 per quarter beginning in the third quarter of 2008 . mastercard 2019s maximum nominal payments will total $ 1800000 . the amount of each quarterly payment is contingent on the performance of american express 2019s u.s . global network services business . the quarterly payments will be in an amount equal to 15% ( 15 % ) of american express 2019s u.s . global network services billings during the quarter , up to a maximum of $ 150000 per quarter . if , however , the payment for any quarter is less than $ 150000 , the maximum payment for subsequent quarters will be increased by the difference between $ 150000 and the lesser amount that was paid in any quarter in which there was a shortfall . mastercard assumes american express will achieve these financial hurdles . mastercard recorded the present value of $ 1800000 , at a 5.75% ( 5.75 % ) discount rate , or $ 1649345 for the year ended december 31 , 2008 . in 2003 , mastercard entered into a settlement agreement ( the 201cu.s . merchant lawsuit settlement 201d ) related to the u.s . merchant lawsuit described under the caption 201cu.s . merchant and consumer litigations 201d in note 20 ( legal and regulatory proceedings ) and contract disputes with certain customers . under the terms of the u.s . merchant lawsuit settlement , the company was required to pay $ 125000 in 2003 and $ 100000 annually each december from 2004 through 2012 . in addition , in 2003 , several other lawsuits were initiated by merchants who opted not to participate in the plaintiff class in the u.s . merchant lawsuit . the 201copt-out 201d merchant lawsuits were not covered by the terms of the u.s . merchant lawsuit settlement and all have been individually settled . we recorded liabilities for certain litigation settlements in prior periods . total liabilities for litigation settlements changed from december 31 , 2006 , as follows: .

see note 20 ( legal and regulatory proceedings ) for additional discussion regarding the company 2019s legal proceedings. .

| | balance as of december 31 2006 | $ 476915 | |---:|:--------------------------------------------------------|:-------------------| | 0 | provision for litigation settlements ( note 20 ) | 3400 | | 1 | interest accretion on u.s . merchant lawsuit | 38046 | | 2 | payments | -113925 ( 113925 ) | | 3 | balance as of december 31 2007 | 404436 | | 4 | provision for discover settlement | 862500 | | 5 | provision for american express settlement | 1649345 | | 6 | provision for other litigation settlements | 6000 | | 7 | interest accretion on u.s . merchant lawsuit settlement | 32879 | | 8 | interest accretion on american express settlement | 44300 | | 9 | payments on american express settlement | -300000 ( 300000 ) | | 10 | payments on discover settlement | -862500 ( 862500 ) | | 11 | payment on u.s . merchant lawsuit settlement | -100000 ( 100000 ) | | 12 | other payments and accretion | -662 ( 662 ) | | 13 | balance as of december 31 2008 | $ 1736298 |

mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) on june 24 , 2008 , mastercard entered into a settlement agreement ( the 201camerican express settlement 201d ) with american express company ( 201camerican express 201d ) relating to the u.s . federal antitrust litigation between mastercard and american express . the american express settlement ended all existing litigation between mastercard and american express . under the terms of the american express settlement , mastercard is obligated to make 12 quarterly payments of up to $ 150000 per quarter beginning in the third quarter of 2008 . mastercard 2019s maximum nominal payments will total $ 1800000 . the amount of each quarterly payment is contingent on the performance of american express 2019s u.s . global network services business . the quarterly payments will be in an amount equal to 15% ( 15 % ) of american express 2019s u.s . global network services billings during the quarter , up to a maximum of $ 150000 per quarter . if , however , the payment for any quarter is less than $ 150000 , the maximum payment for subsequent quarters will be increased by the difference between $ 150000 and the lesser amount that was paid in any quarter in which there was a shortfall . mastercard assumes american express will achieve these financial hurdles . mastercard recorded the present value of $ 1800000 , at a 5.75% ( 5.75 % ) discount rate , or $ 1649345 for the year ended december 31 , 2008 . in 2003 , mastercard entered into a settlement agreement ( the 201cu.s . merchant lawsuit settlement 201d ) related to the u.s . merchant lawsuit described under the caption 201cu.s . merchant and consumer litigations 201d in note 20 ( legal and regulatory proceedings ) and contract disputes with certain customers . under the terms of the u.s . merchant lawsuit settlement , the company was required to pay $ 125000 in 2003 and $ 100000 annually each december from 2004 through 2012 . in addition , in 2003 , several other lawsuits were initiated by merchants who opted not to participate in the plaintiff class in the u.s . merchant lawsuit . the 201copt-out 201d merchant lawsuits were not covered by the terms of the u.s . merchant lawsuit settlement and all have been individually settled . we recorded liabilities for certain litigation settlements in prior periods . total liabilities for litigation settlements changed from december 31 , 2006 , as follows: ._| | balance as of december 31 2006 | $ 476915 | |---:|:--------------------------------------------------------|:-------------------| | 0 | provision for litigation settlements ( note 20 ) | 3400 | | 1 | interest accretion on u.s . merchant lawsuit | 38046 | | 2 | payments | -113925 ( 113925 ) | | 3 | balance as of december 31 2007 | 404436 | | 4 | provision for discover settlement | 862500 | | 5 | provision for american express settlement | 1649345 | | 6 | provision for other litigation settlements | 6000 | | 7 | interest accretion on u.s . merchant lawsuit settlement | 32879 | | 8 | interest accretion on american express settlement | 44300 | | 9 | payments on american express settlement | -300000 ( 300000 ) | | 10 | payments on discover settlement | -862500 ( 862500 ) | | 11 | payment on u.s . merchant lawsuit settlement | -100000 ( 100000 ) | | 12 | other payments and accretion | -662 ( 662 ) | | 13 | balance as of december 31 2008 | $ 1736298 |_see note 20 ( legal and regulatory proceedings ) for additional discussion regarding the company 2019s legal proceedings. .

2,008

126

MA

Mastercard

Financials

Transaction & Payment Processing Services

Harrison, New York

2008-07-18

1,141,391

1966

null

finqa429

what is the one-percentage-point increase of effect on total of service and interest cost components as a percentage of the effect on other postretirement benefit obligation?

10.2%

divide(7367, 72238)

coupons and expected maturity values of individually selected bonds . the yield curve was developed for a universe containing the majority of u.s.-issued aa-graded corporate bonds , all of which were non callable ( or callable with make-whole provisions ) . historically , for each plan , the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments . the expected long-term rate of return on plan assets is based on historical and projected rates of return , prior to administrative and investment management fees , for current and planned asset classes in the plans 2019 investment portfolios . assumed projected rates of return for each of the plans 2019 projected asset classes were selected after analyzing historical experience and future expectations of the returns and volatility of the various asset classes . based on the target asset allocation for each asset class , the overall expected rate of return for the portfolio was developed , adjusted for historical and expected experience of active portfolio management results compared to the benchmark returns and for the effect of expenses paid from plan assets . the company 2019s pension expense increases as the expected return on assets decreases . assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefit plans . the health care cost trend rate is based on historical rates and expected market conditions . a one-percentage-point change in assumed health care cost trend rates would have the following effects : percentage- increase percentage- decrease .

.

| | | one-percentage-pointincrease | one-percentage-pointdecrease | |---:|:--------------------------------------------------------|:-------------------------------|:-------------------------------| | 0 | effect on total of service and interest cost components | $ 7367 | $ -5974 ( 5974 ) | | 1 | effect on other postretirement benefit obligation | $ 72238 | $ -60261 ( 60261 ) |

coupons and expected maturity values of individually selected bonds . the yield curve was developed for a universe containing the majority of u.s.-issued aa-graded corporate bonds , all of which were non callable ( or callable with make-whole provisions ) . historically , for each plan , the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments . the expected long-term rate of return on plan assets is based on historical and projected rates of return , prior to administrative and investment management fees , for current and planned asset classes in the plans 2019 investment portfolios . assumed projected rates of return for each of the plans 2019 projected asset classes were selected after analyzing historical experience and future expectations of the returns and volatility of the various asset classes . based on the target asset allocation for each asset class , the overall expected rate of return for the portfolio was developed , adjusted for historical and expected experience of active portfolio management results compared to the benchmark returns and for the effect of expenses paid from plan assets . the company 2019s pension expense increases as the expected return on assets decreases . assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefit plans . the health care cost trend rate is based on historical rates and expected market conditions . a one-percentage-point change in assumed health care cost trend rates would have the following effects : percentage- increase percentage- decrease ._| | | one-percentage-pointincrease | one-percentage-pointdecrease | |---:|:--------------------------------------------------------|:-------------------------------|:-------------------------------| | 0 | effect on total of service and interest cost components | $ 7367 | $ -5974 ( 5974 ) | | 1 | effect on other postretirement benefit obligation | $ 72238 | $ -60261 ( 60261 ) |_.

2,013

132

AWK

American Water Works

Utilities

Water Utilities

Camden, New Jersey

2016-03-04

1,410,636

1886

what is the one-percentage-point increase of effect on total of service and interest cost components as a percentage of the effect on other postretirement benefit obligation?

10.2%

divide(7367, 72238)

coupons and expected maturity values of individually selected bonds . the yield curve was developed for a universe containing the majority of u.s.-issued aa-graded corporate bonds , all of which were non callable ( or callable with make-whole provisions ) . historically , for each plan , the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments . the expected long-term rate of return on plan assets is based on historical and projected rates of return , prior to administrative and investment management fees , for current and planned asset classes in the plans 2019 investment portfolios . assumed projected rates of return for each of the plans 2019 projected asset classes were selected after analyzing historical experience and future expectations of the returns and volatility of the various asset classes . based on the target asset allocation for each asset class , the overall expected rate of return for the portfolio was developed , adjusted for historical and expected experience of active portfolio management results compared to the benchmark returns and for the effect of expenses paid from plan assets . the company 2019s pension expense increases as the expected return on assets decreases . assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefit plans . the health care cost trend rate is based on historical rates and expected market conditions . a one-percentage-point change in assumed health care cost trend rates would have the following effects : percentage- increase percentage- decrease .

.

| | | one-percentage-pointincrease | one-percentage-pointdecrease | |---:|:--------------------------------------------------------|:-------------------------------|:-------------------------------| | 0 | effect on total of service and interest cost components | $ 7367 | $ -5974 ( 5974 ) | | 1 | effect on other postretirement benefit obligation | $ 72238 | $ -60261 ( 60261 ) |

coupons and expected maturity values of individually selected bonds . the yield curve was developed for a universe containing the majority of u.s.-issued aa-graded corporate bonds , all of which were non callable ( or callable with make-whole provisions ) . historically , for each plan , the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments . the expected long-term rate of return on plan assets is based on historical and projected rates of return , prior to administrative and investment management fees , for current and planned asset classes in the plans 2019 investment portfolios . assumed projected rates of return for each of the plans 2019 projected asset classes were selected after analyzing historical experience and future expectations of the returns and volatility of the various asset classes . based on the target asset allocation for each asset class , the overall expected rate of return for the portfolio was developed , adjusted for historical and expected experience of active portfolio management results compared to the benchmark returns and for the effect of expenses paid from plan assets . the company 2019s pension expense increases as the expected return on assets decreases . assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefit plans . the health care cost trend rate is based on historical rates and expected market conditions . a one-percentage-point change in assumed health care cost trend rates would have the following effects : percentage- increase percentage- decrease ._| | | one-percentage-pointincrease | one-percentage-pointdecrease | |---:|:--------------------------------------------------------|:-------------------------------|:-------------------------------| | 0 | effect on total of service and interest cost components | $ 7367 | $ -5974 ( 5974 ) | | 1 | effect on other postretirement benefit obligation | $ 72238 | $ -60261 ( 60261 ) |_.

2,013

132

AWK

American Water Works

Utilities

Water Utilities

Camden, New Jersey

2016-03-04

1,410,636

1886

null

finqa430

what percentage of major facilities by square footage are leased as of december 28 , 2013?

15%

divide(8.3, 54.9)

item 1b . unresolved staff comments not applicable . item 2 . properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 .

1 leases on portions of the land used for these facilities expire on varying dates through 2062 . 2 leases expire on varying dates through 2028 and generally include renewals at our option . our principal executive offices are located in the u.s . and a significant amount of our wafer fabrication activities are also located in the u.s . in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 . we expect that this new facility will allow us to widen our process technology lead . we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated . we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies . outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland . our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 . our assembly and test facilities are located in malaysia , china , costa rica , and vietnam . in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers . we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it . we do not identify or allocate assets by operating segment . for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k . item 3 . legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k . item 4 . mine safety disclosures not applicable . table of contents .

| | ( square feet in millions ) | unitedstates | othercountries | total | |---:|:------------------------------|---------------:|-----------------:|--------:| | 0 | owned facilities1 | 29.9 | 16.7 | 46.6 | | 1 | leased facilities2 | 2.3 | 6 | 8.3 | | 2 | total facilities | 32.2 | 22.7 | 54.9 |

item 1b . unresolved staff comments not applicable . item 2 . properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 ._| | ( square feet in millions ) | unitedstates | othercountries | total | |---:|:------------------------------|---------------:|-----------------:|--------:| | 0 | owned facilities1 | 29.9 | 16.7 | 46.6 | | 1 | leased facilities2 | 2.3 | 6 | 8.3 | | 2 | total facilities | 32.2 | 22.7 | 54.9 |_1 leases on portions of the land used for these facilities expire on varying dates through 2062 . 2 leases expire on varying dates through 2028 and generally include renewals at our option . our principal executive offices are located in the u.s . and a significant amount of our wafer fabrication activities are also located in the u.s . in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 . we expect that this new facility will allow us to widen our process technology lead . we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated . we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies . outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland . our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 . our assembly and test facilities are located in malaysia , china , costa rica , and vietnam . in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers . we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it . we do not identify or allocate assets by operating segment . for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k . item 3 . legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k . item 4 . mine safety disclosures not applicable . table of contents .

2,013

29

INTC

Intel

Information Technology

Semiconductors

Santa Clara, California

1976-12-31

50,863

1968

what percentage of major facilities by square footage are leased as of december 28 , 2013?

15%

divide(8.3, 54.9)

item 1b . unresolved staff comments not applicable . item 2 . properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 .

1 leases on portions of the land used for these facilities expire on varying dates through 2062 . 2 leases expire on varying dates through 2028 and generally include renewals at our option . our principal executive offices are located in the u.s . and a significant amount of our wafer fabrication activities are also located in the u.s . in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 . we expect that this new facility will allow us to widen our process technology lead . we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated . we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies . outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland . our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 . our assembly and test facilities are located in malaysia , china , costa rica , and vietnam . in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers . we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it . we do not identify or allocate assets by operating segment . for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k . item 3 . legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k . item 4 . mine safety disclosures not applicable . table of contents .

| | ( square feet in millions ) | unitedstates | othercountries | total | |---:|:------------------------------|---------------:|-----------------:|--------:| | 0 | owned facilities1 | 29.9 | 16.7 | 46.6 | | 1 | leased facilities2 | 2.3 | 6 | 8.3 | | 2 | total facilities | 32.2 | 22.7 | 54.9 |

item 1b . unresolved staff comments not applicable . item 2 . properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 ._| | ( square feet in millions ) | unitedstates | othercountries | total | |---:|:------------------------------|---------------:|-----------------:|--------:| | 0 | owned facilities1 | 29.9 | 16.7 | 46.6 | | 1 | leased facilities2 | 2.3 | 6 | 8.3 | | 2 | total facilities | 32.2 | 22.7 | 54.9 |_1 leases on portions of the land used for these facilities expire on varying dates through 2062 . 2 leases expire on varying dates through 2028 and generally include renewals at our option . our principal executive offices are located in the u.s . and a significant amount of our wafer fabrication activities are also located in the u.s . in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 . we expect that this new facility will allow us to widen our process technology lead . we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated . we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies . outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland . our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 . our assembly and test facilities are located in malaysia , china , costa rica , and vietnam . in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers . we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it . we do not identify or allocate assets by operating segment . for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k . item 3 . legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k . item 4 . mine safety disclosures not applicable . table of contents .

2,013

29

INTC

Intel

Information Technology

Semiconductors

Santa Clara, California

1976-12-31

50,863

1968

null

finqa431

what was the difference in operating profit margins as adjusted between 2016 and 2017?

.6%

subtract(15.7%, 15.1%)

divestiture of our arrow and moores businesses , and an unfavorable sales mix of international plumbing products , which , in aggregate , decreased sales by two percent . net sales for 2016 were positively affected by increased sales volume of plumbing products , paints and other coating products and builders' hardware . net sales for 2016 were also positively affected by favorable sales mix of cabinets and windows , and net selling price increases of north american windows and north american and international plumbing products . net sales for 2016 were negatively affected by lower sales volume of cabinets and lower net selling prices of paints and other coating products . our gross profit margins were 32.2 percent , 34.2 percent and 33.4 percent in 2018 , 2017 and 2016 , respectively . the 2018 gross profit margin was negatively impacted by an increase in commodity costs , the recognition of the inventory step up adjustment established as a part of the the acquisition of kichler , an increase in other expenses ( such as logistics costs and salaries ) and unfavorable sales mix . these negative impacts were partially offset by an increase in net selling prices , the benefits associated with cost savings initiatives , and increased sales volume . the 2017 gross profit margin was positively impacted by increased sales volume , a more favorable relationship between net selling prices and commodity costs , and cost savings initiatives . selling , general and administrative expenses as a percent of sales were 17.7 percent in 2018 compared with 18.6 percent in 2017 and 18.7 percent in 2016 . the decrease in selling , general and administrative expenses , as a percentage of sales , was driven by leverage of fixed expenses , due primarily to increased sales volume , and improved cost control . the following table reconciles reported operating profit to operating profit , as adjusted to exclude certain items , dollars in millions: .

operating profit margin in 2018 was negatively affected by an increase in commodity costs , the recognition of the inventory step up adjustment established as a part of the the acquisition of kichler and an increase in other expenses ( such as logistics costs , salaries and erp costs ) . these negative impacts were partially offset by increased net selling prices , benefits associated with cost savings initiatives and increased sales volume . operating profit margin in 2017 was positively impacted by increased sales volume , cost savings initiatives , and a more favorable relationship between net selling prices and commodity costs . operating profit margin in 2017 was negatively impacted by an increase in strategic growth investments and certain other expenses , including stock-based compensation , health insurance costs , trade show costs and increased head count . due to the recently-announced increase in tariffs on imported materials from china , and assuming tariffs rise to 25 percent in 2019 , we could be exposed to approximately $ 150 million of potential annual direct cost increases . we will work to mitigate the impact of these tariffs through a combination of price increases , supplier negotiations , supply chain repositioning and other internal productivity measures . other income ( expense ) , net other , net , for 2018 included $ 14 million of net periodic pension and post-retirement benefit cost and $ 8 million of realized foreign currency losses . these expenses were partially offset by $ 3 million of earnings related to equity method investments and $ 1 million related to distributions from private equity funds . other , net , for 2017 included $ 26 million related to periodic pension and post-retirement benefit costs , $ 13 million net loss related to the divestitures of moores and arrow and $ 2 million related to the impairment of a private equity fund , partially offset by $ 3 million related to distributions from private equity funds and $ 1 million of earnings related to equity method investments. .

| | | 2018 | 2017 | 2016 | |---:|:-------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | operating profit as reported | $ 1211 | $ 1194 | $ 1087 | | 1 | rationalization charges | 14 | 4 | 22 | | 2 | kichler inventory step up adjustment | 40 | 2014 | 2014 | | 3 | operating profit as adjusted | $ 1265 | $ 1198 | $ 1109 | | 4 | operating profit margins as reported | 14.5% ( 14.5 % ) | 15.6% ( 15.6 % ) | 14.8% ( 14.8 % ) | | 5 | operating profit margins as adjusted | 15.1% ( 15.1 % ) | 15.7% ( 15.7 % ) | 15.1% ( 15.1 % ) |

divestiture of our arrow and moores businesses , and an unfavorable sales mix of international plumbing products , which , in aggregate , decreased sales by two percent . net sales for 2016 were positively affected by increased sales volume of plumbing products , paints and other coating products and builders' hardware . net sales for 2016 were also positively affected by favorable sales mix of cabinets and windows , and net selling price increases of north american windows and north american and international plumbing products . net sales for 2016 were negatively affected by lower sales volume of cabinets and lower net selling prices of paints and other coating products . our gross profit margins were 32.2 percent , 34.2 percent and 33.4 percent in 2018 , 2017 and 2016 , respectively . the 2018 gross profit margin was negatively impacted by an increase in commodity costs , the recognition of the inventory step up adjustment established as a part of the the acquisition of kichler , an increase in other expenses ( such as logistics costs and salaries ) and unfavorable sales mix . these negative impacts were partially offset by an increase in net selling prices , the benefits associated with cost savings initiatives , and increased sales volume . the 2017 gross profit margin was positively impacted by increased sales volume , a more favorable relationship between net selling prices and commodity costs , and cost savings initiatives . selling , general and administrative expenses as a percent of sales were 17.7 percent in 2018 compared with 18.6 percent in 2017 and 18.7 percent in 2016 . the decrease in selling , general and administrative expenses , as a percentage of sales , was driven by leverage of fixed expenses , due primarily to increased sales volume , and improved cost control . the following table reconciles reported operating profit to operating profit , as adjusted to exclude certain items , dollars in millions: ._| | | 2018 | 2017 | 2016 | |---:|:-------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | operating profit as reported | $ 1211 | $ 1194 | $ 1087 | | 1 | rationalization charges | 14 | 4 | 22 | | 2 | kichler inventory step up adjustment | 40 | 2014 | 2014 | | 3 | operating profit as adjusted | $ 1265 | $ 1198 | $ 1109 | | 4 | operating profit margins as reported | 14.5% ( 14.5 % ) | 15.6% ( 15.6 % ) | 14.8% ( 14.8 % ) | | 5 | operating profit margins as adjusted | 15.1% ( 15.1 % ) | 15.7% ( 15.7 % ) | 15.1% ( 15.1 % ) |_operating profit margin in 2018 was negatively affected by an increase in commodity costs , the recognition of the inventory step up adjustment established as a part of the the acquisition of kichler and an increase in other expenses ( such as logistics costs , salaries and erp costs ) . these negative impacts were partially offset by increased net selling prices , benefits associated with cost savings initiatives and increased sales volume . operating profit margin in 2017 was positively impacted by increased sales volume , cost savings initiatives , and a more favorable relationship between net selling prices and commodity costs . operating profit margin in 2017 was negatively impacted by an increase in strategic growth investments and certain other expenses , including stock-based compensation , health insurance costs , trade show costs and increased head count . due to the recently-announced increase in tariffs on imported materials from china , and assuming tariffs rise to 25 percent in 2019 , we could be exposed to approximately $ 150 million of potential annual direct cost increases . we will work to mitigate the impact of these tariffs through a combination of price increases , supplier negotiations , supply chain repositioning and other internal productivity measures . other income ( expense ) , net other , net , for 2018 included $ 14 million of net periodic pension and post-retirement benefit cost and $ 8 million of realized foreign currency losses . these expenses were partially offset by $ 3 million of earnings related to equity method investments and $ 1 million related to distributions from private equity funds . other , net , for 2017 included $ 26 million related to periodic pension and post-retirement benefit costs , $ 13 million net loss related to the divestitures of moores and arrow and $ 2 million related to the impairment of a private equity fund , partially offset by $ 3 million related to distributions from private equity funds and $ 1 million of earnings related to equity method investments. .

2,018

35

MAS

Masco

Industrials

Building Products

Livonia, Michigan

1981-06-30

62,996

1929

what was the difference in operating profit margins as adjusted between 2016 and 2017?

.6%

subtract(15.7%, 15.1%)

divestiture of our arrow and moores businesses , and an unfavorable sales mix of international plumbing products , which , in aggregate , decreased sales by two percent . net sales for 2016 were positively affected by increased sales volume of plumbing products , paints and other coating products and builders' hardware . net sales for 2016 were also positively affected by favorable sales mix of cabinets and windows , and net selling price increases of north american windows and north american and international plumbing products . net sales for 2016 were negatively affected by lower sales volume of cabinets and lower net selling prices of paints and other coating products . our gross profit margins were 32.2 percent , 34.2 percent and 33.4 percent in 2018 , 2017 and 2016 , respectively . the 2018 gross profit margin was negatively impacted by an increase in commodity costs , the recognition of the inventory step up adjustment established as a part of the the acquisition of kichler , an increase in other expenses ( such as logistics costs and salaries ) and unfavorable sales mix . these negative impacts were partially offset by an increase in net selling prices , the benefits associated with cost savings initiatives , and increased sales volume . the 2017 gross profit margin was positively impacted by increased sales volume , a more favorable relationship between net selling prices and commodity costs , and cost savings initiatives . selling , general and administrative expenses as a percent of sales were 17.7 percent in 2018 compared with 18.6 percent in 2017 and 18.7 percent in 2016 . the decrease in selling , general and administrative expenses , as a percentage of sales , was driven by leverage of fixed expenses , due primarily to increased sales volume , and improved cost control . the following table reconciles reported operating profit to operating profit , as adjusted to exclude certain items , dollars in millions: .

operating profit margin in 2018 was negatively affected by an increase in commodity costs , the recognition of the inventory step up adjustment established as a part of the the acquisition of kichler and an increase in other expenses ( such as logistics costs , salaries and erp costs ) . these negative impacts were partially offset by increased net selling prices , benefits associated with cost savings initiatives and increased sales volume . operating profit margin in 2017 was positively impacted by increased sales volume , cost savings initiatives , and a more favorable relationship between net selling prices and commodity costs . operating profit margin in 2017 was negatively impacted by an increase in strategic growth investments and certain other expenses , including stock-based compensation , health insurance costs , trade show costs and increased head count . due to the recently-announced increase in tariffs on imported materials from china , and assuming tariffs rise to 25 percent in 2019 , we could be exposed to approximately $ 150 million of potential annual direct cost increases . we will work to mitigate the impact of these tariffs through a combination of price increases , supplier negotiations , supply chain repositioning and other internal productivity measures . other income ( expense ) , net other , net , for 2018 included $ 14 million of net periodic pension and post-retirement benefit cost and $ 8 million of realized foreign currency losses . these expenses were partially offset by $ 3 million of earnings related to equity method investments and $ 1 million related to distributions from private equity funds . other , net , for 2017 included $ 26 million related to periodic pension and post-retirement benefit costs , $ 13 million net loss related to the divestitures of moores and arrow and $ 2 million related to the impairment of a private equity fund , partially offset by $ 3 million related to distributions from private equity funds and $ 1 million of earnings related to equity method investments. .

| | | 2018 | 2017 | 2016 | |---:|:-------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | operating profit as reported | $ 1211 | $ 1194 | $ 1087 | | 1 | rationalization charges | 14 | 4 | 22 | | 2 | kichler inventory step up adjustment | 40 | 2014 | 2014 | | 3 | operating profit as adjusted | $ 1265 | $ 1198 | $ 1109 | | 4 | operating profit margins as reported | 14.5% ( 14.5 % ) | 15.6% ( 15.6 % ) | 14.8% ( 14.8 % ) | | 5 | operating profit margins as adjusted | 15.1% ( 15.1 % ) | 15.7% ( 15.7 % ) | 15.1% ( 15.1 % ) |

divestiture of our arrow and moores businesses , and an unfavorable sales mix of international plumbing products , which , in aggregate , decreased sales by two percent . net sales for 2016 were positively affected by increased sales volume of plumbing products , paints and other coating products and builders' hardware . net sales for 2016 were also positively affected by favorable sales mix of cabinets and windows , and net selling price increases of north american windows and north american and international plumbing products . net sales for 2016 were negatively affected by lower sales volume of cabinets and lower net selling prices of paints and other coating products . our gross profit margins were 32.2 percent , 34.2 percent and 33.4 percent in 2018 , 2017 and 2016 , respectively . the 2018 gross profit margin was negatively impacted by an increase in commodity costs , the recognition of the inventory step up adjustment established as a part of the the acquisition of kichler , an increase in other expenses ( such as logistics costs and salaries ) and unfavorable sales mix . these negative impacts were partially offset by an increase in net selling prices , the benefits associated with cost savings initiatives , and increased sales volume . the 2017 gross profit margin was positively impacted by increased sales volume , a more favorable relationship between net selling prices and commodity costs , and cost savings initiatives . selling , general and administrative expenses as a percent of sales were 17.7 percent in 2018 compared with 18.6 percent in 2017 and 18.7 percent in 2016 . the decrease in selling , general and administrative expenses , as a percentage of sales , was driven by leverage of fixed expenses , due primarily to increased sales volume , and improved cost control . the following table reconciles reported operating profit to operating profit , as adjusted to exclude certain items , dollars in millions: ._| | | 2018 | 2017 | 2016 | |---:|:-------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | operating profit as reported | $ 1211 | $ 1194 | $ 1087 | | 1 | rationalization charges | 14 | 4 | 22 | | 2 | kichler inventory step up adjustment | 40 | 2014 | 2014 | | 3 | operating profit as adjusted | $ 1265 | $ 1198 | $ 1109 | | 4 | operating profit margins as reported | 14.5% ( 14.5 % ) | 15.6% ( 15.6 % ) | 14.8% ( 14.8 % ) | | 5 | operating profit margins as adjusted | 15.1% ( 15.1 % ) | 15.7% ( 15.7 % ) | 15.1% ( 15.1 % ) |_operating profit margin in 2018 was negatively affected by an increase in commodity costs , the recognition of the inventory step up adjustment established as a part of the the acquisition of kichler and an increase in other expenses ( such as logistics costs , salaries and erp costs ) . these negative impacts were partially offset by increased net selling prices , benefits associated with cost savings initiatives and increased sales volume . operating profit margin in 2017 was positively impacted by increased sales volume , cost savings initiatives , and a more favorable relationship between net selling prices and commodity costs . operating profit margin in 2017 was negatively impacted by an increase in strategic growth investments and certain other expenses , including stock-based compensation , health insurance costs , trade show costs and increased head count . due to the recently-announced increase in tariffs on imported materials from china , and assuming tariffs rise to 25 percent in 2019 , we could be exposed to approximately $ 150 million of potential annual direct cost increases . we will work to mitigate the impact of these tariffs through a combination of price increases , supplier negotiations , supply chain repositioning and other internal productivity measures . other income ( expense ) , net other , net , for 2018 included $ 14 million of net periodic pension and post-retirement benefit cost and $ 8 million of realized foreign currency losses . these expenses were partially offset by $ 3 million of earnings related to equity method investments and $ 1 million related to distributions from private equity funds . other , net , for 2017 included $ 26 million related to periodic pension and post-retirement benefit costs , $ 13 million net loss related to the divestitures of moores and arrow and $ 2 million related to the impairment of a private equity fund , partially offset by $ 3 million related to distributions from private equity funds and $ 1 million of earnings related to equity method investments. .

2,018

35

MAS

Masco

Industrials

Building Products

Livonia, Michigan

1981-06-30

62,996

1929

null

finqa432

does the company spend more on advertising in 2013 than on research and development?

no

greater(345, 505)

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 2013 than on research and development?

no

greater(345, 505)

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

finqa433

what was the sum of the value of the notes entergy issued to nypa with seven and eight annual installments payments\\n

916

add(add(const_7, 108), add(20, const_8))

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 debt . ( 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 $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 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 , 2015 , 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 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . 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 louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2016 | $ 204079 | | 1 | 2017 | $ 766451 | | 2 | 2018 | $ 822690 | | 3 | 2019 | $ 768588 | | 4 | 2020 | $ 1631181 |

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 debt . ( 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 $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 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 , 2015 , for the next five years are as follows : amount ( in thousands ) ._| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2016 | $ 204079 | | 1 | 2017 | $ 766451 | | 2 | 2018 | $ 822690 | | 3 | 2019 | $ 768588 | | 4 | 2020 | $ 1631181 |_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 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . 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 louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

2,015

131

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what was the sum of the value of the notes entergy issued to nypa with seven and eight annual installments payments\\n

916

add(add(const_7, 108), add(20, const_8))

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 debt . ( 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 $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 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 , 2015 , 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 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . 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 louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2016 | $ 204079 | | 1 | 2017 | $ 766451 | | 2 | 2018 | $ 822690 | | 3 | 2019 | $ 768588 | | 4 | 2020 | $ 1631181 |

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 debt . ( 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 $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 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 , 2015 , for the next five years are as follows : amount ( in thousands ) ._| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2016 | $ 204079 | | 1 | 2017 | $ 766451 | | 2 | 2018 | $ 822690 | | 3 | 2019 | $ 768588 | | 4 | 2020 | $ 1631181 |_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 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . 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 louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

2,015

131

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa434

what was the total five year change in the s&p 500 index?

9

subtract(109, 100)

performance graph the following graph is a comparison of the five-year cumulative return of our common shares , the standard & poor 2019s 500 index ( the 201cs&p 500 index 201d ) and the national association of real estate investment trusts 2019 ( 201cnareit 201d ) all equity index , a peer group index . the graph assumes that $ 100 was invested on december 31 , 2007 in our common shares , the s&p 500 index and the nareit all equity index and that all dividends were reinvested without the payment of any commissions . there can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below. .

.

| | | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |---:|:----------------------------|:-------|:-------|:-------|:-------|:-------|:-------| | 0 | vornado realty trust | $ 100 | $ 72 | $ 89 | $ 110 | $ 105 | $ 114 | | 1 | s&p 500 index | 100 | 63 | 80 | 92 | 94 | 109 | | 2 | the nareit all equity index | 100 | 62 | 80 | 102 | 110 | 132 |

performance graph the following graph is a comparison of the five-year cumulative return of our common shares , the standard & poor 2019s 500 index ( the 201cs&p 500 index 201d ) and the national association of real estate investment trusts 2019 ( 201cnareit 201d ) all equity index , a peer group index . the graph assumes that $ 100 was invested on december 31 , 2007 in our common shares , the s&p 500 index and the nareit all equity index and that all dividends were reinvested without the payment of any commissions . there can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below. ._| | | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |---:|:----------------------------|:-------|:-------|:-------|:-------|:-------|:-------| | 0 | vornado realty trust | $ 100 | $ 72 | $ 89 | $ 110 | $ 105 | $ 114 | | 1 | s&p 500 index | 100 | 63 | 80 | 92 | 94 | 109 | | 2 | the nareit all equity index | 100 | 62 | 80 | 102 | 110 | 132 |_.

2,012

84

VNO

Vornado Realty Trust

Real Estate

Real Estate Investment Trusts

New York, NY

2001-01-01

899,689

1982

what was the total five year change in the s&p 500 index?

9

subtract(109, 100)

performance graph the following graph is a comparison of the five-year cumulative return of our common shares , the standard & poor 2019s 500 index ( the 201cs&p 500 index 201d ) and the national association of real estate investment trusts 2019 ( 201cnareit 201d ) all equity index , a peer group index . the graph assumes that $ 100 was invested on december 31 , 2007 in our common shares , the s&p 500 index and the nareit all equity index and that all dividends were reinvested without the payment of any commissions . there can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below. .

.

| | | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |---:|:----------------------------|:-------|:-------|:-------|:-------|:-------|:-------| | 0 | vornado realty trust | $ 100 | $ 72 | $ 89 | $ 110 | $ 105 | $ 114 | | 1 | s&p 500 index | 100 | 63 | 80 | 92 | 94 | 109 | | 2 | the nareit all equity index | 100 | 62 | 80 | 102 | 110 | 132 |

performance graph the following graph is a comparison of the five-year cumulative return of our common shares , the standard & poor 2019s 500 index ( the 201cs&p 500 index 201d ) and the national association of real estate investment trusts 2019 ( 201cnareit 201d ) all equity index , a peer group index . the graph assumes that $ 100 was invested on december 31 , 2007 in our common shares , the s&p 500 index and the nareit all equity index and that all dividends were reinvested without the payment of any commissions . there can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below. ._| | | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |---:|:----------------------------|:-------|:-------|:-------|:-------|:-------|:-------| | 0 | vornado realty trust | $ 100 | $ 72 | $ 89 | $ 110 | $ 105 | $ 114 | | 1 | s&p 500 index | 100 | 63 | 80 | 92 | 94 | 109 | | 2 | the nareit all equity index | 100 | 62 | 80 | 102 | 110 | 132 |_.

2,012

84

VNO

Vornado Realty Trust

Real Estate

Real Estate Investment Trusts

New York, NY

2001-01-01

899,689

1982

null

finqa435

based on the given average price per share , how much money did the repurchases cost in 2007?

643822.41

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

based on the given average price per share , how much money did the repurchases cost in 2007?

643822.41

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

finqa436

what was the difference in percentage total cumulative return on investment for united parcel service inc . compared to the s&p 500 index for the five years ended 12/31/06?

13.9%

subtract(divide(subtract(148.92, const_100), const_100), divide(subtract(135.02, const_100), 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

what was the difference in percentage total cumulative return on investment for united parcel service inc . compared to the s&p 500 index for the five years ended 12/31/06?

13.9%

subtract(divide(subtract(148.92, const_100), const_100), divide(subtract(135.02, const_100), 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

finqa437

what portion of the equity compensation plan approved by security holders remains available for future issuance?

90.1%

divide(4087587, 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 portion of the equity compensation plan approved by security holders remains available for future issuance?

90.1%

divide(4087587, 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

finqa438

what percent of the total common stock plans are related to the vertex 401 ( k ) plan?

0.6%

divide(125, 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 401 ( k ) plan?

0.6%

divide(125, 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

finqa439

what percentage of total net revenue investing & lending segment is due to equity securities in 2015?

70%

divide(3781, 5436)

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis net revenues in equities were $ 7.83 billion for 2015 , 16% ( 16 % ) higher than 2014 . excluding a gain of $ 121 million ( $ 30 million and $ 91 million included in equities client execution and securities services , respectively ) in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in equities were 18% ( 18 % ) higher than 2014 , primarily due to significantly higher net revenues in equities client execution across the major regions , reflecting significantly higher results in both derivatives and cash products , and higher net revenues in securities services , reflecting the impact of higher average customer balances and improved securities lending spreads . commissions and fees were essentially unchanged compared with 2014 . we elect the fair value option for certain unsecured borrowings . the fair value net gain attributable to the impact of changes in our credit spreads on these borrowings was $ 255 million ( $ 214 million and $ 41 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2015 , compared with a net gain of $ 144 million ( $ 108 million and $ 36 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2014 . operating expenses were $ 13.94 billion for 2015 , 28% ( 28 % ) higher than 2014 , due to significantly higher net provisions for mortgage-related litigation and regulatory matters , partially offset by decreased compensation and benefits expenses . pre-tax earnings were $ 1.21 billion in 2015 , 72% ( 72 % ) lower than 2014 . investing & lending investing & lending includes our investing activities and the origination of loans , including our relationship lending activities , to provide financing to clients . these investments and loans are typically longer-term in nature . we make investments , some of which are consolidated , directly and indirectly through funds that we manage , in debt securities and loans , public and private equity securities , infrastructure and real estate entities . we also make unsecured loans to individuals through our online platform . the table below presents the operating results of our investing & lending segment. .

operating environment . following difficult market conditions and the impact of a challenging macroeconomic environment on corporate performance , particularly in the energy sector , in the first quarter of 2016 , market conditions improved during the rest of the year as macroeconomic concerns moderated . global equity markets increased during 2016 , contributing to net gains from investments in public equities , and corporate performance rebounded from the difficult start to the year . if macroeconomic concerns negatively affect corporate performance or company-specific events , or if global equity markets decline , net revenues in investing & lending would likely be negatively impacted . although net revenues in investing & lending for 2015 benefited from favorable company-specific events , including sales , initial public offerings and financings , a decline in global equity prices and widening high-yield credit spreads during the second half of 2015 impacted results . 2016 versus 2015 . net revenues in investing & lending were $ 4.08 billion for 2016 , 25% ( 25 % ) lower than 2015 . this decrease was primarily due to significantly lower net revenues from investments in equities , primarily reflecting a significant decrease in net gains from private equities , driven by company-specific events and corporate performance . in addition , net revenues in debt securities and loans were lower compared with 2015 , reflecting significantly lower net revenues related to relationship lending activities , due to the impact of changes in credit spreads on economic hedges . losses related to these hedges were $ 596 million in 2016 , compared with gains of $ 329 million in 2015 . this decrease was partially offset by higher net gains from investments in debt instruments and higher net interest income . see note 9 to the consolidated financial statements for further information about economic hedges related to our relationship lending activities . operating expenses were $ 2.39 billion for 2016 , essentially unchanged compared with 2015 . pre-tax earnings were $ 1.69 billion in 2016 , 44% ( 44 % ) lower than 2015 . 2015 versus 2014 . net revenues in investing & lending were $ 5.44 billion for 2015 , 20% ( 20 % ) lower than 2014 . this decrease was primarily due to lower net revenues from investments in equities , principally reflecting the sale of metro in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , net revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . goldman sachs 2016 form 10-k 63 .

| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:--------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | equity securities | $ 2573 | $ 3781 | $ 4579 | | 1 | debt securities and loans | 1507 | 1655 | 2246 | | 2 | total net revenues | 4080 | 5436 | 6825 | | 3 | operating expenses | 2386 | 2402 | 2819 | | 4 | pre-tax earnings | $ 1694 | $ 3034 | $ 4006 |

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis net revenues in equities were $ 7.83 billion for 2015 , 16% ( 16 % ) higher than 2014 . excluding a gain of $ 121 million ( $ 30 million and $ 91 million included in equities client execution and securities services , respectively ) in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in equities were 18% ( 18 % ) higher than 2014 , primarily due to significantly higher net revenues in equities client execution across the major regions , reflecting significantly higher results in both derivatives and cash products , and higher net revenues in securities services , reflecting the impact of higher average customer balances and improved securities lending spreads . commissions and fees were essentially unchanged compared with 2014 . we elect the fair value option for certain unsecured borrowings . the fair value net gain attributable to the impact of changes in our credit spreads on these borrowings was $ 255 million ( $ 214 million and $ 41 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2015 , compared with a net gain of $ 144 million ( $ 108 million and $ 36 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2014 . operating expenses were $ 13.94 billion for 2015 , 28% ( 28 % ) higher than 2014 , due to significantly higher net provisions for mortgage-related litigation and regulatory matters , partially offset by decreased compensation and benefits expenses . pre-tax earnings were $ 1.21 billion in 2015 , 72% ( 72 % ) lower than 2014 . investing & lending investing & lending includes our investing activities and the origination of loans , including our relationship lending activities , to provide financing to clients . these investments and loans are typically longer-term in nature . we make investments , some of which are consolidated , directly and indirectly through funds that we manage , in debt securities and loans , public and private equity securities , infrastructure and real estate entities . we also make unsecured loans to individuals through our online platform . the table below presents the operating results of our investing & lending segment. ._| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:--------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | equity securities | $ 2573 | $ 3781 | $ 4579 | | 1 | debt securities and loans | 1507 | 1655 | 2246 | | 2 | total net revenues | 4080 | 5436 | 6825 | | 3 | operating expenses | 2386 | 2402 | 2819 | | 4 | pre-tax earnings | $ 1694 | $ 3034 | $ 4006 |_operating environment . following difficult market conditions and the impact of a challenging macroeconomic environment on corporate performance , particularly in the energy sector , in the first quarter of 2016 , market conditions improved during the rest of the year as macroeconomic concerns moderated . global equity markets increased during 2016 , contributing to net gains from investments in public equities , and corporate performance rebounded from the difficult start to the year . if macroeconomic concerns negatively affect corporate performance or company-specific events , or if global equity markets decline , net revenues in investing & lending would likely be negatively impacted . although net revenues in investing & lending for 2015 benefited from favorable company-specific events , including sales , initial public offerings and financings , a decline in global equity prices and widening high-yield credit spreads during the second half of 2015 impacted results . 2016 versus 2015 . net revenues in investing & lending were $ 4.08 billion for 2016 , 25% ( 25 % ) lower than 2015 . this decrease was primarily due to significantly lower net revenues from investments in equities , primarily reflecting a significant decrease in net gains from private equities , driven by company-specific events and corporate performance . in addition , net revenues in debt securities and loans were lower compared with 2015 , reflecting significantly lower net revenues related to relationship lending activities , due to the impact of changes in credit spreads on economic hedges . losses related to these hedges were $ 596 million in 2016 , compared with gains of $ 329 million in 2015 . this decrease was partially offset by higher net gains from investments in debt instruments and higher net interest income . see note 9 to the consolidated financial statements for further information about economic hedges related to our relationship lending activities . operating expenses were $ 2.39 billion for 2016 , essentially unchanged compared with 2015 . pre-tax earnings were $ 1.69 billion in 2016 , 44% ( 44 % ) lower than 2015 . 2015 versus 2014 . net revenues in investing & lending were $ 5.44 billion for 2015 , 20% ( 20 % ) lower than 2014 . this decrease was primarily due to lower net revenues from investments in equities , principally reflecting the sale of metro in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , net revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . goldman sachs 2016 form 10-k 63 .

2,016

77

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

what percentage of total net revenue investing & lending segment is due to equity securities in 2015?

70%

divide(3781, 5436)

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis net revenues in equities were $ 7.83 billion for 2015 , 16% ( 16 % ) higher than 2014 . excluding a gain of $ 121 million ( $ 30 million and $ 91 million included in equities client execution and securities services , respectively ) in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in equities were 18% ( 18 % ) higher than 2014 , primarily due to significantly higher net revenues in equities client execution across the major regions , reflecting significantly higher results in both derivatives and cash products , and higher net revenues in securities services , reflecting the impact of higher average customer balances and improved securities lending spreads . commissions and fees were essentially unchanged compared with 2014 . we elect the fair value option for certain unsecured borrowings . the fair value net gain attributable to the impact of changes in our credit spreads on these borrowings was $ 255 million ( $ 214 million and $ 41 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2015 , compared with a net gain of $ 144 million ( $ 108 million and $ 36 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2014 . operating expenses were $ 13.94 billion for 2015 , 28% ( 28 % ) higher than 2014 , due to significantly higher net provisions for mortgage-related litigation and regulatory matters , partially offset by decreased compensation and benefits expenses . pre-tax earnings were $ 1.21 billion in 2015 , 72% ( 72 % ) lower than 2014 . investing & lending investing & lending includes our investing activities and the origination of loans , including our relationship lending activities , to provide financing to clients . these investments and loans are typically longer-term in nature . we make investments , some of which are consolidated , directly and indirectly through funds that we manage , in debt securities and loans , public and private equity securities , infrastructure and real estate entities . we also make unsecured loans to individuals through our online platform . the table below presents the operating results of our investing & lending segment. .

operating environment . following difficult market conditions and the impact of a challenging macroeconomic environment on corporate performance , particularly in the energy sector , in the first quarter of 2016 , market conditions improved during the rest of the year as macroeconomic concerns moderated . global equity markets increased during 2016 , contributing to net gains from investments in public equities , and corporate performance rebounded from the difficult start to the year . if macroeconomic concerns negatively affect corporate performance or company-specific events , or if global equity markets decline , net revenues in investing & lending would likely be negatively impacted . although net revenues in investing & lending for 2015 benefited from favorable company-specific events , including sales , initial public offerings and financings , a decline in global equity prices and widening high-yield credit spreads during the second half of 2015 impacted results . 2016 versus 2015 . net revenues in investing & lending were $ 4.08 billion for 2016 , 25% ( 25 % ) lower than 2015 . this decrease was primarily due to significantly lower net revenues from investments in equities , primarily reflecting a significant decrease in net gains from private equities , driven by company-specific events and corporate performance . in addition , net revenues in debt securities and loans were lower compared with 2015 , reflecting significantly lower net revenues related to relationship lending activities , due to the impact of changes in credit spreads on economic hedges . losses related to these hedges were $ 596 million in 2016 , compared with gains of $ 329 million in 2015 . this decrease was partially offset by higher net gains from investments in debt instruments and higher net interest income . see note 9 to the consolidated financial statements for further information about economic hedges related to our relationship lending activities . operating expenses were $ 2.39 billion for 2016 , essentially unchanged compared with 2015 . pre-tax earnings were $ 1.69 billion in 2016 , 44% ( 44 % ) lower than 2015 . 2015 versus 2014 . net revenues in investing & lending were $ 5.44 billion for 2015 , 20% ( 20 % ) lower than 2014 . this decrease was primarily due to lower net revenues from investments in equities , principally reflecting the sale of metro in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , net revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . goldman sachs 2016 form 10-k 63 .

| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:--------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | equity securities | $ 2573 | $ 3781 | $ 4579 | | 1 | debt securities and loans | 1507 | 1655 | 2246 | | 2 | total net revenues | 4080 | 5436 | 6825 | | 3 | operating expenses | 2386 | 2402 | 2819 | | 4 | pre-tax earnings | $ 1694 | $ 3034 | $ 4006 |

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis net revenues in equities were $ 7.83 billion for 2015 , 16% ( 16 % ) higher than 2014 . excluding a gain of $ 121 million ( $ 30 million and $ 91 million included in equities client execution and securities services , respectively ) in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in equities were 18% ( 18 % ) higher than 2014 , primarily due to significantly higher net revenues in equities client execution across the major regions , reflecting significantly higher results in both derivatives and cash products , and higher net revenues in securities services , reflecting the impact of higher average customer balances and improved securities lending spreads . commissions and fees were essentially unchanged compared with 2014 . we elect the fair value option for certain unsecured borrowings . the fair value net gain attributable to the impact of changes in our credit spreads on these borrowings was $ 255 million ( $ 214 million and $ 41 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2015 , compared with a net gain of $ 144 million ( $ 108 million and $ 36 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2014 . operating expenses were $ 13.94 billion for 2015 , 28% ( 28 % ) higher than 2014 , due to significantly higher net provisions for mortgage-related litigation and regulatory matters , partially offset by decreased compensation and benefits expenses . pre-tax earnings were $ 1.21 billion in 2015 , 72% ( 72 % ) lower than 2014 . investing & lending investing & lending includes our investing activities and the origination of loans , including our relationship lending activities , to provide financing to clients . these investments and loans are typically longer-term in nature . we make investments , some of which are consolidated , directly and indirectly through funds that we manage , in debt securities and loans , public and private equity securities , infrastructure and real estate entities . we also make unsecured loans to individuals through our online platform . the table below presents the operating results of our investing & lending segment. ._| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:--------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | equity securities | $ 2573 | $ 3781 | $ 4579 | | 1 | debt securities and loans | 1507 | 1655 | 2246 | | 2 | total net revenues | 4080 | 5436 | 6825 | | 3 | operating expenses | 2386 | 2402 | 2819 | | 4 | pre-tax earnings | $ 1694 | $ 3034 | $ 4006 |_operating environment . following difficult market conditions and the impact of a challenging macroeconomic environment on corporate performance , particularly in the energy sector , in the first quarter of 2016 , market conditions improved during the rest of the year as macroeconomic concerns moderated . global equity markets increased during 2016 , contributing to net gains from investments in public equities , and corporate performance rebounded from the difficult start to the year . if macroeconomic concerns negatively affect corporate performance or company-specific events , or if global equity markets decline , net revenues in investing & lending would likely be negatively impacted . although net revenues in investing & lending for 2015 benefited from favorable company-specific events , including sales , initial public offerings and financings , a decline in global equity prices and widening high-yield credit spreads during the second half of 2015 impacted results . 2016 versus 2015 . net revenues in investing & lending were $ 4.08 billion for 2016 , 25% ( 25 % ) lower than 2015 . this decrease was primarily due to significantly lower net revenues from investments in equities , primarily reflecting a significant decrease in net gains from private equities , driven by company-specific events and corporate performance . in addition , net revenues in debt securities and loans were lower compared with 2015 , reflecting significantly lower net revenues related to relationship lending activities , due to the impact of changes in credit spreads on economic hedges . losses related to these hedges were $ 596 million in 2016 , compared with gains of $ 329 million in 2015 . this decrease was partially offset by higher net gains from investments in debt instruments and higher net interest income . see note 9 to the consolidated financial statements for further information about economic hedges related to our relationship lending activities . operating expenses were $ 2.39 billion for 2016 , essentially unchanged compared with 2015 . pre-tax earnings were $ 1.69 billion in 2016 , 44% ( 44 % ) lower than 2015 . 2015 versus 2014 . net revenues in investing & lending were $ 5.44 billion for 2015 , 20% ( 20 % ) lower than 2014 . this decrease was primarily due to lower net revenues from investments in equities , principally reflecting the sale of metro in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , net revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . goldman sachs 2016 form 10-k 63 .

2,016

77

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

null

finqa440

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

396

add(add(add(145, 23), 78), 150)

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 december 2003 what were the total sales proceeds for subsidiaries assets in millions?

396

add(add(add(145, 23), 78), 150)

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

finqa441

what percentage of net goodwill at december 31 2011 is comprised of

10%

divide(181, 1891)

masco corporation notes to consolidated financial statements ( continued ) h . goodwill and other intangible assets ( continued ) goodwill at december 31 , accumulated impairment losses goodwill at december 31 , 2010 additions ( a ) discontinued operations ( b ) pre-tax impairment charge other ( c ) goodwill at december 31 , cabinets and related products . . . . . . . . . . . $ 587 $ ( 364 ) $ 223 $ 2014 $ 2014 $ ( 44 ) $ 2 $ 181 .

( a ) additions include acquisitions . ( b ) during 2011 , the company reclassified the goodwill related to the business units held for sale . subsequent to the reclassification , the company recognized a charge for those business units expected to be divested at a loss ; the charge included a write-down of goodwill of $ 13 million . ( c ) other principally includes the effect of foreign currency translation and purchase price adjustments related to prior-year acquisitions . in the fourth quarters of 2012 and 2011 , the company completed its annual impairment testing of goodwill and other indefinite-lived intangible assets . the impairment test in 2012 indicated there was no impairment of goodwill for any of the company 2019s reporting units . the impairment test in 2011 indicated that goodwill recorded for certain of the company 2019s reporting units was impaired . the company recognized the non-cash , pre-tax impairment charges , in continuing operations , for goodwill of $ 486 million ( $ 330 million , after tax ) for 2011 . in 2011 , the pre-tax impairment charge in the cabinets and related products segment relates to the european ready-to- assemble cabinet manufacturer and reflects the declining demand for certain products , as well as decreased operating margins . the pre-tax impairment charge in the decorative architectural products segment relates to the builders 2019 hardware business and reflects increasing competitive conditions for that business . the pre-tax impairment charge in the other specialty products segment relates to the north american window and door business and reflects the continuing weak level of new home construction activity in the western u.s. , the reduced levels of repair and remodel activity and the expectation that recovery in these segments will be modestly slower than anticipated . the company then assessed the long-lived assets associated with these business units and determined no impairment was necessary at december 31 , 2011 . other indefinite-lived intangible assets were $ 132 million and $ 174 million at december 31 , 2012 and 2011 , respectively , and principally included registered trademarks . in 2012 and 2011 , the impairment test indicated that the registered trademark for a north american business unit in the other specialty products segment and the registered trademark for a north american business unit in the plumbing products segment ( 2011 only ) were impaired due to changes in the long-term outlook for the business units . the company recognized non-cash , pre-tax impairment charges for other indefinite- lived intangible assets of $ 42 million ( $ 27 million , after tax ) and $ 8 million ( $ 5 million , after tax ) in 2012 and 2011 , respectively . in 2010 , the company recognized non-cash , pre-tax impairment charges for other indefinite-lived intangible assets of $ 10 million ( $ 6 million after tax ) related to the installation and other services segment ( $ 9 million pre-tax ) and the plumbing products segment ( $ 1 million pre-tax ) . .

| | | gross goodwill at december 31 2010 | accumulated impairment losses | net goodwill at december 31 2010 | additions ( a ) | discontinued operations ( b ) | pre-tax impairment charge | other ( c ) | net goodwill at december 31 2011 | |---:|:----------------------------------|:-------------------------------------|:--------------------------------|:-----------------------------------|:------------------|:--------------------------------|:----------------------------|:--------------|:-----------------------------------| | 0 | cabinets and related products | $ 587 | $ -364 ( 364 ) | $ 223 | $ 2014 | $ 2014 | $ -44 ( 44 ) | $ 2 | $ 181 | | 1 | plumbing products | 536 | -340 ( 340 ) | 196 | 9 | 2014 | 2014 | -4 ( 4 ) | 201 | | 2 | installation and other services | 1819 | -762 ( 762 ) | 1057 | 2014 | -13 ( 13 ) | 2014 | 2014 | 1044 | | 3 | decorative architectural products | 294 | 2014 | 294 | 2014 | 2014 | -75 ( 75 ) | 2014 | 219 | | 4 | other specialty products | 980 | -367 ( 367 ) | 613 | 2014 | 2014 | -367 ( 367 ) | 2014 | 246 | | 5 | total | $ 4216 | $ -1833 ( 1833 ) | $ 2383 | $ 9 | $ -13 ( 13 ) | $ -486 ( 486 ) | $ -2 ( 2 ) | $ 1891 |

masco corporation notes to consolidated financial statements ( continued ) h . goodwill and other intangible assets ( continued ) goodwill at december 31 , accumulated impairment losses goodwill at december 31 , 2010 additions ( a ) discontinued operations ( b ) pre-tax impairment charge other ( c ) goodwill at december 31 , cabinets and related products . . . . . . . . . . . $ 587 $ ( 364 ) $ 223 $ 2014 $ 2014 $ ( 44 ) $ 2 $ 181 ._| | | gross goodwill at december 31 2010 | accumulated impairment losses | net goodwill at december 31 2010 | additions ( a ) | discontinued operations ( b ) | pre-tax impairment charge | other ( c ) | net goodwill at december 31 2011 | |---:|:----------------------------------|:-------------------------------------|:--------------------------------|:-----------------------------------|:------------------|:--------------------------------|:----------------------------|:--------------|:-----------------------------------| | 0 | cabinets and related products | $ 587 | $ -364 ( 364 ) | $ 223 | $ 2014 | $ 2014 | $ -44 ( 44 ) | $ 2 | $ 181 | | 1 | plumbing products | 536 | -340 ( 340 ) | 196 | 9 | 2014 | 2014 | -4 ( 4 ) | 201 | | 2 | installation and other services | 1819 | -762 ( 762 ) | 1057 | 2014 | -13 ( 13 ) | 2014 | 2014 | 1044 | | 3 | decorative architectural products | 294 | 2014 | 294 | 2014 | 2014 | -75 ( 75 ) | 2014 | 219 | | 4 | other specialty products | 980 | -367 ( 367 ) | 613 | 2014 | 2014 | -367 ( 367 ) | 2014 | 246 | | 5 | total | $ 4216 | $ -1833 ( 1833 ) | $ 2383 | $ 9 | $ -13 ( 13 ) | $ -486 ( 486 ) | $ -2 ( 2 ) | $ 1891 |_( a ) additions include acquisitions . ( b ) during 2011 , the company reclassified the goodwill related to the business units held for sale . subsequent to the reclassification , the company recognized a charge for those business units expected to be divested at a loss ; the charge included a write-down of goodwill of $ 13 million . ( c ) other principally includes the effect of foreign currency translation and purchase price adjustments related to prior-year acquisitions . in the fourth quarters of 2012 and 2011 , the company completed its annual impairment testing of goodwill and other indefinite-lived intangible assets . the impairment test in 2012 indicated there was no impairment of goodwill for any of the company 2019s reporting units . the impairment test in 2011 indicated that goodwill recorded for certain of the company 2019s reporting units was impaired . the company recognized the non-cash , pre-tax impairment charges , in continuing operations , for goodwill of $ 486 million ( $ 330 million , after tax ) for 2011 . in 2011 , the pre-tax impairment charge in the cabinets and related products segment relates to the european ready-to- assemble cabinet manufacturer and reflects the declining demand for certain products , as well as decreased operating margins . the pre-tax impairment charge in the decorative architectural products segment relates to the builders 2019 hardware business and reflects increasing competitive conditions for that business . the pre-tax impairment charge in the other specialty products segment relates to the north american window and door business and reflects the continuing weak level of new home construction activity in the western u.s. , the reduced levels of repair and remodel activity and the expectation that recovery in these segments will be modestly slower than anticipated . the company then assessed the long-lived assets associated with these business units and determined no impairment was necessary at december 31 , 2011 . other indefinite-lived intangible assets were $ 132 million and $ 174 million at december 31 , 2012 and 2011 , respectively , and principally included registered trademarks . in 2012 and 2011 , the impairment test indicated that the registered trademark for a north american business unit in the other specialty products segment and the registered trademark for a north american business unit in the plumbing products segment ( 2011 only ) were impaired due to changes in the long-term outlook for the business units . the company recognized non-cash , pre-tax impairment charges for other indefinite- lived intangible assets of $ 42 million ( $ 27 million , after tax ) and $ 8 million ( $ 5 million , after tax ) in 2012 and 2011 , respectively . in 2010 , the company recognized non-cash , pre-tax impairment charges for other indefinite-lived intangible assets of $ 10 million ( $ 6 million after tax ) related to the installation and other services segment ( $ 9 million pre-tax ) and the plumbing products segment ( $ 1 million pre-tax ) . .

2,012

70

MAS

Masco

Industrials

Building Products

Livonia, Michigan

1981-06-30

62,996

1929

what percentage of net goodwill at december 31 2011 is comprised of

10%

divide(181, 1891)

masco corporation notes to consolidated financial statements ( continued ) h . goodwill and other intangible assets ( continued ) goodwill at december 31 , accumulated impairment losses goodwill at december 31 , 2010 additions ( a ) discontinued operations ( b ) pre-tax impairment charge other ( c ) goodwill at december 31 , cabinets and related products . . . . . . . . . . . $ 587 $ ( 364 ) $ 223 $ 2014 $ 2014 $ ( 44 ) $ 2 $ 181 .

( a ) additions include acquisitions . ( b ) during 2011 , the company reclassified the goodwill related to the business units held for sale . subsequent to the reclassification , the company recognized a charge for those business units expected to be divested at a loss ; the charge included a write-down of goodwill of $ 13 million . ( c ) other principally includes the effect of foreign currency translation and purchase price adjustments related to prior-year acquisitions . in the fourth quarters of 2012 and 2011 , the company completed its annual impairment testing of goodwill and other indefinite-lived intangible assets . the impairment test in 2012 indicated there was no impairment of goodwill for any of the company 2019s reporting units . the impairment test in 2011 indicated that goodwill recorded for certain of the company 2019s reporting units was impaired . the company recognized the non-cash , pre-tax impairment charges , in continuing operations , for goodwill of $ 486 million ( $ 330 million , after tax ) for 2011 . in 2011 , the pre-tax impairment charge in the cabinets and related products segment relates to the european ready-to- assemble cabinet manufacturer and reflects the declining demand for certain products , as well as decreased operating margins . the pre-tax impairment charge in the decorative architectural products segment relates to the builders 2019 hardware business and reflects increasing competitive conditions for that business . the pre-tax impairment charge in the other specialty products segment relates to the north american window and door business and reflects the continuing weak level of new home construction activity in the western u.s. , the reduced levels of repair and remodel activity and the expectation that recovery in these segments will be modestly slower than anticipated . the company then assessed the long-lived assets associated with these business units and determined no impairment was necessary at december 31 , 2011 . other indefinite-lived intangible assets were $ 132 million and $ 174 million at december 31 , 2012 and 2011 , respectively , and principally included registered trademarks . in 2012 and 2011 , the impairment test indicated that the registered trademark for a north american business unit in the other specialty products segment and the registered trademark for a north american business unit in the plumbing products segment ( 2011 only ) were impaired due to changes in the long-term outlook for the business units . the company recognized non-cash , pre-tax impairment charges for other indefinite- lived intangible assets of $ 42 million ( $ 27 million , after tax ) and $ 8 million ( $ 5 million , after tax ) in 2012 and 2011 , respectively . in 2010 , the company recognized non-cash , pre-tax impairment charges for other indefinite-lived intangible assets of $ 10 million ( $ 6 million after tax ) related to the installation and other services segment ( $ 9 million pre-tax ) and the plumbing products segment ( $ 1 million pre-tax ) . .

| | | gross goodwill at december 31 2010 | accumulated impairment losses | net goodwill at december 31 2010 | additions ( a ) | discontinued operations ( b ) | pre-tax impairment charge | other ( c ) | net goodwill at december 31 2011 | |---:|:----------------------------------|:-------------------------------------|:--------------------------------|:-----------------------------------|:------------------|:--------------------------------|:----------------------------|:--------------|:-----------------------------------| | 0 | cabinets and related products | $ 587 | $ -364 ( 364 ) | $ 223 | $ 2014 | $ 2014 | $ -44 ( 44 ) | $ 2 | $ 181 | | 1 | plumbing products | 536 | -340 ( 340 ) | 196 | 9 | 2014 | 2014 | -4 ( 4 ) | 201 | | 2 | installation and other services | 1819 | -762 ( 762 ) | 1057 | 2014 | -13 ( 13 ) | 2014 | 2014 | 1044 | | 3 | decorative architectural products | 294 | 2014 | 294 | 2014 | 2014 | -75 ( 75 ) | 2014 | 219 | | 4 | other specialty products | 980 | -367 ( 367 ) | 613 | 2014 | 2014 | -367 ( 367 ) | 2014 | 246 | | 5 | total | $ 4216 | $ -1833 ( 1833 ) | $ 2383 | $ 9 | $ -13 ( 13 ) | $ -486 ( 486 ) | $ -2 ( 2 ) | $ 1891 |

masco corporation notes to consolidated financial statements ( continued ) h . goodwill and other intangible assets ( continued ) goodwill at december 31 , accumulated impairment losses goodwill at december 31 , 2010 additions ( a ) discontinued operations ( b ) pre-tax impairment charge other ( c ) goodwill at december 31 , cabinets and related products . . . . . . . . . . . $ 587 $ ( 364 ) $ 223 $ 2014 $ 2014 $ ( 44 ) $ 2 $ 181 ._| | | gross goodwill at december 31 2010 | accumulated impairment losses | net goodwill at december 31 2010 | additions ( a ) | discontinued operations ( b ) | pre-tax impairment charge | other ( c ) | net goodwill at december 31 2011 | |---:|:----------------------------------|:-------------------------------------|:--------------------------------|:-----------------------------------|:------------------|:--------------------------------|:----------------------------|:--------------|:-----------------------------------| | 0 | cabinets and related products | $ 587 | $ -364 ( 364 ) | $ 223 | $ 2014 | $ 2014 | $ -44 ( 44 ) | $ 2 | $ 181 | | 1 | plumbing products | 536 | -340 ( 340 ) | 196 | 9 | 2014 | 2014 | -4 ( 4 ) | 201 | | 2 | installation and other services | 1819 | -762 ( 762 ) | 1057 | 2014 | -13 ( 13 ) | 2014 | 2014 | 1044 | | 3 | decorative architectural products | 294 | 2014 | 294 | 2014 | 2014 | -75 ( 75 ) | 2014 | 219 | | 4 | other specialty products | 980 | -367 ( 367 ) | 613 | 2014 | 2014 | -367 ( 367 ) | 2014 | 246 | | 5 | total | $ 4216 | $ -1833 ( 1833 ) | $ 2383 | $ 9 | $ -13 ( 13 ) | $ -486 ( 486 ) | $ -2 ( 2 ) | $ 1891 |_( a ) additions include acquisitions . ( b ) during 2011 , the company reclassified the goodwill related to the business units held for sale . subsequent to the reclassification , the company recognized a charge for those business units expected to be divested at a loss ; the charge included a write-down of goodwill of $ 13 million . ( c ) other principally includes the effect of foreign currency translation and purchase price adjustments related to prior-year acquisitions . in the fourth quarters of 2012 and 2011 , the company completed its annual impairment testing of goodwill and other indefinite-lived intangible assets . the impairment test in 2012 indicated there was no impairment of goodwill for any of the company 2019s reporting units . the impairment test in 2011 indicated that goodwill recorded for certain of the company 2019s reporting units was impaired . the company recognized the non-cash , pre-tax impairment charges , in continuing operations , for goodwill of $ 486 million ( $ 330 million , after tax ) for 2011 . in 2011 , the pre-tax impairment charge in the cabinets and related products segment relates to the european ready-to- assemble cabinet manufacturer and reflects the declining demand for certain products , as well as decreased operating margins . the pre-tax impairment charge in the decorative architectural products segment relates to the builders 2019 hardware business and reflects increasing competitive conditions for that business . the pre-tax impairment charge in the other specialty products segment relates to the north american window and door business and reflects the continuing weak level of new home construction activity in the western u.s. , the reduced levels of repair and remodel activity and the expectation that recovery in these segments will be modestly slower than anticipated . the company then assessed the long-lived assets associated with these business units and determined no impairment was necessary at december 31 , 2011 . other indefinite-lived intangible assets were $ 132 million and $ 174 million at december 31 , 2012 and 2011 , respectively , and principally included registered trademarks . in 2012 and 2011 , the impairment test indicated that the registered trademark for a north american business unit in the other specialty products segment and the registered trademark for a north american business unit in the plumbing products segment ( 2011 only ) were impaired due to changes in the long-term outlook for the business units . the company recognized non-cash , pre-tax impairment charges for other indefinite- lived intangible assets of $ 42 million ( $ 27 million , after tax ) and $ 8 million ( $ 5 million , after tax ) in 2012 and 2011 , respectively . in 2010 , the company recognized non-cash , pre-tax impairment charges for other indefinite-lived intangible assets of $ 10 million ( $ 6 million after tax ) related to the installation and other services segment ( $ 9 million pre-tax ) and the plumbing products segment ( $ 1 million pre-tax ) . .

2,012

70

MAS

Masco

Industrials

Building Products

Livonia, Michigan

1981-06-30

62,996

1929

null

finqa442

in 2011 what was the percent of risk solutions revenues to the total revenues of aons

60.3%

divide(6817, 11287)

aon has certain contractual contingent guarantees for premium payments owed by clients to certain insurance companies . the maximum exposure with respect to such contractual contingent guarantees was approximately $ 48 million at december 31 , 2011 . aon has provided commitments to fund certain limited partnerships in which it has an interest in the event that the general partners request funding . some of these commitments have specific expiration dates and the maximum potential funding under these commitments was $ 64 million at december 31 , 2011 . during 2011 , the company funded $ 15 million of these commitments . aon expects that as prudent business interests dictate , additional guarantees and indemnifications may be issued from time to time . 17 . related party transactions during 2011 , the company , in the ordinary course of business , provided retail brokerage , consulting and financial advisory services to , and received wholesale brokerage services from , an entity that is controlled by one of the company 2019s stockholders . these transactions were negotiated at an arms-length basis and contain customary terms and conditions . during 2011 , commissions and fee revenue from these transactions was approximately $ 9 million . 18 . segment information the company has two reportable operating segments : risk solutions and hr solutions . unallocated income and expenses , when combined with the operating segments and after the elimination of intersegment revenues and expenses , total to the amounts in the consolidated financial statements . reportable operating segments have been determined using a management approach , which is consistent with the basis and manner in which aon 2019s chief operating decision maker ( 2018 2018codm 2019 2019 ) uses financial information for the purposes of allocating resources and assessing performance . the codm assesses performance based on operating segment operating income and generally accounts for intersegment revenue as if the revenue were from third parties and at what management believes are current market prices . the company does not present net assets by segment as this information is not reviewed by the codm . risk solutions acts as an advisor and insurance and reinsurance broker , helping clients manage their risks , via consultation , as well as negotiation and placement of insurance risk with insurance carriers through aon 2019s global distribution network . hr solutions partners with organizations to solve their most complex benefits , talent and related financial challenges , and improve business performance by designing , implementing , communicating and administering a wide range of human capital , retirement , investment management , health care , compensation and talent management strategies . aon 2019s total revenue is as follows ( in millions ) : .

.

| | years ended december 31 | 2011 | 2010 | 2009 | |---:|:--------------------------|:-----------|:-----------|:-----------| | 0 | risk solutions | $ 6817 | $ 6423 | $ 6305 | | 1 | hr solutions | 4501 | 2111 | 1267 | | 2 | intersegment elimination | -31 ( 31 ) | -22 ( 22 ) | -26 ( 26 ) | | 3 | total operating segments | 11287 | 8512 | 7546 | | 4 | unallocated | 2014 | 2014 | 49 | | 5 | total revenue | $ 11287 | $ 8512 | $ 7595 |

aon has certain contractual contingent guarantees for premium payments owed by clients to certain insurance companies . the maximum exposure with respect to such contractual contingent guarantees was approximately $ 48 million at december 31 , 2011 . aon has provided commitments to fund certain limited partnerships in which it has an interest in the event that the general partners request funding . some of these commitments have specific expiration dates and the maximum potential funding under these commitments was $ 64 million at december 31 , 2011 . during 2011 , the company funded $ 15 million of these commitments . aon expects that as prudent business interests dictate , additional guarantees and indemnifications may be issued from time to time . 17 . related party transactions during 2011 , the company , in the ordinary course of business , provided retail brokerage , consulting and financial advisory services to , and received wholesale brokerage services from , an entity that is controlled by one of the company 2019s stockholders . these transactions were negotiated at an arms-length basis and contain customary terms and conditions . during 2011 , commissions and fee revenue from these transactions was approximately $ 9 million . 18 . segment information the company has two reportable operating segments : risk solutions and hr solutions . unallocated income and expenses , when combined with the operating segments and after the elimination of intersegment revenues and expenses , total to the amounts in the consolidated financial statements . reportable operating segments have been determined using a management approach , which is consistent with the basis and manner in which aon 2019s chief operating decision maker ( 2018 2018codm 2019 2019 ) uses financial information for the purposes of allocating resources and assessing performance . the codm assesses performance based on operating segment operating income and generally accounts for intersegment revenue as if the revenue were from third parties and at what management believes are current market prices . the company does not present net assets by segment as this information is not reviewed by the codm . risk solutions acts as an advisor and insurance and reinsurance broker , helping clients manage their risks , via consultation , as well as negotiation and placement of insurance risk with insurance carriers through aon 2019s global distribution network . hr solutions partners with organizations to solve their most complex benefits , talent and related financial challenges , and improve business performance by designing , implementing , communicating and administering a wide range of human capital , retirement , investment management , health care , compensation and talent management strategies . aon 2019s total revenue is as follows ( in millions ) : ._| | years ended december 31 | 2011 | 2010 | 2009 | |---:|:--------------------------|:-----------|:-----------|:-----------| | 0 | risk solutions | $ 6817 | $ 6423 | $ 6305 | | 1 | hr solutions | 4501 | 2111 | 1267 | | 2 | intersegment elimination | -31 ( 31 ) | -22 ( 22 ) | -26 ( 26 ) | | 3 | total operating segments | 11287 | 8512 | 7546 | | 4 | unallocated | 2014 | 2014 | 49 | | 5 | total revenue | $ 11287 | $ 8512 | $ 7595 |_.

2,011

134

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

in 2011 what was the percent of risk solutions revenues to the total revenues of aons

60.3%

divide(6817, 11287)

aon has certain contractual contingent guarantees for premium payments owed by clients to certain insurance companies . the maximum exposure with respect to such contractual contingent guarantees was approximately $ 48 million at december 31 , 2011 . aon has provided commitments to fund certain limited partnerships in which it has an interest in the event that the general partners request funding . some of these commitments have specific expiration dates and the maximum potential funding under these commitments was $ 64 million at december 31 , 2011 . during 2011 , the company funded $ 15 million of these commitments . aon expects that as prudent business interests dictate , additional guarantees and indemnifications may be issued from time to time . 17 . related party transactions during 2011 , the company , in the ordinary course of business , provided retail brokerage , consulting and financial advisory services to , and received wholesale brokerage services from , an entity that is controlled by one of the company 2019s stockholders . these transactions were negotiated at an arms-length basis and contain customary terms and conditions . during 2011 , commissions and fee revenue from these transactions was approximately $ 9 million . 18 . segment information the company has two reportable operating segments : risk solutions and hr solutions . unallocated income and expenses , when combined with the operating segments and after the elimination of intersegment revenues and expenses , total to the amounts in the consolidated financial statements . reportable operating segments have been determined using a management approach , which is consistent with the basis and manner in which aon 2019s chief operating decision maker ( 2018 2018codm 2019 2019 ) uses financial information for the purposes of allocating resources and assessing performance . the codm assesses performance based on operating segment operating income and generally accounts for intersegment revenue as if the revenue were from third parties and at what management believes are current market prices . the company does not present net assets by segment as this information is not reviewed by the codm . risk solutions acts as an advisor and insurance and reinsurance broker , helping clients manage their risks , via consultation , as well as negotiation and placement of insurance risk with insurance carriers through aon 2019s global distribution network . hr solutions partners with organizations to solve their most complex benefits , talent and related financial challenges , and improve business performance by designing , implementing , communicating and administering a wide range of human capital , retirement , investment management , health care , compensation and talent management strategies . aon 2019s total revenue is as follows ( in millions ) : .

.

| | years ended december 31 | 2011 | 2010 | 2009 | |---:|:--------------------------|:-----------|:-----------|:-----------| | 0 | risk solutions | $ 6817 | $ 6423 | $ 6305 | | 1 | hr solutions | 4501 | 2111 | 1267 | | 2 | intersegment elimination | -31 ( 31 ) | -22 ( 22 ) | -26 ( 26 ) | | 3 | total operating segments | 11287 | 8512 | 7546 | | 4 | unallocated | 2014 | 2014 | 49 | | 5 | total revenue | $ 11287 | $ 8512 | $ 7595 |

aon has certain contractual contingent guarantees for premium payments owed by clients to certain insurance companies . the maximum exposure with respect to such contractual contingent guarantees was approximately $ 48 million at december 31 , 2011 . aon has provided commitments to fund certain limited partnerships in which it has an interest in the event that the general partners request funding . some of these commitments have specific expiration dates and the maximum potential funding under these commitments was $ 64 million at december 31 , 2011 . during 2011 , the company funded $ 15 million of these commitments . aon expects that as prudent business interests dictate , additional guarantees and indemnifications may be issued from time to time . 17 . related party transactions during 2011 , the company , in the ordinary course of business , provided retail brokerage , consulting and financial advisory services to , and received wholesale brokerage services from , an entity that is controlled by one of the company 2019s stockholders . these transactions were negotiated at an arms-length basis and contain customary terms and conditions . during 2011 , commissions and fee revenue from these transactions was approximately $ 9 million . 18 . segment information the company has two reportable operating segments : risk solutions and hr solutions . unallocated income and expenses , when combined with the operating segments and after the elimination of intersegment revenues and expenses , total to the amounts in the consolidated financial statements . reportable operating segments have been determined using a management approach , which is consistent with the basis and manner in which aon 2019s chief operating decision maker ( 2018 2018codm 2019 2019 ) uses financial information for the purposes of allocating resources and assessing performance . the codm assesses performance based on operating segment operating income and generally accounts for intersegment revenue as if the revenue were from third parties and at what management believes are current market prices . the company does not present net assets by segment as this information is not reviewed by the codm . risk solutions acts as an advisor and insurance and reinsurance broker , helping clients manage their risks , via consultation , as well as negotiation and placement of insurance risk with insurance carriers through aon 2019s global distribution network . hr solutions partners with organizations to solve their most complex benefits , talent and related financial challenges , and improve business performance by designing , implementing , communicating and administering a wide range of human capital , retirement , investment management , health care , compensation and talent management strategies . aon 2019s total revenue is as follows ( in millions ) : ._| | years ended december 31 | 2011 | 2010 | 2009 | |---:|:--------------------------|:-----------|:-----------|:-----------| | 0 | risk solutions | $ 6817 | $ 6423 | $ 6305 | | 1 | hr solutions | 4501 | 2111 | 1267 | | 2 | intersegment elimination | -31 ( 31 ) | -22 ( 22 ) | -26 ( 26 ) | | 3 | total operating segments | 11287 | 8512 | 7546 | | 4 | unallocated | 2014 | 2014 | 49 | | 5 | total revenue | $ 11287 | $ 8512 | $ 7595 |_.

2,011

134

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

null

finqa443

what is the anticipated amount of revenues from the of the $ 21 billion total backlog as of december 31 , 2014 , to be converted into sales in 2015 in billions

5.88

multiply(21, 28%)

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 is the anticipated amount of revenues from the of the $ 21 billion total backlog as of december 31 , 2014 , to be converted into sales in 2015 in billions

5.88

multiply(21, 28%)

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

finqa444

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

-76.2%

divide(subtract(50408, 211942), 211942)

54| | duke realty corporation annual report 2009 net income ( loss ) per common share basic net income ( loss ) per common share is computed by dividing net income ( loss ) attributable to common shareholders , less dividends on share-based awards expected to vest , by the weighted average number of common shares outstanding for the period . diluted net income ( loss ) per common share is computed by dividing the sum of basic net income ( loss ) attributable to common shareholders and the noncontrolling interest in earnings allocable to units not owned by us ( to the extent the units are dilutive ) , by the sum of the weighted average number of common shares outstanding and , to the extent they are dilutive , limited partnership units outstanding , as well as any potential dilutive securities for the period . during the first quarter of 2009 , we adopted a new accounting standard ( fasb asc 260-10 ) on participating securities , which we have applied retrospectively to prior period calculations of basic and diluted earnings per common share . pursuant to this new standard , certain of our share-based awards are considered participating securities because they earn dividend equivalents that are not forfeited even if the underlying award does not vest . the following table reconciles the components of basic and diluted net income ( loss ) per common share ( in thousands ) : .

weighted average number of common shares and potential diluted securities 201206 154553 149250 ( 1 ) the partnership units are anti-dilutive for the year ended december 31 , 2009 , as a result of the net loss for that period . therefore , 6687 units ( in thousands ) are excluded from the weighted average number of common shares and potential dilutive securities for the year ended december 31 , 2009 and $ 11099 noncontrolling interest in earnings of common unitholders ( in thousands ) is excluded from diluted net loss attributable to common shareholders for the year ended december 31 , 2009 . ( 2 ) excludes ( in thousands of shares ) 7872 ; 8219 and 1144 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively related to stock-based compensation plans . also excludes ( in thousands of shares ) the exchangeable notes that have 8089 ; 11771 and 11751 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively . federal income taxes we have elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code of 1986 , as amended . to qualify as a reit , we must meet a number of organizational and operational requirements , including a requirement to distribute at least 90% ( 90 % ) of our adjusted taxable income to our stockholders . management intends to continue to adhere to these requirements and to maintain our reit status . as a reit , we are entitled to a tax deduction for some or all of the dividends we pay to shareholders . accordingly , we generally will not be subject to federal income taxes as long as we distribute an amount equal to or in excess of our taxable income currently to shareholders . we are also generally subject to federal income taxes on any taxable income that is not currently distributed to our shareholders . if we fail to qualify as a reit in any taxable year , we will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years . reit qualification reduces , but does not eliminate , the amount of state and local taxes we pay . in addition , our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes . as a reit , we may also be subject to certain federal excise taxes if we engage in certain types of transactions. .

| | | 2009 | 2008 | 2007 | |---:|:---------------------------------------------------------------------------|:---------------------|:---------------|:---------------| | 0 | net income ( loss ) attributable to common shareholders | $ -333601 ( 333601 ) | $ 50408 | $ 211942 | | 1 | less : dividends on share-based awards expected to vest | -1759 ( 1759 ) | -1631 ( 1631 ) | -1149 ( 1149 ) | | 2 | basic net income ( loss ) attributable to common shareholders | -335360 ( 335360 ) | 48777 | 210793 | | 3 | noncontrolling interest in earnings of common unitholders ( 1 ) | - | 2640 | 13998 | | 4 | diluted net income ( loss ) attributable to common shareholders | $ -335360 ( 335360 ) | $ 51417 | $ 224791 | | 5 | weighted average number of common shares outstanding | 201206 | 146915 | 139255 | | 6 | weighted average partnership units outstanding | - | 7619 | 9204 | | 7 | other potential dilutive shares ( 2 ) | - | 19 | 791 | | 8 | weighted average number of common shares and potential dilutive securities | 201206 | 154553 | 149250 |

54| | duke realty corporation annual report 2009 net income ( loss ) per common share basic net income ( loss ) per common share is computed by dividing net income ( loss ) attributable to common shareholders , less dividends on share-based awards expected to vest , by the weighted average number of common shares outstanding for the period . diluted net income ( loss ) per common share is computed by dividing the sum of basic net income ( loss ) attributable to common shareholders and the noncontrolling interest in earnings allocable to units not owned by us ( to the extent the units are dilutive ) , by the sum of the weighted average number of common shares outstanding and , to the extent they are dilutive , limited partnership units outstanding , as well as any potential dilutive securities for the period . during the first quarter of 2009 , we adopted a new accounting standard ( fasb asc 260-10 ) on participating securities , which we have applied retrospectively to prior period calculations of basic and diluted earnings per common share . pursuant to this new standard , certain of our share-based awards are considered participating securities because they earn dividend equivalents that are not forfeited even if the underlying award does not vest . the following table reconciles the components of basic and diluted net income ( loss ) per common share ( in thousands ) : ._| | | 2009 | 2008 | 2007 | |---:|:---------------------------------------------------------------------------|:---------------------|:---------------|:---------------| | 0 | net income ( loss ) attributable to common shareholders | $ -333601 ( 333601 ) | $ 50408 | $ 211942 | | 1 | less : dividends on share-based awards expected to vest | -1759 ( 1759 ) | -1631 ( 1631 ) | -1149 ( 1149 ) | | 2 | basic net income ( loss ) attributable to common shareholders | -335360 ( 335360 ) | 48777 | 210793 | | 3 | noncontrolling interest in earnings of common unitholders ( 1 ) | - | 2640 | 13998 | | 4 | diluted net income ( loss ) attributable to common shareholders | $ -335360 ( 335360 ) | $ 51417 | $ 224791 | | 5 | weighted average number of common shares outstanding | 201206 | 146915 | 139255 | | 6 | weighted average partnership units outstanding | - | 7619 | 9204 | | 7 | other potential dilutive shares ( 2 ) | - | 19 | 791 | | 8 | weighted average number of common shares and potential dilutive securities | 201206 | 154553 | 149250 |_weighted average number of common shares and potential diluted securities 201206 154553 149250 ( 1 ) the partnership units are anti-dilutive for the year ended december 31 , 2009 , as a result of the net loss for that period . therefore , 6687 units ( in thousands ) are excluded from the weighted average number of common shares and potential dilutive securities for the year ended december 31 , 2009 and $ 11099 noncontrolling interest in earnings of common unitholders ( in thousands ) is excluded from diluted net loss attributable to common shareholders for the year ended december 31 , 2009 . ( 2 ) excludes ( in thousands of shares ) 7872 ; 8219 and 1144 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively related to stock-based compensation plans . also excludes ( in thousands of shares ) the exchangeable notes that have 8089 ; 11771 and 11751 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively . federal income taxes we have elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code of 1986 , as amended . to qualify as a reit , we must meet a number of organizational and operational requirements , including a requirement to distribute at least 90% ( 90 % ) of our adjusted taxable income to our stockholders . management intends to continue to adhere to these requirements and to maintain our reit status . as a reit , we are entitled to a tax deduction for some or all of the dividends we pay to shareholders . accordingly , we generally will not be subject to federal income taxes as long as we distribute an amount equal to or in excess of our taxable income currently to shareholders . we are also generally subject to federal income taxes on any taxable income that is not currently distributed to our shareholders . if we fail to qualify as a reit in any taxable year , we will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years . reit qualification reduces , but does not eliminate , the amount of state and local taxes we pay . in addition , our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes . as a reit , we may also be subject to certain federal excise taxes if we engage in certain types of transactions. .

2,009

56

DRE

Duke Realty Corporation

Real Estate

Industrial REITs

Indianapolis, IN

2004-01-01

783,280

1972

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

-76.2%

divide(subtract(50408, 211942), 211942)

54| | duke realty corporation annual report 2009 net income ( loss ) per common share basic net income ( loss ) per common share is computed by dividing net income ( loss ) attributable to common shareholders , less dividends on share-based awards expected to vest , by the weighted average number of common shares outstanding for the period . diluted net income ( loss ) per common share is computed by dividing the sum of basic net income ( loss ) attributable to common shareholders and the noncontrolling interest in earnings allocable to units not owned by us ( to the extent the units are dilutive ) , by the sum of the weighted average number of common shares outstanding and , to the extent they are dilutive , limited partnership units outstanding , as well as any potential dilutive securities for the period . during the first quarter of 2009 , we adopted a new accounting standard ( fasb asc 260-10 ) on participating securities , which we have applied retrospectively to prior period calculations of basic and diluted earnings per common share . pursuant to this new standard , certain of our share-based awards are considered participating securities because they earn dividend equivalents that are not forfeited even if the underlying award does not vest . the following table reconciles the components of basic and diluted net income ( loss ) per common share ( in thousands ) : .

weighted average number of common shares and potential diluted securities 201206 154553 149250 ( 1 ) the partnership units are anti-dilutive for the year ended december 31 , 2009 , as a result of the net loss for that period . therefore , 6687 units ( in thousands ) are excluded from the weighted average number of common shares and potential dilutive securities for the year ended december 31 , 2009 and $ 11099 noncontrolling interest in earnings of common unitholders ( in thousands ) is excluded from diluted net loss attributable to common shareholders for the year ended december 31 , 2009 . ( 2 ) excludes ( in thousands of shares ) 7872 ; 8219 and 1144 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively related to stock-based compensation plans . also excludes ( in thousands of shares ) the exchangeable notes that have 8089 ; 11771 and 11751 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively . federal income taxes we have elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code of 1986 , as amended . to qualify as a reit , we must meet a number of organizational and operational requirements , including a requirement to distribute at least 90% ( 90 % ) of our adjusted taxable income to our stockholders . management intends to continue to adhere to these requirements and to maintain our reit status . as a reit , we are entitled to a tax deduction for some or all of the dividends we pay to shareholders . accordingly , we generally will not be subject to federal income taxes as long as we distribute an amount equal to or in excess of our taxable income currently to shareholders . we are also generally subject to federal income taxes on any taxable income that is not currently distributed to our shareholders . if we fail to qualify as a reit in any taxable year , we will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years . reit qualification reduces , but does not eliminate , the amount of state and local taxes we pay . in addition , our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes . as a reit , we may also be subject to certain federal excise taxes if we engage in certain types of transactions. .

| | | 2009 | 2008 | 2007 | |---:|:---------------------------------------------------------------------------|:---------------------|:---------------|:---------------| | 0 | net income ( loss ) attributable to common shareholders | $ -333601 ( 333601 ) | $ 50408 | $ 211942 | | 1 | less : dividends on share-based awards expected to vest | -1759 ( 1759 ) | -1631 ( 1631 ) | -1149 ( 1149 ) | | 2 | basic net income ( loss ) attributable to common shareholders | -335360 ( 335360 ) | 48777 | 210793 | | 3 | noncontrolling interest in earnings of common unitholders ( 1 ) | - | 2640 | 13998 | | 4 | diluted net income ( loss ) attributable to common shareholders | $ -335360 ( 335360 ) | $ 51417 | $ 224791 | | 5 | weighted average number of common shares outstanding | 201206 | 146915 | 139255 | | 6 | weighted average partnership units outstanding | - | 7619 | 9204 | | 7 | other potential dilutive shares ( 2 ) | - | 19 | 791 | | 8 | weighted average number of common shares and potential dilutive securities | 201206 | 154553 | 149250 |

54| | duke realty corporation annual report 2009 net income ( loss ) per common share basic net income ( loss ) per common share is computed by dividing net income ( loss ) attributable to common shareholders , less dividends on share-based awards expected to vest , by the weighted average number of common shares outstanding for the period . diluted net income ( loss ) per common share is computed by dividing the sum of basic net income ( loss ) attributable to common shareholders and the noncontrolling interest in earnings allocable to units not owned by us ( to the extent the units are dilutive ) , by the sum of the weighted average number of common shares outstanding and , to the extent they are dilutive , limited partnership units outstanding , as well as any potential dilutive securities for the period . during the first quarter of 2009 , we adopted a new accounting standard ( fasb asc 260-10 ) on participating securities , which we have applied retrospectively to prior period calculations of basic and diluted earnings per common share . pursuant to this new standard , certain of our share-based awards are considered participating securities because they earn dividend equivalents that are not forfeited even if the underlying award does not vest . the following table reconciles the components of basic and diluted net income ( loss ) per common share ( in thousands ) : ._| | | 2009 | 2008 | 2007 | |---:|:---------------------------------------------------------------------------|:---------------------|:---------------|:---------------| | 0 | net income ( loss ) attributable to common shareholders | $ -333601 ( 333601 ) | $ 50408 | $ 211942 | | 1 | less : dividends on share-based awards expected to vest | -1759 ( 1759 ) | -1631 ( 1631 ) | -1149 ( 1149 ) | | 2 | basic net income ( loss ) attributable to common shareholders | -335360 ( 335360 ) | 48777 | 210793 | | 3 | noncontrolling interest in earnings of common unitholders ( 1 ) | - | 2640 | 13998 | | 4 | diluted net income ( loss ) attributable to common shareholders | $ -335360 ( 335360 ) | $ 51417 | $ 224791 | | 5 | weighted average number of common shares outstanding | 201206 | 146915 | 139255 | | 6 | weighted average partnership units outstanding | - | 7619 | 9204 | | 7 | other potential dilutive shares ( 2 ) | - | 19 | 791 | | 8 | weighted average number of common shares and potential dilutive securities | 201206 | 154553 | 149250 |_weighted average number of common shares and potential diluted securities 201206 154553 149250 ( 1 ) the partnership units are anti-dilutive for the year ended december 31 , 2009 , as a result of the net loss for that period . therefore , 6687 units ( in thousands ) are excluded from the weighted average number of common shares and potential dilutive securities for the year ended december 31 , 2009 and $ 11099 noncontrolling interest in earnings of common unitholders ( in thousands ) is excluded from diluted net loss attributable to common shareholders for the year ended december 31 , 2009 . ( 2 ) excludes ( in thousands of shares ) 7872 ; 8219 and 1144 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively related to stock-based compensation plans . also excludes ( in thousands of shares ) the exchangeable notes that have 8089 ; 11771 and 11751 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively . federal income taxes we have elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code of 1986 , as amended . to qualify as a reit , we must meet a number of organizational and operational requirements , including a requirement to distribute at least 90% ( 90 % ) of our adjusted taxable income to our stockholders . management intends to continue to adhere to these requirements and to maintain our reit status . as a reit , we are entitled to a tax deduction for some or all of the dividends we pay to shareholders . accordingly , we generally will not be subject to federal income taxes as long as we distribute an amount equal to or in excess of our taxable income currently to shareholders . we are also generally subject to federal income taxes on any taxable income that is not currently distributed to our shareholders . if we fail to qualify as a reit in any taxable year , we will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years . reit qualification reduces , but does not eliminate , the amount of state and local taxes we pay . in addition , our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes . as a reit , we may also be subject to certain federal excise taxes if we engage in certain types of transactions. .

2,009

56

DRE

Duke Realty Corporation

Real Estate

Industrial REITs

Indianapolis, IN

2004-01-01

783,280

1972

null

finqa445

in 2010 what was the percentage of the global cruise guests from the european cruise

29.5%

divide(5540000, 18800000)

16 royal caribbean cruises ltd . the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd . total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) .

( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a combi- nation of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and clia . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) source : clia based on cruise guests carried for at least two consecutive nights ( see number 1 above ) . includes the united states of america and canada . ( 3 ) source : clia europe , formerly european cruise council , ( see number 2 above ) . north america the majority of cruise guests are sourced from north america , which represented approximately 55.7% ( 55.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 3.3% ( 3.3 % ) from 2010 to 2014 . europe cruise guests sourced from europe represented approximately 29.7% ( 29.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 4.2% ( 4.2 % ) from 2010 to 2014 . asia/pacific in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe . based on industry data , cruise guests sourced from the asia/pacific region represented approximately 8.5% ( 8.5 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 16.4% ( 16.4 % ) from 2010 to 2014 . competition we compete with a number of cruise lines . our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line holdings ltd. , which owns norwegian cruise line , oceania cruises and regent seven seas cruises . cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time . demand for such activi- ties is influenced by political and general economic conditions . companies within the vacation market are dependent on consumer discretionary spending . operating strategies our principal operating strategies are to : 2022 protect the health , safety and security of our guests and employees and protect the environment in which our vessels and organization operate , 2022 strengthen and support our human capital in order to better serve our global guest base and grow our business , 2022 further strengthen our consumer engagement in order to enhance our revenues , 2022 increase the awareness and market penetration of our brands globally , 2022 focus on cost efficiency , manage our operating expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , 2022 strategically invest in our fleet through the upgrade and maintenance of existing ships and the transfer of key innovations across each brand , while pru- dently expanding our fleet with new state-of-the- art cruise ships , 2022 capitalize on the portability and flexibility of our ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , 2022 further enhance our technological capabilities to service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and part i .

| | year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths | globalcruiseguests ( 1 ) | north americancruiseguests ( 2 ) | europeancruiseguests ( 3 ) | |---:|-------:|--------------------------------------------------------:|---------------------------------------------:|---------------------------:|-----------------------------------:|-----------------------------:| | 0 | 2010 | 391000 | 92300 | 18800000 | 10781000 | 5540000 | | 1 | 2011 | 412000 | 92650 | 20227000 | 11625000 | 5894000 | | 2 | 2012 | 425000 | 98650 | 20898000 | 11640000 | 6139000 | | 3 | 2013 | 432000 | 98750 | 21300000 | 11816000 | 6399000 | | 4 | 2014 | 448000 | 105750 | 22006063 | 12260238 | 6535365 |

16 royal caribbean cruises ltd . the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd . total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) ._| | year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths | globalcruiseguests ( 1 ) | north americancruiseguests ( 2 ) | europeancruiseguests ( 3 ) | |---:|-------:|--------------------------------------------------------:|---------------------------------------------:|---------------------------:|-----------------------------------:|-----------------------------:| | 0 | 2010 | 391000 | 92300 | 18800000 | 10781000 | 5540000 | | 1 | 2011 | 412000 | 92650 | 20227000 | 11625000 | 5894000 | | 2 | 2012 | 425000 | 98650 | 20898000 | 11640000 | 6139000 | | 3 | 2013 | 432000 | 98750 | 21300000 | 11816000 | 6399000 | | 4 | 2014 | 448000 | 105750 | 22006063 | 12260238 | 6535365 |_( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a combi- nation of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and clia . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) source : clia based on cruise guests carried for at least two consecutive nights ( see number 1 above ) . includes the united states of america and canada . ( 3 ) source : clia europe , formerly european cruise council , ( see number 2 above ) . north america the majority of cruise guests are sourced from north america , which represented approximately 55.7% ( 55.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 3.3% ( 3.3 % ) from 2010 to 2014 . europe cruise guests sourced from europe represented approximately 29.7% ( 29.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 4.2% ( 4.2 % ) from 2010 to 2014 . asia/pacific in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe . based on industry data , cruise guests sourced from the asia/pacific region represented approximately 8.5% ( 8.5 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 16.4% ( 16.4 % ) from 2010 to 2014 . competition we compete with a number of cruise lines . our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line holdings ltd. , which owns norwegian cruise line , oceania cruises and regent seven seas cruises . cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time . demand for such activi- ties is influenced by political and general economic conditions . companies within the vacation market are dependent on consumer discretionary spending . operating strategies our principal operating strategies are to : 2022 protect the health , safety and security of our guests and employees and protect the environment in which our vessels and organization operate , 2022 strengthen and support our human capital in order to better serve our global guest base and grow our business , 2022 further strengthen our consumer engagement in order to enhance our revenues , 2022 increase the awareness and market penetration of our brands globally , 2022 focus on cost efficiency , manage our operating expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , 2022 strategically invest in our fleet through the upgrade and maintenance of existing ships and the transfer of key innovations across each brand , while pru- dently expanding our fleet with new state-of-the- art cruise ships , 2022 capitalize on the portability and flexibility of our ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , 2022 further enhance our technological capabilities to service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and part i .

2,014

17

RCL

Royal Caribbean Group

Consumer Discretionary

Hotels, Resorts & Cruise Lines

Miami, Florida

2014-12-05

884,887

1997

in 2010 what was the percentage of the global cruise guests from the european cruise

29.5%

divide(5540000, 18800000)

16 royal caribbean cruises ltd . the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd . total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) .

( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a combi- nation of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and clia . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) source : clia based on cruise guests carried for at least two consecutive nights ( see number 1 above ) . includes the united states of america and canada . ( 3 ) source : clia europe , formerly european cruise council , ( see number 2 above ) . north america the majority of cruise guests are sourced from north america , which represented approximately 55.7% ( 55.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 3.3% ( 3.3 % ) from 2010 to 2014 . europe cruise guests sourced from europe represented approximately 29.7% ( 29.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 4.2% ( 4.2 % ) from 2010 to 2014 . asia/pacific in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe . based on industry data , cruise guests sourced from the asia/pacific region represented approximately 8.5% ( 8.5 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 16.4% ( 16.4 % ) from 2010 to 2014 . competition we compete with a number of cruise lines . our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line holdings ltd. , which owns norwegian cruise line , oceania cruises and regent seven seas cruises . cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time . demand for such activi- ties is influenced by political and general economic conditions . companies within the vacation market are dependent on consumer discretionary spending . operating strategies our principal operating strategies are to : 2022 protect the health , safety and security of our guests and employees and protect the environment in which our vessels and organization operate , 2022 strengthen and support our human capital in order to better serve our global guest base and grow our business , 2022 further strengthen our consumer engagement in order to enhance our revenues , 2022 increase the awareness and market penetration of our brands globally , 2022 focus on cost efficiency , manage our operating expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , 2022 strategically invest in our fleet through the upgrade and maintenance of existing ships and the transfer of key innovations across each brand , while pru- dently expanding our fleet with new state-of-the- art cruise ships , 2022 capitalize on the portability and flexibility of our ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , 2022 further enhance our technological capabilities to service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and part i .

| | year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths | globalcruiseguests ( 1 ) | north americancruiseguests ( 2 ) | europeancruiseguests ( 3 ) | |---:|-------:|--------------------------------------------------------:|---------------------------------------------:|---------------------------:|-----------------------------------:|-----------------------------:| | 0 | 2010 | 391000 | 92300 | 18800000 | 10781000 | 5540000 | | 1 | 2011 | 412000 | 92650 | 20227000 | 11625000 | 5894000 | | 2 | 2012 | 425000 | 98650 | 20898000 | 11640000 | 6139000 | | 3 | 2013 | 432000 | 98750 | 21300000 | 11816000 | 6399000 | | 4 | 2014 | 448000 | 105750 | 22006063 | 12260238 | 6535365 |

16 royal caribbean cruises ltd . the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd . total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) ._| | year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths | globalcruiseguests ( 1 ) | north americancruiseguests ( 2 ) | europeancruiseguests ( 3 ) | |---:|-------:|--------------------------------------------------------:|---------------------------------------------:|---------------------------:|-----------------------------------:|-----------------------------:| | 0 | 2010 | 391000 | 92300 | 18800000 | 10781000 | 5540000 | | 1 | 2011 | 412000 | 92650 | 20227000 | 11625000 | 5894000 | | 2 | 2012 | 425000 | 98650 | 20898000 | 11640000 | 6139000 | | 3 | 2013 | 432000 | 98750 | 21300000 | 11816000 | 6399000 | | 4 | 2014 | 448000 | 105750 | 22006063 | 12260238 | 6535365 |_( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a combi- nation of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and clia . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) source : clia based on cruise guests carried for at least two consecutive nights ( see number 1 above ) . includes the united states of america and canada . ( 3 ) source : clia europe , formerly european cruise council , ( see number 2 above ) . north america the majority of cruise guests are sourced from north america , which represented approximately 55.7% ( 55.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 3.3% ( 3.3 % ) from 2010 to 2014 . europe cruise guests sourced from europe represented approximately 29.7% ( 29.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 4.2% ( 4.2 % ) from 2010 to 2014 . asia/pacific in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe . based on industry data , cruise guests sourced from the asia/pacific region represented approximately 8.5% ( 8.5 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 16.4% ( 16.4 % ) from 2010 to 2014 . competition we compete with a number of cruise lines . our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line holdings ltd. , which owns norwegian cruise line , oceania cruises and regent seven seas cruises . cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time . demand for such activi- ties is influenced by political and general economic conditions . companies within the vacation market are dependent on consumer discretionary spending . operating strategies our principal operating strategies are to : 2022 protect the health , safety and security of our guests and employees and protect the environment in which our vessels and organization operate , 2022 strengthen and support our human capital in order to better serve our global guest base and grow our business , 2022 further strengthen our consumer engagement in order to enhance our revenues , 2022 increase the awareness and market penetration of our brands globally , 2022 focus on cost efficiency , manage our operating expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , 2022 strategically invest in our fleet through the upgrade and maintenance of existing ships and the transfer of key innovations across each brand , while pru- dently expanding our fleet with new state-of-the- art cruise ships , 2022 capitalize on the portability and flexibility of our ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , 2022 further enhance our technological capabilities to service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and part i .

2,014

17

RCL

Royal Caribbean Group

Consumer Discretionary

Hotels, Resorts & Cruise Lines

Miami, Florida

2014-12-05

884,887

1997

null

finqa446

what was average net sales for space systems in millions from 2013 to 2015?

9198

table_average(net sales, none)

2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) . the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) . mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs . the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 . backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) . backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) . trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs . operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition . space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems . space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data . space systems is also responsible for various classified systems and services in support of vital national security systems . space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos . operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s . government . space systems 2019 operating results included the following ( in millions ) : .

2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 . the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume . these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. .

| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 9105 | $ 9202 | $ 9288 | | 1 | operating profit | 1171 | 1187 | 1198 | | 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | | 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 |

2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) . the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) . mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs . the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 . backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) . backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) . trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs . operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition . space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems . space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data . space systems is also responsible for various classified systems and services in support of vital national security systems . space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos . operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s . government . space systems 2019 operating results included the following ( in millions ) : ._| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 9105 | $ 9202 | $ 9288 | | 1 | operating profit | 1171 | 1187 | 1198 | | 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | | 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 |_2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 . the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume . these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. .

2,015

56

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what was average net sales for space systems in millions from 2013 to 2015?

9198

table_average(net sales, none)

2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) . the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) . mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs . the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 . backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) . backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) . trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs . operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition . space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems . space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data . space systems is also responsible for various classified systems and services in support of vital national security systems . space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos . operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s . government . space systems 2019 operating results included the following ( in millions ) : .

2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 . the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume . these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. .

| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 9105 | $ 9202 | $ 9288 | | 1 | operating profit | 1171 | 1187 | 1198 | | 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | | 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 |

2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) . the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) . mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs . the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 . backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) . backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) . trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs . operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition . space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems . space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data . space systems is also responsible for various classified systems and services in support of vital national security systems . space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos . operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s . government . space systems 2019 operating results included the following ( in millions ) : ._| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 9105 | $ 9202 | $ 9288 | | 1 | operating profit | 1171 | 1187 | 1198 | | 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | | 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 |_2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 . the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume . these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. .

2,015

56

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa447

what was the average total accumulated other comprehensive losses from 2013 to 2015 in millions?

-6806

table_average(total accumulated other comprehensive losses, none)

note 17 . accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: .

reclassifications from other comprehensive earnings the movements in accumulated other comprehensive losses and the related tax impact , for each of the components above , that are due to current period activity and reclassifications to the income statement are shown on the consolidated statements of comprehensive earnings for the years ended december 31 , 2015 , 2014 , and 2013 . the movement in currency translation adjustments for the year ended december 31 , 2013 , was also impacted by the purchase of the remaining shares of the mexican tobacco business . in addition , $ 1 million , $ 5 million and $ 12 million of net currency translation adjustment gains were transferred from other comprehensive earnings to marketing , administration and research costs in the consolidated statements of earnings for the years ended december 31 , 2015 , 2014 and 2013 , respectively , upon liquidation of subsidiaries . for additional information , see note 13 . benefit plans and note 15 . financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments . note 18 . colombian investment and cooperation agreement : on june 19 , 2009 , pmi announced that it had signed an agreement with the republic of colombia , together with the departments of colombia and the capital district of bogota , to promote investment and cooperation with respect to the colombian tobacco market and to fight counterfeit and contraband tobacco products . the investment and cooperation agreement provides $ 200 million in funding to the colombian governments over a 20-year period to address issues of mutual interest , such as combating the illegal cigarette trade , including the threat of counterfeit tobacco products , and increasing the quality and quantity of locally grown tobacco . as a result of the investment and cooperation agreement , pmi recorded a pre-tax charge of $ 135 million in the operating results of the latin america & canada segment during the second quarter of 2009 . at december 31 , 2015 and 2014 , pmi had $ 73 million and $ 71 million , respectively , of discounted liabilities associated with the colombian investment and cooperation agreement . these discounted liabilities are primarily reflected in other long-term liabilities on the consolidated balance sheets and are expected to be paid through 2028 . note 19 . rbh legal settlement : on july 31 , 2008 , rothmans inc . ( "rothmans" ) announced the finalization of a cad 550 million settlement ( or approximately $ 540 million , based on the prevailing exchange rate at that time ) between itself and rothmans , benson & hedges inc . ( "rbh" ) , on the one hand , and the government of canada and all 10 provinces , on the other hand . the settlement resolved the royal canadian mounted police's investigation relating to products exported from canada by rbh during the 1989-1996 period . rothmans' sole holding was a 60% ( 60 % ) interest in rbh . the remaining 40% ( 40 % ) interest in rbh was owned by pmi. .

| | ( losses ) earnings ( in millions ) | ( losses ) earnings 2015 | ( losses ) earnings 2014 | 2013 | |---:|:---------------------------------------------|:---------------------------|:---------------------------|:-----------------| | 0 | currency translation adjustments | $ -6129 ( 6129 ) | $ -3929 ( 3929 ) | $ -2207 ( 2207 ) | | 1 | pension and other benefits | -3332 ( 3332 ) | -3020 ( 3020 ) | -2046 ( 2046 ) | | 2 | derivatives accounted for as hedges | 59 | 123 | 63 | | 3 | total accumulated other comprehensive losses | $ -9402 ( 9402 ) | $ -6826 ( 6826 ) | $ -4190 ( 4190 ) |

note 17 . accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: ._| | ( losses ) earnings ( in millions ) | ( losses ) earnings 2015 | ( losses ) earnings 2014 | 2013 | |---:|:---------------------------------------------|:---------------------------|:---------------------------|:-----------------| | 0 | currency translation adjustments | $ -6129 ( 6129 ) | $ -3929 ( 3929 ) | $ -2207 ( 2207 ) | | 1 | pension and other benefits | -3332 ( 3332 ) | -3020 ( 3020 ) | -2046 ( 2046 ) | | 2 | derivatives accounted for as hedges | 59 | 123 | 63 | | 3 | total accumulated other comprehensive losses | $ -9402 ( 9402 ) | $ -6826 ( 6826 ) | $ -4190 ( 4190 ) |_reclassifications from other comprehensive earnings the movements in accumulated other comprehensive losses and the related tax impact , for each of the components above , that are due to current period activity and reclassifications to the income statement are shown on the consolidated statements of comprehensive earnings for the years ended december 31 , 2015 , 2014 , and 2013 . the movement in currency translation adjustments for the year ended december 31 , 2013 , was also impacted by the purchase of the remaining shares of the mexican tobacco business . in addition , $ 1 million , $ 5 million and $ 12 million of net currency translation adjustment gains were transferred from other comprehensive earnings to marketing , administration and research costs in the consolidated statements of earnings for the years ended december 31 , 2015 , 2014 and 2013 , respectively , upon liquidation of subsidiaries . for additional information , see note 13 . benefit plans and note 15 . financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments . note 18 . colombian investment and cooperation agreement : on june 19 , 2009 , pmi announced that it had signed an agreement with the republic of colombia , together with the departments of colombia and the capital district of bogota , to promote investment and cooperation with respect to the colombian tobacco market and to fight counterfeit and contraband tobacco products . the investment and cooperation agreement provides $ 200 million in funding to the colombian governments over a 20-year period to address issues of mutual interest , such as combating the illegal cigarette trade , including the threat of counterfeit tobacco products , and increasing the quality and quantity of locally grown tobacco . as a result of the investment and cooperation agreement , pmi recorded a pre-tax charge of $ 135 million in the operating results of the latin america & canada segment during the second quarter of 2009 . at december 31 , 2015 and 2014 , pmi had $ 73 million and $ 71 million , respectively , of discounted liabilities associated with the colombian investment and cooperation agreement . these discounted liabilities are primarily reflected in other long-term liabilities on the consolidated balance sheets and are expected to be paid through 2028 . note 19 . rbh legal settlement : on july 31 , 2008 , rothmans inc . ( "rothmans" ) announced the finalization of a cad 550 million settlement ( or approximately $ 540 million , based on the prevailing exchange rate at that time ) between itself and rothmans , benson & hedges inc . ( "rbh" ) , on the one hand , and the government of canada and all 10 provinces , on the other hand . the settlement resolved the royal canadian mounted police's investigation relating to products exported from canada by rbh during the 1989-1996 period . rothmans' sole holding was a 60% ( 60 % ) interest in rbh . the remaining 40% ( 40 % ) interest in rbh was owned by pmi. .

2,015

127

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

what was the average total accumulated other comprehensive losses from 2013 to 2015 in millions?

-6806

table_average(total accumulated other comprehensive losses, none)

note 17 . accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: .

reclassifications from other comprehensive earnings the movements in accumulated other comprehensive losses and the related tax impact , for each of the components above , that are due to current period activity and reclassifications to the income statement are shown on the consolidated statements of comprehensive earnings for the years ended december 31 , 2015 , 2014 , and 2013 . the movement in currency translation adjustments for the year ended december 31 , 2013 , was also impacted by the purchase of the remaining shares of the mexican tobacco business . in addition , $ 1 million , $ 5 million and $ 12 million of net currency translation adjustment gains were transferred from other comprehensive earnings to marketing , administration and research costs in the consolidated statements of earnings for the years ended december 31 , 2015 , 2014 and 2013 , respectively , upon liquidation of subsidiaries . for additional information , see note 13 . benefit plans and note 15 . financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments . note 18 . colombian investment and cooperation agreement : on june 19 , 2009 , pmi announced that it had signed an agreement with the republic of colombia , together with the departments of colombia and the capital district of bogota , to promote investment and cooperation with respect to the colombian tobacco market and to fight counterfeit and contraband tobacco products . the investment and cooperation agreement provides $ 200 million in funding to the colombian governments over a 20-year period to address issues of mutual interest , such as combating the illegal cigarette trade , including the threat of counterfeit tobacco products , and increasing the quality and quantity of locally grown tobacco . as a result of the investment and cooperation agreement , pmi recorded a pre-tax charge of $ 135 million in the operating results of the latin america & canada segment during the second quarter of 2009 . at december 31 , 2015 and 2014 , pmi had $ 73 million and $ 71 million , respectively , of discounted liabilities associated with the colombian investment and cooperation agreement . these discounted liabilities are primarily reflected in other long-term liabilities on the consolidated balance sheets and are expected to be paid through 2028 . note 19 . rbh legal settlement : on july 31 , 2008 , rothmans inc . ( "rothmans" ) announced the finalization of a cad 550 million settlement ( or approximately $ 540 million , based on the prevailing exchange rate at that time ) between itself and rothmans , benson & hedges inc . ( "rbh" ) , on the one hand , and the government of canada and all 10 provinces , on the other hand . the settlement resolved the royal canadian mounted police's investigation relating to products exported from canada by rbh during the 1989-1996 period . rothmans' sole holding was a 60% ( 60 % ) interest in rbh . the remaining 40% ( 40 % ) interest in rbh was owned by pmi. .

| | ( losses ) earnings ( in millions ) | ( losses ) earnings 2015 | ( losses ) earnings 2014 | 2013 | |---:|:---------------------------------------------|:---------------------------|:---------------------------|:-----------------| | 0 | currency translation adjustments | $ -6129 ( 6129 ) | $ -3929 ( 3929 ) | $ -2207 ( 2207 ) | | 1 | pension and other benefits | -3332 ( 3332 ) | -3020 ( 3020 ) | -2046 ( 2046 ) | | 2 | derivatives accounted for as hedges | 59 | 123 | 63 | | 3 | total accumulated other comprehensive losses | $ -9402 ( 9402 ) | $ -6826 ( 6826 ) | $ -4190 ( 4190 ) |

note 17 . accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: ._| | ( losses ) earnings ( in millions ) | ( losses ) earnings 2015 | ( losses ) earnings 2014 | 2013 | |---:|:---------------------------------------------|:---------------------------|:---------------------------|:-----------------| | 0 | currency translation adjustments | $ -6129 ( 6129 ) | $ -3929 ( 3929 ) | $ -2207 ( 2207 ) | | 1 | pension and other benefits | -3332 ( 3332 ) | -3020 ( 3020 ) | -2046 ( 2046 ) | | 2 | derivatives accounted for as hedges | 59 | 123 | 63 | | 3 | total accumulated other comprehensive losses | $ -9402 ( 9402 ) | $ -6826 ( 6826 ) | $ -4190 ( 4190 ) |_reclassifications from other comprehensive earnings the movements in accumulated other comprehensive losses and the related tax impact , for each of the components above , that are due to current period activity and reclassifications to the income statement are shown on the consolidated statements of comprehensive earnings for the years ended december 31 , 2015 , 2014 , and 2013 . the movement in currency translation adjustments for the year ended december 31 , 2013 , was also impacted by the purchase of the remaining shares of the mexican tobacco business . in addition , $ 1 million , $ 5 million and $ 12 million of net currency translation adjustment gains were transferred from other comprehensive earnings to marketing , administration and research costs in the consolidated statements of earnings for the years ended december 31 , 2015 , 2014 and 2013 , respectively , upon liquidation of subsidiaries . for additional information , see note 13 . benefit plans and note 15 . financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments . note 18 . colombian investment and cooperation agreement : on june 19 , 2009 , pmi announced that it had signed an agreement with the republic of colombia , together with the departments of colombia and the capital district of bogota , to promote investment and cooperation with respect to the colombian tobacco market and to fight counterfeit and contraband tobacco products . the investment and cooperation agreement provides $ 200 million in funding to the colombian governments over a 20-year period to address issues of mutual interest , such as combating the illegal cigarette trade , including the threat of counterfeit tobacco products , and increasing the quality and quantity of locally grown tobacco . as a result of the investment and cooperation agreement , pmi recorded a pre-tax charge of $ 135 million in the operating results of the latin america & canada segment during the second quarter of 2009 . at december 31 , 2015 and 2014 , pmi had $ 73 million and $ 71 million , respectively , of discounted liabilities associated with the colombian investment and cooperation agreement . these discounted liabilities are primarily reflected in other long-term liabilities on the consolidated balance sheets and are expected to be paid through 2028 . note 19 . rbh legal settlement : on july 31 , 2008 , rothmans inc . ( "rothmans" ) announced the finalization of a cad 550 million settlement ( or approximately $ 540 million , based on the prevailing exchange rate at that time ) between itself and rothmans , benson & hedges inc . ( "rbh" ) , on the one hand , and the government of canada and all 10 provinces , on the other hand . the settlement resolved the royal canadian mounted police's investigation relating to products exported from canada by rbh during the 1989-1996 period . rothmans' sole holding was a 60% ( 60 % ) interest in rbh . the remaining 40% ( 40 % ) interest in rbh was owned by pmi. .

2,015

127

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

null

finqa448

what was the average operating profit of the space results from 2010 to 2012

1059

divide(add(add(subtract(1083, 1063), 1030), const_3), const_2)

2011 compared to 2010 mst 2019s net sales for 2011 decreased $ 311 million , or 4% ( 4 % ) , compared to 2010 . the decrease was attributable to decreased volume of approximately $ 390 million for certain ship and aviation system programs ( primarily maritime patrol aircraft and ptds ) and approximately $ 75 million for training and logistics solutions programs . partially offsetting these decreases was higher sales of about $ 165 million from production on the lcs program . mst 2019s operating profit for 2011 decreased $ 68 million , or 10% ( 10 % ) , compared to 2010 . the decrease was attributable to decreased operating profit of approximately $ 55 million as a result of increased reserves for contract cost matters on various ship and aviation system programs ( including the terminated presidential helicopter program ) and approximately $ 40 million due to lower volume and increased reserves on training and logistics solutions . partially offsetting these decreases was higher operating profit of approximately $ 30 million in 2011 primarily due to the recognition of reserves on certain undersea systems programs in 2010 . adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 55 million lower in 2011 compared to 2010 . backlog backlog increased in 2012 compared to 2011 mainly due to increased orders on ship and aviation system programs ( primarily mh-60 and lcs ) , partially offset decreased orders and higher sales volume on integrated warfare systems and sensors programs ( primarily aegis ) . backlog decreased slightly in 2011 compared to 2010 primarily due to higher sales volume on various integrated warfare systems and sensors programs . trends we expect mst 2019s net sales to decline in 2013 in the low single digit percentage range as compared to 2012 due to the completion of ptds deliveries in 2012 and expected lower volume on training services programs . operating profit and margin are expected to increase slightly from 2012 levels primarily due to anticipated improved contract performance . space systems our space systems business segment is engaged in the research and development , design , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems . space systems is also responsible for various classified systems and services in support of vital national security systems . space systems 2019 major programs include the space-based infrared system ( sbirs ) , advanced extremely high frequency ( aehf ) system , mobile user objective system ( muos ) , global positioning satellite ( gps ) iii system , geostationary operational environmental satellite r-series ( goes-r ) , trident ii d5 fleet ballistic missile , and orion . operating results for our space systems business segment include our equity interests in united launch alliance ( ula ) , which provides expendable launch services for the u.s . government , united space alliance ( usa ) , which provided processing activities for the space shuttle program and is winding down following the completion of the last space shuttle mission in 2011 , and a joint venture that manages the u.k . 2019s atomic weapons establishment program . space systems 2019 operating results included the following ( in millions ) : .

2012 compared to 2011 space systems 2019 net sales for 2012 increased $ 186 million , or 2% ( 2 % ) , compared to 2011 . the increase was attributable to higher net sales of approximately $ 150 million due to increased commercial satellite deliveries ( two commercial satellites delivered in 2012 compared to one during 2011 ) ; about $ 125 million from the orion program due to higher volume and an increase in risk retirements ; and approximately $ 70 million from increased volume on various strategic and defensive missile programs . partially offsetting the increases were lower net sales of approximately $ 105 million from certain government satellite programs ( primarily sbirs and muos ) as a result of decreased volume and a decline in risk retirements ; and about $ 55 million from the nasa external tank program , which ended in connection with the completion of the space shuttle program in 2011. .

| | | 2012 | 2011 | 2010 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 8347 | $ 8161 | $ 8268 | | 1 | operating profit | 1083 | 1063 | 1030 | | 2 | operating margins | 13.0% ( 13.0 % ) | 13.0% ( 13.0 % ) | 12.5% ( 12.5 % ) | | 3 | backlog at year-end | 18100 | 16000 | 17800 |

2011 compared to 2010 mst 2019s net sales for 2011 decreased $ 311 million , or 4% ( 4 % ) , compared to 2010 . the decrease was attributable to decreased volume of approximately $ 390 million for certain ship and aviation system programs ( primarily maritime patrol aircraft and ptds ) and approximately $ 75 million for training and logistics solutions programs . partially offsetting these decreases was higher sales of about $ 165 million from production on the lcs program . mst 2019s operating profit for 2011 decreased $ 68 million , or 10% ( 10 % ) , compared to 2010 . the decrease was attributable to decreased operating profit of approximately $ 55 million as a result of increased reserves for contract cost matters on various ship and aviation system programs ( including the terminated presidential helicopter program ) and approximately $ 40 million due to lower volume and increased reserves on training and logistics solutions . partially offsetting these decreases was higher operating profit of approximately $ 30 million in 2011 primarily due to the recognition of reserves on certain undersea systems programs in 2010 . adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 55 million lower in 2011 compared to 2010 . backlog backlog increased in 2012 compared to 2011 mainly due to increased orders on ship and aviation system programs ( primarily mh-60 and lcs ) , partially offset decreased orders and higher sales volume on integrated warfare systems and sensors programs ( primarily aegis ) . backlog decreased slightly in 2011 compared to 2010 primarily due to higher sales volume on various integrated warfare systems and sensors programs . trends we expect mst 2019s net sales to decline in 2013 in the low single digit percentage range as compared to 2012 due to the completion of ptds deliveries in 2012 and expected lower volume on training services programs . operating profit and margin are expected to increase slightly from 2012 levels primarily due to anticipated improved contract performance . space systems our space systems business segment is engaged in the research and development , design , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems . space systems is also responsible for various classified systems and services in support of vital national security systems . space systems 2019 major programs include the space-based infrared system ( sbirs ) , advanced extremely high frequency ( aehf ) system , mobile user objective system ( muos ) , global positioning satellite ( gps ) iii system , geostationary operational environmental satellite r-series ( goes-r ) , trident ii d5 fleet ballistic missile , and orion . operating results for our space systems business segment include our equity interests in united launch alliance ( ula ) , which provides expendable launch services for the u.s . government , united space alliance ( usa ) , which provided processing activities for the space shuttle program and is winding down following the completion of the last space shuttle mission in 2011 , and a joint venture that manages the u.k . 2019s atomic weapons establishment program . space systems 2019 operating results included the following ( in millions ) : ._| | | 2012 | 2011 | 2010 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 8347 | $ 8161 | $ 8268 | | 1 | operating profit | 1083 | 1063 | 1030 | | 2 | operating margins | 13.0% ( 13.0 % ) | 13.0% ( 13.0 % ) | 12.5% ( 12.5 % ) | | 3 | backlog at year-end | 18100 | 16000 | 17800 |_2012 compared to 2011 space systems 2019 net sales for 2012 increased $ 186 million , or 2% ( 2 % ) , compared to 2011 . the increase was attributable to higher net sales of approximately $ 150 million due to increased commercial satellite deliveries ( two commercial satellites delivered in 2012 compared to one during 2011 ) ; about $ 125 million from the orion program due to higher volume and an increase in risk retirements ; and approximately $ 70 million from increased volume on various strategic and defensive missile programs . partially offsetting the increases were lower net sales of approximately $ 105 million from certain government satellite programs ( primarily sbirs and muos ) as a result of decreased volume and a decline in risk retirements ; and about $ 55 million from the nasa external tank program , which ended in connection with the completion of the space shuttle program in 2011. .

2,012

47

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what was the average operating profit of the space results from 2010 to 2012

1059

divide(add(add(subtract(1083, 1063), 1030), const_3), const_2)

2011 compared to 2010 mst 2019s net sales for 2011 decreased $ 311 million , or 4% ( 4 % ) , compared to 2010 . the decrease was attributable to decreased volume of approximately $ 390 million for certain ship and aviation system programs ( primarily maritime patrol aircraft and ptds ) and approximately $ 75 million for training and logistics solutions programs . partially offsetting these decreases was higher sales of about $ 165 million from production on the lcs program . mst 2019s operating profit for 2011 decreased $ 68 million , or 10% ( 10 % ) , compared to 2010 . the decrease was attributable to decreased operating profit of approximately $ 55 million as a result of increased reserves for contract cost matters on various ship and aviation system programs ( including the terminated presidential helicopter program ) and approximately $ 40 million due to lower volume and increased reserves on training and logistics solutions . partially offsetting these decreases was higher operating profit of approximately $ 30 million in 2011 primarily due to the recognition of reserves on certain undersea systems programs in 2010 . adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 55 million lower in 2011 compared to 2010 . backlog backlog increased in 2012 compared to 2011 mainly due to increased orders on ship and aviation system programs ( primarily mh-60 and lcs ) , partially offset decreased orders and higher sales volume on integrated warfare systems and sensors programs ( primarily aegis ) . backlog decreased slightly in 2011 compared to 2010 primarily due to higher sales volume on various integrated warfare systems and sensors programs . trends we expect mst 2019s net sales to decline in 2013 in the low single digit percentage range as compared to 2012 due to the completion of ptds deliveries in 2012 and expected lower volume on training services programs . operating profit and margin are expected to increase slightly from 2012 levels primarily due to anticipated improved contract performance . space systems our space systems business segment is engaged in the research and development , design , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems . space systems is also responsible for various classified systems and services in support of vital national security systems . space systems 2019 major programs include the space-based infrared system ( sbirs ) , advanced extremely high frequency ( aehf ) system , mobile user objective system ( muos ) , global positioning satellite ( gps ) iii system , geostationary operational environmental satellite r-series ( goes-r ) , trident ii d5 fleet ballistic missile , and orion . operating results for our space systems business segment include our equity interests in united launch alliance ( ula ) , which provides expendable launch services for the u.s . government , united space alliance ( usa ) , which provided processing activities for the space shuttle program and is winding down following the completion of the last space shuttle mission in 2011 , and a joint venture that manages the u.k . 2019s atomic weapons establishment program . space systems 2019 operating results included the following ( in millions ) : .

2012 compared to 2011 space systems 2019 net sales for 2012 increased $ 186 million , or 2% ( 2 % ) , compared to 2011 . the increase was attributable to higher net sales of approximately $ 150 million due to increased commercial satellite deliveries ( two commercial satellites delivered in 2012 compared to one during 2011 ) ; about $ 125 million from the orion program due to higher volume and an increase in risk retirements ; and approximately $ 70 million from increased volume on various strategic and defensive missile programs . partially offsetting the increases were lower net sales of approximately $ 105 million from certain government satellite programs ( primarily sbirs and muos ) as a result of decreased volume and a decline in risk retirements ; and about $ 55 million from the nasa external tank program , which ended in connection with the completion of the space shuttle program in 2011. .

| | | 2012 | 2011 | 2010 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 8347 | $ 8161 | $ 8268 | | 1 | operating profit | 1083 | 1063 | 1030 | | 2 | operating margins | 13.0% ( 13.0 % ) | 13.0% ( 13.0 % ) | 12.5% ( 12.5 % ) | | 3 | backlog at year-end | 18100 | 16000 | 17800 |

2011 compared to 2010 mst 2019s net sales for 2011 decreased $ 311 million , or 4% ( 4 % ) , compared to 2010 . the decrease was attributable to decreased volume of approximately $ 390 million for certain ship and aviation system programs ( primarily maritime patrol aircraft and ptds ) and approximately $ 75 million for training and logistics solutions programs . partially offsetting these decreases was higher sales of about $ 165 million from production on the lcs program . mst 2019s operating profit for 2011 decreased $ 68 million , or 10% ( 10 % ) , compared to 2010 . the decrease was attributable to decreased operating profit of approximately $ 55 million as a result of increased reserves for contract cost matters on various ship and aviation system programs ( including the terminated presidential helicopter program ) and approximately $ 40 million due to lower volume and increased reserves on training and logistics solutions . partially offsetting these decreases was higher operating profit of approximately $ 30 million in 2011 primarily due to the recognition of reserves on certain undersea systems programs in 2010 . adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 55 million lower in 2011 compared to 2010 . backlog backlog increased in 2012 compared to 2011 mainly due to increased orders on ship and aviation system programs ( primarily mh-60 and lcs ) , partially offset decreased orders and higher sales volume on integrated warfare systems and sensors programs ( primarily aegis ) . backlog decreased slightly in 2011 compared to 2010 primarily due to higher sales volume on various integrated warfare systems and sensors programs . trends we expect mst 2019s net sales to decline in 2013 in the low single digit percentage range as compared to 2012 due to the completion of ptds deliveries in 2012 and expected lower volume on training services programs . operating profit and margin are expected to increase slightly from 2012 levels primarily due to anticipated improved contract performance . space systems our space systems business segment is engaged in the research and development , design , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems . space systems is also responsible for various classified systems and services in support of vital national security systems . space systems 2019 major programs include the space-based infrared system ( sbirs ) , advanced extremely high frequency ( aehf ) system , mobile user objective system ( muos ) , global positioning satellite ( gps ) iii system , geostationary operational environmental satellite r-series ( goes-r ) , trident ii d5 fleet ballistic missile , and orion . operating results for our space systems business segment include our equity interests in united launch alliance ( ula ) , which provides expendable launch services for the u.s . government , united space alliance ( usa ) , which provided processing activities for the space shuttle program and is winding down following the completion of the last space shuttle mission in 2011 , and a joint venture that manages the u.k . 2019s atomic weapons establishment program . space systems 2019 operating results included the following ( in millions ) : ._| | | 2012 | 2011 | 2010 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 8347 | $ 8161 | $ 8268 | | 1 | operating profit | 1083 | 1063 | 1030 | | 2 | operating margins | 13.0% ( 13.0 % ) | 13.0% ( 13.0 % ) | 12.5% ( 12.5 % ) | | 3 | backlog at year-end | 18100 | 16000 | 17800 |_2012 compared to 2011 space systems 2019 net sales for 2012 increased $ 186 million , or 2% ( 2 % ) , compared to 2011 . the increase was attributable to higher net sales of approximately $ 150 million due to increased commercial satellite deliveries ( two commercial satellites delivered in 2012 compared to one during 2011 ) ; about $ 125 million from the orion program due to higher volume and an increase in risk retirements ; and approximately $ 70 million from increased volume on various strategic and defensive missile programs . partially offsetting the increases were lower net sales of approximately $ 105 million from certain government satellite programs ( primarily sbirs and muos ) as a result of decreased volume and a decline in risk retirements ; and about $ 55 million from the nasa external tank program , which ended in connection with the completion of the space shuttle program in 2011. .

2,012

47

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa449

what was the average effective tax rate for the three year period?

26.7

table_average(effective tax rate, none)

notes to consolidated financial statements ( continued ) note 6 2014income taxes ( continued ) a reconciliation of the provision for income taxes , with the amount computed by applying the statutory federal income tax rate ( 35% ( 35 % ) in 2005 , 2004 , and 2003 ) to income before provision for income taxes , is as follows ( in millions ) : .

during 2005 , the company reversed certain tax contingency reserves and recorded a corresponding benefit to income tax expense primarily as a result of a change in the estimated outcome of certain tax disputes . additionally , during the fourth quarter of 2005 , the company recorded a benefit to tax expense to adjust its net deferred tax assets as a result of the company 2019s year-end review of its deferred tax accounts , the impact of which was not material to the current or prior periods 2019 results of operations . the total benefit to income tax expense from the reversal of these tax contingency reserves and adjustments to net deferred tax assets was $ 67 million . the company also recorded a $ 14 million credit to income tax expense resulting from a reduction of the valuation allowance . the internal revenue service ( irs ) has completed its field audit of the company 2019s federal income tax returns for all years prior to 2002 and proposed certain adjustments . certain of these adjustments are being contested through the irs appeals office . substantially all irs audit issues for these years have been resolved . in addition , the company is also subject to audits by state , local , and foreign tax authorities . management believes that adequate provisions have been made for any adjustments that may result from tax examinations . however , the outcome of tax audits cannot be predicted with certainty . should any issues addressed in the company 2019s tax audits be resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income tax in the period such resolution occurs . note 7 2014shareholders 2019 equity preferred stock the company has 5 million shares of authorized preferred stock , none of which is outstanding . under the terms of the company 2019s restated articles of incorporation , the board of directors is authorized to determine or alter the rights , preferences , privileges and restrictions of the company 2019s authorized but unissued shares of preferred stock. .

| | | 2005 | 2004 | 2003 | |---:|:-------------------------------------------------------|:-------------|:-------------|:-------------| | 0 | computed expected tax | $ 636 | $ 134 | $ 32 | | 1 | state taxes net of federal effect | -19 ( 19 ) | -5 ( 5 ) | -4 ( 4 ) | | 2 | indefinitely invested earnings of foreign subsidiaries | -98 ( 98 ) | -31 ( 31 ) | -13 ( 13 ) | | 3 | nondeductible executive compensation | 11 | 10 | 5 | | 4 | research and development credit net | -26 ( 26 ) | -5 ( 5 ) | -7 ( 7 ) | | 5 | other items | -24 ( 24 ) | 4 | 11 | | 6 | provision for income taxes | $ 480 | $ 107 | $ 24 | | 7 | effective tax rate | 26% ( 26 % ) | 28% ( 28 % ) | 26% ( 26 % ) |

notes to consolidated financial statements ( continued ) note 6 2014income taxes ( continued ) a reconciliation of the provision for income taxes , with the amount computed by applying the statutory federal income tax rate ( 35% ( 35 % ) in 2005 , 2004 , and 2003 ) to income before provision for income taxes , is as follows ( in millions ) : ._| | | 2005 | 2004 | 2003 | |---:|:-------------------------------------------------------|:-------------|:-------------|:-------------| | 0 | computed expected tax | $ 636 | $ 134 | $ 32 | | 1 | state taxes net of federal effect | -19 ( 19 ) | -5 ( 5 ) | -4 ( 4 ) | | 2 | indefinitely invested earnings of foreign subsidiaries | -98 ( 98 ) | -31 ( 31 ) | -13 ( 13 ) | | 3 | nondeductible executive compensation | 11 | 10 | 5 | | 4 | research and development credit net | -26 ( 26 ) | -5 ( 5 ) | -7 ( 7 ) | | 5 | other items | -24 ( 24 ) | 4 | 11 | | 6 | provision for income taxes | $ 480 | $ 107 | $ 24 | | 7 | effective tax rate | 26% ( 26 % ) | 28% ( 28 % ) | 26% ( 26 % ) |_during 2005 , the company reversed certain tax contingency reserves and recorded a corresponding benefit to income tax expense primarily as a result of a change in the estimated outcome of certain tax disputes . additionally , during the fourth quarter of 2005 , the company recorded a benefit to tax expense to adjust its net deferred tax assets as a result of the company 2019s year-end review of its deferred tax accounts , the impact of which was not material to the current or prior periods 2019 results of operations . the total benefit to income tax expense from the reversal of these tax contingency reserves and adjustments to net deferred tax assets was $ 67 million . the company also recorded a $ 14 million credit to income tax expense resulting from a reduction of the valuation allowance . the internal revenue service ( irs ) has completed its field audit of the company 2019s federal income tax returns for all years prior to 2002 and proposed certain adjustments . certain of these adjustments are being contested through the irs appeals office . substantially all irs audit issues for these years have been resolved . in addition , the company is also subject to audits by state , local , and foreign tax authorities . management believes that adequate provisions have been made for any adjustments that may result from tax examinations . however , the outcome of tax audits cannot be predicted with certainty . should any issues addressed in the company 2019s tax audits be resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income tax in the period such resolution occurs . note 7 2014shareholders 2019 equity preferred stock the company has 5 million shares of authorized preferred stock , none of which is outstanding . under the terms of the company 2019s restated articles of incorporation , the board of directors is authorized to determine or alter the rights , preferences , privileges and restrictions of the company 2019s authorized but unissued shares of preferred stock. .

2,005

83

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Cupertino, California

1982-11-30

320,193

1977

what was the average effective tax rate for the three year period?

26.7

table_average(effective tax rate, none)

notes to consolidated financial statements ( continued ) note 6 2014income taxes ( continued ) a reconciliation of the provision for income taxes , with the amount computed by applying the statutory federal income tax rate ( 35% ( 35 % ) in 2005 , 2004 , and 2003 ) to income before provision for income taxes , is as follows ( in millions ) : .

during 2005 , the company reversed certain tax contingency reserves and recorded a corresponding benefit to income tax expense primarily as a result of a change in the estimated outcome of certain tax disputes . additionally , during the fourth quarter of 2005 , the company recorded a benefit to tax expense to adjust its net deferred tax assets as a result of the company 2019s year-end review of its deferred tax accounts , the impact of which was not material to the current or prior periods 2019 results of operations . the total benefit to income tax expense from the reversal of these tax contingency reserves and adjustments to net deferred tax assets was $ 67 million . the company also recorded a $ 14 million credit to income tax expense resulting from a reduction of the valuation allowance . the internal revenue service ( irs ) has completed its field audit of the company 2019s federal income tax returns for all years prior to 2002 and proposed certain adjustments . certain of these adjustments are being contested through the irs appeals office . substantially all irs audit issues for these years have been resolved . in addition , the company is also subject to audits by state , local , and foreign tax authorities . management believes that adequate provisions have been made for any adjustments that may result from tax examinations . however , the outcome of tax audits cannot be predicted with certainty . should any issues addressed in the company 2019s tax audits be resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income tax in the period such resolution occurs . note 7 2014shareholders 2019 equity preferred stock the company has 5 million shares of authorized preferred stock , none of which is outstanding . under the terms of the company 2019s restated articles of incorporation , the board of directors is authorized to determine or alter the rights , preferences , privileges and restrictions of the company 2019s authorized but unissued shares of preferred stock. .

| | | 2005 | 2004 | 2003 | |---:|:-------------------------------------------------------|:-------------|:-------------|:-------------| | 0 | computed expected tax | $ 636 | $ 134 | $ 32 | | 1 | state taxes net of federal effect | -19 ( 19 ) | -5 ( 5 ) | -4 ( 4 ) | | 2 | indefinitely invested earnings of foreign subsidiaries | -98 ( 98 ) | -31 ( 31 ) | -13 ( 13 ) | | 3 | nondeductible executive compensation | 11 | 10 | 5 | | 4 | research and development credit net | -26 ( 26 ) | -5 ( 5 ) | -7 ( 7 ) | | 5 | other items | -24 ( 24 ) | 4 | 11 | | 6 | provision for income taxes | $ 480 | $ 107 | $ 24 | | 7 | effective tax rate | 26% ( 26 % ) | 28% ( 28 % ) | 26% ( 26 % ) |

notes to consolidated financial statements ( continued ) note 6 2014income taxes ( continued ) a reconciliation of the provision for income taxes , with the amount computed by applying the statutory federal income tax rate ( 35% ( 35 % ) in 2005 , 2004 , and 2003 ) to income before provision for income taxes , is as follows ( in millions ) : ._| | | 2005 | 2004 | 2003 | |---:|:-------------------------------------------------------|:-------------|:-------------|:-------------| | 0 | computed expected tax | $ 636 | $ 134 | $ 32 | | 1 | state taxes net of federal effect | -19 ( 19 ) | -5 ( 5 ) | -4 ( 4 ) | | 2 | indefinitely invested earnings of foreign subsidiaries | -98 ( 98 ) | -31 ( 31 ) | -13 ( 13 ) | | 3 | nondeductible executive compensation | 11 | 10 | 5 | | 4 | research and development credit net | -26 ( 26 ) | -5 ( 5 ) | -7 ( 7 ) | | 5 | other items | -24 ( 24 ) | 4 | 11 | | 6 | provision for income taxes | $ 480 | $ 107 | $ 24 | | 7 | effective tax rate | 26% ( 26 % ) | 28% ( 28 % ) | 26% ( 26 % ) |_during 2005 , the company reversed certain tax contingency reserves and recorded a corresponding benefit to income tax expense primarily as a result of a change in the estimated outcome of certain tax disputes . additionally , during the fourth quarter of 2005 , the company recorded a benefit to tax expense to adjust its net deferred tax assets as a result of the company 2019s year-end review of its deferred tax accounts , the impact of which was not material to the current or prior periods 2019 results of operations . the total benefit to income tax expense from the reversal of these tax contingency reserves and adjustments to net deferred tax assets was $ 67 million . the company also recorded a $ 14 million credit to income tax expense resulting from a reduction of the valuation allowance . the internal revenue service ( irs ) has completed its field audit of the company 2019s federal income tax returns for all years prior to 2002 and proposed certain adjustments . certain of these adjustments are being contested through the irs appeals office . substantially all irs audit issues for these years have been resolved . in addition , the company is also subject to audits by state , local , and foreign tax authorities . management believes that adequate provisions have been made for any adjustments that may result from tax examinations . however , the outcome of tax audits cannot be predicted with certainty . should any issues addressed in the company 2019s tax audits be resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income tax in the period such resolution occurs . note 7 2014shareholders 2019 equity preferred stock the company has 5 million shares of authorized preferred stock , none of which is outstanding . under the terms of the company 2019s restated articles of incorporation , the board of directors is authorized to determine or alter the rights , preferences , privileges and restrictions of the company 2019s authorized but unissued shares of preferred stock. .

2,005

83

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Cupertino, California

1982-11-30

320,193

1977

null

finqa450

what is the exchange rate per dollar used to convert the face value of the euro notes with the maturity date in march 2021?

0.73

divide(750, 1029)

our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. .

| | type | | face value ( e ) | interest rate | issuance | maturity | |---:|:-------------------|:------|:----------------------------------|:-------------------|:--------------|:--------------| | 0 | euro notes | ( a ) | 20ac750 ( approximately $ 1029 ) | 1.875% ( 1.875 % ) | march 2014 | march 2021 | | 1 | euro notes | ( a ) | 20ac1000 ( approximately $ 1372 ) | 2.875% ( 2.875 % ) | march 2014 | march 2026 | | 2 | euro notes | ( b ) | 20ac500 ( approximately $ 697 ) | 2.875% ( 2.875 % ) | may 2014 | may 2029 | | 3 | swiss franc notes | ( c ) | chf275 ( approximately $ 311 ) | 0.750% ( 0.750 % ) | may 2014 | december 2019 | | 4 | swiss franc notes | ( b ) | chf250 ( approximately $ 283 ) | 1.625% ( 1.625 % ) | may 2014 | may 2024 | | 5 | u.s . dollar notes | ( d ) | $ 500 | 1.250% ( 1.250 % ) | november 2014 | november 2017 | | 6 | u.s . dollar notes | ( d ) | $ 750 | 3.250% ( 3.250 % ) | november 2014 | november 2024 | | 7 | u.s . dollar notes | ( d ) | $ 750 | 4.250% ( 4.250 % ) | november 2014 | november 2044 |

our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. ._| | type | | face value ( e ) | interest rate | issuance | maturity | |---:|:-------------------|:------|:----------------------------------|:-------------------|:--------------|:--------------| | 0 | euro notes | ( a ) | 20ac750 ( approximately $ 1029 ) | 1.875% ( 1.875 % ) | march 2014 | march 2021 | | 1 | euro notes | ( a ) | 20ac1000 ( approximately $ 1372 ) | 2.875% ( 2.875 % ) | march 2014 | march 2026 | | 2 | euro notes | ( b ) | 20ac500 ( approximately $ 697 ) | 2.875% ( 2.875 % ) | may 2014 | may 2029 | | 3 | swiss franc notes | ( c ) | chf275 ( approximately $ 311 ) | 0.750% ( 0.750 % ) | may 2014 | december 2019 | | 4 | swiss franc notes | ( b ) | chf250 ( approximately $ 283 ) | 1.625% ( 1.625 % ) | may 2014 | may 2024 | | 5 | u.s . dollar notes | ( d ) | $ 500 | 1.250% ( 1.250 % ) | november 2014 | november 2017 | | 6 | u.s . dollar notes | ( d ) | $ 750 | 3.250% ( 3.250 % ) | november 2014 | november 2024 | | 7 | u.s . dollar notes | ( d ) | $ 750 | 4.250% ( 4.250 % ) | november 2014 | november 2044 |_our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. .

2,014

67

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

what is the exchange rate per dollar used to convert the face value of the euro notes with the maturity date in march 2021?

0.73

divide(750, 1029)

our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. .

| | type | | face value ( e ) | interest rate | issuance | maturity | |---:|:-------------------|:------|:----------------------------------|:-------------------|:--------------|:--------------| | 0 | euro notes | ( a ) | 20ac750 ( approximately $ 1029 ) | 1.875% ( 1.875 % ) | march 2014 | march 2021 | | 1 | euro notes | ( a ) | 20ac1000 ( approximately $ 1372 ) | 2.875% ( 2.875 % ) | march 2014 | march 2026 | | 2 | euro notes | ( b ) | 20ac500 ( approximately $ 697 ) | 2.875% ( 2.875 % ) | may 2014 | may 2029 | | 3 | swiss franc notes | ( c ) | chf275 ( approximately $ 311 ) | 0.750% ( 0.750 % ) | may 2014 | december 2019 | | 4 | swiss franc notes | ( b ) | chf250 ( approximately $ 283 ) | 1.625% ( 1.625 % ) | may 2014 | may 2024 | | 5 | u.s . dollar notes | ( d ) | $ 500 | 1.250% ( 1.250 % ) | november 2014 | november 2017 | | 6 | u.s . dollar notes | ( d ) | $ 750 | 3.250% ( 3.250 % ) | november 2014 | november 2024 | | 7 | u.s . dollar notes | ( d ) | $ 750 | 4.250% ( 4.250 % ) | november 2014 | november 2044 |

our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. ._| | type | | face value ( e ) | interest rate | issuance | maturity | |---:|:-------------------|:------|:----------------------------------|:-------------------|:--------------|:--------------| | 0 | euro notes | ( a ) | 20ac750 ( approximately $ 1029 ) | 1.875% ( 1.875 % ) | march 2014 | march 2021 | | 1 | euro notes | ( a ) | 20ac1000 ( approximately $ 1372 ) | 2.875% ( 2.875 % ) | march 2014 | march 2026 | | 2 | euro notes | ( b ) | 20ac500 ( approximately $ 697 ) | 2.875% ( 2.875 % ) | may 2014 | may 2029 | | 3 | swiss franc notes | ( c ) | chf275 ( approximately $ 311 ) | 0.750% ( 0.750 % ) | may 2014 | december 2019 | | 4 | swiss franc notes | ( b ) | chf250 ( approximately $ 283 ) | 1.625% ( 1.625 % ) | may 2014 | may 2024 | | 5 | u.s . dollar notes | ( d ) | $ 500 | 1.250% ( 1.250 % ) | november 2014 | november 2017 | | 6 | u.s . dollar notes | ( d ) | $ 750 | 3.250% ( 3.250 % ) | november 2014 | november 2024 | | 7 | u.s . dollar notes | ( d ) | $ 750 | 4.250% ( 4.250 % ) | november 2014 | november 2044 |_our debt issuances in 2014 were as follows : ( in millions ) type face value ( e ) interest rate issuance maturity euro notes ( a ) 20ac750 ( approximately $ 1029 ) 1.875% ( 1.875 % ) march 2014 march 2021 euro notes ( a ) 20ac1000 ( approximately $ 1372 ) 2.875% ( 2.875 % ) march 2014 march 2026 euro notes ( b ) 20ac500 ( approximately $ 697 ) 2.875% ( 2.875 % ) may 2014 may 2029 swiss franc notes ( c ) chf275 ( approximately $ 311 ) 0.750% ( 0.750 % ) may 2014 december 2019 swiss franc notes ( b ) chf250 ( approximately $ 283 ) 1.625% ( 1.625 % ) may 2014 may 2024 u.s . dollar notes ( d ) $ 500 1.250% ( 1.250 % ) november 2014 november 2017 u.s . dollar notes ( d ) $ 750 3.250% ( 3.250 % ) november 2014 november 2024 u.s . dollar notes ( d ) $ 750 4.250% ( 4.250 % ) november 2014 november 2044 ( a ) interest on these notes is payable annually in arrears beginning in march 2015 . ( b ) interest on these notes is payable annually in arrears beginning in may 2015 . ( c ) interest on these notes is payable annually in arrears beginning in december 2014 . ( d ) interest on these notes is payable semiannually in arrears beginning in may 2015 . ( e ) u.s . dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below . guarantees 2013 at december 31 , 2014 , we were contingently liable for $ 1.0 billion of guarantees of our own performance , which were primarily related to excise taxes on the shipment of our products . there is no liability in the consolidated financial statements associated with these guarantees . at december 31 , 2014 , our third-party guarantees were insignificant. .

2,014

67

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

null

finqa451

what amount of long-term debt is due in the next 36 months for entergy corporation as of december 31 , 2013 , in millions?

1766.8

divide(add(add(385373, 1110566), 270852), 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 36 months for entergy corporation as of december 31 , 2013 , in millions?

1766.8

divide(add(add(385373, 1110566), 270852), 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

finqa452

what portion of the estimated purchase price of r2 is paid in cash?

3.1%

divide(6900, 220600)

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) 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 . acquisition of r2 technology , inc . on july 13 , 2006 , the company completed the acquisition of r2 technology , inc . ( r2 ) pursuant to an agreement and plan of merger dated april 24 , 2006 . the results of operations for r2 have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . r2 , previously located in santa clara , california , develops and sells computer-aided detection technology and products ( cad ) , an innovative technology that assists radiologists in the early detection of breast cancer . the aggregate purchase price for r2 of approximately $ 220600 consisted of approximately 4400 shares of hologic common stock valued at $ 205500 , cash paid of $ 6900 , debt assumed of $ 5700 and approximately $ 2500 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 company finalized and completed a plan to restructure certain of r2 2019s historical activities . as of the acquisition date the company recorded a liability of approximately $ 798 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 and loss related to the abandonment of certain lease space under this plan . all amounts under this plan have been paid as of september 29 , 2007 . the company reduced goodwill related to the r2 acquisition in the amount of approximately $ 400 during the year ended september 29 , 2007 . the reduction was primarily related to a change in the preliminary valuation of certain assets and liabilities acquired based on information received during the year . the final purchase price allocations were completed within one year of the .

| | net tangible assets acquired as of july 13 2006 | $ 1200 | |---:|:--------------------------------------------------|:---------| | 0 | in-process research and development | 10200 | | 1 | developed technology and know how | 39500 | | 2 | customer relationship | 15700 | | 3 | trade name | 3300 | | 4 | order backlog | 800 | | 5 | deferred income taxes | 4400 | | 6 | goodwill | 145500 | | 7 | estimated purchase price | $ 220600 |

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) 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 . acquisition of r2 technology , inc . on july 13 , 2006 , the company completed the acquisition of r2 technology , inc . ( r2 ) pursuant to an agreement and plan of merger dated april 24 , 2006 . the results of operations for r2 have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . r2 , previously located in santa clara , california , develops and sells computer-aided detection technology and products ( cad ) , an innovative technology that assists radiologists in the early detection of breast cancer . the aggregate purchase price for r2 of approximately $ 220600 consisted of approximately 4400 shares of hologic common stock valued at $ 205500 , cash paid of $ 6900 , debt assumed of $ 5700 and approximately $ 2500 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 13 2006 | $ 1200 | |---:|:--------------------------------------------------|:---------| | 0 | in-process research and development | 10200 | | 1 | developed technology and know how | 39500 | | 2 | customer relationship | 15700 | | 3 | trade name | 3300 | | 4 | order backlog | 800 | | 5 | deferred income taxes | 4400 | | 6 | goodwill | 145500 | | 7 | estimated purchase price | $ 220600 |_the company finalized and completed a plan to restructure certain of r2 2019s historical activities . as of the acquisition date the company recorded a liability of approximately $ 798 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 and loss related to the abandonment of certain lease space under this plan . all amounts under this plan have been paid as of september 29 , 2007 . the company reduced goodwill related to the r2 acquisition in the amount of approximately $ 400 during the year ended september 29 , 2007 . the reduction was primarily related to a change in the preliminary valuation of certain assets and liabilities acquired based on information received during the year . the final purchase price allocations were completed within one year of the .

2,007

128

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

what portion of the estimated purchase price of r2 is paid in cash?

3.1%

divide(6900, 220600)

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) 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 . acquisition of r2 technology , inc . on july 13 , 2006 , the company completed the acquisition of r2 technology , inc . ( r2 ) pursuant to an agreement and plan of merger dated april 24 , 2006 . the results of operations for r2 have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . r2 , previously located in santa clara , california , develops and sells computer-aided detection technology and products ( cad ) , an innovative technology that assists radiologists in the early detection of breast cancer . the aggregate purchase price for r2 of approximately $ 220600 consisted of approximately 4400 shares of hologic common stock valued at $ 205500 , cash paid of $ 6900 , debt assumed of $ 5700 and approximately $ 2500 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 company finalized and completed a plan to restructure certain of r2 2019s historical activities . as of the acquisition date the company recorded a liability of approximately $ 798 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 and loss related to the abandonment of certain lease space under this plan . all amounts under this plan have been paid as of september 29 , 2007 . the company reduced goodwill related to the r2 acquisition in the amount of approximately $ 400 during the year ended september 29 , 2007 . the reduction was primarily related to a change in the preliminary valuation of certain assets and liabilities acquired based on information received during the year . the final purchase price allocations were completed within one year of the .

| | net tangible assets acquired as of july 13 2006 | $ 1200 | |---:|:--------------------------------------------------|:---------| | 0 | in-process research and development | 10200 | | 1 | developed technology and know how | 39500 | | 2 | customer relationship | 15700 | | 3 | trade name | 3300 | | 4 | order backlog | 800 | | 5 | deferred income taxes | 4400 | | 6 | goodwill | 145500 | | 7 | estimated purchase price | $ 220600 |

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) 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 . acquisition of r2 technology , inc . on july 13 , 2006 , the company completed the acquisition of r2 technology , inc . ( r2 ) pursuant to an agreement and plan of merger dated april 24 , 2006 . the results of operations for r2 have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . r2 , previously located in santa clara , california , develops and sells computer-aided detection technology and products ( cad ) , an innovative technology that assists radiologists in the early detection of breast cancer . the aggregate purchase price for r2 of approximately $ 220600 consisted of approximately 4400 shares of hologic common stock valued at $ 205500 , cash paid of $ 6900 , debt assumed of $ 5700 and approximately $ 2500 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 13 2006 | $ 1200 | |---:|:--------------------------------------------------|:---------| | 0 | in-process research and development | 10200 | | 1 | developed technology and know how | 39500 | | 2 | customer relationship | 15700 | | 3 | trade name | 3300 | | 4 | order backlog | 800 | | 5 | deferred income taxes | 4400 | | 6 | goodwill | 145500 | | 7 | estimated purchase price | $ 220600 |_the company finalized and completed a plan to restructure certain of r2 2019s historical activities . as of the acquisition date the company recorded a liability of approximately $ 798 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 and loss related to the abandonment of certain lease space under this plan . all amounts under this plan have been paid as of september 29 , 2007 . the company reduced goodwill related to the r2 acquisition in the amount of approximately $ 400 during the year ended september 29 , 2007 . the reduction was primarily related to a change in the preliminary valuation of certain assets and liabilities acquired based on information received during the year . the final purchase price allocations were completed within one year of the .

2,007

128

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

null

finqa453

what portion of the total long-term obligations are incurred from long-term debt?

73.01%

divide(13093.0, 17932.7)

the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: .

( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments . ( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases . ( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands . for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction . most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) . any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above . ( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date . future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future . other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities . we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 . we are unable to reliably estimate the amount of these payments beyond fiscal 2020 . as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million . significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report . our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations . these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans . revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts . trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale . differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period . our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 . because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. .

| | in millions | payments due by fiscal year total | payments due by fiscal year 2020 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 -24 | payments due by fiscal year 2025 and thereafter | |---:|:----------------------------------|:------------------------------------|:-----------------------------------|:---------------------------------------|:---------------------------------------|:--------------------------------------------------| | 0 | long-term debt ( a ) | $ 13093.0 | $ 1396.3 | $ 3338.4 | $ 2810.2 | $ 5548.1 | | 1 | accrued interest | 92.6 | 92.6 | - | - | - | | 2 | operating leases ( b ) | 482.6 | 120.0 | 186.7 | 112.9 | 63.0 | | 3 | capital leases | 0.3 | 0.2 | 0.1 | - | - | | 4 | purchase obligations ( c ) | 2961.8 | 2605.1 | 321.9 | 27.6 | 7.2 | | 5 | total contractual obligations | 16630.3 | 4214.2 | 3847.1 | 2950.7 | 5618.3 | | 6 | other long-term obligations ( d ) | 1302.4 | - | - | - | - | | 7 | total long-term obligations | $ 17932.7 | $ 4214.2 | $ 3847.1 | $ 2950.7 | $ 5618.3 |

the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: ._| | in millions | payments due by fiscal year total | payments due by fiscal year 2020 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 -24 | payments due by fiscal year 2025 and thereafter | |---:|:----------------------------------|:------------------------------------|:-----------------------------------|:---------------------------------------|:---------------------------------------|:--------------------------------------------------| | 0 | long-term debt ( a ) | $ 13093.0 | $ 1396.3 | $ 3338.4 | $ 2810.2 | $ 5548.1 | | 1 | accrued interest | 92.6 | 92.6 | - | - | - | | 2 | operating leases ( b ) | 482.6 | 120.0 | 186.7 | 112.9 | 63.0 | | 3 | capital leases | 0.3 | 0.2 | 0.1 | - | - | | 4 | purchase obligations ( c ) | 2961.8 | 2605.1 | 321.9 | 27.6 | 7.2 | | 5 | total contractual obligations | 16630.3 | 4214.2 | 3847.1 | 2950.7 | 5618.3 | | 6 | other long-term obligations ( d ) | 1302.4 | - | - | - | - | | 7 | total long-term obligations | $ 17932.7 | $ 4214.2 | $ 3847.1 | $ 2950.7 | $ 5618.3 |_( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments . ( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases . ( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands . for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction . most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) . any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above . ( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date . future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future . other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities . we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 . we are unable to reliably estimate the amount of these payments beyond fiscal 2020 . as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million . significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report . our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations . these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans . revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts . trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale . differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period . our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 . because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. .

2,019

37

GIS

General Mills

Consumer Staples

Packaged Foods & Meats

Golden Valley, Minnesota

1957-03-04

40,704

1856

what portion of the total long-term obligations are incurred from long-term debt?

73.01%

divide(13093.0, 17932.7)

the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: .

( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments . ( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases . ( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands . for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction . most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) . any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above . ( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date . future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future . other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities . we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 . we are unable to reliably estimate the amount of these payments beyond fiscal 2020 . as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million . significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report . our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations . these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans . revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts . trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale . differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period . our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 . because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. .

| | in millions | payments due by fiscal year total | payments due by fiscal year 2020 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 -24 | payments due by fiscal year 2025 and thereafter | |---:|:----------------------------------|:------------------------------------|:-----------------------------------|:---------------------------------------|:---------------------------------------|:--------------------------------------------------| | 0 | long-term debt ( a ) | $ 13093.0 | $ 1396.3 | $ 3338.4 | $ 2810.2 | $ 5548.1 | | 1 | accrued interest | 92.6 | 92.6 | - | - | - | | 2 | operating leases ( b ) | 482.6 | 120.0 | 186.7 | 112.9 | 63.0 | | 3 | capital leases | 0.3 | 0.2 | 0.1 | - | - | | 4 | purchase obligations ( c ) | 2961.8 | 2605.1 | 321.9 | 27.6 | 7.2 | | 5 | total contractual obligations | 16630.3 | 4214.2 | 3847.1 | 2950.7 | 5618.3 | | 6 | other long-term obligations ( d ) | 1302.4 | - | - | - | - | | 7 | total long-term obligations | $ 17932.7 | $ 4214.2 | $ 3847.1 | $ 2950.7 | $ 5618.3 |

the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: ._| | in millions | payments due by fiscal year total | payments due by fiscal year 2020 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 -24 | payments due by fiscal year 2025 and thereafter | |---:|:----------------------------------|:------------------------------------|:-----------------------------------|:---------------------------------------|:---------------------------------------|:--------------------------------------------------| | 0 | long-term debt ( a ) | $ 13093.0 | $ 1396.3 | $ 3338.4 | $ 2810.2 | $ 5548.1 | | 1 | accrued interest | 92.6 | 92.6 | - | - | - | | 2 | operating leases ( b ) | 482.6 | 120.0 | 186.7 | 112.9 | 63.0 | | 3 | capital leases | 0.3 | 0.2 | 0.1 | - | - | | 4 | purchase obligations ( c ) | 2961.8 | 2605.1 | 321.9 | 27.6 | 7.2 | | 5 | total contractual obligations | 16630.3 | 4214.2 | 3847.1 | 2950.7 | 5618.3 | | 6 | other long-term obligations ( d ) | 1302.4 | - | - | - | - | | 7 | total long-term obligations | $ 17932.7 | $ 4214.2 | $ 3847.1 | $ 2950.7 | $ 5618.3 |_( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments . ( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases . ( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands . for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction . most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) . any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above . ( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date . future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future . other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities . we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 . we are unable to reliably estimate the amount of these payments beyond fiscal 2020 . as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million . significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report . our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations . these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans . revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts . trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale . differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period . our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 . because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. .

2,019

37

GIS

General Mills

Consumer Staples

Packaged Foods & Meats

Golden Valley, Minnesota

1957-03-04

40,704

1856

null

finqa454

what was the mathematical range for the postretirement benefit plans?

19.3

subtract(24.8, 5.5)

notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) cash flows for 2010 , we expect to contribute $ 25.2 and $ 9.2 to our foreign pension plans and domestic pension plans , respectively . a significant portion of our contributions to the foreign pension plans relate to the u.k . pension plan . additionally , we are in the process of modifying the schedule of employer contributions for the u.k . pension plan and we expect to finalize this during 2010 . as a result , we expect our contributions to our foreign pension plans to increase from current levels in 2010 and subsequent years . during 2009 , we contributed $ 31.9 to our foreign pension plans and contributions to the domestic pension plan were negligible . the following estimated future benefit payments , which reflect future service , as appropriate , are expected to be paid in the years indicated below . domestic pension plans foreign pension plans postretirement benefit plans .

the estimated future payments for our postretirement benefit plans are before any estimated federal subsidies expected to be received under the medicare prescription drug , improvement and modernization act of 2003 . federal subsidies are estimated to range from $ 0.5 in 2010 to $ 0.6 in 2014 and are estimated to be $ 2.4 for the period 2015-2019 . savings plans we sponsor defined contribution plans ( the 201csavings plans 201d ) that cover substantially all domestic employees . the savings plans permit participants to make contributions on a pre-tax and/or after-tax basis and allows participants to choose among various investment alternatives . we match a portion of participant contributions based upon their years of service . amounts expensed for the savings plans for 2009 , 2008 and 2007 were $ 35.1 , $ 29.6 and $ 31.4 , respectively . expense includes a discretionary company contribution of $ 3.8 , $ 4.0 and $ 4.9 offset by participant forfeitures of $ 2.7 , $ 7.8 , $ 6.0 in 2009 , 2008 and 2007 , respectively . in addition , we maintain defined contribution plans in various foreign countries and contributed $ 25.0 , $ 28.7 and $ 26.7 to these plans in 2009 , 2008 and 2007 , respectively . deferred compensation and benefit arrangements we have deferred compensation arrangements which ( i ) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation , or ( ii ) require us to contribute an amount to the participant 2019s account . the arrangements typically provide that the participant will receive the amounts deferred plus interest upon attaining certain conditions , such as completing a certain number of years of service or upon retirement or termination . as of december 31 , 2009 and 2008 , the deferred compensation liability balance was $ 100.3 and $ 107.6 , respectively . amounts expensed for deferred compensation arrangements in 2009 , 2008 and 2007 were $ 11.6 , $ 5.7 and $ 11.9 , respectively . we have deferred benefit arrangements with certain key officers and employees that provide participants with an annual payment , payable when the participant attains a certain age and after the participant 2019s employment has terminated . the deferred benefit liability was $ 178.2 and $ 182.1 as of december 31 , 2009 and 2008 , respectively . amounts expensed for deferred benefit arrangements in 2009 , 2008 and 2007 were $ 12.0 , $ 14.9 and $ 15.5 , respectively . we have purchased life insurance policies on participants 2019 lives to assist in the funding of the related deferred compensation and deferred benefit liabilities . as of december 31 , 2009 and 2008 , the cash surrender value of these policies was $ 119.4 and $ 100.2 , respectively . in addition to the life insurance policies , certain investments are held for the purpose of paying the deferred compensation and deferred benefit liabilities . these investments , along with the life insurance policies , are held in a separate revocable trust for the purpose of paying the deferred compensation and the deferred benefit .

| | years | domestic pension plans | foreign pension plans | postretirement benefit plans | |---:|:---------------|:-------------------------|:------------------------|:-------------------------------| | 0 | 2010 | $ 17.2 | $ 23.5 | $ 5.8 | | 1 | 2011 | 11.1 | 24.7 | 5.7 | | 2 | 2012 | 10.8 | 26.4 | 5.7 | | 3 | 2013 | 10.5 | 28.2 | 5.6 | | 4 | 2014 | 10.5 | 32.4 | 5.5 | | 5 | 2015 2013 2019 | 48.5 | 175.3 | 24.8 |

notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) cash flows for 2010 , we expect to contribute $ 25.2 and $ 9.2 to our foreign pension plans and domestic pension plans , respectively . a significant portion of our contributions to the foreign pension plans relate to the u.k . pension plan . additionally , we are in the process of modifying the schedule of employer contributions for the u.k . pension plan and we expect to finalize this during 2010 . as a result , we expect our contributions to our foreign pension plans to increase from current levels in 2010 and subsequent years . during 2009 , we contributed $ 31.9 to our foreign pension plans and contributions to the domestic pension plan were negligible . the following estimated future benefit payments , which reflect future service , as appropriate , are expected to be paid in the years indicated below . domestic pension plans foreign pension plans postretirement benefit plans ._| | years | domestic pension plans | foreign pension plans | postretirement benefit plans | |---:|:---------------|:-------------------------|:------------------------|:-------------------------------| | 0 | 2010 | $ 17.2 | $ 23.5 | $ 5.8 | | 1 | 2011 | 11.1 | 24.7 | 5.7 | | 2 | 2012 | 10.8 | 26.4 | 5.7 | | 3 | 2013 | 10.5 | 28.2 | 5.6 | | 4 | 2014 | 10.5 | 32.4 | 5.5 | | 5 | 2015 2013 2019 | 48.5 | 175.3 | 24.8 |_the estimated future payments for our postretirement benefit plans are before any estimated federal subsidies expected to be received under the medicare prescription drug , improvement and modernization act of 2003 . federal subsidies are estimated to range from $ 0.5 in 2010 to $ 0.6 in 2014 and are estimated to be $ 2.4 for the period 2015-2019 . savings plans we sponsor defined contribution plans ( the 201csavings plans 201d ) that cover substantially all domestic employees . the savings plans permit participants to make contributions on a pre-tax and/or after-tax basis and allows participants to choose among various investment alternatives . we match a portion of participant contributions based upon their years of service . amounts expensed for the savings plans for 2009 , 2008 and 2007 were $ 35.1 , $ 29.6 and $ 31.4 , respectively . expense includes a discretionary company contribution of $ 3.8 , $ 4.0 and $ 4.9 offset by participant forfeitures of $ 2.7 , $ 7.8 , $ 6.0 in 2009 , 2008 and 2007 , respectively . in addition , we maintain defined contribution plans in various foreign countries and contributed $ 25.0 , $ 28.7 and $ 26.7 to these plans in 2009 , 2008 and 2007 , respectively . deferred compensation and benefit arrangements we have deferred compensation arrangements which ( i ) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation , or ( ii ) require us to contribute an amount to the participant 2019s account . the arrangements typically provide that the participant will receive the amounts deferred plus interest upon attaining certain conditions , such as completing a certain number of years of service or upon retirement or termination . as of december 31 , 2009 and 2008 , the deferred compensation liability balance was $ 100.3 and $ 107.6 , respectively . amounts expensed for deferred compensation arrangements in 2009 , 2008 and 2007 were $ 11.6 , $ 5.7 and $ 11.9 , respectively . we have deferred benefit arrangements with certain key officers and employees that provide participants with an annual payment , payable when the participant attains a certain age and after the participant 2019s employment has terminated . the deferred benefit liability was $ 178.2 and $ 182.1 as of december 31 , 2009 and 2008 , respectively . amounts expensed for deferred benefit arrangements in 2009 , 2008 and 2007 were $ 12.0 , $ 14.9 and $ 15.5 , respectively . we have purchased life insurance policies on participants 2019 lives to assist in the funding of the related deferred compensation and deferred benefit liabilities . as of december 31 , 2009 and 2008 , the cash surrender value of these policies was $ 119.4 and $ 100.2 , respectively . in addition to the life insurance policies , certain investments are held for the purpose of paying the deferred compensation and deferred benefit liabilities . these investments , along with the life insurance policies , are held in a separate revocable trust for the purpose of paying the deferred compensation and the deferred benefit .

2,009

85

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

what was the mathematical range for the postretirement benefit plans?

19.3

subtract(24.8, 5.5)

notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) cash flows for 2010 , we expect to contribute $ 25.2 and $ 9.2 to our foreign pension plans and domestic pension plans , respectively . a significant portion of our contributions to the foreign pension plans relate to the u.k . pension plan . additionally , we are in the process of modifying the schedule of employer contributions for the u.k . pension plan and we expect to finalize this during 2010 . as a result , we expect our contributions to our foreign pension plans to increase from current levels in 2010 and subsequent years . during 2009 , we contributed $ 31.9 to our foreign pension plans and contributions to the domestic pension plan were negligible . the following estimated future benefit payments , which reflect future service , as appropriate , are expected to be paid in the years indicated below . domestic pension plans foreign pension plans postretirement benefit plans .

the estimated future payments for our postretirement benefit plans are before any estimated federal subsidies expected to be received under the medicare prescription drug , improvement and modernization act of 2003 . federal subsidies are estimated to range from $ 0.5 in 2010 to $ 0.6 in 2014 and are estimated to be $ 2.4 for the period 2015-2019 . savings plans we sponsor defined contribution plans ( the 201csavings plans 201d ) that cover substantially all domestic employees . the savings plans permit participants to make contributions on a pre-tax and/or after-tax basis and allows participants to choose among various investment alternatives . we match a portion of participant contributions based upon their years of service . amounts expensed for the savings plans for 2009 , 2008 and 2007 were $ 35.1 , $ 29.6 and $ 31.4 , respectively . expense includes a discretionary company contribution of $ 3.8 , $ 4.0 and $ 4.9 offset by participant forfeitures of $ 2.7 , $ 7.8 , $ 6.0 in 2009 , 2008 and 2007 , respectively . in addition , we maintain defined contribution plans in various foreign countries and contributed $ 25.0 , $ 28.7 and $ 26.7 to these plans in 2009 , 2008 and 2007 , respectively . deferred compensation and benefit arrangements we have deferred compensation arrangements which ( i ) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation , or ( ii ) require us to contribute an amount to the participant 2019s account . the arrangements typically provide that the participant will receive the amounts deferred plus interest upon attaining certain conditions , such as completing a certain number of years of service or upon retirement or termination . as of december 31 , 2009 and 2008 , the deferred compensation liability balance was $ 100.3 and $ 107.6 , respectively . amounts expensed for deferred compensation arrangements in 2009 , 2008 and 2007 were $ 11.6 , $ 5.7 and $ 11.9 , respectively . we have deferred benefit arrangements with certain key officers and employees that provide participants with an annual payment , payable when the participant attains a certain age and after the participant 2019s employment has terminated . the deferred benefit liability was $ 178.2 and $ 182.1 as of december 31 , 2009 and 2008 , respectively . amounts expensed for deferred benefit arrangements in 2009 , 2008 and 2007 were $ 12.0 , $ 14.9 and $ 15.5 , respectively . we have purchased life insurance policies on participants 2019 lives to assist in the funding of the related deferred compensation and deferred benefit liabilities . as of december 31 , 2009 and 2008 , the cash surrender value of these policies was $ 119.4 and $ 100.2 , respectively . in addition to the life insurance policies , certain investments are held for the purpose of paying the deferred compensation and deferred benefit liabilities . these investments , along with the life insurance policies , are held in a separate revocable trust for the purpose of paying the deferred compensation and the deferred benefit .

| | years | domestic pension plans | foreign pension plans | postretirement benefit plans | |---:|:---------------|:-------------------------|:------------------------|:-------------------------------| | 0 | 2010 | $ 17.2 | $ 23.5 | $ 5.8 | | 1 | 2011 | 11.1 | 24.7 | 5.7 | | 2 | 2012 | 10.8 | 26.4 | 5.7 | | 3 | 2013 | 10.5 | 28.2 | 5.6 | | 4 | 2014 | 10.5 | 32.4 | 5.5 | | 5 | 2015 2013 2019 | 48.5 | 175.3 | 24.8 |

notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) cash flows for 2010 , we expect to contribute $ 25.2 and $ 9.2 to our foreign pension plans and domestic pension plans , respectively . a significant portion of our contributions to the foreign pension plans relate to the u.k . pension plan . additionally , we are in the process of modifying the schedule of employer contributions for the u.k . pension plan and we expect to finalize this during 2010 . as a result , we expect our contributions to our foreign pension plans to increase from current levels in 2010 and subsequent years . during 2009 , we contributed $ 31.9 to our foreign pension plans and contributions to the domestic pension plan were negligible . the following estimated future benefit payments , which reflect future service , as appropriate , are expected to be paid in the years indicated below . domestic pension plans foreign pension plans postretirement benefit plans ._| | years | domestic pension plans | foreign pension plans | postretirement benefit plans | |---:|:---------------|:-------------------------|:------------------------|:-------------------------------| | 0 | 2010 | $ 17.2 | $ 23.5 | $ 5.8 | | 1 | 2011 | 11.1 | 24.7 | 5.7 | | 2 | 2012 | 10.8 | 26.4 | 5.7 | | 3 | 2013 | 10.5 | 28.2 | 5.6 | | 4 | 2014 | 10.5 | 32.4 | 5.5 | | 5 | 2015 2013 2019 | 48.5 | 175.3 | 24.8 |_the estimated future payments for our postretirement benefit plans are before any estimated federal subsidies expected to be received under the medicare prescription drug , improvement and modernization act of 2003 . federal subsidies are estimated to range from $ 0.5 in 2010 to $ 0.6 in 2014 and are estimated to be $ 2.4 for the period 2015-2019 . savings plans we sponsor defined contribution plans ( the 201csavings plans 201d ) that cover substantially all domestic employees . the savings plans permit participants to make contributions on a pre-tax and/or after-tax basis and allows participants to choose among various investment alternatives . we match a portion of participant contributions based upon their years of service . amounts expensed for the savings plans for 2009 , 2008 and 2007 were $ 35.1 , $ 29.6 and $ 31.4 , respectively . expense includes a discretionary company contribution of $ 3.8 , $ 4.0 and $ 4.9 offset by participant forfeitures of $ 2.7 , $ 7.8 , $ 6.0 in 2009 , 2008 and 2007 , respectively . in addition , we maintain defined contribution plans in various foreign countries and contributed $ 25.0 , $ 28.7 and $ 26.7 to these plans in 2009 , 2008 and 2007 , respectively . deferred compensation and benefit arrangements we have deferred compensation arrangements which ( i ) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation , or ( ii ) require us to contribute an amount to the participant 2019s account . the arrangements typically provide that the participant will receive the amounts deferred plus interest upon attaining certain conditions , such as completing a certain number of years of service or upon retirement or termination . as of december 31 , 2009 and 2008 , the deferred compensation liability balance was $ 100.3 and $ 107.6 , respectively . amounts expensed for deferred compensation arrangements in 2009 , 2008 and 2007 were $ 11.6 , $ 5.7 and $ 11.9 , respectively . we have deferred benefit arrangements with certain key officers and employees that provide participants with an annual payment , payable when the participant attains a certain age and after the participant 2019s employment has terminated . the deferred benefit liability was $ 178.2 and $ 182.1 as of december 31 , 2009 and 2008 , respectively . amounts expensed for deferred benefit arrangements in 2009 , 2008 and 2007 were $ 12.0 , $ 14.9 and $ 15.5 , respectively . we have purchased life insurance policies on participants 2019 lives to assist in the funding of the related deferred compensation and deferred benefit liabilities . as of december 31 , 2009 and 2008 , the cash surrender value of these policies was $ 119.4 and $ 100.2 , respectively . in addition to the life insurance policies , certain investments are held for the purpose of paying the deferred compensation and deferred benefit liabilities . these investments , along with the life insurance policies , are held in a separate revocable trust for the purpose of paying the deferred compensation and the deferred benefit .

2,009

85

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

null

finqa455

what is the percentage change in the balance of the prudential insurance company of america from 2016 to 2017?

-1.3%

divide(subtract(144618, 146507), 146507)

15 . commitments and contingencies in the ordinary course of business , the company is involved in lawsuits , arbitrations and other formal and informal dispute resolution procedures , the outcomes of which will determine the company 2019s rights and obligations under insurance and reinsurance agreements . in some disputes , the company seeks to enforce its rights under an agreement or to collect funds owing to it . in other matters , the company is resisting attempts by others to collect funds or enforce alleged rights . these disputes arise from time to time and are ultimately resolved through both informal and formal means , including negotiated resolution , arbitration and litigation . in all such matters , the company believes that its positions are legally and commercially reasonable . the company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses . aside from litigation and arbitrations related to these insurance and reinsurance agreements , the company is not a party to any other material litigation or arbitration . the company has entered into separate annuity agreements with the prudential insurance of america ( 201cthe prudential 201d ) and an additional unaffiliated life insurance company in which the company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future . in both instances , the company would become contingently liable if either the prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract . the table below presents the estimated cost to replace all such annuities for which the company was contingently liable for the periods indicated: .

16 . share-based compensation plans the company has a 2010 stock incentive plan ( 201c2010 employee plan 201d ) , a 2009 non-employee director stock option and restricted stock plan ( 201c2009 director plan 201d ) and a 2003 non-employee director equity compensation plan ( 201c2003 director plan 201d ) . under the 2010 employee plan , 4000000 common shares have been authorized to be granted as non- qualified share options , incentive share options , share appreciation rights , restricted share awards or performance share unit awards to officers and key employees of the company . at december 31 , 2017 , there were 2553473 remaining shares available to be granted under the 2010 employee plan . the 2010 employee plan replaced a 2002 employee plan , which replaced a 1995 employee plan ; therefore , no further awards will be granted under the 2002 employee plan or the 1995 employee plan . through december 31 , 2017 , only non-qualified share options , restricted share awards and performance share unit awards had been granted under the employee plans . under the 2009 director plan , 37439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the company . at december 31 , 2017 , there were 34957 remaining shares available to be granted under the 2009 director plan . the 2009 director plan replaced a 1995 director plan , which expired . under the 2003 director plan , 500000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the company . at december 31 , 2017 there were 346714 remaining shares available to be granted under the 2003 director plan. .

| | ( dollars in thousands ) | at december 31 , 2017 | at december 31 , 2016 | |---:|:--------------------------------------------|:------------------------|:------------------------| | 0 | the prudential insurance company of america | $ 144618 | $ 146507 | | 1 | unaffiliated life insurance company | 34444 | 33860 |

15 . commitments and contingencies in the ordinary course of business , the company is involved in lawsuits , arbitrations and other formal and informal dispute resolution procedures , the outcomes of which will determine the company 2019s rights and obligations under insurance and reinsurance agreements . in some disputes , the company seeks to enforce its rights under an agreement or to collect funds owing to it . in other matters , the company is resisting attempts by others to collect funds or enforce alleged rights . these disputes arise from time to time and are ultimately resolved through both informal and formal means , including negotiated resolution , arbitration and litigation . in all such matters , the company believes that its positions are legally and commercially reasonable . the company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses . aside from litigation and arbitrations related to these insurance and reinsurance agreements , the company is not a party to any other material litigation or arbitration . the company has entered into separate annuity agreements with the prudential insurance of america ( 201cthe prudential 201d ) and an additional unaffiliated life insurance company in which the company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future . in both instances , the company would become contingently liable if either the prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract . the table below presents the estimated cost to replace all such annuities for which the company was contingently liable for the periods indicated: ._| | ( dollars in thousands ) | at december 31 , 2017 | at december 31 , 2016 | |---:|:--------------------------------------------|:------------------------|:------------------------| | 0 | the prudential insurance company of america | $ 144618 | $ 146507 | | 1 | unaffiliated life insurance company | 34444 | 33860 |_16 . share-based compensation plans the company has a 2010 stock incentive plan ( 201c2010 employee plan 201d ) , a 2009 non-employee director stock option and restricted stock plan ( 201c2009 director plan 201d ) and a 2003 non-employee director equity compensation plan ( 201c2003 director plan 201d ) . under the 2010 employee plan , 4000000 common shares have been authorized to be granted as non- qualified share options , incentive share options , share appreciation rights , restricted share awards or performance share unit awards to officers and key employees of the company . at december 31 , 2017 , there were 2553473 remaining shares available to be granted under the 2010 employee plan . the 2010 employee plan replaced a 2002 employee plan , which replaced a 1995 employee plan ; therefore , no further awards will be granted under the 2002 employee plan or the 1995 employee plan . through december 31 , 2017 , only non-qualified share options , restricted share awards and performance share unit awards had been granted under the employee plans . under the 2009 director plan , 37439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the company . at december 31 , 2017 , there were 34957 remaining shares available to be granted under the 2009 director plan . the 2009 director plan replaced a 1995 director plan , which expired . under the 2003 director plan , 500000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the company . at december 31 , 2017 there were 346714 remaining shares available to be granted under the 2003 director plan. .

2,017

159

RE

Everest Re Group, Ltd.

Financials

Reinsurance

Hamilton, Bermuda

2010-01-01

1,095,073

1973

what is the percentage change in the balance of the prudential insurance company of america from 2016 to 2017?

-1.3%

divide(subtract(144618, 146507), 146507)

15 . commitments and contingencies in the ordinary course of business , the company is involved in lawsuits , arbitrations and other formal and informal dispute resolution procedures , the outcomes of which will determine the company 2019s rights and obligations under insurance and reinsurance agreements . in some disputes , the company seeks to enforce its rights under an agreement or to collect funds owing to it . in other matters , the company is resisting attempts by others to collect funds or enforce alleged rights . these disputes arise from time to time and are ultimately resolved through both informal and formal means , including negotiated resolution , arbitration and litigation . in all such matters , the company believes that its positions are legally and commercially reasonable . the company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses . aside from litigation and arbitrations related to these insurance and reinsurance agreements , the company is not a party to any other material litigation or arbitration . the company has entered into separate annuity agreements with the prudential insurance of america ( 201cthe prudential 201d ) and an additional unaffiliated life insurance company in which the company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future . in both instances , the company would become contingently liable if either the prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract . the table below presents the estimated cost to replace all such annuities for which the company was contingently liable for the periods indicated: .

16 . share-based compensation plans the company has a 2010 stock incentive plan ( 201c2010 employee plan 201d ) , a 2009 non-employee director stock option and restricted stock plan ( 201c2009 director plan 201d ) and a 2003 non-employee director equity compensation plan ( 201c2003 director plan 201d ) . under the 2010 employee plan , 4000000 common shares have been authorized to be granted as non- qualified share options , incentive share options , share appreciation rights , restricted share awards or performance share unit awards to officers and key employees of the company . at december 31 , 2017 , there were 2553473 remaining shares available to be granted under the 2010 employee plan . the 2010 employee plan replaced a 2002 employee plan , which replaced a 1995 employee plan ; therefore , no further awards will be granted under the 2002 employee plan or the 1995 employee plan . through december 31 , 2017 , only non-qualified share options , restricted share awards and performance share unit awards had been granted under the employee plans . under the 2009 director plan , 37439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the company . at december 31 , 2017 , there were 34957 remaining shares available to be granted under the 2009 director plan . the 2009 director plan replaced a 1995 director plan , which expired . under the 2003 director plan , 500000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the company . at december 31 , 2017 there were 346714 remaining shares available to be granted under the 2003 director plan. .

| | ( dollars in thousands ) | at december 31 , 2017 | at december 31 , 2016 | |---:|:--------------------------------------------|:------------------------|:------------------------| | 0 | the prudential insurance company of america | $ 144618 | $ 146507 | | 1 | unaffiliated life insurance company | 34444 | 33860 |

15 . commitments and contingencies in the ordinary course of business , the company is involved in lawsuits , arbitrations and other formal and informal dispute resolution procedures , the outcomes of which will determine the company 2019s rights and obligations under insurance and reinsurance agreements . in some disputes , the company seeks to enforce its rights under an agreement or to collect funds owing to it . in other matters , the company is resisting attempts by others to collect funds or enforce alleged rights . these disputes arise from time to time and are ultimately resolved through both informal and formal means , including negotiated resolution , arbitration and litigation . in all such matters , the company believes that its positions are legally and commercially reasonable . the company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses . aside from litigation and arbitrations related to these insurance and reinsurance agreements , the company is not a party to any other material litigation or arbitration . the company has entered into separate annuity agreements with the prudential insurance of america ( 201cthe prudential 201d ) and an additional unaffiliated life insurance company in which the company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future . in both instances , the company would become contingently liable if either the prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract . the table below presents the estimated cost to replace all such annuities for which the company was contingently liable for the periods indicated: ._| | ( dollars in thousands ) | at december 31 , 2017 | at december 31 , 2016 | |---:|:--------------------------------------------|:------------------------|:------------------------| | 0 | the prudential insurance company of america | $ 144618 | $ 146507 | | 1 | unaffiliated life insurance company | 34444 | 33860 |_16 . share-based compensation plans the company has a 2010 stock incentive plan ( 201c2010 employee plan 201d ) , a 2009 non-employee director stock option and restricted stock plan ( 201c2009 director plan 201d ) and a 2003 non-employee director equity compensation plan ( 201c2003 director plan 201d ) . under the 2010 employee plan , 4000000 common shares have been authorized to be granted as non- qualified share options , incentive share options , share appreciation rights , restricted share awards or performance share unit awards to officers and key employees of the company . at december 31 , 2017 , there were 2553473 remaining shares available to be granted under the 2010 employee plan . the 2010 employee plan replaced a 2002 employee plan , which replaced a 1995 employee plan ; therefore , no further awards will be granted under the 2002 employee plan or the 1995 employee plan . through december 31 , 2017 , only non-qualified share options , restricted share awards and performance share unit awards had been granted under the employee plans . under the 2009 director plan , 37439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the company . at december 31 , 2017 , there were 34957 remaining shares available to be granted under the 2009 director plan . the 2009 director plan replaced a 1995 director plan , which expired . under the 2003 director plan , 500000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the company . at december 31 , 2017 there were 346714 remaining shares available to be granted under the 2003 director plan. .

2,017

159

RE

Everest Re Group, Ltd.

Financials

Reinsurance

Hamilton, Bermuda

2010-01-01

1,095,073

1973

null

finqa456

in 2017 what was the ratio of the htm investment securities ( period-end ) compared to investment securities portfolio ( period 2013end )

0.19

divide(47733, 247980)

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)

in 2017 what was the ratio of the htm investment securities ( period-end ) compared to investment securities portfolio ( period 2013end )

0.19

divide(47733, 247980)

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

finqa457

what was the cost per car for the buyout of locomotives in 2012?

454545

divide(multiply(75, const_1000000), 165)

we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . cash flows millions 2014 2013 2012 .

operating activities higher net income in 2014 increased cash provided by operating activities compared to 2013 , despite higher income tax payments . 2014 income tax payments were higher than 2013 primarily due to higher income , but also because we paid taxes previously deferred by bonus depreciation ( discussed below ) . higher net income in 2013 increased cash provided by operating activities compared to 2012 . in addition , we made payments in 2012 for past wages as a result of national labor negotiations , which reduced cash provided by operating activities in 2012 . lower tax benefits from bonus depreciation ( as discussed below ) partially offset the increases . federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012-2013 . as a result , the company deferred a substantial portion of its 2011-2013 income tax expense , contributing to the positive operating cash flow in those years . congress extended 50% ( 50 % ) bonus depreciation for 2014 , but this extension occurred in december and did not have a significant benefit on our income tax payments during 2014 . investing activities higher capital investments , including the early buyout of the long-term operating lease of our headquarters building for approximately $ 261 million , drove the increase in cash used in investing activities compared to 2013 . significant investments also were made for new locomotives , freight cars and containers , and capacity and commercial facility projects . capital investments in 2014 also included $ 99 million for the early buyout of locomotives and freight cars under long-term operating leases , which we exercised due to favorable economic terms and market conditions . lower capital investments in locomotives and freight cars in 2013 drove the decrease in cash used in investing activities compared to 2012 . included in capital investments in 2012 was $ 75 million for the early buyout of 165 locomotives under long-term operating and capital leases during the first quarter of 2012 , which we exercised due to favorable economic terms and market conditions. .

| | cash flowsmillions | 2014 | 2013 | 2012 | |---:|:---------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7385 | $ 6823 | $ 6161 | | 1 | cash used in investing activities | -4249 ( 4249 ) | -3405 ( 3405 ) | -3633 ( 3633 ) | | 2 | cash used in financing activities | -2982 ( 2982 ) | -3049 ( 3049 ) | -2682 ( 2682 ) | | 3 | net change in cash and cashequivalents | $ 154 | $ 369 | $ -154 ( 154 ) |

we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . cash flows millions 2014 2013 2012 ._| | cash flowsmillions | 2014 | 2013 | 2012 | |---:|:---------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7385 | $ 6823 | $ 6161 | | 1 | cash used in investing activities | -4249 ( 4249 ) | -3405 ( 3405 ) | -3633 ( 3633 ) | | 2 | cash used in financing activities | -2982 ( 2982 ) | -3049 ( 3049 ) | -2682 ( 2682 ) | | 3 | net change in cash and cashequivalents | $ 154 | $ 369 | $ -154 ( 154 ) |_operating activities higher net income in 2014 increased cash provided by operating activities compared to 2013 , despite higher income tax payments . 2014 income tax payments were higher than 2013 primarily due to higher income , but also because we paid taxes previously deferred by bonus depreciation ( discussed below ) . higher net income in 2013 increased cash provided by operating activities compared to 2012 . in addition , we made payments in 2012 for past wages as a result of national labor negotiations , which reduced cash provided by operating activities in 2012 . lower tax benefits from bonus depreciation ( as discussed below ) partially offset the increases . federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012-2013 . as a result , the company deferred a substantial portion of its 2011-2013 income tax expense , contributing to the positive operating cash flow in those years . congress extended 50% ( 50 % ) bonus depreciation for 2014 , but this extension occurred in december and did not have a significant benefit on our income tax payments during 2014 . investing activities higher capital investments , including the early buyout of the long-term operating lease of our headquarters building for approximately $ 261 million , drove the increase in cash used in investing activities compared to 2013 . significant investments also were made for new locomotives , freight cars and containers , and capacity and commercial facility projects . capital investments in 2014 also included $ 99 million for the early buyout of locomotives and freight cars under long-term operating leases , which we exercised due to favorable economic terms and market conditions . lower capital investments in locomotives and freight cars in 2013 drove the decrease in cash used in investing activities compared to 2012 . included in capital investments in 2012 was $ 75 million for the early buyout of 165 locomotives under long-term operating and capital leases during the first quarter of 2012 , which we exercised due to favorable economic terms and market conditions. .

2,014

35

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the cost per car for the buyout of locomotives in 2012?

454545

divide(multiply(75, const_1000000), 165)

we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . cash flows millions 2014 2013 2012 .

operating activities higher net income in 2014 increased cash provided by operating activities compared to 2013 , despite higher income tax payments . 2014 income tax payments were higher than 2013 primarily due to higher income , but also because we paid taxes previously deferred by bonus depreciation ( discussed below ) . higher net income in 2013 increased cash provided by operating activities compared to 2012 . in addition , we made payments in 2012 for past wages as a result of national labor negotiations , which reduced cash provided by operating activities in 2012 . lower tax benefits from bonus depreciation ( as discussed below ) partially offset the increases . federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012-2013 . as a result , the company deferred a substantial portion of its 2011-2013 income tax expense , contributing to the positive operating cash flow in those years . congress extended 50% ( 50 % ) bonus depreciation for 2014 , but this extension occurred in december and did not have a significant benefit on our income tax payments during 2014 . investing activities higher capital investments , including the early buyout of the long-term operating lease of our headquarters building for approximately $ 261 million , drove the increase in cash used in investing activities compared to 2013 . significant investments also were made for new locomotives , freight cars and containers , and capacity and commercial facility projects . capital investments in 2014 also included $ 99 million for the early buyout of locomotives and freight cars under long-term operating leases , which we exercised due to favorable economic terms and market conditions . lower capital investments in locomotives and freight cars in 2013 drove the decrease in cash used in investing activities compared to 2012 . included in capital investments in 2012 was $ 75 million for the early buyout of 165 locomotives under long-term operating and capital leases during the first quarter of 2012 , which we exercised due to favorable economic terms and market conditions. .

| | cash flowsmillions | 2014 | 2013 | 2012 | |---:|:---------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7385 | $ 6823 | $ 6161 | | 1 | cash used in investing activities | -4249 ( 4249 ) | -3405 ( 3405 ) | -3633 ( 3633 ) | | 2 | cash used in financing activities | -2982 ( 2982 ) | -3049 ( 3049 ) | -2682 ( 2682 ) | | 3 | net change in cash and cashequivalents | $ 154 | $ 369 | $ -154 ( 154 ) |

we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . cash flows millions 2014 2013 2012 ._| | cash flowsmillions | 2014 | 2013 | 2012 | |---:|:---------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7385 | $ 6823 | $ 6161 | | 1 | cash used in investing activities | -4249 ( 4249 ) | -3405 ( 3405 ) | -3633 ( 3633 ) | | 2 | cash used in financing activities | -2982 ( 2982 ) | -3049 ( 3049 ) | -2682 ( 2682 ) | | 3 | net change in cash and cashequivalents | $ 154 | $ 369 | $ -154 ( 154 ) |_operating activities higher net income in 2014 increased cash provided by operating activities compared to 2013 , despite higher income tax payments . 2014 income tax payments were higher than 2013 primarily due to higher income , but also because we paid taxes previously deferred by bonus depreciation ( discussed below ) . higher net income in 2013 increased cash provided by operating activities compared to 2012 . in addition , we made payments in 2012 for past wages as a result of national labor negotiations , which reduced cash provided by operating activities in 2012 . lower tax benefits from bonus depreciation ( as discussed below ) partially offset the increases . federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012-2013 . as a result , the company deferred a substantial portion of its 2011-2013 income tax expense , contributing to the positive operating cash flow in those years . congress extended 50% ( 50 % ) bonus depreciation for 2014 , but this extension occurred in december and did not have a significant benefit on our income tax payments during 2014 . investing activities higher capital investments , including the early buyout of the long-term operating lease of our headquarters building for approximately $ 261 million , drove the increase in cash used in investing activities compared to 2013 . significant investments also were made for new locomotives , freight cars and containers , and capacity and commercial facility projects . capital investments in 2014 also included $ 99 million for the early buyout of locomotives and freight cars under long-term operating leases , which we exercised due to favorable economic terms and market conditions . lower capital investments in locomotives and freight cars in 2013 drove the decrease in cash used in investing activities compared to 2012 . included in capital investments in 2012 was $ 75 million for the early buyout of 165 locomotives under long-term operating and capital leases during the first quarter of 2012 , which we exercised due to favorable economic terms and market conditions. .

2,014

35

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa458

as part of the employee stock purchase plan what was the percent of the decline in issuance under this plan from 2016 to 2017

-12.4%

divide(subtract(113941, 130085), 130085)

republic services , inc . notes to consolidated financial statements 2014 ( continued ) employee stock purchase plan republic employees are eligible to participate in an employee stock purchase plan . the plan allows participants to purchase our common stock for 95% ( 95 % ) of its quoted market price on the last day of each calendar quarter . for the years ended december 31 , 2017 , 2016 and 2015 , issuances under this plan totaled 113941 shares , 130085 shares and 141055 shares , respectively . as of december 31 , 2017 , shares reserved for issuance to employees under this plan totaled 0.4 million and republic held employee contributions of approximately $ 1.8 million for the purchase of common stock . 12 . stock repurchases and dividends stock repurchases stock repurchase activity during the years ended december 31 , 2017 and 2016 follows ( in millions except per share amounts ) : .

as of december 31 , 2017 , there were 0.5 million repurchased shares pending settlement and $ 33.8 million was unpaid and included within other accrued liabilities . in october 2017 , our board of directors added $ 2.0 billion to the existing share repurchase authorization that now extends through december 31 , 2020 . before this , $ 98.4 million remained under a prior authorization . share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws . while the board of directors has approved the program , the timing of any purchases , the prices and the number of shares of common stock to be purchased will be determined by our management , at its discretion , and will depend upon market conditions and other factors . the share repurchase program may be extended , suspended or discontinued at any time . as of december 31 , 2017 , the remaining authorized purchase capacity under our october 2017 repurchase program was $ 1.8 billion . in december 2015 , our board of directors changed the status of 71272964 treasury shares to authorized and unissued . in doing so , the number of our issued shares was reduced by the stated amount . our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital . the change in unissued shares resulted in a reduction of $ 2295.3 million in treasury stock , $ 0.6 million in common stock , and $ 2294.7 million in additional paid-in capital . there was no effect on our total stockholders 2019 equity position as a result of the change . dividends in october 2017 , our board of directors approved a quarterly dividend of $ 0.345 per share . cash dividends declared were $ 446.3 million , $ 423.8 million and $ 404.3 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . as of december 31 , 2017 , we recorded a quarterly dividend payable of $ 114.4 million to shareholders of record at the close of business on january 2 , 2018 . 13 . earnings per share basic earnings per share is computed by dividing net income attributable to republic services , inc . by the weighted average number of common shares ( including vested but unissued rsus ) outstanding during the .

| | | 2017 | 2016 | |---:|:--------------------------------|:--------|:--------| | 0 | number of shares repurchased | 9.6 | 8.4 | | 1 | amount paid | $ 610.7 | $ 403.8 | | 2 | weighted average cost per share | $ 63.84 | $ 48.56 |

republic services , inc . notes to consolidated financial statements 2014 ( continued ) employee stock purchase plan republic employees are eligible to participate in an employee stock purchase plan . the plan allows participants to purchase our common stock for 95% ( 95 % ) of its quoted market price on the last day of each calendar quarter . for the years ended december 31 , 2017 , 2016 and 2015 , issuances under this plan totaled 113941 shares , 130085 shares and 141055 shares , respectively . as of december 31 , 2017 , shares reserved for issuance to employees under this plan totaled 0.4 million and republic held employee contributions of approximately $ 1.8 million for the purchase of common stock . 12 . stock repurchases and dividends stock repurchases stock repurchase activity during the years ended december 31 , 2017 and 2016 follows ( in millions except per share amounts ) : ._| | | 2017 | 2016 | |---:|:--------------------------------|:--------|:--------| | 0 | number of shares repurchased | 9.6 | 8.4 | | 1 | amount paid | $ 610.7 | $ 403.8 | | 2 | weighted average cost per share | $ 63.84 | $ 48.56 |_as of december 31 , 2017 , there were 0.5 million repurchased shares pending settlement and $ 33.8 million was unpaid and included within other accrued liabilities . in october 2017 , our board of directors added $ 2.0 billion to the existing share repurchase authorization that now extends through december 31 , 2020 . before this , $ 98.4 million remained under a prior authorization . share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws . while the board of directors has approved the program , the timing of any purchases , the prices and the number of shares of common stock to be purchased will be determined by our management , at its discretion , and will depend upon market conditions and other factors . the share repurchase program may be extended , suspended or discontinued at any time . as of december 31 , 2017 , the remaining authorized purchase capacity under our october 2017 repurchase program was $ 1.8 billion . in december 2015 , our board of directors changed the status of 71272964 treasury shares to authorized and unissued . in doing so , the number of our issued shares was reduced by the stated amount . our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital . the change in unissued shares resulted in a reduction of $ 2295.3 million in treasury stock , $ 0.6 million in common stock , and $ 2294.7 million in additional paid-in capital . there was no effect on our total stockholders 2019 equity position as a result of the change . dividends in october 2017 , our board of directors approved a quarterly dividend of $ 0.345 per share . cash dividends declared were $ 446.3 million , $ 423.8 million and $ 404.3 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . as of december 31 , 2017 , we recorded a quarterly dividend payable of $ 114.4 million to shareholders of record at the close of business on january 2 , 2018 . 13 . earnings per share basic earnings per share is computed by dividing net income attributable to republic services , inc . by the weighted average number of common shares ( including vested but unissued rsus ) outstanding during the .

2,017

142

RSG

Republic Services

Industrials

Environmental & Facilities Services

Phoenix, Arizona

2008-12-05

1,060,391

1998 (1981)

as part of the employee stock purchase plan what was the percent of the decline in issuance under this plan from 2016 to 2017

-12.4%

divide(subtract(113941, 130085), 130085)

republic services , inc . notes to consolidated financial statements 2014 ( continued ) employee stock purchase plan republic employees are eligible to participate in an employee stock purchase plan . the plan allows participants to purchase our common stock for 95% ( 95 % ) of its quoted market price on the last day of each calendar quarter . for the years ended december 31 , 2017 , 2016 and 2015 , issuances under this plan totaled 113941 shares , 130085 shares and 141055 shares , respectively . as of december 31 , 2017 , shares reserved for issuance to employees under this plan totaled 0.4 million and republic held employee contributions of approximately $ 1.8 million for the purchase of common stock . 12 . stock repurchases and dividends stock repurchases stock repurchase activity during the years ended december 31 , 2017 and 2016 follows ( in millions except per share amounts ) : .

as of december 31 , 2017 , there were 0.5 million repurchased shares pending settlement and $ 33.8 million was unpaid and included within other accrued liabilities . in october 2017 , our board of directors added $ 2.0 billion to the existing share repurchase authorization that now extends through december 31 , 2020 . before this , $ 98.4 million remained under a prior authorization . share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws . while the board of directors has approved the program , the timing of any purchases , the prices and the number of shares of common stock to be purchased will be determined by our management , at its discretion , and will depend upon market conditions and other factors . the share repurchase program may be extended , suspended or discontinued at any time . as of december 31 , 2017 , the remaining authorized purchase capacity under our october 2017 repurchase program was $ 1.8 billion . in december 2015 , our board of directors changed the status of 71272964 treasury shares to authorized and unissued . in doing so , the number of our issued shares was reduced by the stated amount . our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital . the change in unissued shares resulted in a reduction of $ 2295.3 million in treasury stock , $ 0.6 million in common stock , and $ 2294.7 million in additional paid-in capital . there was no effect on our total stockholders 2019 equity position as a result of the change . dividends in october 2017 , our board of directors approved a quarterly dividend of $ 0.345 per share . cash dividends declared were $ 446.3 million , $ 423.8 million and $ 404.3 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . as of december 31 , 2017 , we recorded a quarterly dividend payable of $ 114.4 million to shareholders of record at the close of business on january 2 , 2018 . 13 . earnings per share basic earnings per share is computed by dividing net income attributable to republic services , inc . by the weighted average number of common shares ( including vested but unissued rsus ) outstanding during the .

| | | 2017 | 2016 | |---:|:--------------------------------|:--------|:--------| | 0 | number of shares repurchased | 9.6 | 8.4 | | 1 | amount paid | $ 610.7 | $ 403.8 | | 2 | weighted average cost per share | $ 63.84 | $ 48.56 |

republic services , inc . notes to consolidated financial statements 2014 ( continued ) employee stock purchase plan republic employees are eligible to participate in an employee stock purchase plan . the plan allows participants to purchase our common stock for 95% ( 95 % ) of its quoted market price on the last day of each calendar quarter . for the years ended december 31 , 2017 , 2016 and 2015 , issuances under this plan totaled 113941 shares , 130085 shares and 141055 shares , respectively . as of december 31 , 2017 , shares reserved for issuance to employees under this plan totaled 0.4 million and republic held employee contributions of approximately $ 1.8 million for the purchase of common stock . 12 . stock repurchases and dividends stock repurchases stock repurchase activity during the years ended december 31 , 2017 and 2016 follows ( in millions except per share amounts ) : ._| | | 2017 | 2016 | |---:|:--------------------------------|:--------|:--------| | 0 | number of shares repurchased | 9.6 | 8.4 | | 1 | amount paid | $ 610.7 | $ 403.8 | | 2 | weighted average cost per share | $ 63.84 | $ 48.56 |_as of december 31 , 2017 , there were 0.5 million repurchased shares pending settlement and $ 33.8 million was unpaid and included within other accrued liabilities . in october 2017 , our board of directors added $ 2.0 billion to the existing share repurchase authorization that now extends through december 31 , 2020 . before this , $ 98.4 million remained under a prior authorization . share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws . while the board of directors has approved the program , the timing of any purchases , the prices and the number of shares of common stock to be purchased will be determined by our management , at its discretion , and will depend upon market conditions and other factors . the share repurchase program may be extended , suspended or discontinued at any time . as of december 31 , 2017 , the remaining authorized purchase capacity under our october 2017 repurchase program was $ 1.8 billion . in december 2015 , our board of directors changed the status of 71272964 treasury shares to authorized and unissued . in doing so , the number of our issued shares was reduced by the stated amount . our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital . the change in unissued shares resulted in a reduction of $ 2295.3 million in treasury stock , $ 0.6 million in common stock , and $ 2294.7 million in additional paid-in capital . there was no effect on our total stockholders 2019 equity position as a result of the change . dividends in october 2017 , our board of directors approved a quarterly dividend of $ 0.345 per share . cash dividends declared were $ 446.3 million , $ 423.8 million and $ 404.3 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . as of december 31 , 2017 , we recorded a quarterly dividend payable of $ 114.4 million to shareholders of record at the close of business on january 2 , 2018 . 13 . earnings per share basic earnings per share is computed by dividing net income attributable to republic services , inc . by the weighted average number of common shares ( including vested but unissued rsus ) outstanding during the .

2,017

142

RSG

Republic Services

Industrials

Environmental & Facilities Services

Phoenix, Arizona

2008-12-05

1,060,391

1998 (1981)

null

finqa459

what was the percentage of carrying amount reported on the consolidated balance sheet trading assets from 2007 to 2008?

-38%

divide(subtract(16254, 26020), 26020)

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 percentage of carrying amount reported on the consolidated balance sheet trading assets from 2007 to 2008?

-38%

divide(subtract(16254, 26020), 26020)

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

finqa460

what was the difference in dollars of the high low sale price for the common stock in the third quarter of 2002?

3.05

subtract(4.61, 1.56)

part ii item 5 2014market for registrant 2019s common equity and related stockholder matters market information . the common stock of the company is currently traded on the new york stock exchange ( nyse ) under the symbol 2018 2018aes . 2019 2019 the following tables set forth the high and low sale prices for the common stock as reported by the nyse for the periods indicated . price range of common stock .

holders . as of march 3 , 2003 , there were 9663 record holders of the company 2019s common stock , par value $ 0.01 per share . dividends . under the terms of the company 2019s senior secured credit facilities entered into with a commercial bank syndicate , the company is not allowed to pay cash dividends . in addition , the company is precluded from paying cash dividends on its common stock under the terms of a guaranty to the utility customer in connection with the aes thames project in the event certain net worth and liquidity tests of the company are not met . the ability of the company 2019s project subsidiaries to declare and pay cash dividends to the company is subject to certain limitations in the project loans , governmental provisions and other agreements entered into by such project subsidiaries . securities authorized for issuance under equity compensation plans . see the information contained under the caption 2018 2018securities authorized for issuance under equity compensation plans 2019 2019 of the proxy statement for the annual meeting of stockholders of the registrant to be held on may 1 , 2003 , which information is incorporated herein by reference. .

| | 2002 first quarter | high $ 17.84 | low $ 4.11 | 2001 first quarter | high $ 60.15 | low $ 41.30 | |---:|:---------------------|---------------:|-------------:|:---------------------|---------------:|--------------:| | 0 | second quarter | 9.17 | 3.55 | second quarter | 52.25 | 39.95 | | 1 | third quarter | 4.61 | 1.56 | third quarter | 44.5 | 12 | | 2 | fourth quarter | 3.57 | 0.95 | fourth quarter | 17.8 | 11.6 |

part ii item 5 2014market for registrant 2019s common equity and related stockholder matters market information . the common stock of the company is currently traded on the new york stock exchange ( nyse ) under the symbol 2018 2018aes . 2019 2019 the following tables set forth the high and low sale prices for the common stock as reported by the nyse for the periods indicated . price range of common stock ._| | 2002 first quarter | high $ 17.84 | low $ 4.11 | 2001 first quarter | high $ 60.15 | low $ 41.30 | |---:|:---------------------|---------------:|-------------:|:---------------------|---------------:|--------------:| | 0 | second quarter | 9.17 | 3.55 | second quarter | 52.25 | 39.95 | | 1 | third quarter | 4.61 | 1.56 | third quarter | 44.5 | 12 | | 2 | fourth quarter | 3.57 | 0.95 | fourth quarter | 17.8 | 11.6 |_holders . as of march 3 , 2003 , there were 9663 record holders of the company 2019s common stock , par value $ 0.01 per share . dividends . under the terms of the company 2019s senior secured credit facilities entered into with a commercial bank syndicate , the company is not allowed to pay cash dividends . in addition , the company is precluded from paying cash dividends on its common stock under the terms of a guaranty to the utility customer in connection with the aes thames project in the event certain net worth and liquidity tests of the company are not met . the ability of the company 2019s project subsidiaries to declare and pay cash dividends to the company is subject to certain limitations in the project loans , governmental provisions and other agreements entered into by such project subsidiaries . securities authorized for issuance under equity compensation plans . see the information contained under the caption 2018 2018securities authorized for issuance under equity compensation plans 2019 2019 of the proxy statement for the annual meeting of stockholders of the registrant to be held on may 1 , 2003 , which information is incorporated herein by reference. .

2,002

46

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

what was the difference in dollars of the high low sale price for the common stock in the third quarter of 2002?

3.05

subtract(4.61, 1.56)

part ii item 5 2014market for registrant 2019s common equity and related stockholder matters market information . the common stock of the company is currently traded on the new york stock exchange ( nyse ) under the symbol 2018 2018aes . 2019 2019 the following tables set forth the high and low sale prices for the common stock as reported by the nyse for the periods indicated . price range of common stock .

holders . as of march 3 , 2003 , there were 9663 record holders of the company 2019s common stock , par value $ 0.01 per share . dividends . under the terms of the company 2019s senior secured credit facilities entered into with a commercial bank syndicate , the company is not allowed to pay cash dividends . in addition , the company is precluded from paying cash dividends on its common stock under the terms of a guaranty to the utility customer in connection with the aes thames project in the event certain net worth and liquidity tests of the company are not met . the ability of the company 2019s project subsidiaries to declare and pay cash dividends to the company is subject to certain limitations in the project loans , governmental provisions and other agreements entered into by such project subsidiaries . securities authorized for issuance under equity compensation plans . see the information contained under the caption 2018 2018securities authorized for issuance under equity compensation plans 2019 2019 of the proxy statement for the annual meeting of stockholders of the registrant to be held on may 1 , 2003 , which information is incorporated herein by reference. .

| | 2002 first quarter | high $ 17.84 | low $ 4.11 | 2001 first quarter | high $ 60.15 | low $ 41.30 | |---:|:---------------------|---------------:|-------------:|:---------------------|---------------:|--------------:| | 0 | second quarter | 9.17 | 3.55 | second quarter | 52.25 | 39.95 | | 1 | third quarter | 4.61 | 1.56 | third quarter | 44.5 | 12 | | 2 | fourth quarter | 3.57 | 0.95 | fourth quarter | 17.8 | 11.6 |

part ii item 5 2014market for registrant 2019s common equity and related stockholder matters market information . the common stock of the company is currently traded on the new york stock exchange ( nyse ) under the symbol 2018 2018aes . 2019 2019 the following tables set forth the high and low sale prices for the common stock as reported by the nyse for the periods indicated . price range of common stock ._| | 2002 first quarter | high $ 17.84 | low $ 4.11 | 2001 first quarter | high $ 60.15 | low $ 41.30 | |---:|:---------------------|---------------:|-------------:|:---------------------|---------------:|--------------:| | 0 | second quarter | 9.17 | 3.55 | second quarter | 52.25 | 39.95 | | 1 | third quarter | 4.61 | 1.56 | third quarter | 44.5 | 12 | | 2 | fourth quarter | 3.57 | 0.95 | fourth quarter | 17.8 | 11.6 |_holders . as of march 3 , 2003 , there were 9663 record holders of the company 2019s common stock , par value $ 0.01 per share . dividends . under the terms of the company 2019s senior secured credit facilities entered into with a commercial bank syndicate , the company is not allowed to pay cash dividends . in addition , the company is precluded from paying cash dividends on its common stock under the terms of a guaranty to the utility customer in connection with the aes thames project in the event certain net worth and liquidity tests of the company are not met . the ability of the company 2019s project subsidiaries to declare and pay cash dividends to the company is subject to certain limitations in the project loans , governmental provisions and other agreements entered into by such project subsidiaries . securities authorized for issuance under equity compensation plans . see the information contained under the caption 2018 2018securities authorized for issuance under equity compensation plans 2019 2019 of the proxy statement for the annual meeting of stockholders of the registrant to be held on may 1 , 2003 , which information is incorporated herein by reference. .

2,002

46

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

null

finqa461

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 s&p 500 index?

13.9%

subtract(subtract(148.92, const_100), subtract(135.02, 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 s&p 500 index?

13.9%

subtract(subtract(148.92, const_100), subtract(135.02, 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

finqa462

what on the net interest reduction of 13 million or 23% ( 23 % ) compared to 2015 what was the interest amount in 2016 in millions

69.5

add(divide(13, 23%), 13)

increased investment in programming to support subscriber growth , higher offer costs and continued investment in presto , partially offset by lower depreciation expense resulting from foxtel 2019s reassessment of the useful lives of cable and satellite installations . net income decreased as a result of the lower operating income noted above , partially offset by lower income tax expense . ( b ) other equity affiliates , net for the fiscal year ended june 30 , 2016 includes losses primarily from the company 2019s interests in draftstars and elara technologies , which owns proptiger . interest , net 2014interest , net for the fiscal year ended june 30 , 2016 decreased $ 13 million , or 23% ( 23 % ) , as compared to fiscal 2015 , primarily due to the negative impact of foreign currency fluctuations and interest expense associated with the rea facility . ( see note 9 to the consolidated financial statements ) . other , net 2014 for the fiscal years ended june 30 .

( a ) rea group recognized a gain of $ 29 million resulting from the revaluation of its previously held equity interest in iproperty during the fiscal year ended june 30 , 2016 . ( see note 3 to the consolidated financial statements ) . ( b ) the company recorded write-offs and impairments of certain investments in the fiscal years ended june 30 , 2016 and 2015 . these write-offs and impairments were taken either as a result of the deteriorating financial position of the investee or due to an other-than-temporary impairment resulting from sustained losses and limited prospects for recovery . ( see note 6 to the consolidated financial statements. ) ( c ) in august 2014 , rea group completed the sale of a minority interest held in marketable securities for total cash consideration of $ 104 million . as a result of the sale , rea group recognized a pre-tax gain of $ 29 million , which was reclassified out of accumulated other comprehensive income and included in other , net in the statement of operations . income tax benefit ( expense ) 2014the company 2019s income tax benefit and effective tax rate for the fiscal year ended june 30 , 2016 were $ 54 million and ( 30% ( 30 % ) ) , respectively , as compared to an income tax expense and effective tax rate of $ 185 million and 34% ( 34 % ) , respectively , for fiscal 2015 . for the fiscal years ended june 30 , 2016 the company recorded a tax benefit of $ 54 million on pre-tax income of $ 181 million resulting in an effective tax rate that was lower than the u.s . statutory tax . the lower tax rate was primarily due to a tax benefit of approximately $ 106 million related to the release of previously established valuation allowances related to certain u.s . federal net operating losses and state deferred tax assets . this benefit was recognized in conjunction with management 2019s plan to dispose of the company 2019s digital education business in the first quarter of fiscal 2016 , as the company now expects to generate sufficient u.s . taxable income to utilize these deferred tax assets prior to expiration . in addition , the effective tax rate was also impacted by the $ 29 million non-taxable gain resulting from the revaluation of rea group 2019s previously held equity interest in iproperty . for the fiscal year ended june 30 , 2015 , the company 2019s effective tax rate was lower than the u.s . statutory tax rate primarily due to the impact from foreign operations which are subject to lower tax rates , partially offset by the impact of nondeductible items and changes in our accrued liabilities for uncertain tax positions . ( see note 18 to the consolidated financial statements ) . .

| | ( in millions ) | for the fiscal years ended june 30 , 2016 | for the fiscal years ended june 30 , 2015 | |---:|:----------------------------------------------------------------------|:--------------------------------------------|:--------------------------------------------| | 0 | gain on iproperty transaction ( a ) | $ 29 | $ 2014 | | 1 | impairment of marketable securities and cost method investments ( b ) | -21 ( 21 ) | -5 ( 5 ) | | 2 | gain on sale of marketable securities ( c ) | 2014 | 29 | | 3 | dividends received from cost method investments | 2014 | 25 | | 4 | gain on sale of cost method investments | 2014 | 15 | | 5 | other | 10 | 11 | | 6 | total other net | $ 18 | $ 75 |

increased investment in programming to support subscriber growth , higher offer costs and continued investment in presto , partially offset by lower depreciation expense resulting from foxtel 2019s reassessment of the useful lives of cable and satellite installations . net income decreased as a result of the lower operating income noted above , partially offset by lower income tax expense . ( b ) other equity affiliates , net for the fiscal year ended june 30 , 2016 includes losses primarily from the company 2019s interests in draftstars and elara technologies , which owns proptiger . interest , net 2014interest , net for the fiscal year ended june 30 , 2016 decreased $ 13 million , or 23% ( 23 % ) , as compared to fiscal 2015 , primarily due to the negative impact of foreign currency fluctuations and interest expense associated with the rea facility . ( see note 9 to the consolidated financial statements ) . other , net 2014 for the fiscal years ended june 30 ._| | ( in millions ) | for the fiscal years ended june 30 , 2016 | for the fiscal years ended june 30 , 2015 | |---:|:----------------------------------------------------------------------|:--------------------------------------------|:--------------------------------------------| | 0 | gain on iproperty transaction ( a ) | $ 29 | $ 2014 | | 1 | impairment of marketable securities and cost method investments ( b ) | -21 ( 21 ) | -5 ( 5 ) | | 2 | gain on sale of marketable securities ( c ) | 2014 | 29 | | 3 | dividends received from cost method investments | 2014 | 25 | | 4 | gain on sale of cost method investments | 2014 | 15 | | 5 | other | 10 | 11 | | 6 | total other net | $ 18 | $ 75 |_( a ) rea group recognized a gain of $ 29 million resulting from the revaluation of its previously held equity interest in iproperty during the fiscal year ended june 30 , 2016 . ( see note 3 to the consolidated financial statements ) . ( b ) the company recorded write-offs and impairments of certain investments in the fiscal years ended june 30 , 2016 and 2015 . these write-offs and impairments were taken either as a result of the deteriorating financial position of the investee or due to an other-than-temporary impairment resulting from sustained losses and limited prospects for recovery . ( see note 6 to the consolidated financial statements. ) ( c ) in august 2014 , rea group completed the sale of a minority interest held in marketable securities for total cash consideration of $ 104 million . as a result of the sale , rea group recognized a pre-tax gain of $ 29 million , which was reclassified out of accumulated other comprehensive income and included in other , net in the statement of operations . income tax benefit ( expense ) 2014the company 2019s income tax benefit and effective tax rate for the fiscal year ended june 30 , 2016 were $ 54 million and ( 30% ( 30 % ) ) , respectively , as compared to an income tax expense and effective tax rate of $ 185 million and 34% ( 34 % ) , respectively , for fiscal 2015 . for the fiscal years ended june 30 , 2016 the company recorded a tax benefit of $ 54 million on pre-tax income of $ 181 million resulting in an effective tax rate that was lower than the u.s . statutory tax . the lower tax rate was primarily due to a tax benefit of approximately $ 106 million related to the release of previously established valuation allowances related to certain u.s . federal net operating losses and state deferred tax assets . this benefit was recognized in conjunction with management 2019s plan to dispose of the company 2019s digital education business in the first quarter of fiscal 2016 , as the company now expects to generate sufficient u.s . taxable income to utilize these deferred tax assets prior to expiration . in addition , the effective tax rate was also impacted by the $ 29 million non-taxable gain resulting from the revaluation of rea group 2019s previously held equity interest in iproperty . for the fiscal year ended june 30 , 2015 , the company 2019s effective tax rate was lower than the u.s . statutory tax rate primarily due to the impact from foreign operations which are subject to lower tax rates , partially offset by the impact of nondeductible items and changes in our accrued liabilities for uncertain tax positions . ( see note 18 to the consolidated financial statements ) . .

2,016

61

NWS

News Corp (Class B)

Communication Services

Publishing

New York City, New York

2015-09-18

1,564,708

2013 (News Corporation 1980)

what on the net interest reduction of 13 million or 23% ( 23 % ) compared to 2015 what was the interest amount in 2016 in millions

69.5

add(divide(13, 23%), 13)

increased investment in programming to support subscriber growth , higher offer costs and continued investment in presto , partially offset by lower depreciation expense resulting from foxtel 2019s reassessment of the useful lives of cable and satellite installations . net income decreased as a result of the lower operating income noted above , partially offset by lower income tax expense . ( b ) other equity affiliates , net for the fiscal year ended june 30 , 2016 includes losses primarily from the company 2019s interests in draftstars and elara technologies , which owns proptiger . interest , net 2014interest , net for the fiscal year ended june 30 , 2016 decreased $ 13 million , or 23% ( 23 % ) , as compared to fiscal 2015 , primarily due to the negative impact of foreign currency fluctuations and interest expense associated with the rea facility . ( see note 9 to the consolidated financial statements ) . other , net 2014 for the fiscal years ended june 30 .

( a ) rea group recognized a gain of $ 29 million resulting from the revaluation of its previously held equity interest in iproperty during the fiscal year ended june 30 , 2016 . ( see note 3 to the consolidated financial statements ) . ( b ) the company recorded write-offs and impairments of certain investments in the fiscal years ended june 30 , 2016 and 2015 . these write-offs and impairments were taken either as a result of the deteriorating financial position of the investee or due to an other-than-temporary impairment resulting from sustained losses and limited prospects for recovery . ( see note 6 to the consolidated financial statements. ) ( c ) in august 2014 , rea group completed the sale of a minority interest held in marketable securities for total cash consideration of $ 104 million . as a result of the sale , rea group recognized a pre-tax gain of $ 29 million , which was reclassified out of accumulated other comprehensive income and included in other , net in the statement of operations . income tax benefit ( expense ) 2014the company 2019s income tax benefit and effective tax rate for the fiscal year ended june 30 , 2016 were $ 54 million and ( 30% ( 30 % ) ) , respectively , as compared to an income tax expense and effective tax rate of $ 185 million and 34% ( 34 % ) , respectively , for fiscal 2015 . for the fiscal years ended june 30 , 2016 the company recorded a tax benefit of $ 54 million on pre-tax income of $ 181 million resulting in an effective tax rate that was lower than the u.s . statutory tax . the lower tax rate was primarily due to a tax benefit of approximately $ 106 million related to the release of previously established valuation allowances related to certain u.s . federal net operating losses and state deferred tax assets . this benefit was recognized in conjunction with management 2019s plan to dispose of the company 2019s digital education business in the first quarter of fiscal 2016 , as the company now expects to generate sufficient u.s . taxable income to utilize these deferred tax assets prior to expiration . in addition , the effective tax rate was also impacted by the $ 29 million non-taxable gain resulting from the revaluation of rea group 2019s previously held equity interest in iproperty . for the fiscal year ended june 30 , 2015 , the company 2019s effective tax rate was lower than the u.s . statutory tax rate primarily due to the impact from foreign operations which are subject to lower tax rates , partially offset by the impact of nondeductible items and changes in our accrued liabilities for uncertain tax positions . ( see note 18 to the consolidated financial statements ) . .

| | ( in millions ) | for the fiscal years ended june 30 , 2016 | for the fiscal years ended june 30 , 2015 | |---:|:----------------------------------------------------------------------|:--------------------------------------------|:--------------------------------------------| | 0 | gain on iproperty transaction ( a ) | $ 29 | $ 2014 | | 1 | impairment of marketable securities and cost method investments ( b ) | -21 ( 21 ) | -5 ( 5 ) | | 2 | gain on sale of marketable securities ( c ) | 2014 | 29 | | 3 | dividends received from cost method investments | 2014 | 25 | | 4 | gain on sale of cost method investments | 2014 | 15 | | 5 | other | 10 | 11 | | 6 | total other net | $ 18 | $ 75 |

increased investment in programming to support subscriber growth , higher offer costs and continued investment in presto , partially offset by lower depreciation expense resulting from foxtel 2019s reassessment of the useful lives of cable and satellite installations . net income decreased as a result of the lower operating income noted above , partially offset by lower income tax expense . ( b ) other equity affiliates , net for the fiscal year ended june 30 , 2016 includes losses primarily from the company 2019s interests in draftstars and elara technologies , which owns proptiger . interest , net 2014interest , net for the fiscal year ended june 30 , 2016 decreased $ 13 million , or 23% ( 23 % ) , as compared to fiscal 2015 , primarily due to the negative impact of foreign currency fluctuations and interest expense associated with the rea facility . ( see note 9 to the consolidated financial statements ) . other , net 2014 for the fiscal years ended june 30 ._| | ( in millions ) | for the fiscal years ended june 30 , 2016 | for the fiscal years ended june 30 , 2015 | |---:|:----------------------------------------------------------------------|:--------------------------------------------|:--------------------------------------------| | 0 | gain on iproperty transaction ( a ) | $ 29 | $ 2014 | | 1 | impairment of marketable securities and cost method investments ( b ) | -21 ( 21 ) | -5 ( 5 ) | | 2 | gain on sale of marketable securities ( c ) | 2014 | 29 | | 3 | dividends received from cost method investments | 2014 | 25 | | 4 | gain on sale of cost method investments | 2014 | 15 | | 5 | other | 10 | 11 | | 6 | total other net | $ 18 | $ 75 |_( a ) rea group recognized a gain of $ 29 million resulting from the revaluation of its previously held equity interest in iproperty during the fiscal year ended june 30 , 2016 . ( see note 3 to the consolidated financial statements ) . ( b ) the company recorded write-offs and impairments of certain investments in the fiscal years ended june 30 , 2016 and 2015 . these write-offs and impairments were taken either as a result of the deteriorating financial position of the investee or due to an other-than-temporary impairment resulting from sustained losses and limited prospects for recovery . ( see note 6 to the consolidated financial statements. ) ( c ) in august 2014 , rea group completed the sale of a minority interest held in marketable securities for total cash consideration of $ 104 million . as a result of the sale , rea group recognized a pre-tax gain of $ 29 million , which was reclassified out of accumulated other comprehensive income and included in other , net in the statement of operations . income tax benefit ( expense ) 2014the company 2019s income tax benefit and effective tax rate for the fiscal year ended june 30 , 2016 were $ 54 million and ( 30% ( 30 % ) ) , respectively , as compared to an income tax expense and effective tax rate of $ 185 million and 34% ( 34 % ) , respectively , for fiscal 2015 . for the fiscal years ended june 30 , 2016 the company recorded a tax benefit of $ 54 million on pre-tax income of $ 181 million resulting in an effective tax rate that was lower than the u.s . statutory tax . the lower tax rate was primarily due to a tax benefit of approximately $ 106 million related to the release of previously established valuation allowances related to certain u.s . federal net operating losses and state deferred tax assets . this benefit was recognized in conjunction with management 2019s plan to dispose of the company 2019s digital education business in the first quarter of fiscal 2016 , as the company now expects to generate sufficient u.s . taxable income to utilize these deferred tax assets prior to expiration . in addition , the effective tax rate was also impacted by the $ 29 million non-taxable gain resulting from the revaluation of rea group 2019s previously held equity interest in iproperty . for the fiscal year ended june 30 , 2015 , the company 2019s effective tax rate was lower than the u.s . statutory tax rate primarily due to the impact from foreign operations which are subject to lower tax rates , partially offset by the impact of nondeductible items and changes in our accrued liabilities for uncertain tax positions . ( see note 18 to the consolidated financial statements ) . .

2,016

61

NWS

News Corp (Class B)

Communication Services

Publishing

New York City, New York

2015-09-18

1,564,708

2013 (News Corporation 1980)

null

finqa463

what is the total return of the kbw bank index over the above refernced five year period?

89.69%

divide(subtract(189.69, 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 kbw bank index over the above refernced five year period?

89.69%

divide(subtract(189.69, 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

finqa464

considering the years 2014-2016 , what is the highest interest expense observed?

125.1

table_max(interest expense, 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 highest interest expense observed?

125.1

table_max(interest expense, 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

finqa465

what is the percentage change in the amount of guarantees from parent company from 2007 to 2008?

-21.8%

divide(subtract(255.7, 327.1), 327.1)

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 percentage change in the amount of guarantees from parent company from 2007 to 2008?

-21.8%

divide(subtract(255.7, 327.1), 327.1)

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

finqa466

what is the percentage change in amortization expense from from 2007 to 2008?

4.2%

divide(subtract(95.9, 92.0), 92.0)

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) a description of the company 2019s reporting units and the results of the related transitional impairment testing are as follows : verestar 2014verestar was a single segment and reporting unit until december 2002 , when the company committed to a plan to dispose of verestar . the company recorded an impairment charge of $ 189.3 million relating to the impairment of goodwill in this reporting unit . the fair value of this reporting unit was determined based on an independent third party appraisal . network development services 2014as of january 1 , 2002 , the reporting units in the company 2019s network development services segment included kline , specialty constructors , galaxy , mts components and flash technologies . the company estimated the fair value of these reporting units utilizing future discounted cash flows and market information as to the value of each reporting unit on january 1 , 2002 . the company recorded an impairment charge of $ 387.8 million for the year ended december 31 , 2002 related to the impairment of goodwill within these reporting units . such charge included full impairment for all of the goodwill within the reporting units except kline , for which only a partial impairment was recorded . as discussed in note 2 , the assets of all of these reporting units were sold as of december 31 , 2003 , except for those of kline and our tower construction services unit , which were sold in march and november 2004 , respectively . rental and management 2014the company obtained an independent third party appraisal of the rental and management reporting unit that contains goodwill and determined that goodwill was not impaired . the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : .

the company amortizes its intangible assets over periods ranging from three to fifteen years . amortization of intangible assets for the years ended december 31 , 2004 and 2003 aggregated approximately $ 97.8 million and $ 94.6 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) . the company expects to record amortization expense of approximately $ 97.8 million , $ 95.9 million , $ 92.0 million , $ 90.5 million and $ 88.8 million , respectively , for the years ended december 31 , 2005 , 2006 , 2007 , 2008 and 2009 , respectively . 5 . notes receivable in 2000 , the company loaned tv azteca , s.a . de c.v . ( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million . the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) . the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) . as of december 31 , 2004 , and 2003 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets . the term of the loan is seventy years ; however , the loan may be prepaid by tv .

| | | 2004 | 2003 | |---:|:--------------------------------------------------------|:-------------------|:-------------------| | 0 | acquired customer base and network location intangibles | $ 1369607 | $ 1299521 | | 1 | deferred financing costs | 89736 | 111484 | | 2 | acquired licenses and other intangibles | 43404 | 43125 | | 3 | total | 1502747 | 1454130 | | 4 | less accumulated amortization | -517444 ( 517444 ) | -434381 ( 434381 ) | | 5 | other intangible assets net | $ 985303 | $ 1019749 |

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) a description of the company 2019s reporting units and the results of the related transitional impairment testing are as follows : verestar 2014verestar was a single segment and reporting unit until december 2002 , when the company committed to a plan to dispose of verestar . the company recorded an impairment charge of $ 189.3 million relating to the impairment of goodwill in this reporting unit . the fair value of this reporting unit was determined based on an independent third party appraisal . network development services 2014as of january 1 , 2002 , the reporting units in the company 2019s network development services segment included kline , specialty constructors , galaxy , mts components and flash technologies . the company estimated the fair value of these reporting units utilizing future discounted cash flows and market information as to the value of each reporting unit on january 1 , 2002 . the company recorded an impairment charge of $ 387.8 million for the year ended december 31 , 2002 related to the impairment of goodwill within these reporting units . such charge included full impairment for all of the goodwill within the reporting units except kline , for which only a partial impairment was recorded . as discussed in note 2 , the assets of all of these reporting units were sold as of december 31 , 2003 , except for those of kline and our tower construction services unit , which were sold in march and november 2004 , respectively . rental and management 2014the company obtained an independent third party appraisal of the rental and management reporting unit that contains goodwill and determined that goodwill was not impaired . the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : ._| | | 2004 | 2003 | |---:|:--------------------------------------------------------|:-------------------|:-------------------| | 0 | acquired customer base and network location intangibles | $ 1369607 | $ 1299521 | | 1 | deferred financing costs | 89736 | 111484 | | 2 | acquired licenses and other intangibles | 43404 | 43125 | | 3 | total | 1502747 | 1454130 | | 4 | less accumulated amortization | -517444 ( 517444 ) | -434381 ( 434381 ) | | 5 | other intangible assets net | $ 985303 | $ 1019749 |_the company amortizes its intangible assets over periods ranging from three to fifteen years . amortization of intangible assets for the years ended december 31 , 2004 and 2003 aggregated approximately $ 97.8 million and $ 94.6 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) . the company expects to record amortization expense of approximately $ 97.8 million , $ 95.9 million , $ 92.0 million , $ 90.5 million and $ 88.8 million , respectively , for the years ended december 31 , 2005 , 2006 , 2007 , 2008 and 2009 , respectively . 5 . notes receivable in 2000 , the company loaned tv azteca , s.a . de c.v . ( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million . the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) . the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) . as of december 31 , 2004 , and 2003 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets . the term of the loan is seventy years ; however , the loan may be prepaid by tv .

2,004

81

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

what is the percentage change in amortization expense from from 2007 to 2008?

4.2%

divide(subtract(95.9, 92.0), 92.0)

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) a description of the company 2019s reporting units and the results of the related transitional impairment testing are as follows : verestar 2014verestar was a single segment and reporting unit until december 2002 , when the company committed to a plan to dispose of verestar . the company recorded an impairment charge of $ 189.3 million relating to the impairment of goodwill in this reporting unit . the fair value of this reporting unit was determined based on an independent third party appraisal . network development services 2014as of january 1 , 2002 , the reporting units in the company 2019s network development services segment included kline , specialty constructors , galaxy , mts components and flash technologies . the company estimated the fair value of these reporting units utilizing future discounted cash flows and market information as to the value of each reporting unit on january 1 , 2002 . the company recorded an impairment charge of $ 387.8 million for the year ended december 31 , 2002 related to the impairment of goodwill within these reporting units . such charge included full impairment for all of the goodwill within the reporting units except kline , for which only a partial impairment was recorded . as discussed in note 2 , the assets of all of these reporting units were sold as of december 31 , 2003 , except for those of kline and our tower construction services unit , which were sold in march and november 2004 , respectively . rental and management 2014the company obtained an independent third party appraisal of the rental and management reporting unit that contains goodwill and determined that goodwill was not impaired . the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : .

the company amortizes its intangible assets over periods ranging from three to fifteen years . amortization of intangible assets for the years ended december 31 , 2004 and 2003 aggregated approximately $ 97.8 million and $ 94.6 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) . the company expects to record amortization expense of approximately $ 97.8 million , $ 95.9 million , $ 92.0 million , $ 90.5 million and $ 88.8 million , respectively , for the years ended december 31 , 2005 , 2006 , 2007 , 2008 and 2009 , respectively . 5 . notes receivable in 2000 , the company loaned tv azteca , s.a . de c.v . ( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million . the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) . the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) . as of december 31 , 2004 , and 2003 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets . the term of the loan is seventy years ; however , the loan may be prepaid by tv .

| | | 2004 | 2003 | |---:|:--------------------------------------------------------|:-------------------|:-------------------| | 0 | acquired customer base and network location intangibles | $ 1369607 | $ 1299521 | | 1 | deferred financing costs | 89736 | 111484 | | 2 | acquired licenses and other intangibles | 43404 | 43125 | | 3 | total | 1502747 | 1454130 | | 4 | less accumulated amortization | -517444 ( 517444 ) | -434381 ( 434381 ) | | 5 | other intangible assets net | $ 985303 | $ 1019749 |

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) a description of the company 2019s reporting units and the results of the related transitional impairment testing are as follows : verestar 2014verestar was a single segment and reporting unit until december 2002 , when the company committed to a plan to dispose of verestar . the company recorded an impairment charge of $ 189.3 million relating to the impairment of goodwill in this reporting unit . the fair value of this reporting unit was determined based on an independent third party appraisal . network development services 2014as of january 1 , 2002 , the reporting units in the company 2019s network development services segment included kline , specialty constructors , galaxy , mts components and flash technologies . the company estimated the fair value of these reporting units utilizing future discounted cash flows and market information as to the value of each reporting unit on january 1 , 2002 . the company recorded an impairment charge of $ 387.8 million for the year ended december 31 , 2002 related to the impairment of goodwill within these reporting units . such charge included full impairment for all of the goodwill within the reporting units except kline , for which only a partial impairment was recorded . as discussed in note 2 , the assets of all of these reporting units were sold as of december 31 , 2003 , except for those of kline and our tower construction services unit , which were sold in march and november 2004 , respectively . rental and management 2014the company obtained an independent third party appraisal of the rental and management reporting unit that contains goodwill and determined that goodwill was not impaired . the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : ._| | | 2004 | 2003 | |---:|:--------------------------------------------------------|:-------------------|:-------------------| | 0 | acquired customer base and network location intangibles | $ 1369607 | $ 1299521 | | 1 | deferred financing costs | 89736 | 111484 | | 2 | acquired licenses and other intangibles | 43404 | 43125 | | 3 | total | 1502747 | 1454130 | | 4 | less accumulated amortization | -517444 ( 517444 ) | -434381 ( 434381 ) | | 5 | other intangible assets net | $ 985303 | $ 1019749 |_the company amortizes its intangible assets over periods ranging from three to fifteen years . amortization of intangible assets for the years ended december 31 , 2004 and 2003 aggregated approximately $ 97.8 million and $ 94.6 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) . the company expects to record amortization expense of approximately $ 97.8 million , $ 95.9 million , $ 92.0 million , $ 90.5 million and $ 88.8 million , respectively , for the years ended december 31 , 2005 , 2006 , 2007 , 2008 and 2009 , respectively . 5 . notes receivable in 2000 , the company loaned tv azteca , s.a . de c.v . ( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million . the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) . the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) . as of december 31 , 2004 , and 2003 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets . the term of the loan is seventy years ; however , the loan may be prepaid by tv .

2,004

81

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

null

finqa467

as of december 31 , 2015 , what was the maximum premium on the dp&l preferred stock?

3%

divide(subtract(103, const_100), const_100)

the aes corporation notes to consolidated financial statements december 31 , 2016 , 2015 , and 2014 the following table summarizes the company's redeemable stock of subsidiaries balances as of the periods indicated ( in millions ) : .

_____________________________ ( 1 ) characteristics of quotas are similar to common stock . colon 2014 during the year ended december 31 , 2016 , our partner in colon increased their ownership from 25% ( 25 % ) to 49.9% ( 49.9 % ) and made capital contributions of $ 106 million . any subsequent adjustments to allocate earnings and dividends to our partner , or measure the investment at fair value , will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable . ipl 2014 ipl had $ 60 million of cumulative preferred stock outstanding at december 31 , 2016 and 2015 , which represented five series of preferred stock . the total annual dividend requirements were approximately $ 3 million at december 31 , 2016 and 2015 . certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $ 100 and $ 118 per share . holders of the preferred stock are entitled to elect a majority of ipl's board of directors if ipl has not paid dividends to its preferred stockholders for four consecutive quarters . based on the preferred stockholders' ability to elect a majority of ipl's board of directors in this circumstance , the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity . dpl 2014 dpl had $ 18 million of cumulative preferred stock outstanding as of december 31 , 2015 , which represented three series of preferred stock issued by dp&l , a wholly-owned subsidiary of dpl . the dp&l preferred stock was redeemable at dp&l's option as determined by its board of directors at per-share redemption prices between $ 101 and $ 103 per share , plus cumulative preferred dividends . in addition , dp&l's amended articles of incorporation contained provisions that permitted preferred stockholders to elect members of the dp&l board of directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends . based on the preferred stockholders' ability to elect members of dp&l's board of directors in this circumstance , the redemption of the preferred shares was considered to be not solely within the control of the issuer and the preferred stock was considered temporary equity . in september 2016 , it became probable that the preferred shares would become redeemable . as such , the company recorded an adjustment of $ 5 million to retained earnings to adjust the preferred shares to their redemption value of $ 23 million . in october 2016 , dp&l redeemed all of its preferred shares . upon redemption , the preferred shares were no longer outstanding and all rights of the holders thereof as shareholders of dp&l ceased to exist . ipalco 2014 in february 2015 , cdpq purchased 15% ( 15 % ) of aes us investment , inc. , a wholly-owned subsidiary that owns 100% ( 100 % ) of ipalco , for $ 247 million , with an option to invest an additional $ 349 million in ipalco through 2016 in exchange for a 17.65% ( 17.65 % ) equity stake . in april 2015 , cdpq invested an additional $ 214 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 24.90% ( 24.90 % ) . as a result of these transactions , $ 84 million in taxes and transaction costs were recognized as a net decrease to equity . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of 377 million for the excess of the fair value of the shares over their book value . no gain or loss was recognized in net income as the transaction was not considered to be a sale of in-substance real estate . in march 2016 , cdpq exercised its remaining option by investing $ 134 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 30% ( 30 % ) . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of $ 84 million for the excess of the fair value of the shares over their book value . in june 2016 , cdpq contributed an additional $ 24 million to ipalco , with no impact to the ownership structure of the investment . any subsequent adjustments to allocate earnings and dividends to cdpq will be classified as nci within permanent equity as it is not probable that the shares will become redeemable. .

| | december 31, | 2016 | 2015 | |---:|:---------------------------------------|:-------|:-------| | 0 | ipalco common stock | $ 618 | $ 460 | | 1 | colon quotas ( 1 ) | 100 | 2014 | | 2 | ipl preferred stock | 60 | 60 | | 3 | other common stock | 4 | 2014 | | 4 | dpl preferred stock | 2014 | 18 | | 5 | total redeemable stock of subsidiaries | $ 782 | $ 538 |

the aes corporation notes to consolidated financial statements december 31 , 2016 , 2015 , and 2014 the following table summarizes the company's redeemable stock of subsidiaries balances as of the periods indicated ( in millions ) : ._| | december 31, | 2016 | 2015 | |---:|:---------------------------------------|:-------|:-------| | 0 | ipalco common stock | $ 618 | $ 460 | | 1 | colon quotas ( 1 ) | 100 | 2014 | | 2 | ipl preferred stock | 60 | 60 | | 3 | other common stock | 4 | 2014 | | 4 | dpl preferred stock | 2014 | 18 | | 5 | total redeemable stock of subsidiaries | $ 782 | $ 538 |______________________________ ( 1 ) characteristics of quotas are similar to common stock . colon 2014 during the year ended december 31 , 2016 , our partner in colon increased their ownership from 25% ( 25 % ) to 49.9% ( 49.9 % ) and made capital contributions of $ 106 million . any subsequent adjustments to allocate earnings and dividends to our partner , or measure the investment at fair value , will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable . ipl 2014 ipl had $ 60 million of cumulative preferred stock outstanding at december 31 , 2016 and 2015 , which represented five series of preferred stock . the total annual dividend requirements were approximately $ 3 million at december 31 , 2016 and 2015 . certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $ 100 and $ 118 per share . holders of the preferred stock are entitled to elect a majority of ipl's board of directors if ipl has not paid dividends to its preferred stockholders for four consecutive quarters . based on the preferred stockholders' ability to elect a majority of ipl's board of directors in this circumstance , the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity . dpl 2014 dpl had $ 18 million of cumulative preferred stock outstanding as of december 31 , 2015 , which represented three series of preferred stock issued by dp&l , a wholly-owned subsidiary of dpl . the dp&l preferred stock was redeemable at dp&l's option as determined by its board of directors at per-share redemption prices between $ 101 and $ 103 per share , plus cumulative preferred dividends . in addition , dp&l's amended articles of incorporation contained provisions that permitted preferred stockholders to elect members of the dp&l board of directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends . based on the preferred stockholders' ability to elect members of dp&l's board of directors in this circumstance , the redemption of the preferred shares was considered to be not solely within the control of the issuer and the preferred stock was considered temporary equity . in september 2016 , it became probable that the preferred shares would become redeemable . as such , the company recorded an adjustment of $ 5 million to retained earnings to adjust the preferred shares to their redemption value of $ 23 million . in october 2016 , dp&l redeemed all of its preferred shares . upon redemption , the preferred shares were no longer outstanding and all rights of the holders thereof as shareholders of dp&l ceased to exist . ipalco 2014 in february 2015 , cdpq purchased 15% ( 15 % ) of aes us investment , inc. , a wholly-owned subsidiary that owns 100% ( 100 % ) of ipalco , for $ 247 million , with an option to invest an additional $ 349 million in ipalco through 2016 in exchange for a 17.65% ( 17.65 % ) equity stake . in april 2015 , cdpq invested an additional $ 214 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 24.90% ( 24.90 % ) . as a result of these transactions , $ 84 million in taxes and transaction costs were recognized as a net decrease to equity . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of 377 million for the excess of the fair value of the shares over their book value . no gain or loss was recognized in net income as the transaction was not considered to be a sale of in-substance real estate . in march 2016 , cdpq exercised its remaining option by investing $ 134 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 30% ( 30 % ) . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of $ 84 million for the excess of the fair value of the shares over their book value . in june 2016 , cdpq contributed an additional $ 24 million to ipalco , with no impact to the ownership structure of the investment . any subsequent adjustments to allocate earnings and dividends to cdpq will be classified as nci within permanent equity as it is not probable that the shares will become redeemable. .

2,016

185

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

as of december 31 , 2015 , what was the maximum premium on the dp&l preferred stock?

3%

divide(subtract(103, const_100), const_100)

the aes corporation notes to consolidated financial statements december 31 , 2016 , 2015 , and 2014 the following table summarizes the company's redeemable stock of subsidiaries balances as of the periods indicated ( in millions ) : .

_____________________________ ( 1 ) characteristics of quotas are similar to common stock . colon 2014 during the year ended december 31 , 2016 , our partner in colon increased their ownership from 25% ( 25 % ) to 49.9% ( 49.9 % ) and made capital contributions of $ 106 million . any subsequent adjustments to allocate earnings and dividends to our partner , or measure the investment at fair value , will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable . ipl 2014 ipl had $ 60 million of cumulative preferred stock outstanding at december 31 , 2016 and 2015 , which represented five series of preferred stock . the total annual dividend requirements were approximately $ 3 million at december 31 , 2016 and 2015 . certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $ 100 and $ 118 per share . holders of the preferred stock are entitled to elect a majority of ipl's board of directors if ipl has not paid dividends to its preferred stockholders for four consecutive quarters . based on the preferred stockholders' ability to elect a majority of ipl's board of directors in this circumstance , the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity . dpl 2014 dpl had $ 18 million of cumulative preferred stock outstanding as of december 31 , 2015 , which represented three series of preferred stock issued by dp&l , a wholly-owned subsidiary of dpl . the dp&l preferred stock was redeemable at dp&l's option as determined by its board of directors at per-share redemption prices between $ 101 and $ 103 per share , plus cumulative preferred dividends . in addition , dp&l's amended articles of incorporation contained provisions that permitted preferred stockholders to elect members of the dp&l board of directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends . based on the preferred stockholders' ability to elect members of dp&l's board of directors in this circumstance , the redemption of the preferred shares was considered to be not solely within the control of the issuer and the preferred stock was considered temporary equity . in september 2016 , it became probable that the preferred shares would become redeemable . as such , the company recorded an adjustment of $ 5 million to retained earnings to adjust the preferred shares to their redemption value of $ 23 million . in october 2016 , dp&l redeemed all of its preferred shares . upon redemption , the preferred shares were no longer outstanding and all rights of the holders thereof as shareholders of dp&l ceased to exist . ipalco 2014 in february 2015 , cdpq purchased 15% ( 15 % ) of aes us investment , inc. , a wholly-owned subsidiary that owns 100% ( 100 % ) of ipalco , for $ 247 million , with an option to invest an additional $ 349 million in ipalco through 2016 in exchange for a 17.65% ( 17.65 % ) equity stake . in april 2015 , cdpq invested an additional $ 214 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 24.90% ( 24.90 % ) . as a result of these transactions , $ 84 million in taxes and transaction costs were recognized as a net decrease to equity . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of 377 million for the excess of the fair value of the shares over their book value . no gain or loss was recognized in net income as the transaction was not considered to be a sale of in-substance real estate . in march 2016 , cdpq exercised its remaining option by investing $ 134 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 30% ( 30 % ) . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of $ 84 million for the excess of the fair value of the shares over their book value . in june 2016 , cdpq contributed an additional $ 24 million to ipalco , with no impact to the ownership structure of the investment . any subsequent adjustments to allocate earnings and dividends to cdpq will be classified as nci within permanent equity as it is not probable that the shares will become redeemable. .

| | december 31, | 2016 | 2015 | |---:|:---------------------------------------|:-------|:-------| | 0 | ipalco common stock | $ 618 | $ 460 | | 1 | colon quotas ( 1 ) | 100 | 2014 | | 2 | ipl preferred stock | 60 | 60 | | 3 | other common stock | 4 | 2014 | | 4 | dpl preferred stock | 2014 | 18 | | 5 | total redeemable stock of subsidiaries | $ 782 | $ 538 |

the aes corporation notes to consolidated financial statements december 31 , 2016 , 2015 , and 2014 the following table summarizes the company's redeemable stock of subsidiaries balances as of the periods indicated ( in millions ) : ._| | december 31, | 2016 | 2015 | |---:|:---------------------------------------|:-------|:-------| | 0 | ipalco common stock | $ 618 | $ 460 | | 1 | colon quotas ( 1 ) | 100 | 2014 | | 2 | ipl preferred stock | 60 | 60 | | 3 | other common stock | 4 | 2014 | | 4 | dpl preferred stock | 2014 | 18 | | 5 | total redeemable stock of subsidiaries | $ 782 | $ 538 |______________________________ ( 1 ) characteristics of quotas are similar to common stock . colon 2014 during the year ended december 31 , 2016 , our partner in colon increased their ownership from 25% ( 25 % ) to 49.9% ( 49.9 % ) and made capital contributions of $ 106 million . any subsequent adjustments to allocate earnings and dividends to our partner , or measure the investment at fair value , will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable . ipl 2014 ipl had $ 60 million of cumulative preferred stock outstanding at december 31 , 2016 and 2015 , which represented five series of preferred stock . the total annual dividend requirements were approximately $ 3 million at december 31 , 2016 and 2015 . certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $ 100 and $ 118 per share . holders of the preferred stock are entitled to elect a majority of ipl's board of directors if ipl has not paid dividends to its preferred stockholders for four consecutive quarters . based on the preferred stockholders' ability to elect a majority of ipl's board of directors in this circumstance , the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity . dpl 2014 dpl had $ 18 million of cumulative preferred stock outstanding as of december 31 , 2015 , which represented three series of preferred stock issued by dp&l , a wholly-owned subsidiary of dpl . the dp&l preferred stock was redeemable at dp&l's option as determined by its board of directors at per-share redemption prices between $ 101 and $ 103 per share , plus cumulative preferred dividends . in addition , dp&l's amended articles of incorporation contained provisions that permitted preferred stockholders to elect members of the dp&l board of directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends . based on the preferred stockholders' ability to elect members of dp&l's board of directors in this circumstance , the redemption of the preferred shares was considered to be not solely within the control of the issuer and the preferred stock was considered temporary equity . in september 2016 , it became probable that the preferred shares would become redeemable . as such , the company recorded an adjustment of $ 5 million to retained earnings to adjust the preferred shares to their redemption value of $ 23 million . in october 2016 , dp&l redeemed all of its preferred shares . upon redemption , the preferred shares were no longer outstanding and all rights of the holders thereof as shareholders of dp&l ceased to exist . ipalco 2014 in february 2015 , cdpq purchased 15% ( 15 % ) of aes us investment , inc. , a wholly-owned subsidiary that owns 100% ( 100 % ) of ipalco , for $ 247 million , with an option to invest an additional $ 349 million in ipalco through 2016 in exchange for a 17.65% ( 17.65 % ) equity stake . in april 2015 , cdpq invested an additional $ 214 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 24.90% ( 24.90 % ) . as a result of these transactions , $ 84 million in taxes and transaction costs were recognized as a net decrease to equity . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of 377 million for the excess of the fair value of the shares over their book value . no gain or loss was recognized in net income as the transaction was not considered to be a sale of in-substance real estate . in march 2016 , cdpq exercised its remaining option by investing $ 134 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 30% ( 30 % ) . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of $ 84 million for the excess of the fair value of the shares over their book value . in june 2016 , cdpq contributed an additional $ 24 million to ipalco , with no impact to the ownership structure of the investment . any subsequent adjustments to allocate earnings and dividends to cdpq will be classified as nci within permanent equity as it is not probable that the shares will become redeemable. .

2,016

185

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

null

finqa468

what was the sum of the annual long-term debt maturities due in five years

4192989

add(add(add(add(204079, 766451), 822690), 768588), 1631181)

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 debt . ( 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 $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 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 , 2015 , 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 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . 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 louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2016 | $ 204079 | | 1 | 2017 | $ 766451 | | 2 | 2018 | $ 822690 | | 3 | 2019 | $ 768588 | | 4 | 2020 | $ 1631181 |

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 debt . ( 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 $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 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 , 2015 , for the next five years are as follows : amount ( in thousands ) ._| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2016 | $ 204079 | | 1 | 2017 | $ 766451 | | 2 | 2018 | $ 822690 | | 3 | 2019 | $ 768588 | | 4 | 2020 | $ 1631181 |_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 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . 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 louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

2,015

131

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what was the sum of the annual long-term debt maturities due in five years

4192989

add(add(add(add(204079, 766451), 822690), 768588), 1631181)

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 debt . ( 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 $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 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 , 2015 , 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 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . 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 louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2016 | $ 204079 | | 1 | 2017 | $ 766451 | | 2 | 2018 | $ 822690 | | 3 | 2019 | $ 768588 | | 4 | 2020 | $ 1631181 |

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 debt . ( 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 $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 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 , 2015 , for the next five years are as follows : amount ( in thousands ) ._| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2016 | $ 204079 | | 1 | 2017 | $ 766451 | | 2 | 2018 | $ 822690 | | 3 | 2019 | $ 768588 | | 4 | 2020 | $ 1631181 |_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 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . 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 louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

2,015

131

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa469

how much more , in percent , was spent on october shares than november shares?

1229%

multiply(divide(multiply(29704, 5.99), multiply(4468, 3.24)), const_100)

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

total1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47022 $ 5.18 2014 2014 1 consists of restricted shares of our common stock withheld under the terms of grants under employee stock compensation plans to offset tax withholding obligations that occurred upon vesting and release of restricted shares during each month of the fourth quarter of 2008 ( the 201cwithheld shares 201d ) . 2 the average price per month of the withheld shares was calculated by dividing the aggregate value of the tax withholding obligations for each month by the aggregate number of shares of our common stock withheld each month. .

| | | total number of shares purchased | average price paid per share2 | total number of shares purchased as part of publicly announced plans or programs | maximum number ofshares that may yet be purchased under the plans or programs | |---:|:--------------|-----------------------------------:|:--------------------------------|-----------------------------------------------------------------------------------:|--------------------------------------------------------------------------------:| | 0 | october 1-31 | 29704 | $ 5.99 | 2014 | 2014 | | 1 | november 1-30 | 4468 | $ 3.24 | 2014 | 2014 | | 2 | december 1-31 | 12850 | $ 3.98 | 2014 | 2014 | | 3 | total1 | 47022 | $ 5.18 | 2014 | 2014 |

repurchase of equity securities the following table provides information regarding our purchases of equity securities during the fourth quarter of 2008 : number of shares purchased average paid per share2 total number of shares purchased as part of publicly announced plans or programs maximum number of shares that may yet be purchased under the plans or programs ._| | | total number of shares purchased | average price paid per share2 | total number of shares purchased as part of publicly announced plans or programs | maximum number ofshares that may yet be purchased under the plans or programs | |---:|:--------------|-----------------------------------:|:--------------------------------|-----------------------------------------------------------------------------------:|--------------------------------------------------------------------------------:| | 0 | october 1-31 | 29704 | $ 5.99 | 2014 | 2014 | | 1 | november 1-30 | 4468 | $ 3.24 | 2014 | 2014 | | 2 | december 1-31 | 12850 | $ 3.98 | 2014 | 2014 | | 3 | total1 | 47022 | $ 5.18 | 2014 | 2014 |_total1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47022 $ 5.18 2014 2014 1 consists of restricted shares of our common stock withheld under the terms of grants under employee stock compensation plans to offset tax withholding obligations that occurred upon vesting and release of restricted shares during each month of the fourth quarter of 2008 ( the 201cwithheld shares 201d ) . 2 the average price per month of the withheld shares was calculated by dividing the aggregate value of the tax withholding obligations for each month by the aggregate number of shares of our common stock withheld each month. .

2,008

21

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

how much more , in percent , was spent on october shares than november shares?

1229%

multiply(divide(multiply(29704, 5.99), multiply(4468, 3.24)), const_100)

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

total1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47022 $ 5.18 2014 2014 1 consists of restricted shares of our common stock withheld under the terms of grants under employee stock compensation plans to offset tax withholding obligations that occurred upon vesting and release of restricted shares during each month of the fourth quarter of 2008 ( the 201cwithheld shares 201d ) . 2 the average price per month of the withheld shares was calculated by dividing the aggregate value of the tax withholding obligations for each month by the aggregate number of shares of our common stock withheld each month. .

| | | total number of shares purchased | average price paid per share2 | total number of shares purchased as part of publicly announced plans or programs | maximum number ofshares that may yet be purchased under the plans or programs | |---:|:--------------|-----------------------------------:|:--------------------------------|-----------------------------------------------------------------------------------:|--------------------------------------------------------------------------------:| | 0 | october 1-31 | 29704 | $ 5.99 | 2014 | 2014 | | 1 | november 1-30 | 4468 | $ 3.24 | 2014 | 2014 | | 2 | december 1-31 | 12850 | $ 3.98 | 2014 | 2014 | | 3 | total1 | 47022 | $ 5.18 | 2014 | 2014 |

repurchase of equity securities the following table provides information regarding our purchases of equity securities during the fourth quarter of 2008 : number of shares purchased average paid per share2 total number of shares purchased as part of publicly announced plans or programs maximum number of shares that may yet be purchased under the plans or programs ._| | | total number of shares purchased | average price paid per share2 | total number of shares purchased as part of publicly announced plans or programs | maximum number ofshares that may yet be purchased under the plans or programs | |---:|:--------------|-----------------------------------:|:--------------------------------|-----------------------------------------------------------------------------------:|--------------------------------------------------------------------------------:| | 0 | october 1-31 | 29704 | $ 5.99 | 2014 | 2014 | | 1 | november 1-30 | 4468 | $ 3.24 | 2014 | 2014 | | 2 | december 1-31 | 12850 | $ 3.98 | 2014 | 2014 | | 3 | total1 | 47022 | $ 5.18 | 2014 | 2014 |_total1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47022 $ 5.18 2014 2014 1 consists of restricted shares of our common stock withheld under the terms of grants under employee stock compensation plans to offset tax withholding obligations that occurred upon vesting and release of restricted shares during each month of the fourth quarter of 2008 ( the 201cwithheld shares 201d ) . 2 the average price per month of the withheld shares was calculated by dividing the aggregate value of the tax withholding obligations for each month by the aggregate number of shares of our common stock withheld each month. .

2,008

21

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

null

finqa470

in millions , what was the change in the estimated sensitivity to a one basis point increase in credit spreads on financial liabilities for which the fair value option was elected between december 2017 and december 2016?

10

subtract(35, 25)

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure . other sensitivity measures we use to analyze market risk are described below . 10% ( 10 % ) sensitivity measures . the table below presents market risk for positions , accounted for at fair value , that are not included in var by asset category. .

in the table above : 2030 the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the value of these positions . 2030 equity positions relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds . 2030 debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans . 2030 equity and debt funded positions are included in our consolidated statements of financial condition in financial instruments owned . see note 6 to the consolidated financial statements for further information about cash instruments . 2030 these measures do not reflect the diversification effect across asset categories or across other market risk measures . credit spread sensitivity on derivatives and financial liabilities . var excludes the impact of changes in counterparty and our own credit spreads on derivatives , as well as changes in our own credit spreads ( debt valuation adjustment ) on financial liabilities for which the fair value option was elected . the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 3 million and $ 2 million ( including hedges ) as of december 2017 and december 2016 , respectively . in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $ 35 million and $ 25 million as of december 2017 and december 2016 , respectively . however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those financial liabilities for which the fair value option was elected , as well as the relative performance of any hedges undertaken . interest rate sensitivity . loans receivable as of december 2017 and december 2016 were $ 65.93 billion and $ 49.67 billion , respectively , substantially all of which had floating interest rates . as of december 2017 and december 2016 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 527 million and $ 405 million , respectively , of additional interest income over a twelve-month period , which does not take into account the potential impact of an increase in costs to fund such loans . see note 9 to the consolidated financial statements for further information about loans receivable . other market risk considerations as of december 2017 and december 2016 , we had commitments and held loans for which we have obtained credit loss protection from sumitomo mitsui financial group , inc . see note 18 to the consolidated financial statements for further information about such lending commitments . in addition , we make investments in securities that are accounted for as available-for-sale and included in financial instruments owned in the consolidated statements of financial condition . see note 6 to the consolidated financial statements for further information . we also make investments accounted for under the equity method and we also make direct investments in real estate , both of which are included in other assets . direct investments in real estate are accounted for at cost less accumulated depreciation . see note 13 to the consolidated financial statements for further information about other assets . goldman sachs 2017 form 10-k 93 .

| | $ in millions | as of december 2017 | as of december 2016 | as of december 2015 | |---:|:----------------|:----------------------|:----------------------|:----------------------| | 0 | equity | $ 2096 | $ 2085 | $ 2157 | | 1 | debt | 1606 | 1702 | 1479 | | 2 | total | $ 3702 | $ 3787 | $ 3636 |

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure . other sensitivity measures we use to analyze market risk are described below . 10% ( 10 % ) sensitivity measures . the table below presents market risk for positions , accounted for at fair value , that are not included in var by asset category. ._| | $ in millions | as of december 2017 | as of december 2016 | as of december 2015 | |---:|:----------------|:----------------------|:----------------------|:----------------------| | 0 | equity | $ 2096 | $ 2085 | $ 2157 | | 1 | debt | 1606 | 1702 | 1479 | | 2 | total | $ 3702 | $ 3787 | $ 3636 |_in the table above : 2030 the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the value of these positions . 2030 equity positions relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds . 2030 debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans . 2030 equity and debt funded positions are included in our consolidated statements of financial condition in financial instruments owned . see note 6 to the consolidated financial statements for further information about cash instruments . 2030 these measures do not reflect the diversification effect across asset categories or across other market risk measures . credit spread sensitivity on derivatives and financial liabilities . var excludes the impact of changes in counterparty and our own credit spreads on derivatives , as well as changes in our own credit spreads ( debt valuation adjustment ) on financial liabilities for which the fair value option was elected . the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 3 million and $ 2 million ( including hedges ) as of december 2017 and december 2016 , respectively . in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $ 35 million and $ 25 million as of december 2017 and december 2016 , respectively . however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those financial liabilities for which the fair value option was elected , as well as the relative performance of any hedges undertaken . interest rate sensitivity . loans receivable as of december 2017 and december 2016 were $ 65.93 billion and $ 49.67 billion , respectively , substantially all of which had floating interest rates . as of december 2017 and december 2016 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 527 million and $ 405 million , respectively , of additional interest income over a twelve-month period , which does not take into account the potential impact of an increase in costs to fund such loans . see note 9 to the consolidated financial statements for further information about loans receivable . other market risk considerations as of december 2017 and december 2016 , we had commitments and held loans for which we have obtained credit loss protection from sumitomo mitsui financial group , inc . see note 18 to the consolidated financial statements for further information about such lending commitments . in addition , we make investments in securities that are accounted for as available-for-sale and included in financial instruments owned in the consolidated statements of financial condition . see note 6 to the consolidated financial statements for further information . we also make investments accounted for under the equity method and we also make direct investments in real estate , both of which are included in other assets . direct investments in real estate are accounted for at cost less accumulated depreciation . see note 13 to the consolidated financial statements for further information about other assets . goldman sachs 2017 form 10-k 93 .

2,017

106

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

in millions , what was the change in the estimated sensitivity to a one basis point increase in credit spreads on financial liabilities for which the fair value option was elected between december 2017 and december 2016?

10

subtract(35, 25)

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure . other sensitivity measures we use to analyze market risk are described below . 10% ( 10 % ) sensitivity measures . the table below presents market risk for positions , accounted for at fair value , that are not included in var by asset category. .

in the table above : 2030 the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the value of these positions . 2030 equity positions relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds . 2030 debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans . 2030 equity and debt funded positions are included in our consolidated statements of financial condition in financial instruments owned . see note 6 to the consolidated financial statements for further information about cash instruments . 2030 these measures do not reflect the diversification effect across asset categories or across other market risk measures . credit spread sensitivity on derivatives and financial liabilities . var excludes the impact of changes in counterparty and our own credit spreads on derivatives , as well as changes in our own credit spreads ( debt valuation adjustment ) on financial liabilities for which the fair value option was elected . the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 3 million and $ 2 million ( including hedges ) as of december 2017 and december 2016 , respectively . in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $ 35 million and $ 25 million as of december 2017 and december 2016 , respectively . however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those financial liabilities for which the fair value option was elected , as well as the relative performance of any hedges undertaken . interest rate sensitivity . loans receivable as of december 2017 and december 2016 were $ 65.93 billion and $ 49.67 billion , respectively , substantially all of which had floating interest rates . as of december 2017 and december 2016 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 527 million and $ 405 million , respectively , of additional interest income over a twelve-month period , which does not take into account the potential impact of an increase in costs to fund such loans . see note 9 to the consolidated financial statements for further information about loans receivable . other market risk considerations as of december 2017 and december 2016 , we had commitments and held loans for which we have obtained credit loss protection from sumitomo mitsui financial group , inc . see note 18 to the consolidated financial statements for further information about such lending commitments . in addition , we make investments in securities that are accounted for as available-for-sale and included in financial instruments owned in the consolidated statements of financial condition . see note 6 to the consolidated financial statements for further information . we also make investments accounted for under the equity method and we also make direct investments in real estate , both of which are included in other assets . direct investments in real estate are accounted for at cost less accumulated depreciation . see note 13 to the consolidated financial statements for further information about other assets . goldman sachs 2017 form 10-k 93 .

| | $ in millions | as of december 2017 | as of december 2016 | as of december 2015 | |---:|:----------------|:----------------------|:----------------------|:----------------------| | 0 | equity | $ 2096 | $ 2085 | $ 2157 | | 1 | debt | 1606 | 1702 | 1479 | | 2 | total | $ 3702 | $ 3787 | $ 3636 |

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure . other sensitivity measures we use to analyze market risk are described below . 10% ( 10 % ) sensitivity measures . the table below presents market risk for positions , accounted for at fair value , that are not included in var by asset category. ._| | $ in millions | as of december 2017 | as of december 2016 | as of december 2015 | |---:|:----------------|:----------------------|:----------------------|:----------------------| | 0 | equity | $ 2096 | $ 2085 | $ 2157 | | 1 | debt | 1606 | 1702 | 1479 | | 2 | total | $ 3702 | $ 3787 | $ 3636 |_in the table above : 2030 the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the value of these positions . 2030 equity positions relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds . 2030 debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans . 2030 equity and debt funded positions are included in our consolidated statements of financial condition in financial instruments owned . see note 6 to the consolidated financial statements for further information about cash instruments . 2030 these measures do not reflect the diversification effect across asset categories or across other market risk measures . credit spread sensitivity on derivatives and financial liabilities . var excludes the impact of changes in counterparty and our own credit spreads on derivatives , as well as changes in our own credit spreads ( debt valuation adjustment ) on financial liabilities for which the fair value option was elected . the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 3 million and $ 2 million ( including hedges ) as of december 2017 and december 2016 , respectively . in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $ 35 million and $ 25 million as of december 2017 and december 2016 , respectively . however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those financial liabilities for which the fair value option was elected , as well as the relative performance of any hedges undertaken . interest rate sensitivity . loans receivable as of december 2017 and december 2016 were $ 65.93 billion and $ 49.67 billion , respectively , substantially all of which had floating interest rates . as of december 2017 and december 2016 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 527 million and $ 405 million , respectively , of additional interest income over a twelve-month period , which does not take into account the potential impact of an increase in costs to fund such loans . see note 9 to the consolidated financial statements for further information about loans receivable . other market risk considerations as of december 2017 and december 2016 , we had commitments and held loans for which we have obtained credit loss protection from sumitomo mitsui financial group , inc . see note 18 to the consolidated financial statements for further information about such lending commitments . in addition , we make investments in securities that are accounted for as available-for-sale and included in financial instruments owned in the consolidated statements of financial condition . see note 6 to the consolidated financial statements for further information . we also make investments accounted for under the equity method and we also make direct investments in real estate , both of which are included in other assets . direct investments in real estate are accounted for at cost less accumulated depreciation . see note 13 to the consolidated financial statements for further information about other assets . goldman sachs 2017 form 10-k 93 .

2,017

106

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

null

finqa471

what is the percent change in fair value between 2010 and 2011?

15.8%

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 is the percent change in fair value between 2010 and 2011?

15.8%

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

finqa472

what is the increase observed in the first quarter dividend percentage concerning the total value , during 2018 and 2019?

1.66%

subtract(divide(1.10, 4.58), divide(.95, 4.25))

part ii item 5 . market for registrant 2019s common equity , related stockholder matters , and issuer purchases of equity securities our common stock is listed on the new york stock exchange under the symbol "apd." as of 31 october 2019 , there were 5166 record holders of our common stock . cash dividends on the company 2019s common stock are paid quarterly . it is our expectation that we will continue to pay cash dividends in the future at comparable or increased levels . the board of directors determines whether to declare dividends and the timing and amount based on financial condition and other factors it deems relevant . dividend information for each quarter of fiscal years 2019 and 2018 is summarized below: .

purchases of equity securities by the issuer on 15 september 2011 , the board of directors authorized the repurchase of up to $ 1.0 billion of our outstanding common stock . this program does not have a stated expiration date . we repurchase shares pursuant to rules 10b5-1 and 10b-18 under the securities exchange act of 1934 , as amended , through repurchase agreements established with one or more brokers . there were no purchases of stock during fiscal year 2019 . at 30 september 2019 , $ 485.3 million in share repurchase authorization remained . additional purchases will be completed at the company 2019s discretion while maintaining sufficient funds for investing in its businesses and growth opportunities. .

| | | 2019 | 2018 | |---:|:---------------|:-------|:-------| | 0 | first quarter | $ 1.10 | $ .95 | | 1 | second quarter | 1.16 | 1.10 | | 2 | third quarter | 1.16 | 1.10 | | 3 | fourth quarter | 1.16 | 1.10 | | 4 | total | $ 4.58 | $ 4.25 |

part ii item 5 . market for registrant 2019s common equity , related stockholder matters , and issuer purchases of equity securities our common stock is listed on the new york stock exchange under the symbol "apd." as of 31 october 2019 , there were 5166 record holders of our common stock . cash dividends on the company 2019s common stock are paid quarterly . it is our expectation that we will continue to pay cash dividends in the future at comparable or increased levels . the board of directors determines whether to declare dividends and the timing and amount based on financial condition and other factors it deems relevant . dividend information for each quarter of fiscal years 2019 and 2018 is summarized below: ._| | | 2019 | 2018 | |---:|:---------------|:-------|:-------| | 0 | first quarter | $ 1.10 | $ .95 | | 1 | second quarter | 1.16 | 1.10 | | 2 | third quarter | 1.16 | 1.10 | | 3 | fourth quarter | 1.16 | 1.10 | | 4 | total | $ 4.58 | $ 4.25 |_purchases of equity securities by the issuer on 15 september 2011 , the board of directors authorized the repurchase of up to $ 1.0 billion of our outstanding common stock . this program does not have a stated expiration date . we repurchase shares pursuant to rules 10b5-1 and 10b-18 under the securities exchange act of 1934 , as amended , through repurchase agreements established with one or more brokers . there were no purchases of stock during fiscal year 2019 . at 30 september 2019 , $ 485.3 million in share repurchase authorization remained . additional purchases will be completed at the company 2019s discretion while maintaining sufficient funds for investing in its businesses and growth opportunities. .

2,019

31

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

what is the increase observed in the first quarter dividend percentage concerning the total value , during 2018 and 2019?

1.66%

subtract(divide(1.10, 4.58), divide(.95, 4.25))

part ii item 5 . market for registrant 2019s common equity , related stockholder matters , and issuer purchases of equity securities our common stock is listed on the new york stock exchange under the symbol "apd." as of 31 october 2019 , there were 5166 record holders of our common stock . cash dividends on the company 2019s common stock are paid quarterly . it is our expectation that we will continue to pay cash dividends in the future at comparable or increased levels . the board of directors determines whether to declare dividends and the timing and amount based on financial condition and other factors it deems relevant . dividend information for each quarter of fiscal years 2019 and 2018 is summarized below: .

purchases of equity securities by the issuer on 15 september 2011 , the board of directors authorized the repurchase of up to $ 1.0 billion of our outstanding common stock . this program does not have a stated expiration date . we repurchase shares pursuant to rules 10b5-1 and 10b-18 under the securities exchange act of 1934 , as amended , through repurchase agreements established with one or more brokers . there were no purchases of stock during fiscal year 2019 . at 30 september 2019 , $ 485.3 million in share repurchase authorization remained . additional purchases will be completed at the company 2019s discretion while maintaining sufficient funds for investing in its businesses and growth opportunities. .

| | | 2019 | 2018 | |---:|:---------------|:-------|:-------| | 0 | first quarter | $ 1.10 | $ .95 | | 1 | second quarter | 1.16 | 1.10 | | 2 | third quarter | 1.16 | 1.10 | | 3 | fourth quarter | 1.16 | 1.10 | | 4 | total | $ 4.58 | $ 4.25 |

part ii item 5 . market for registrant 2019s common equity , related stockholder matters , and issuer purchases of equity securities our common stock is listed on the new york stock exchange under the symbol "apd." as of 31 october 2019 , there were 5166 record holders of our common stock . cash dividends on the company 2019s common stock are paid quarterly . it is our expectation that we will continue to pay cash dividends in the future at comparable or increased levels . the board of directors determines whether to declare dividends and the timing and amount based on financial condition and other factors it deems relevant . dividend information for each quarter of fiscal years 2019 and 2018 is summarized below: ._| | | 2019 | 2018 | |---:|:---------------|:-------|:-------| | 0 | first quarter | $ 1.10 | $ .95 | | 1 | second quarter | 1.16 | 1.10 | | 2 | third quarter | 1.16 | 1.10 | | 3 | fourth quarter | 1.16 | 1.10 | | 4 | total | $ 4.58 | $ 4.25 |_purchases of equity securities by the issuer on 15 september 2011 , the board of directors authorized the repurchase of up to $ 1.0 billion of our outstanding common stock . this program does not have a stated expiration date . we repurchase shares pursuant to rules 10b5-1 and 10b-18 under the securities exchange act of 1934 , as amended , through repurchase agreements established with one or more brokers . there were no purchases of stock during fiscal year 2019 . at 30 september 2019 , $ 485.3 million in share repurchase authorization remained . additional purchases will be completed at the company 2019s discretion while maintaining sufficient funds for investing in its businesses and growth opportunities. .

2,019

31

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa473

what were average net sales for mfc from 2013 to 2015 in millions?

6886

table_average(net sales, none)

backlog backlog decreased in 2015 compared to 2014 primarily due to sales being recognized on several multi-year programs ( such as hmsc , nisc iii , ciog and nsf asc ) related to prior year awards and a limited number of large new business awards . backlog decreased in 2014 compared to 2013 primarily due to lower customer funding levels and declining activities on direct warfighter support programs impacted by defense budget reductions . trends we expect is&gs 2019 2016 net sales to decline in the high-single digit percentage range as compared to 2015 , primarily driven by key loss contracts in an increasingly competitive environment , along with volume contraction on the segment 2019s major contracts . operating profit is expected to decline at a higher percentage range in 2016 , as compared to net sales percentage declines , driven by higher margin program losses and re-compete programs awarded at lower margins . accordingly , 2016 margins are expected to be lower than 2015 results . missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics ; fire control systems ; mission operations support , readiness , engineering support and integration services ; manned and unmanned ground vehicles ; and energy management solutions . mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , jassm , javelin , apache , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) and sof clss . mfc 2019s operating results included the following ( in millions ) : .

2015 compared to 2014 mfc 2019s net sales in 2015 decreased $ 322 million , or 5% ( 5 % ) , compared to the same period in 2014 . the decrease was attributable to lower net sales of approximately $ 345 million for air and missile defense programs due to fewer deliveries ( primarily pac-3 ) and lower volume ( primarily thaad ) ; and approximately $ 85 million for tactical missile programs due to fewer deliveries ( primarily guided multiple launch rocket system ( gmlrs ) ) and joint air-to-surface standoff missile , partially offset by increased deliveries for hellfire . these decreases were partially offset by higher net sales of approximately $ 55 million for energy solutions programs due to increased volume . mfc 2019s operating profit in 2015 decreased $ 62 million , or 5% ( 5 % ) , compared to 2014 . the decrease was attributable to lower operating profit of approximately $ 100 million for fire control programs due primarily to lower risk retirements ( primarily lantirn and sniper ) ; and approximately $ 65 million for tactical missile programs due to lower risk retirements ( primarily hellfire and gmlrs ) and fewer deliveries . these decreases were partially offset by higher operating profit of approximately $ 75 million for air and missile defense programs due to increased risk retirements ( primarily thaad ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 60 million lower in 2015 compared to 2014 . 2014 compared to 2013 mfc 2019s net sales increased $ 297 million , or 4% ( 4 % ) , in 2014 as compared to 2013 . the increase was primarily attributable to higher net sales of approximately $ 180 million for air and missile defense programs primarily due to increased volume for thaad ; about $ 115 million for fire control programs due to increased deliveries ( including apache ) ; and about $ 125 million for various other programs due to increased volume . these increases were partially offset by lower net sales of approximately $ 115 million for tactical missile programs due to fewer deliveries ( primarily high mobility artillery rocket system and army tactical missile system ) . mfc 2019s operating profit decreased $ 35 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of about $ 20 million for tactical missile programs due to net warranty reserve adjustments for various programs ( including jassm and gmlrs ) and fewer deliveries ; and approximately $ 45 million for various other programs due to lower risk retirements . the decreases were offset by higher operating profit of approximately $ 20 million for air and missile defense programs due to increased volume ( primarily thaad and pac-3 ) ; and about .

| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 6770 | $ 7092 | $ 6795 | | 1 | operating profit | 1282 | 1344 | 1379 | | 2 | operating margins | 18.9% ( 18.9 % ) | 19.0% ( 19.0 % ) | 20.3% ( 20.3 % ) | | 3 | backlog at year-end | $ 15500 | $ 13300 | $ 14300 |

backlog backlog decreased in 2015 compared to 2014 primarily due to sales being recognized on several multi-year programs ( such as hmsc , nisc iii , ciog and nsf asc ) related to prior year awards and a limited number of large new business awards . backlog decreased in 2014 compared to 2013 primarily due to lower customer funding levels and declining activities on direct warfighter support programs impacted by defense budget reductions . trends we expect is&gs 2019 2016 net sales to decline in the high-single digit percentage range as compared to 2015 , primarily driven by key loss contracts in an increasingly competitive environment , along with volume contraction on the segment 2019s major contracts . operating profit is expected to decline at a higher percentage range in 2016 , as compared to net sales percentage declines , driven by higher margin program losses and re-compete programs awarded at lower margins . accordingly , 2016 margins are expected to be lower than 2015 results . missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics ; fire control systems ; mission operations support , readiness , engineering support and integration services ; manned and unmanned ground vehicles ; and energy management solutions . mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , jassm , javelin , apache , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) and sof clss . mfc 2019s operating results included the following ( in millions ) : ._| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 6770 | $ 7092 | $ 6795 | | 1 | operating profit | 1282 | 1344 | 1379 | | 2 | operating margins | 18.9% ( 18.9 % ) | 19.0% ( 19.0 % ) | 20.3% ( 20.3 % ) | | 3 | backlog at year-end | $ 15500 | $ 13300 | $ 14300 |_2015 compared to 2014 mfc 2019s net sales in 2015 decreased $ 322 million , or 5% ( 5 % ) , compared to the same period in 2014 . the decrease was attributable to lower net sales of approximately $ 345 million for air and missile defense programs due to fewer deliveries ( primarily pac-3 ) and lower volume ( primarily thaad ) ; and approximately $ 85 million for tactical missile programs due to fewer deliveries ( primarily guided multiple launch rocket system ( gmlrs ) ) and joint air-to-surface standoff missile , partially offset by increased deliveries for hellfire . these decreases were partially offset by higher net sales of approximately $ 55 million for energy solutions programs due to increased volume . mfc 2019s operating profit in 2015 decreased $ 62 million , or 5% ( 5 % ) , compared to 2014 . the decrease was attributable to lower operating profit of approximately $ 100 million for fire control programs due primarily to lower risk retirements ( primarily lantirn and sniper ) ; and approximately $ 65 million for tactical missile programs due to lower risk retirements ( primarily hellfire and gmlrs ) and fewer deliveries . these decreases were partially offset by higher operating profit of approximately $ 75 million for air and missile defense programs due to increased risk retirements ( primarily thaad ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 60 million lower in 2015 compared to 2014 . 2014 compared to 2013 mfc 2019s net sales increased $ 297 million , or 4% ( 4 % ) , in 2014 as compared to 2013 . the increase was primarily attributable to higher net sales of approximately $ 180 million for air and missile defense programs primarily due to increased volume for thaad ; about $ 115 million for fire control programs due to increased deliveries ( including apache ) ; and about $ 125 million for various other programs due to increased volume . these increases were partially offset by lower net sales of approximately $ 115 million for tactical missile programs due to fewer deliveries ( primarily high mobility artillery rocket system and army tactical missile system ) . mfc 2019s operating profit decreased $ 35 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of about $ 20 million for tactical missile programs due to net warranty reserve adjustments for various programs ( including jassm and gmlrs ) and fewer deliveries ; and approximately $ 45 million for various other programs due to lower risk retirements . the decreases were offset by higher operating profit of approximately $ 20 million for air and missile defense programs due to increased volume ( primarily thaad and pac-3 ) ; and about .

2,015

54

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what were average net sales for mfc from 2013 to 2015 in millions?

6886

table_average(net sales, none)

backlog backlog decreased in 2015 compared to 2014 primarily due to sales being recognized on several multi-year programs ( such as hmsc , nisc iii , ciog and nsf asc ) related to prior year awards and a limited number of large new business awards . backlog decreased in 2014 compared to 2013 primarily due to lower customer funding levels and declining activities on direct warfighter support programs impacted by defense budget reductions . trends we expect is&gs 2019 2016 net sales to decline in the high-single digit percentage range as compared to 2015 , primarily driven by key loss contracts in an increasingly competitive environment , along with volume contraction on the segment 2019s major contracts . operating profit is expected to decline at a higher percentage range in 2016 , as compared to net sales percentage declines , driven by higher margin program losses and re-compete programs awarded at lower margins . accordingly , 2016 margins are expected to be lower than 2015 results . missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics ; fire control systems ; mission operations support , readiness , engineering support and integration services ; manned and unmanned ground vehicles ; and energy management solutions . mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , jassm , javelin , apache , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) and sof clss . mfc 2019s operating results included the following ( in millions ) : .

2015 compared to 2014 mfc 2019s net sales in 2015 decreased $ 322 million , or 5% ( 5 % ) , compared to the same period in 2014 . the decrease was attributable to lower net sales of approximately $ 345 million for air and missile defense programs due to fewer deliveries ( primarily pac-3 ) and lower volume ( primarily thaad ) ; and approximately $ 85 million for tactical missile programs due to fewer deliveries ( primarily guided multiple launch rocket system ( gmlrs ) ) and joint air-to-surface standoff missile , partially offset by increased deliveries for hellfire . these decreases were partially offset by higher net sales of approximately $ 55 million for energy solutions programs due to increased volume . mfc 2019s operating profit in 2015 decreased $ 62 million , or 5% ( 5 % ) , compared to 2014 . the decrease was attributable to lower operating profit of approximately $ 100 million for fire control programs due primarily to lower risk retirements ( primarily lantirn and sniper ) ; and approximately $ 65 million for tactical missile programs due to lower risk retirements ( primarily hellfire and gmlrs ) and fewer deliveries . these decreases were partially offset by higher operating profit of approximately $ 75 million for air and missile defense programs due to increased risk retirements ( primarily thaad ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 60 million lower in 2015 compared to 2014 . 2014 compared to 2013 mfc 2019s net sales increased $ 297 million , or 4% ( 4 % ) , in 2014 as compared to 2013 . the increase was primarily attributable to higher net sales of approximately $ 180 million for air and missile defense programs primarily due to increased volume for thaad ; about $ 115 million for fire control programs due to increased deliveries ( including apache ) ; and about $ 125 million for various other programs due to increased volume . these increases were partially offset by lower net sales of approximately $ 115 million for tactical missile programs due to fewer deliveries ( primarily high mobility artillery rocket system and army tactical missile system ) . mfc 2019s operating profit decreased $ 35 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of about $ 20 million for tactical missile programs due to net warranty reserve adjustments for various programs ( including jassm and gmlrs ) and fewer deliveries ; and approximately $ 45 million for various other programs due to lower risk retirements . the decreases were offset by higher operating profit of approximately $ 20 million for air and missile defense programs due to increased volume ( primarily thaad and pac-3 ) ; and about .

| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 6770 | $ 7092 | $ 6795 | | 1 | operating profit | 1282 | 1344 | 1379 | | 2 | operating margins | 18.9% ( 18.9 % ) | 19.0% ( 19.0 % ) | 20.3% ( 20.3 % ) | | 3 | backlog at year-end | $ 15500 | $ 13300 | $ 14300 |

backlog backlog decreased in 2015 compared to 2014 primarily due to sales being recognized on several multi-year programs ( such as hmsc , nisc iii , ciog and nsf asc ) related to prior year awards and a limited number of large new business awards . backlog decreased in 2014 compared to 2013 primarily due to lower customer funding levels and declining activities on direct warfighter support programs impacted by defense budget reductions . trends we expect is&gs 2019 2016 net sales to decline in the high-single digit percentage range as compared to 2015 , primarily driven by key loss contracts in an increasingly competitive environment , along with volume contraction on the segment 2019s major contracts . operating profit is expected to decline at a higher percentage range in 2016 , as compared to net sales percentage declines , driven by higher margin program losses and re-compete programs awarded at lower margins . accordingly , 2016 margins are expected to be lower than 2015 results . missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics ; fire control systems ; mission operations support , readiness , engineering support and integration services ; manned and unmanned ground vehicles ; and energy management solutions . mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , jassm , javelin , apache , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) and sof clss . mfc 2019s operating results included the following ( in millions ) : ._| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 6770 | $ 7092 | $ 6795 | | 1 | operating profit | 1282 | 1344 | 1379 | | 2 | operating margins | 18.9% ( 18.9 % ) | 19.0% ( 19.0 % ) | 20.3% ( 20.3 % ) | | 3 | backlog at year-end | $ 15500 | $ 13300 | $ 14300 |_2015 compared to 2014 mfc 2019s net sales in 2015 decreased $ 322 million , or 5% ( 5 % ) , compared to the same period in 2014 . the decrease was attributable to lower net sales of approximately $ 345 million for air and missile defense programs due to fewer deliveries ( primarily pac-3 ) and lower volume ( primarily thaad ) ; and approximately $ 85 million for tactical missile programs due to fewer deliveries ( primarily guided multiple launch rocket system ( gmlrs ) ) and joint air-to-surface standoff missile , partially offset by increased deliveries for hellfire . these decreases were partially offset by higher net sales of approximately $ 55 million for energy solutions programs due to increased volume . mfc 2019s operating profit in 2015 decreased $ 62 million , or 5% ( 5 % ) , compared to 2014 . the decrease was attributable to lower operating profit of approximately $ 100 million for fire control programs due primarily to lower risk retirements ( primarily lantirn and sniper ) ; and approximately $ 65 million for tactical missile programs due to lower risk retirements ( primarily hellfire and gmlrs ) and fewer deliveries . these decreases were partially offset by higher operating profit of approximately $ 75 million for air and missile defense programs due to increased risk retirements ( primarily thaad ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 60 million lower in 2015 compared to 2014 . 2014 compared to 2013 mfc 2019s net sales increased $ 297 million , or 4% ( 4 % ) , in 2014 as compared to 2013 . the increase was primarily attributable to higher net sales of approximately $ 180 million for air and missile defense programs primarily due to increased volume for thaad ; about $ 115 million for fire control programs due to increased deliveries ( including apache ) ; and about $ 125 million for various other programs due to increased volume . these increases were partially offset by lower net sales of approximately $ 115 million for tactical missile programs due to fewer deliveries ( primarily high mobility artillery rocket system and army tactical missile system ) . mfc 2019s operating profit decreased $ 35 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of about $ 20 million for tactical missile programs due to net warranty reserve adjustments for various programs ( including jassm and gmlrs ) and fewer deliveries ; and approximately $ 45 million for various other programs due to lower risk retirements . the decreases were offset by higher operating profit of approximately $ 20 million for air and missile defense programs due to increased volume ( primarily thaad and pac-3 ) ; and about .

2,015

54

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa474

in millions for 2013 , what were net trading assets 2013 debt and equity instruments?

262743

subtract(340449, 77706)

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 millions for 2013 , what were net trading assets 2013 debt and equity instruments?

262743

subtract(340449, 77706)

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

finqa475

what was the percentage change in the expenses related to he issuing of stock option in 2009

null

divide(12, 209)

material impact on the service cost and interest cost components of net periodic benefit costs for a 1% ( 1 % ) change in the assumed health care trend rate . for most of the participants in the u.s . plan , aon 2019s liability for future plan cost increases for pre-65 and medical supplement plan coverage is limited to 5% ( 5 % ) per annum . because of this cap , net employer trend rates for these plans are effectively limited to 5% ( 5 % ) per year in the future . during 2007 , aon recognized a plan amendment which phases out post-65 retiree coverage in its u.s . plan over the next three years . the impact of this amendment on net periodic benefit cost is being recognized over the average remaining service life of the employees . 14 . stock compensation plans the following table summarizes stock-based compensation expense recognized in continuing operations in the consolidated statements of income in compensation and benefits ( in millions ) : .

during 2009 , the company converted its stock administration system to a new service provider . in connection with this conversion , a reconciliation of the methodologies and estimates utilized was performed , which resulted in a $ 12 million reduction of expense for the year ended december 31 , 2009 . stock awards stock awards , in the form of rsus , are granted to certain employees and consist of both performance-based and service-based rsus . service-based awards generally vest between three and ten years from the date of grant . the fair value of service-based awards is based upon the market value of the underlying common stock at the date of grant . with certain limited exceptions , any break in continuous employment will cause the forfeiture of all unvested awards . compensation expense associated with stock awards is recognized over the service period . dividend equivalents are paid on certain service-based rsus , based on the initial grant amount . performance-based rsus have been granted to certain employees . vesting of these awards is contingent upon meeting various individual , divisional or company-wide performance conditions , including revenue generation or growth in revenue , pretax income or earnings per share over a one- to five-year period . the performance conditions are not considered in the determination of the grant date fair value for these awards . the fair value of performance-based awards is based upon the market price of the underlying common stock at the date of grant . compensation expense is recognized over the performance period , and in certain cases an additional vesting period , based on management 2019s estimate of the number of units expected to vest . compensation expense is adjusted to reflect the actual number of shares paid out at the end of the programs . the actual payout of shares under these performance- based plans may range from 0-200% ( 0-200 % ) of the number of units granted , based on the plan . dividend equivalents are generally not paid on the performance-based rsus . during 2010 , the company granted approximately 1.6 million shares in connection with the completion of the 2007 leadership performance plan ( 2018 2018lpp 2019 2019 ) cycle and 84000 shares related to other performance plans . during 2010 , 2009 and 2008 , the company granted approximately 3.5 million .

| | years ended december 31 | 2010 | 2009 | 2008 | |---:|:--------------------------------------------|:-------|:-------|:-------| | 0 | rsus | $ 138 | $ 124 | $ 132 | | 1 | performance plans | 62 | 60 | 67 | | 2 | stock options | 17 | 21 | 24 | | 3 | employee stock purchase plans | 4 | 4 | 3 | | 4 | total stock-based compensation expense | 221 | 209 | 226 | | 5 | tax benefit | 75 | 68 | 82 | | 6 | stock-based compensation expense net of tax | $ 146 | $ 141 | $ 144 |

material impact on the service cost and interest cost components of net periodic benefit costs for a 1% ( 1 % ) change in the assumed health care trend rate . for most of the participants in the u.s . plan , aon 2019s liability for future plan cost increases for pre-65 and medical supplement plan coverage is limited to 5% ( 5 % ) per annum . because of this cap , net employer trend rates for these plans are effectively limited to 5% ( 5 % ) per year in the future . during 2007 , aon recognized a plan amendment which phases out post-65 retiree coverage in its u.s . plan over the next three years . the impact of this amendment on net periodic benefit cost is being recognized over the average remaining service life of the employees . 14 . stock compensation plans the following table summarizes stock-based compensation expense recognized in continuing operations in the consolidated statements of income in compensation and benefits ( in millions ) : ._| | years ended december 31 | 2010 | 2009 | 2008 | |---:|:--------------------------------------------|:-------|:-------|:-------| | 0 | rsus | $ 138 | $ 124 | $ 132 | | 1 | performance plans | 62 | 60 | 67 | | 2 | stock options | 17 | 21 | 24 | | 3 | employee stock purchase plans | 4 | 4 | 3 | | 4 | total stock-based compensation expense | 221 | 209 | 226 | | 5 | tax benefit | 75 | 68 | 82 | | 6 | stock-based compensation expense net of tax | $ 146 | $ 141 | $ 144 |_during 2009 , the company converted its stock administration system to a new service provider . in connection with this conversion , a reconciliation of the methodologies and estimates utilized was performed , which resulted in a $ 12 million reduction of expense for the year ended december 31 , 2009 . stock awards stock awards , in the form of rsus , are granted to certain employees and consist of both performance-based and service-based rsus . service-based awards generally vest between three and ten years from the date of grant . the fair value of service-based awards is based upon the market value of the underlying common stock at the date of grant . with certain limited exceptions , any break in continuous employment will cause the forfeiture of all unvested awards . compensation expense associated with stock awards is recognized over the service period . dividend equivalents are paid on certain service-based rsus , based on the initial grant amount . performance-based rsus have been granted to certain employees . vesting of these awards is contingent upon meeting various individual , divisional or company-wide performance conditions , including revenue generation or growth in revenue , pretax income or earnings per share over a one- to five-year period . the performance conditions are not considered in the determination of the grant date fair value for these awards . the fair value of performance-based awards is based upon the market price of the underlying common stock at the date of grant . compensation expense is recognized over the performance period , and in certain cases an additional vesting period , based on management 2019s estimate of the number of units expected to vest . compensation expense is adjusted to reflect the actual number of shares paid out at the end of the programs . the actual payout of shares under these performance- based plans may range from 0-200% ( 0-200 % ) of the number of units granted , based on the plan . dividend equivalents are generally not paid on the performance-based rsus . during 2010 , the company granted approximately 1.6 million shares in connection with the completion of the 2007 leadership performance plan ( 2018 2018lpp 2019 2019 ) cycle and 84000 shares related to other performance plans . during 2010 , 2009 and 2008 , the company granted approximately 3.5 million .

2,010

115

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

what was the percentage change in the expenses related to he issuing of stock option in 2009

null

divide(12, 209)

material impact on the service cost and interest cost components of net periodic benefit costs for a 1% ( 1 % ) change in the assumed health care trend rate . for most of the participants in the u.s . plan , aon 2019s liability for future plan cost increases for pre-65 and medical supplement plan coverage is limited to 5% ( 5 % ) per annum . because of this cap , net employer trend rates for these plans are effectively limited to 5% ( 5 % ) per year in the future . during 2007 , aon recognized a plan amendment which phases out post-65 retiree coverage in its u.s . plan over the next three years . the impact of this amendment on net periodic benefit cost is being recognized over the average remaining service life of the employees . 14 . stock compensation plans the following table summarizes stock-based compensation expense recognized in continuing operations in the consolidated statements of income in compensation and benefits ( in millions ) : .

during 2009 , the company converted its stock administration system to a new service provider . in connection with this conversion , a reconciliation of the methodologies and estimates utilized was performed , which resulted in a $ 12 million reduction of expense for the year ended december 31 , 2009 . stock awards stock awards , in the form of rsus , are granted to certain employees and consist of both performance-based and service-based rsus . service-based awards generally vest between three and ten years from the date of grant . the fair value of service-based awards is based upon the market value of the underlying common stock at the date of grant . with certain limited exceptions , any break in continuous employment will cause the forfeiture of all unvested awards . compensation expense associated with stock awards is recognized over the service period . dividend equivalents are paid on certain service-based rsus , based on the initial grant amount . performance-based rsus have been granted to certain employees . vesting of these awards is contingent upon meeting various individual , divisional or company-wide performance conditions , including revenue generation or growth in revenue , pretax income or earnings per share over a one- to five-year period . the performance conditions are not considered in the determination of the grant date fair value for these awards . the fair value of performance-based awards is based upon the market price of the underlying common stock at the date of grant . compensation expense is recognized over the performance period , and in certain cases an additional vesting period , based on management 2019s estimate of the number of units expected to vest . compensation expense is adjusted to reflect the actual number of shares paid out at the end of the programs . the actual payout of shares under these performance- based plans may range from 0-200% ( 0-200 % ) of the number of units granted , based on the plan . dividend equivalents are generally not paid on the performance-based rsus . during 2010 , the company granted approximately 1.6 million shares in connection with the completion of the 2007 leadership performance plan ( 2018 2018lpp 2019 2019 ) cycle and 84000 shares related to other performance plans . during 2010 , 2009 and 2008 , the company granted approximately 3.5 million .

| | years ended december 31 | 2010 | 2009 | 2008 | |---:|:--------------------------------------------|:-------|:-------|:-------| | 0 | rsus | $ 138 | $ 124 | $ 132 | | 1 | performance plans | 62 | 60 | 67 | | 2 | stock options | 17 | 21 | 24 | | 3 | employee stock purchase plans | 4 | 4 | 3 | | 4 | total stock-based compensation expense | 221 | 209 | 226 | | 5 | tax benefit | 75 | 68 | 82 | | 6 | stock-based compensation expense net of tax | $ 146 | $ 141 | $ 144 |

material impact on the service cost and interest cost components of net periodic benefit costs for a 1% ( 1 % ) change in the assumed health care trend rate . for most of the participants in the u.s . plan , aon 2019s liability for future plan cost increases for pre-65 and medical supplement plan coverage is limited to 5% ( 5 % ) per annum . because of this cap , net employer trend rates for these plans are effectively limited to 5% ( 5 % ) per year in the future . during 2007 , aon recognized a plan amendment which phases out post-65 retiree coverage in its u.s . plan over the next three years . the impact of this amendment on net periodic benefit cost is being recognized over the average remaining service life of the employees . 14 . stock compensation plans the following table summarizes stock-based compensation expense recognized in continuing operations in the consolidated statements of income in compensation and benefits ( in millions ) : ._| | years ended december 31 | 2010 | 2009 | 2008 | |---:|:--------------------------------------------|:-------|:-------|:-------| | 0 | rsus | $ 138 | $ 124 | $ 132 | | 1 | performance plans | 62 | 60 | 67 | | 2 | stock options | 17 | 21 | 24 | | 3 | employee stock purchase plans | 4 | 4 | 3 | | 4 | total stock-based compensation expense | 221 | 209 | 226 | | 5 | tax benefit | 75 | 68 | 82 | | 6 | stock-based compensation expense net of tax | $ 146 | $ 141 | $ 144 |_during 2009 , the company converted its stock administration system to a new service provider . in connection with this conversion , a reconciliation of the methodologies and estimates utilized was performed , which resulted in a $ 12 million reduction of expense for the year ended december 31 , 2009 . stock awards stock awards , in the form of rsus , are granted to certain employees and consist of both performance-based and service-based rsus . service-based awards generally vest between three and ten years from the date of grant . the fair value of service-based awards is based upon the market value of the underlying common stock at the date of grant . with certain limited exceptions , any break in continuous employment will cause the forfeiture of all unvested awards . compensation expense associated with stock awards is recognized over the service period . dividend equivalents are paid on certain service-based rsus , based on the initial grant amount . performance-based rsus have been granted to certain employees . vesting of these awards is contingent upon meeting various individual , divisional or company-wide performance conditions , including revenue generation or growth in revenue , pretax income or earnings per share over a one- to five-year period . the performance conditions are not considered in the determination of the grant date fair value for these awards . the fair value of performance-based awards is based upon the market price of the underlying common stock at the date of grant . compensation expense is recognized over the performance period , and in certain cases an additional vesting period , based on management 2019s estimate of the number of units expected to vest . compensation expense is adjusted to reflect the actual number of shares paid out at the end of the programs . the actual payout of shares under these performance- based plans may range from 0-200% ( 0-200 % ) of the number of units granted , based on the plan . dividend equivalents are generally not paid on the performance-based rsus . during 2010 , the company granted approximately 1.6 million shares in connection with the completion of the 2007 leadership performance plan ( 2018 2018lpp 2019 2019 ) cycle and 84000 shares related to other performance plans . during 2010 , 2009 and 2008 , the company granted approximately 3.5 million .

2,010

115

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

null

finqa476

what portion of total value of net operating loss carryforwards is related to state?

52.8%

divide(2418012, add(2157503, 2418012))

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) at december 31 , 2005 , the company had net federal and state operating loss carryforwards available to reduce future taxable income of approximately $ 2.2 billion and $ 2.4 billion , respectively . if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .

sfas no . 109 , 201caccounting for income taxes , 201d requires that companies record a valuation allowance when it is 201cmore likely than not that some portion or all of the deferred tax assets will not be realized . 201d at december 31 , 2005 , the company has provided a valuation allowance of approximately $ 422.4 million , including approximately $ 249.5 million attributable to spectrasite , primarily related to net operating loss and capital loss carryforwards . approximately $ 237.8 million of the spectrasite valuation allowance was assumed as of the acquisition date . the balance of the valuation allowance primarily relates to net state deferred tax assets . the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient time to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period . the company intends to recover a portion of its deferred tax asset through its federal income tax refund claims related to the carry back of certain federal net operating losses . in june 2003 and october 2003 , the company filed federal income tax refund claims with the irs relating to the carry back of $ 380.0 million of net operating losses generated prior to 2003 , of which the company initially anticipated receiving approximately $ 90.0 million . based on preliminary discussions with tax authorities , the company has revised its estimate of the net realizable value of the federal income tax refund claims and anticipates receiving a refund of approximately $ 65.0 million as a result of these claims by the end of 2006 . there can be no assurances , however , with respect to the specific amount and timing of any refund . the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing stable state ( no growth ) projections based on its current operations . the projections show a significant decrease in depreciation and interest expense in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period and debt repayments reducing interest expense . accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions . based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized . the realization of the company 2019s deferred tax assets as of december 31 , 2005 will be dependent upon its ability to generate approximately $ 1.3 billion in taxable income from january 1 , 2006 to december 31 , 2025 . if the company is unable to generate sufficient taxable income in the future , or carry back losses , as described above , it will be required to reduce its net deferred tax asset through a charge to income tax expense , which would result in a corresponding decrease in stockholders 2019 equity . from time to time the company is subject to examination by various tax authorities in jurisdictions in which the company has significant business operations . the company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations . during the year ended .

| | years ended december 31, | federal | state | |---:|:---------------------------|:----------|:----------| | 0 | 2006 to 2010 | $ 5248 | $ 469747 | | 1 | 2011 to 2015 | 10012 | 272662 | | 2 | 2016 to 2020 | 397691 | 777707 | | 3 | 2021 to 2025 | 1744552 | 897896 | | 4 | total | $ 2157503 | $ 2418012 |

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) at december 31 , 2005 , the company had net federal and state operating loss carryforwards available to reduce future taxable income of approximately $ 2.2 billion and $ 2.4 billion , respectively . if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : ._| | years ended december 31, | federal | state | |---:|:---------------------------|:----------|:----------| | 0 | 2006 to 2010 | $ 5248 | $ 469747 | | 1 | 2011 to 2015 | 10012 | 272662 | | 2 | 2016 to 2020 | 397691 | 777707 | | 3 | 2021 to 2025 | 1744552 | 897896 | | 4 | total | $ 2157503 | $ 2418012 |_sfas no . 109 , 201caccounting for income taxes , 201d requires that companies record a valuation allowance when it is 201cmore likely than not that some portion or all of the deferred tax assets will not be realized . 201d at december 31 , 2005 , the company has provided a valuation allowance of approximately $ 422.4 million , including approximately $ 249.5 million attributable to spectrasite , primarily related to net operating loss and capital loss carryforwards . approximately $ 237.8 million of the spectrasite valuation allowance was assumed as of the acquisition date . the balance of the valuation allowance primarily relates to net state deferred tax assets . the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient time to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period . the company intends to recover a portion of its deferred tax asset through its federal income tax refund claims related to the carry back of certain federal net operating losses . in june 2003 and october 2003 , the company filed federal income tax refund claims with the irs relating to the carry back of $ 380.0 million of net operating losses generated prior to 2003 , of which the company initially anticipated receiving approximately $ 90.0 million . based on preliminary discussions with tax authorities , the company has revised its estimate of the net realizable value of the federal income tax refund claims and anticipates receiving a refund of approximately $ 65.0 million as a result of these claims by the end of 2006 . there can be no assurances , however , with respect to the specific amount and timing of any refund . the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing stable state ( no growth ) projections based on its current operations . the projections show a significant decrease in depreciation and interest expense in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period and debt repayments reducing interest expense . accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions . based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized . the realization of the company 2019s deferred tax assets as of december 31 , 2005 will be dependent upon its ability to generate approximately $ 1.3 billion in taxable income from january 1 , 2006 to december 31 , 2025 . if the company is unable to generate sufficient taxable income in the future , or carry back losses , as described above , it will be required to reduce its net deferred tax asset through a charge to income tax expense , which would result in a corresponding decrease in stockholders 2019 equity . from time to time the company is subject to examination by various tax authorities in jurisdictions in which the company has significant business operations . the company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations . during the year ended .

2,005

105

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

what portion of total value of net operating loss carryforwards is related to state?

52.8%

divide(2418012, add(2157503, 2418012))

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) at december 31 , 2005 , the company had net federal and state operating loss carryforwards available to reduce future taxable income of approximately $ 2.2 billion and $ 2.4 billion , respectively . if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .

sfas no . 109 , 201caccounting for income taxes , 201d requires that companies record a valuation allowance when it is 201cmore likely than not that some portion or all of the deferred tax assets will not be realized . 201d at december 31 , 2005 , the company has provided a valuation allowance of approximately $ 422.4 million , including approximately $ 249.5 million attributable to spectrasite , primarily related to net operating loss and capital loss carryforwards . approximately $ 237.8 million of the spectrasite valuation allowance was assumed as of the acquisition date . the balance of the valuation allowance primarily relates to net state deferred tax assets . the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient time to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period . the company intends to recover a portion of its deferred tax asset through its federal income tax refund claims related to the carry back of certain federal net operating losses . in june 2003 and october 2003 , the company filed federal income tax refund claims with the irs relating to the carry back of $ 380.0 million of net operating losses generated prior to 2003 , of which the company initially anticipated receiving approximately $ 90.0 million . based on preliminary discussions with tax authorities , the company has revised its estimate of the net realizable value of the federal income tax refund claims and anticipates receiving a refund of approximately $ 65.0 million as a result of these claims by the end of 2006 . there can be no assurances , however , with respect to the specific amount and timing of any refund . the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing stable state ( no growth ) projections based on its current operations . the projections show a significant decrease in depreciation and interest expense in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period and debt repayments reducing interest expense . accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions . based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized . the realization of the company 2019s deferred tax assets as of december 31 , 2005 will be dependent upon its ability to generate approximately $ 1.3 billion in taxable income from january 1 , 2006 to december 31 , 2025 . if the company is unable to generate sufficient taxable income in the future , or carry back losses , as described above , it will be required to reduce its net deferred tax asset through a charge to income tax expense , which would result in a corresponding decrease in stockholders 2019 equity . from time to time the company is subject to examination by various tax authorities in jurisdictions in which the company has significant business operations . the company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations . during the year ended .

| | years ended december 31, | federal | state | |---:|:---------------------------|:----------|:----------| | 0 | 2006 to 2010 | $ 5248 | $ 469747 | | 1 | 2011 to 2015 | 10012 | 272662 | | 2 | 2016 to 2020 | 397691 | 777707 | | 3 | 2021 to 2025 | 1744552 | 897896 | | 4 | total | $ 2157503 | $ 2418012 |

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) at december 31 , 2005 , the company had net federal and state operating loss carryforwards available to reduce future taxable income of approximately $ 2.2 billion and $ 2.4 billion , respectively . if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : ._| | years ended december 31, | federal | state | |---:|:---------------------------|:----------|:----------| | 0 | 2006 to 2010 | $ 5248 | $ 469747 | | 1 | 2011 to 2015 | 10012 | 272662 | | 2 | 2016 to 2020 | 397691 | 777707 | | 3 | 2021 to 2025 | 1744552 | 897896 | | 4 | total | $ 2157503 | $ 2418012 |_sfas no . 109 , 201caccounting for income taxes , 201d requires that companies record a valuation allowance when it is 201cmore likely than not that some portion or all of the deferred tax assets will not be realized . 201d at december 31 , 2005 , the company has provided a valuation allowance of approximately $ 422.4 million , including approximately $ 249.5 million attributable to spectrasite , primarily related to net operating loss and capital loss carryforwards . approximately $ 237.8 million of the spectrasite valuation allowance was assumed as of the acquisition date . the balance of the valuation allowance primarily relates to net state deferred tax assets . the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient time to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period . the company intends to recover a portion of its deferred tax asset through its federal income tax refund claims related to the carry back of certain federal net operating losses . in june 2003 and october 2003 , the company filed federal income tax refund claims with the irs relating to the carry back of $ 380.0 million of net operating losses generated prior to 2003 , of which the company initially anticipated receiving approximately $ 90.0 million . based on preliminary discussions with tax authorities , the company has revised its estimate of the net realizable value of the federal income tax refund claims and anticipates receiving a refund of approximately $ 65.0 million as a result of these claims by the end of 2006 . there can be no assurances , however , with respect to the specific amount and timing of any refund . the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing stable state ( no growth ) projections based on its current operations . the projections show a significant decrease in depreciation and interest expense in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period and debt repayments reducing interest expense . accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions . based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized . the realization of the company 2019s deferred tax assets as of december 31 , 2005 will be dependent upon its ability to generate approximately $ 1.3 billion in taxable income from january 1 , 2006 to december 31 , 2025 . if the company is unable to generate sufficient taxable income in the future , or carry back losses , as described above , it will be required to reduce its net deferred tax asset through a charge to income tax expense , which would result in a corresponding decrease in stockholders 2019 equity . from time to time the company is subject to examination by various tax authorities in jurisdictions in which the company has significant business operations . the company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations . during the year ended .

2,005

105

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

null

finqa477

what is the net change in cash in 2015?

-1.6

add(add(674.0, -202.8), -472.8)

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 net change in cash in 2015?

-1.6

add(add(674.0, -202.8), -472.8)

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

finqa478

what was the change in the weighted average common shares outstanding for diluted computations from 2011 to 2012 , in millions?

-11.5

subtract(328.4, 339.9)

note 2 2013 restructuring charges 2013 actions during 2013 , we recorded charges related to certain severance actions totaling $ 201 million , net of state tax benefits , of which $ 83 million , $ 37 million , and $ 81 million related to our information systems & global solutions ( is&gs ) , mission systems and training ( mst ) , and space systems business segments . these charges reduced our net earnings by $ 130 million ( $ .40 per share ) and primarily related to a plan we committed to in november 2013 to close and consolidate certain facilities and reduce our total workforce by approximately 4000 positions within our is&gs , mst , and space systems business segments . these charges also include $ 30 million related to certain severance actions at our is&gs business segment that occurred in the first quarter of 2013 , which were subsequently paid in 2013 . the november 2013 plan resulted from a strategic review of these businesses 2019 facility capacity and future workload projections and is intended to better align our organization and cost structure and improve the affordability of our products and services given the continued decline in u.s . government spending as well as the rapidly changing competitive and economic landscape . upon separation , terminated employees will receive lump-sum severance payments primarily based on years of service . during 2013 , we paid approximately $ 15 million in severance payments associated with these actions , with the remainder expected to be paid through the middle of 2015 . in addition to the severance charges described above , we expect to incur accelerated and incremental costs ( e.g. , accelerated depreciation expense related to long-lived assets at the sites to be closed , relocation of equipment and other employee related costs ) of approximately $ 15 million , $ 50 million , and $ 135 million at our is&gs , mst , and space systems business segments related to the facility closures and consolidations . the accelerated and incremental costs will be expensed as incurred in the respective business segment 2019s results of operations through their completion in 2015 . we expect to recover a substantial amount of the restructuring charges through the pricing of our products and services to the u.s . government and other customers in future periods , with the impact included in the respective business segment 2019s results of operations . 2012 and 2011 actions during 2012 , we recorded charges related to certain severance actions totaling $ 48 million , net of state tax benefits , of which $ 25 million related to our aeronautics business segment and $ 23 million related to the reorganization of our former electronic systems business segment . these charges reduced our net earnings by $ 31 million ( $ .09 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions . these severance actions resulted from cost reduction initiatives to better align our organization with changing economic conditions . upon separation , terminated employees received lump-sum severance payments primarily based on years of service , all of which were paid in 2013 . during 2011 , we recorded charges related to certain severance actions totaling $ 136 million , net of state tax benefits , of which $ 49 million , $ 48 million , and $ 39 million related to our aeronautics , space systems , and our is&gs business segments and corporate headquarters . these charges reduced our net earnings by $ 88 million ( $ .26 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions . these severance actions resulted from a strategic review of these businesses and our corporate headquarters and are intended to better align our organization and cost structure with changing economic conditions . the workforce reductions at the business segments also reflected changes in program lifecycles , where several of our major programs were either transitioning out of development and into production or were ending . upon separation , terminated employees received lump-sum severance payments based on years of service . during 2011 , we made approximately half of the severance payments associated with these 2011 severance actions , and paid the remaining amounts in 2012 . note 3 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : .

.

| | | 2013 | 2012 | 2011 | |---:|:--------------------------------------------------------------------|-------:|-------:|-------:| | 0 | weighted average common shares outstanding for basic computations | 320.9 | 323.7 | 335.9 | | 1 | weighted average dilutive effect of equity awards | 5.6 | 4.7 | 4 | | 2 | weighted average common shares outstanding for diluted computations | 326.5 | 328.4 | 339.9 |

note 2 2013 restructuring charges 2013 actions during 2013 , we recorded charges related to certain severance actions totaling $ 201 million , net of state tax benefits , of which $ 83 million , $ 37 million , and $ 81 million related to our information systems & global solutions ( is&gs ) , mission systems and training ( mst ) , and space systems business segments . these charges reduced our net earnings by $ 130 million ( $ .40 per share ) and primarily related to a plan we committed to in november 2013 to close and consolidate certain facilities and reduce our total workforce by approximately 4000 positions within our is&gs , mst , and space systems business segments . these charges also include $ 30 million related to certain severance actions at our is&gs business segment that occurred in the first quarter of 2013 , which were subsequently paid in 2013 . the november 2013 plan resulted from a strategic review of these businesses 2019 facility capacity and future workload projections and is intended to better align our organization and cost structure and improve the affordability of our products and services given the continued decline in u.s . government spending as well as the rapidly changing competitive and economic landscape . upon separation , terminated employees will receive lump-sum severance payments primarily based on years of service . during 2013 , we paid approximately $ 15 million in severance payments associated with these actions , with the remainder expected to be paid through the middle of 2015 . in addition to the severance charges described above , we expect to incur accelerated and incremental costs ( e.g. , accelerated depreciation expense related to long-lived assets at the sites to be closed , relocation of equipment and other employee related costs ) of approximately $ 15 million , $ 50 million , and $ 135 million at our is&gs , mst , and space systems business segments related to the facility closures and consolidations . the accelerated and incremental costs will be expensed as incurred in the respective business segment 2019s results of operations through their completion in 2015 . we expect to recover a substantial amount of the restructuring charges through the pricing of our products and services to the u.s . government and other customers in future periods , with the impact included in the respective business segment 2019s results of operations . 2012 and 2011 actions during 2012 , we recorded charges related to certain severance actions totaling $ 48 million , net of state tax benefits , of which $ 25 million related to our aeronautics business segment and $ 23 million related to the reorganization of our former electronic systems business segment . these charges reduced our net earnings by $ 31 million ( $ .09 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions . these severance actions resulted from cost reduction initiatives to better align our organization with changing economic conditions . upon separation , terminated employees received lump-sum severance payments primarily based on years of service , all of which were paid in 2013 . during 2011 , we recorded charges related to certain severance actions totaling $ 136 million , net of state tax benefits , of which $ 49 million , $ 48 million , and $ 39 million related to our aeronautics , space systems , and our is&gs business segments and corporate headquarters . these charges reduced our net earnings by $ 88 million ( $ .26 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions . these severance actions resulted from a strategic review of these businesses and our corporate headquarters and are intended to better align our organization and cost structure with changing economic conditions . the workforce reductions at the business segments also reflected changes in program lifecycles , where several of our major programs were either transitioning out of development and into production or were ending . upon separation , terminated employees received lump-sum severance payments based on years of service . during 2011 , we made approximately half of the severance payments associated with these 2011 severance actions , and paid the remaining amounts in 2012 . note 3 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : ._| | | 2013 | 2012 | 2011 | |---:|:--------------------------------------------------------------------|-------:|-------:|-------:| | 0 | weighted average common shares outstanding for basic computations | 320.9 | 323.7 | 335.9 | | 1 | weighted average dilutive effect of equity awards | 5.6 | 4.7 | 4 | | 2 | weighted average common shares outstanding for diluted computations | 326.5 | 328.4 | 339.9 |_.

2,013

74

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what was the change in the weighted average common shares outstanding for diluted computations from 2011 to 2012 , in millions?

-11.5

subtract(328.4, 339.9)

note 2 2013 restructuring charges 2013 actions during 2013 , we recorded charges related to certain severance actions totaling $ 201 million , net of state tax benefits , of which $ 83 million , $ 37 million , and $ 81 million related to our information systems & global solutions ( is&gs ) , mission systems and training ( mst ) , and space systems business segments . these charges reduced our net earnings by $ 130 million ( $ .40 per share ) and primarily related to a plan we committed to in november 2013 to close and consolidate certain facilities and reduce our total workforce by approximately 4000 positions within our is&gs , mst , and space systems business segments . these charges also include $ 30 million related to certain severance actions at our is&gs business segment that occurred in the first quarter of 2013 , which were subsequently paid in 2013 . the november 2013 plan resulted from a strategic review of these businesses 2019 facility capacity and future workload projections and is intended to better align our organization and cost structure and improve the affordability of our products and services given the continued decline in u.s . government spending as well as the rapidly changing competitive and economic landscape . upon separation , terminated employees will receive lump-sum severance payments primarily based on years of service . during 2013 , we paid approximately $ 15 million in severance payments associated with these actions , with the remainder expected to be paid through the middle of 2015 . in addition to the severance charges described above , we expect to incur accelerated and incremental costs ( e.g. , accelerated depreciation expense related to long-lived assets at the sites to be closed , relocation of equipment and other employee related costs ) of approximately $ 15 million , $ 50 million , and $ 135 million at our is&gs , mst , and space systems business segments related to the facility closures and consolidations . the accelerated and incremental costs will be expensed as incurred in the respective business segment 2019s results of operations through their completion in 2015 . we expect to recover a substantial amount of the restructuring charges through the pricing of our products and services to the u.s . government and other customers in future periods , with the impact included in the respective business segment 2019s results of operations . 2012 and 2011 actions during 2012 , we recorded charges related to certain severance actions totaling $ 48 million , net of state tax benefits , of which $ 25 million related to our aeronautics business segment and $ 23 million related to the reorganization of our former electronic systems business segment . these charges reduced our net earnings by $ 31 million ( $ .09 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions . these severance actions resulted from cost reduction initiatives to better align our organization with changing economic conditions . upon separation , terminated employees received lump-sum severance payments primarily based on years of service , all of which were paid in 2013 . during 2011 , we recorded charges related to certain severance actions totaling $ 136 million , net of state tax benefits , of which $ 49 million , $ 48 million , and $ 39 million related to our aeronautics , space systems , and our is&gs business segments and corporate headquarters . these charges reduced our net earnings by $ 88 million ( $ .26 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions . these severance actions resulted from a strategic review of these businesses and our corporate headquarters and are intended to better align our organization and cost structure with changing economic conditions . the workforce reductions at the business segments also reflected changes in program lifecycles , where several of our major programs were either transitioning out of development and into production or were ending . upon separation , terminated employees received lump-sum severance payments based on years of service . during 2011 , we made approximately half of the severance payments associated with these 2011 severance actions , and paid the remaining amounts in 2012 . note 3 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : .

.

| | | 2013 | 2012 | 2011 | |---:|:--------------------------------------------------------------------|-------:|-------:|-------:| | 0 | weighted average common shares outstanding for basic computations | 320.9 | 323.7 | 335.9 | | 1 | weighted average dilutive effect of equity awards | 5.6 | 4.7 | 4 | | 2 | weighted average common shares outstanding for diluted computations | 326.5 | 328.4 | 339.9 |

note 2 2013 restructuring charges 2013 actions during 2013 , we recorded charges related to certain severance actions totaling $ 201 million , net of state tax benefits , of which $ 83 million , $ 37 million , and $ 81 million related to our information systems & global solutions ( is&gs ) , mission systems and training ( mst ) , and space systems business segments . these charges reduced our net earnings by $ 130 million ( $ .40 per share ) and primarily related to a plan we committed to in november 2013 to close and consolidate certain facilities and reduce our total workforce by approximately 4000 positions within our is&gs , mst , and space systems business segments . these charges also include $ 30 million related to certain severance actions at our is&gs business segment that occurred in the first quarter of 2013 , which were subsequently paid in 2013 . the november 2013 plan resulted from a strategic review of these businesses 2019 facility capacity and future workload projections and is intended to better align our organization and cost structure and improve the affordability of our products and services given the continued decline in u.s . government spending as well as the rapidly changing competitive and economic landscape . upon separation , terminated employees will receive lump-sum severance payments primarily based on years of service . during 2013 , we paid approximately $ 15 million in severance payments associated with these actions , with the remainder expected to be paid through the middle of 2015 . in addition to the severance charges described above , we expect to incur accelerated and incremental costs ( e.g. , accelerated depreciation expense related to long-lived assets at the sites to be closed , relocation of equipment and other employee related costs ) of approximately $ 15 million , $ 50 million , and $ 135 million at our is&gs , mst , and space systems business segments related to the facility closures and consolidations . the accelerated and incremental costs will be expensed as incurred in the respective business segment 2019s results of operations through their completion in 2015 . we expect to recover a substantial amount of the restructuring charges through the pricing of our products and services to the u.s . government and other customers in future periods , with the impact included in the respective business segment 2019s results of operations . 2012 and 2011 actions during 2012 , we recorded charges related to certain severance actions totaling $ 48 million , net of state tax benefits , of which $ 25 million related to our aeronautics business segment and $ 23 million related to the reorganization of our former electronic systems business segment . these charges reduced our net earnings by $ 31 million ( $ .09 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions . these severance actions resulted from cost reduction initiatives to better align our organization with changing economic conditions . upon separation , terminated employees received lump-sum severance payments primarily based on years of service , all of which were paid in 2013 . during 2011 , we recorded charges related to certain severance actions totaling $ 136 million , net of state tax benefits , of which $ 49 million , $ 48 million , and $ 39 million related to our aeronautics , space systems , and our is&gs business segments and corporate headquarters . these charges reduced our net earnings by $ 88 million ( $ .26 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions . these severance actions resulted from a strategic review of these businesses and our corporate headquarters and are intended to better align our organization and cost structure with changing economic conditions . the workforce reductions at the business segments also reflected changes in program lifecycles , where several of our major programs were either transitioning out of development and into production or were ending . upon separation , terminated employees received lump-sum severance payments based on years of service . during 2011 , we made approximately half of the severance payments associated with these 2011 severance actions , and paid the remaining amounts in 2012 . note 3 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : ._| | | 2013 | 2012 | 2011 | |---:|:--------------------------------------------------------------------|-------:|-------:|-------:| | 0 | weighted average common shares outstanding for basic computations | 320.9 | 323.7 | 335.9 | | 1 | weighted average dilutive effect of equity awards | 5.6 | 4.7 | 4 | | 2 | weighted average common shares outstanding for diluted computations | 326.5 | 328.4 | 339.9 |_.

2,013

74

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa479

what was the percentage change in operating income from 2016 to 2017?

6%

divide(subtract(11503, 10815), 10815)

net revenues include $ 3.8 billion in 2017 and $ 739 million in 2016 related to the sale of rrps , mainly driven by japan . these net revenue amounts include excise taxes billed to customers . excluding excise taxes , net revenues for rrps were $ 3.6 billion in 2017 and $ 733 million in 2016 . in some jurisdictions , including japan , we are not responsible for collecting excise taxes . in 2017 , approximately $ 0.9 billion of our $ 3.6 billion in rrp net revenues , excluding excise taxes , were from iqos devices and accessories . excise taxes on products increased by $ 1.1 billion , due to : 2022 higher excise taxes resulting from changes in retail prices and tax rates ( $ 4.6 billion ) , partially offset by 2022 favorable currency ( $ 1.9 billion ) and 2022 lower excise taxes resulting from volume/mix ( $ 1.6 billion ) . our cost of sales ; marketing , administration and research costs ; and operating income were as follows : for the years ended december 31 , variance .

cost of sales increased by $ 1.0 billion , due to : 2022 higher cost of sales resulting from volume/mix ( $ 1.1 billion ) , partly offset by 2022 lower manufacturing costs ( $ 36 million ) and 2022 favorable currency ( $ 30 million ) . marketing , administration and research costs increased by $ 320 million , due to : 2022 higher expenses ( $ 570 million , largely reflecting increased investment behind reduced-risk products , predominately in the european union and asia ) , partly offset by 2022 favorable currency ( $ 250 million ) . operating income increased by $ 688 million , due primarily to : 2022 price increases ( $ 1.4 billion ) , partly offset by 2022 higher marketing , administration and research costs ( $ 570 million ) and 2022 unfavorable currency ( $ 157 million ) . interest expense , net , of $ 914 million increased by $ 23 million , due primarily to unfavorably currency and higher average debt levels , partly offset by higher interest income . our effective tax rate increased by 12.8 percentage points to 40.7% ( 40.7 % ) . the 2017 effective tax rate was unfavorably impacted by $ 1.6 billion due to the tax cuts and jobs act . for further details , see item 8 , note 11 . income taxes to our consolidated financial statements . we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability . based upon our current interpretation of the tax cuts and jobs act , we estimate that our 2018 effective tax rate will be approximately 28% ( 28 % ) , subject to future regulatory developments and earnings mix by taxing jurisdiction . we are regularly examined by tax authorities around the world , and we are currently under examination in a number of jurisdictions . it is reasonably possible that within the next 12 months certain tax examinations will close , which could result in a change in unrecognized tax benefits along with related interest and penalties . an estimate of any possible change cannot be made at this time . net earnings attributable to pmi of $ 6.0 billion decreased by $ 932 million ( 13.4% ( 13.4 % ) ) . this decrease was due primarily to a higher effective tax rate as discussed above , partly offset by higher operating income . diluted and basic eps of $ 3.88 decreased by 13.4% ( 13.4 % ) . excluding .

| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , $ | % ( % ) | |---:|:--------------------------------------------|:-----------------------------------------|:-----------------------------------------|:--------------------------------------|:-----------------| | 0 | cost of sales | $ 10432 | $ 9391 | $ 1041 | 11.1% ( 11.1 % ) | | 1 | marketing administration and research costs | 6725 | 6405 | 320 | 5.0% ( 5.0 % ) | | 2 | operating income | 11503 | 10815 | 688 | 6.4% ( 6.4 % ) |

net revenues include $ 3.8 billion in 2017 and $ 739 million in 2016 related to the sale of rrps , mainly driven by japan . these net revenue amounts include excise taxes billed to customers . excluding excise taxes , net revenues for rrps were $ 3.6 billion in 2017 and $ 733 million in 2016 . in some jurisdictions , including japan , we are not responsible for collecting excise taxes . in 2017 , approximately $ 0.9 billion of our $ 3.6 billion in rrp net revenues , excluding excise taxes , were from iqos devices and accessories . excise taxes on products increased by $ 1.1 billion , due to : 2022 higher excise taxes resulting from changes in retail prices and tax rates ( $ 4.6 billion ) , partially offset by 2022 favorable currency ( $ 1.9 billion ) and 2022 lower excise taxes resulting from volume/mix ( $ 1.6 billion ) . our cost of sales ; marketing , administration and research costs ; and operating income were as follows : for the years ended december 31 , variance ._| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , $ | % ( % ) | |---:|:--------------------------------------------|:-----------------------------------------|:-----------------------------------------|:--------------------------------------|:-----------------| | 0 | cost of sales | $ 10432 | $ 9391 | $ 1041 | 11.1% ( 11.1 % ) | | 1 | marketing administration and research costs | 6725 | 6405 | 320 | 5.0% ( 5.0 % ) | | 2 | operating income | 11503 | 10815 | 688 | 6.4% ( 6.4 % ) |_cost of sales increased by $ 1.0 billion , due to : 2022 higher cost of sales resulting from volume/mix ( $ 1.1 billion ) , partly offset by 2022 lower manufacturing costs ( $ 36 million ) and 2022 favorable currency ( $ 30 million ) . marketing , administration and research costs increased by $ 320 million , due to : 2022 higher expenses ( $ 570 million , largely reflecting increased investment behind reduced-risk products , predominately in the european union and asia ) , partly offset by 2022 favorable currency ( $ 250 million ) . operating income increased by $ 688 million , due primarily to : 2022 price increases ( $ 1.4 billion ) , partly offset by 2022 higher marketing , administration and research costs ( $ 570 million ) and 2022 unfavorable currency ( $ 157 million ) . interest expense , net , of $ 914 million increased by $ 23 million , due primarily to unfavorably currency and higher average debt levels , partly offset by higher interest income . our effective tax rate increased by 12.8 percentage points to 40.7% ( 40.7 % ) . the 2017 effective tax rate was unfavorably impacted by $ 1.6 billion due to the tax cuts and jobs act . for further details , see item 8 , note 11 . income taxes to our consolidated financial statements . we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability . based upon our current interpretation of the tax cuts and jobs act , we estimate that our 2018 effective tax rate will be approximately 28% ( 28 % ) , subject to future regulatory developments and earnings mix by taxing jurisdiction . we are regularly examined by tax authorities around the world , and we are currently under examination in a number of jurisdictions . it is reasonably possible that within the next 12 months certain tax examinations will close , which could result in a change in unrecognized tax benefits along with related interest and penalties . an estimate of any possible change cannot be made at this time . net earnings attributable to pmi of $ 6.0 billion decreased by $ 932 million ( 13.4% ( 13.4 % ) ) . this decrease was due primarily to a higher effective tax rate as discussed above , partly offset by higher operating income . diluted and basic eps of $ 3.88 decreased by 13.4% ( 13.4 % ) . excluding .

2,017

38

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

what was the percentage change in operating income from 2016 to 2017?

6%

divide(subtract(11503, 10815), 10815)

net revenues include $ 3.8 billion in 2017 and $ 739 million in 2016 related to the sale of rrps , mainly driven by japan . these net revenue amounts include excise taxes billed to customers . excluding excise taxes , net revenues for rrps were $ 3.6 billion in 2017 and $ 733 million in 2016 . in some jurisdictions , including japan , we are not responsible for collecting excise taxes . in 2017 , approximately $ 0.9 billion of our $ 3.6 billion in rrp net revenues , excluding excise taxes , were from iqos devices and accessories . excise taxes on products increased by $ 1.1 billion , due to : 2022 higher excise taxes resulting from changes in retail prices and tax rates ( $ 4.6 billion ) , partially offset by 2022 favorable currency ( $ 1.9 billion ) and 2022 lower excise taxes resulting from volume/mix ( $ 1.6 billion ) . our cost of sales ; marketing , administration and research costs ; and operating income were as follows : for the years ended december 31 , variance .

cost of sales increased by $ 1.0 billion , due to : 2022 higher cost of sales resulting from volume/mix ( $ 1.1 billion ) , partly offset by 2022 lower manufacturing costs ( $ 36 million ) and 2022 favorable currency ( $ 30 million ) . marketing , administration and research costs increased by $ 320 million , due to : 2022 higher expenses ( $ 570 million , largely reflecting increased investment behind reduced-risk products , predominately in the european union and asia ) , partly offset by 2022 favorable currency ( $ 250 million ) . operating income increased by $ 688 million , due primarily to : 2022 price increases ( $ 1.4 billion ) , partly offset by 2022 higher marketing , administration and research costs ( $ 570 million ) and 2022 unfavorable currency ( $ 157 million ) . interest expense , net , of $ 914 million increased by $ 23 million , due primarily to unfavorably currency and higher average debt levels , partly offset by higher interest income . our effective tax rate increased by 12.8 percentage points to 40.7% ( 40.7 % ) . the 2017 effective tax rate was unfavorably impacted by $ 1.6 billion due to the tax cuts and jobs act . for further details , see item 8 , note 11 . income taxes to our consolidated financial statements . we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability . based upon our current interpretation of the tax cuts and jobs act , we estimate that our 2018 effective tax rate will be approximately 28% ( 28 % ) , subject to future regulatory developments and earnings mix by taxing jurisdiction . we are regularly examined by tax authorities around the world , and we are currently under examination in a number of jurisdictions . it is reasonably possible that within the next 12 months certain tax examinations will close , which could result in a change in unrecognized tax benefits along with related interest and penalties . an estimate of any possible change cannot be made at this time . net earnings attributable to pmi of $ 6.0 billion decreased by $ 932 million ( 13.4% ( 13.4 % ) ) . this decrease was due primarily to a higher effective tax rate as discussed above , partly offset by higher operating income . diluted and basic eps of $ 3.88 decreased by 13.4% ( 13.4 % ) . excluding .

| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , $ | % ( % ) | |---:|:--------------------------------------------|:-----------------------------------------|:-----------------------------------------|:--------------------------------------|:-----------------| | 0 | cost of sales | $ 10432 | $ 9391 | $ 1041 | 11.1% ( 11.1 % ) | | 1 | marketing administration and research costs | 6725 | 6405 | 320 | 5.0% ( 5.0 % ) | | 2 | operating income | 11503 | 10815 | 688 | 6.4% ( 6.4 % ) |

net revenues include $ 3.8 billion in 2017 and $ 739 million in 2016 related to the sale of rrps , mainly driven by japan . these net revenue amounts include excise taxes billed to customers . excluding excise taxes , net revenues for rrps were $ 3.6 billion in 2017 and $ 733 million in 2016 . in some jurisdictions , including japan , we are not responsible for collecting excise taxes . in 2017 , approximately $ 0.9 billion of our $ 3.6 billion in rrp net revenues , excluding excise taxes , were from iqos devices and accessories . excise taxes on products increased by $ 1.1 billion , due to : 2022 higher excise taxes resulting from changes in retail prices and tax rates ( $ 4.6 billion ) , partially offset by 2022 favorable currency ( $ 1.9 billion ) and 2022 lower excise taxes resulting from volume/mix ( $ 1.6 billion ) . our cost of sales ; marketing , administration and research costs ; and operating income were as follows : for the years ended december 31 , variance ._| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , $ | % ( % ) | |---:|:--------------------------------------------|:-----------------------------------------|:-----------------------------------------|:--------------------------------------|:-----------------| | 0 | cost of sales | $ 10432 | $ 9391 | $ 1041 | 11.1% ( 11.1 % ) | | 1 | marketing administration and research costs | 6725 | 6405 | 320 | 5.0% ( 5.0 % ) | | 2 | operating income | 11503 | 10815 | 688 | 6.4% ( 6.4 % ) |_cost of sales increased by $ 1.0 billion , due to : 2022 higher cost of sales resulting from volume/mix ( $ 1.1 billion ) , partly offset by 2022 lower manufacturing costs ( $ 36 million ) and 2022 favorable currency ( $ 30 million ) . marketing , administration and research costs increased by $ 320 million , due to : 2022 higher expenses ( $ 570 million , largely reflecting increased investment behind reduced-risk products , predominately in the european union and asia ) , partly offset by 2022 favorable currency ( $ 250 million ) . operating income increased by $ 688 million , due primarily to : 2022 price increases ( $ 1.4 billion ) , partly offset by 2022 higher marketing , administration and research costs ( $ 570 million ) and 2022 unfavorable currency ( $ 157 million ) . interest expense , net , of $ 914 million increased by $ 23 million , due primarily to unfavorably currency and higher average debt levels , partly offset by higher interest income . our effective tax rate increased by 12.8 percentage points to 40.7% ( 40.7 % ) . the 2017 effective tax rate was unfavorably impacted by $ 1.6 billion due to the tax cuts and jobs act . for further details , see item 8 , note 11 . income taxes to our consolidated financial statements . we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability . based upon our current interpretation of the tax cuts and jobs act , we estimate that our 2018 effective tax rate will be approximately 28% ( 28 % ) , subject to future regulatory developments and earnings mix by taxing jurisdiction . we are regularly examined by tax authorities around the world , and we are currently under examination in a number of jurisdictions . it is reasonably possible that within the next 12 months certain tax examinations will close , which could result in a change in unrecognized tax benefits along with related interest and penalties . an estimate of any possible change cannot be made at this time . net earnings attributable to pmi of $ 6.0 billion decreased by $ 932 million ( 13.4% ( 13.4 % ) ) . this decrease was due primarily to a higher effective tax rate as discussed above , partly offset by higher operating income . diluted and basic eps of $ 3.88 decreased by 13.4% ( 13.4 % ) . excluding .

2,017

38

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

null

finqa480

what is the mathematical range for european cruise guests from 2010-2014?

995365

subtract(6535365, 5540000)

16 royal caribbean cruises ltd . the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd . total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) .

( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a combi- nation of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and clia . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) source : clia based on cruise guests carried for at least two consecutive nights ( see number 1 above ) . includes the united states of america and canada . ( 3 ) source : clia europe , formerly european cruise council , ( see number 2 above ) . north america the majority of cruise guests are sourced from north america , which represented approximately 55.7% ( 55.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 3.3% ( 3.3 % ) from 2010 to 2014 . europe cruise guests sourced from europe represented approximately 29.7% ( 29.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 4.2% ( 4.2 % ) from 2010 to 2014 . asia/pacific in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe . based on industry data , cruise guests sourced from the asia/pacific region represented approximately 8.5% ( 8.5 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 16.4% ( 16.4 % ) from 2010 to 2014 . competition we compete with a number of cruise lines . our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line holdings ltd. , which owns norwegian cruise line , oceania cruises and regent seven seas cruises . cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time . demand for such activi- ties is influenced by political and general economic conditions . companies within the vacation market are dependent on consumer discretionary spending . operating strategies our principal operating strategies are to : 2022 protect the health , safety and security of our guests and employees and protect the environment in which our vessels and organization operate , 2022 strengthen and support our human capital in order to better serve our global guest base and grow our business , 2022 further strengthen our consumer engagement in order to enhance our revenues , 2022 increase the awareness and market penetration of our brands globally , 2022 focus on cost efficiency , manage our operating expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , 2022 strategically invest in our fleet through the upgrade and maintenance of existing ships and the transfer of key innovations across each brand , while pru- dently expanding our fleet with new state-of-the- art cruise ships , 2022 capitalize on the portability and flexibility of our ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , 2022 further enhance our technological capabilities to service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and part i .

| | year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths | globalcruiseguests ( 1 ) | north americancruiseguests ( 2 ) | europeancruiseguests ( 3 ) | |---:|-------:|--------------------------------------------------------:|---------------------------------------------:|---------------------------:|-----------------------------------:|-----------------------------:| | 0 | 2010 | 391000 | 92300 | 18800000 | 10781000 | 5540000 | | 1 | 2011 | 412000 | 92650 | 20227000 | 11625000 | 5894000 | | 2 | 2012 | 425000 | 98650 | 20898000 | 11640000 | 6139000 | | 3 | 2013 | 432000 | 98750 | 21300000 | 11816000 | 6399000 | | 4 | 2014 | 448000 | 105750 | 22006063 | 12260238 | 6535365 |

16 royal caribbean cruises ltd . the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd . total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) ._| | year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths | globalcruiseguests ( 1 ) | north americancruiseguests ( 2 ) | europeancruiseguests ( 3 ) | |---:|-------:|--------------------------------------------------------:|---------------------------------------------:|---------------------------:|-----------------------------------:|-----------------------------:| | 0 | 2010 | 391000 | 92300 | 18800000 | 10781000 | 5540000 | | 1 | 2011 | 412000 | 92650 | 20227000 | 11625000 | 5894000 | | 2 | 2012 | 425000 | 98650 | 20898000 | 11640000 | 6139000 | | 3 | 2013 | 432000 | 98750 | 21300000 | 11816000 | 6399000 | | 4 | 2014 | 448000 | 105750 | 22006063 | 12260238 | 6535365 |_( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a combi- nation of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and clia . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) source : clia based on cruise guests carried for at least two consecutive nights ( see number 1 above ) . includes the united states of america and canada . ( 3 ) source : clia europe , formerly european cruise council , ( see number 2 above ) . north america the majority of cruise guests are sourced from north america , which represented approximately 55.7% ( 55.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 3.3% ( 3.3 % ) from 2010 to 2014 . europe cruise guests sourced from europe represented approximately 29.7% ( 29.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 4.2% ( 4.2 % ) from 2010 to 2014 . asia/pacific in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe . based on industry data , cruise guests sourced from the asia/pacific region represented approximately 8.5% ( 8.5 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 16.4% ( 16.4 % ) from 2010 to 2014 . competition we compete with a number of cruise lines . our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line holdings ltd. , which owns norwegian cruise line , oceania cruises and regent seven seas cruises . cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time . demand for such activi- ties is influenced by political and general economic conditions . companies within the vacation market are dependent on consumer discretionary spending . operating strategies our principal operating strategies are to : 2022 protect the health , safety and security of our guests and employees and protect the environment in which our vessels and organization operate , 2022 strengthen and support our human capital in order to better serve our global guest base and grow our business , 2022 further strengthen our consumer engagement in order to enhance our revenues , 2022 increase the awareness and market penetration of our brands globally , 2022 focus on cost efficiency , manage our operating expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , 2022 strategically invest in our fleet through the upgrade and maintenance of existing ships and the transfer of key innovations across each brand , while pru- dently expanding our fleet with new state-of-the- art cruise ships , 2022 capitalize on the portability and flexibility of our ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , 2022 further enhance our technological capabilities to service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and part i .

2,014

17

RCL

Royal Caribbean Group

Consumer Discretionary

Hotels, Resorts & Cruise Lines

Miami, Florida

2014-12-05

884,887

1997

what is the mathematical range for european cruise guests from 2010-2014?

995365

subtract(6535365, 5540000)

16 royal caribbean cruises ltd . the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd . total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) .

( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a combi- nation of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and clia . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) source : clia based on cruise guests carried for at least two consecutive nights ( see number 1 above ) . includes the united states of america and canada . ( 3 ) source : clia europe , formerly european cruise council , ( see number 2 above ) . north america the majority of cruise guests are sourced from north america , which represented approximately 55.7% ( 55.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 3.3% ( 3.3 % ) from 2010 to 2014 . europe cruise guests sourced from europe represented approximately 29.7% ( 29.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 4.2% ( 4.2 % ) from 2010 to 2014 . asia/pacific in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe . based on industry data , cruise guests sourced from the asia/pacific region represented approximately 8.5% ( 8.5 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 16.4% ( 16.4 % ) from 2010 to 2014 . competition we compete with a number of cruise lines . our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line holdings ltd. , which owns norwegian cruise line , oceania cruises and regent seven seas cruises . cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time . demand for such activi- ties is influenced by political and general economic conditions . companies within the vacation market are dependent on consumer discretionary spending . operating strategies our principal operating strategies are to : 2022 protect the health , safety and security of our guests and employees and protect the environment in which our vessels and organization operate , 2022 strengthen and support our human capital in order to better serve our global guest base and grow our business , 2022 further strengthen our consumer engagement in order to enhance our revenues , 2022 increase the awareness and market penetration of our brands globally , 2022 focus on cost efficiency , manage our operating expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , 2022 strategically invest in our fleet through the upgrade and maintenance of existing ships and the transfer of key innovations across each brand , while pru- dently expanding our fleet with new state-of-the- art cruise ships , 2022 capitalize on the portability and flexibility of our ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , 2022 further enhance our technological capabilities to service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and part i .

| | year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths | globalcruiseguests ( 1 ) | north americancruiseguests ( 2 ) | europeancruiseguests ( 3 ) | |---:|-------:|--------------------------------------------------------:|---------------------------------------------:|---------------------------:|-----------------------------------:|-----------------------------:| | 0 | 2010 | 391000 | 92300 | 18800000 | 10781000 | 5540000 | | 1 | 2011 | 412000 | 92650 | 20227000 | 11625000 | 5894000 | | 2 | 2012 | 425000 | 98650 | 20898000 | 11640000 | 6139000 | | 3 | 2013 | 432000 | 98750 | 21300000 | 11816000 | 6399000 | | 4 | 2014 | 448000 | 105750 | 22006063 | 12260238 | 6535365 |

16 royal caribbean cruises ltd . the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd . total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) ._| | year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths | globalcruiseguests ( 1 ) | north americancruiseguests ( 2 ) | europeancruiseguests ( 3 ) | |---:|-------:|--------------------------------------------------------:|---------------------------------------------:|---------------------------:|-----------------------------------:|-----------------------------:| | 0 | 2010 | 391000 | 92300 | 18800000 | 10781000 | 5540000 | | 1 | 2011 | 412000 | 92650 | 20227000 | 11625000 | 5894000 | | 2 | 2012 | 425000 | 98650 | 20898000 | 11640000 | 6139000 | | 3 | 2013 | 432000 | 98750 | 21300000 | 11816000 | 6399000 | | 4 | 2014 | 448000 | 105750 | 22006063 | 12260238 | 6535365 |_( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a combi- nation of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and clia . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) source : clia based on cruise guests carried for at least two consecutive nights ( see number 1 above ) . includes the united states of america and canada . ( 3 ) source : clia europe , formerly european cruise council , ( see number 2 above ) . north america the majority of cruise guests are sourced from north america , which represented approximately 55.7% ( 55.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 3.3% ( 3.3 % ) from 2010 to 2014 . europe cruise guests sourced from europe represented approximately 29.7% ( 29.7 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 4.2% ( 4.2 % ) from 2010 to 2014 . asia/pacific in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe . based on industry data , cruise guests sourced from the asia/pacific region represented approximately 8.5% ( 8.5 % ) of global cruise guests in 2014 . the compound annual growth rate in cruise guests sourced from this market was approximately 16.4% ( 16.4 % ) from 2010 to 2014 . competition we compete with a number of cruise lines . our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line holdings ltd. , which owns norwegian cruise line , oceania cruises and regent seven seas cruises . cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time . demand for such activi- ties is influenced by political and general economic conditions . companies within the vacation market are dependent on consumer discretionary spending . operating strategies our principal operating strategies are to : 2022 protect the health , safety and security of our guests and employees and protect the environment in which our vessels and organization operate , 2022 strengthen and support our human capital in order to better serve our global guest base and grow our business , 2022 further strengthen our consumer engagement in order to enhance our revenues , 2022 increase the awareness and market penetration of our brands globally , 2022 focus on cost efficiency , manage our operating expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , 2022 strategically invest in our fleet through the upgrade and maintenance of existing ships and the transfer of key innovations across each brand , while pru- dently expanding our fleet with new state-of-the- art cruise ships , 2022 capitalize on the portability and flexibility of our ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , 2022 further enhance our technological capabilities to service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and part i .

2,014

17

RCL

Royal Caribbean Group

Consumer Discretionary

Hotels, Resorts & Cruise Lines

Miami, Florida

2014-12-05

884,887

1997

null

finqa481

assuming 2010 accrued casualty costs were completely repaired in the following year , ,what would the repairs and maintenance expense increase to for 2011 in millions?

2525

add(325, multiply(2.2, const_1000))

are allocated using appropriate statistical bases . total expense for repairs and maintenance incurred was $ 2.2 billion for 2011 , $ 2.0 billion for 2010 , and $ 1.9 billion for 2009 . assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease . amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease . 12 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions 2011 2010 .

13 . financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices . we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes . derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period . we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk- management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness . changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings . we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements . market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item . we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements . at december 31 , 2011 and 2010 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities . determination of fair value 2013 we determine the fair values of our derivative financial instrument positions based upon current fair values as quoted by recognized dealers or the present value of expected future cash flows . interest rate fair value hedges 2013 we manage our overall exposure to fluctuations in interest rates by adjusting the proportion of fixed and floating rate debt instruments within our debt portfolio over a given period . we generally manage the mix of fixed and floating rate debt through the issuance of targeted amounts of each as debt matures or as we require incremental borrowings . we employ derivatives , primarily swaps , as one of the tools to obtain the targeted mix . in addition , we also obtain flexibility in managing interest costs and the interest rate mix within our debt portfolio by evaluating the issuance of and managing outstanding callable fixed-rate debt securities . swaps allow us to convert debt from fixed rates to variable rates and thereby hedge the risk of changes in the debt 2019s fair value attributable to the changes in interest rates . we account for swaps as fair value .

| | millions | dec . 31 2011 | dec . 31 2010 | |---:|:----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 819 | $ 677 | | 1 | income and other taxes | 482 | 337 | | 2 | accrued wages and vacation | 363 | 357 | | 3 | dividends payable | 284 | 183 | | 4 | accrued casualty costs | 249 | 325 | | 5 | interest payable | 197 | 200 | | 6 | equipment rents payable | 90 | 86 | | 7 | other | 624 | 548 | | 8 | total accounts payable and othercurrent liabilities | $ 3108 | $ 2713 |

are allocated using appropriate statistical bases . total expense for repairs and maintenance incurred was $ 2.2 billion for 2011 , $ 2.0 billion for 2010 , and $ 1.9 billion for 2009 . assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease . amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease . 12 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions 2011 2010 ._| | millions | dec . 31 2011 | dec . 31 2010 | |---:|:----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 819 | $ 677 | | 1 | income and other taxes | 482 | 337 | | 2 | accrued wages and vacation | 363 | 357 | | 3 | dividends payable | 284 | 183 | | 4 | accrued casualty costs | 249 | 325 | | 5 | interest payable | 197 | 200 | | 6 | equipment rents payable | 90 | 86 | | 7 | other | 624 | 548 | | 8 | total accounts payable and othercurrent liabilities | $ 3108 | $ 2713 |_13 . financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices . we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes . derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period . we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk- management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness . changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings . we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements . market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item . we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements . at december 31 , 2011 and 2010 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities . determination of fair value 2013 we determine the fair values of our derivative financial instrument positions based upon current fair values as quoted by recognized dealers or the present value of expected future cash flows . interest rate fair value hedges 2013 we manage our overall exposure to fluctuations in interest rates by adjusting the proportion of fixed and floating rate debt instruments within our debt portfolio over a given period . we generally manage the mix of fixed and floating rate debt through the issuance of targeted amounts of each as debt matures or as we require incremental borrowings . we employ derivatives , primarily swaps , as one of the tools to obtain the targeted mix . in addition , we also obtain flexibility in managing interest costs and the interest rate mix within our debt portfolio by evaluating the issuance of and managing outstanding callable fixed-rate debt securities . swaps allow us to convert debt from fixed rates to variable rates and thereby hedge the risk of changes in the debt 2019s fair value attributable to the changes in interest rates . we account for swaps as fair value .

2,011

76

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

assuming 2010 accrued casualty costs were completely repaired in the following year , ,what would the repairs and maintenance expense increase to for 2011 in millions?

2525

add(325, multiply(2.2, const_1000))

are allocated using appropriate statistical bases . total expense for repairs and maintenance incurred was $ 2.2 billion for 2011 , $ 2.0 billion for 2010 , and $ 1.9 billion for 2009 . assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease . amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease . 12 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions 2011 2010 .

13 . financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices . we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes . derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period . we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk- management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness . changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings . we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements . market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item . we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements . at december 31 , 2011 and 2010 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities . determination of fair value 2013 we determine the fair values of our derivative financial instrument positions based upon current fair values as quoted by recognized dealers or the present value of expected future cash flows . interest rate fair value hedges 2013 we manage our overall exposure to fluctuations in interest rates by adjusting the proportion of fixed and floating rate debt instruments within our debt portfolio over a given period . we generally manage the mix of fixed and floating rate debt through the issuance of targeted amounts of each as debt matures or as we require incremental borrowings . we employ derivatives , primarily swaps , as one of the tools to obtain the targeted mix . in addition , we also obtain flexibility in managing interest costs and the interest rate mix within our debt portfolio by evaluating the issuance of and managing outstanding callable fixed-rate debt securities . swaps allow us to convert debt from fixed rates to variable rates and thereby hedge the risk of changes in the debt 2019s fair value attributable to the changes in interest rates . we account for swaps as fair value .

| | millions | dec . 31 2011 | dec . 31 2010 | |---:|:----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 819 | $ 677 | | 1 | income and other taxes | 482 | 337 | | 2 | accrued wages and vacation | 363 | 357 | | 3 | dividends payable | 284 | 183 | | 4 | accrued casualty costs | 249 | 325 | | 5 | interest payable | 197 | 200 | | 6 | equipment rents payable | 90 | 86 | | 7 | other | 624 | 548 | | 8 | total accounts payable and othercurrent liabilities | $ 3108 | $ 2713 |

are allocated using appropriate statistical bases . total expense for repairs and maintenance incurred was $ 2.2 billion for 2011 , $ 2.0 billion for 2010 , and $ 1.9 billion for 2009 . assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease . amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease . 12 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions 2011 2010 ._| | millions | dec . 31 2011 | dec . 31 2010 | |---:|:----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 819 | $ 677 | | 1 | income and other taxes | 482 | 337 | | 2 | accrued wages and vacation | 363 | 357 | | 3 | dividends payable | 284 | 183 | | 4 | accrued casualty costs | 249 | 325 | | 5 | interest payable | 197 | 200 | | 6 | equipment rents payable | 90 | 86 | | 7 | other | 624 | 548 | | 8 | total accounts payable and othercurrent liabilities | $ 3108 | $ 2713 |_13 . financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices . we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes . derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period . we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk- management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness . changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings . we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements . market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item . we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements . at december 31 , 2011 and 2010 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities . determination of fair value 2013 we determine the fair values of our derivative financial instrument positions based upon current fair values as quoted by recognized dealers or the present value of expected future cash flows . interest rate fair value hedges 2013 we manage our overall exposure to fluctuations in interest rates by adjusting the proportion of fixed and floating rate debt instruments within our debt portfolio over a given period . we generally manage the mix of fixed and floating rate debt through the issuance of targeted amounts of each as debt matures or as we require incremental borrowings . we employ derivatives , primarily swaps , as one of the tools to obtain the targeted mix . in addition , we also obtain flexibility in managing interest costs and the interest rate mix within our debt portfolio by evaluating the issuance of and managing outstanding callable fixed-rate debt securities . swaps allow us to convert debt from fixed rates to variable rates and thereby hedge the risk of changes in the debt 2019s fair value attributable to the changes in interest rates . we account for swaps as fair value .

2,011

76

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa482

what percentage of future minimum lease commitments at december 31 , 2006 for all operating leases that have a remaining term of more than one year are due in 2008?

23%

divide(254, multiply(1.1, const_1000))

the defined benefit pension plans 2019 trust and $ 130 million to our retiree medical plans which will reduce our cash funding requirements for 2007 and 2008 . in 2007 , we expect to make no contributions to the defined benefit pension plans and expect to contribute $ 175 million to the retiree medical and life insurance plans , after giving consideration to the 2006 prepayments . the following benefit payments , which reflect expected future service , as appropriate , are expected to be paid : ( in millions ) pension benefits benefits .

as noted previously , we also sponsor nonqualified defined benefit plans to provide benefits in excess of qualified plan limits . the aggregate liabilities for these plans at december 31 , 2006 were $ 641 million . the expense associated with these plans totaled $ 59 million in 2006 , $ 58 million in 2005 and $ 61 million in 2004 . we also sponsor a small number of foreign benefit plans . the liabilities and expenses associated with these plans are not material to our results of operations , financial position or cash flows . note 13 2013 leases our total rental expense under operating leases was $ 310 million , $ 324 million and $ 318 million for 2006 , 2005 and 2004 , respectively . future minimum lease commitments at december 31 , 2006 for all operating leases that have a remaining term of more than one year were $ 1.1 billion ( $ 288 million in 2007 , $ 254 million in 2008 , $ 211 million in 2009 , $ 153 million in 2010 , $ 118 million in 2011 and $ 121 million in later years ) . certain major plant facilities and equipment are furnished by the u.s . government under short-term or cancelable arrangements . note 14 2013 legal proceedings , commitments and contingencies we are a party to or have property subject to litigation and other proceedings , including matters arising under provisions relating to the protection of the environment . we believe the probability is remote that the outcome of these matters will have a material adverse effect on the corporation as a whole . we cannot predict the outcome of legal proceedings with certainty . these matters include the following items , all of which have been previously reported : on march 27 , 2006 , we received a subpoena issued by a grand jury in the united states district court for the northern district of ohio . the subpoena requests documents related to our application for patents issued in the united states and the united kingdom relating to a missile detection and warning technology . we are cooperating with the government 2019s investigation . on february 6 , 2004 , we submitted a certified contract claim to the united states requesting contractual indemnity for remediation and litigation costs ( past and future ) related to our former facility in redlands , california . we submitted the claim consistent with a claim sponsorship agreement with the boeing company ( boeing ) , executed in 2001 , in boeing 2019s role as the prime contractor on the short range attack missile ( sram ) program . the contract for the sram program , which formed a significant portion of our work at the redlands facility , had special contractual indemnities from the u.s . air force , as authorized by public law 85-804 . on august 31 , 2004 , the united states denied the claim . our appeal of that decision is pending with the armed services board of contract appeals . on august 28 , 2003 , the department of justice ( the doj ) filed complaints in partial intervention in two lawsuits filed under the qui tam provisions of the civil false claims act in the united states district court for the western district of kentucky , united states ex rel . natural resources defense council , et al v . lockheed martin corporation , et al , and united states ex rel . john d . tillson v . lockheed martin energy systems , inc. , et al . the doj alleges that we committed violations of the resource conservation and recovery act at the paducah gaseous diffusion plant by not properly handling , storing .

| | ( in millions ) | pensionbenefits | otherbenefits | |---:|:---------------------|:------------------|:----------------| | 0 | 2007 | $ 1440 | $ 260 | | 1 | 2008 | 1490 | 260 | | 2 | 2009 | 1540 | 270 | | 3 | 2010 | 1600 | 270 | | 4 | 2011 | 1660 | 270 | | 5 | years 2012 2013 2016 | 9530 | 1260 |

the defined benefit pension plans 2019 trust and $ 130 million to our retiree medical plans which will reduce our cash funding requirements for 2007 and 2008 . in 2007 , we expect to make no contributions to the defined benefit pension plans and expect to contribute $ 175 million to the retiree medical and life insurance plans , after giving consideration to the 2006 prepayments . the following benefit payments , which reflect expected future service , as appropriate , are expected to be paid : ( in millions ) pension benefits benefits ._| | ( in millions ) | pensionbenefits | otherbenefits | |---:|:---------------------|:------------------|:----------------| | 0 | 2007 | $ 1440 | $ 260 | | 1 | 2008 | 1490 | 260 | | 2 | 2009 | 1540 | 270 | | 3 | 2010 | 1600 | 270 | | 4 | 2011 | 1660 | 270 | | 5 | years 2012 2013 2016 | 9530 | 1260 |_as noted previously , we also sponsor nonqualified defined benefit plans to provide benefits in excess of qualified plan limits . the aggregate liabilities for these plans at december 31 , 2006 were $ 641 million . the expense associated with these plans totaled $ 59 million in 2006 , $ 58 million in 2005 and $ 61 million in 2004 . we also sponsor a small number of foreign benefit plans . the liabilities and expenses associated with these plans are not material to our results of operations , financial position or cash flows . note 13 2013 leases our total rental expense under operating leases was $ 310 million , $ 324 million and $ 318 million for 2006 , 2005 and 2004 , respectively . future minimum lease commitments at december 31 , 2006 for all operating leases that have a remaining term of more than one year were $ 1.1 billion ( $ 288 million in 2007 , $ 254 million in 2008 , $ 211 million in 2009 , $ 153 million in 2010 , $ 118 million in 2011 and $ 121 million in later years ) . certain major plant facilities and equipment are furnished by the u.s . government under short-term or cancelable arrangements . note 14 2013 legal proceedings , commitments and contingencies we are a party to or have property subject to litigation and other proceedings , including matters arising under provisions relating to the protection of the environment . we believe the probability is remote that the outcome of these matters will have a material adverse effect on the corporation as a whole . we cannot predict the outcome of legal proceedings with certainty . these matters include the following items , all of which have been previously reported : on march 27 , 2006 , we received a subpoena issued by a grand jury in the united states district court for the northern district of ohio . the subpoena requests documents related to our application for patents issued in the united states and the united kingdom relating to a missile detection and warning technology . we are cooperating with the government 2019s investigation . on february 6 , 2004 , we submitted a certified contract claim to the united states requesting contractual indemnity for remediation and litigation costs ( past and future ) related to our former facility in redlands , california . we submitted the claim consistent with a claim sponsorship agreement with the boeing company ( boeing ) , executed in 2001 , in boeing 2019s role as the prime contractor on the short range attack missile ( sram ) program . the contract for the sram program , which formed a significant portion of our work at the redlands facility , had special contractual indemnities from the u.s . air force , as authorized by public law 85-804 . on august 31 , 2004 , the united states denied the claim . our appeal of that decision is pending with the armed services board of contract appeals . on august 28 , 2003 , the department of justice ( the doj ) filed complaints in partial intervention in two lawsuits filed under the qui tam provisions of the civil false claims act in the united states district court for the western district of kentucky , united states ex rel . natural resources defense council , et al v . lockheed martin corporation , et al , and united states ex rel . john d . tillson v . lockheed martin energy systems , inc. , et al . the doj alleges that we committed violations of the resource conservation and recovery act at the paducah gaseous diffusion plant by not properly handling , storing .

2,006

90

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what percentage of future minimum lease commitments at december 31 , 2006 for all operating leases that have a remaining term of more than one year are due in 2008?

23%

divide(254, multiply(1.1, const_1000))

the defined benefit pension plans 2019 trust and $ 130 million to our retiree medical plans which will reduce our cash funding requirements for 2007 and 2008 . in 2007 , we expect to make no contributions to the defined benefit pension plans and expect to contribute $ 175 million to the retiree medical and life insurance plans , after giving consideration to the 2006 prepayments . the following benefit payments , which reflect expected future service , as appropriate , are expected to be paid : ( in millions ) pension benefits benefits .

as noted previously , we also sponsor nonqualified defined benefit plans to provide benefits in excess of qualified plan limits . the aggregate liabilities for these plans at december 31 , 2006 were $ 641 million . the expense associated with these plans totaled $ 59 million in 2006 , $ 58 million in 2005 and $ 61 million in 2004 . we also sponsor a small number of foreign benefit plans . the liabilities and expenses associated with these plans are not material to our results of operations , financial position or cash flows . note 13 2013 leases our total rental expense under operating leases was $ 310 million , $ 324 million and $ 318 million for 2006 , 2005 and 2004 , respectively . future minimum lease commitments at december 31 , 2006 for all operating leases that have a remaining term of more than one year were $ 1.1 billion ( $ 288 million in 2007 , $ 254 million in 2008 , $ 211 million in 2009 , $ 153 million in 2010 , $ 118 million in 2011 and $ 121 million in later years ) . certain major plant facilities and equipment are furnished by the u.s . government under short-term or cancelable arrangements . note 14 2013 legal proceedings , commitments and contingencies we are a party to or have property subject to litigation and other proceedings , including matters arising under provisions relating to the protection of the environment . we believe the probability is remote that the outcome of these matters will have a material adverse effect on the corporation as a whole . we cannot predict the outcome of legal proceedings with certainty . these matters include the following items , all of which have been previously reported : on march 27 , 2006 , we received a subpoena issued by a grand jury in the united states district court for the northern district of ohio . the subpoena requests documents related to our application for patents issued in the united states and the united kingdom relating to a missile detection and warning technology . we are cooperating with the government 2019s investigation . on february 6 , 2004 , we submitted a certified contract claim to the united states requesting contractual indemnity for remediation and litigation costs ( past and future ) related to our former facility in redlands , california . we submitted the claim consistent with a claim sponsorship agreement with the boeing company ( boeing ) , executed in 2001 , in boeing 2019s role as the prime contractor on the short range attack missile ( sram ) program . the contract for the sram program , which formed a significant portion of our work at the redlands facility , had special contractual indemnities from the u.s . air force , as authorized by public law 85-804 . on august 31 , 2004 , the united states denied the claim . our appeal of that decision is pending with the armed services board of contract appeals . on august 28 , 2003 , the department of justice ( the doj ) filed complaints in partial intervention in two lawsuits filed under the qui tam provisions of the civil false claims act in the united states district court for the western district of kentucky , united states ex rel . natural resources defense council , et al v . lockheed martin corporation , et al , and united states ex rel . john d . tillson v . lockheed martin energy systems , inc. , et al . the doj alleges that we committed violations of the resource conservation and recovery act at the paducah gaseous diffusion plant by not properly handling , storing .

| | ( in millions ) | pensionbenefits | otherbenefits | |---:|:---------------------|:------------------|:----------------| | 0 | 2007 | $ 1440 | $ 260 | | 1 | 2008 | 1490 | 260 | | 2 | 2009 | 1540 | 270 | | 3 | 2010 | 1600 | 270 | | 4 | 2011 | 1660 | 270 | | 5 | years 2012 2013 2016 | 9530 | 1260 |

the defined benefit pension plans 2019 trust and $ 130 million to our retiree medical plans which will reduce our cash funding requirements for 2007 and 2008 . in 2007 , we expect to make no contributions to the defined benefit pension plans and expect to contribute $ 175 million to the retiree medical and life insurance plans , after giving consideration to the 2006 prepayments . the following benefit payments , which reflect expected future service , as appropriate , are expected to be paid : ( in millions ) pension benefits benefits ._| | ( in millions ) | pensionbenefits | otherbenefits | |---:|:---------------------|:------------------|:----------------| | 0 | 2007 | $ 1440 | $ 260 | | 1 | 2008 | 1490 | 260 | | 2 | 2009 | 1540 | 270 | | 3 | 2010 | 1600 | 270 | | 4 | 2011 | 1660 | 270 | | 5 | years 2012 2013 2016 | 9530 | 1260 |_as noted previously , we also sponsor nonqualified defined benefit plans to provide benefits in excess of qualified plan limits . the aggregate liabilities for these plans at december 31 , 2006 were $ 641 million . the expense associated with these plans totaled $ 59 million in 2006 , $ 58 million in 2005 and $ 61 million in 2004 . we also sponsor a small number of foreign benefit plans . the liabilities and expenses associated with these plans are not material to our results of operations , financial position or cash flows . note 13 2013 leases our total rental expense under operating leases was $ 310 million , $ 324 million and $ 318 million for 2006 , 2005 and 2004 , respectively . future minimum lease commitments at december 31 , 2006 for all operating leases that have a remaining term of more than one year were $ 1.1 billion ( $ 288 million in 2007 , $ 254 million in 2008 , $ 211 million in 2009 , $ 153 million in 2010 , $ 118 million in 2011 and $ 121 million in later years ) . certain major plant facilities and equipment are furnished by the u.s . government under short-term or cancelable arrangements . note 14 2013 legal proceedings , commitments and contingencies we are a party to or have property subject to litigation and other proceedings , including matters arising under provisions relating to the protection of the environment . we believe the probability is remote that the outcome of these matters will have a material adverse effect on the corporation as a whole . we cannot predict the outcome of legal proceedings with certainty . these matters include the following items , all of which have been previously reported : on march 27 , 2006 , we received a subpoena issued by a grand jury in the united states district court for the northern district of ohio . the subpoena requests documents related to our application for patents issued in the united states and the united kingdom relating to a missile detection and warning technology . we are cooperating with the government 2019s investigation . on february 6 , 2004 , we submitted a certified contract claim to the united states requesting contractual indemnity for remediation and litigation costs ( past and future ) related to our former facility in redlands , california . we submitted the claim consistent with a claim sponsorship agreement with the boeing company ( boeing ) , executed in 2001 , in boeing 2019s role as the prime contractor on the short range attack missile ( sram ) program . the contract for the sram program , which formed a significant portion of our work at the redlands facility , had special contractual indemnities from the u.s . air force , as authorized by public law 85-804 . on august 31 , 2004 , the united states denied the claim . our appeal of that decision is pending with the armed services board of contract appeals . on august 28 , 2003 , the department of justice ( the doj ) filed complaints in partial intervention in two lawsuits filed under the qui tam provisions of the civil false claims act in the united states district court for the western district of kentucky , united states ex rel . natural resources defense council , et al v . lockheed martin corporation , et al , and united states ex rel . john d . tillson v . lockheed martin energy systems , inc. , et al . the doj alleges that we committed violations of the resource conservation and recovery act at the paducah gaseous diffusion plant by not properly handling , storing .

2,006

90

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa483

what was the change in millions of ipalco common stock from 2015 to 2016?

158

subtract(618, 460)

the aes corporation notes to consolidated financial statements december 31 , 2016 , 2015 , and 2014 the following table summarizes the company's redeemable stock of subsidiaries balances as of the periods indicated ( in millions ) : .

_____________________________ ( 1 ) characteristics of quotas are similar to common stock . colon 2014 during the year ended december 31 , 2016 , our partner in colon increased their ownership from 25% ( 25 % ) to 49.9% ( 49.9 % ) and made capital contributions of $ 106 million . any subsequent adjustments to allocate earnings and dividends to our partner , or measure the investment at fair value , will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable . ipl 2014 ipl had $ 60 million of cumulative preferred stock outstanding at december 31 , 2016 and 2015 , which represented five series of preferred stock . the total annual dividend requirements were approximately $ 3 million at december 31 , 2016 and 2015 . certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $ 100 and $ 118 per share . holders of the preferred stock are entitled to elect a majority of ipl's board of directors if ipl has not paid dividends to its preferred stockholders for four consecutive quarters . based on the preferred stockholders' ability to elect a majority of ipl's board of directors in this circumstance , the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity . dpl 2014 dpl had $ 18 million of cumulative preferred stock outstanding as of december 31 , 2015 , which represented three series of preferred stock issued by dp&l , a wholly-owned subsidiary of dpl . the dp&l preferred stock was redeemable at dp&l's option as determined by its board of directors at per-share redemption prices between $ 101 and $ 103 per share , plus cumulative preferred dividends . in addition , dp&l's amended articles of incorporation contained provisions that permitted preferred stockholders to elect members of the dp&l board of directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends . based on the preferred stockholders' ability to elect members of dp&l's board of directors in this circumstance , the redemption of the preferred shares was considered to be not solely within the control of the issuer and the preferred stock was considered temporary equity . in september 2016 , it became probable that the preferred shares would become redeemable . as such , the company recorded an adjustment of $ 5 million to retained earnings to adjust the preferred shares to their redemption value of $ 23 million . in october 2016 , dp&l redeemed all of its preferred shares . upon redemption , the preferred shares were no longer outstanding and all rights of the holders thereof as shareholders of dp&l ceased to exist . ipalco 2014 in february 2015 , cdpq purchased 15% ( 15 % ) of aes us investment , inc. , a wholly-owned subsidiary that owns 100% ( 100 % ) of ipalco , for $ 247 million , with an option to invest an additional $ 349 million in ipalco through 2016 in exchange for a 17.65% ( 17.65 % ) equity stake . in april 2015 , cdpq invested an additional $ 214 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 24.90% ( 24.90 % ) . as a result of these transactions , $ 84 million in taxes and transaction costs were recognized as a net decrease to equity . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of 377 million for the excess of the fair value of the shares over their book value . no gain or loss was recognized in net income as the transaction was not considered to be a sale of in-substance real estate . in march 2016 , cdpq exercised its remaining option by investing $ 134 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 30% ( 30 % ) . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of $ 84 million for the excess of the fair value of the shares over their book value . in june 2016 , cdpq contributed an additional $ 24 million to ipalco , with no impact to the ownership structure of the investment . any subsequent adjustments to allocate earnings and dividends to cdpq will be classified as nci within permanent equity as it is not probable that the shares will become redeemable. .

| | december 31, | 2016 | 2015 | |---:|:---------------------------------------|:-------|:-------| | 0 | ipalco common stock | $ 618 | $ 460 | | 1 | colon quotas ( 1 ) | 100 | 2014 | | 2 | ipl preferred stock | 60 | 60 | | 3 | other common stock | 4 | 2014 | | 4 | dpl preferred stock | 2014 | 18 | | 5 | total redeemable stock of subsidiaries | $ 782 | $ 538 |

the aes corporation notes to consolidated financial statements december 31 , 2016 , 2015 , and 2014 the following table summarizes the company's redeemable stock of subsidiaries balances as of the periods indicated ( in millions ) : ._| | december 31, | 2016 | 2015 | |---:|:---------------------------------------|:-------|:-------| | 0 | ipalco common stock | $ 618 | $ 460 | | 1 | colon quotas ( 1 ) | 100 | 2014 | | 2 | ipl preferred stock | 60 | 60 | | 3 | other common stock | 4 | 2014 | | 4 | dpl preferred stock | 2014 | 18 | | 5 | total redeemable stock of subsidiaries | $ 782 | $ 538 |______________________________ ( 1 ) characteristics of quotas are similar to common stock . colon 2014 during the year ended december 31 , 2016 , our partner in colon increased their ownership from 25% ( 25 % ) to 49.9% ( 49.9 % ) and made capital contributions of $ 106 million . any subsequent adjustments to allocate earnings and dividends to our partner , or measure the investment at fair value , will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable . ipl 2014 ipl had $ 60 million of cumulative preferred stock outstanding at december 31 , 2016 and 2015 , which represented five series of preferred stock . the total annual dividend requirements were approximately $ 3 million at december 31 , 2016 and 2015 . certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $ 100 and $ 118 per share . holders of the preferred stock are entitled to elect a majority of ipl's board of directors if ipl has not paid dividends to its preferred stockholders for four consecutive quarters . based on the preferred stockholders' ability to elect a majority of ipl's board of directors in this circumstance , the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity . dpl 2014 dpl had $ 18 million of cumulative preferred stock outstanding as of december 31 , 2015 , which represented three series of preferred stock issued by dp&l , a wholly-owned subsidiary of dpl . the dp&l preferred stock was redeemable at dp&l's option as determined by its board of directors at per-share redemption prices between $ 101 and $ 103 per share , plus cumulative preferred dividends . in addition , dp&l's amended articles of incorporation contained provisions that permitted preferred stockholders to elect members of the dp&l board of directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends . based on the preferred stockholders' ability to elect members of dp&l's board of directors in this circumstance , the redemption of the preferred shares was considered to be not solely within the control of the issuer and the preferred stock was considered temporary equity . in september 2016 , it became probable that the preferred shares would become redeemable . as such , the company recorded an adjustment of $ 5 million to retained earnings to adjust the preferred shares to their redemption value of $ 23 million . in october 2016 , dp&l redeemed all of its preferred shares . upon redemption , the preferred shares were no longer outstanding and all rights of the holders thereof as shareholders of dp&l ceased to exist . ipalco 2014 in february 2015 , cdpq purchased 15% ( 15 % ) of aes us investment , inc. , a wholly-owned subsidiary that owns 100% ( 100 % ) of ipalco , for $ 247 million , with an option to invest an additional $ 349 million in ipalco through 2016 in exchange for a 17.65% ( 17.65 % ) equity stake . in april 2015 , cdpq invested an additional $ 214 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 24.90% ( 24.90 % ) . as a result of these transactions , $ 84 million in taxes and transaction costs were recognized as a net decrease to equity . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of 377 million for the excess of the fair value of the shares over their book value . no gain or loss was recognized in net income as the transaction was not considered to be a sale of in-substance real estate . in march 2016 , cdpq exercised its remaining option by investing $ 134 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 30% ( 30 % ) . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of $ 84 million for the excess of the fair value of the shares over their book value . in june 2016 , cdpq contributed an additional $ 24 million to ipalco , with no impact to the ownership structure of the investment . any subsequent adjustments to allocate earnings and dividends to cdpq will be classified as nci within permanent equity as it is not probable that the shares will become redeemable. .

2,016

185

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

what was the change in millions of ipalco common stock from 2015 to 2016?

158

subtract(618, 460)

the aes corporation notes to consolidated financial statements december 31 , 2016 , 2015 , and 2014 the following table summarizes the company's redeemable stock of subsidiaries balances as of the periods indicated ( in millions ) : .

_____________________________ ( 1 ) characteristics of quotas are similar to common stock . colon 2014 during the year ended december 31 , 2016 , our partner in colon increased their ownership from 25% ( 25 % ) to 49.9% ( 49.9 % ) and made capital contributions of $ 106 million . any subsequent adjustments to allocate earnings and dividends to our partner , or measure the investment at fair value , will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable . ipl 2014 ipl had $ 60 million of cumulative preferred stock outstanding at december 31 , 2016 and 2015 , which represented five series of preferred stock . the total annual dividend requirements were approximately $ 3 million at december 31 , 2016 and 2015 . certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $ 100 and $ 118 per share . holders of the preferred stock are entitled to elect a majority of ipl's board of directors if ipl has not paid dividends to its preferred stockholders for four consecutive quarters . based on the preferred stockholders' ability to elect a majority of ipl's board of directors in this circumstance , the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity . dpl 2014 dpl had $ 18 million of cumulative preferred stock outstanding as of december 31 , 2015 , which represented three series of preferred stock issued by dp&l , a wholly-owned subsidiary of dpl . the dp&l preferred stock was redeemable at dp&l's option as determined by its board of directors at per-share redemption prices between $ 101 and $ 103 per share , plus cumulative preferred dividends . in addition , dp&l's amended articles of incorporation contained provisions that permitted preferred stockholders to elect members of the dp&l board of directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends . based on the preferred stockholders' ability to elect members of dp&l's board of directors in this circumstance , the redemption of the preferred shares was considered to be not solely within the control of the issuer and the preferred stock was considered temporary equity . in september 2016 , it became probable that the preferred shares would become redeemable . as such , the company recorded an adjustment of $ 5 million to retained earnings to adjust the preferred shares to their redemption value of $ 23 million . in october 2016 , dp&l redeemed all of its preferred shares . upon redemption , the preferred shares were no longer outstanding and all rights of the holders thereof as shareholders of dp&l ceased to exist . ipalco 2014 in february 2015 , cdpq purchased 15% ( 15 % ) of aes us investment , inc. , a wholly-owned subsidiary that owns 100% ( 100 % ) of ipalco , for $ 247 million , with an option to invest an additional $ 349 million in ipalco through 2016 in exchange for a 17.65% ( 17.65 % ) equity stake . in april 2015 , cdpq invested an additional $ 214 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 24.90% ( 24.90 % ) . as a result of these transactions , $ 84 million in taxes and transaction costs were recognized as a net decrease to equity . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of 377 million for the excess of the fair value of the shares over their book value . no gain or loss was recognized in net income as the transaction was not considered to be a sale of in-substance real estate . in march 2016 , cdpq exercised its remaining option by investing $ 134 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 30% ( 30 % ) . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of $ 84 million for the excess of the fair value of the shares over their book value . in june 2016 , cdpq contributed an additional $ 24 million to ipalco , with no impact to the ownership structure of the investment . any subsequent adjustments to allocate earnings and dividends to cdpq will be classified as nci within permanent equity as it is not probable that the shares will become redeemable. .

| | december 31, | 2016 | 2015 | |---:|:---------------------------------------|:-------|:-------| | 0 | ipalco common stock | $ 618 | $ 460 | | 1 | colon quotas ( 1 ) | 100 | 2014 | | 2 | ipl preferred stock | 60 | 60 | | 3 | other common stock | 4 | 2014 | | 4 | dpl preferred stock | 2014 | 18 | | 5 | total redeemable stock of subsidiaries | $ 782 | $ 538 |

the aes corporation notes to consolidated financial statements december 31 , 2016 , 2015 , and 2014 the following table summarizes the company's redeemable stock of subsidiaries balances as of the periods indicated ( in millions ) : ._| | december 31, | 2016 | 2015 | |---:|:---------------------------------------|:-------|:-------| | 0 | ipalco common stock | $ 618 | $ 460 | | 1 | colon quotas ( 1 ) | 100 | 2014 | | 2 | ipl preferred stock | 60 | 60 | | 3 | other common stock | 4 | 2014 | | 4 | dpl preferred stock | 2014 | 18 | | 5 | total redeemable stock of subsidiaries | $ 782 | $ 538 |______________________________ ( 1 ) characteristics of quotas are similar to common stock . colon 2014 during the year ended december 31 , 2016 , our partner in colon increased their ownership from 25% ( 25 % ) to 49.9% ( 49.9 % ) and made capital contributions of $ 106 million . any subsequent adjustments to allocate earnings and dividends to our partner , or measure the investment at fair value , will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable . ipl 2014 ipl had $ 60 million of cumulative preferred stock outstanding at december 31 , 2016 and 2015 , which represented five series of preferred stock . the total annual dividend requirements were approximately $ 3 million at december 31 , 2016 and 2015 . certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $ 100 and $ 118 per share . holders of the preferred stock are entitled to elect a majority of ipl's board of directors if ipl has not paid dividends to its preferred stockholders for four consecutive quarters . based on the preferred stockholders' ability to elect a majority of ipl's board of directors in this circumstance , the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity . dpl 2014 dpl had $ 18 million of cumulative preferred stock outstanding as of december 31 , 2015 , which represented three series of preferred stock issued by dp&l , a wholly-owned subsidiary of dpl . the dp&l preferred stock was redeemable at dp&l's option as determined by its board of directors at per-share redemption prices between $ 101 and $ 103 per share , plus cumulative preferred dividends . in addition , dp&l's amended articles of incorporation contained provisions that permitted preferred stockholders to elect members of the dp&l board of directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends . based on the preferred stockholders' ability to elect members of dp&l's board of directors in this circumstance , the redemption of the preferred shares was considered to be not solely within the control of the issuer and the preferred stock was considered temporary equity . in september 2016 , it became probable that the preferred shares would become redeemable . as such , the company recorded an adjustment of $ 5 million to retained earnings to adjust the preferred shares to their redemption value of $ 23 million . in october 2016 , dp&l redeemed all of its preferred shares . upon redemption , the preferred shares were no longer outstanding and all rights of the holders thereof as shareholders of dp&l ceased to exist . ipalco 2014 in february 2015 , cdpq purchased 15% ( 15 % ) of aes us investment , inc. , a wholly-owned subsidiary that owns 100% ( 100 % ) of ipalco , for $ 247 million , with an option to invest an additional $ 349 million in ipalco through 2016 in exchange for a 17.65% ( 17.65 % ) equity stake . in april 2015 , cdpq invested an additional $ 214 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 24.90% ( 24.90 % ) . as a result of these transactions , $ 84 million in taxes and transaction costs were recognized as a net decrease to equity . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of 377 million for the excess of the fair value of the shares over their book value . no gain or loss was recognized in net income as the transaction was not considered to be a sale of in-substance real estate . in march 2016 , cdpq exercised its remaining option by investing $ 134 million in ipalco , which resulted in cdpq's combined direct and indirect interest in ipalco of 30% ( 30 % ) . the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of $ 84 million for the excess of the fair value of the shares over their book value . in june 2016 , cdpq contributed an additional $ 24 million to ipalco , with no impact to the ownership structure of the investment . any subsequent adjustments to allocate earnings and dividends to cdpq will be classified as nci within permanent equity as it is not probable that the shares will become redeemable. .

2,016

185

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

null

finqa484

what was the percentage growth of the stock price performance from 2013 to 2014 for the tractor supply company

4.11%

divide(subtract(104.11, 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 28 , 2013 to december 29 , 2018 ( 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 28 , 2013 , 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. .

.

| | | 12/28/2013 | 12/27/2014 | 12/26/2015 | 12/31/2016 | 12/30/2017 | 12/29/2018 | |---:|:-----------------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | tractor supply company | $ 100.00 | $ 104.11 | $ 115.45 | $ 103.33 | $ 103.67 | $ 117.18 | | 1 | s&p 500 | $ 100.00 | $ 115.76 | $ 116.64 | $ 129.55 | $ 157.84 | $ 149.63 | | 2 | s&p retail index | $ 100.00 | $ 111.18 | $ 140.22 | $ 148.53 | $ 193.68 | $ 217.01 |

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 28 , 2013 to december 29 , 2018 ( 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 28 , 2013 , 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. ._| | | 12/28/2013 | 12/27/2014 | 12/26/2015 | 12/31/2016 | 12/30/2017 | 12/29/2018 | |---:|:-----------------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | tractor supply company | $ 100.00 | $ 104.11 | $ 115.45 | $ 103.33 | $ 103.67 | $ 117.18 | | 1 | s&p 500 | $ 100.00 | $ 115.76 | $ 116.64 | $ 129.55 | $ 157.84 | $ 149.63 | | 2 | s&p retail index | $ 100.00 | $ 111.18 | $ 140.22 | $ 148.53 | $ 193.68 | $ 217.01 |_.

2,018

34

TSCO

Tractor Supply

Consumer Discretionary

Other Specialty Retail

Brentwood, Tennessee

2014-01-24

916,365

1938

what was the percentage growth of the stock price performance from 2013 to 2014 for the tractor supply company

4.11%

divide(subtract(104.11, 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 28 , 2013 to december 29 , 2018 ( 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 28 , 2013 , 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. .

.

| | | 12/28/2013 | 12/27/2014 | 12/26/2015 | 12/31/2016 | 12/30/2017 | 12/29/2018 | |---:|:-----------------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | tractor supply company | $ 100.00 | $ 104.11 | $ 115.45 | $ 103.33 | $ 103.67 | $ 117.18 | | 1 | s&p 500 | $ 100.00 | $ 115.76 | $ 116.64 | $ 129.55 | $ 157.84 | $ 149.63 | | 2 | s&p retail index | $ 100.00 | $ 111.18 | $ 140.22 | $ 148.53 | $ 193.68 | $ 217.01 |

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 28 , 2013 to december 29 , 2018 ( 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 28 , 2013 , 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. ._| | | 12/28/2013 | 12/27/2014 | 12/26/2015 | 12/31/2016 | 12/30/2017 | 12/29/2018 | |---:|:-----------------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | tractor supply company | $ 100.00 | $ 104.11 | $ 115.45 | $ 103.33 | $ 103.67 | $ 117.18 | | 1 | s&p 500 | $ 100.00 | $ 115.76 | $ 116.64 | $ 129.55 | $ 157.84 | $ 149.63 | | 2 | s&p retail index | $ 100.00 | $ 111.18 | $ 140.22 | $ 148.53 | $ 193.68 | $ 217.01 |_.

2,018

34

TSCO

Tractor Supply

Consumer Discretionary

Other Specialty Retail

Brentwood, Tennessee

2014-01-24

916,365

1938

null

finqa485

for the facility leases that have remaining terms through fiscal 2010 , assuming the annual rent is approximately that of 2003 , what is the remaining total obligation?

4926000

multiply(821000, subtract(2010, 2004))

notes to consolidated financial statements ( continued ) march 31 , 2004 5 . income taxes ( continued ) the effective tax rate of zero differs from the statutory rate of 34% ( 34 % ) primarily due to the inability of the company to recognize deferred tax assets for its operating losses and tax credits . of the total valuation allowance , approximately $ 2400000 relates to stock option compensation deductions . the tax benefit associated with the stock option compensation deductions will be credited to equity when realized . 6 . commitments and contingencies the company applies the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to its agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 , accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which the company is a guarantor . product warranties 2013 the company routinely accrues for estimated future warranty costs on its product sales at the time of sale . the ab5000 and bvs products are subject to rigorous regulation and quality standards . while the company engages in extensive product quality programs and processes , including monitoring and evaluating the quality of component suppliers , its warranty obligation is affected by product failure rates . operating results could be adversely effected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2013 in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products . the indemnifications contained within sales contracts usually do not include limits on the claims . the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only . as of march 31 , 2004 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts , with terms through fiscal 2010 . the company has elected not to exercise a buyout option available under its primary lease that would have allowed for early termination in 2005 . total rent expense under these leases , included in the accompanying consolidated statements of operations , was approximately $ 856000 , $ 823000 and $ 821000 for the fiscal years ended march 31 , 2002 , 2003 and 2004 , respectively . during the fiscal year ended march 31 , 2000 , the company entered into 36-month operating leases totaling approximately $ 644000 for the lease of office furniture . these leases ended in fiscal year 2003 and at the company 2019s option the furniture was purchased . rental expense recorded for these leases during the fiscal years ended march 31 , 2002 and 2003 was approximately $ 215000 and $ 127000 respectively . during fiscal 2000 , the company entered into a 36-month capital lease for computer equipment and software for approximately $ 221000 . this lease ended in fiscal year 2003 and at the company 2019s option these assets were purchased . future minimum lease payments under all non-cancelable operating leases as of march 31 , 2004 are approximately as follows ( in thousands ) : .

from time-to-time , the company is involved in legal and administrative proceedings and claims of various types . while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , will not have a material adverse effect on the company. .

| | year ending march 31, | operating leases | |---:|:------------------------------------|:-------------------| | 0 | 2005 | $ 781 | | 1 | 2006 | 776 | | 2 | 2007 | 769 | | 3 | 2008 | 772 | | 4 | 2009 | 772 | | 5 | thereafter | 708 | | 6 | total future minimum lease payments | $ 4578 |

notes to consolidated financial statements ( continued ) march 31 , 2004 5 . income taxes ( continued ) the effective tax rate of zero differs from the statutory rate of 34% ( 34 % ) primarily due to the inability of the company to recognize deferred tax assets for its operating losses and tax credits . of the total valuation allowance , approximately $ 2400000 relates to stock option compensation deductions . the tax benefit associated with the stock option compensation deductions will be credited to equity when realized . 6 . commitments and contingencies the company applies the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to its agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 , accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which the company is a guarantor . product warranties 2013 the company routinely accrues for estimated future warranty costs on its product sales at the time of sale . the ab5000 and bvs products are subject to rigorous regulation and quality standards . while the company engages in extensive product quality programs and processes , including monitoring and evaluating the quality of component suppliers , its warranty obligation is affected by product failure rates . operating results could be adversely effected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2013 in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products . the indemnifications contained within sales contracts usually do not include limits on the claims . the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only . as of march 31 , 2004 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts , with terms through fiscal 2010 . the company has elected not to exercise a buyout option available under its primary lease that would have allowed for early termination in 2005 . total rent expense under these leases , included in the accompanying consolidated statements of operations , was approximately $ 856000 , $ 823000 and $ 821000 for the fiscal years ended march 31 , 2002 , 2003 and 2004 , respectively . during the fiscal year ended march 31 , 2000 , the company entered into 36-month operating leases totaling approximately $ 644000 for the lease of office furniture . these leases ended in fiscal year 2003 and at the company 2019s option the furniture was purchased . rental expense recorded for these leases during the fiscal years ended march 31 , 2002 and 2003 was approximately $ 215000 and $ 127000 respectively . during fiscal 2000 , the company entered into a 36-month capital lease for computer equipment and software for approximately $ 221000 . this lease ended in fiscal year 2003 and at the company 2019s option these assets were purchased . future minimum lease payments under all non-cancelable operating leases as of march 31 , 2004 are approximately as follows ( in thousands ) : ._| | year ending march 31, | operating leases | |---:|:------------------------------------|:-------------------| | 0 | 2005 | $ 781 | | 1 | 2006 | 776 | | 2 | 2007 | 769 | | 3 | 2008 | 772 | | 4 | 2009 | 772 | | 5 | thereafter | 708 | | 6 | total future minimum lease payments | $ 4578 |_from time-to-time , the company is involved in legal and administrative proceedings and claims of various types . while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , will not have a material adverse effect on the company. .

2,004

26

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

for the facility leases that have remaining terms through fiscal 2010 , assuming the annual rent is approximately that of 2003 , what is the remaining total obligation?

4926000

multiply(821000, subtract(2010, 2004))

notes to consolidated financial statements ( continued ) march 31 , 2004 5 . income taxes ( continued ) the effective tax rate of zero differs from the statutory rate of 34% ( 34 % ) primarily due to the inability of the company to recognize deferred tax assets for its operating losses and tax credits . of the total valuation allowance , approximately $ 2400000 relates to stock option compensation deductions . the tax benefit associated with the stock option compensation deductions will be credited to equity when realized . 6 . commitments and contingencies the company applies the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to its agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 , accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which the company is a guarantor . product warranties 2013 the company routinely accrues for estimated future warranty costs on its product sales at the time of sale . the ab5000 and bvs products are subject to rigorous regulation and quality standards . while the company engages in extensive product quality programs and processes , including monitoring and evaluating the quality of component suppliers , its warranty obligation is affected by product failure rates . operating results could be adversely effected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2013 in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products . the indemnifications contained within sales contracts usually do not include limits on the claims . the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only . as of march 31 , 2004 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts , with terms through fiscal 2010 . the company has elected not to exercise a buyout option available under its primary lease that would have allowed for early termination in 2005 . total rent expense under these leases , included in the accompanying consolidated statements of operations , was approximately $ 856000 , $ 823000 and $ 821000 for the fiscal years ended march 31 , 2002 , 2003 and 2004 , respectively . during the fiscal year ended march 31 , 2000 , the company entered into 36-month operating leases totaling approximately $ 644000 for the lease of office furniture . these leases ended in fiscal year 2003 and at the company 2019s option the furniture was purchased . rental expense recorded for these leases during the fiscal years ended march 31 , 2002 and 2003 was approximately $ 215000 and $ 127000 respectively . during fiscal 2000 , the company entered into a 36-month capital lease for computer equipment and software for approximately $ 221000 . this lease ended in fiscal year 2003 and at the company 2019s option these assets were purchased . future minimum lease payments under all non-cancelable operating leases as of march 31 , 2004 are approximately as follows ( in thousands ) : .

from time-to-time , the company is involved in legal and administrative proceedings and claims of various types . while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , will not have a material adverse effect on the company. .

| | year ending march 31, | operating leases | |---:|:------------------------------------|:-------------------| | 0 | 2005 | $ 781 | | 1 | 2006 | 776 | | 2 | 2007 | 769 | | 3 | 2008 | 772 | | 4 | 2009 | 772 | | 5 | thereafter | 708 | | 6 | total future minimum lease payments | $ 4578 |

notes to consolidated financial statements ( continued ) march 31 , 2004 5 . income taxes ( continued ) the effective tax rate of zero differs from the statutory rate of 34% ( 34 % ) primarily due to the inability of the company to recognize deferred tax assets for its operating losses and tax credits . of the total valuation allowance , approximately $ 2400000 relates to stock option compensation deductions . the tax benefit associated with the stock option compensation deductions will be credited to equity when realized . 6 . commitments and contingencies the company applies the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to its agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 , accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which the company is a guarantor . product warranties 2013 the company routinely accrues for estimated future warranty costs on its product sales at the time of sale . the ab5000 and bvs products are subject to rigorous regulation and quality standards . while the company engages in extensive product quality programs and processes , including monitoring and evaluating the quality of component suppliers , its warranty obligation is affected by product failure rates . operating results could be adversely effected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2013 in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products . the indemnifications contained within sales contracts usually do not include limits on the claims . the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only . as of march 31 , 2004 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts , with terms through fiscal 2010 . the company has elected not to exercise a buyout option available under its primary lease that would have allowed for early termination in 2005 . total rent expense under these leases , included in the accompanying consolidated statements of operations , was approximately $ 856000 , $ 823000 and $ 821000 for the fiscal years ended march 31 , 2002 , 2003 and 2004 , respectively . during the fiscal year ended march 31 , 2000 , the company entered into 36-month operating leases totaling approximately $ 644000 for the lease of office furniture . these leases ended in fiscal year 2003 and at the company 2019s option the furniture was purchased . rental expense recorded for these leases during the fiscal years ended march 31 , 2002 and 2003 was approximately $ 215000 and $ 127000 respectively . during fiscal 2000 , the company entered into a 36-month capital lease for computer equipment and software for approximately $ 221000 . this lease ended in fiscal year 2003 and at the company 2019s option these assets were purchased . future minimum lease payments under all non-cancelable operating leases as of march 31 , 2004 are approximately as follows ( in thousands ) : ._| | year ending march 31, | operating leases | |---:|:------------------------------------|:-------------------| | 0 | 2005 | $ 781 | | 1 | 2006 | 776 | | 2 | 2007 | 769 | | 3 | 2008 | 772 | | 4 | 2009 | 772 | | 5 | thereafter | 708 | | 6 | total future minimum lease payments | $ 4578 |_from time-to-time , the company is involved in legal and administrative proceedings and claims of various types . while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , will not have a material adverse effect on the company. .

2,004

26

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

null

finqa486

for 2017 , what was net interest expense with related parties , in millions?

null

subtract(8, 36)

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

for 2017 , what was net interest expense with related parties , in millions?

null

subtract(8, 36)

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

finqa487

what were average operating profit for aeronautics in millions between 2014 and 2016?

1739

table_average(operating profit, none)

$ 70 million . since that time , we have continued to experience issues related to customer requirements and the implementation of this contract and have periodically accrued additional reserves . consequently , we are continuing to monitor the scope , estimated costs , and viability of the program and the possibility of additional customer funding . it is possible that we may have to record additional loss reserves in future periods , which could be material to our operating results . however , we cannot make an estimate of the total expected costs at this time due to uncertainties inherent in the estimation process . our consolidated net adjustments not related to volume , including net profit booking rate adjustments and other matters , net of state income taxes , increased segment operating profit by approximately $ 1.5 billion , $ 1.7 billion and $ 1.6 billion for 2016 , 2015 and 2014 . the decrease in our consolidated net adjustments in 2016 compared to 2015 was primarily due to a decrease in profit booking rate adjustments at our mfc and space systems business segments , partially offset by an increase at our rms business segment . the increase in our consolidated net adjustments in 2015 compared to 2014 was primarily due to an increase in profit booking rate adjustments at our space systems and aeronautics business segments , offset by a decrease in profit booking rate adjustments at our rms and mfc business segments . the consolidated net adjustments for 2016 are inclusive of approximately $ 530 million in unfavorable items , which include reserves for performance matters on an international program at rms . the consolidated net adjustments for 2015 are inclusive of approximately $ 550 million in unfavorable items , which include reserves for performance matters on an international program at rms and on commercial satellite programs at space systems . the consolidated net adjustments for 2014 are inclusive of approximately $ 535 million in unfavorable items , which include reserves recorded on certain training and logistics solutions programs at rms and net warranty reserve adjustments for various programs ( including jassm and gmlrs ) at mfc as described in the respective business segment 2019s results of operations below . aeronautics our aeronautics business segment is engaged in the research , design , development , manufacture , integration , sustainment , support and upgrade of advanced military aircraft , including combat and air mobility aircraft , unmanned air vehicles and related technologies . aeronautics 2019 major programs include the f-35 lightning ii joint strike fighter , c-130 hercules , f-16 fighting falcon , c-5m super galaxy and f-22 raptor . aeronautics 2019 operating results included the following ( in millions ) : .

2016 compared to 2015 aeronautics 2019 net sales in 2016 increased $ 2.2 billion , or 14% ( 14 % ) , compared to 2015 . the increase was attributable to higher net sales of approximately $ 1.7 billion for the f-35 program due to increased volume on aircraft production and sustainment activities , partially offset by lower volume on development activities ; and approximately $ 290 million for the c-130 program due to increased deliveries ( 24 aircraft delivered in 2016 compared to 21 in 2015 ) and increased sustainment activities ; and approximately $ 250 million for the f-16 program primarily due to higher volume on aircraft modernization programs . the increases were partially offset by lower net sales of approximately $ 55 million for the c-5 program due to decreased sustainment activities . aeronautics 2019 operating profit in 2016 increased $ 206 million , or 12% ( 12 % ) , compared to 2015 . operating profit increased approximately $ 195 million for the f-35 program due to increased volume on aircraft production and sustainment activities and higher risk retirements ; and by approximately $ 60 million for aircraft support and maintenance programs due to higher risk retirements and increased volume . these increases were partially offset by lower operating profit of approximately $ 65 million for the c-130 program due to contract mix and lower risk retirements . adjustments not related to volume , including net profit booking rate adjustments , were approximately $ 20 million higher in 2016 compared to 2015 . 2015 compared to 2014 aeronautics 2019 net sales in 2015 increased $ 650 million , or 4% ( 4 % ) , compared to 2014 . the increase was attributable to higher net sales of approximately $ 1.4 billion for f-35 production contracts due to increased volume on aircraft production and sustainment activities ; and approximately $ 150 million for the c-5 program due to increased deliveries ( nine aircraft .

| | | 2016 | 2015 | 2014 | |---:|:-------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 17769 | $ 15570 | $ 14920 | | 1 | operating profit | 1887 | 1681 | 1649 | | 2 | operating margin | 10.6% ( 10.6 % ) | 10.8% ( 10.8 % ) | 11.1% ( 11.1 % ) | | 3 | backlog atyear-end | $ 34200 | $ 31800 | $ 27600 |

$ 70 million . since that time , we have continued to experience issues related to customer requirements and the implementation of this contract and have periodically accrued additional reserves . consequently , we are continuing to monitor the scope , estimated costs , and viability of the program and the possibility of additional customer funding . it is possible that we may have to record additional loss reserves in future periods , which could be material to our operating results . however , we cannot make an estimate of the total expected costs at this time due to uncertainties inherent in the estimation process . our consolidated net adjustments not related to volume , including net profit booking rate adjustments and other matters , net of state income taxes , increased segment operating profit by approximately $ 1.5 billion , $ 1.7 billion and $ 1.6 billion for 2016 , 2015 and 2014 . the decrease in our consolidated net adjustments in 2016 compared to 2015 was primarily due to a decrease in profit booking rate adjustments at our mfc and space systems business segments , partially offset by an increase at our rms business segment . the increase in our consolidated net adjustments in 2015 compared to 2014 was primarily due to an increase in profit booking rate adjustments at our space systems and aeronautics business segments , offset by a decrease in profit booking rate adjustments at our rms and mfc business segments . the consolidated net adjustments for 2016 are inclusive of approximately $ 530 million in unfavorable items , which include reserves for performance matters on an international program at rms . the consolidated net adjustments for 2015 are inclusive of approximately $ 550 million in unfavorable items , which include reserves for performance matters on an international program at rms and on commercial satellite programs at space systems . the consolidated net adjustments for 2014 are inclusive of approximately $ 535 million in unfavorable items , which include reserves recorded on certain training and logistics solutions programs at rms and net warranty reserve adjustments for various programs ( including jassm and gmlrs ) at mfc as described in the respective business segment 2019s results of operations below . aeronautics our aeronautics business segment is engaged in the research , design , development , manufacture , integration , sustainment , support and upgrade of advanced military aircraft , including combat and air mobility aircraft , unmanned air vehicles and related technologies . aeronautics 2019 major programs include the f-35 lightning ii joint strike fighter , c-130 hercules , f-16 fighting falcon , c-5m super galaxy and f-22 raptor . aeronautics 2019 operating results included the following ( in millions ) : ._| | | 2016 | 2015 | 2014 | |---:|:-------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 17769 | $ 15570 | $ 14920 | | 1 | operating profit | 1887 | 1681 | 1649 | | 2 | operating margin | 10.6% ( 10.6 % ) | 10.8% ( 10.8 % ) | 11.1% ( 11.1 % ) | | 3 | backlog atyear-end | $ 34200 | $ 31800 | $ 27600 |_2016 compared to 2015 aeronautics 2019 net sales in 2016 increased $ 2.2 billion , or 14% ( 14 % ) , compared to 2015 . the increase was attributable to higher net sales of approximately $ 1.7 billion for the f-35 program due to increased volume on aircraft production and sustainment activities , partially offset by lower volume on development activities ; and approximately $ 290 million for the c-130 program due to increased deliveries ( 24 aircraft delivered in 2016 compared to 21 in 2015 ) and increased sustainment activities ; and approximately $ 250 million for the f-16 program primarily due to higher volume on aircraft modernization programs . the increases were partially offset by lower net sales of approximately $ 55 million for the c-5 program due to decreased sustainment activities . aeronautics 2019 operating profit in 2016 increased $ 206 million , or 12% ( 12 % ) , compared to 2015 . operating profit increased approximately $ 195 million for the f-35 program due to increased volume on aircraft production and sustainment activities and higher risk retirements ; and by approximately $ 60 million for aircraft support and maintenance programs due to higher risk retirements and increased volume . these increases were partially offset by lower operating profit of approximately $ 65 million for the c-130 program due to contract mix and lower risk retirements . adjustments not related to volume , including net profit booking rate adjustments , were approximately $ 20 million higher in 2016 compared to 2015 . 2015 compared to 2014 aeronautics 2019 net sales in 2015 increased $ 650 million , or 4% ( 4 % ) , compared to 2014 . the increase was attributable to higher net sales of approximately $ 1.4 billion for f-35 production contracts due to increased volume on aircraft production and sustainment activities ; and approximately $ 150 million for the c-5 program due to increased deliveries ( nine aircraft .

2,016

48

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what were average operating profit for aeronautics in millions between 2014 and 2016?

1739

table_average(operating profit, none)

$ 70 million . since that time , we have continued to experience issues related to customer requirements and the implementation of this contract and have periodically accrued additional reserves . consequently , we are continuing to monitor the scope , estimated costs , and viability of the program and the possibility of additional customer funding . it is possible that we may have to record additional loss reserves in future periods , which could be material to our operating results . however , we cannot make an estimate of the total expected costs at this time due to uncertainties inherent in the estimation process . our consolidated net adjustments not related to volume , including net profit booking rate adjustments and other matters , net of state income taxes , increased segment operating profit by approximately $ 1.5 billion , $ 1.7 billion and $ 1.6 billion for 2016 , 2015 and 2014 . the decrease in our consolidated net adjustments in 2016 compared to 2015 was primarily due to a decrease in profit booking rate adjustments at our mfc and space systems business segments , partially offset by an increase at our rms business segment . the increase in our consolidated net adjustments in 2015 compared to 2014 was primarily due to an increase in profit booking rate adjustments at our space systems and aeronautics business segments , offset by a decrease in profit booking rate adjustments at our rms and mfc business segments . the consolidated net adjustments for 2016 are inclusive of approximately $ 530 million in unfavorable items , which include reserves for performance matters on an international program at rms . the consolidated net adjustments for 2015 are inclusive of approximately $ 550 million in unfavorable items , which include reserves for performance matters on an international program at rms and on commercial satellite programs at space systems . the consolidated net adjustments for 2014 are inclusive of approximately $ 535 million in unfavorable items , which include reserves recorded on certain training and logistics solutions programs at rms and net warranty reserve adjustments for various programs ( including jassm and gmlrs ) at mfc as described in the respective business segment 2019s results of operations below . aeronautics our aeronautics business segment is engaged in the research , design , development , manufacture , integration , sustainment , support and upgrade of advanced military aircraft , including combat and air mobility aircraft , unmanned air vehicles and related technologies . aeronautics 2019 major programs include the f-35 lightning ii joint strike fighter , c-130 hercules , f-16 fighting falcon , c-5m super galaxy and f-22 raptor . aeronautics 2019 operating results included the following ( in millions ) : .

2016 compared to 2015 aeronautics 2019 net sales in 2016 increased $ 2.2 billion , or 14% ( 14 % ) , compared to 2015 . the increase was attributable to higher net sales of approximately $ 1.7 billion for the f-35 program due to increased volume on aircraft production and sustainment activities , partially offset by lower volume on development activities ; and approximately $ 290 million for the c-130 program due to increased deliveries ( 24 aircraft delivered in 2016 compared to 21 in 2015 ) and increased sustainment activities ; and approximately $ 250 million for the f-16 program primarily due to higher volume on aircraft modernization programs . the increases were partially offset by lower net sales of approximately $ 55 million for the c-5 program due to decreased sustainment activities . aeronautics 2019 operating profit in 2016 increased $ 206 million , or 12% ( 12 % ) , compared to 2015 . operating profit increased approximately $ 195 million for the f-35 program due to increased volume on aircraft production and sustainment activities and higher risk retirements ; and by approximately $ 60 million for aircraft support and maintenance programs due to higher risk retirements and increased volume . these increases were partially offset by lower operating profit of approximately $ 65 million for the c-130 program due to contract mix and lower risk retirements . adjustments not related to volume , including net profit booking rate adjustments , were approximately $ 20 million higher in 2016 compared to 2015 . 2015 compared to 2014 aeronautics 2019 net sales in 2015 increased $ 650 million , or 4% ( 4 % ) , compared to 2014 . the increase was attributable to higher net sales of approximately $ 1.4 billion for f-35 production contracts due to increased volume on aircraft production and sustainment activities ; and approximately $ 150 million for the c-5 program due to increased deliveries ( nine aircraft .

| | | 2016 | 2015 | 2014 | |---:|:-------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 17769 | $ 15570 | $ 14920 | | 1 | operating profit | 1887 | 1681 | 1649 | | 2 | operating margin | 10.6% ( 10.6 % ) | 10.8% ( 10.8 % ) | 11.1% ( 11.1 % ) | | 3 | backlog atyear-end | $ 34200 | $ 31800 | $ 27600 |

$ 70 million . since that time , we have continued to experience issues related to customer requirements and the implementation of this contract and have periodically accrued additional reserves . consequently , we are continuing to monitor the scope , estimated costs , and viability of the program and the possibility of additional customer funding . it is possible that we may have to record additional loss reserves in future periods , which could be material to our operating results . however , we cannot make an estimate of the total expected costs at this time due to uncertainties inherent in the estimation process . our consolidated net adjustments not related to volume , including net profit booking rate adjustments and other matters , net of state income taxes , increased segment operating profit by approximately $ 1.5 billion , $ 1.7 billion and $ 1.6 billion for 2016 , 2015 and 2014 . the decrease in our consolidated net adjustments in 2016 compared to 2015 was primarily due to a decrease in profit booking rate adjustments at our mfc and space systems business segments , partially offset by an increase at our rms business segment . the increase in our consolidated net adjustments in 2015 compared to 2014 was primarily due to an increase in profit booking rate adjustments at our space systems and aeronautics business segments , offset by a decrease in profit booking rate adjustments at our rms and mfc business segments . the consolidated net adjustments for 2016 are inclusive of approximately $ 530 million in unfavorable items , which include reserves for performance matters on an international program at rms . the consolidated net adjustments for 2015 are inclusive of approximately $ 550 million in unfavorable items , which include reserves for performance matters on an international program at rms and on commercial satellite programs at space systems . the consolidated net adjustments for 2014 are inclusive of approximately $ 535 million in unfavorable items , which include reserves recorded on certain training and logistics solutions programs at rms and net warranty reserve adjustments for various programs ( including jassm and gmlrs ) at mfc as described in the respective business segment 2019s results of operations below . aeronautics our aeronautics business segment is engaged in the research , design , development , manufacture , integration , sustainment , support and upgrade of advanced military aircraft , including combat and air mobility aircraft , unmanned air vehicles and related technologies . aeronautics 2019 major programs include the f-35 lightning ii joint strike fighter , c-130 hercules , f-16 fighting falcon , c-5m super galaxy and f-22 raptor . aeronautics 2019 operating results included the following ( in millions ) : ._| | | 2016 | 2015 | 2014 | |---:|:-------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 17769 | $ 15570 | $ 14920 | | 1 | operating profit | 1887 | 1681 | 1649 | | 2 | operating margin | 10.6% ( 10.6 % ) | 10.8% ( 10.8 % ) | 11.1% ( 11.1 % ) | | 3 | backlog atyear-end | $ 34200 | $ 31800 | $ 27600 |_2016 compared to 2015 aeronautics 2019 net sales in 2016 increased $ 2.2 billion , or 14% ( 14 % ) , compared to 2015 . the increase was attributable to higher net sales of approximately $ 1.7 billion for the f-35 program due to increased volume on aircraft production and sustainment activities , partially offset by lower volume on development activities ; and approximately $ 290 million for the c-130 program due to increased deliveries ( 24 aircraft delivered in 2016 compared to 21 in 2015 ) and increased sustainment activities ; and approximately $ 250 million for the f-16 program primarily due to higher volume on aircraft modernization programs . the increases were partially offset by lower net sales of approximately $ 55 million for the c-5 program due to decreased sustainment activities . aeronautics 2019 operating profit in 2016 increased $ 206 million , or 12% ( 12 % ) , compared to 2015 . operating profit increased approximately $ 195 million for the f-35 program due to increased volume on aircraft production and sustainment activities and higher risk retirements ; and by approximately $ 60 million for aircraft support and maintenance programs due to higher risk retirements and increased volume . these increases were partially offset by lower operating profit of approximately $ 65 million for the c-130 program due to contract mix and lower risk retirements . adjustments not related to volume , including net profit booking rate adjustments , were approximately $ 20 million higher in 2016 compared to 2015 . 2015 compared to 2014 aeronautics 2019 net sales in 2015 increased $ 650 million , or 4% ( 4 % ) , compared to 2014 . the increase was attributable to higher net sales of approximately $ 1.4 billion for f-35 production contracts due to increased volume on aircraft production and sustainment activities ; and approximately $ 150 million for the c-5 program due to increased deliveries ( nine aircraft .

2,016

48

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa488

what is the fair value of hologic common stock used for acquiring r2?

46.7

divide(205500, 4400)

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) 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 . acquisition of r2 technology , inc . on july 13 , 2006 , the company completed the acquisition of r2 technology , inc . ( r2 ) pursuant to an agreement and plan of merger dated april 24 , 2006 . the results of operations for r2 have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . r2 , previously located in santa clara , california , develops and sells computer-aided detection technology and products ( cad ) , an innovative technology that assists radiologists in the early detection of breast cancer . the aggregate purchase price for r2 of approximately $ 220600 consisted of approximately 4400 shares of hologic common stock valued at $ 205500 , cash paid of $ 6900 , debt assumed of $ 5700 and approximately $ 2500 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 company finalized and completed a plan to restructure certain of r2 2019s historical activities . as of the acquisition date the company recorded a liability of approximately $ 798 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 and loss related to the abandonment of certain lease space under this plan . all amounts under this plan have been paid as of september 29 , 2007 . the company reduced goodwill related to the r2 acquisition in the amount of approximately $ 400 during the year ended september 29 , 2007 . the reduction was primarily related to a change in the preliminary valuation of certain assets and liabilities acquired based on information received during the year . the final purchase price allocations were completed within one year of the .

| | net tangible assets acquired as of july 13 2006 | $ 1200 | |---:|:--------------------------------------------------|:---------| | 0 | in-process research and development | 10200 | | 1 | developed technology and know how | 39500 | | 2 | customer relationship | 15700 | | 3 | trade name | 3300 | | 4 | order backlog | 800 | | 5 | deferred income taxes | 4400 | | 6 | goodwill | 145500 | | 7 | estimated purchase price | $ 220600 |

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) 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 . acquisition of r2 technology , inc . on july 13 , 2006 , the company completed the acquisition of r2 technology , inc . ( r2 ) pursuant to an agreement and plan of merger dated april 24 , 2006 . the results of operations for r2 have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . r2 , previously located in santa clara , california , develops and sells computer-aided detection technology and products ( cad ) , an innovative technology that assists radiologists in the early detection of breast cancer . the aggregate purchase price for r2 of approximately $ 220600 consisted of approximately 4400 shares of hologic common stock valued at $ 205500 , cash paid of $ 6900 , debt assumed of $ 5700 and approximately $ 2500 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 13 2006 | $ 1200 | |---:|:--------------------------------------------------|:---------| | 0 | in-process research and development | 10200 | | 1 | developed technology and know how | 39500 | | 2 | customer relationship | 15700 | | 3 | trade name | 3300 | | 4 | order backlog | 800 | | 5 | deferred income taxes | 4400 | | 6 | goodwill | 145500 | | 7 | estimated purchase price | $ 220600 |_the company finalized and completed a plan to restructure certain of r2 2019s historical activities . as of the acquisition date the company recorded a liability of approximately $ 798 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 and loss related to the abandonment of certain lease space under this plan . all amounts under this plan have been paid as of september 29 , 2007 . the company reduced goodwill related to the r2 acquisition in the amount of approximately $ 400 during the year ended september 29 , 2007 . the reduction was primarily related to a change in the preliminary valuation of certain assets and liabilities acquired based on information received during the year . the final purchase price allocations were completed within one year of the .

2,007

128

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

what is the fair value of hologic common stock used for acquiring r2?

46.7

divide(205500, 4400)

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) 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 . acquisition of r2 technology , inc . on july 13 , 2006 , the company completed the acquisition of r2 technology , inc . ( r2 ) pursuant to an agreement and plan of merger dated april 24 , 2006 . the results of operations for r2 have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . r2 , previously located in santa clara , california , develops and sells computer-aided detection technology and products ( cad ) , an innovative technology that assists radiologists in the early detection of breast cancer . the aggregate purchase price for r2 of approximately $ 220600 consisted of approximately 4400 shares of hologic common stock valued at $ 205500 , cash paid of $ 6900 , debt assumed of $ 5700 and approximately $ 2500 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 company finalized and completed a plan to restructure certain of r2 2019s historical activities . as of the acquisition date the company recorded a liability of approximately $ 798 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 and loss related to the abandonment of certain lease space under this plan . all amounts under this plan have been paid as of september 29 , 2007 . the company reduced goodwill related to the r2 acquisition in the amount of approximately $ 400 during the year ended september 29 , 2007 . the reduction was primarily related to a change in the preliminary valuation of certain assets and liabilities acquired based on information received during the year . the final purchase price allocations were completed within one year of the .

| | net tangible assets acquired as of july 13 2006 | $ 1200 | |---:|:--------------------------------------------------|:---------| | 0 | in-process research and development | 10200 | | 1 | developed technology and know how | 39500 | | 2 | customer relationship | 15700 | | 3 | trade name | 3300 | | 4 | order backlog | 800 | | 5 | deferred income taxes | 4400 | | 6 | goodwill | 145500 | | 7 | estimated purchase price | $ 220600 |

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) 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 . acquisition of r2 technology , inc . on july 13 , 2006 , the company completed the acquisition of r2 technology , inc . ( r2 ) pursuant to an agreement and plan of merger dated april 24 , 2006 . the results of operations for r2 have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . r2 , previously located in santa clara , california , develops and sells computer-aided detection technology and products ( cad ) , an innovative technology that assists radiologists in the early detection of breast cancer . the aggregate purchase price for r2 of approximately $ 220600 consisted of approximately 4400 shares of hologic common stock valued at $ 205500 , cash paid of $ 6900 , debt assumed of $ 5700 and approximately $ 2500 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 13 2006 | $ 1200 | |---:|:--------------------------------------------------|:---------| | 0 | in-process research and development | 10200 | | 1 | developed technology and know how | 39500 | | 2 | customer relationship | 15700 | | 3 | trade name | 3300 | | 4 | order backlog | 800 | | 5 | deferred income taxes | 4400 | | 6 | goodwill | 145500 | | 7 | estimated purchase price | $ 220600 |_the company finalized and completed a plan to restructure certain of r2 2019s historical activities . as of the acquisition date the company recorded a liability of approximately $ 798 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 and loss related to the abandonment of certain lease space under this plan . all amounts under this plan have been paid as of september 29 , 2007 . the company reduced goodwill related to the r2 acquisition in the amount of approximately $ 400 during the year ended september 29 , 2007 . the reduction was primarily related to a change in the preliminary valuation of certain assets and liabilities acquired based on information received during the year . the final purchase price allocations were completed within one year of the .

2,007

128

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

null

finqa489

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

13.1

divide(add(13.0, 13.2), const_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 ) .

( 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

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

13.1

divide(add(13.0, 13.2), const_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 ) .

( 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

finqa490

in millions in 2014 2013 and 2012 , what were the lowest amount of interest rate hedges?\\n\\n

-8683

table_min(interest rate hedges, none)

notes to consolidated financial statements hedge accounting the firm applies hedge accounting for ( i ) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit , ( ii ) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm 2019s net investment in certain non-u.s . operations and ( iii ) certain commodities-related swap and forward contracts used to manage the exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments . to qualify for hedge accounting , the derivative hedge must be highly effective at reducing the risk from the exposure being hedged . additionally , the firm must formally document the hedging relationship at inception and test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship . fair value hedges the firm designates certain interest rate swaps as fair value hedges . these interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate ( e.g. , london interbank offered rate ( libor ) or ois ) , effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations . the firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged ( i.e. , interest rate risk ) . an interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% ( 80 % ) or greater and a slope between 80% ( 80 % ) and 125% ( 125 % ) . for qualifying fair value hedges , gains or losses on derivatives are included in 201cinterest expense . 201d the change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life . gains or losses resulting from hedge ineffectiveness are included in 201cinterest expense . 201d when a derivative is no longer designated as a hedge , any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method . see note 23 for further information about interest income and interest expense . the table below presents the gains/ ( losses ) from interest rate derivatives accounted for as hedges , the related hedged borrowings and bank deposits , and the hedge ineffectiveness on these derivatives , which primarily consists of amortization of prepaid credit spreads resulting from the passage of time. .

134 goldman sachs 2014 annual report .

| | $ in millions | year ended december 2014 | year ended december 2013 | year ended december 2012 | |---:|:------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | interest rate hedges | $ 1936 | $ -8683 ( 8683 ) | $ -2383 ( 2383 ) | | 1 | hedged borrowings and bank deposits | -2451 ( 2451 ) | 6999 | 665 | | 2 | hedge ineffectiveness | $ -515 ( 515 ) | $ -1684 ( 1684 ) | $ -1718 ( 1718 ) |

notes to consolidated financial statements hedge accounting the firm applies hedge accounting for ( i ) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit , ( ii ) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm 2019s net investment in certain non-u.s . operations and ( iii ) certain commodities-related swap and forward contracts used to manage the exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments . to qualify for hedge accounting , the derivative hedge must be highly effective at reducing the risk from the exposure being hedged . additionally , the firm must formally document the hedging relationship at inception and test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship . fair value hedges the firm designates certain interest rate swaps as fair value hedges . these interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate ( e.g. , london interbank offered rate ( libor ) or ois ) , effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations . the firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged ( i.e. , interest rate risk ) . an interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% ( 80 % ) or greater and a slope between 80% ( 80 % ) and 125% ( 125 % ) . for qualifying fair value hedges , gains or losses on derivatives are included in 201cinterest expense . 201d the change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life . gains or losses resulting from hedge ineffectiveness are included in 201cinterest expense . 201d when a derivative is no longer designated as a hedge , any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method . see note 23 for further information about interest income and interest expense . the table below presents the gains/ ( losses ) from interest rate derivatives accounted for as hedges , the related hedged borrowings and bank deposits , and the hedge ineffectiveness on these derivatives , which primarily consists of amortization of prepaid credit spreads resulting from the passage of time. ._| | $ in millions | year ended december 2014 | year ended december 2013 | year ended december 2012 | |---:|:------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | interest rate hedges | $ 1936 | $ -8683 ( 8683 ) | $ -2383 ( 2383 ) | | 1 | hedged borrowings and bank deposits | -2451 ( 2451 ) | 6999 | 665 | | 2 | hedge ineffectiveness | $ -515 ( 515 ) | $ -1684 ( 1684 ) | $ -1718 ( 1718 ) |_134 goldman sachs 2014 annual report .

2,014

136

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

in millions in 2014 2013 and 2012 , what were the lowest amount of interest rate hedges?\\n\\n

-8683

table_min(interest rate hedges, none)

notes to consolidated financial statements hedge accounting the firm applies hedge accounting for ( i ) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit , ( ii ) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm 2019s net investment in certain non-u.s . operations and ( iii ) certain commodities-related swap and forward contracts used to manage the exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments . to qualify for hedge accounting , the derivative hedge must be highly effective at reducing the risk from the exposure being hedged . additionally , the firm must formally document the hedging relationship at inception and test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship . fair value hedges the firm designates certain interest rate swaps as fair value hedges . these interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate ( e.g. , london interbank offered rate ( libor ) or ois ) , effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations . the firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged ( i.e. , interest rate risk ) . an interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% ( 80 % ) or greater and a slope between 80% ( 80 % ) and 125% ( 125 % ) . for qualifying fair value hedges , gains or losses on derivatives are included in 201cinterest expense . 201d the change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life . gains or losses resulting from hedge ineffectiveness are included in 201cinterest expense . 201d when a derivative is no longer designated as a hedge , any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method . see note 23 for further information about interest income and interest expense . the table below presents the gains/ ( losses ) from interest rate derivatives accounted for as hedges , the related hedged borrowings and bank deposits , and the hedge ineffectiveness on these derivatives , which primarily consists of amortization of prepaid credit spreads resulting from the passage of time. .

134 goldman sachs 2014 annual report .

| | $ in millions | year ended december 2014 | year ended december 2013 | year ended december 2012 | |---:|:------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | interest rate hedges | $ 1936 | $ -8683 ( 8683 ) | $ -2383 ( 2383 ) | | 1 | hedged borrowings and bank deposits | -2451 ( 2451 ) | 6999 | 665 | | 2 | hedge ineffectiveness | $ -515 ( 515 ) | $ -1684 ( 1684 ) | $ -1718 ( 1718 ) |

notes to consolidated financial statements hedge accounting the firm applies hedge accounting for ( i ) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit , ( ii ) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm 2019s net investment in certain non-u.s . operations and ( iii ) certain commodities-related swap and forward contracts used to manage the exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments . to qualify for hedge accounting , the derivative hedge must be highly effective at reducing the risk from the exposure being hedged . additionally , the firm must formally document the hedging relationship at inception and test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship . fair value hedges the firm designates certain interest rate swaps as fair value hedges . these interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate ( e.g. , london interbank offered rate ( libor ) or ois ) , effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations . the firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged ( i.e. , interest rate risk ) . an interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% ( 80 % ) or greater and a slope between 80% ( 80 % ) and 125% ( 125 % ) . for qualifying fair value hedges , gains or losses on derivatives are included in 201cinterest expense . 201d the change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life . gains or losses resulting from hedge ineffectiveness are included in 201cinterest expense . 201d when a derivative is no longer designated as a hedge , any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method . see note 23 for further information about interest income and interest expense . the table below presents the gains/ ( losses ) from interest rate derivatives accounted for as hedges , the related hedged borrowings and bank deposits , and the hedge ineffectiveness on these derivatives , which primarily consists of amortization of prepaid credit spreads resulting from the passage of time. ._| | $ in millions | year ended december 2014 | year ended december 2013 | year ended december 2012 | |---:|:------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | interest rate hedges | $ 1936 | $ -8683 ( 8683 ) | $ -2383 ( 2383 ) | | 1 | hedged borrowings and bank deposits | -2451 ( 2451 ) | 6999 | 665 | | 2 | hedge ineffectiveness | $ -515 ( 515 ) | $ -1684 ( 1684 ) | $ -1718 ( 1718 ) |_134 goldman sachs 2014 annual report .

2,014

136

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

null

finqa491

what is the implied total value of the european sports satellite and cable network as of the transaction date?

1320

divide(264, divide(20, const_100))

international networks international networks generated revenues of $ 1637 million during 2012 , which represented 37% ( 37 % ) of our total consolidated revenues . our international networks segment principally consists of national and pan-regional television networks . this segment generates revenue from operations in virtually every pay-television market in the world through an infrastructure that includes operational centers in london , singapore and miami . discovery channel , animal planet and tlc lead the international networks 2019 portfolio of television networks . international networks has one of the largest international distribution platforms of networks with as many as fourteen networks in more than 200 countries and territories around the world . at december 31 , 2012 , international networks operated over 180 unique distribution feeds in over 40 languages with channel feeds customized according to language needs and advertising sales opportunities . international networks also has free-to-air networks in the u.k. , germany , italy and spain and continues to pursue international expansion . our international networks segment owns and operates the following television networks which reached the following number of subscribers as of december 31 , 2012 : global networks international subscribers ( millions ) regional networks international subscribers ( millions ) .

on december 21 , 2012 , our international networks segment acquired 20% ( 20 % ) equity ownership interests in eurosport , a european sports satellite and cable network , and a portfolio of pay television networks from tf1 , a french media company , for $ 264 million , including transaction costs . we have a call right that enables us to purchase a controlling interest in eurosport starting december 2014 and for one year thereafter . if we exercise our call right , tf1 will have the right to put its remaining interest to us for one year thereafter . the arrangement is intended to increase the growth of eurosport , which focuses on niche but regionally popular sports such as tennis , skiing , cycling and skating , and enhance our pay television offerings in france . on december 28 , 2012 , we acquired switchover media , a group of five italian television channels with children's and entertainment programming . ( see note 3 to the accompanying consolidated financial statements. ) education education generated revenues of $ 105 million during 2012 , which represented 2% ( 2 % ) of our total consolidated revenues . education is comprised of curriculum-based product and service offerings . this segment generates revenues primarily from subscriptions charged to k-12 schools for access to an online suite of curriculum-based vod tools , professional development services , digital textbooks and , to a lesser extent , student assessments and publication of hardcopy curriculum-based content . our education business also participates in global brand and content licensing and engages in partnerships with leading non-profits , corporations , foundations and trade associations . content development our content development strategy is designed to increase viewership , maintain innovation and quality leadership , and provide value for our network distributors and advertising customers . our content is sourced from a wide range of third-party producers , which include some of the world 2019s leading nonfiction production companies as well as independent producers . our production arrangements fall into three categories : produced , coproduced and licensed . substantially all produced content includes content that we engage third parties to develop and produce , while we retain editorial control and own most or all of the rights , in exchange for paying all development and production costs . coproduced content refers to program rights that we have collaborated with third parties to finance and develop because at times world-wide rights are not available for acquisition or we save costs by collaborating with third parties . licensed content is comprised of films or series that have been previously produced by third parties. .

| | global networks discovery channel | internationalsubscribers ( millions ) 246 | regional networks dmax | internationalsubscribers ( millions ) 90 | |---:|:------------------------------------|--------------------------------------------:|:------------------------------|:-------------------------------------------| | 0 | animal planet | 183 | discovery kids | 61 | | 1 | tlc real time and travel & living | 174 | quest | 26 | | 2 | discovery science | 75 | discovery history | 13 | | 3 | investigation discovery | 63 | shed | 12 | | 4 | discovery home & health | 57 | discovery en espanol ( u.s. ) | 5 | | 5 | turbo | 42 | discovery familia ( u.s ) | 4 | | 6 | discovery world | 27 | | |

international networks international networks generated revenues of $ 1637 million during 2012 , which represented 37% ( 37 % ) of our total consolidated revenues . our international networks segment principally consists of national and pan-regional television networks . this segment generates revenue from operations in virtually every pay-television market in the world through an infrastructure that includes operational centers in london , singapore and miami . discovery channel , animal planet and tlc lead the international networks 2019 portfolio of television networks . international networks has one of the largest international distribution platforms of networks with as many as fourteen networks in more than 200 countries and territories around the world . at december 31 , 2012 , international networks operated over 180 unique distribution feeds in over 40 languages with channel feeds customized according to language needs and advertising sales opportunities . international networks also has free-to-air networks in the u.k. , germany , italy and spain and continues to pursue international expansion . our international networks segment owns and operates the following television networks which reached the following number of subscribers as of december 31 , 2012 : global networks international subscribers ( millions ) regional networks international subscribers ( millions ) ._| | global networks discovery channel | internationalsubscribers ( millions ) 246 | regional networks dmax | internationalsubscribers ( millions ) 90 | |---:|:------------------------------------|--------------------------------------------:|:------------------------------|:-------------------------------------------| | 0 | animal planet | 183 | discovery kids | 61 | | 1 | tlc real time and travel & living | 174 | quest | 26 | | 2 | discovery science | 75 | discovery history | 13 | | 3 | investigation discovery | 63 | shed | 12 | | 4 | discovery home & health | 57 | discovery en espanol ( u.s. ) | 5 | | 5 | turbo | 42 | discovery familia ( u.s ) | 4 | | 6 | discovery world | 27 | | |_on december 21 , 2012 , our international networks segment acquired 20% ( 20 % ) equity ownership interests in eurosport , a european sports satellite and cable network , and a portfolio of pay television networks from tf1 , a french media company , for $ 264 million , including transaction costs . we have a call right that enables us to purchase a controlling interest in eurosport starting december 2014 and for one year thereafter . if we exercise our call right , tf1 will have the right to put its remaining interest to us for one year thereafter . the arrangement is intended to increase the growth of eurosport , which focuses on niche but regionally popular sports such as tennis , skiing , cycling and skating , and enhance our pay television offerings in france . on december 28 , 2012 , we acquired switchover media , a group of five italian television channels with children's and entertainment programming . ( see note 3 to the accompanying consolidated financial statements. ) education education generated revenues of $ 105 million during 2012 , which represented 2% ( 2 % ) of our total consolidated revenues . education is comprised of curriculum-based product and service offerings . this segment generates revenues primarily from subscriptions charged to k-12 schools for access to an online suite of curriculum-based vod tools , professional development services , digital textbooks and , to a lesser extent , student assessments and publication of hardcopy curriculum-based content . our education business also participates in global brand and content licensing and engages in partnerships with leading non-profits , corporations , foundations and trade associations . content development our content development strategy is designed to increase viewership , maintain innovation and quality leadership , and provide value for our network distributors and advertising customers . our content is sourced from a wide range of third-party producers , which include some of the world 2019s leading nonfiction production companies as well as independent producers . our production arrangements fall into three categories : produced , coproduced and licensed . substantially all produced content includes content that we engage third parties to develop and produce , while we retain editorial control and own most or all of the rights , in exchange for paying all development and production costs . coproduced content refers to program rights that we have collaborated with third parties to finance and develop because at times world-wide rights are not available for acquisition or we save costs by collaborating with third parties . licensed content is comprised of films or series that have been previously produced by third parties. .

2,012

39

DISCA

Discovery, Inc.

Communication Services

Broadcasting

New York, NY

2014-01-01

1,437,107

1985

what is the implied total value of the european sports satellite and cable network as of the transaction date?

1320

divide(264, divide(20, const_100))

international networks international networks generated revenues of $ 1637 million during 2012 , which represented 37% ( 37 % ) of our total consolidated revenues . our international networks segment principally consists of national and pan-regional television networks . this segment generates revenue from operations in virtually every pay-television market in the world through an infrastructure that includes operational centers in london , singapore and miami . discovery channel , animal planet and tlc lead the international networks 2019 portfolio of television networks . international networks has one of the largest international distribution platforms of networks with as many as fourteen networks in more than 200 countries and territories around the world . at december 31 , 2012 , international networks operated over 180 unique distribution feeds in over 40 languages with channel feeds customized according to language needs and advertising sales opportunities . international networks also has free-to-air networks in the u.k. , germany , italy and spain and continues to pursue international expansion . our international networks segment owns and operates the following television networks which reached the following number of subscribers as of december 31 , 2012 : global networks international subscribers ( millions ) regional networks international subscribers ( millions ) .

on december 21 , 2012 , our international networks segment acquired 20% ( 20 % ) equity ownership interests in eurosport , a european sports satellite and cable network , and a portfolio of pay television networks from tf1 , a french media company , for $ 264 million , including transaction costs . we have a call right that enables us to purchase a controlling interest in eurosport starting december 2014 and for one year thereafter . if we exercise our call right , tf1 will have the right to put its remaining interest to us for one year thereafter . the arrangement is intended to increase the growth of eurosport , which focuses on niche but regionally popular sports such as tennis , skiing , cycling and skating , and enhance our pay television offerings in france . on december 28 , 2012 , we acquired switchover media , a group of five italian television channels with children's and entertainment programming . ( see note 3 to the accompanying consolidated financial statements. ) education education generated revenues of $ 105 million during 2012 , which represented 2% ( 2 % ) of our total consolidated revenues . education is comprised of curriculum-based product and service offerings . this segment generates revenues primarily from subscriptions charged to k-12 schools for access to an online suite of curriculum-based vod tools , professional development services , digital textbooks and , to a lesser extent , student assessments and publication of hardcopy curriculum-based content . our education business also participates in global brand and content licensing and engages in partnerships with leading non-profits , corporations , foundations and trade associations . content development our content development strategy is designed to increase viewership , maintain innovation and quality leadership , and provide value for our network distributors and advertising customers . our content is sourced from a wide range of third-party producers , which include some of the world 2019s leading nonfiction production companies as well as independent producers . our production arrangements fall into three categories : produced , coproduced and licensed . substantially all produced content includes content that we engage third parties to develop and produce , while we retain editorial control and own most or all of the rights , in exchange for paying all development and production costs . coproduced content refers to program rights that we have collaborated with third parties to finance and develop because at times world-wide rights are not available for acquisition or we save costs by collaborating with third parties . licensed content is comprised of films or series that have been previously produced by third parties. .

| | global networks discovery channel | internationalsubscribers ( millions ) 246 | regional networks dmax | internationalsubscribers ( millions ) 90 | |---:|:------------------------------------|--------------------------------------------:|:------------------------------|:-------------------------------------------| | 0 | animal planet | 183 | discovery kids | 61 | | 1 | tlc real time and travel & living | 174 | quest | 26 | | 2 | discovery science | 75 | discovery history | 13 | | 3 | investigation discovery | 63 | shed | 12 | | 4 | discovery home & health | 57 | discovery en espanol ( u.s. ) | 5 | | 5 | turbo | 42 | discovery familia ( u.s ) | 4 | | 6 | discovery world | 27 | | |

international networks international networks generated revenues of $ 1637 million during 2012 , which represented 37% ( 37 % ) of our total consolidated revenues . our international networks segment principally consists of national and pan-regional television networks . this segment generates revenue from operations in virtually every pay-television market in the world through an infrastructure that includes operational centers in london , singapore and miami . discovery channel , animal planet and tlc lead the international networks 2019 portfolio of television networks . international networks has one of the largest international distribution platforms of networks with as many as fourteen networks in more than 200 countries and territories around the world . at december 31 , 2012 , international networks operated over 180 unique distribution feeds in over 40 languages with channel feeds customized according to language needs and advertising sales opportunities . international networks also has free-to-air networks in the u.k. , germany , italy and spain and continues to pursue international expansion . our international networks segment owns and operates the following television networks which reached the following number of subscribers as of december 31 , 2012 : global networks international subscribers ( millions ) regional networks international subscribers ( millions ) ._| | global networks discovery channel | internationalsubscribers ( millions ) 246 | regional networks dmax | internationalsubscribers ( millions ) 90 | |---:|:------------------------------------|--------------------------------------------:|:------------------------------|:-------------------------------------------| | 0 | animal planet | 183 | discovery kids | 61 | | 1 | tlc real time and travel & living | 174 | quest | 26 | | 2 | discovery science | 75 | discovery history | 13 | | 3 | investigation discovery | 63 | shed | 12 | | 4 | discovery home & health | 57 | discovery en espanol ( u.s. ) | 5 | | 5 | turbo | 42 | discovery familia ( u.s ) | 4 | | 6 | discovery world | 27 | | |_on december 21 , 2012 , our international networks segment acquired 20% ( 20 % ) equity ownership interests in eurosport , a european sports satellite and cable network , and a portfolio of pay television networks from tf1 , a french media company , for $ 264 million , including transaction costs . we have a call right that enables us to purchase a controlling interest in eurosport starting december 2014 and for one year thereafter . if we exercise our call right , tf1 will have the right to put its remaining interest to us for one year thereafter . the arrangement is intended to increase the growth of eurosport , which focuses on niche but regionally popular sports such as tennis , skiing , cycling and skating , and enhance our pay television offerings in france . on december 28 , 2012 , we acquired switchover media , a group of five italian television channels with children's and entertainment programming . ( see note 3 to the accompanying consolidated financial statements. ) education education generated revenues of $ 105 million during 2012 , which represented 2% ( 2 % ) of our total consolidated revenues . education is comprised of curriculum-based product and service offerings . this segment generates revenues primarily from subscriptions charged to k-12 schools for access to an online suite of curriculum-based vod tools , professional development services , digital textbooks and , to a lesser extent , student assessments and publication of hardcopy curriculum-based content . our education business also participates in global brand and content licensing and engages in partnerships with leading non-profits , corporations , foundations and trade associations . content development our content development strategy is designed to increase viewership , maintain innovation and quality leadership , and provide value for our network distributors and advertising customers . our content is sourced from a wide range of third-party producers , which include some of the world 2019s leading nonfiction production companies as well as independent producers . our production arrangements fall into three categories : produced , coproduced and licensed . substantially all produced content includes content that we engage third parties to develop and produce , while we retain editorial control and own most or all of the rights , in exchange for paying all development and production costs . coproduced content refers to program rights that we have collaborated with third parties to finance and develop because at times world-wide rights are not available for acquisition or we save costs by collaborating with third parties . licensed content is comprised of films or series that have been previously produced by third parties. .

2,012

39

DISCA

Discovery, Inc.

Communication Services

Broadcasting

New York, NY

2014-01-01

1,437,107

1985

null

finqa492

in 2015 what was the ratio of the net sales to the backlog

0.44

divide(6770, 15500)

backlog backlog decreased in 2015 compared to 2014 primarily due to sales being recognized on several multi-year programs ( such as hmsc , nisc iii , ciog and nsf asc ) related to prior year awards and a limited number of large new business awards . backlog decreased in 2014 compared to 2013 primarily due to lower customer funding levels and declining activities on direct warfighter support programs impacted by defense budget reductions . trends we expect is&gs 2019 2016 net sales to decline in the high-single digit percentage range as compared to 2015 , primarily driven by key loss contracts in an increasingly competitive environment , along with volume contraction on the segment 2019s major contracts . operating profit is expected to decline at a higher percentage range in 2016 , as compared to net sales percentage declines , driven by higher margin program losses and re-compete programs awarded at lower margins . accordingly , 2016 margins are expected to be lower than 2015 results . missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics ; fire control systems ; mission operations support , readiness , engineering support and integration services ; manned and unmanned ground vehicles ; and energy management solutions . mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , jassm , javelin , apache , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) and sof clss . mfc 2019s operating results included the following ( in millions ) : .

2015 compared to 2014 mfc 2019s net sales in 2015 decreased $ 322 million , or 5% ( 5 % ) , compared to the same period in 2014 . the decrease was attributable to lower net sales of approximately $ 345 million for air and missile defense programs due to fewer deliveries ( primarily pac-3 ) and lower volume ( primarily thaad ) ; and approximately $ 85 million for tactical missile programs due to fewer deliveries ( primarily guided multiple launch rocket system ( gmlrs ) ) and joint air-to-surface standoff missile , partially offset by increased deliveries for hellfire . these decreases were partially offset by higher net sales of approximately $ 55 million for energy solutions programs due to increased volume . mfc 2019s operating profit in 2015 decreased $ 62 million , or 5% ( 5 % ) , compared to 2014 . the decrease was attributable to lower operating profit of approximately $ 100 million for fire control programs due primarily to lower risk retirements ( primarily lantirn and sniper ) ; and approximately $ 65 million for tactical missile programs due to lower risk retirements ( primarily hellfire and gmlrs ) and fewer deliveries . these decreases were partially offset by higher operating profit of approximately $ 75 million for air and missile defense programs due to increased risk retirements ( primarily thaad ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 60 million lower in 2015 compared to 2014 . 2014 compared to 2013 mfc 2019s net sales increased $ 297 million , or 4% ( 4 % ) , in 2014 as compared to 2013 . the increase was primarily attributable to higher net sales of approximately $ 180 million for air and missile defense programs primarily due to increased volume for thaad ; about $ 115 million for fire control programs due to increased deliveries ( including apache ) ; and about $ 125 million for various other programs due to increased volume . these increases were partially offset by lower net sales of approximately $ 115 million for tactical missile programs due to fewer deliveries ( primarily high mobility artillery rocket system and army tactical missile system ) . mfc 2019s operating profit decreased $ 35 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of about $ 20 million for tactical missile programs due to net warranty reserve adjustments for various programs ( including jassm and gmlrs ) and fewer deliveries ; and approximately $ 45 million for various other programs due to lower risk retirements . the decreases were offset by higher operating profit of approximately $ 20 million for air and missile defense programs due to increased volume ( primarily thaad and pac-3 ) ; and about .

| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 6770 | $ 7092 | $ 6795 | | 1 | operating profit | 1282 | 1344 | 1379 | | 2 | operating margins | 18.9% ( 18.9 % ) | 19.0% ( 19.0 % ) | 20.3% ( 20.3 % ) | | 3 | backlog at year-end | $ 15500 | $ 13300 | $ 14300 |

backlog backlog decreased in 2015 compared to 2014 primarily due to sales being recognized on several multi-year programs ( such as hmsc , nisc iii , ciog and nsf asc ) related to prior year awards and a limited number of large new business awards . backlog decreased in 2014 compared to 2013 primarily due to lower customer funding levels and declining activities on direct warfighter support programs impacted by defense budget reductions . trends we expect is&gs 2019 2016 net sales to decline in the high-single digit percentage range as compared to 2015 , primarily driven by key loss contracts in an increasingly competitive environment , along with volume contraction on the segment 2019s major contracts . operating profit is expected to decline at a higher percentage range in 2016 , as compared to net sales percentage declines , driven by higher margin program losses and re-compete programs awarded at lower margins . accordingly , 2016 margins are expected to be lower than 2015 results . missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics ; fire control systems ; mission operations support , readiness , engineering support and integration services ; manned and unmanned ground vehicles ; and energy management solutions . mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , jassm , javelin , apache , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) and sof clss . mfc 2019s operating results included the following ( in millions ) : ._| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 6770 | $ 7092 | $ 6795 | | 1 | operating profit | 1282 | 1344 | 1379 | | 2 | operating margins | 18.9% ( 18.9 % ) | 19.0% ( 19.0 % ) | 20.3% ( 20.3 % ) | | 3 | backlog at year-end | $ 15500 | $ 13300 | $ 14300 |_2015 compared to 2014 mfc 2019s net sales in 2015 decreased $ 322 million , or 5% ( 5 % ) , compared to the same period in 2014 . the decrease was attributable to lower net sales of approximately $ 345 million for air and missile defense programs due to fewer deliveries ( primarily pac-3 ) and lower volume ( primarily thaad ) ; and approximately $ 85 million for tactical missile programs due to fewer deliveries ( primarily guided multiple launch rocket system ( gmlrs ) ) and joint air-to-surface standoff missile , partially offset by increased deliveries for hellfire . these decreases were partially offset by higher net sales of approximately $ 55 million for energy solutions programs due to increased volume . mfc 2019s operating profit in 2015 decreased $ 62 million , or 5% ( 5 % ) , compared to 2014 . the decrease was attributable to lower operating profit of approximately $ 100 million for fire control programs due primarily to lower risk retirements ( primarily lantirn and sniper ) ; and approximately $ 65 million for tactical missile programs due to lower risk retirements ( primarily hellfire and gmlrs ) and fewer deliveries . these decreases were partially offset by higher operating profit of approximately $ 75 million for air and missile defense programs due to increased risk retirements ( primarily thaad ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 60 million lower in 2015 compared to 2014 . 2014 compared to 2013 mfc 2019s net sales increased $ 297 million , or 4% ( 4 % ) , in 2014 as compared to 2013 . the increase was primarily attributable to higher net sales of approximately $ 180 million for air and missile defense programs primarily due to increased volume for thaad ; about $ 115 million for fire control programs due to increased deliveries ( including apache ) ; and about $ 125 million for various other programs due to increased volume . these increases were partially offset by lower net sales of approximately $ 115 million for tactical missile programs due to fewer deliveries ( primarily high mobility artillery rocket system and army tactical missile system ) . mfc 2019s operating profit decreased $ 35 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of about $ 20 million for tactical missile programs due to net warranty reserve adjustments for various programs ( including jassm and gmlrs ) and fewer deliveries ; and approximately $ 45 million for various other programs due to lower risk retirements . the decreases were offset by higher operating profit of approximately $ 20 million for air and missile defense programs due to increased volume ( primarily thaad and pac-3 ) ; and about .

2,015

54

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

in 2015 what was the ratio of the net sales to the backlog

0.44

divide(6770, 15500)

backlog backlog decreased in 2015 compared to 2014 primarily due to sales being recognized on several multi-year programs ( such as hmsc , nisc iii , ciog and nsf asc ) related to prior year awards and a limited number of large new business awards . backlog decreased in 2014 compared to 2013 primarily due to lower customer funding levels and declining activities on direct warfighter support programs impacted by defense budget reductions . trends we expect is&gs 2019 2016 net sales to decline in the high-single digit percentage range as compared to 2015 , primarily driven by key loss contracts in an increasingly competitive environment , along with volume contraction on the segment 2019s major contracts . operating profit is expected to decline at a higher percentage range in 2016 , as compared to net sales percentage declines , driven by higher margin program losses and re-compete programs awarded at lower margins . accordingly , 2016 margins are expected to be lower than 2015 results . missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics ; fire control systems ; mission operations support , readiness , engineering support and integration services ; manned and unmanned ground vehicles ; and energy management solutions . mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , jassm , javelin , apache , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) and sof clss . mfc 2019s operating results included the following ( in millions ) : .

2015 compared to 2014 mfc 2019s net sales in 2015 decreased $ 322 million , or 5% ( 5 % ) , compared to the same period in 2014 . the decrease was attributable to lower net sales of approximately $ 345 million for air and missile defense programs due to fewer deliveries ( primarily pac-3 ) and lower volume ( primarily thaad ) ; and approximately $ 85 million for tactical missile programs due to fewer deliveries ( primarily guided multiple launch rocket system ( gmlrs ) ) and joint air-to-surface standoff missile , partially offset by increased deliveries for hellfire . these decreases were partially offset by higher net sales of approximately $ 55 million for energy solutions programs due to increased volume . mfc 2019s operating profit in 2015 decreased $ 62 million , or 5% ( 5 % ) , compared to 2014 . the decrease was attributable to lower operating profit of approximately $ 100 million for fire control programs due primarily to lower risk retirements ( primarily lantirn and sniper ) ; and approximately $ 65 million for tactical missile programs due to lower risk retirements ( primarily hellfire and gmlrs ) and fewer deliveries . these decreases were partially offset by higher operating profit of approximately $ 75 million for air and missile defense programs due to increased risk retirements ( primarily thaad ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 60 million lower in 2015 compared to 2014 . 2014 compared to 2013 mfc 2019s net sales increased $ 297 million , or 4% ( 4 % ) , in 2014 as compared to 2013 . the increase was primarily attributable to higher net sales of approximately $ 180 million for air and missile defense programs primarily due to increased volume for thaad ; about $ 115 million for fire control programs due to increased deliveries ( including apache ) ; and about $ 125 million for various other programs due to increased volume . these increases were partially offset by lower net sales of approximately $ 115 million for tactical missile programs due to fewer deliveries ( primarily high mobility artillery rocket system and army tactical missile system ) . mfc 2019s operating profit decreased $ 35 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of about $ 20 million for tactical missile programs due to net warranty reserve adjustments for various programs ( including jassm and gmlrs ) and fewer deliveries ; and approximately $ 45 million for various other programs due to lower risk retirements . the decreases were offset by higher operating profit of approximately $ 20 million for air and missile defense programs due to increased volume ( primarily thaad and pac-3 ) ; and about .

| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 6770 | $ 7092 | $ 6795 | | 1 | operating profit | 1282 | 1344 | 1379 | | 2 | operating margins | 18.9% ( 18.9 % ) | 19.0% ( 19.0 % ) | 20.3% ( 20.3 % ) | | 3 | backlog at year-end | $ 15500 | $ 13300 | $ 14300 |

backlog backlog decreased in 2015 compared to 2014 primarily due to sales being recognized on several multi-year programs ( such as hmsc , nisc iii , ciog and nsf asc ) related to prior year awards and a limited number of large new business awards . backlog decreased in 2014 compared to 2013 primarily due to lower customer funding levels and declining activities on direct warfighter support programs impacted by defense budget reductions . trends we expect is&gs 2019 2016 net sales to decline in the high-single digit percentage range as compared to 2015 , primarily driven by key loss contracts in an increasingly competitive environment , along with volume contraction on the segment 2019s major contracts . operating profit is expected to decline at a higher percentage range in 2016 , as compared to net sales percentage declines , driven by higher margin program losses and re-compete programs awarded at lower margins . accordingly , 2016 margins are expected to be lower than 2015 results . missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics ; fire control systems ; mission operations support , readiness , engineering support and integration services ; manned and unmanned ground vehicles ; and energy management solutions . mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , jassm , javelin , apache , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) and sof clss . mfc 2019s operating results included the following ( in millions ) : ._| | | 2015 | 2014 | 2013 | |---:|:--------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 6770 | $ 7092 | $ 6795 | | 1 | operating profit | 1282 | 1344 | 1379 | | 2 | operating margins | 18.9% ( 18.9 % ) | 19.0% ( 19.0 % ) | 20.3% ( 20.3 % ) | | 3 | backlog at year-end | $ 15500 | $ 13300 | $ 14300 |_2015 compared to 2014 mfc 2019s net sales in 2015 decreased $ 322 million , or 5% ( 5 % ) , compared to the same period in 2014 . the decrease was attributable to lower net sales of approximately $ 345 million for air and missile defense programs due to fewer deliveries ( primarily pac-3 ) and lower volume ( primarily thaad ) ; and approximately $ 85 million for tactical missile programs due to fewer deliveries ( primarily guided multiple launch rocket system ( gmlrs ) ) and joint air-to-surface standoff missile , partially offset by increased deliveries for hellfire . these decreases were partially offset by higher net sales of approximately $ 55 million for energy solutions programs due to increased volume . mfc 2019s operating profit in 2015 decreased $ 62 million , or 5% ( 5 % ) , compared to 2014 . the decrease was attributable to lower operating profit of approximately $ 100 million for fire control programs due primarily to lower risk retirements ( primarily lantirn and sniper ) ; and approximately $ 65 million for tactical missile programs due to lower risk retirements ( primarily hellfire and gmlrs ) and fewer deliveries . these decreases were partially offset by higher operating profit of approximately $ 75 million for air and missile defense programs due to increased risk retirements ( primarily thaad ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 60 million lower in 2015 compared to 2014 . 2014 compared to 2013 mfc 2019s net sales increased $ 297 million , or 4% ( 4 % ) , in 2014 as compared to 2013 . the increase was primarily attributable to higher net sales of approximately $ 180 million for air and missile defense programs primarily due to increased volume for thaad ; about $ 115 million for fire control programs due to increased deliveries ( including apache ) ; and about $ 125 million for various other programs due to increased volume . these increases were partially offset by lower net sales of approximately $ 115 million for tactical missile programs due to fewer deliveries ( primarily high mobility artillery rocket system and army tactical missile system ) . mfc 2019s operating profit decreased $ 35 million , or 3% ( 3 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower operating profit of about $ 20 million for tactical missile programs due to net warranty reserve adjustments for various programs ( including jassm and gmlrs ) and fewer deliveries ; and approximately $ 45 million for various other programs due to lower risk retirements . the decreases were offset by higher operating profit of approximately $ 20 million for air and missile defense programs due to increased volume ( primarily thaad and pac-3 ) ; and about .

2,015

54

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa493

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

148%

divide(subtract(15261, 6142), 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 percentage change in total long-term debt net from 2014 to 2015?

148%

divide(subtract(15261, 6142), 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

finqa494

what was the change in millions of carrying amount reported on the consolidated balance sheet trading assets from 2007 to 2008?

-9766

subtract(16254, 26020)

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 change in millions of carrying amount reported on the consolidated balance sheet trading assets from 2007 to 2008?

-9766

subtract(16254, 26020)

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

finqa495

what was the percentage change in capital expenditures for property , plant and equipment from 2008 to 2009?

-8%

divide(subtract(852, 926), 926)

( 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 2008 to 2009?

-8%

divide(subtract(852, 926), 926)

( 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

finqa496

what percentage of total goodwill is attributable to u.s . brokerage reporting unit as december 31 , 2011?

91%

divide(1751.2, 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

what percentage of total goodwill is attributable to u.s . brokerage reporting unit as december 31 , 2011?

91%

divide(1751.2, 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

finqa497

what was the average total stock-based compensation expense from 2008 to 2010 in millions

218

divide(add(add(add(221, 209), 226), const_3), const_2)

material impact on the service cost and interest cost components of net periodic benefit costs for a 1% ( 1 % ) change in the assumed health care trend rate . for most of the participants in the u.s . plan , aon 2019s liability for future plan cost increases for pre-65 and medical supplement plan coverage is limited to 5% ( 5 % ) per annum . because of this cap , net employer trend rates for these plans are effectively limited to 5% ( 5 % ) per year in the future . during 2007 , aon recognized a plan amendment which phases out post-65 retiree coverage in its u.s . plan over the next three years . the impact of this amendment on net periodic benefit cost is being recognized over the average remaining service life of the employees . 14 . stock compensation plans the following table summarizes stock-based compensation expense recognized in continuing operations in the consolidated statements of income in compensation and benefits ( in millions ) : .

during 2009 , the company converted its stock administration system to a new service provider . in connection with this conversion , a reconciliation of the methodologies and estimates utilized was performed , which resulted in a $ 12 million reduction of expense for the year ended december 31 , 2009 . stock awards stock awards , in the form of rsus , are granted to certain employees and consist of both performance-based and service-based rsus . service-based awards generally vest between three and ten years from the date of grant . the fair value of service-based awards is based upon the market value of the underlying common stock at the date of grant . with certain limited exceptions , any break in continuous employment will cause the forfeiture of all unvested awards . compensation expense associated with stock awards is recognized over the service period . dividend equivalents are paid on certain service-based rsus , based on the initial grant amount . performance-based rsus have been granted to certain employees . vesting of these awards is contingent upon meeting various individual , divisional or company-wide performance conditions , including revenue generation or growth in revenue , pretax income or earnings per share over a one- to five-year period . the performance conditions are not considered in the determination of the grant date fair value for these awards . the fair value of performance-based awards is based upon the market price of the underlying common stock at the date of grant . compensation expense is recognized over the performance period , and in certain cases an additional vesting period , based on management 2019s estimate of the number of units expected to vest . compensation expense is adjusted to reflect the actual number of shares paid out at the end of the programs . the actual payout of shares under these performance- based plans may range from 0-200% ( 0-200 % ) of the number of units granted , based on the plan . dividend equivalents are generally not paid on the performance-based rsus . during 2010 , the company granted approximately 1.6 million shares in connection with the completion of the 2007 leadership performance plan ( 2018 2018lpp 2019 2019 ) cycle and 84000 shares related to other performance plans . during 2010 , 2009 and 2008 , the company granted approximately 3.5 million .

| | years ended december 31 | 2010 | 2009 | 2008 | |---:|:--------------------------------------------|:-------|:-------|:-------| | 0 | rsus | $ 138 | $ 124 | $ 132 | | 1 | performance plans | 62 | 60 | 67 | | 2 | stock options | 17 | 21 | 24 | | 3 | employee stock purchase plans | 4 | 4 | 3 | | 4 | total stock-based compensation expense | 221 | 209 | 226 | | 5 | tax benefit | 75 | 68 | 82 | | 6 | stock-based compensation expense net of tax | $ 146 | $ 141 | $ 144 |

material impact on the service cost and interest cost components of net periodic benefit costs for a 1% ( 1 % ) change in the assumed health care trend rate . for most of the participants in the u.s . plan , aon 2019s liability for future plan cost increases for pre-65 and medical supplement plan coverage is limited to 5% ( 5 % ) per annum . because of this cap , net employer trend rates for these plans are effectively limited to 5% ( 5 % ) per year in the future . during 2007 , aon recognized a plan amendment which phases out post-65 retiree coverage in its u.s . plan over the next three years . the impact of this amendment on net periodic benefit cost is being recognized over the average remaining service life of the employees . 14 . stock compensation plans the following table summarizes stock-based compensation expense recognized in continuing operations in the consolidated statements of income in compensation and benefits ( in millions ) : ._| | years ended december 31 | 2010 | 2009 | 2008 | |---:|:--------------------------------------------|:-------|:-------|:-------| | 0 | rsus | $ 138 | $ 124 | $ 132 | | 1 | performance plans | 62 | 60 | 67 | | 2 | stock options | 17 | 21 | 24 | | 3 | employee stock purchase plans | 4 | 4 | 3 | | 4 | total stock-based compensation expense | 221 | 209 | 226 | | 5 | tax benefit | 75 | 68 | 82 | | 6 | stock-based compensation expense net of tax | $ 146 | $ 141 | $ 144 |_during 2009 , the company converted its stock administration system to a new service provider . in connection with this conversion , a reconciliation of the methodologies and estimates utilized was performed , which resulted in a $ 12 million reduction of expense for the year ended december 31 , 2009 . stock awards stock awards , in the form of rsus , are granted to certain employees and consist of both performance-based and service-based rsus . service-based awards generally vest between three and ten years from the date of grant . the fair value of service-based awards is based upon the market value of the underlying common stock at the date of grant . with certain limited exceptions , any break in continuous employment will cause the forfeiture of all unvested awards . compensation expense associated with stock awards is recognized over the service period . dividend equivalents are paid on certain service-based rsus , based on the initial grant amount . performance-based rsus have been granted to certain employees . vesting of these awards is contingent upon meeting various individual , divisional or company-wide performance conditions , including revenue generation or growth in revenue , pretax income or earnings per share over a one- to five-year period . the performance conditions are not considered in the determination of the grant date fair value for these awards . the fair value of performance-based awards is based upon the market price of the underlying common stock at the date of grant . compensation expense is recognized over the performance period , and in certain cases an additional vesting period , based on management 2019s estimate of the number of units expected to vest . compensation expense is adjusted to reflect the actual number of shares paid out at the end of the programs . the actual payout of shares under these performance- based plans may range from 0-200% ( 0-200 % ) of the number of units granted , based on the plan . dividend equivalents are generally not paid on the performance-based rsus . during 2010 , the company granted approximately 1.6 million shares in connection with the completion of the 2007 leadership performance plan ( 2018 2018lpp 2019 2019 ) cycle and 84000 shares related to other performance plans . during 2010 , 2009 and 2008 , the company granted approximately 3.5 million .

2,010

115

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

what was the average total stock-based compensation expense from 2008 to 2010 in millions

218

divide(add(add(add(221, 209), 226), const_3), const_2)

material impact on the service cost and interest cost components of net periodic benefit costs for a 1% ( 1 % ) change in the assumed health care trend rate . for most of the participants in the u.s . plan , aon 2019s liability for future plan cost increases for pre-65 and medical supplement plan coverage is limited to 5% ( 5 % ) per annum . because of this cap , net employer trend rates for these plans are effectively limited to 5% ( 5 % ) per year in the future . during 2007 , aon recognized a plan amendment which phases out post-65 retiree coverage in its u.s . plan over the next three years . the impact of this amendment on net periodic benefit cost is being recognized over the average remaining service life of the employees . 14 . stock compensation plans the following table summarizes stock-based compensation expense recognized in continuing operations in the consolidated statements of income in compensation and benefits ( in millions ) : .

during 2009 , the company converted its stock administration system to a new service provider . in connection with this conversion , a reconciliation of the methodologies and estimates utilized was performed , which resulted in a $ 12 million reduction of expense for the year ended december 31 , 2009 . stock awards stock awards , in the form of rsus , are granted to certain employees and consist of both performance-based and service-based rsus . service-based awards generally vest between three and ten years from the date of grant . the fair value of service-based awards is based upon the market value of the underlying common stock at the date of grant . with certain limited exceptions , any break in continuous employment will cause the forfeiture of all unvested awards . compensation expense associated with stock awards is recognized over the service period . dividend equivalents are paid on certain service-based rsus , based on the initial grant amount . performance-based rsus have been granted to certain employees . vesting of these awards is contingent upon meeting various individual , divisional or company-wide performance conditions , including revenue generation or growth in revenue , pretax income or earnings per share over a one- to five-year period . the performance conditions are not considered in the determination of the grant date fair value for these awards . the fair value of performance-based awards is based upon the market price of the underlying common stock at the date of grant . compensation expense is recognized over the performance period , and in certain cases an additional vesting period , based on management 2019s estimate of the number of units expected to vest . compensation expense is adjusted to reflect the actual number of shares paid out at the end of the programs . the actual payout of shares under these performance- based plans may range from 0-200% ( 0-200 % ) of the number of units granted , based on the plan . dividend equivalents are generally not paid on the performance-based rsus . during 2010 , the company granted approximately 1.6 million shares in connection with the completion of the 2007 leadership performance plan ( 2018 2018lpp 2019 2019 ) cycle and 84000 shares related to other performance plans . during 2010 , 2009 and 2008 , the company granted approximately 3.5 million .

| | years ended december 31 | 2010 | 2009 | 2008 | |---:|:--------------------------------------------|:-------|:-------|:-------| | 0 | rsus | $ 138 | $ 124 | $ 132 | | 1 | performance plans | 62 | 60 | 67 | | 2 | stock options | 17 | 21 | 24 | | 3 | employee stock purchase plans | 4 | 4 | 3 | | 4 | total stock-based compensation expense | 221 | 209 | 226 | | 5 | tax benefit | 75 | 68 | 82 | | 6 | stock-based compensation expense net of tax | $ 146 | $ 141 | $ 144 |

material impact on the service cost and interest cost components of net periodic benefit costs for a 1% ( 1 % ) change in the assumed health care trend rate . for most of the participants in the u.s . plan , aon 2019s liability for future plan cost increases for pre-65 and medical supplement plan coverage is limited to 5% ( 5 % ) per annum . because of this cap , net employer trend rates for these plans are effectively limited to 5% ( 5 % ) per year in the future . during 2007 , aon recognized a plan amendment which phases out post-65 retiree coverage in its u.s . plan over the next three years . the impact of this amendment on net periodic benefit cost is being recognized over the average remaining service life of the employees . 14 . stock compensation plans the following table summarizes stock-based compensation expense recognized in continuing operations in the consolidated statements of income in compensation and benefits ( in millions ) : ._| | years ended december 31 | 2010 | 2009 | 2008 | |---:|:--------------------------------------------|:-------|:-------|:-------| | 0 | rsus | $ 138 | $ 124 | $ 132 | | 1 | performance plans | 62 | 60 | 67 | | 2 | stock options | 17 | 21 | 24 | | 3 | employee stock purchase plans | 4 | 4 | 3 | | 4 | total stock-based compensation expense | 221 | 209 | 226 | | 5 | tax benefit | 75 | 68 | 82 | | 6 | stock-based compensation expense net of tax | $ 146 | $ 141 | $ 144 |_during 2009 , the company converted its stock administration system to a new service provider . in connection with this conversion , a reconciliation of the methodologies and estimates utilized was performed , which resulted in a $ 12 million reduction of expense for the year ended december 31 , 2009 . stock awards stock awards , in the form of rsus , are granted to certain employees and consist of both performance-based and service-based rsus . service-based awards generally vest between three and ten years from the date of grant . the fair value of service-based awards is based upon the market value of the underlying common stock at the date of grant . with certain limited exceptions , any break in continuous employment will cause the forfeiture of all unvested awards . compensation expense associated with stock awards is recognized over the service period . dividend equivalents are paid on certain service-based rsus , based on the initial grant amount . performance-based rsus have been granted to certain employees . vesting of these awards is contingent upon meeting various individual , divisional or company-wide performance conditions , including revenue generation or growth in revenue , pretax income or earnings per share over a one- to five-year period . the performance conditions are not considered in the determination of the grant date fair value for these awards . the fair value of performance-based awards is based upon the market price of the underlying common stock at the date of grant . compensation expense is recognized over the performance period , and in certain cases an additional vesting period , based on management 2019s estimate of the number of units expected to vest . compensation expense is adjusted to reflect the actual number of shares paid out at the end of the programs . the actual payout of shares under these performance- based plans may range from 0-200% ( 0-200 % ) of the number of units granted , based on the plan . dividend equivalents are generally not paid on the performance-based rsus . during 2010 , the company granted approximately 1.6 million shares in connection with the completion of the 2007 leadership performance plan ( 2018 2018lpp 2019 2019 ) cycle and 84000 shares related to other performance plans . during 2010 , 2009 and 2008 , the company granted approximately 3.5 million .

2,010

115

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

null

finqa498

recognized net gains of $ 107 million in 2009 on the valuation and sale of commercial mortgage loans held for sale , net of hedges\\nwere what percent of residential mortgages at fair value?

10.6%

divide(107, 1012)

december 31 , 2009 , $ 397 million of the credit losses related to securities rated below investment grade . as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for non-agency residential mortgage-backed securities totaled $ 1.1 billion and the related securities had a fair value of $ 2.6 billion . the fair value of sub-investment grade investment securities for which we have not recorded an otti credit loss as of december 31 , 2009 totaled $ 2.6 billion , with unrealized net losses of $ 658 million . the results of our security-level assessments indicate that we will recover the entire cost basis of these securities . note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities . commercial mortgage-backed securities the fair value of the non-agency commercial mortgage- backed securities portfolio was $ 6.1 billion at december 31 , 2009 and consisted of fixed-rate , private-issuer securities collateralized by non-residential properties , primarily retail properties , office buildings , and multi-family housing . the agency commercial mortgage-backed securities portfolio was $ 1.3 billion fair value at december 31 , 2009 consisting of multi-family housing . substantially all of the securities are the most senior tranches in the subordination structure . we recorded otti credit losses of $ 6 million on non-agency commercial mortgage-backed securities during 2009 . the remaining fair value of the securities for which otti was recorded approximates zero . all of the credit-impaired securities were rated below investment grade . asset-backed securities the fair value of the asset-backed securities portfolio was $ 4.8 billion at december 31 , 2009 and consisted of fixed-rate and floating-rate , private-issuer securities collateralized primarily by various consumer credit products , including residential mortgage loans , credit cards , and automobile loans . substantially all of the securities are senior tranches in the securitization structure and have credit protection in the form of credit enhancement , over-collateralization and/or excess spread accounts . we recorded otti credit losses of $ 111 million on asset- backed securities during 2009 . all of the securities were collateralized by first and second lien residential mortgage loans and were rated below investment grade . as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for asset- backed securities totaled $ 221 million and the related securities had a fair value of $ 562 million . for the sub-investment grade investment securities for which we have not recorded an otti loss through december 31 , 2009 , the remaining fair value was $ 381 million , with unrealized net losses of $ 110 million . the results of our security-level assessments indicate that we will recover the entire cost basis of these securities . note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities . if the current housing and economic conditions were to continue for the foreseeable future or worsen , if market volatility and illiquidity were to continue or worsen , or if market interest rates were to increase appreciably , the valuation of our investment securities portfolio could continue to be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement . loans held for sale in millions dec . 31 dec . 31 .

we stopped originating commercial mortgage loans held for sale designated at fair value during the first quarter of 2008 and intend to continue pursuing opportunities to reduce these positions at appropriate prices . for commercial mortgages held for sale carried at the lower of cost or market , strong origination volumes partially offset sales to government agencies of $ 5.4 billion during 2009 . we recognized net gains of $ 107 million in 2009 on the valuation and sale of commercial mortgage loans held for sale , net of hedges , carried at fair value and lower of cost or market compared with losses of $ 197 million in 2008 . we sold $ .3 billion and $ .6 billion , respectively , of commercial mortgage loans held for sale carried at fair value in 2009 and 2008 . residential mortgage loans held for sale decreased during 2009 despite strong refinancing volumes , especially in the first quarter . loan origination volume was $ 19.1 billion . substantially all such loans were originated to agency standards . we sold $ 19.8 billion of loans and recognized related gains of $ 435 million during 2009 . net interest income on residential mortgage loans held for sale was $ 332 million for 2009. .

| | in millions | dec.31 2009 | dec . 312008 | |---:|:-------------------------------------------------|:--------------|:---------------| | 0 | commercial mortgages at fair value | $ 1050 | $ 1401 | | 1 | commercial mortgages at lower of cost or market | 251 | 747 | | 2 | total commercial mortgages | 1301 | 2148 | | 3 | residential mortgages at fair value | 1012 | 1824 | | 4 | residential mortgages at lower of cost or market | | 138 | | 5 | total residential mortgages | 1012 | 1962 | | 6 | other | 226 | 256 | | 7 | total | $ 2539 | $ 4366 |

december 31 , 2009 , $ 397 million of the credit losses related to securities rated below investment grade . as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for non-agency residential mortgage-backed securities totaled $ 1.1 billion and the related securities had a fair value of $ 2.6 billion . the fair value of sub-investment grade investment securities for which we have not recorded an otti credit loss as of december 31 , 2009 totaled $ 2.6 billion , with unrealized net losses of $ 658 million . the results of our security-level assessments indicate that we will recover the entire cost basis of these securities . note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities . commercial mortgage-backed securities the fair value of the non-agency commercial mortgage- backed securities portfolio was $ 6.1 billion at december 31 , 2009 and consisted of fixed-rate , private-issuer securities collateralized by non-residential properties , primarily retail properties , office buildings , and multi-family housing . the agency commercial mortgage-backed securities portfolio was $ 1.3 billion fair value at december 31 , 2009 consisting of multi-family housing . substantially all of the securities are the most senior tranches in the subordination structure . we recorded otti credit losses of $ 6 million on non-agency commercial mortgage-backed securities during 2009 . the remaining fair value of the securities for which otti was recorded approximates zero . all of the credit-impaired securities were rated below investment grade . asset-backed securities the fair value of the asset-backed securities portfolio was $ 4.8 billion at december 31 , 2009 and consisted of fixed-rate and floating-rate , private-issuer securities collateralized primarily by various consumer credit products , including residential mortgage loans , credit cards , and automobile loans . substantially all of the securities are senior tranches in the securitization structure and have credit protection in the form of credit enhancement , over-collateralization and/or excess spread accounts . we recorded otti credit losses of $ 111 million on asset- backed securities during 2009 . all of the securities were collateralized by first and second lien residential mortgage loans and were rated below investment grade . as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for asset- backed securities totaled $ 221 million and the related securities had a fair value of $ 562 million . for the sub-investment grade investment securities for which we have not recorded an otti loss through december 31 , 2009 , the remaining fair value was $ 381 million , with unrealized net losses of $ 110 million . the results of our security-level assessments indicate that we will recover the entire cost basis of these securities . note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities . if the current housing and economic conditions were to continue for the foreseeable future or worsen , if market volatility and illiquidity were to continue or worsen , or if market interest rates were to increase appreciably , the valuation of our investment securities portfolio could continue to be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement . loans held for sale in millions dec . 31 dec . 31 ._| | in millions | dec.31 2009 | dec . 312008 | |---:|:-------------------------------------------------|:--------------|:---------------| | 0 | commercial mortgages at fair value | $ 1050 | $ 1401 | | 1 | commercial mortgages at lower of cost or market | 251 | 747 | | 2 | total commercial mortgages | 1301 | 2148 | | 3 | residential mortgages at fair value | 1012 | 1824 | | 4 | residential mortgages at lower of cost or market | | 138 | | 5 | total residential mortgages | 1012 | 1962 | | 6 | other | 226 | 256 | | 7 | total | $ 2539 | $ 4366 |_we stopped originating commercial mortgage loans held for sale designated at fair value during the first quarter of 2008 and intend to continue pursuing opportunities to reduce these positions at appropriate prices . for commercial mortgages held for sale carried at the lower of cost or market , strong origination volumes partially offset sales to government agencies of $ 5.4 billion during 2009 . we recognized net gains of $ 107 million in 2009 on the valuation and sale of commercial mortgage loans held for sale , net of hedges , carried at fair value and lower of cost or market compared with losses of $ 197 million in 2008 . we sold $ .3 billion and $ .6 billion , respectively , of commercial mortgage loans held for sale carried at fair value in 2009 and 2008 . residential mortgage loans held for sale decreased during 2009 despite strong refinancing volumes , especially in the first quarter . loan origination volume was $ 19.1 billion . substantially all such loans were originated to agency standards . we sold $ 19.8 billion of loans and recognized related gains of $ 435 million during 2009 . net interest income on residential mortgage loans held for sale was $ 332 million for 2009. .

2,009

41

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

recognized net gains of $ 107 million in 2009 on the valuation and sale of commercial mortgage loans held for sale , net of hedges\\nwere what percent of residential mortgages at fair value?

10.6%

divide(107, 1012)

december 31 , 2009 , $ 397 million of the credit losses related to securities rated below investment grade . as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for non-agency residential mortgage-backed securities totaled $ 1.1 billion and the related securities had a fair value of $ 2.6 billion . the fair value of sub-investment grade investment securities for which we have not recorded an otti credit loss as of december 31 , 2009 totaled $ 2.6 billion , with unrealized net losses of $ 658 million . the results of our security-level assessments indicate that we will recover the entire cost basis of these securities . note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities . commercial mortgage-backed securities the fair value of the non-agency commercial mortgage- backed securities portfolio was $ 6.1 billion at december 31 , 2009 and consisted of fixed-rate , private-issuer securities collateralized by non-residential properties , primarily retail properties , office buildings , and multi-family housing . the agency commercial mortgage-backed securities portfolio was $ 1.3 billion fair value at december 31 , 2009 consisting of multi-family housing . substantially all of the securities are the most senior tranches in the subordination structure . we recorded otti credit losses of $ 6 million on non-agency commercial mortgage-backed securities during 2009 . the remaining fair value of the securities for which otti was recorded approximates zero . all of the credit-impaired securities were rated below investment grade . asset-backed securities the fair value of the asset-backed securities portfolio was $ 4.8 billion at december 31 , 2009 and consisted of fixed-rate and floating-rate , private-issuer securities collateralized primarily by various consumer credit products , including residential mortgage loans , credit cards , and automobile loans . substantially all of the securities are senior tranches in the securitization structure and have credit protection in the form of credit enhancement , over-collateralization and/or excess spread accounts . we recorded otti credit losses of $ 111 million on asset- backed securities during 2009 . all of the securities were collateralized by first and second lien residential mortgage loans and were rated below investment grade . as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for asset- backed securities totaled $ 221 million and the related securities had a fair value of $ 562 million . for the sub-investment grade investment securities for which we have not recorded an otti loss through december 31 , 2009 , the remaining fair value was $ 381 million , with unrealized net losses of $ 110 million . the results of our security-level assessments indicate that we will recover the entire cost basis of these securities . note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities . if the current housing and economic conditions were to continue for the foreseeable future or worsen , if market volatility and illiquidity were to continue or worsen , or if market interest rates were to increase appreciably , the valuation of our investment securities portfolio could continue to be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement . loans held for sale in millions dec . 31 dec . 31 .

we stopped originating commercial mortgage loans held for sale designated at fair value during the first quarter of 2008 and intend to continue pursuing opportunities to reduce these positions at appropriate prices . for commercial mortgages held for sale carried at the lower of cost or market , strong origination volumes partially offset sales to government agencies of $ 5.4 billion during 2009 . we recognized net gains of $ 107 million in 2009 on the valuation and sale of commercial mortgage loans held for sale , net of hedges , carried at fair value and lower of cost or market compared with losses of $ 197 million in 2008 . we sold $ .3 billion and $ .6 billion , respectively , of commercial mortgage loans held for sale carried at fair value in 2009 and 2008 . residential mortgage loans held for sale decreased during 2009 despite strong refinancing volumes , especially in the first quarter . loan origination volume was $ 19.1 billion . substantially all such loans were originated to agency standards . we sold $ 19.8 billion of loans and recognized related gains of $ 435 million during 2009 . net interest income on residential mortgage loans held for sale was $ 332 million for 2009. .

| | in millions | dec.31 2009 | dec . 312008 | |---:|:-------------------------------------------------|:--------------|:---------------| | 0 | commercial mortgages at fair value | $ 1050 | $ 1401 | | 1 | commercial mortgages at lower of cost or market | 251 | 747 | | 2 | total commercial mortgages | 1301 | 2148 | | 3 | residential mortgages at fair value | 1012 | 1824 | | 4 | residential mortgages at lower of cost or market | | 138 | | 5 | total residential mortgages | 1012 | 1962 | | 6 | other | 226 | 256 | | 7 | total | $ 2539 | $ 4366 |

december 31 , 2009 , $ 397 million of the credit losses related to securities rated below investment grade . as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for non-agency residential mortgage-backed securities totaled $ 1.1 billion and the related securities had a fair value of $ 2.6 billion . the fair value of sub-investment grade investment securities for which we have not recorded an otti credit loss as of december 31 , 2009 totaled $ 2.6 billion , with unrealized net losses of $ 658 million . the results of our security-level assessments indicate that we will recover the entire cost basis of these securities . note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities . commercial mortgage-backed securities the fair value of the non-agency commercial mortgage- backed securities portfolio was $ 6.1 billion at december 31 , 2009 and consisted of fixed-rate , private-issuer securities collateralized by non-residential properties , primarily retail properties , office buildings , and multi-family housing . the agency commercial mortgage-backed securities portfolio was $ 1.3 billion fair value at december 31 , 2009 consisting of multi-family housing . substantially all of the securities are the most senior tranches in the subordination structure . we recorded otti credit losses of $ 6 million on non-agency commercial mortgage-backed securities during 2009 . the remaining fair value of the securities for which otti was recorded approximates zero . all of the credit-impaired securities were rated below investment grade . asset-backed securities the fair value of the asset-backed securities portfolio was $ 4.8 billion at december 31 , 2009 and consisted of fixed-rate and floating-rate , private-issuer securities collateralized primarily by various consumer credit products , including residential mortgage loans , credit cards , and automobile loans . substantially all of the securities are senior tranches in the securitization structure and have credit protection in the form of credit enhancement , over-collateralization and/or excess spread accounts . we recorded otti credit losses of $ 111 million on asset- backed securities during 2009 . all of the securities were collateralized by first and second lien residential mortgage loans and were rated below investment grade . as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for asset- backed securities totaled $ 221 million and the related securities had a fair value of $ 562 million . for the sub-investment grade investment securities for which we have not recorded an otti loss through december 31 , 2009 , the remaining fair value was $ 381 million , with unrealized net losses of $ 110 million . the results of our security-level assessments indicate that we will recover the entire cost basis of these securities . note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities . if the current housing and economic conditions were to continue for the foreseeable future or worsen , if market volatility and illiquidity were to continue or worsen , or if market interest rates were to increase appreciably , the valuation of our investment securities portfolio could continue to be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement . loans held for sale in millions dec . 31 dec . 31 ._| | in millions | dec.31 2009 | dec . 312008 | |---:|:-------------------------------------------------|:--------------|:---------------| | 0 | commercial mortgages at fair value | $ 1050 | $ 1401 | | 1 | commercial mortgages at lower of cost or market | 251 | 747 | | 2 | total commercial mortgages | 1301 | 2148 | | 3 | residential mortgages at fair value | 1012 | 1824 | | 4 | residential mortgages at lower of cost or market | | 138 | | 5 | total residential mortgages | 1012 | 1962 | | 6 | other | 226 | 256 | | 7 | total | $ 2539 | $ 4366 |_we stopped originating commercial mortgage loans held for sale designated at fair value during the first quarter of 2008 and intend to continue pursuing opportunities to reduce these positions at appropriate prices . for commercial mortgages held for sale carried at the lower of cost or market , strong origination volumes partially offset sales to government agencies of $ 5.4 billion during 2009 . we recognized net gains of $ 107 million in 2009 on the valuation and sale of commercial mortgage loans held for sale , net of hedges , carried at fair value and lower of cost or market compared with losses of $ 197 million in 2008 . we sold $ .3 billion and $ .6 billion , respectively , of commercial mortgage loans held for sale carried at fair value in 2009 and 2008 . residential mortgage loans held for sale decreased during 2009 despite strong refinancing volumes , especially in the first quarter . loan origination volume was $ 19.1 billion . substantially all such loans were originated to agency standards . we sold $ 19.8 billion of loans and recognized related gains of $ 435 million during 2009 . net interest income on residential mortgage loans held for sale was $ 332 million for 2009. .

2,009

41

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

null

finqa499

as of december 312012 what was the percent of the total total freight revenues from agriculture

16.7%

divide(3280, 19686)

notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d . 1 . nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s . our network includes 31838 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s . gateways and providing several corridors to key mexican gateways . we own 26009 miles and operate on the remainder pursuant to trackage rights or leases . we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico . export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders . the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment . although we provide and review revenue by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network . the following table provides freight revenue by commodity group : millions 2013 2012 2011 .

although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s . each of our commodity groups includes revenue from shipments to and from mexico . included in the above table are revenues from our mexico business which amounted to $ 2.1 billion in 2013 , $ 1.9 billion in 2012 , and $ 1.8 billion in 2011 . basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s . ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) . 2 . significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries . investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting . all intercompany transactions are eliminated . we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements . cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less . accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts . the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions . receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .

| | millions | 2013 | 2012 | 2011 | |---:|:------------------------|:--------|:--------|:--------| | 0 | agricultural | $ 3276 | $ 3280 | $ 3324 | | 1 | automotive | 2077 | 1807 | 1510 | | 2 | chemicals | 3501 | 3238 | 2815 | | 3 | coal | 3978 | 3912 | 4084 | | 4 | industrial products | 3822 | 3494 | 3166 | | 5 | intermodal | 4030 | 3955 | 3609 | | 6 | total freight revenues | $ 20684 | $ 19686 | $ 18508 | | 7 | other revenues | 1279 | 1240 | 1049 | | 8 | total operatingrevenues | $ 21963 | $ 20926 | $ 19557 |

notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d . 1 . nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s . our network includes 31838 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s . gateways and providing several corridors to key mexican gateways . we own 26009 miles and operate on the remainder pursuant to trackage rights or leases . we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico . export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders . the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment . although we provide and review revenue by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network . the following table provides freight revenue by commodity group : millions 2013 2012 2011 ._| | millions | 2013 | 2012 | 2011 | |---:|:------------------------|:--------|:--------|:--------| | 0 | agricultural | $ 3276 | $ 3280 | $ 3324 | | 1 | automotive | 2077 | 1807 | 1510 | | 2 | chemicals | 3501 | 3238 | 2815 | | 3 | coal | 3978 | 3912 | 4084 | | 4 | industrial products | 3822 | 3494 | 3166 | | 5 | intermodal | 4030 | 3955 | 3609 | | 6 | total freight revenues | $ 20684 | $ 19686 | $ 18508 | | 7 | other revenues | 1279 | 1240 | 1049 | | 8 | total operatingrevenues | $ 21963 | $ 20926 | $ 19557 |_although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s . each of our commodity groups includes revenue from shipments to and from mexico . included in the above table are revenues from our mexico business which amounted to $ 2.1 billion in 2013 , $ 1.9 billion in 2012 , and $ 1.8 billion in 2011 . basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s . ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) . 2 . significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries . investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting . all intercompany transactions are eliminated . we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements . cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less . accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts . the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions . receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .

2,013

54

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

as of december 312012 what was the percent of the total total freight revenues from agriculture

16.7%

divide(3280, 19686)

notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d . 1 . nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s . our network includes 31838 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s . gateways and providing several corridors to key mexican gateways . we own 26009 miles and operate on the remainder pursuant to trackage rights or leases . we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico . export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders . the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment . although we provide and review revenue by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network . the following table provides freight revenue by commodity group : millions 2013 2012 2011 .

although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s . each of our commodity groups includes revenue from shipments to and from mexico . included in the above table are revenues from our mexico business which amounted to $ 2.1 billion in 2013 , $ 1.9 billion in 2012 , and $ 1.8 billion in 2011 . basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s . ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) . 2 . significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries . investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting . all intercompany transactions are eliminated . we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements . cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less . accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts . the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions . receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .

| | millions | 2013 | 2012 | 2011 | |---:|:------------------------|:--------|:--------|:--------| | 0 | agricultural | $ 3276 | $ 3280 | $ 3324 | | 1 | automotive | 2077 | 1807 | 1510 | | 2 | chemicals | 3501 | 3238 | 2815 | | 3 | coal | 3978 | 3912 | 4084 | | 4 | industrial products | 3822 | 3494 | 3166 | | 5 | intermodal | 4030 | 3955 | 3609 | | 6 | total freight revenues | $ 20684 | $ 19686 | $ 18508 | | 7 | other revenues | 1279 | 1240 | 1049 | | 8 | total operatingrevenues | $ 21963 | $ 20926 | $ 19557 |

notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d . 1 . nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s . our network includes 31838 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s . gateways and providing several corridors to key mexican gateways . we own 26009 miles and operate on the remainder pursuant to trackage rights or leases . we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico . export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders . the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment . although we provide and review revenue by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network . the following table provides freight revenue by commodity group : millions 2013 2012 2011 ._| | millions | 2013 | 2012 | 2011 | |---:|:------------------------|:--------|:--------|:--------| | 0 | agricultural | $ 3276 | $ 3280 | $ 3324 | | 1 | automotive | 2077 | 1807 | 1510 | | 2 | chemicals | 3501 | 3238 | 2815 | | 3 | coal | 3978 | 3912 | 4084 | | 4 | industrial products | 3822 | 3494 | 3166 | | 5 | intermodal | 4030 | 3955 | 3609 | | 6 | total freight revenues | $ 20684 | $ 19686 | $ 18508 | | 7 | other revenues | 1279 | 1240 | 1049 | | 8 | total operatingrevenues | $ 21963 | $ 20926 | $ 19557 |_although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s . each of our commodity groups includes revenue from shipments to and from mexico . included in the above table are revenues from our mexico business which amounted to $ 2.1 billion in 2013 , $ 1.9 billion in 2012 , and $ 1.8 billion in 2011 . basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s . ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) . 2 . significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries . investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting . all intercompany transactions are eliminated . we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements . cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less . accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts . the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions . receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .

2,013

54

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null