chloecodes/finqa-de · Datasets at Hugging Face

finqa500

what was the change in the annual performance of the jkhy stock from 2009 to 2010

16.85%

divide(subtract(116.85, 100.00), const_100)

28 2014 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2014 , of the market performance of the company 2019s common stock with the s & p 500 index and an index of peer companies selected by the company : comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: .

this comparison assumes $ 100 was invested on june 30 , 2009 , and assumes reinvestments of dividends . total returns are calculated according to market capitalization of peer group members at the beginning of each period . peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses . in fiscal 2014 , we changed our peer group of companies used for this analysis to maintain alignment with peer companies selected by our compensation committee for use in determining compensation for executive management . companies in the new peer group are aci worldwide , inc. , bottomline technology , inc. , broadridge financial solutions , cardtronics , inc. , convergys corp. , corelogic , inc. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , global payments , inc. , heartland payment systems , inc. , micros systems , inc. , moneygram international , inc. , ss&c technologies holdings , inc. , total systems services , inc. , tyler technologies , inc. , verifone systems , inc. , and wex , inc. . companies in the old peer group are aci worldwide , inc. , bottomline technology , inc. , cerner corp. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , sei investments company , telecommunications systems , inc. , and tyler technologies corp. .

| | | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:---------------|-------:|-------:|-------:|-------:|-------:|-------:| | 0 | jkhy | 100 | 116.85 | 148.92 | 173.67 | 240.25 | 307.57 | | 1 | old peer group | 100 | 112.45 | 150.77 | 176.12 | 220.42 | 275.73 | | 2 | new peer group | 100 | 115.5 | 159.31 | 171.86 | 198.72 | 273.95 | | 3 | s & p 500 | 100 | 114.43 | 149.55 | 157.7 | 190.18 | 236.98 |

28 2014 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2014 , of the market performance of the company 2019s common stock with the s & p 500 index and an index of peer companies selected by the company : comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: ._| | | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:---------------|-------:|-------:|-------:|-------:|-------:|-------:| | 0 | jkhy | 100 | 116.85 | 148.92 | 173.67 | 240.25 | 307.57 | | 1 | old peer group | 100 | 112.45 | 150.77 | 176.12 | 220.42 | 275.73 | | 2 | new peer group | 100 | 115.5 | 159.31 | 171.86 | 198.72 | 273.95 | | 3 | s & p 500 | 100 | 114.43 | 149.55 | 157.7 | 190.18 | 236.98 |_this comparison assumes $ 100 was invested on june 30 , 2009 , and assumes reinvestments of dividends . total returns are calculated according to market capitalization of peer group members at the beginning of each period . peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses . in fiscal 2014 , we changed our peer group of companies used for this analysis to maintain alignment with peer companies selected by our compensation committee for use in determining compensation for executive management . companies in the new peer group are aci worldwide , inc. , bottomline technology , inc. , broadridge financial solutions , cardtronics , inc. , convergys corp. , corelogic , inc. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , global payments , inc. , heartland payment systems , inc. , micros systems , inc. , moneygram international , inc. , ss&c technologies holdings , inc. , total systems services , inc. , tyler technologies , inc. , verifone systems , inc. , and wex , inc. . companies in the old peer group are aci worldwide , inc. , bottomline technology , inc. , cerner corp. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , sei investments company , telecommunications systems , inc. , and tyler technologies corp. .

2,014

30

JKHY

Jack Henry & Associates

Financials

Transaction & Payment Processing Services

Monett, Missouri

2018-11-13

779,152

1976

what was the change in the annual performance of the jkhy stock from 2009 to 2010

16.85%

divide(subtract(116.85, 100.00), const_100)

28 2014 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2014 , of the market performance of the company 2019s common stock with the s & p 500 index and an index of peer companies selected by the company : comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: .

this comparison assumes $ 100 was invested on june 30 , 2009 , and assumes reinvestments of dividends . total returns are calculated according to market capitalization of peer group members at the beginning of each period . peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses . in fiscal 2014 , we changed our peer group of companies used for this analysis to maintain alignment with peer companies selected by our compensation committee for use in determining compensation for executive management . companies in the new peer group are aci worldwide , inc. , bottomline technology , inc. , broadridge financial solutions , cardtronics , inc. , convergys corp. , corelogic , inc. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , global payments , inc. , heartland payment systems , inc. , micros systems , inc. , moneygram international , inc. , ss&c technologies holdings , inc. , total systems services , inc. , tyler technologies , inc. , verifone systems , inc. , and wex , inc. . companies in the old peer group are aci worldwide , inc. , bottomline technology , inc. , cerner corp. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , sei investments company , telecommunications systems , inc. , and tyler technologies corp. .

| | | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:---------------|-------:|-------:|-------:|-------:|-------:|-------:| | 0 | jkhy | 100 | 116.85 | 148.92 | 173.67 | 240.25 | 307.57 | | 1 | old peer group | 100 | 112.45 | 150.77 | 176.12 | 220.42 | 275.73 | | 2 | new peer group | 100 | 115.5 | 159.31 | 171.86 | 198.72 | 273.95 | | 3 | s & p 500 | 100 | 114.43 | 149.55 | 157.7 | 190.18 | 236.98 |

28 2014 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2014 , of the market performance of the company 2019s common stock with the s & p 500 index and an index of peer companies selected by the company : comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: ._| | | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:---------------|-------:|-------:|-------:|-------:|-------:|-------:| | 0 | jkhy | 100 | 116.85 | 148.92 | 173.67 | 240.25 | 307.57 | | 1 | old peer group | 100 | 112.45 | 150.77 | 176.12 | 220.42 | 275.73 | | 2 | new peer group | 100 | 115.5 | 159.31 | 171.86 | 198.72 | 273.95 | | 3 | s & p 500 | 100 | 114.43 | 149.55 | 157.7 | 190.18 | 236.98 |_this comparison assumes $ 100 was invested on june 30 , 2009 , and assumes reinvestments of dividends . total returns are calculated according to market capitalization of peer group members at the beginning of each period . peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses . in fiscal 2014 , we changed our peer group of companies used for this analysis to maintain alignment with peer companies selected by our compensation committee for use in determining compensation for executive management . companies in the new peer group are aci worldwide , inc. , bottomline technology , inc. , broadridge financial solutions , cardtronics , inc. , convergys corp. , corelogic , inc. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , global payments , inc. , heartland payment systems , inc. , micros systems , inc. , moneygram international , inc. , ss&c technologies holdings , inc. , total systems services , inc. , tyler technologies , inc. , verifone systems , inc. , and wex , inc. . companies in the old peer group are aci worldwide , inc. , bottomline technology , inc. , cerner corp. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , sei investments company , telecommunications systems , inc. , and tyler technologies corp. .

2,014

30

JKHY

Jack Henry & Associates

Financials

Transaction & Payment Processing Services

Monett, Missouri

2018-11-13

779,152

1976

null

finqa501

what is the roi of an investment in loews common stock from 2010 to 2012?

6.0%

divide(subtract(106.04, const_100), const_100)

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

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

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

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

2,015

59

L

Loews Corporation

Financials

Multi-line Insurance

New York City, New York

1995-05-31

60,086

1959

what is the roi of an investment in loews common stock from 2010 to 2012?

6.0%

divide(subtract(106.04, const_100), const_100)

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

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

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

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

2,015

59

L

Loews Corporation

Financials

Multi-line Insurance

New York City, New York

1995-05-31

60,086

1959

null

finqa502

how much of the total contractual commitments are current?

59.5%

divide(8381, 14090)

contractual obligations and commercial commitments the following table ( in thousands ) summarizes our contractual obligations at march 31 , 2007 and the effects such obligations are expected to have on our liquidity and cash flows in future periods. .

we have no long-term debt , capital leases or material commitments at march 31 , 2007 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding a contingent payment in the amount of $ 5.6 million made on january 30 , 2007 in the form of common stock , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella , and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . we may make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to fda approvals in the amount of up to $ 11.2 million . these contingent payments may be made in a combination of cash or stock under circumstances described in the purchase agreement . if any contingent payments are made , they will result in an increase to the carrying value of goodwill . we apply 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 our agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 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 we are a guarantor . we enter into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions . under these provisions we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities . these indemnification provisions generally survive termination of the underlying agreement . the maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited . we have never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements . as a result , the estimated fair value of these agreements is minimal . accordingly , we have no liabilities recorded for these agreements as of march 31 , 2007 . clinical study agreements 2013 in our clinical study agreements , we have agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to use of our devices in accordance with the clinical study agreement , the protocol for the device and our instructions . the indemnification provisions contained within our clinical study agreements do not generally include limits on the claims . we have never incurred any material costs related to the indemnification provisions contained in our clinical study agreements . product warranties 2014we routinely accrue for estimated future warranty costs on our product sales at the time of shipment . all of our products are subject to rigorous regulation and quality standards . while we engage in extensive product quality programs and processes , including monitoring and evaluating the quality of our component suppliers , our warranty obligations are affected by product failure rates . our operating results could be adversely affected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , we indemnify customers against possible claims of patent infringement caused by our products . the indemnifications contained within sales contracts usually do not include limits on the claims . we have 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. .

| | contractual obligations | payments due by fiscal year total | payments due by fiscal year less than 1 year | payments due by fiscal year 1-3 years | payments due by fiscal year 3-5 years | payments due by fiscal year more than 5 years | |---:|:----------------------------|:------------------------------------|:-----------------------------------------------|:----------------------------------------|:----------------------------------------|:------------------------------------------------| | 0 | operating lease obligations | $ 7669 | $ 1960 | $ 3441 | $ 1652 | $ 616 | | 1 | purchase obligations | 6421 | 6421 | 2014 | 2014 | 2014 | | 2 | total obligations | $ 14090 | $ 8381 | $ 3441 | $ 1652 | $ 616 |

contractual obligations and commercial commitments the following table ( in thousands ) summarizes our contractual obligations at march 31 , 2007 and the effects such obligations are expected to have on our liquidity and cash flows in future periods. ._| | contractual obligations | payments due by fiscal year total | payments due by fiscal year less than 1 year | payments due by fiscal year 1-3 years | payments due by fiscal year 3-5 years | payments due by fiscal year more than 5 years | |---:|:----------------------------|:------------------------------------|:-----------------------------------------------|:----------------------------------------|:----------------------------------------|:------------------------------------------------| | 0 | operating lease obligations | $ 7669 | $ 1960 | $ 3441 | $ 1652 | $ 616 | | 1 | purchase obligations | 6421 | 6421 | 2014 | 2014 | 2014 | | 2 | total obligations | $ 14090 | $ 8381 | $ 3441 | $ 1652 | $ 616 |_we have no long-term debt , capital leases or material commitments at march 31 , 2007 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding a contingent payment in the amount of $ 5.6 million made on january 30 , 2007 in the form of common stock , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella , and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . we may make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to fda approvals in the amount of up to $ 11.2 million . these contingent payments may be made in a combination of cash or stock under circumstances described in the purchase agreement . if any contingent payments are made , they will result in an increase to the carrying value of goodwill . we apply 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 our agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 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 we are a guarantor . we enter into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions . under these provisions we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities . these indemnification provisions generally survive termination of the underlying agreement . the maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited . we have never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements . as a result , the estimated fair value of these agreements is minimal . accordingly , we have no liabilities recorded for these agreements as of march 31 , 2007 . clinical study agreements 2013 in our clinical study agreements , we have agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to use of our devices in accordance with the clinical study agreement , the protocol for the device and our instructions . the indemnification provisions contained within our clinical study agreements do not generally include limits on the claims . we have never incurred any material costs related to the indemnification provisions contained in our clinical study agreements . product warranties 2014we routinely accrue for estimated future warranty costs on our product sales at the time of shipment . all of our products are subject to rigorous regulation and quality standards . while we engage in extensive product quality programs and processes , including monitoring and evaluating the quality of our component suppliers , our warranty obligations are affected by product failure rates . our operating results could be adversely affected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , we indemnify customers against possible claims of patent infringement caused by our products . the indemnifications contained within sales contracts usually do not include limits on the claims . we have 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. .

2,007

52

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

how much of the total contractual commitments are current?

59.5%

divide(8381, 14090)

contractual obligations and commercial commitments the following table ( in thousands ) summarizes our contractual obligations at march 31 , 2007 and the effects such obligations are expected to have on our liquidity and cash flows in future periods. .

we have no long-term debt , capital leases or material commitments at march 31 , 2007 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding a contingent payment in the amount of $ 5.6 million made on january 30 , 2007 in the form of common stock , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella , and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . we may make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to fda approvals in the amount of up to $ 11.2 million . these contingent payments may be made in a combination of cash or stock under circumstances described in the purchase agreement . if any contingent payments are made , they will result in an increase to the carrying value of goodwill . we apply 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 our agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 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 we are a guarantor . we enter into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions . under these provisions we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities . these indemnification provisions generally survive termination of the underlying agreement . the maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited . we have never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements . as a result , the estimated fair value of these agreements is minimal . accordingly , we have no liabilities recorded for these agreements as of march 31 , 2007 . clinical study agreements 2013 in our clinical study agreements , we have agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to use of our devices in accordance with the clinical study agreement , the protocol for the device and our instructions . the indemnification provisions contained within our clinical study agreements do not generally include limits on the claims . we have never incurred any material costs related to the indemnification provisions contained in our clinical study agreements . product warranties 2014we routinely accrue for estimated future warranty costs on our product sales at the time of shipment . all of our products are subject to rigorous regulation and quality standards . while we engage in extensive product quality programs and processes , including monitoring and evaluating the quality of our component suppliers , our warranty obligations are affected by product failure rates . our operating results could be adversely affected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , we indemnify customers against possible claims of patent infringement caused by our products . the indemnifications contained within sales contracts usually do not include limits on the claims . we have 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. .

| | contractual obligations | payments due by fiscal year total | payments due by fiscal year less than 1 year | payments due by fiscal year 1-3 years | payments due by fiscal year 3-5 years | payments due by fiscal year more than 5 years | |---:|:----------------------------|:------------------------------------|:-----------------------------------------------|:----------------------------------------|:----------------------------------------|:------------------------------------------------| | 0 | operating lease obligations | $ 7669 | $ 1960 | $ 3441 | $ 1652 | $ 616 | | 1 | purchase obligations | 6421 | 6421 | 2014 | 2014 | 2014 | | 2 | total obligations | $ 14090 | $ 8381 | $ 3441 | $ 1652 | $ 616 |

contractual obligations and commercial commitments the following table ( in thousands ) summarizes our contractual obligations at march 31 , 2007 and the effects such obligations are expected to have on our liquidity and cash flows in future periods. ._| | contractual obligations | payments due by fiscal year total | payments due by fiscal year less than 1 year | payments due by fiscal year 1-3 years | payments due by fiscal year 3-5 years | payments due by fiscal year more than 5 years | |---:|:----------------------------|:------------------------------------|:-----------------------------------------------|:----------------------------------------|:----------------------------------------|:------------------------------------------------| | 0 | operating lease obligations | $ 7669 | $ 1960 | $ 3441 | $ 1652 | $ 616 | | 1 | purchase obligations | 6421 | 6421 | 2014 | 2014 | 2014 | | 2 | total obligations | $ 14090 | $ 8381 | $ 3441 | $ 1652 | $ 616 |_we have no long-term debt , capital leases or material commitments at march 31 , 2007 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding a contingent payment in the amount of $ 5.6 million made on january 30 , 2007 in the form of common stock , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella , and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . we may make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to fda approvals in the amount of up to $ 11.2 million . these contingent payments may be made in a combination of cash or stock under circumstances described in the purchase agreement . if any contingent payments are made , they will result in an increase to the carrying value of goodwill . we apply 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 our agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 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 we are a guarantor . we enter into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions . under these provisions we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities . these indemnification provisions generally survive termination of the underlying agreement . the maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited . we have never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements . as a result , the estimated fair value of these agreements is minimal . accordingly , we have no liabilities recorded for these agreements as of march 31 , 2007 . clinical study agreements 2013 in our clinical study agreements , we have agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to use of our devices in accordance with the clinical study agreement , the protocol for the device and our instructions . the indemnification provisions contained within our clinical study agreements do not generally include limits on the claims . we have never incurred any material costs related to the indemnification provisions contained in our clinical study agreements . product warranties 2014we routinely accrue for estimated future warranty costs on our product sales at the time of shipment . all of our products are subject to rigorous regulation and quality standards . while we engage in extensive product quality programs and processes , including monitoring and evaluating the quality of our component suppliers , our warranty obligations are affected by product failure rates . our operating results could be adversely affected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , we indemnify customers against possible claims of patent infringement caused by our products . the indemnifications contained within sales contracts usually do not include limits on the claims . we have 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. .

2,007

52

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

null

finqa503

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

1.42%

divide(subtract(const_7, 6.9), 7.0)

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

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

1.42%

divide(subtract(const_7, 6.9), 7.0)

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

finqa504

purchase commitments ( in thousands ) totaled what for 2010 and 2011?

12893

add(6951, 5942)

purchase commitments the company has entered into various purchase agreements for minimum amounts of pulpwood processing and energy over periods ranging from one to twenty years at fixed prices . total purchase commitments are as follows: .

these purchase agreements are not marked to market . the company purchased $ 37.3 million , $ 29.4 million , and $ 14.5 million during the years ended december 31 , 2009 , 2008 and 2007 , respectively , under these purchase agreements . litigation pca is a party to various legal actions arising in the ordinary course of business . these legal actions cover a broad variety of claims spanning our entire business . as of the date of this filing , the company believes it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on its financial position , results of operations , or cash flows . environmental liabilities the potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs , the complexity and evolving nature of governmental laws and regulations and their interpretations , and the timing , varying costs and effectiveness of alternative cleanup technologies . from 1994 through 2009 , remediation costs at the company 2019s mills and corrugated plants totaled approximately $ 3.2 million . as of december 31 , 2009 , the company maintained an environmental reserve of $ 9.1 million relating to on-site landfills ( see note 13 ) and surface impoundments as well as ongoing and anticipated remedial projects . liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions . because of these uncertainties , pca 2019s estimates may change . as of the date of this filing , the company believes that it is not reasonably possible that future environmental expenditures and asset retirement obligations above the $ 9.1 million accrued as of december 31 , 2009 , will have a material impact on its financial condition , results of operations , or cash flows . in connection with the sale to pca of its containerboard and corrugated products business , pactiv agreed to retain all liability for all former facilities and all sites associated with pre-closing off-site waste disposal and all environmental liabilities related to a closed landfill located near the company 2019s filer city mill . 13 . asset retirement obligations asset retirement obligations consist primarily of landfill capping and closure and post-closure costs . pca is legally required to perform capping and closure and post-closure care on the landfills at each of the company 2019s mills . in accordance with asc 410 , 201c asset retirement and environmental obligations , 201d pca recognizes the fair value of these liabilities as an asset retirement obligation for each landfill and capitalizes packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2009 .

| | | ( in thousands ) | |---:|:-----------|:-------------------| | 0 | 2010 | $ 6951 | | 1 | 2011 | 5942 | | 2 | 2012 | 3659 | | 3 | 2013 | 1486 | | 4 | 2014 | 1486 | | 5 | thereafter | 25048 | | 6 | total | $ 44572 |

purchase commitments the company has entered into various purchase agreements for minimum amounts of pulpwood processing and energy over periods ranging from one to twenty years at fixed prices . total purchase commitments are as follows: ._| | | ( in thousands ) | |---:|:-----------|:-------------------| | 0 | 2010 | $ 6951 | | 1 | 2011 | 5942 | | 2 | 2012 | 3659 | | 3 | 2013 | 1486 | | 4 | 2014 | 1486 | | 5 | thereafter | 25048 | | 6 | total | $ 44572 |_these purchase agreements are not marked to market . the company purchased $ 37.3 million , $ 29.4 million , and $ 14.5 million during the years ended december 31 , 2009 , 2008 and 2007 , respectively , under these purchase agreements . litigation pca is a party to various legal actions arising in the ordinary course of business . these legal actions cover a broad variety of claims spanning our entire business . as of the date of this filing , the company believes it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on its financial position , results of operations , or cash flows . environmental liabilities the potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs , the complexity and evolving nature of governmental laws and regulations and their interpretations , and the timing , varying costs and effectiveness of alternative cleanup technologies . from 1994 through 2009 , remediation costs at the company 2019s mills and corrugated plants totaled approximately $ 3.2 million . as of december 31 , 2009 , the company maintained an environmental reserve of $ 9.1 million relating to on-site landfills ( see note 13 ) and surface impoundments as well as ongoing and anticipated remedial projects . liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions . because of these uncertainties , pca 2019s estimates may change . as of the date of this filing , the company believes that it is not reasonably possible that future environmental expenditures and asset retirement obligations above the $ 9.1 million accrued as of december 31 , 2009 , will have a material impact on its financial condition , results of operations , or cash flows . in connection with the sale to pca of its containerboard and corrugated products business , pactiv agreed to retain all liability for all former facilities and all sites associated with pre-closing off-site waste disposal and all environmental liabilities related to a closed landfill located near the company 2019s filer city mill . 13 . asset retirement obligations asset retirement obligations consist primarily of landfill capping and closure and post-closure costs . pca is legally required to perform capping and closure and post-closure care on the landfills at each of the company 2019s mills . in accordance with asc 410 , 201c asset retirement and environmental obligations , 201d pca recognizes the fair value of these liabilities as an asset retirement obligation for each landfill and capitalizes packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2009 .

2,009

65

PKG

Packaging Corporation of America

Materials

Paper & Plastic Packaging Products & Materials

Lake Forest, Illinois

2017-07-26

75,677

1959

purchase commitments ( in thousands ) totaled what for 2010 and 2011?

12893

add(6951, 5942)

purchase commitments the company has entered into various purchase agreements for minimum amounts of pulpwood processing and energy over periods ranging from one to twenty years at fixed prices . total purchase commitments are as follows: .

these purchase agreements are not marked to market . the company purchased $ 37.3 million , $ 29.4 million , and $ 14.5 million during the years ended december 31 , 2009 , 2008 and 2007 , respectively , under these purchase agreements . litigation pca is a party to various legal actions arising in the ordinary course of business . these legal actions cover a broad variety of claims spanning our entire business . as of the date of this filing , the company believes it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on its financial position , results of operations , or cash flows . environmental liabilities the potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs , the complexity and evolving nature of governmental laws and regulations and their interpretations , and the timing , varying costs and effectiveness of alternative cleanup technologies . from 1994 through 2009 , remediation costs at the company 2019s mills and corrugated plants totaled approximately $ 3.2 million . as of december 31 , 2009 , the company maintained an environmental reserve of $ 9.1 million relating to on-site landfills ( see note 13 ) and surface impoundments as well as ongoing and anticipated remedial projects . liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions . because of these uncertainties , pca 2019s estimates may change . as of the date of this filing , the company believes that it is not reasonably possible that future environmental expenditures and asset retirement obligations above the $ 9.1 million accrued as of december 31 , 2009 , will have a material impact on its financial condition , results of operations , or cash flows . in connection with the sale to pca of its containerboard and corrugated products business , pactiv agreed to retain all liability for all former facilities and all sites associated with pre-closing off-site waste disposal and all environmental liabilities related to a closed landfill located near the company 2019s filer city mill . 13 . asset retirement obligations asset retirement obligations consist primarily of landfill capping and closure and post-closure costs . pca is legally required to perform capping and closure and post-closure care on the landfills at each of the company 2019s mills . in accordance with asc 410 , 201c asset retirement and environmental obligations , 201d pca recognizes the fair value of these liabilities as an asset retirement obligation for each landfill and capitalizes packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2009 .

| | | ( in thousands ) | |---:|:-----------|:-------------------| | 0 | 2010 | $ 6951 | | 1 | 2011 | 5942 | | 2 | 2012 | 3659 | | 3 | 2013 | 1486 | | 4 | 2014 | 1486 | | 5 | thereafter | 25048 | | 6 | total | $ 44572 |

purchase commitments the company has entered into various purchase agreements for minimum amounts of pulpwood processing and energy over periods ranging from one to twenty years at fixed prices . total purchase commitments are as follows: ._| | | ( in thousands ) | |---:|:-----------|:-------------------| | 0 | 2010 | $ 6951 | | 1 | 2011 | 5942 | | 2 | 2012 | 3659 | | 3 | 2013 | 1486 | | 4 | 2014 | 1486 | | 5 | thereafter | 25048 | | 6 | total | $ 44572 |_these purchase agreements are not marked to market . the company purchased $ 37.3 million , $ 29.4 million , and $ 14.5 million during the years ended december 31 , 2009 , 2008 and 2007 , respectively , under these purchase agreements . litigation pca is a party to various legal actions arising in the ordinary course of business . these legal actions cover a broad variety of claims spanning our entire business . as of the date of this filing , the company believes it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on its financial position , results of operations , or cash flows . environmental liabilities the potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs , the complexity and evolving nature of governmental laws and regulations and their interpretations , and the timing , varying costs and effectiveness of alternative cleanup technologies . from 1994 through 2009 , remediation costs at the company 2019s mills and corrugated plants totaled approximately $ 3.2 million . as of december 31 , 2009 , the company maintained an environmental reserve of $ 9.1 million relating to on-site landfills ( see note 13 ) and surface impoundments as well as ongoing and anticipated remedial projects . liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions . because of these uncertainties , pca 2019s estimates may change . as of the date of this filing , the company believes that it is not reasonably possible that future environmental expenditures and asset retirement obligations above the $ 9.1 million accrued as of december 31 , 2009 , will have a material impact on its financial condition , results of operations , or cash flows . in connection with the sale to pca of its containerboard and corrugated products business , pactiv agreed to retain all liability for all former facilities and all sites associated with pre-closing off-site waste disposal and all environmental liabilities related to a closed landfill located near the company 2019s filer city mill . 13 . asset retirement obligations asset retirement obligations consist primarily of landfill capping and closure and post-closure costs . pca is legally required to perform capping and closure and post-closure care on the landfills at each of the company 2019s mills . in accordance with asc 410 , 201c asset retirement and environmental obligations , 201d pca recognizes the fair value of these liabilities as an asset retirement obligation for each landfill and capitalizes packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2009 .

2,009

65

PKG

Packaging Corporation of America

Materials

Paper & Plastic Packaging Products & Materials

Lake Forest, Illinois

2017-07-26

75,677

1959

null

finqa505

what was the percentage total cumulative return on investment for united parcel service inc . for the five years ended 12/31/06?

48.92%

divide(subtract(148.92, 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 percentage total cumulative return on investment for united parcel service inc . for the five years ended 12/31/06?

48.92%

divide(subtract(148.92, 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

finqa506

what is the percentage change in the unamortized debt issuance costs associated with the senior notes from 2016 to 2017?

-21.1%

divide(subtract(15, 19), 19)

as of december 31 , 2017 , the company had gross state income tax credit carry-forwards of approximately $ 20 million , which expire from 2018 through 2020 . a deferred tax asset of approximately $ 16 million ( net of federal benefit ) has been established related to these state income tax credit carry-forwards , with a valuation allowance of $ 7 million against such deferred tax asset as of december 31 , 2017 . the company had a gross state net operating loss carry-forward of $ 39 million , which expires in 2027 . a deferred tax asset of approximately $ 3 million ( net of federal benefit ) has been established for the net operating loss carry-forward , with a full valuation allowance as of december 31 , 2017 . other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036 . 14 . debt long-term debt consisted of the following: .

credit facility - in november 2017 , the company terminated its second amended and restated credit agreement and entered into a new credit agreement ( the "credit facility" ) with third-party lenders . the credit facility includes a revolving credit facility of $ 1250 million , which may be drawn upon during a period of five years from november 22 , 2017 . the revolving credit facility includes a letter of credit subfacility of $ 500 million . the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ( "libor" ) plus a spread based upon the company's credit rating , which may vary between 1.125% ( 1.125 % ) and 1.500% ( 1.500 % ) . the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio . the commitment fee rate as of december 31 , 2017 was 0.25% ( 0.25 % ) and may vary between 0.20% ( 0.20 % ) and 0.30% ( 0.30 % ) . the credit facility contains customary affirmative and negative covenants , as well as a financial covenant based on a maximum total leverage ratio . each of the company's existing and future material wholly owned domestic subsidiaries , except those that are specifically designated as unrestricted subsidiaries , are and will be guarantors under the credit facility . in july 2015 , the company used cash on hand to repay all amounts outstanding under a prior credit facility , including $ 345 million in principal amount of outstanding term loans . as of december 31 , 2017 , $ 15 million in letters of credit were issued but undrawn , and the remaining $ 1235 million of the revolving credit facility was unutilized . the company had unamortized debt issuance costs associated with its credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 , respectively . senior notes - in december 2017 , the company issued $ 600 million aggregate principal amount of unregistered 3.483% ( 3.483 % ) senior notes with registration rights due december 2027 , the net proceeds of which were used to repurchase the company's 5.000% ( 5.000 % ) senior notes due in 2021 in connection with the 2017 redemption described below . in november 2015 , the company issued $ 600 million aggregate principal amount of unregistered 5.000% ( 5.000 % ) senior notes due november 2025 , the net proceeds of which were used to repurchase the company's 7.125% ( 7.125 % ) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below . interest on the company's senior notes is payable semi-annually . the terms of the 5.000% ( 5.000 % ) and 3.483% ( 3.483 % ) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens , enter into sale and leaseback transactions , sell assets , and effect consolidations or mergers . the company had unamortized debt issuance costs associated with the senior notes of $ 15 million and $ 19 million as of december 31 , 2017 and 2016 , respectively. .

| | ( $ in millions ) | december 31 2017 | december 31 2016 | |---:|:------------------------------------------------------------------------------------------------|:-------------------|:-------------------| | 0 | senior notes due december 15 2021 5.000% ( 5.000 % ) | 2014 | 600 | | 1 | senior notes due november 15 2025 5.000% ( 5.000 % ) | 600 | 600 | | 2 | senior notes due december 1 2027 3.483% ( 3.483 % ) | 600 | 2014 | | 3 | mississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % ) | 84 | 84 | | 4 | gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % ) | 21 | 21 | | 5 | less unamortized debt issuance costs | -26 ( 26 ) | -27 ( 27 ) | | 6 | total long-term debt | 1279 | 1278 |

as of december 31 , 2017 , the company had gross state income tax credit carry-forwards of approximately $ 20 million , which expire from 2018 through 2020 . a deferred tax asset of approximately $ 16 million ( net of federal benefit ) has been established related to these state income tax credit carry-forwards , with a valuation allowance of $ 7 million against such deferred tax asset as of december 31 , 2017 . the company had a gross state net operating loss carry-forward of $ 39 million , which expires in 2027 . a deferred tax asset of approximately $ 3 million ( net of federal benefit ) has been established for the net operating loss carry-forward , with a full valuation allowance as of december 31 , 2017 . other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036 . 14 . debt long-term debt consisted of the following: ._| | ( $ in millions ) | december 31 2017 | december 31 2016 | |---:|:------------------------------------------------------------------------------------------------|:-------------------|:-------------------| | 0 | senior notes due december 15 2021 5.000% ( 5.000 % ) | 2014 | 600 | | 1 | senior notes due november 15 2025 5.000% ( 5.000 % ) | 600 | 600 | | 2 | senior notes due december 1 2027 3.483% ( 3.483 % ) | 600 | 2014 | | 3 | mississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % ) | 84 | 84 | | 4 | gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % ) | 21 | 21 | | 5 | less unamortized debt issuance costs | -26 ( 26 ) | -27 ( 27 ) | | 6 | total long-term debt | 1279 | 1278 |_credit facility - in november 2017 , the company terminated its second amended and restated credit agreement and entered into a new credit agreement ( the "credit facility" ) with third-party lenders . the credit facility includes a revolving credit facility of $ 1250 million , which may be drawn upon during a period of five years from november 22 , 2017 . the revolving credit facility includes a letter of credit subfacility of $ 500 million . the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ( "libor" ) plus a spread based upon the company's credit rating , which may vary between 1.125% ( 1.125 % ) and 1.500% ( 1.500 % ) . the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio . the commitment fee rate as of december 31 , 2017 was 0.25% ( 0.25 % ) and may vary between 0.20% ( 0.20 % ) and 0.30% ( 0.30 % ) . the credit facility contains customary affirmative and negative covenants , as well as a financial covenant based on a maximum total leverage ratio . each of the company's existing and future material wholly owned domestic subsidiaries , except those that are specifically designated as unrestricted subsidiaries , are and will be guarantors under the credit facility . in july 2015 , the company used cash on hand to repay all amounts outstanding under a prior credit facility , including $ 345 million in principal amount of outstanding term loans . as of december 31 , 2017 , $ 15 million in letters of credit were issued but undrawn , and the remaining $ 1235 million of the revolving credit facility was unutilized . the company had unamortized debt issuance costs associated with its credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 , respectively . senior notes - in december 2017 , the company issued $ 600 million aggregate principal amount of unregistered 3.483% ( 3.483 % ) senior notes with registration rights due december 2027 , the net proceeds of which were used to repurchase the company's 5.000% ( 5.000 % ) senior notes due in 2021 in connection with the 2017 redemption described below . in november 2015 , the company issued $ 600 million aggregate principal amount of unregistered 5.000% ( 5.000 % ) senior notes due november 2025 , the net proceeds of which were used to repurchase the company's 7.125% ( 7.125 % ) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below . interest on the company's senior notes is payable semi-annually . the terms of the 5.000% ( 5.000 % ) and 3.483% ( 3.483 % ) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens , enter into sale and leaseback transactions , sell assets , and effect consolidations or mergers . the company had unamortized debt issuance costs associated with the senior notes of $ 15 million and $ 19 million as of december 31 , 2017 and 2016 , respectively. .

2,017

104

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

what is the percentage change in the unamortized debt issuance costs associated with the senior notes from 2016 to 2017?

-21.1%

divide(subtract(15, 19), 19)

as of december 31 , 2017 , the company had gross state income tax credit carry-forwards of approximately $ 20 million , which expire from 2018 through 2020 . a deferred tax asset of approximately $ 16 million ( net of federal benefit ) has been established related to these state income tax credit carry-forwards , with a valuation allowance of $ 7 million against such deferred tax asset as of december 31 , 2017 . the company had a gross state net operating loss carry-forward of $ 39 million , which expires in 2027 . a deferred tax asset of approximately $ 3 million ( net of federal benefit ) has been established for the net operating loss carry-forward , with a full valuation allowance as of december 31 , 2017 . other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036 . 14 . debt long-term debt consisted of the following: .

credit facility - in november 2017 , the company terminated its second amended and restated credit agreement and entered into a new credit agreement ( the "credit facility" ) with third-party lenders . the credit facility includes a revolving credit facility of $ 1250 million , which may be drawn upon during a period of five years from november 22 , 2017 . the revolving credit facility includes a letter of credit subfacility of $ 500 million . the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ( "libor" ) plus a spread based upon the company's credit rating , which may vary between 1.125% ( 1.125 % ) and 1.500% ( 1.500 % ) . the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio . the commitment fee rate as of december 31 , 2017 was 0.25% ( 0.25 % ) and may vary between 0.20% ( 0.20 % ) and 0.30% ( 0.30 % ) . the credit facility contains customary affirmative and negative covenants , as well as a financial covenant based on a maximum total leverage ratio . each of the company's existing and future material wholly owned domestic subsidiaries , except those that are specifically designated as unrestricted subsidiaries , are and will be guarantors under the credit facility . in july 2015 , the company used cash on hand to repay all amounts outstanding under a prior credit facility , including $ 345 million in principal amount of outstanding term loans . as of december 31 , 2017 , $ 15 million in letters of credit were issued but undrawn , and the remaining $ 1235 million of the revolving credit facility was unutilized . the company had unamortized debt issuance costs associated with its credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 , respectively . senior notes - in december 2017 , the company issued $ 600 million aggregate principal amount of unregistered 3.483% ( 3.483 % ) senior notes with registration rights due december 2027 , the net proceeds of which were used to repurchase the company's 5.000% ( 5.000 % ) senior notes due in 2021 in connection with the 2017 redemption described below . in november 2015 , the company issued $ 600 million aggregate principal amount of unregistered 5.000% ( 5.000 % ) senior notes due november 2025 , the net proceeds of which were used to repurchase the company's 7.125% ( 7.125 % ) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below . interest on the company's senior notes is payable semi-annually . the terms of the 5.000% ( 5.000 % ) and 3.483% ( 3.483 % ) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens , enter into sale and leaseback transactions , sell assets , and effect consolidations or mergers . the company had unamortized debt issuance costs associated with the senior notes of $ 15 million and $ 19 million as of december 31 , 2017 and 2016 , respectively. .

| | ( $ in millions ) | december 31 2017 | december 31 2016 | |---:|:------------------------------------------------------------------------------------------------|:-------------------|:-------------------| | 0 | senior notes due december 15 2021 5.000% ( 5.000 % ) | 2014 | 600 | | 1 | senior notes due november 15 2025 5.000% ( 5.000 % ) | 600 | 600 | | 2 | senior notes due december 1 2027 3.483% ( 3.483 % ) | 600 | 2014 | | 3 | mississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % ) | 84 | 84 | | 4 | gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % ) | 21 | 21 | | 5 | less unamortized debt issuance costs | -26 ( 26 ) | -27 ( 27 ) | | 6 | total long-term debt | 1279 | 1278 |

as of december 31 , 2017 , the company had gross state income tax credit carry-forwards of approximately $ 20 million , which expire from 2018 through 2020 . a deferred tax asset of approximately $ 16 million ( net of federal benefit ) has been established related to these state income tax credit carry-forwards , with a valuation allowance of $ 7 million against such deferred tax asset as of december 31 , 2017 . the company had a gross state net operating loss carry-forward of $ 39 million , which expires in 2027 . a deferred tax asset of approximately $ 3 million ( net of federal benefit ) has been established for the net operating loss carry-forward , with a full valuation allowance as of december 31 , 2017 . other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036 . 14 . debt long-term debt consisted of the following: ._| | ( $ in millions ) | december 31 2017 | december 31 2016 | |---:|:------------------------------------------------------------------------------------------------|:-------------------|:-------------------| | 0 | senior notes due december 15 2021 5.000% ( 5.000 % ) | 2014 | 600 | | 1 | senior notes due november 15 2025 5.000% ( 5.000 % ) | 600 | 600 | | 2 | senior notes due december 1 2027 3.483% ( 3.483 % ) | 600 | 2014 | | 3 | mississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % ) | 84 | 84 | | 4 | gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % ) | 21 | 21 | | 5 | less unamortized debt issuance costs | -26 ( 26 ) | -27 ( 27 ) | | 6 | total long-term debt | 1279 | 1278 |_credit facility - in november 2017 , the company terminated its second amended and restated credit agreement and entered into a new credit agreement ( the "credit facility" ) with third-party lenders . the credit facility includes a revolving credit facility of $ 1250 million , which may be drawn upon during a period of five years from november 22 , 2017 . the revolving credit facility includes a letter of credit subfacility of $ 500 million . the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ( "libor" ) plus a spread based upon the company's credit rating , which may vary between 1.125% ( 1.125 % ) and 1.500% ( 1.500 % ) . the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio . the commitment fee rate as of december 31 , 2017 was 0.25% ( 0.25 % ) and may vary between 0.20% ( 0.20 % ) and 0.30% ( 0.30 % ) . the credit facility contains customary affirmative and negative covenants , as well as a financial covenant based on a maximum total leverage ratio . each of the company's existing and future material wholly owned domestic subsidiaries , except those that are specifically designated as unrestricted subsidiaries , are and will be guarantors under the credit facility . in july 2015 , the company used cash on hand to repay all amounts outstanding under a prior credit facility , including $ 345 million in principal amount of outstanding term loans . as of december 31 , 2017 , $ 15 million in letters of credit were issued but undrawn , and the remaining $ 1235 million of the revolving credit facility was unutilized . the company had unamortized debt issuance costs associated with its credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 , respectively . senior notes - in december 2017 , the company issued $ 600 million aggregate principal amount of unregistered 3.483% ( 3.483 % ) senior notes with registration rights due december 2027 , the net proceeds of which were used to repurchase the company's 5.000% ( 5.000 % ) senior notes due in 2021 in connection with the 2017 redemption described below . in november 2015 , the company issued $ 600 million aggregate principal amount of unregistered 5.000% ( 5.000 % ) senior notes due november 2025 , the net proceeds of which were used to repurchase the company's 7.125% ( 7.125 % ) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below . interest on the company's senior notes is payable semi-annually . the terms of the 5.000% ( 5.000 % ) and 3.483% ( 3.483 % ) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens , enter into sale and leaseback transactions , sell assets , and effect consolidations or mergers . the company had unamortized debt issuance costs associated with the senior notes of $ 15 million and $ 19 million as of december 31 , 2017 and 2016 , respectively. .

2,017

104

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

null

finqa507

what was the difference in percentage cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock and the s&p 500 for the period ended december 30 , 2006?

55.07%

subtract(divide(subtract(79.96, const_100), const_100), divide(subtract(135.03, 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 was the difference in percentage cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock and the s&p 500 for the period ended december 30 , 2006?

55.07%

subtract(divide(subtract(79.96, const_100), const_100), divide(subtract(135.03, 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

finqa508

total future minimum lease payments due after 5 years are what percent of the total remaining?

15%

divide(708, 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 ) : .

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

total future minimum lease payments due after 5 years are what percent of the total remaining?

15%

divide(708, 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 ) : .

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

finqa509

what is the yearly interest expense incurred from the $ 375 million note with a fixed rate?

11.3

multiply(375, 3%)

we hold an interest rate swap agreement to hedge the benchmark interest rate of our $ 375 million 5.0% ( 5.0 % ) senior unsecured notes due july 1 , 2014 . the effect of the swap is to convert our 5.0% ( 5.0 % ) fixed interest rate to a variable interest rate based on the three-month libor plus 2.05% ( 2.05 % ) ( 2.42% ( 2.42 % ) as of october 29 , 2011 ) . in addition , we have a term loan facility of $ 145 million that bears interest at a fluctuating rate for each period equal to the libor rate corresponding with the tenor of the interest period plus a spread of 1.25% ( 1.25 % ) ( 1.61% ( 1.61 % ) as of october 29 , 2011 ) . if libor increases by 100 basis points , our annual interest expense would increase by approximately $ 5 million . however , this hypothetical change in interest rates would not impact the interest expense on our $ 375 million of 3% ( 3 % ) fixed-rate debt , which is not hedged . as of october 30 , 2010 , a similar 100 basis point increase in libor would have resulted in an increase of approximately $ 4 million to our annual interest expense . foreign currency exposure as more fully described in note 2i in the notes to consolidated financial statements contained in item 8 of this annual report on form 10-k , we regularly hedge our non-u.s . dollar-based exposures by entering into forward foreign currency exchange contracts . the terms of these contracts are for periods matching the duration of the underlying exposure and generally range from one month to twelve months . currently , our largest foreign currency exposure is the euro , primarily because our european operations have the highest proportion of our local currency denominated expenses . relative to foreign currency exposures existing at october 29 , 2011 and october 30 , 2010 , a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates over the course of the year would expose us to approximately $ 6 million in losses in earnings or cash flows . the market risk associated with our derivative instruments results from currency exchange rates that are expected to offset the market risk of the underlying transactions , assets and liabilities being hedged . the counterparties to the agreements relating to our foreign exchange instruments consist of a number of major international financial institutions with high credit ratings . based on the credit ratings of our counterparties as of october 29 , 2011 , we do not believe that there is significant risk of nonperformance by them . while the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions , they do not represent the amount of our exposure to credit risk . the amounts potentially subject to credit risk ( arising from the possible inability of counterparties to meet the terms of their contracts ) are generally limited to the amounts , if any , by which the counterparties 2019 obligations under the contracts exceed our obligations to the counterparties . the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s . dollar , would have on the fair value of our forward exchange contracts as of october 29 , 2011 and october 30 , 2010: .

fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset . . . . . . . . . . . . . . . . . $ 17859 $ 22062 fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability . . . . . . . . . . . . . . . . . . . . . . . $ ( 13332 ) $ ( 7396 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s . dollar . in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive . our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices. .

| | | october 29 2011 | october 30 2010 | |---:|:------------------------------------------------------------------------------------------------------------------------------|:-------------------|:------------------| | 0 | fair value of forward exchange contracts asset | $ 2472 | $ 7256 | | 1 | fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset | $ 17859 | $ 22062 | | 2 | fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability | $ -13332 ( 13332 ) | $ -7396 ( 7396 ) |

we hold an interest rate swap agreement to hedge the benchmark interest rate of our $ 375 million 5.0% ( 5.0 % ) senior unsecured notes due july 1 , 2014 . the effect of the swap is to convert our 5.0% ( 5.0 % ) fixed interest rate to a variable interest rate based on the three-month libor plus 2.05% ( 2.05 % ) ( 2.42% ( 2.42 % ) as of october 29 , 2011 ) . in addition , we have a term loan facility of $ 145 million that bears interest at a fluctuating rate for each period equal to the libor rate corresponding with the tenor of the interest period plus a spread of 1.25% ( 1.25 % ) ( 1.61% ( 1.61 % ) as of october 29 , 2011 ) . if libor increases by 100 basis points , our annual interest expense would increase by approximately $ 5 million . however , this hypothetical change in interest rates would not impact the interest expense on our $ 375 million of 3% ( 3 % ) fixed-rate debt , which is not hedged . as of october 30 , 2010 , a similar 100 basis point increase in libor would have resulted in an increase of approximately $ 4 million to our annual interest expense . foreign currency exposure as more fully described in note 2i in the notes to consolidated financial statements contained in item 8 of this annual report on form 10-k , we regularly hedge our non-u.s . dollar-based exposures by entering into forward foreign currency exchange contracts . the terms of these contracts are for periods matching the duration of the underlying exposure and generally range from one month to twelve months . currently , our largest foreign currency exposure is the euro , primarily because our european operations have the highest proportion of our local currency denominated expenses . relative to foreign currency exposures existing at october 29 , 2011 and october 30 , 2010 , a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates over the course of the year would expose us to approximately $ 6 million in losses in earnings or cash flows . the market risk associated with our derivative instruments results from currency exchange rates that are expected to offset the market risk of the underlying transactions , assets and liabilities being hedged . the counterparties to the agreements relating to our foreign exchange instruments consist of a number of major international financial institutions with high credit ratings . based on the credit ratings of our counterparties as of october 29 , 2011 , we do not believe that there is significant risk of nonperformance by them . while the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions , they do not represent the amount of our exposure to credit risk . the amounts potentially subject to credit risk ( arising from the possible inability of counterparties to meet the terms of their contracts ) are generally limited to the amounts , if any , by which the counterparties 2019 obligations under the contracts exceed our obligations to the counterparties . the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s . dollar , would have on the fair value of our forward exchange contracts as of october 29 , 2011 and october 30 , 2010: ._| | | october 29 2011 | october 30 2010 | |---:|:------------------------------------------------------------------------------------------------------------------------------|:-------------------|:------------------| | 0 | fair value of forward exchange contracts asset | $ 2472 | $ 7256 | | 1 | fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset | $ 17859 | $ 22062 | | 2 | fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability | $ -13332 ( 13332 ) | $ -7396 ( 7396 ) |_fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset . . . . . . . . . . . . . . . . . $ 17859 $ 22062 fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability . . . . . . . . . . . . . . . . . . . . . . . $ ( 13332 ) $ ( 7396 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s . dollar . in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive . our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices. .

2,011

50

ADI

Analog Devices

Information Technology

Semiconductors

Wilmington, Massachusetts

1999-10-12

6,281

1965

what is the yearly interest expense incurred from the $ 375 million note with a fixed rate?

11.3

multiply(375, 3%)

we hold an interest rate swap agreement to hedge the benchmark interest rate of our $ 375 million 5.0% ( 5.0 % ) senior unsecured notes due july 1 , 2014 . the effect of the swap is to convert our 5.0% ( 5.0 % ) fixed interest rate to a variable interest rate based on the three-month libor plus 2.05% ( 2.05 % ) ( 2.42% ( 2.42 % ) as of october 29 , 2011 ) . in addition , we have a term loan facility of $ 145 million that bears interest at a fluctuating rate for each period equal to the libor rate corresponding with the tenor of the interest period plus a spread of 1.25% ( 1.25 % ) ( 1.61% ( 1.61 % ) as of october 29 , 2011 ) . if libor increases by 100 basis points , our annual interest expense would increase by approximately $ 5 million . however , this hypothetical change in interest rates would not impact the interest expense on our $ 375 million of 3% ( 3 % ) fixed-rate debt , which is not hedged . as of october 30 , 2010 , a similar 100 basis point increase in libor would have resulted in an increase of approximately $ 4 million to our annual interest expense . foreign currency exposure as more fully described in note 2i in the notes to consolidated financial statements contained in item 8 of this annual report on form 10-k , we regularly hedge our non-u.s . dollar-based exposures by entering into forward foreign currency exchange contracts . the terms of these contracts are for periods matching the duration of the underlying exposure and generally range from one month to twelve months . currently , our largest foreign currency exposure is the euro , primarily because our european operations have the highest proportion of our local currency denominated expenses . relative to foreign currency exposures existing at october 29 , 2011 and october 30 , 2010 , a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates over the course of the year would expose us to approximately $ 6 million in losses in earnings or cash flows . the market risk associated with our derivative instruments results from currency exchange rates that are expected to offset the market risk of the underlying transactions , assets and liabilities being hedged . the counterparties to the agreements relating to our foreign exchange instruments consist of a number of major international financial institutions with high credit ratings . based on the credit ratings of our counterparties as of october 29 , 2011 , we do not believe that there is significant risk of nonperformance by them . while the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions , they do not represent the amount of our exposure to credit risk . the amounts potentially subject to credit risk ( arising from the possible inability of counterparties to meet the terms of their contracts ) are generally limited to the amounts , if any , by which the counterparties 2019 obligations under the contracts exceed our obligations to the counterparties . the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s . dollar , would have on the fair value of our forward exchange contracts as of october 29 , 2011 and october 30 , 2010: .

fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset . . . . . . . . . . . . . . . . . $ 17859 $ 22062 fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability . . . . . . . . . . . . . . . . . . . . . . . $ ( 13332 ) $ ( 7396 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s . dollar . in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive . our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices. .

| | | october 29 2011 | october 30 2010 | |---:|:------------------------------------------------------------------------------------------------------------------------------|:-------------------|:------------------| | 0 | fair value of forward exchange contracts asset | $ 2472 | $ 7256 | | 1 | fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset | $ 17859 | $ 22062 | | 2 | fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability | $ -13332 ( 13332 ) | $ -7396 ( 7396 ) |

we hold an interest rate swap agreement to hedge the benchmark interest rate of our $ 375 million 5.0% ( 5.0 % ) senior unsecured notes due july 1 , 2014 . the effect of the swap is to convert our 5.0% ( 5.0 % ) fixed interest rate to a variable interest rate based on the three-month libor plus 2.05% ( 2.05 % ) ( 2.42% ( 2.42 % ) as of october 29 , 2011 ) . in addition , we have a term loan facility of $ 145 million that bears interest at a fluctuating rate for each period equal to the libor rate corresponding with the tenor of the interest period plus a spread of 1.25% ( 1.25 % ) ( 1.61% ( 1.61 % ) as of october 29 , 2011 ) . if libor increases by 100 basis points , our annual interest expense would increase by approximately $ 5 million . however , this hypothetical change in interest rates would not impact the interest expense on our $ 375 million of 3% ( 3 % ) fixed-rate debt , which is not hedged . as of october 30 , 2010 , a similar 100 basis point increase in libor would have resulted in an increase of approximately $ 4 million to our annual interest expense . foreign currency exposure as more fully described in note 2i in the notes to consolidated financial statements contained in item 8 of this annual report on form 10-k , we regularly hedge our non-u.s . dollar-based exposures by entering into forward foreign currency exchange contracts . the terms of these contracts are for periods matching the duration of the underlying exposure and generally range from one month to twelve months . currently , our largest foreign currency exposure is the euro , primarily because our european operations have the highest proportion of our local currency denominated expenses . relative to foreign currency exposures existing at october 29 , 2011 and october 30 , 2010 , a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates over the course of the year would expose us to approximately $ 6 million in losses in earnings or cash flows . the market risk associated with our derivative instruments results from currency exchange rates that are expected to offset the market risk of the underlying transactions , assets and liabilities being hedged . the counterparties to the agreements relating to our foreign exchange instruments consist of a number of major international financial institutions with high credit ratings . based on the credit ratings of our counterparties as of october 29 , 2011 , we do not believe that there is significant risk of nonperformance by them . while the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions , they do not represent the amount of our exposure to credit risk . the amounts potentially subject to credit risk ( arising from the possible inability of counterparties to meet the terms of their contracts ) are generally limited to the amounts , if any , by which the counterparties 2019 obligations under the contracts exceed our obligations to the counterparties . the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s . dollar , would have on the fair value of our forward exchange contracts as of october 29 , 2011 and october 30 , 2010: ._| | | october 29 2011 | october 30 2010 | |---:|:------------------------------------------------------------------------------------------------------------------------------|:-------------------|:------------------| | 0 | fair value of forward exchange contracts asset | $ 2472 | $ 7256 | | 1 | fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset | $ 17859 | $ 22062 | | 2 | fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability | $ -13332 ( 13332 ) | $ -7396 ( 7396 ) |_fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset . . . . . . . . . . . . . . . . . $ 17859 $ 22062 fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability . . . . . . . . . . . . . . . . . . . . . . . $ ( 13332 ) $ ( 7396 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s . dollar . in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive . our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices. .

2,011

50

ADI

Analog Devices

Information Technology

Semiconductors

Wilmington, Massachusetts

1999-10-12

6,281

1965

null

finqa510

if overall freight revenues in 2014 grow as the same rate as agricultural arc growth , what would projected 2015 revenues be in millions?

23688

add(22560, 5%)

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

we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7% ( 7 % ) volume growth and core pricing gains of 2.5% ( 2.5 % ) . volume growth from grain , frac sand , rock , and intermodal ( domestic and international ) shipments offset declines in crude oil . freight revenues from five of our six commodity groups increased during 2013 compared to 2012 . revenue from agricultural products was down slightly compared to 2012 . arc increased 5% ( 5 % ) , driven by core pricing gains , shifts in business mix and an automotive logistics management arrangement . volume essentially was flat year over year as growth in automotive , frac sand , crude oil and domestic intermodal offset declines in coal , international intermodal and grain shipments . our fuel surcharge programs generated freight revenues of $ 2.8 billion , $ 2.6 billion , and $ 2.6 billion in 2014 , 2013 , and 2012 , respectively . fuel surcharge in 2014 increased 6% ( 6 % ) driven by our 7% ( 7 % ) carloadings increase . fuel surcharge in 2013 essentially was flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) . in 2014 , other revenue increased from 2013 due to higher revenues at our subsidiaries , primarily those that broker intermodal and automotive services , accessorial revenue driven by increased volume and per diem revenue for container usage ( previously included in automotive freight revenue ) . in 2013 , other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services. .

| | millions | 2014 | 2013 | 2012 | % ( % ) change 2014 v 2013 | % ( % ) change 2013 v 2012 | |---:|:-----------------|:--------|:--------|:--------|:------------------------------|:------------------------------| | 0 | freight revenues | $ 22560 | $ 20684 | $ 19686 | 9% ( 9 % ) | 5% ( 5 % ) | | 1 | other revenues | 1428 | 1279 | 1240 | 12% ( 12 % ) | 3% ( 3 % ) | | 2 | total | $ 23988 | $ 21963 | $ 20926 | 9% ( 9 % ) | 5% ( 5 % ) |

results of operations operating revenues millions 2014 2013 2012 % ( % ) change 2014 v 2013 % ( % ) change 2013 v 2012 ._| | millions | 2014 | 2013 | 2012 | % ( % ) change 2014 v 2013 | % ( % ) change 2013 v 2012 | |---:|:-----------------|:--------|:--------|:--------|:------------------------------|:------------------------------| | 0 | freight revenues | $ 22560 | $ 20684 | $ 19686 | 9% ( 9 % ) | 5% ( 5 % ) | | 1 | other revenues | 1428 | 1279 | 1240 | 12% ( 12 % ) | 3% ( 3 % ) | | 2 | total | $ 23988 | $ 21963 | $ 20926 | 9% ( 9 % ) | 5% ( 5 % ) |_we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7% ( 7 % ) volume growth and core pricing gains of 2.5% ( 2.5 % ) . volume growth from grain , frac sand , rock , and intermodal ( domestic and international ) shipments offset declines in crude oil . freight revenues from five of our six commodity groups increased during 2013 compared to 2012 . revenue from agricultural products was down slightly compared to 2012 . arc increased 5% ( 5 % ) , driven by core pricing gains , shifts in business mix and an automotive logistics management arrangement . volume essentially was flat year over year as growth in automotive , frac sand , crude oil and domestic intermodal offset declines in coal , international intermodal and grain shipments . our fuel surcharge programs generated freight revenues of $ 2.8 billion , $ 2.6 billion , and $ 2.6 billion in 2014 , 2013 , and 2012 , respectively . fuel surcharge in 2014 increased 6% ( 6 % ) driven by our 7% ( 7 % ) carloadings increase . fuel surcharge in 2013 essentially was flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) . in 2014 , other revenue increased from 2013 due to higher revenues at our subsidiaries , primarily those that broker intermodal and automotive services , accessorial revenue driven by increased volume and per diem revenue for container usage ( previously included in automotive freight revenue ) . in 2013 , other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services. .

2,014

25

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

if overall freight revenues in 2014 grow as the same rate as agricultural arc growth , what would projected 2015 revenues be in millions?

23688

add(22560, 5%)

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

we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7% ( 7 % ) volume growth and core pricing gains of 2.5% ( 2.5 % ) . volume growth from grain , frac sand , rock , and intermodal ( domestic and international ) shipments offset declines in crude oil . freight revenues from five of our six commodity groups increased during 2013 compared to 2012 . revenue from agricultural products was down slightly compared to 2012 . arc increased 5% ( 5 % ) , driven by core pricing gains , shifts in business mix and an automotive logistics management arrangement . volume essentially was flat year over year as growth in automotive , frac sand , crude oil and domestic intermodal offset declines in coal , international intermodal and grain shipments . our fuel surcharge programs generated freight revenues of $ 2.8 billion , $ 2.6 billion , and $ 2.6 billion in 2014 , 2013 , and 2012 , respectively . fuel surcharge in 2014 increased 6% ( 6 % ) driven by our 7% ( 7 % ) carloadings increase . fuel surcharge in 2013 essentially was flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) . in 2014 , other revenue increased from 2013 due to higher revenues at our subsidiaries , primarily those that broker intermodal and automotive services , accessorial revenue driven by increased volume and per diem revenue for container usage ( previously included in automotive freight revenue ) . in 2013 , other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services. .

| | millions | 2014 | 2013 | 2012 | % ( % ) change 2014 v 2013 | % ( % ) change 2013 v 2012 | |---:|:-----------------|:--------|:--------|:--------|:------------------------------|:------------------------------| | 0 | freight revenues | $ 22560 | $ 20684 | $ 19686 | 9% ( 9 % ) | 5% ( 5 % ) | | 1 | other revenues | 1428 | 1279 | 1240 | 12% ( 12 % ) | 3% ( 3 % ) | | 2 | total | $ 23988 | $ 21963 | $ 20926 | 9% ( 9 % ) | 5% ( 5 % ) |

results of operations operating revenues millions 2014 2013 2012 % ( % ) change 2014 v 2013 % ( % ) change 2013 v 2012 ._| | millions | 2014 | 2013 | 2012 | % ( % ) change 2014 v 2013 | % ( % ) change 2013 v 2012 | |---:|:-----------------|:--------|:--------|:--------|:------------------------------|:------------------------------| | 0 | freight revenues | $ 22560 | $ 20684 | $ 19686 | 9% ( 9 % ) | 5% ( 5 % ) | | 1 | other revenues | 1428 | 1279 | 1240 | 12% ( 12 % ) | 3% ( 3 % ) | | 2 | total | $ 23988 | $ 21963 | $ 20926 | 9% ( 9 % ) | 5% ( 5 % ) |_we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7% ( 7 % ) volume growth and core pricing gains of 2.5% ( 2.5 % ) . volume growth from grain , frac sand , rock , and intermodal ( domestic and international ) shipments offset declines in crude oil . freight revenues from five of our six commodity groups increased during 2013 compared to 2012 . revenue from agricultural products was down slightly compared to 2012 . arc increased 5% ( 5 % ) , driven by core pricing gains , shifts in business mix and an automotive logistics management arrangement . volume essentially was flat year over year as growth in automotive , frac sand , crude oil and domestic intermodal offset declines in coal , international intermodal and grain shipments . our fuel surcharge programs generated freight revenues of $ 2.8 billion , $ 2.6 billion , and $ 2.6 billion in 2014 , 2013 , and 2012 , respectively . fuel surcharge in 2014 increased 6% ( 6 % ) driven by our 7% ( 7 % ) carloadings increase . fuel surcharge in 2013 essentially was flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) . in 2014 , other revenue increased from 2013 due to higher revenues at our subsidiaries , primarily those that broker intermodal and automotive services , accessorial revenue driven by increased volume and per diem revenue for container usage ( previously included in automotive freight revenue ) . in 2013 , other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services. .

2,014

25

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa511

what is the net change in the total investment from 2010 to 2011?

17720

subtract(26410, 8690)

contingent consideration of up to $ 13.8 million . the contingent consideration arrangement requires additional cash payments to the former equity holders of lyric upon the achievement of certain technological and product development milestones payable during the period from june 2011 through june 2016 . the company estimated the fair value of the contingent consideration arrangement utilizing the income approach . changes in the fair value of the contingent consideration subsequent to the acquisition date primarily driven by assumptions pertaining to the achievement of the defined milestones will be recognized in operating income in the period of the estimated fair value change . as of october 29 , 2011 , no contingent payments have been made and the fair value of the contingent consideration was approximately $ 14.0 million . the company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition , resulting in the recognition of $ 12.2 million of ipr&d , $ 18.9 million of goodwill and $ 3.3 million of net deferred tax liabilities . the goodwill recognized is attributable to future technologies that have yet to be determined as well as the assembled workforce of lyric . future technologies do not meet the criteria for recognition separately from goodwill because they are a part of future development and growth of the business . none of the goodwill is expected to be deductible for tax purposes . in addition , the company will be obligated to pay royalties to the former equity holders of lyric on revenue recognized from the sale of lyric products and licenses through the earlier of 20 years or the accrual of a maximum of $ 25 million . royalty payments to lyric employees require post-acquisition services to be rendered and , as such , the company will record these amounts as compensation expense in the related periods . as of october 29 , 2011 , no royalty payments have been made . the company recognized $ 0.2 million of acquisition-related costs that were expensed in the third quarter of fiscal 2011 . these costs are included in operating expenses in the consolidated statement of income . the company has not provided pro forma results of operations for integrant , audioasics and lyric herein as they were not material to the company on either an individual or an aggregate basis . the company included the results of operations of each acquisition in its consolidated statement of income from the date of such acquisition . 7 . deferred compensation plan investments investments in the analog devices , inc . deferred compensation plan ( the deferred compensation plan ) are classified as trading . the components of the investments as of october 29 , 2011 and october 30 , 2010 were as follows: .

the fair values of these investments are based on published market quotes on october 29 , 2011 and october 30 , 2010 , respectively . adjustments to the fair value of , and income pertaining to , deferred compensation plan investments are recorded in operating expenses . gross realized and unrealized gains and losses from trading securities were not material in fiscal 2011 , 2010 or 2009 . the company has recorded a corresponding liability for amounts owed to the deferred compensation plan participants ( see note 10 ) . these investments are specifically designated as available to the company solely for the purpose of paying benefits under the deferred compensation plan . however , in the event the company became insolvent , the investments would be available to all unsecured general creditors . 8 . other investments other investments consist of equity securities and other long-term investments . investments are stated at fair value , which is based on market quotes or on a cost-basis , dependent on the nature of the investment , as appropriate . adjustments to the fair value of investments classified as available-for-sale are recorded as an increase or decrease analog devices , inc . notes to consolidated financial statements 2014 ( continued ) .

| | | 2011 | 2010 | |---:|:---------------------------------------------|:--------|:-------| | 0 | money market funds | $ 17187 | $ 1840 | | 1 | mutual funds | 9223 | 6850 | | 2 | total deferred compensation plan investments | $ 26410 | $ 8690 |

contingent consideration of up to $ 13.8 million . the contingent consideration arrangement requires additional cash payments to the former equity holders of lyric upon the achievement of certain technological and product development milestones payable during the period from june 2011 through june 2016 . the company estimated the fair value of the contingent consideration arrangement utilizing the income approach . changes in the fair value of the contingent consideration subsequent to the acquisition date primarily driven by assumptions pertaining to the achievement of the defined milestones will be recognized in operating income in the period of the estimated fair value change . as of october 29 , 2011 , no contingent payments have been made and the fair value of the contingent consideration was approximately $ 14.0 million . the company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition , resulting in the recognition of $ 12.2 million of ipr&d , $ 18.9 million of goodwill and $ 3.3 million of net deferred tax liabilities . the goodwill recognized is attributable to future technologies that have yet to be determined as well as the assembled workforce of lyric . future technologies do not meet the criteria for recognition separately from goodwill because they are a part of future development and growth of the business . none of the goodwill is expected to be deductible for tax purposes . in addition , the company will be obligated to pay royalties to the former equity holders of lyric on revenue recognized from the sale of lyric products and licenses through the earlier of 20 years or the accrual of a maximum of $ 25 million . royalty payments to lyric employees require post-acquisition services to be rendered and , as such , the company will record these amounts as compensation expense in the related periods . as of october 29 , 2011 , no royalty payments have been made . the company recognized $ 0.2 million of acquisition-related costs that were expensed in the third quarter of fiscal 2011 . these costs are included in operating expenses in the consolidated statement of income . the company has not provided pro forma results of operations for integrant , audioasics and lyric herein as they were not material to the company on either an individual or an aggregate basis . the company included the results of operations of each acquisition in its consolidated statement of income from the date of such acquisition . 7 . deferred compensation plan investments investments in the analog devices , inc . deferred compensation plan ( the deferred compensation plan ) are classified as trading . the components of the investments as of october 29 , 2011 and october 30 , 2010 were as follows: ._| | | 2011 | 2010 | |---:|:---------------------------------------------|:--------|:-------| | 0 | money market funds | $ 17187 | $ 1840 | | 1 | mutual funds | 9223 | 6850 | | 2 | total deferred compensation plan investments | $ 26410 | $ 8690 |_the fair values of these investments are based on published market quotes on october 29 , 2011 and october 30 , 2010 , respectively . adjustments to the fair value of , and income pertaining to , deferred compensation plan investments are recorded in operating expenses . gross realized and unrealized gains and losses from trading securities were not material in fiscal 2011 , 2010 or 2009 . the company has recorded a corresponding liability for amounts owed to the deferred compensation plan participants ( see note 10 ) . these investments are specifically designated as available to the company solely for the purpose of paying benefits under the deferred compensation plan . however , in the event the company became insolvent , the investments would be available to all unsecured general creditors . 8 . other investments other investments consist of equity securities and other long-term investments . investments are stated at fair value , which is based on market quotes or on a cost-basis , dependent on the nature of the investment , as appropriate . adjustments to the fair value of investments classified as available-for-sale are recorded as an increase or decrease analog devices , inc . notes to consolidated financial statements 2014 ( continued ) .

2,011

81

ADI

Analog Devices

Information Technology

Semiconductors

Wilmington, Massachusetts

1999-10-12

6,281

1965

what is the net change in the total investment from 2010 to 2011?

17720

subtract(26410, 8690)

contingent consideration of up to $ 13.8 million . the contingent consideration arrangement requires additional cash payments to the former equity holders of lyric upon the achievement of certain technological and product development milestones payable during the period from june 2011 through june 2016 . the company estimated the fair value of the contingent consideration arrangement utilizing the income approach . changes in the fair value of the contingent consideration subsequent to the acquisition date primarily driven by assumptions pertaining to the achievement of the defined milestones will be recognized in operating income in the period of the estimated fair value change . as of october 29 , 2011 , no contingent payments have been made and the fair value of the contingent consideration was approximately $ 14.0 million . the company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition , resulting in the recognition of $ 12.2 million of ipr&d , $ 18.9 million of goodwill and $ 3.3 million of net deferred tax liabilities . the goodwill recognized is attributable to future technologies that have yet to be determined as well as the assembled workforce of lyric . future technologies do not meet the criteria for recognition separately from goodwill because they are a part of future development and growth of the business . none of the goodwill is expected to be deductible for tax purposes . in addition , the company will be obligated to pay royalties to the former equity holders of lyric on revenue recognized from the sale of lyric products and licenses through the earlier of 20 years or the accrual of a maximum of $ 25 million . royalty payments to lyric employees require post-acquisition services to be rendered and , as such , the company will record these amounts as compensation expense in the related periods . as of october 29 , 2011 , no royalty payments have been made . the company recognized $ 0.2 million of acquisition-related costs that were expensed in the third quarter of fiscal 2011 . these costs are included in operating expenses in the consolidated statement of income . the company has not provided pro forma results of operations for integrant , audioasics and lyric herein as they were not material to the company on either an individual or an aggregate basis . the company included the results of operations of each acquisition in its consolidated statement of income from the date of such acquisition . 7 . deferred compensation plan investments investments in the analog devices , inc . deferred compensation plan ( the deferred compensation plan ) are classified as trading . the components of the investments as of october 29 , 2011 and october 30 , 2010 were as follows: .

the fair values of these investments are based on published market quotes on october 29 , 2011 and october 30 , 2010 , respectively . adjustments to the fair value of , and income pertaining to , deferred compensation plan investments are recorded in operating expenses . gross realized and unrealized gains and losses from trading securities were not material in fiscal 2011 , 2010 or 2009 . the company has recorded a corresponding liability for amounts owed to the deferred compensation plan participants ( see note 10 ) . these investments are specifically designated as available to the company solely for the purpose of paying benefits under the deferred compensation plan . however , in the event the company became insolvent , the investments would be available to all unsecured general creditors . 8 . other investments other investments consist of equity securities and other long-term investments . investments are stated at fair value , which is based on market quotes or on a cost-basis , dependent on the nature of the investment , as appropriate . adjustments to the fair value of investments classified as available-for-sale are recorded as an increase or decrease analog devices , inc . notes to consolidated financial statements 2014 ( continued ) .

| | | 2011 | 2010 | |---:|:---------------------------------------------|:--------|:-------| | 0 | money market funds | $ 17187 | $ 1840 | | 1 | mutual funds | 9223 | 6850 | | 2 | total deferred compensation plan investments | $ 26410 | $ 8690 |

contingent consideration of up to $ 13.8 million . the contingent consideration arrangement requires additional cash payments to the former equity holders of lyric upon the achievement of certain technological and product development milestones payable during the period from june 2011 through june 2016 . the company estimated the fair value of the contingent consideration arrangement utilizing the income approach . changes in the fair value of the contingent consideration subsequent to the acquisition date primarily driven by assumptions pertaining to the achievement of the defined milestones will be recognized in operating income in the period of the estimated fair value change . as of october 29 , 2011 , no contingent payments have been made and the fair value of the contingent consideration was approximately $ 14.0 million . the company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition , resulting in the recognition of $ 12.2 million of ipr&d , $ 18.9 million of goodwill and $ 3.3 million of net deferred tax liabilities . the goodwill recognized is attributable to future technologies that have yet to be determined as well as the assembled workforce of lyric . future technologies do not meet the criteria for recognition separately from goodwill because they are a part of future development and growth of the business . none of the goodwill is expected to be deductible for tax purposes . in addition , the company will be obligated to pay royalties to the former equity holders of lyric on revenue recognized from the sale of lyric products and licenses through the earlier of 20 years or the accrual of a maximum of $ 25 million . royalty payments to lyric employees require post-acquisition services to be rendered and , as such , the company will record these amounts as compensation expense in the related periods . as of october 29 , 2011 , no royalty payments have been made . the company recognized $ 0.2 million of acquisition-related costs that were expensed in the third quarter of fiscal 2011 . these costs are included in operating expenses in the consolidated statement of income . the company has not provided pro forma results of operations for integrant , audioasics and lyric herein as they were not material to the company on either an individual or an aggregate basis . the company included the results of operations of each acquisition in its consolidated statement of income from the date of such acquisition . 7 . deferred compensation plan investments investments in the analog devices , inc . deferred compensation plan ( the deferred compensation plan ) are classified as trading . the components of the investments as of october 29 , 2011 and october 30 , 2010 were as follows: ._| | | 2011 | 2010 | |---:|:---------------------------------------------|:--------|:-------| | 0 | money market funds | $ 17187 | $ 1840 | | 1 | mutual funds | 9223 | 6850 | | 2 | total deferred compensation plan investments | $ 26410 | $ 8690 |_the fair values of these investments are based on published market quotes on october 29 , 2011 and october 30 , 2010 , respectively . adjustments to the fair value of , and income pertaining to , deferred compensation plan investments are recorded in operating expenses . gross realized and unrealized gains and losses from trading securities were not material in fiscal 2011 , 2010 or 2009 . the company has recorded a corresponding liability for amounts owed to the deferred compensation plan participants ( see note 10 ) . these investments are specifically designated as available to the company solely for the purpose of paying benefits under the deferred compensation plan . however , in the event the company became insolvent , the investments would be available to all unsecured general creditors . 8 . other investments other investments consist of equity securities and other long-term investments . investments are stated at fair value , which is based on market quotes or on a cost-basis , dependent on the nature of the investment , as appropriate . adjustments to the fair value of investments classified as available-for-sale are recorded as an increase or decrease analog devices , inc . notes to consolidated financial statements 2014 ( continued ) .

2,011

81

ADI

Analog Devices

Information Technology

Semiconductors

Wilmington, Massachusetts

1999-10-12

6,281

1965

null

finqa512

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

finqa513

what was the percent of the value of the interest retained by upri from 2007 to 2008 was $ 431 million and $ 471 million , respectively .

-8.5%

divide(subtract(431, 471), 471)

interest rate cash flow hedges 2013 we report changes in the fair value of cash flow hedges in accumulated other comprehensive loss until the hedged item affects earnings . at both december 31 , 2008 and 2007 , we had reductions of $ 4 million recorded as an accumulated other comprehensive loss that is being amortized on a straight-line basis through september 30 , 2014 . as of december 31 , 2008 and 2007 , we had no interest rate cash flow hedges outstanding . earnings impact 2013 our use of derivative financial instruments had the following impact on pre-tax income for the years ended december 31 : millions of dollars 2008 2007 2006 .

fair value of debt instruments 2013 the fair value of our short- and long-term debt was estimated using quoted market prices , where available , or current borrowing rates . at december 31 , 2008 , the fair value of total debt is approximately $ 247 million less than the carrying value . at december 31 , 2007 , the fair value of total debt exceeded the carrying value by approximately $ 96 million . at december 31 , 2008 and 2007 , approximately $ 320 million and $ 181 million , respectively , of fixed-rate debt securities contained call provisions that allowed us to retire the debt instruments prior to final maturity , with the payment of fixed call premiums , or in certain cases , at par . sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables , inc . ( upri ) , a bankruptcy-remote subsidiary , as part of a sale of receivables facility . upri sells , without recourse on a 364-day revolving basis , an undivided interest in such accounts receivable to investors . the total capacity to sell undivided interests to investors under the facility was $ 700 million and $ 600 million at december 31 , 2008 and 2007 , respectively . the value of the outstanding undivided interest held by investors under the facility was $ 584 million and $ 600 million at december 31 , 2008 and 2007 , respectively . upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables at december 31 , 2008 . the value of the outstanding undivided interest held by investors is not included in our consolidated financial statements . the value of the undivided interest held by investors was supported by $ 1015 million and $ 1071 million of accounts receivable held by upri at december 31 , 2008 and 2007 , respectively . at december 31 , 2008 and 2007 , the value of the interest retained by upri was $ 431 million and $ 471 million , respectively . this retained interest is included in accounts receivable in our consolidated financial statements . the interest sold to investors is sold at carrying value , which approximates fair value , and there is no gain or loss recognized from the transaction . the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks , including default and dilution . if default or dilution percentages were to increase one percentage point , the amount of eligible receivables would decrease by $ 6 million . should our credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility . the railroad services the sold receivables ; however , the railroad does not recognize any servicing asset or liability as the servicing fees adequately compensate us for these responsibilities . the railroad collected approximately $ 17.8 billion and $ 16.1 billion during the years ended december 31 , 2008 and 2007 , respectively . upri used certain of these proceeds to purchase new receivables under the facility. .

| | millions of dollars | 2008 | 2007 | 2006 | |---:|:----------------------------------------------------------------------|:-------|:-----------|:-----------| | 0 | ( increase ) /decrease in interest expense from interest rate hedging | $ 1 | $ -8 ( 8 ) | $ -8 ( 8 ) | | 1 | ( increase ) /decrease in fuel expense from fuel derivatives | 1 | -1 ( 1 ) | 3 | | 2 | increase/ ( decrease ) in pre-tax income | $ 2 | $ -9 ( 9 ) | $ -5 ( 5 ) |

interest rate cash flow hedges 2013 we report changes in the fair value of cash flow hedges in accumulated other comprehensive loss until the hedged item affects earnings . at both december 31 , 2008 and 2007 , we had reductions of $ 4 million recorded as an accumulated other comprehensive loss that is being amortized on a straight-line basis through september 30 , 2014 . as of december 31 , 2008 and 2007 , we had no interest rate cash flow hedges outstanding . earnings impact 2013 our use of derivative financial instruments had the following impact on pre-tax income for the years ended december 31 : millions of dollars 2008 2007 2006 ._| | millions of dollars | 2008 | 2007 | 2006 | |---:|:----------------------------------------------------------------------|:-------|:-----------|:-----------| | 0 | ( increase ) /decrease in interest expense from interest rate hedging | $ 1 | $ -8 ( 8 ) | $ -8 ( 8 ) | | 1 | ( increase ) /decrease in fuel expense from fuel derivatives | 1 | -1 ( 1 ) | 3 | | 2 | increase/ ( decrease ) in pre-tax income | $ 2 | $ -9 ( 9 ) | $ -5 ( 5 ) |_fair value of debt instruments 2013 the fair value of our short- and long-term debt was estimated using quoted market prices , where available , or current borrowing rates . at december 31 , 2008 , the fair value of total debt is approximately $ 247 million less than the carrying value . at december 31 , 2007 , the fair value of total debt exceeded the carrying value by approximately $ 96 million . at december 31 , 2008 and 2007 , approximately $ 320 million and $ 181 million , respectively , of fixed-rate debt securities contained call provisions that allowed us to retire the debt instruments prior to final maturity , with the payment of fixed call premiums , or in certain cases , at par . sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables , inc . ( upri ) , a bankruptcy-remote subsidiary , as part of a sale of receivables facility . upri sells , without recourse on a 364-day revolving basis , an undivided interest in such accounts receivable to investors . the total capacity to sell undivided interests to investors under the facility was $ 700 million and $ 600 million at december 31 , 2008 and 2007 , respectively . the value of the outstanding undivided interest held by investors under the facility was $ 584 million and $ 600 million at december 31 , 2008 and 2007 , respectively . upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables at december 31 , 2008 . the value of the outstanding undivided interest held by investors is not included in our consolidated financial statements . the value of the undivided interest held by investors was supported by $ 1015 million and $ 1071 million of accounts receivable held by upri at december 31 , 2008 and 2007 , respectively . at december 31 , 2008 and 2007 , the value of the interest retained by upri was $ 431 million and $ 471 million , respectively . this retained interest is included in accounts receivable in our consolidated financial statements . the interest sold to investors is sold at carrying value , which approximates fair value , and there is no gain or loss recognized from the transaction . the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks , including default and dilution . if default or dilution percentages were to increase one percentage point , the amount of eligible receivables would decrease by $ 6 million . should our credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility . the railroad services the sold receivables ; however , the railroad does not recognize any servicing asset or liability as the servicing fees adequately compensate us for these responsibilities . the railroad collected approximately $ 17.8 billion and $ 16.1 billion during the years ended december 31 , 2008 and 2007 , respectively . upri used certain of these proceeds to purchase new receivables under the facility. .

2,008

79

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percent of the value of the interest retained by upri from 2007 to 2008 was $ 431 million and $ 471 million , respectively .

-8.5%

divide(subtract(431, 471), 471)

interest rate cash flow hedges 2013 we report changes in the fair value of cash flow hedges in accumulated other comprehensive loss until the hedged item affects earnings . at both december 31 , 2008 and 2007 , we had reductions of $ 4 million recorded as an accumulated other comprehensive loss that is being amortized on a straight-line basis through september 30 , 2014 . as of december 31 , 2008 and 2007 , we had no interest rate cash flow hedges outstanding . earnings impact 2013 our use of derivative financial instruments had the following impact on pre-tax income for the years ended december 31 : millions of dollars 2008 2007 2006 .

fair value of debt instruments 2013 the fair value of our short- and long-term debt was estimated using quoted market prices , where available , or current borrowing rates . at december 31 , 2008 , the fair value of total debt is approximately $ 247 million less than the carrying value . at december 31 , 2007 , the fair value of total debt exceeded the carrying value by approximately $ 96 million . at december 31 , 2008 and 2007 , approximately $ 320 million and $ 181 million , respectively , of fixed-rate debt securities contained call provisions that allowed us to retire the debt instruments prior to final maturity , with the payment of fixed call premiums , or in certain cases , at par . sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables , inc . ( upri ) , a bankruptcy-remote subsidiary , as part of a sale of receivables facility . upri sells , without recourse on a 364-day revolving basis , an undivided interest in such accounts receivable to investors . the total capacity to sell undivided interests to investors under the facility was $ 700 million and $ 600 million at december 31 , 2008 and 2007 , respectively . the value of the outstanding undivided interest held by investors under the facility was $ 584 million and $ 600 million at december 31 , 2008 and 2007 , respectively . upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables at december 31 , 2008 . the value of the outstanding undivided interest held by investors is not included in our consolidated financial statements . the value of the undivided interest held by investors was supported by $ 1015 million and $ 1071 million of accounts receivable held by upri at december 31 , 2008 and 2007 , respectively . at december 31 , 2008 and 2007 , the value of the interest retained by upri was $ 431 million and $ 471 million , respectively . this retained interest is included in accounts receivable in our consolidated financial statements . the interest sold to investors is sold at carrying value , which approximates fair value , and there is no gain or loss recognized from the transaction . the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks , including default and dilution . if default or dilution percentages were to increase one percentage point , the amount of eligible receivables would decrease by $ 6 million . should our credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility . the railroad services the sold receivables ; however , the railroad does not recognize any servicing asset or liability as the servicing fees adequately compensate us for these responsibilities . the railroad collected approximately $ 17.8 billion and $ 16.1 billion during the years ended december 31 , 2008 and 2007 , respectively . upri used certain of these proceeds to purchase new receivables under the facility. .

| | millions of dollars | 2008 | 2007 | 2006 | |---:|:----------------------------------------------------------------------|:-------|:-----------|:-----------| | 0 | ( increase ) /decrease in interest expense from interest rate hedging | $ 1 | $ -8 ( 8 ) | $ -8 ( 8 ) | | 1 | ( increase ) /decrease in fuel expense from fuel derivatives | 1 | -1 ( 1 ) | 3 | | 2 | increase/ ( decrease ) in pre-tax income | $ 2 | $ -9 ( 9 ) | $ -5 ( 5 ) |

interest rate cash flow hedges 2013 we report changes in the fair value of cash flow hedges in accumulated other comprehensive loss until the hedged item affects earnings . at both december 31 , 2008 and 2007 , we had reductions of $ 4 million recorded as an accumulated other comprehensive loss that is being amortized on a straight-line basis through september 30 , 2014 . as of december 31 , 2008 and 2007 , we had no interest rate cash flow hedges outstanding . earnings impact 2013 our use of derivative financial instruments had the following impact on pre-tax income for the years ended december 31 : millions of dollars 2008 2007 2006 ._| | millions of dollars | 2008 | 2007 | 2006 | |---:|:----------------------------------------------------------------------|:-------|:-----------|:-----------| | 0 | ( increase ) /decrease in interest expense from interest rate hedging | $ 1 | $ -8 ( 8 ) | $ -8 ( 8 ) | | 1 | ( increase ) /decrease in fuel expense from fuel derivatives | 1 | -1 ( 1 ) | 3 | | 2 | increase/ ( decrease ) in pre-tax income | $ 2 | $ -9 ( 9 ) | $ -5 ( 5 ) |_fair value of debt instruments 2013 the fair value of our short- and long-term debt was estimated using quoted market prices , where available , or current borrowing rates . at december 31 , 2008 , the fair value of total debt is approximately $ 247 million less than the carrying value . at december 31 , 2007 , the fair value of total debt exceeded the carrying value by approximately $ 96 million . at december 31 , 2008 and 2007 , approximately $ 320 million and $ 181 million , respectively , of fixed-rate debt securities contained call provisions that allowed us to retire the debt instruments prior to final maturity , with the payment of fixed call premiums , or in certain cases , at par . sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables , inc . ( upri ) , a bankruptcy-remote subsidiary , as part of a sale of receivables facility . upri sells , without recourse on a 364-day revolving basis , an undivided interest in such accounts receivable to investors . the total capacity to sell undivided interests to investors under the facility was $ 700 million and $ 600 million at december 31 , 2008 and 2007 , respectively . the value of the outstanding undivided interest held by investors under the facility was $ 584 million and $ 600 million at december 31 , 2008 and 2007 , respectively . upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables at december 31 , 2008 . the value of the outstanding undivided interest held by investors is not included in our consolidated financial statements . the value of the undivided interest held by investors was supported by $ 1015 million and $ 1071 million of accounts receivable held by upri at december 31 , 2008 and 2007 , respectively . at december 31 , 2008 and 2007 , the value of the interest retained by upri was $ 431 million and $ 471 million , respectively . this retained interest is included in accounts receivable in our consolidated financial statements . the interest sold to investors is sold at carrying value , which approximates fair value , and there is no gain or loss recognized from the transaction . the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks , including default and dilution . if default or dilution percentages were to increase one percentage point , the amount of eligible receivables would decrease by $ 6 million . should our credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility . the railroad services the sold receivables ; however , the railroad does not recognize any servicing asset or liability as the servicing fees adequately compensate us for these responsibilities . the railroad collected approximately $ 17.8 billion and $ 16.1 billion during the years ended december 31 , 2008 and 2007 , respectively . upri used certain of these proceeds to purchase new receivables under the facility. .

2,008

79

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa514

for the mtn group acquisition , what was the cost per tower ? .

1798334

divide(multiply(173.2, const_1000000), 962)

american tower corporation and subsidiaries notes to consolidated financial statements ( 3 ) consists of customer-related intangibles of approximately $ 15.5 million and network location intangibles of approximately $ 19.8 million . the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years . ( 4 ) the company expects that the goodwill recorded will be deductible for tax purposes . the goodwill was allocated to the company 2019s international rental and management segment . uganda acquisition 2014on december 8 , 2011 , the company entered into a definitive agreement with mtn group to establish a joint venture in uganda . the joint venture is controlled by a holding company of which a wholly owned subsidiary of the company ( the 201catc uganda subsidiary 201d ) holds a 51% ( 51 % ) interest and a wholly owned subsidiary of mtn group ( the 201cmtn uganda subsidiary 201d ) holds a 49% ( 49 % ) interest . the joint venture is managed and controlled by the company and owns a tower operations company in uganda . pursuant to the agreement , the joint venture agreed to purchase a total of up to 1000 existing communications sites from mtn group 2019s operating subsidiary in uganda , subject to customary closing conditions . on june 29 , 2012 , the joint venture acquired 962 communications sites for an aggregate purchase price of $ 171.5 million , subject to post-closing adjustments . the aggregate purchase price was subsequently increased to $ 173.2 million , subject to future post-closing adjustments . under the terms of the purchase agreement , legal title to certain of these communications sites will be transferred upon fulfillment of certain conditions by mtn group . prior to the fulfillment of these conditions , the company will operate and maintain control of these communications sites , and accordingly , reflect these sites in the allocation of purchase price and the consolidated operating results . the following table summarizes the preliminary allocation of the aggregate purchase price consideration paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition ( in thousands ) : preliminary purchase price allocation .

( 1 ) consists of customer-related intangibles of approximately $ 36.5 million and network location intangibles of approximately $ 27.0 million . the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years . ( 2 ) the company expects that the goodwill recorded will be not be deductible for tax purposes . the goodwill was allocated to the company 2019s international rental and management segment . germany acquisition 2014on november 14 , 2012 , the company entered into a definitive agreement to purchase communications sites from e-plus mobilfunk gmbh & co . kg . on december 4 , 2012 , the company completed the purchase of 2031 communications sites , for an aggregate purchase price of $ 525.7 million. .

| | | preliminary purchase price allocation | |---:|:----------------------------------|:----------------------------------------| | 0 | non-current assets | $ 2258 | | 1 | property and equipment | 102366 | | 2 | intangible assets ( 1 ) | 63500 | | 3 | other non-current liabilities | -7528 ( 7528 ) | | 4 | fair value of net assets acquired | $ 160596 | | 5 | goodwill ( 2 ) | 12564 |

american tower corporation and subsidiaries notes to consolidated financial statements ( 3 ) consists of customer-related intangibles of approximately $ 15.5 million and network location intangibles of approximately $ 19.8 million . the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years . ( 4 ) the company expects that the goodwill recorded will be deductible for tax purposes . the goodwill was allocated to the company 2019s international rental and management segment . uganda acquisition 2014on december 8 , 2011 , the company entered into a definitive agreement with mtn group to establish a joint venture in uganda . the joint venture is controlled by a holding company of which a wholly owned subsidiary of the company ( the 201catc uganda subsidiary 201d ) holds a 51% ( 51 % ) interest and a wholly owned subsidiary of mtn group ( the 201cmtn uganda subsidiary 201d ) holds a 49% ( 49 % ) interest . the joint venture is managed and controlled by the company and owns a tower operations company in uganda . pursuant to the agreement , the joint venture agreed to purchase a total of up to 1000 existing communications sites from mtn group 2019s operating subsidiary in uganda , subject to customary closing conditions . on june 29 , 2012 , the joint venture acquired 962 communications sites for an aggregate purchase price of $ 171.5 million , subject to post-closing adjustments . the aggregate purchase price was subsequently increased to $ 173.2 million , subject to future post-closing adjustments . under the terms of the purchase agreement , legal title to certain of these communications sites will be transferred upon fulfillment of certain conditions by mtn group . prior to the fulfillment of these conditions , the company will operate and maintain control of these communications sites , and accordingly , reflect these sites in the allocation of purchase price and the consolidated operating results . the following table summarizes the preliminary allocation of the aggregate purchase price consideration paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition ( in thousands ) : preliminary purchase price allocation ._| | | preliminary purchase price allocation | |---:|:----------------------------------|:----------------------------------------| | 0 | non-current assets | $ 2258 | | 1 | property and equipment | 102366 | | 2 | intangible assets ( 1 ) | 63500 | | 3 | other non-current liabilities | -7528 ( 7528 ) | | 4 | fair value of net assets acquired | $ 160596 | | 5 | goodwill ( 2 ) | 12564 |_( 1 ) consists of customer-related intangibles of approximately $ 36.5 million and network location intangibles of approximately $ 27.0 million . the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years . ( 2 ) the company expects that the goodwill recorded will be not be deductible for tax purposes . the goodwill was allocated to the company 2019s international rental and management segment . germany acquisition 2014on november 14 , 2012 , the company entered into a definitive agreement to purchase communications sites from e-plus mobilfunk gmbh & co . kg . on december 4 , 2012 , the company completed the purchase of 2031 communications sites , for an aggregate purchase price of $ 525.7 million. .

2,012

125

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

for the mtn group acquisition , what was the cost per tower ? .

1798334

divide(multiply(173.2, const_1000000), 962)

american tower corporation and subsidiaries notes to consolidated financial statements ( 3 ) consists of customer-related intangibles of approximately $ 15.5 million and network location intangibles of approximately $ 19.8 million . the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years . ( 4 ) the company expects that the goodwill recorded will be deductible for tax purposes . the goodwill was allocated to the company 2019s international rental and management segment . uganda acquisition 2014on december 8 , 2011 , the company entered into a definitive agreement with mtn group to establish a joint venture in uganda . the joint venture is controlled by a holding company of which a wholly owned subsidiary of the company ( the 201catc uganda subsidiary 201d ) holds a 51% ( 51 % ) interest and a wholly owned subsidiary of mtn group ( the 201cmtn uganda subsidiary 201d ) holds a 49% ( 49 % ) interest . the joint venture is managed and controlled by the company and owns a tower operations company in uganda . pursuant to the agreement , the joint venture agreed to purchase a total of up to 1000 existing communications sites from mtn group 2019s operating subsidiary in uganda , subject to customary closing conditions . on june 29 , 2012 , the joint venture acquired 962 communications sites for an aggregate purchase price of $ 171.5 million , subject to post-closing adjustments . the aggregate purchase price was subsequently increased to $ 173.2 million , subject to future post-closing adjustments . under the terms of the purchase agreement , legal title to certain of these communications sites will be transferred upon fulfillment of certain conditions by mtn group . prior to the fulfillment of these conditions , the company will operate and maintain control of these communications sites , and accordingly , reflect these sites in the allocation of purchase price and the consolidated operating results . the following table summarizes the preliminary allocation of the aggregate purchase price consideration paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition ( in thousands ) : preliminary purchase price allocation .

( 1 ) consists of customer-related intangibles of approximately $ 36.5 million and network location intangibles of approximately $ 27.0 million . the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years . ( 2 ) the company expects that the goodwill recorded will be not be deductible for tax purposes . the goodwill was allocated to the company 2019s international rental and management segment . germany acquisition 2014on november 14 , 2012 , the company entered into a definitive agreement to purchase communications sites from e-plus mobilfunk gmbh & co . kg . on december 4 , 2012 , the company completed the purchase of 2031 communications sites , for an aggregate purchase price of $ 525.7 million. .

| | | preliminary purchase price allocation | |---:|:----------------------------------|:----------------------------------------| | 0 | non-current assets | $ 2258 | | 1 | property and equipment | 102366 | | 2 | intangible assets ( 1 ) | 63500 | | 3 | other non-current liabilities | -7528 ( 7528 ) | | 4 | fair value of net assets acquired | $ 160596 | | 5 | goodwill ( 2 ) | 12564 |

american tower corporation and subsidiaries notes to consolidated financial statements ( 3 ) consists of customer-related intangibles of approximately $ 15.5 million and network location intangibles of approximately $ 19.8 million . the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years . ( 4 ) the company expects that the goodwill recorded will be deductible for tax purposes . the goodwill was allocated to the company 2019s international rental and management segment . uganda acquisition 2014on december 8 , 2011 , the company entered into a definitive agreement with mtn group to establish a joint venture in uganda . the joint venture is controlled by a holding company of which a wholly owned subsidiary of the company ( the 201catc uganda subsidiary 201d ) holds a 51% ( 51 % ) interest and a wholly owned subsidiary of mtn group ( the 201cmtn uganda subsidiary 201d ) holds a 49% ( 49 % ) interest . the joint venture is managed and controlled by the company and owns a tower operations company in uganda . pursuant to the agreement , the joint venture agreed to purchase a total of up to 1000 existing communications sites from mtn group 2019s operating subsidiary in uganda , subject to customary closing conditions . on june 29 , 2012 , the joint venture acquired 962 communications sites for an aggregate purchase price of $ 171.5 million , subject to post-closing adjustments . the aggregate purchase price was subsequently increased to $ 173.2 million , subject to future post-closing adjustments . under the terms of the purchase agreement , legal title to certain of these communications sites will be transferred upon fulfillment of certain conditions by mtn group . prior to the fulfillment of these conditions , the company will operate and maintain control of these communications sites , and accordingly , reflect these sites in the allocation of purchase price and the consolidated operating results . the following table summarizes the preliminary allocation of the aggregate purchase price consideration paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition ( in thousands ) : preliminary purchase price allocation ._| | | preliminary purchase price allocation | |---:|:----------------------------------|:----------------------------------------| | 0 | non-current assets | $ 2258 | | 1 | property and equipment | 102366 | | 2 | intangible assets ( 1 ) | 63500 | | 3 | other non-current liabilities | -7528 ( 7528 ) | | 4 | fair value of net assets acquired | $ 160596 | | 5 | goodwill ( 2 ) | 12564 |_( 1 ) consists of customer-related intangibles of approximately $ 36.5 million and network location intangibles of approximately $ 27.0 million . the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years . ( 2 ) the company expects that the goodwill recorded will be not be deductible for tax purposes . the goodwill was allocated to the company 2019s international rental and management segment . germany acquisition 2014on november 14 , 2012 , the company entered into a definitive agreement to purchase communications sites from e-plus mobilfunk gmbh & co . kg . on december 4 , 2012 , the company completed the purchase of 2031 communications sites , for an aggregate purchase price of $ 525.7 million. .

2,012

125

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

null

finqa515

what percentage of the total cash purchase price net of cash acquired was represented by goodwill?

81%

divide(258.9, 320.1)

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

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

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

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

2,016

79

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

what percentage of the total cash purchase price net of cash acquired was represented by goodwill?

81%

divide(258.9, 320.1)

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

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

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

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

2,016

79

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

null

finqa516

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

-1

subtract(28.5, 29.5)

in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs . these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries . borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 . commercial paper program 2013 we have commercial paper programs in place in the u.s . and in europe . at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding . effective april 19 , 2013 , our commercial paper program in the u.s . was increased by $ 2.0 billion . as a result , our commercial paper programs in place in the u.s . and in europe currently have an aggregate issuance capacity of $ 8.0 billion . we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements . sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions . these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse . the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets . we sell trade receivables under two types of arrangements , servicing and non-servicing . pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions . the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively . the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows . for further details , see item 8 , note 23 . sale of accounts receivable to our consolidated financial statements . debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 . our total debt is primarily fixed rate in nature . for further details , see item 8 , note 7 . indebtedness . the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 . see item 8 , note 16 . fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt . the amount of debt that we can issue is subject to approval by our board of directors . on february 21 , 2014 , we filed a shelf registration statement with the u.s . securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period . our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s . dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s . dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .

| | type | | face value | interest rate | issuance | maturity | |---:|:-------------------|:------|:-------------|:-------------------|:------------|:------------| | 0 | u.s . dollar notes | ( a ) | $ 500 | 1.250% ( 1.250 % ) | august 2015 | august 2017 | | 1 | u.s . dollar notes | ( a ) | $ 750 | 3.375% ( 3.375 % ) | august 2015 | august 2025 |

in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs . these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries . borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 . commercial paper program 2013 we have commercial paper programs in place in the u.s . and in europe . at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding . effective april 19 , 2013 , our commercial paper program in the u.s . was increased by $ 2.0 billion . as a result , our commercial paper programs in place in the u.s . and in europe currently have an aggregate issuance capacity of $ 8.0 billion . we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements . sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions . these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse . the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets . we sell trade receivables under two types of arrangements , servicing and non-servicing . pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions . the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively . the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows . for further details , see item 8 , note 23 . sale of accounts receivable to our consolidated financial statements . debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 . our total debt is primarily fixed rate in nature . for further details , see item 8 , note 7 . indebtedness . the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 . see item 8 , note 16 . fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt . the amount of debt that we can issue is subject to approval by our board of directors . on february 21 , 2014 , we filed a shelf registration statement with the u.s . securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period . our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s . dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s . dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. ._| | type | | face value | interest rate | issuance | maturity | |---:|:-------------------|:------|:-------------|:-------------------|:------------|:------------| | 0 | u.s . dollar notes | ( a ) | $ 500 | 1.250% ( 1.250 % ) | august 2015 | august 2017 | | 1 | u.s . dollar notes | ( a ) | $ 750 | 3.375% ( 3.375 % ) | august 2015 | august 2025 |_in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs . these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries . borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 . commercial paper program 2013 we have commercial paper programs in place in the u.s . and in europe . at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding . effective april 19 , 2013 , our commercial paper program in the u.s . was increased by $ 2.0 billion . as a result , our commercial paper programs in place in the u.s . and in europe currently have an aggregate issuance capacity of $ 8.0 billion . we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements . sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions . these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse . the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets . we sell trade receivables under two types of arrangements , servicing and non-servicing . pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions . the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively . the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows . for further details , see item 8 , note 23 . sale of accounts receivable to our consolidated financial statements . debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 . our total debt is primarily fixed rate in nature . for further details , see item 8 , note 7 . indebtedness . the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 . see item 8 , note 16 . fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt . the amount of debt that we can issue is subject to approval by our board of directors . on february 21 , 2014 , we filed a shelf registration statement with the u.s . securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period . our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s . dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s . dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .

2,015

85

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

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

-1

subtract(28.5, 29.5)

in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs . these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries . borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 . commercial paper program 2013 we have commercial paper programs in place in the u.s . and in europe . at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding . effective april 19 , 2013 , our commercial paper program in the u.s . was increased by $ 2.0 billion . as a result , our commercial paper programs in place in the u.s . and in europe currently have an aggregate issuance capacity of $ 8.0 billion . we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements . sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions . these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse . the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets . we sell trade receivables under two types of arrangements , servicing and non-servicing . pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions . the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively . the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows . for further details , see item 8 , note 23 . sale of accounts receivable to our consolidated financial statements . debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 . our total debt is primarily fixed rate in nature . for further details , see item 8 , note 7 . indebtedness . the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 . see item 8 , note 16 . fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt . the amount of debt that we can issue is subject to approval by our board of directors . on february 21 , 2014 , we filed a shelf registration statement with the u.s . securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period . our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s . dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s . dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .

| | type | | face value | interest rate | issuance | maturity | |---:|:-------------------|:------|:-------------|:-------------------|:------------|:------------| | 0 | u.s . dollar notes | ( a ) | $ 500 | 1.250% ( 1.250 % ) | august 2015 | august 2017 | | 1 | u.s . dollar notes | ( a ) | $ 750 | 3.375% ( 3.375 % ) | august 2015 | august 2025 |

in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs . these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries . borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 . commercial paper program 2013 we have commercial paper programs in place in the u.s . and in europe . at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding . effective april 19 , 2013 , our commercial paper program in the u.s . was increased by $ 2.0 billion . as a result , our commercial paper programs in place in the u.s . and in europe currently have an aggregate issuance capacity of $ 8.0 billion . we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements . sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions . these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse . the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets . we sell trade receivables under two types of arrangements , servicing and non-servicing . pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions . the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively . the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows . for further details , see item 8 , note 23 . sale of accounts receivable to our consolidated financial statements . debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 . our total debt is primarily fixed rate in nature . for further details , see item 8 , note 7 . indebtedness . the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 . see item 8 , note 16 . fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt . the amount of debt that we can issue is subject to approval by our board of directors . on february 21 , 2014 , we filed a shelf registration statement with the u.s . securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period . our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s . dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s . dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. ._| | type | | face value | interest rate | issuance | maturity | |---:|:-------------------|:------|:-------------|:-------------------|:------------|:------------| | 0 | u.s . dollar notes | ( a ) | $ 500 | 1.250% ( 1.250 % ) | august 2015 | august 2017 | | 1 | u.s . dollar notes | ( a ) | $ 750 | 3.375% ( 3.375 % ) | august 2015 | august 2025 |_in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs . these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries . borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 . commercial paper program 2013 we have commercial paper programs in place in the u.s . and in europe . at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding . effective april 19 , 2013 , our commercial paper program in the u.s . was increased by $ 2.0 billion . as a result , our commercial paper programs in place in the u.s . and in europe currently have an aggregate issuance capacity of $ 8.0 billion . we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements . sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions . these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse . the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets . we sell trade receivables under two types of arrangements , servicing and non-servicing . pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions . the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively . the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows . for further details , see item 8 , note 23 . sale of accounts receivable to our consolidated financial statements . debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 . our total debt is primarily fixed rate in nature . for further details , see item 8 , note 7 . indebtedness . the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 . see item 8 , note 16 . fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt . the amount of debt that we can issue is subject to approval by our board of directors . on february 21 , 2014 , we filed a shelf registration statement with the u.s . securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period . our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s . dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s . dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .

2,015

85

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

null

finqa517

what is the increase in other regulatory credits as a percentage of net revenue in 2003?

3.85%

divide(add(add(14.3, 11.8), 11.4), 973.7)

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

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

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

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

2,004

213

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what is the increase in other regulatory credits as a percentage of net revenue in 2003?

3.85%

divide(add(add(14.3, 11.8), 11.4), 973.7)

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

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

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

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

2,004

213

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa518

what was the percentage gain recognized on the commercial mortgages held for sale in 2009

2%

divide(107, 5.4)

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

what was the percentage gain recognized on the commercial mortgages held for sale in 2009

2%

divide(107, 5.4)

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

finqa519

what is the expense which relates to the acceleration of equity awards upon termination of employment of baker hughes employees as a percentage of stock based compensation expense?

40.5%

divide(15, 37)

baker hughes , a ge company notes to consolidated and combined financial statements bhge 2017 form 10-k | 83 issuance pursuant to awards granted under the lti plan over its term which expires on the date of the annual meeting of the company in 2027 . a total of 53.7 million shares of class a common stock are available for issuance as of december 31 , 2017 . as a result of the acquisition of baker hughes , on july 3 , 2017 , each outstanding baker hughes stock option was converted into an option to purchase a share of class a common stock in the company . consequently , we issued 6.8 million stock options which are fully vested . each converted option is subject to the same terms and conditions as applied to the original option , and the per share exercise price of each converted option was reduced by $ 17.50 to reflect the per share amount of the special dividend pursuant to the agreement associated with the transactions . additionally , as a result of the acquisition of baker hughes , there were 1.7 million baker hughes restricted stock units ( rsus ) that were converted to bhge rsus at a fair value of $ 40.18 . stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant . the compensation cost is determined based on awards ultimately expected to vest ; therefore , we have reduced the cost for estimated forfeitures based on historical forfeiture rates . forfeitures are estimated at the time of grant and revised , if necessary , in subsequent periods to reflect actual forfeitures . there were no stock-based compensation costs capitalized as the amounts were not material . during the year ended december 31 , 2017 , we issued 2.1 million rsus and 1.6 million stock options under the lti plan . these rsus and stock options generally vest in equal amounts over a three-year vesting period provided that the employee has remained continuously employed by the company through such vesting date . stock based compensation expense was $ 37 million in 2017 . included in this amount is $ 15 million of expense which relates to the acceleration of equity awards upon termination of employment of baker hughes employees with change in control agreements , and are included as part of "merger and related costs" in the consolidated and combined statements of income ( loss ) . as bhge llc is a pass through entity , any tax benefit would be recognized by its partners . due to its cumulative losses , bhge is unable to recognize a tax benefit on its share of stock related expenses . stock options the fair value of each stock option granted is estimated using the black-scholes option pricing model . the following table presents the weighted average assumptions used in the option pricing model for options granted under the lti plan . the expected life of the options represents the period of time the options are expected to be outstanding . the expected life is based on a simple average of the vesting term and original contractual term of the awards . the expected volatility is based on the historical volatility of our five main competitors over a six year period . the risk-free interest rate is based on the observed u.s . treasury yield curve in effect at the time the options were granted . the dividend yield is based on a five year history of dividend payouts in baker hughes. .

.

| | | 2017 | |---:|:----------------------------------------------------|:-----------------| | 0 | expected life ( years ) | 6 | | 1 | risk-free interest rate | 2.1% ( 2.1 % ) | | 2 | volatility | 36.4% ( 36.4 % ) | | 3 | dividend yield | 1.2% ( 1.2 % ) | | 4 | weighted average fair value per share at grant date | $ 12.32 |

baker hughes , a ge company notes to consolidated and combined financial statements bhge 2017 form 10-k | 83 issuance pursuant to awards granted under the lti plan over its term which expires on the date of the annual meeting of the company in 2027 . a total of 53.7 million shares of class a common stock are available for issuance as of december 31 , 2017 . as a result of the acquisition of baker hughes , on july 3 , 2017 , each outstanding baker hughes stock option was converted into an option to purchase a share of class a common stock in the company . consequently , we issued 6.8 million stock options which are fully vested . each converted option is subject to the same terms and conditions as applied to the original option , and the per share exercise price of each converted option was reduced by $ 17.50 to reflect the per share amount of the special dividend pursuant to the agreement associated with the transactions . additionally , as a result of the acquisition of baker hughes , there were 1.7 million baker hughes restricted stock units ( rsus ) that were converted to bhge rsus at a fair value of $ 40.18 . stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant . the compensation cost is determined based on awards ultimately expected to vest ; therefore , we have reduced the cost for estimated forfeitures based on historical forfeiture rates . forfeitures are estimated at the time of grant and revised , if necessary , in subsequent periods to reflect actual forfeitures . there were no stock-based compensation costs capitalized as the amounts were not material . during the year ended december 31 , 2017 , we issued 2.1 million rsus and 1.6 million stock options under the lti plan . these rsus and stock options generally vest in equal amounts over a three-year vesting period provided that the employee has remained continuously employed by the company through such vesting date . stock based compensation expense was $ 37 million in 2017 . included in this amount is $ 15 million of expense which relates to the acceleration of equity awards upon termination of employment of baker hughes employees with change in control agreements , and are included as part of "merger and related costs" in the consolidated and combined statements of income ( loss ) . as bhge llc is a pass through entity , any tax benefit would be recognized by its partners . due to its cumulative losses , bhge is unable to recognize a tax benefit on its share of stock related expenses . stock options the fair value of each stock option granted is estimated using the black-scholes option pricing model . the following table presents the weighted average assumptions used in the option pricing model for options granted under the lti plan . the expected life of the options represents the period of time the options are expected to be outstanding . the expected life is based on a simple average of the vesting term and original contractual term of the awards . the expected volatility is based on the historical volatility of our five main competitors over a six year period . the risk-free interest rate is based on the observed u.s . treasury yield curve in effect at the time the options were granted . the dividend yield is based on a five year history of dividend payouts in baker hughes. ._| | | 2017 | |---:|:----------------------------------------------------|:-----------------| | 0 | expected life ( years ) | 6 | | 1 | risk-free interest rate | 2.1% ( 2.1 % ) | | 2 | volatility | 36.4% ( 36.4 % ) | | 3 | dividend yield | 1.2% ( 1.2 % ) | | 4 | weighted average fair value per share at grant date | $ 12.32 |_.

2,017

103

BKR

Baker Hughes

Energy

Oil & Gas Equipment & Services

Houston, Texas

2017-07-07

1,701,605

2017

what is the expense which relates to the acceleration of equity awards upon termination of employment of baker hughes employees as a percentage of stock based compensation expense?

40.5%

divide(15, 37)

baker hughes , a ge company notes to consolidated and combined financial statements bhge 2017 form 10-k | 83 issuance pursuant to awards granted under the lti plan over its term which expires on the date of the annual meeting of the company in 2027 . a total of 53.7 million shares of class a common stock are available for issuance as of december 31 , 2017 . as a result of the acquisition of baker hughes , on july 3 , 2017 , each outstanding baker hughes stock option was converted into an option to purchase a share of class a common stock in the company . consequently , we issued 6.8 million stock options which are fully vested . each converted option is subject to the same terms and conditions as applied to the original option , and the per share exercise price of each converted option was reduced by $ 17.50 to reflect the per share amount of the special dividend pursuant to the agreement associated with the transactions . additionally , as a result of the acquisition of baker hughes , there were 1.7 million baker hughes restricted stock units ( rsus ) that were converted to bhge rsus at a fair value of $ 40.18 . stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant . the compensation cost is determined based on awards ultimately expected to vest ; therefore , we have reduced the cost for estimated forfeitures based on historical forfeiture rates . forfeitures are estimated at the time of grant and revised , if necessary , in subsequent periods to reflect actual forfeitures . there were no stock-based compensation costs capitalized as the amounts were not material . during the year ended december 31 , 2017 , we issued 2.1 million rsus and 1.6 million stock options under the lti plan . these rsus and stock options generally vest in equal amounts over a three-year vesting period provided that the employee has remained continuously employed by the company through such vesting date . stock based compensation expense was $ 37 million in 2017 . included in this amount is $ 15 million of expense which relates to the acceleration of equity awards upon termination of employment of baker hughes employees with change in control agreements , and are included as part of "merger and related costs" in the consolidated and combined statements of income ( loss ) . as bhge llc is a pass through entity , any tax benefit would be recognized by its partners . due to its cumulative losses , bhge is unable to recognize a tax benefit on its share of stock related expenses . stock options the fair value of each stock option granted is estimated using the black-scholes option pricing model . the following table presents the weighted average assumptions used in the option pricing model for options granted under the lti plan . the expected life of the options represents the period of time the options are expected to be outstanding . the expected life is based on a simple average of the vesting term and original contractual term of the awards . the expected volatility is based on the historical volatility of our five main competitors over a six year period . the risk-free interest rate is based on the observed u.s . treasury yield curve in effect at the time the options were granted . the dividend yield is based on a five year history of dividend payouts in baker hughes. .

.

| | | 2017 | |---:|:----------------------------------------------------|:-----------------| | 0 | expected life ( years ) | 6 | | 1 | risk-free interest rate | 2.1% ( 2.1 % ) | | 2 | volatility | 36.4% ( 36.4 % ) | | 3 | dividend yield | 1.2% ( 1.2 % ) | | 4 | weighted average fair value per share at grant date | $ 12.32 |

baker hughes , a ge company notes to consolidated and combined financial statements bhge 2017 form 10-k | 83 issuance pursuant to awards granted under the lti plan over its term which expires on the date of the annual meeting of the company in 2027 . a total of 53.7 million shares of class a common stock are available for issuance as of december 31 , 2017 . as a result of the acquisition of baker hughes , on july 3 , 2017 , each outstanding baker hughes stock option was converted into an option to purchase a share of class a common stock in the company . consequently , we issued 6.8 million stock options which are fully vested . each converted option is subject to the same terms and conditions as applied to the original option , and the per share exercise price of each converted option was reduced by $ 17.50 to reflect the per share amount of the special dividend pursuant to the agreement associated with the transactions . additionally , as a result of the acquisition of baker hughes , there were 1.7 million baker hughes restricted stock units ( rsus ) that were converted to bhge rsus at a fair value of $ 40.18 . stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant . the compensation cost is determined based on awards ultimately expected to vest ; therefore , we have reduced the cost for estimated forfeitures based on historical forfeiture rates . forfeitures are estimated at the time of grant and revised , if necessary , in subsequent periods to reflect actual forfeitures . there were no stock-based compensation costs capitalized as the amounts were not material . during the year ended december 31 , 2017 , we issued 2.1 million rsus and 1.6 million stock options under the lti plan . these rsus and stock options generally vest in equal amounts over a three-year vesting period provided that the employee has remained continuously employed by the company through such vesting date . stock based compensation expense was $ 37 million in 2017 . included in this amount is $ 15 million of expense which relates to the acceleration of equity awards upon termination of employment of baker hughes employees with change in control agreements , and are included as part of "merger and related costs" in the consolidated and combined statements of income ( loss ) . as bhge llc is a pass through entity , any tax benefit would be recognized by its partners . due to its cumulative losses , bhge is unable to recognize a tax benefit on its share of stock related expenses . stock options the fair value of each stock option granted is estimated using the black-scholes option pricing model . the following table presents the weighted average assumptions used in the option pricing model for options granted under the lti plan . the expected life of the options represents the period of time the options are expected to be outstanding . the expected life is based on a simple average of the vesting term and original contractual term of the awards . the expected volatility is based on the historical volatility of our five main competitors over a six year period . the risk-free interest rate is based on the observed u.s . treasury yield curve in effect at the time the options were granted . the dividend yield is based on a five year history of dividend payouts in baker hughes. ._| | | 2017 | |---:|:----------------------------------------------------|:-----------------| | 0 | expected life ( years ) | 6 | | 1 | risk-free interest rate | 2.1% ( 2.1 % ) | | 2 | volatility | 36.4% ( 36.4 % ) | | 3 | dividend yield | 1.2% ( 1.2 % ) | | 4 | weighted average fair value per share at grant date | $ 12.32 |_.

2,017

103

BKR

Baker Hughes

Energy

Oil & Gas Equipment & Services

Houston, Texas

2017-07-07

1,701,605

2017

null

finqa520

for the quarter ended september 302010 what was the percentage change in the share price from the highest to the lowest

19.3%

divide(subtract(52.11, 43.70), 43.70)

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2010 and 2009. .

on february 11 , 2011 , the closing price of our common stock was $ 56.73 per share as reported on the nyse . as of february 11 , 2011 , we had 397612895 outstanding shares of common stock and 463 registered holders . dividends we have not historically paid a dividend on our common stock . payment of dividends in the future , when , as and if authorized by our board of directors , would depend upon many factors , including our earnings and financial condition , restrictions under applicable law and our current and future loan agreements , our debt service requirements , our capital expenditure requirements and other factors that our board of directors may deem relevant from time to time , including the potential determination to elect reit status . in addition , the loan agreement for our revolving credit facility and term loan contain covenants that generally restrict our ability to pay dividends unless certain financial covenants are satisfied . for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. .

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

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2010 and 2009. ._| | 2010 | high | low | |---:|:---------------------------|:--------|:--------| | 0 | quarter ended march 31 | $ 44.61 | $ 40.10 | | 1 | quarter ended june 30 | 45.33 | 38.86 | | 2 | quarter ended september 30 | 52.11 | 43.70 | | 3 | quarter ended december 31 | 53.14 | 49.61 | | 4 | 2009 | high | low | | 5 | quarter ended march 31 | $ 32.53 | $ 25.45 | | 6 | quarter ended june 30 | 34.52 | 27.93 | | 7 | quarter ended september 30 | 37.71 | 29.89 | | 8 | quarter ended december 31 | 43.84 | 35.03 |_on february 11 , 2011 , the closing price of our common stock was $ 56.73 per share as reported on the nyse . as of february 11 , 2011 , we had 397612895 outstanding shares of common stock and 463 registered holders . dividends we have not historically paid a dividend on our common stock . payment of dividends in the future , when , as and if authorized by our board of directors , would depend upon many factors , including our earnings and financial condition , restrictions under applicable law and our current and future loan agreements , our debt service requirements , our capital expenditure requirements and other factors that our board of directors may deem relevant from time to time , including the potential determination to elect reit status . in addition , the loan agreement for our revolving credit facility and term loan contain covenants that generally restrict our ability to pay dividends unless certain financial covenants are satisfied . for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. .

2,010

34

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

for the quarter ended september 302010 what was the percentage change in the share price from the highest to the lowest

19.3%

divide(subtract(52.11, 43.70), 43.70)

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2010 and 2009. .

on february 11 , 2011 , the closing price of our common stock was $ 56.73 per share as reported on the nyse . as of february 11 , 2011 , we had 397612895 outstanding shares of common stock and 463 registered holders . dividends we have not historically paid a dividend on our common stock . payment of dividends in the future , when , as and if authorized by our board of directors , would depend upon many factors , including our earnings and financial condition , restrictions under applicable law and our current and future loan agreements , our debt service requirements , our capital expenditure requirements and other factors that our board of directors may deem relevant from time to time , including the potential determination to elect reit status . in addition , the loan agreement for our revolving credit facility and term loan contain covenants that generally restrict our ability to pay dividends unless certain financial covenants are satisfied . for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. .

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

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2010 and 2009. ._| | 2010 | high | low | |---:|:---------------------------|:--------|:--------| | 0 | quarter ended march 31 | $ 44.61 | $ 40.10 | | 1 | quarter ended june 30 | 45.33 | 38.86 | | 2 | quarter ended september 30 | 52.11 | 43.70 | | 3 | quarter ended december 31 | 53.14 | 49.61 | | 4 | 2009 | high | low | | 5 | quarter ended march 31 | $ 32.53 | $ 25.45 | | 6 | quarter ended june 30 | 34.52 | 27.93 | | 7 | quarter ended september 30 | 37.71 | 29.89 | | 8 | quarter ended december 31 | 43.84 | 35.03 |_on february 11 , 2011 , the closing price of our common stock was $ 56.73 per share as reported on the nyse . as of february 11 , 2011 , we had 397612895 outstanding shares of common stock and 463 registered holders . dividends we have not historically paid a dividend on our common stock . payment of dividends in the future , when , as and if authorized by our board of directors , would depend upon many factors , including our earnings and financial condition , restrictions under applicable law and our current and future loan agreements , our debt service requirements , our capital expenditure requirements and other factors that our board of directors may deem relevant from time to time , including the potential determination to elect reit status . in addition , the loan agreement for our revolving credit facility and term loan contain covenants that generally restrict our ability to pay dividends unless certain financial covenants are satisfied . for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. .

2,010

34

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

null

finqa521

what percentage of total other assets in 2012 was comprised of goodwill and identifiable intangible assets?

13%

divide(5099, 39623)

notes to consolidated financial statements note 12 . other assets other assets are generally less liquid , non-financial assets . the table below presents other assets by type. .

1 . net of accumulated depreciation and amortization of $ 9.05 billion and $ 8.46 billion as of december 2012 and december 2011 , respectively . 2 . includes $ 149 million of intangible assets classified as held for sale . see note 13 for further information about goodwill and identifiable intangible assets . 3 . see note 24 for further information about income taxes . 4 . excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $ 5.54 billion and $ 4.17 billion as of december 2012 and december 2011 , respectively , which are included in 201cfinancial instruments owned , at fair value . 201d the firm has generally elected the fair value option for such investments acquired after the fair value option became available . 5 . includes $ 16.77 billion of assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012 . assets held for sale in the fourth quarter of 2012 , the firm classified its reinsurance business within its institutional client services segment as held for sale . assets related to this business of $ 16.92 billion , consisting primarily of available-for-sale securities and separate account assets at fair value , are included in 201cother assets . 201d liabilities related to the business of $ 14.62 billion are included in 201cother liabilities and accrued expenses . 201d see note 8 for further information about insurance-related assets and liabilities held for sale at fair value . the firm expects to complete the sale of a majority stake in its reinsurance business in 2013 and does not expect to recognize a material gain or loss upon the sale . upon completion of the sale , the firm will no longer consolidate this business . property , leasehold improvements and equipment property , leasehold improvements and equipment included $ 6.20 billion and $ 6.48 billion as of december 2012 and december 2011 , respectively , related to property , leasehold improvements and equipment that the firm uses in connection with its operations . the remainder is held by investment entities , including vies , consolidated by the firm . substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset . leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease , whichever is shorter . certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software . property , leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset 2019s or asset group 2019s carrying value may not be fully recoverable . the firm 2019s policy for impairment testing of property , leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives . see note 13 for further information . goldman sachs 2012 annual report 163 .

| | in millions | as of december 2012 | as of december 2011 | |---:|:----------------------------------------------|:----------------------|:----------------------| | 0 | property leasehold improvements andequipment1 | $ 8217 | $ 8697 | | 1 | goodwill and identifiable intangibleassets2 | 5099 | 5468 | | 2 | income tax-related assets3 | 5620 | 5017 | | 3 | equity-method investments4 | 453 | 664 | | 4 | miscellaneous receivables and other5 | 20234 | 3306 | | 5 | total | $ 39623 | $ 23152 |

notes to consolidated financial statements note 12 . other assets other assets are generally less liquid , non-financial assets . the table below presents other assets by type. ._| | in millions | as of december 2012 | as of december 2011 | |---:|:----------------------------------------------|:----------------------|:----------------------| | 0 | property leasehold improvements andequipment1 | $ 8217 | $ 8697 | | 1 | goodwill and identifiable intangibleassets2 | 5099 | 5468 | | 2 | income tax-related assets3 | 5620 | 5017 | | 3 | equity-method investments4 | 453 | 664 | | 4 | miscellaneous receivables and other5 | 20234 | 3306 | | 5 | total | $ 39623 | $ 23152 |_1 . net of accumulated depreciation and amortization of $ 9.05 billion and $ 8.46 billion as of december 2012 and december 2011 , respectively . 2 . includes $ 149 million of intangible assets classified as held for sale . see note 13 for further information about goodwill and identifiable intangible assets . 3 . see note 24 for further information about income taxes . 4 . excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $ 5.54 billion and $ 4.17 billion as of december 2012 and december 2011 , respectively , which are included in 201cfinancial instruments owned , at fair value . 201d the firm has generally elected the fair value option for such investments acquired after the fair value option became available . 5 . includes $ 16.77 billion of assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012 . assets held for sale in the fourth quarter of 2012 , the firm classified its reinsurance business within its institutional client services segment as held for sale . assets related to this business of $ 16.92 billion , consisting primarily of available-for-sale securities and separate account assets at fair value , are included in 201cother assets . 201d liabilities related to the business of $ 14.62 billion are included in 201cother liabilities and accrued expenses . 201d see note 8 for further information about insurance-related assets and liabilities held for sale at fair value . the firm expects to complete the sale of a majority stake in its reinsurance business in 2013 and does not expect to recognize a material gain or loss upon the sale . upon completion of the sale , the firm will no longer consolidate this business . property , leasehold improvements and equipment property , leasehold improvements and equipment included $ 6.20 billion and $ 6.48 billion as of december 2012 and december 2011 , respectively , related to property , leasehold improvements and equipment that the firm uses in connection with its operations . the remainder is held by investment entities , including vies , consolidated by the firm . substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset . leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease , whichever is shorter . certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software . property , leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset 2019s or asset group 2019s carrying value may not be fully recoverable . the firm 2019s policy for impairment testing of property , leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives . see note 13 for further information . goldman sachs 2012 annual report 163 .

2,012

165

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

what percentage of total other assets in 2012 was comprised of goodwill and identifiable intangible assets?

13%

divide(5099, 39623)

notes to consolidated financial statements note 12 . other assets other assets are generally less liquid , non-financial assets . the table below presents other assets by type. .

1 . net of accumulated depreciation and amortization of $ 9.05 billion and $ 8.46 billion as of december 2012 and december 2011 , respectively . 2 . includes $ 149 million of intangible assets classified as held for sale . see note 13 for further information about goodwill and identifiable intangible assets . 3 . see note 24 for further information about income taxes . 4 . excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $ 5.54 billion and $ 4.17 billion as of december 2012 and december 2011 , respectively , which are included in 201cfinancial instruments owned , at fair value . 201d the firm has generally elected the fair value option for such investments acquired after the fair value option became available . 5 . includes $ 16.77 billion of assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012 . assets held for sale in the fourth quarter of 2012 , the firm classified its reinsurance business within its institutional client services segment as held for sale . assets related to this business of $ 16.92 billion , consisting primarily of available-for-sale securities and separate account assets at fair value , are included in 201cother assets . 201d liabilities related to the business of $ 14.62 billion are included in 201cother liabilities and accrued expenses . 201d see note 8 for further information about insurance-related assets and liabilities held for sale at fair value . the firm expects to complete the sale of a majority stake in its reinsurance business in 2013 and does not expect to recognize a material gain or loss upon the sale . upon completion of the sale , the firm will no longer consolidate this business . property , leasehold improvements and equipment property , leasehold improvements and equipment included $ 6.20 billion and $ 6.48 billion as of december 2012 and december 2011 , respectively , related to property , leasehold improvements and equipment that the firm uses in connection with its operations . the remainder is held by investment entities , including vies , consolidated by the firm . substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset . leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease , whichever is shorter . certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software . property , leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset 2019s or asset group 2019s carrying value may not be fully recoverable . the firm 2019s policy for impairment testing of property , leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives . see note 13 for further information . goldman sachs 2012 annual report 163 .

| | in millions | as of december 2012 | as of december 2011 | |---:|:----------------------------------------------|:----------------------|:----------------------| | 0 | property leasehold improvements andequipment1 | $ 8217 | $ 8697 | | 1 | goodwill and identifiable intangibleassets2 | 5099 | 5468 | | 2 | income tax-related assets3 | 5620 | 5017 | | 3 | equity-method investments4 | 453 | 664 | | 4 | miscellaneous receivables and other5 | 20234 | 3306 | | 5 | total | $ 39623 | $ 23152 |

notes to consolidated financial statements note 12 . other assets other assets are generally less liquid , non-financial assets . the table below presents other assets by type. ._| | in millions | as of december 2012 | as of december 2011 | |---:|:----------------------------------------------|:----------------------|:----------------------| | 0 | property leasehold improvements andequipment1 | $ 8217 | $ 8697 | | 1 | goodwill and identifiable intangibleassets2 | 5099 | 5468 | | 2 | income tax-related assets3 | 5620 | 5017 | | 3 | equity-method investments4 | 453 | 664 | | 4 | miscellaneous receivables and other5 | 20234 | 3306 | | 5 | total | $ 39623 | $ 23152 |_1 . net of accumulated depreciation and amortization of $ 9.05 billion and $ 8.46 billion as of december 2012 and december 2011 , respectively . 2 . includes $ 149 million of intangible assets classified as held for sale . see note 13 for further information about goodwill and identifiable intangible assets . 3 . see note 24 for further information about income taxes . 4 . excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $ 5.54 billion and $ 4.17 billion as of december 2012 and december 2011 , respectively , which are included in 201cfinancial instruments owned , at fair value . 201d the firm has generally elected the fair value option for such investments acquired after the fair value option became available . 5 . includes $ 16.77 billion of assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012 . assets held for sale in the fourth quarter of 2012 , the firm classified its reinsurance business within its institutional client services segment as held for sale . assets related to this business of $ 16.92 billion , consisting primarily of available-for-sale securities and separate account assets at fair value , are included in 201cother assets . 201d liabilities related to the business of $ 14.62 billion are included in 201cother liabilities and accrued expenses . 201d see note 8 for further information about insurance-related assets and liabilities held for sale at fair value . the firm expects to complete the sale of a majority stake in its reinsurance business in 2013 and does not expect to recognize a material gain or loss upon the sale . upon completion of the sale , the firm will no longer consolidate this business . property , leasehold improvements and equipment property , leasehold improvements and equipment included $ 6.20 billion and $ 6.48 billion as of december 2012 and december 2011 , respectively , related to property , leasehold improvements and equipment that the firm uses in connection with its operations . the remainder is held by investment entities , including vies , consolidated by the firm . substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset . leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease , whichever is shorter . certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software . property , leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset 2019s or asset group 2019s carrying value may not be fully recoverable . the firm 2019s policy for impairment testing of property , leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives . see note 13 for further information . goldman sachs 2012 annual report 163 .

2,012

165

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

null

finqa522

did the five year total return on ball corporation outperform the dj containers & packaging index?

yes

greater(178.93, 105.34)

page 15 of 100 shareholder return performance the line graph below compares the annual percentage change in ball corporation 2019s cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2010 . it assumes $ 100 was invested on december 31 , 2005 , and that all dividends were reinvested . the dow jones containers & packaging index total return has been weighted by market capitalization . total return analysis .

.

| | | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10 | |---:|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------| | 0 | ball corporation | $ 100.00 | $ 110.86 | $ 115.36 | $ 107.58 | $ 134.96 | $ 178.93 | | 1 | dj containers & packaging index | $ 100.00 | $ 112.09 | $ 119.63 | $ 75.00 | $ 105.34 | $ 123.56 | | 2 | s&p 500 index | $ 100.00 | $ 115.80 | $ 122.16 | $ 76.96 | $ 97.33 | $ 111.99 | | 3 | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | | 4 | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . |

page 15 of 100 shareholder return performance the line graph below compares the annual percentage change in ball corporation 2019s cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2010 . it assumes $ 100 was invested on december 31 , 2005 , and that all dividends were reinvested . the dow jones containers & packaging index total return has been weighted by market capitalization . total return analysis ._| | | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10 | |---:|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------| | 0 | ball corporation | $ 100.00 | $ 110.86 | $ 115.36 | $ 107.58 | $ 134.96 | $ 178.93 | | 1 | dj containers & packaging index | $ 100.00 | $ 112.09 | $ 119.63 | $ 75.00 | $ 105.34 | $ 123.56 | | 2 | s&p 500 index | $ 100.00 | $ 115.80 | $ 122.16 | $ 76.96 | $ 97.33 | $ 111.99 | | 3 | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | | 4 | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . |_.

2,010

28

BLL

Ball Corporation

Materials

Containers & Packaging

Westminster, CO

1970-01-01

9,389

1880

did the five year total return on ball corporation outperform the dj containers & packaging index?

yes

greater(178.93, 105.34)

page 15 of 100 shareholder return performance the line graph below compares the annual percentage change in ball corporation 2019s cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2010 . it assumes $ 100 was invested on december 31 , 2005 , and that all dividends were reinvested . the dow jones containers & packaging index total return has been weighted by market capitalization . total return analysis .

.

| | | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10 | |---:|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------| | 0 | ball corporation | $ 100.00 | $ 110.86 | $ 115.36 | $ 107.58 | $ 134.96 | $ 178.93 | | 1 | dj containers & packaging index | $ 100.00 | $ 112.09 | $ 119.63 | $ 75.00 | $ 105.34 | $ 123.56 | | 2 | s&p 500 index | $ 100.00 | $ 115.80 | $ 122.16 | $ 76.96 | $ 97.33 | $ 111.99 | | 3 | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | | 4 | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . |

page 15 of 100 shareholder return performance the line graph below compares the annual percentage change in ball corporation 2019s cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2010 . it assumes $ 100 was invested on december 31 , 2005 , and that all dividends were reinvested . the dow jones containers & packaging index total return has been weighted by market capitalization . total return analysis ._| | | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10 | |---:|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------| | 0 | ball corporation | $ 100.00 | $ 110.86 | $ 115.36 | $ 107.58 | $ 134.96 | $ 178.93 | | 1 | dj containers & packaging index | $ 100.00 | $ 112.09 | $ 119.63 | $ 75.00 | $ 105.34 | $ 123.56 | | 2 | s&p 500 index | $ 100.00 | $ 115.80 | $ 122.16 | $ 76.96 | $ 97.33 | $ 111.99 | | 3 | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | | 4 | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . |_.

2,010

28

BLL

Ball Corporation

Materials

Containers & Packaging

Westminster, CO

1970-01-01

9,389

1880

null

finqa523

what is the increase observed in the total revenue during 2010 and 2011?

32.60%

subtract(divide(11287, 8512), const_1)

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)

what is the increase observed in the total revenue during 2010 and 2011?

32.60%

subtract(divide(11287, 8512), const_1)

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

finqa524

what is the growth rate in net revenue in 2016 for entergy texas , inc.?

1.1%

divide(subtract(644.2, 637.2), 637.2)

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 37.9 million primarily due to lower other operation and maintenance expenses , the asset write-off of its receivable associated with the spindletop gas storage facility in 2015 , and higher net revenue . 2015 compared to 2014 net income decreased $ 5.2 million primarily due to the asset write-off of its receivable associated with the spindletop gas storage facility and higher other operation and maintenance expenses , partially offset by higher net revenue and a lower effective tax rate . net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) .

the reserve equalization variance is primarily due to a reduction in reserve equalization expense primarily due to changes in the entergy system generation mix compared to the same period in 2015 as a result of the execution of a new purchased power agreement and entergy mississippi 2019s exit from the system agreement , each in november 2015 , and entergy texas 2019s exit from the system agreement in august 2016 . see note 2 to the financial statements for a discussion of the system agreement . the purchased power capacity variance is primarily due to decreased expenses due to the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016 , as well as capacity cost changes for ongoing purchased power capacity contracts . the transmission revenue variance is primarily due to an increase in attachment o rates charged by miso to transmission customers and a settlement of attachment o rates previously billed to transmission customers by miso. .

| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2015 net revenue | $ 637.2 | | 1 | reserve equalization | 14.3 | | 2 | purchased power capacity | 12.4 | | 3 | transmission revenue | 7.0 | | 4 | retail electric price | 5.4 | | 5 | net wholesale | -27.8 ( 27.8 ) | | 6 | other | -4.3 ( 4.3 ) | | 7 | 2016 net revenue | $ 644.2 |

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 37.9 million primarily due to lower other operation and maintenance expenses , the asset write-off of its receivable associated with the spindletop gas storage facility in 2015 , and higher net revenue . 2015 compared to 2014 net income decreased $ 5.2 million primarily due to the asset write-off of its receivable associated with the spindletop gas storage facility and higher other operation and maintenance expenses , partially offset by higher net revenue and a lower effective tax rate . net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2015 net revenue | $ 637.2 | | 1 | reserve equalization | 14.3 | | 2 | purchased power capacity | 12.4 | | 3 | transmission revenue | 7.0 | | 4 | retail electric price | 5.4 | | 5 | net wholesale | -27.8 ( 27.8 ) | | 6 | other | -4.3 ( 4.3 ) | | 7 | 2016 net revenue | $ 644.2 |_the reserve equalization variance is primarily due to a reduction in reserve equalization expense primarily due to changes in the entergy system generation mix compared to the same period in 2015 as a result of the execution of a new purchased power agreement and entergy mississippi 2019s exit from the system agreement , each in november 2015 , and entergy texas 2019s exit from the system agreement in august 2016 . see note 2 to the financial statements for a discussion of the system agreement . the purchased power capacity variance is primarily due to decreased expenses due to the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016 , as well as capacity cost changes for ongoing purchased power capacity contracts . the transmission revenue variance is primarily due to an increase in attachment o rates charged by miso to transmission customers and a settlement of attachment o rates previously billed to transmission customers by miso. .

2,016

418

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what is the growth rate in net revenue in 2016 for entergy texas , inc.?

1.1%

divide(subtract(644.2, 637.2), 637.2)

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 37.9 million primarily due to lower other operation and maintenance expenses , the asset write-off of its receivable associated with the spindletop gas storage facility in 2015 , and higher net revenue . 2015 compared to 2014 net income decreased $ 5.2 million primarily due to the asset write-off of its receivable associated with the spindletop gas storage facility and higher other operation and maintenance expenses , partially offset by higher net revenue and a lower effective tax rate . net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) .

the reserve equalization variance is primarily due to a reduction in reserve equalization expense primarily due to changes in the entergy system generation mix compared to the same period in 2015 as a result of the execution of a new purchased power agreement and entergy mississippi 2019s exit from the system agreement , each in november 2015 , and entergy texas 2019s exit from the system agreement in august 2016 . see note 2 to the financial statements for a discussion of the system agreement . the purchased power capacity variance is primarily due to decreased expenses due to the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016 , as well as capacity cost changes for ongoing purchased power capacity contracts . the transmission revenue variance is primarily due to an increase in attachment o rates charged by miso to transmission customers and a settlement of attachment o rates previously billed to transmission customers by miso. .

| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2015 net revenue | $ 637.2 | | 1 | reserve equalization | 14.3 | | 2 | purchased power capacity | 12.4 | | 3 | transmission revenue | 7.0 | | 4 | retail electric price | 5.4 | | 5 | net wholesale | -27.8 ( 27.8 ) | | 6 | other | -4.3 ( 4.3 ) | | 7 | 2016 net revenue | $ 644.2 |

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 37.9 million primarily due to lower other operation and maintenance expenses , the asset write-off of its receivable associated with the spindletop gas storage facility in 2015 , and higher net revenue . 2015 compared to 2014 net income decreased $ 5.2 million primarily due to the asset write-off of its receivable associated with the spindletop gas storage facility and higher other operation and maintenance expenses , partially offset by higher net revenue and a lower effective tax rate . net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2015 net revenue | $ 637.2 | | 1 | reserve equalization | 14.3 | | 2 | purchased power capacity | 12.4 | | 3 | transmission revenue | 7.0 | | 4 | retail electric price | 5.4 | | 5 | net wholesale | -27.8 ( 27.8 ) | | 6 | other | -4.3 ( 4.3 ) | | 7 | 2016 net revenue | $ 644.2 |_the reserve equalization variance is primarily due to a reduction in reserve equalization expense primarily due to changes in the entergy system generation mix compared to the same period in 2015 as a result of the execution of a new purchased power agreement and entergy mississippi 2019s exit from the system agreement , each in november 2015 , and entergy texas 2019s exit from the system agreement in august 2016 . see note 2 to the financial statements for a discussion of the system agreement . the purchased power capacity variance is primarily due to decreased expenses due to the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016 , as well as capacity cost changes for ongoing purchased power capacity contracts . the transmission revenue variance is primarily due to an increase in attachment o rates charged by miso to transmission customers and a settlement of attachment o rates previously billed to transmission customers by miso. .

2,016

418

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa525

what is the net change in the number of staff in 2016?

-2400

subtract(34400, 36800)

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis non-interest revenues . investment banking revenues in the consolidated statements of earnings were $ 7.03 billion for 2015 , 9% ( 9 % ) higher than 2014 , due to significantly higher revenues in financial advisory , reflecting strong client activity , particularly in the u.s . industry-wide completed mergers and acquisitions increased significantly compared with the prior year . revenues in underwriting were lower compared with a strong 2014 . revenues in debt underwriting were lower compared with 2014 , reflecting significantly lower leveraged finance activity . revenues in equity underwriting were also lower , reflecting significantly lower revenues from initial public offerings and convertible offerings , partially offset by significantly higher revenues from secondary offerings . investment management revenues in the consolidated statements of earnings were $ 5.87 billion for 2015 , 2% ( 2 % ) higher than 2014 , due to slightly higher management and other fees , primarily reflecting higher average assets under supervision , and higher transaction revenues . commissions and fees in the consolidated statements of earnings were $ 3.32 billion for 2015 , essentially unchanged compared with 2014 . market-making revenues in the consolidated statements of earnings were $ 9.52 billion for 2015 , 14% ( 14 % ) higher than 2014 . excluding a gain of $ 289 million in 2014 related to the extinguishment of certain of our junior subordinated debt , market-making revenues were 18% ( 18 % ) higher than 2014 , reflecting significantly higher revenues in interest rate products , currencies , equity cash products and equity derivatives . these increases were partially offset by significantly lower revenues in mortgages , commodities and credit products . other principal transactions revenues in the consolidated statements of earnings were $ 5.02 billion for 2015 , 24% ( 24 % ) lower than 2014 . this decrease was primarily due to lower revenues from investments in equities , principally reflecting the sale of metro international trade services ( metro ) in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . net interest income . net interest income in the consolidated statements of earnings was $ 3.06 billion for 2015 , 24% ( 24 % ) lower than 2014 . the decrease compared with 2014 was due to lower interest income resulting from a reduction in interest income related to financial instruments owned , at fair value , partially offset by the impact of an increase in total average loans receivable . the decrease in interest income was partially offset by a decrease in interest expense , which primarily reflected lower interest expense related to financial instruments sold , but not yet purchased , at fair value and other interest-bearing liabilities , partially offset by higher interest expense related to long-term borrowings . see 201csupplemental financial information 2014 statistical disclosures 2014 distribution of assets , liabilities and shareholders 2019 equity 201d for further information about our sources of net interest income . operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity . compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits . discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share- based compensation programs and the external environment . in addition , see 201cuse of estimates 201d for additional information about expenses that may arise from litigation and regulatory proceedings . in the context of the challenging environment during the first half of 2016 , we completed an initiative that identified areas where we can operate more efficiently , resulting in a reduction of approximately $ 900 million in annual run rate compensation . for 2016 , net savings from this initiative , after severance and other related costs , were approximately $ 500 million . the table below presents our operating expenses and total staff ( which includes employees , consultants and temporary staff ) . .

56 goldman sachs 2016 form 10-k .

| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:-------------------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | compensation and benefits | $ 11647 | $ 12678 | $ 12691 | | 1 | brokerage clearing exchange anddistribution fees | 2555 | 2576 | 2501 | | 2 | market development | 457 | 557 | 549 | | 3 | communications and technology | 809 | 806 | 779 | | 4 | depreciation and amortization | 998 | 991 | 1337 | | 5 | occupancy | 788 | 772 | 827 | | 6 | professional fees | 882 | 963 | 902 | | 7 | other expenses | 2168 | 5699 | 2585 | | 8 | total non-compensation expenses | 8657 | 12364 | 9480 | | 9 | total operating expenses | $ 20304 | $ 25042 | $ 22171 | | 10 | total staff at period-end | 34400 | 36800 | 34000 |

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis non-interest revenues . investment banking revenues in the consolidated statements of earnings were $ 7.03 billion for 2015 , 9% ( 9 % ) higher than 2014 , due to significantly higher revenues in financial advisory , reflecting strong client activity , particularly in the u.s . industry-wide completed mergers and acquisitions increased significantly compared with the prior year . revenues in underwriting were lower compared with a strong 2014 . revenues in debt underwriting were lower compared with 2014 , reflecting significantly lower leveraged finance activity . revenues in equity underwriting were also lower , reflecting significantly lower revenues from initial public offerings and convertible offerings , partially offset by significantly higher revenues from secondary offerings . investment management revenues in the consolidated statements of earnings were $ 5.87 billion for 2015 , 2% ( 2 % ) higher than 2014 , due to slightly higher management and other fees , primarily reflecting higher average assets under supervision , and higher transaction revenues . commissions and fees in the consolidated statements of earnings were $ 3.32 billion for 2015 , essentially unchanged compared with 2014 . market-making revenues in the consolidated statements of earnings were $ 9.52 billion for 2015 , 14% ( 14 % ) higher than 2014 . excluding a gain of $ 289 million in 2014 related to the extinguishment of certain of our junior subordinated debt , market-making revenues were 18% ( 18 % ) higher than 2014 , reflecting significantly higher revenues in interest rate products , currencies , equity cash products and equity derivatives . these increases were partially offset by significantly lower revenues in mortgages , commodities and credit products . other principal transactions revenues in the consolidated statements of earnings were $ 5.02 billion for 2015 , 24% ( 24 % ) lower than 2014 . this decrease was primarily due to lower revenues from investments in equities , principally reflecting the sale of metro international trade services ( metro ) in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . net interest income . net interest income in the consolidated statements of earnings was $ 3.06 billion for 2015 , 24% ( 24 % ) lower than 2014 . the decrease compared with 2014 was due to lower interest income resulting from a reduction in interest income related to financial instruments owned , at fair value , partially offset by the impact of an increase in total average loans receivable . the decrease in interest income was partially offset by a decrease in interest expense , which primarily reflected lower interest expense related to financial instruments sold , but not yet purchased , at fair value and other interest-bearing liabilities , partially offset by higher interest expense related to long-term borrowings . see 201csupplemental financial information 2014 statistical disclosures 2014 distribution of assets , liabilities and shareholders 2019 equity 201d for further information about our sources of net interest income . operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity . compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits . discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share- based compensation programs and the external environment . in addition , see 201cuse of estimates 201d for additional information about expenses that may arise from litigation and regulatory proceedings . in the context of the challenging environment during the first half of 2016 , we completed an initiative that identified areas where we can operate more efficiently , resulting in a reduction of approximately $ 900 million in annual run rate compensation . for 2016 , net savings from this initiative , after severance and other related costs , were approximately $ 500 million . the table below presents our operating expenses and total staff ( which includes employees , consultants and temporary staff ) . ._| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:-------------------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | compensation and benefits | $ 11647 | $ 12678 | $ 12691 | | 1 | brokerage clearing exchange anddistribution fees | 2555 | 2576 | 2501 | | 2 | market development | 457 | 557 | 549 | | 3 | communications and technology | 809 | 806 | 779 | | 4 | depreciation and amortization | 998 | 991 | 1337 | | 5 | occupancy | 788 | 772 | 827 | | 6 | professional fees | 882 | 963 | 902 | | 7 | other expenses | 2168 | 5699 | 2585 | | 8 | total non-compensation expenses | 8657 | 12364 | 9480 | | 9 | total operating expenses | $ 20304 | $ 25042 | $ 22171 | | 10 | total staff at period-end | 34400 | 36800 | 34000 |_56 goldman sachs 2016 form 10-k .

2,016

70

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

what is the net change in the number of staff in 2016?

-2400

subtract(34400, 36800)

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis non-interest revenues . investment banking revenues in the consolidated statements of earnings were $ 7.03 billion for 2015 , 9% ( 9 % ) higher than 2014 , due to significantly higher revenues in financial advisory , reflecting strong client activity , particularly in the u.s . industry-wide completed mergers and acquisitions increased significantly compared with the prior year . revenues in underwriting were lower compared with a strong 2014 . revenues in debt underwriting were lower compared with 2014 , reflecting significantly lower leveraged finance activity . revenues in equity underwriting were also lower , reflecting significantly lower revenues from initial public offerings and convertible offerings , partially offset by significantly higher revenues from secondary offerings . investment management revenues in the consolidated statements of earnings were $ 5.87 billion for 2015 , 2% ( 2 % ) higher than 2014 , due to slightly higher management and other fees , primarily reflecting higher average assets under supervision , and higher transaction revenues . commissions and fees in the consolidated statements of earnings were $ 3.32 billion for 2015 , essentially unchanged compared with 2014 . market-making revenues in the consolidated statements of earnings were $ 9.52 billion for 2015 , 14% ( 14 % ) higher than 2014 . excluding a gain of $ 289 million in 2014 related to the extinguishment of certain of our junior subordinated debt , market-making revenues were 18% ( 18 % ) higher than 2014 , reflecting significantly higher revenues in interest rate products , currencies , equity cash products and equity derivatives . these increases were partially offset by significantly lower revenues in mortgages , commodities and credit products . other principal transactions revenues in the consolidated statements of earnings were $ 5.02 billion for 2015 , 24% ( 24 % ) lower than 2014 . this decrease was primarily due to lower revenues from investments in equities , principally reflecting the sale of metro international trade services ( metro ) in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . net interest income . net interest income in the consolidated statements of earnings was $ 3.06 billion for 2015 , 24% ( 24 % ) lower than 2014 . the decrease compared with 2014 was due to lower interest income resulting from a reduction in interest income related to financial instruments owned , at fair value , partially offset by the impact of an increase in total average loans receivable . the decrease in interest income was partially offset by a decrease in interest expense , which primarily reflected lower interest expense related to financial instruments sold , but not yet purchased , at fair value and other interest-bearing liabilities , partially offset by higher interest expense related to long-term borrowings . see 201csupplemental financial information 2014 statistical disclosures 2014 distribution of assets , liabilities and shareholders 2019 equity 201d for further information about our sources of net interest income . operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity . compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits . discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share- based compensation programs and the external environment . in addition , see 201cuse of estimates 201d for additional information about expenses that may arise from litigation and regulatory proceedings . in the context of the challenging environment during the first half of 2016 , we completed an initiative that identified areas where we can operate more efficiently , resulting in a reduction of approximately $ 900 million in annual run rate compensation . for 2016 , net savings from this initiative , after severance and other related costs , were approximately $ 500 million . the table below presents our operating expenses and total staff ( which includes employees , consultants and temporary staff ) . .

56 goldman sachs 2016 form 10-k .

| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:-------------------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | compensation and benefits | $ 11647 | $ 12678 | $ 12691 | | 1 | brokerage clearing exchange anddistribution fees | 2555 | 2576 | 2501 | | 2 | market development | 457 | 557 | 549 | | 3 | communications and technology | 809 | 806 | 779 | | 4 | depreciation and amortization | 998 | 991 | 1337 | | 5 | occupancy | 788 | 772 | 827 | | 6 | professional fees | 882 | 963 | 902 | | 7 | other expenses | 2168 | 5699 | 2585 | | 8 | total non-compensation expenses | 8657 | 12364 | 9480 | | 9 | total operating expenses | $ 20304 | $ 25042 | $ 22171 | | 10 | total staff at period-end | 34400 | 36800 | 34000 |

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis non-interest revenues . investment banking revenues in the consolidated statements of earnings were $ 7.03 billion for 2015 , 9% ( 9 % ) higher than 2014 , due to significantly higher revenues in financial advisory , reflecting strong client activity , particularly in the u.s . industry-wide completed mergers and acquisitions increased significantly compared with the prior year . revenues in underwriting were lower compared with a strong 2014 . revenues in debt underwriting were lower compared with 2014 , reflecting significantly lower leveraged finance activity . revenues in equity underwriting were also lower , reflecting significantly lower revenues from initial public offerings and convertible offerings , partially offset by significantly higher revenues from secondary offerings . investment management revenues in the consolidated statements of earnings were $ 5.87 billion for 2015 , 2% ( 2 % ) higher than 2014 , due to slightly higher management and other fees , primarily reflecting higher average assets under supervision , and higher transaction revenues . commissions and fees in the consolidated statements of earnings were $ 3.32 billion for 2015 , essentially unchanged compared with 2014 . market-making revenues in the consolidated statements of earnings were $ 9.52 billion for 2015 , 14% ( 14 % ) higher than 2014 . excluding a gain of $ 289 million in 2014 related to the extinguishment of certain of our junior subordinated debt , market-making revenues were 18% ( 18 % ) higher than 2014 , reflecting significantly higher revenues in interest rate products , currencies , equity cash products and equity derivatives . these increases were partially offset by significantly lower revenues in mortgages , commodities and credit products . other principal transactions revenues in the consolidated statements of earnings were $ 5.02 billion for 2015 , 24% ( 24 % ) lower than 2014 . this decrease was primarily due to lower revenues from investments in equities , principally reflecting the sale of metro international trade services ( metro ) in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . net interest income . net interest income in the consolidated statements of earnings was $ 3.06 billion for 2015 , 24% ( 24 % ) lower than 2014 . the decrease compared with 2014 was due to lower interest income resulting from a reduction in interest income related to financial instruments owned , at fair value , partially offset by the impact of an increase in total average loans receivable . the decrease in interest income was partially offset by a decrease in interest expense , which primarily reflected lower interest expense related to financial instruments sold , but not yet purchased , at fair value and other interest-bearing liabilities , partially offset by higher interest expense related to long-term borrowings . see 201csupplemental financial information 2014 statistical disclosures 2014 distribution of assets , liabilities and shareholders 2019 equity 201d for further information about our sources of net interest income . operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity . compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits . discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share- based compensation programs and the external environment . in addition , see 201cuse of estimates 201d for additional information about expenses that may arise from litigation and regulatory proceedings . in the context of the challenging environment during the first half of 2016 , we completed an initiative that identified areas where we can operate more efficiently , resulting in a reduction of approximately $ 900 million in annual run rate compensation . for 2016 , net savings from this initiative , after severance and other related costs , were approximately $ 500 million . the table below presents our operating expenses and total staff ( which includes employees , consultants and temporary staff ) . ._| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:-------------------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | compensation and benefits | $ 11647 | $ 12678 | $ 12691 | | 1 | brokerage clearing exchange anddistribution fees | 2555 | 2576 | 2501 | | 2 | market development | 457 | 557 | 549 | | 3 | communications and technology | 809 | 806 | 779 | | 4 | depreciation and amortization | 998 | 991 | 1337 | | 5 | occupancy | 788 | 772 | 827 | | 6 | professional fees | 882 | 963 | 902 | | 7 | other expenses | 2168 | 5699 | 2585 | | 8 | total non-compensation expenses | 8657 | 12364 | 9480 | | 9 | total operating expenses | $ 20304 | $ 25042 | $ 22171 | | 10 | total staff at period-end | 34400 | 36800 | 34000 |_56 goldman sachs 2016 form 10-k .

2,016

70

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

null

finqa526

how much of a greater return , in percentage , was gained in the s&p retail index compared to the tractor supply company?

99.8%

subtract(divide(subtract(217.01, 100.00), 100.00), divide(subtract(117.18, 100), 100))

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

how much of a greater return , in percentage , was gained in the s&p retail index compared to the tractor supply company?

99.8%

subtract(divide(subtract(217.01, 100.00), 100.00), divide(subtract(117.18, 100), 100))

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

finqa527

what was the difference in total additions between 2006 and 2007 in millions?

994

subtract(3133, 2139)

jpmorgan chase & co . / 2007 annual report 155 flows at risk-adjusted rates . the model considers portfolio characteris- tics , contractually specified servicing fees , prepayment assumptions , delinquency rates , late charges , other ancillary revenue and costs to service , and other economic factors . the firm reassesses and periodi- cally adjusts the underlying inputs and assumptions used in the oas model to reflect market conditions and assumptions that a market par- ticipant would consider in valuing the msr asset . during the fourth quarter of the 2007 , the firm 2019s proprietary prepayment model was refined to reflect a decrease in estimated future mortgage prepay- ments based upon a number of market related factors including a downward trend in home prices , general tightening of credit under- writing standards and the associated impact on refinancing activity . the firm compares fair value estimates and assumptions to observable market data where available and to recent market activity and actual portfolio experience . the fair value of msrs is sensitive to changes in interest rates , includ- ing their effect on prepayment speeds . jpmorgan chase uses or has used combinations of derivatives , afs securities and trading instru- ments to manage changes in the fair value of msrs . the intent is to offset any changes in the fair value of msrs with changes in the fair value of the related risk management instruments . msrs decrease in value when interest rates decline . conversely , securities ( such as mort- gage-backed securities ) , principal-only certificates and certain deriva- tives ( when the firm receives fixed-rate interest payments ) increase in value when interest rates decline . in march 2006 , the fasb issued sfas 156 , which permits an entity a one-time irrevocable election to adopt fair value accounting for a class of servicing assets . jpmorgan chase elected to adopt the standard effective january 1 , 2006 , and defined msrs as one class of servicing assets for this election . at the transition date , the fair value of the msrs exceeded their carrying amount , net of any related valuation allowance , by $ 150 million net of taxes . this amount was recorded as a cumulative-effect adjustment to retained earnings as of january 1 , 2006 . msrs are recognized in the consolidated balance sheet at fair value , and changes in their fair value are recorded in current- period earnings . revenue amounts related to msrs and the financial instruments used to manage the risk of msrs are recorded in mortgage fees and related income . for the year ended december 31 , 2005 , msrs were accounted for under sfas 140 , using a lower of cost or fair value approach . under this approach , msrs were amortized as a reduction of the actual servicing income received in proportion to , and over the period of , the estimated future net servicing income stream of the underlying mortgage loans . for purposes of evaluating and measuring impairment of msrs , the firm stratified the portfolio on the basis of the predominant risk characteristics , which are loan type and interest rate . any indicated impairment was rec- ognized as a reduction in revenue through a valuation allowance , which represented the extent to which the carrying value of an individual stra- tum exceeded its estimated fair value . any gross carrying value and relat- ed valuation allowance amounts which were not expected to be recov- ered in the foreseeable future , based upon the interest rate scenario , were considered to be other-than-temporary . prior to the adoption of sfas 156 , the firm designated certain deriva- tives used to risk manage msrs ( e.g. , a combination of swaps , swap- tions and floors ) as sfas 133 fair value hedges of benchmark interest rate risk . sfas 133 hedge accounting allowed the carrying value of the hedged msrs to be adjusted through earnings in the same period that the change in value of the hedging derivatives was recognized through earnings . the designated hedge period was daily . in designat- ing the benchmark interest rate , the firm considered the impact that the change in the benchmark rate had on the prepayment speed esti- mates in determining the fair value of the msrs . hedge effectiveness was assessed using a regression analysis of the change in fair value of the msrs as a result of changes in benchmark interest rates and of the change in the fair value of the designated derivatives . the valua- tion adjustments to both the msrs and sfas 133 derivatives were recorded in mortgage fees and related income . with the election to apply fair value accounting to the msrs under sfas 156 , sfas 133 hedge accounting is no longer necessary . for a further discussion on derivative instruments and hedging activities , see note 30 on pages 168 2013169 of this annual report . the following table summarizes msr activity , certain key assumptions , and the sensitivity of the fair value of msrs to adverse changes in those key assumptions for the years ended december 31 , 2007 and 2006 , during which period msrs were accounted for under sfas year ended december 31 , ( in millions ) 2007 2006 .

change in unrealized ( losses ) gains included in income related to msrs held at december 31 $ ( 516 ) na ( a ) represents msr asset fair value adjustments due to changes in market-based inputs , such as interest rates and volatility , as well as updates to assumptions used in the msr valuation model . this caption also represents total realized and unrealized gains ( losses ) included in net income per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income . ( b ) includes changes in the msr value due to modeled servicing portfolio runoff ( or time decay ) . this caption represents the impact of cash settlements per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income. .

| | year ended december 31 ( inmillions ) | 2007 | 2006 | |---:|:---------------------------------------------------------------------------------------------|:---------------|:---------------| | 0 | balance at beginning of period after valuation allowance | $ 7546 | $ 6452 | | 1 | cumulative effect of change in accounting principle | 2014 | 230 | | 2 | fair value at beginning of period | 7546 | 6682 | | 3 | originations of msrs | 2335 | 1512 | | 4 | purchase of msrs | 798 | 627 | | 5 | total additions | 3133 | 2139 | | 6 | change in valuation due to inputs and assumptions ( a ) | -516 ( 516 ) | 165 | | 7 | other changes in fair value ( b ) | -1531 ( 1531 ) | -1440 ( 1440 ) | | 8 | total change in fair value | -2047 ( 2047 ) | -1275 ( 1275 ) | | 9 | fair value at december 31 | $ 8632 | $ 7546 | | 10 | change in unrealized ( losses ) gains included in income related to msrs held at december 31 | $ -516 ( 516 ) | na |

jpmorgan chase & co . / 2007 annual report 155 flows at risk-adjusted rates . the model considers portfolio characteris- tics , contractually specified servicing fees , prepayment assumptions , delinquency rates , late charges , other ancillary revenue and costs to service , and other economic factors . the firm reassesses and periodi- cally adjusts the underlying inputs and assumptions used in the oas model to reflect market conditions and assumptions that a market par- ticipant would consider in valuing the msr asset . during the fourth quarter of the 2007 , the firm 2019s proprietary prepayment model was refined to reflect a decrease in estimated future mortgage prepay- ments based upon a number of market related factors including a downward trend in home prices , general tightening of credit under- writing standards and the associated impact on refinancing activity . the firm compares fair value estimates and assumptions to observable market data where available and to recent market activity and actual portfolio experience . the fair value of msrs is sensitive to changes in interest rates , includ- ing their effect on prepayment speeds . jpmorgan chase uses or has used combinations of derivatives , afs securities and trading instru- ments to manage changes in the fair value of msrs . the intent is to offset any changes in the fair value of msrs with changes in the fair value of the related risk management instruments . msrs decrease in value when interest rates decline . conversely , securities ( such as mort- gage-backed securities ) , principal-only certificates and certain deriva- tives ( when the firm receives fixed-rate interest payments ) increase in value when interest rates decline . in march 2006 , the fasb issued sfas 156 , which permits an entity a one-time irrevocable election to adopt fair value accounting for a class of servicing assets . jpmorgan chase elected to adopt the standard effective january 1 , 2006 , and defined msrs as one class of servicing assets for this election . at the transition date , the fair value of the msrs exceeded their carrying amount , net of any related valuation allowance , by $ 150 million net of taxes . this amount was recorded as a cumulative-effect adjustment to retained earnings as of january 1 , 2006 . msrs are recognized in the consolidated balance sheet at fair value , and changes in their fair value are recorded in current- period earnings . revenue amounts related to msrs and the financial instruments used to manage the risk of msrs are recorded in mortgage fees and related income . for the year ended december 31 , 2005 , msrs were accounted for under sfas 140 , using a lower of cost or fair value approach . under this approach , msrs were amortized as a reduction of the actual servicing income received in proportion to , and over the period of , the estimated future net servicing income stream of the underlying mortgage loans . for purposes of evaluating and measuring impairment of msrs , the firm stratified the portfolio on the basis of the predominant risk characteristics , which are loan type and interest rate . any indicated impairment was rec- ognized as a reduction in revenue through a valuation allowance , which represented the extent to which the carrying value of an individual stra- tum exceeded its estimated fair value . any gross carrying value and relat- ed valuation allowance amounts which were not expected to be recov- ered in the foreseeable future , based upon the interest rate scenario , were considered to be other-than-temporary . prior to the adoption of sfas 156 , the firm designated certain deriva- tives used to risk manage msrs ( e.g. , a combination of swaps , swap- tions and floors ) as sfas 133 fair value hedges of benchmark interest rate risk . sfas 133 hedge accounting allowed the carrying value of the hedged msrs to be adjusted through earnings in the same period that the change in value of the hedging derivatives was recognized through earnings . the designated hedge period was daily . in designat- ing the benchmark interest rate , the firm considered the impact that the change in the benchmark rate had on the prepayment speed esti- mates in determining the fair value of the msrs . hedge effectiveness was assessed using a regression analysis of the change in fair value of the msrs as a result of changes in benchmark interest rates and of the change in the fair value of the designated derivatives . the valua- tion adjustments to both the msrs and sfas 133 derivatives were recorded in mortgage fees and related income . with the election to apply fair value accounting to the msrs under sfas 156 , sfas 133 hedge accounting is no longer necessary . for a further discussion on derivative instruments and hedging activities , see note 30 on pages 168 2013169 of this annual report . the following table summarizes msr activity , certain key assumptions , and the sensitivity of the fair value of msrs to adverse changes in those key assumptions for the years ended december 31 , 2007 and 2006 , during which period msrs were accounted for under sfas year ended december 31 , ( in millions ) 2007 2006 ._| | year ended december 31 ( inmillions ) | 2007 | 2006 | |---:|:---------------------------------------------------------------------------------------------|:---------------|:---------------| | 0 | balance at beginning of period after valuation allowance | $ 7546 | $ 6452 | | 1 | cumulative effect of change in accounting principle | 2014 | 230 | | 2 | fair value at beginning of period | 7546 | 6682 | | 3 | originations of msrs | 2335 | 1512 | | 4 | purchase of msrs | 798 | 627 | | 5 | total additions | 3133 | 2139 | | 6 | change in valuation due to inputs and assumptions ( a ) | -516 ( 516 ) | 165 | | 7 | other changes in fair value ( b ) | -1531 ( 1531 ) | -1440 ( 1440 ) | | 8 | total change in fair value | -2047 ( 2047 ) | -1275 ( 1275 ) | | 9 | fair value at december 31 | $ 8632 | $ 7546 | | 10 | change in unrealized ( losses ) gains included in income related to msrs held at december 31 | $ -516 ( 516 ) | na |_change in unrealized ( losses ) gains included in income related to msrs held at december 31 $ ( 516 ) na ( a ) represents msr asset fair value adjustments due to changes in market-based inputs , such as interest rates and volatility , as well as updates to assumptions used in the msr valuation model . this caption also represents total realized and unrealized gains ( losses ) included in net income per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income . ( b ) includes changes in the msr value due to modeled servicing portfolio runoff ( or time decay ) . this caption represents the impact of cash settlements per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income. .

2,007

157

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

what was the difference in total additions between 2006 and 2007 in millions?

994

subtract(3133, 2139)

jpmorgan chase & co . / 2007 annual report 155 flows at risk-adjusted rates . the model considers portfolio characteris- tics , contractually specified servicing fees , prepayment assumptions , delinquency rates , late charges , other ancillary revenue and costs to service , and other economic factors . the firm reassesses and periodi- cally adjusts the underlying inputs and assumptions used in the oas model to reflect market conditions and assumptions that a market par- ticipant would consider in valuing the msr asset . during the fourth quarter of the 2007 , the firm 2019s proprietary prepayment model was refined to reflect a decrease in estimated future mortgage prepay- ments based upon a number of market related factors including a downward trend in home prices , general tightening of credit under- writing standards and the associated impact on refinancing activity . the firm compares fair value estimates and assumptions to observable market data where available and to recent market activity and actual portfolio experience . the fair value of msrs is sensitive to changes in interest rates , includ- ing their effect on prepayment speeds . jpmorgan chase uses or has used combinations of derivatives , afs securities and trading instru- ments to manage changes in the fair value of msrs . the intent is to offset any changes in the fair value of msrs with changes in the fair value of the related risk management instruments . msrs decrease in value when interest rates decline . conversely , securities ( such as mort- gage-backed securities ) , principal-only certificates and certain deriva- tives ( when the firm receives fixed-rate interest payments ) increase in value when interest rates decline . in march 2006 , the fasb issued sfas 156 , which permits an entity a one-time irrevocable election to adopt fair value accounting for a class of servicing assets . jpmorgan chase elected to adopt the standard effective january 1 , 2006 , and defined msrs as one class of servicing assets for this election . at the transition date , the fair value of the msrs exceeded their carrying amount , net of any related valuation allowance , by $ 150 million net of taxes . this amount was recorded as a cumulative-effect adjustment to retained earnings as of january 1 , 2006 . msrs are recognized in the consolidated balance sheet at fair value , and changes in their fair value are recorded in current- period earnings . revenue amounts related to msrs and the financial instruments used to manage the risk of msrs are recorded in mortgage fees and related income . for the year ended december 31 , 2005 , msrs were accounted for under sfas 140 , using a lower of cost or fair value approach . under this approach , msrs were amortized as a reduction of the actual servicing income received in proportion to , and over the period of , the estimated future net servicing income stream of the underlying mortgage loans . for purposes of evaluating and measuring impairment of msrs , the firm stratified the portfolio on the basis of the predominant risk characteristics , which are loan type and interest rate . any indicated impairment was rec- ognized as a reduction in revenue through a valuation allowance , which represented the extent to which the carrying value of an individual stra- tum exceeded its estimated fair value . any gross carrying value and relat- ed valuation allowance amounts which were not expected to be recov- ered in the foreseeable future , based upon the interest rate scenario , were considered to be other-than-temporary . prior to the adoption of sfas 156 , the firm designated certain deriva- tives used to risk manage msrs ( e.g. , a combination of swaps , swap- tions and floors ) as sfas 133 fair value hedges of benchmark interest rate risk . sfas 133 hedge accounting allowed the carrying value of the hedged msrs to be adjusted through earnings in the same period that the change in value of the hedging derivatives was recognized through earnings . the designated hedge period was daily . in designat- ing the benchmark interest rate , the firm considered the impact that the change in the benchmark rate had on the prepayment speed esti- mates in determining the fair value of the msrs . hedge effectiveness was assessed using a regression analysis of the change in fair value of the msrs as a result of changes in benchmark interest rates and of the change in the fair value of the designated derivatives . the valua- tion adjustments to both the msrs and sfas 133 derivatives were recorded in mortgage fees and related income . with the election to apply fair value accounting to the msrs under sfas 156 , sfas 133 hedge accounting is no longer necessary . for a further discussion on derivative instruments and hedging activities , see note 30 on pages 168 2013169 of this annual report . the following table summarizes msr activity , certain key assumptions , and the sensitivity of the fair value of msrs to adverse changes in those key assumptions for the years ended december 31 , 2007 and 2006 , during which period msrs were accounted for under sfas year ended december 31 , ( in millions ) 2007 2006 .

change in unrealized ( losses ) gains included in income related to msrs held at december 31 $ ( 516 ) na ( a ) represents msr asset fair value adjustments due to changes in market-based inputs , such as interest rates and volatility , as well as updates to assumptions used in the msr valuation model . this caption also represents total realized and unrealized gains ( losses ) included in net income per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income . ( b ) includes changes in the msr value due to modeled servicing portfolio runoff ( or time decay ) . this caption represents the impact of cash settlements per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income. .

| | year ended december 31 ( inmillions ) | 2007 | 2006 | |---:|:---------------------------------------------------------------------------------------------|:---------------|:---------------| | 0 | balance at beginning of period after valuation allowance | $ 7546 | $ 6452 | | 1 | cumulative effect of change in accounting principle | 2014 | 230 | | 2 | fair value at beginning of period | 7546 | 6682 | | 3 | originations of msrs | 2335 | 1512 | | 4 | purchase of msrs | 798 | 627 | | 5 | total additions | 3133 | 2139 | | 6 | change in valuation due to inputs and assumptions ( a ) | -516 ( 516 ) | 165 | | 7 | other changes in fair value ( b ) | -1531 ( 1531 ) | -1440 ( 1440 ) | | 8 | total change in fair value | -2047 ( 2047 ) | -1275 ( 1275 ) | | 9 | fair value at december 31 | $ 8632 | $ 7546 | | 10 | change in unrealized ( losses ) gains included in income related to msrs held at december 31 | $ -516 ( 516 ) | na |

jpmorgan chase & co . / 2007 annual report 155 flows at risk-adjusted rates . the model considers portfolio characteris- tics , contractually specified servicing fees , prepayment assumptions , delinquency rates , late charges , other ancillary revenue and costs to service , and other economic factors . the firm reassesses and periodi- cally adjusts the underlying inputs and assumptions used in the oas model to reflect market conditions and assumptions that a market par- ticipant would consider in valuing the msr asset . during the fourth quarter of the 2007 , the firm 2019s proprietary prepayment model was refined to reflect a decrease in estimated future mortgage prepay- ments based upon a number of market related factors including a downward trend in home prices , general tightening of credit under- writing standards and the associated impact on refinancing activity . the firm compares fair value estimates and assumptions to observable market data where available and to recent market activity and actual portfolio experience . the fair value of msrs is sensitive to changes in interest rates , includ- ing their effect on prepayment speeds . jpmorgan chase uses or has used combinations of derivatives , afs securities and trading instru- ments to manage changes in the fair value of msrs . the intent is to offset any changes in the fair value of msrs with changes in the fair value of the related risk management instruments . msrs decrease in value when interest rates decline . conversely , securities ( such as mort- gage-backed securities ) , principal-only certificates and certain deriva- tives ( when the firm receives fixed-rate interest payments ) increase in value when interest rates decline . in march 2006 , the fasb issued sfas 156 , which permits an entity a one-time irrevocable election to adopt fair value accounting for a class of servicing assets . jpmorgan chase elected to adopt the standard effective january 1 , 2006 , and defined msrs as one class of servicing assets for this election . at the transition date , the fair value of the msrs exceeded their carrying amount , net of any related valuation allowance , by $ 150 million net of taxes . this amount was recorded as a cumulative-effect adjustment to retained earnings as of january 1 , 2006 . msrs are recognized in the consolidated balance sheet at fair value , and changes in their fair value are recorded in current- period earnings . revenue amounts related to msrs and the financial instruments used to manage the risk of msrs are recorded in mortgage fees and related income . for the year ended december 31 , 2005 , msrs were accounted for under sfas 140 , using a lower of cost or fair value approach . under this approach , msrs were amortized as a reduction of the actual servicing income received in proportion to , and over the period of , the estimated future net servicing income stream of the underlying mortgage loans . for purposes of evaluating and measuring impairment of msrs , the firm stratified the portfolio on the basis of the predominant risk characteristics , which are loan type and interest rate . any indicated impairment was rec- ognized as a reduction in revenue through a valuation allowance , which represented the extent to which the carrying value of an individual stra- tum exceeded its estimated fair value . any gross carrying value and relat- ed valuation allowance amounts which were not expected to be recov- ered in the foreseeable future , based upon the interest rate scenario , were considered to be other-than-temporary . prior to the adoption of sfas 156 , the firm designated certain deriva- tives used to risk manage msrs ( e.g. , a combination of swaps , swap- tions and floors ) as sfas 133 fair value hedges of benchmark interest rate risk . sfas 133 hedge accounting allowed the carrying value of the hedged msrs to be adjusted through earnings in the same period that the change in value of the hedging derivatives was recognized through earnings . the designated hedge period was daily . in designat- ing the benchmark interest rate , the firm considered the impact that the change in the benchmark rate had on the prepayment speed esti- mates in determining the fair value of the msrs . hedge effectiveness was assessed using a regression analysis of the change in fair value of the msrs as a result of changes in benchmark interest rates and of the change in the fair value of the designated derivatives . the valua- tion adjustments to both the msrs and sfas 133 derivatives were recorded in mortgage fees and related income . with the election to apply fair value accounting to the msrs under sfas 156 , sfas 133 hedge accounting is no longer necessary . for a further discussion on derivative instruments and hedging activities , see note 30 on pages 168 2013169 of this annual report . the following table summarizes msr activity , certain key assumptions , and the sensitivity of the fair value of msrs to adverse changes in those key assumptions for the years ended december 31 , 2007 and 2006 , during which period msrs were accounted for under sfas year ended december 31 , ( in millions ) 2007 2006 ._| | year ended december 31 ( inmillions ) | 2007 | 2006 | |---:|:---------------------------------------------------------------------------------------------|:---------------|:---------------| | 0 | balance at beginning of period after valuation allowance | $ 7546 | $ 6452 | | 1 | cumulative effect of change in accounting principle | 2014 | 230 | | 2 | fair value at beginning of period | 7546 | 6682 | | 3 | originations of msrs | 2335 | 1512 | | 4 | purchase of msrs | 798 | 627 | | 5 | total additions | 3133 | 2139 | | 6 | change in valuation due to inputs and assumptions ( a ) | -516 ( 516 ) | 165 | | 7 | other changes in fair value ( b ) | -1531 ( 1531 ) | -1440 ( 1440 ) | | 8 | total change in fair value | -2047 ( 2047 ) | -1275 ( 1275 ) | | 9 | fair value at december 31 | $ 8632 | $ 7546 | | 10 | change in unrealized ( losses ) gains included in income related to msrs held at december 31 | $ -516 ( 516 ) | na |_change in unrealized ( losses ) gains included in income related to msrs held at december 31 $ ( 516 ) na ( a ) represents msr asset fair value adjustments due to changes in market-based inputs , such as interest rates and volatility , as well as updates to assumptions used in the msr valuation model . this caption also represents total realized and unrealized gains ( losses ) included in net income per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income . ( b ) includes changes in the msr value due to modeled servicing portfolio runoff ( or time decay ) . this caption represents the impact of cash settlements per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income. .

2,007

157

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa528

what is the net change in the number of staff in 2015?

2800

subtract(36800, 34000)

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis non-interest revenues . investment banking revenues in the consolidated statements of earnings were $ 7.03 billion for 2015 , 9% ( 9 % ) higher than 2014 , due to significantly higher revenues in financial advisory , reflecting strong client activity , particularly in the u.s . industry-wide completed mergers and acquisitions increased significantly compared with the prior year . revenues in underwriting were lower compared with a strong 2014 . revenues in debt underwriting were lower compared with 2014 , reflecting significantly lower leveraged finance activity . revenues in equity underwriting were also lower , reflecting significantly lower revenues from initial public offerings and convertible offerings , partially offset by significantly higher revenues from secondary offerings . investment management revenues in the consolidated statements of earnings were $ 5.87 billion for 2015 , 2% ( 2 % ) higher than 2014 , due to slightly higher management and other fees , primarily reflecting higher average assets under supervision , and higher transaction revenues . commissions and fees in the consolidated statements of earnings were $ 3.32 billion for 2015 , essentially unchanged compared with 2014 . market-making revenues in the consolidated statements of earnings were $ 9.52 billion for 2015 , 14% ( 14 % ) higher than 2014 . excluding a gain of $ 289 million in 2014 related to the extinguishment of certain of our junior subordinated debt , market-making revenues were 18% ( 18 % ) higher than 2014 , reflecting significantly higher revenues in interest rate products , currencies , equity cash products and equity derivatives . these increases were partially offset by significantly lower revenues in mortgages , commodities and credit products . other principal transactions revenues in the consolidated statements of earnings were $ 5.02 billion for 2015 , 24% ( 24 % ) lower than 2014 . this decrease was primarily due to lower revenues from investments in equities , principally reflecting the sale of metro international trade services ( metro ) in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . net interest income . net interest income in the consolidated statements of earnings was $ 3.06 billion for 2015 , 24% ( 24 % ) lower than 2014 . the decrease compared with 2014 was due to lower interest income resulting from a reduction in interest income related to financial instruments owned , at fair value , partially offset by the impact of an increase in total average loans receivable . the decrease in interest income was partially offset by a decrease in interest expense , which primarily reflected lower interest expense related to financial instruments sold , but not yet purchased , at fair value and other interest-bearing liabilities , partially offset by higher interest expense related to long-term borrowings . see 201csupplemental financial information 2014 statistical disclosures 2014 distribution of assets , liabilities and shareholders 2019 equity 201d for further information about our sources of net interest income . operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity . compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits . discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share- based compensation programs and the external environment . in addition , see 201cuse of estimates 201d for additional information about expenses that may arise from litigation and regulatory proceedings . in the context of the challenging environment during the first half of 2016 , we completed an initiative that identified areas where we can operate more efficiently , resulting in a reduction of approximately $ 900 million in annual run rate compensation . for 2016 , net savings from this initiative , after severance and other related costs , were approximately $ 500 million . the table below presents our operating expenses and total staff ( which includes employees , consultants and temporary staff ) . .

56 goldman sachs 2016 form 10-k .

| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:-------------------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | compensation and benefits | $ 11647 | $ 12678 | $ 12691 | | 1 | brokerage clearing exchange anddistribution fees | 2555 | 2576 | 2501 | | 2 | market development | 457 | 557 | 549 | | 3 | communications and technology | 809 | 806 | 779 | | 4 | depreciation and amortization | 998 | 991 | 1337 | | 5 | occupancy | 788 | 772 | 827 | | 6 | professional fees | 882 | 963 | 902 | | 7 | other expenses | 2168 | 5699 | 2585 | | 8 | total non-compensation expenses | 8657 | 12364 | 9480 | | 9 | total operating expenses | $ 20304 | $ 25042 | $ 22171 | | 10 | total staff at period-end | 34400 | 36800 | 34000 |

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis non-interest revenues . investment banking revenues in the consolidated statements of earnings were $ 7.03 billion for 2015 , 9% ( 9 % ) higher than 2014 , due to significantly higher revenues in financial advisory , reflecting strong client activity , particularly in the u.s . industry-wide completed mergers and acquisitions increased significantly compared with the prior year . revenues in underwriting were lower compared with a strong 2014 . revenues in debt underwriting were lower compared with 2014 , reflecting significantly lower leveraged finance activity . revenues in equity underwriting were also lower , reflecting significantly lower revenues from initial public offerings and convertible offerings , partially offset by significantly higher revenues from secondary offerings . investment management revenues in the consolidated statements of earnings were $ 5.87 billion for 2015 , 2% ( 2 % ) higher than 2014 , due to slightly higher management and other fees , primarily reflecting higher average assets under supervision , and higher transaction revenues . commissions and fees in the consolidated statements of earnings were $ 3.32 billion for 2015 , essentially unchanged compared with 2014 . market-making revenues in the consolidated statements of earnings were $ 9.52 billion for 2015 , 14% ( 14 % ) higher than 2014 . excluding a gain of $ 289 million in 2014 related to the extinguishment of certain of our junior subordinated debt , market-making revenues were 18% ( 18 % ) higher than 2014 , reflecting significantly higher revenues in interest rate products , currencies , equity cash products and equity derivatives . these increases were partially offset by significantly lower revenues in mortgages , commodities and credit products . other principal transactions revenues in the consolidated statements of earnings were $ 5.02 billion for 2015 , 24% ( 24 % ) lower than 2014 . this decrease was primarily due to lower revenues from investments in equities , principally reflecting the sale of metro international trade services ( metro ) in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . net interest income . net interest income in the consolidated statements of earnings was $ 3.06 billion for 2015 , 24% ( 24 % ) lower than 2014 . the decrease compared with 2014 was due to lower interest income resulting from a reduction in interest income related to financial instruments owned , at fair value , partially offset by the impact of an increase in total average loans receivable . the decrease in interest income was partially offset by a decrease in interest expense , which primarily reflected lower interest expense related to financial instruments sold , but not yet purchased , at fair value and other interest-bearing liabilities , partially offset by higher interest expense related to long-term borrowings . see 201csupplemental financial information 2014 statistical disclosures 2014 distribution of assets , liabilities and shareholders 2019 equity 201d for further information about our sources of net interest income . operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity . compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits . discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share- based compensation programs and the external environment . in addition , see 201cuse of estimates 201d for additional information about expenses that may arise from litigation and regulatory proceedings . in the context of the challenging environment during the first half of 2016 , we completed an initiative that identified areas where we can operate more efficiently , resulting in a reduction of approximately $ 900 million in annual run rate compensation . for 2016 , net savings from this initiative , after severance and other related costs , were approximately $ 500 million . the table below presents our operating expenses and total staff ( which includes employees , consultants and temporary staff ) . ._| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:-------------------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | compensation and benefits | $ 11647 | $ 12678 | $ 12691 | | 1 | brokerage clearing exchange anddistribution fees | 2555 | 2576 | 2501 | | 2 | market development | 457 | 557 | 549 | | 3 | communications and technology | 809 | 806 | 779 | | 4 | depreciation and amortization | 998 | 991 | 1337 | | 5 | occupancy | 788 | 772 | 827 | | 6 | professional fees | 882 | 963 | 902 | | 7 | other expenses | 2168 | 5699 | 2585 | | 8 | total non-compensation expenses | 8657 | 12364 | 9480 | | 9 | total operating expenses | $ 20304 | $ 25042 | $ 22171 | | 10 | total staff at period-end | 34400 | 36800 | 34000 |_56 goldman sachs 2016 form 10-k .

2,016

70

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

what is the net change in the number of staff in 2015?

2800

subtract(36800, 34000)

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis non-interest revenues . investment banking revenues in the consolidated statements of earnings were $ 7.03 billion for 2015 , 9% ( 9 % ) higher than 2014 , due to significantly higher revenues in financial advisory , reflecting strong client activity , particularly in the u.s . industry-wide completed mergers and acquisitions increased significantly compared with the prior year . revenues in underwriting were lower compared with a strong 2014 . revenues in debt underwriting were lower compared with 2014 , reflecting significantly lower leveraged finance activity . revenues in equity underwriting were also lower , reflecting significantly lower revenues from initial public offerings and convertible offerings , partially offset by significantly higher revenues from secondary offerings . investment management revenues in the consolidated statements of earnings were $ 5.87 billion for 2015 , 2% ( 2 % ) higher than 2014 , due to slightly higher management and other fees , primarily reflecting higher average assets under supervision , and higher transaction revenues . commissions and fees in the consolidated statements of earnings were $ 3.32 billion for 2015 , essentially unchanged compared with 2014 . market-making revenues in the consolidated statements of earnings were $ 9.52 billion for 2015 , 14% ( 14 % ) higher than 2014 . excluding a gain of $ 289 million in 2014 related to the extinguishment of certain of our junior subordinated debt , market-making revenues were 18% ( 18 % ) higher than 2014 , reflecting significantly higher revenues in interest rate products , currencies , equity cash products and equity derivatives . these increases were partially offset by significantly lower revenues in mortgages , commodities and credit products . other principal transactions revenues in the consolidated statements of earnings were $ 5.02 billion for 2015 , 24% ( 24 % ) lower than 2014 . this decrease was primarily due to lower revenues from investments in equities , principally reflecting the sale of metro international trade services ( metro ) in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . net interest income . net interest income in the consolidated statements of earnings was $ 3.06 billion for 2015 , 24% ( 24 % ) lower than 2014 . the decrease compared with 2014 was due to lower interest income resulting from a reduction in interest income related to financial instruments owned , at fair value , partially offset by the impact of an increase in total average loans receivable . the decrease in interest income was partially offset by a decrease in interest expense , which primarily reflected lower interest expense related to financial instruments sold , but not yet purchased , at fair value and other interest-bearing liabilities , partially offset by higher interest expense related to long-term borrowings . see 201csupplemental financial information 2014 statistical disclosures 2014 distribution of assets , liabilities and shareholders 2019 equity 201d for further information about our sources of net interest income . operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity . compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits . discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share- based compensation programs and the external environment . in addition , see 201cuse of estimates 201d for additional information about expenses that may arise from litigation and regulatory proceedings . in the context of the challenging environment during the first half of 2016 , we completed an initiative that identified areas where we can operate more efficiently , resulting in a reduction of approximately $ 900 million in annual run rate compensation . for 2016 , net savings from this initiative , after severance and other related costs , were approximately $ 500 million . the table below presents our operating expenses and total staff ( which includes employees , consultants and temporary staff ) . .

56 goldman sachs 2016 form 10-k .

| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:-------------------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | compensation and benefits | $ 11647 | $ 12678 | $ 12691 | | 1 | brokerage clearing exchange anddistribution fees | 2555 | 2576 | 2501 | | 2 | market development | 457 | 557 | 549 | | 3 | communications and technology | 809 | 806 | 779 | | 4 | depreciation and amortization | 998 | 991 | 1337 | | 5 | occupancy | 788 | 772 | 827 | | 6 | professional fees | 882 | 963 | 902 | | 7 | other expenses | 2168 | 5699 | 2585 | | 8 | total non-compensation expenses | 8657 | 12364 | 9480 | | 9 | total operating expenses | $ 20304 | $ 25042 | $ 22171 | | 10 | total staff at period-end | 34400 | 36800 | 34000 |

the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis non-interest revenues . investment banking revenues in the consolidated statements of earnings were $ 7.03 billion for 2015 , 9% ( 9 % ) higher than 2014 , due to significantly higher revenues in financial advisory , reflecting strong client activity , particularly in the u.s . industry-wide completed mergers and acquisitions increased significantly compared with the prior year . revenues in underwriting were lower compared with a strong 2014 . revenues in debt underwriting were lower compared with 2014 , reflecting significantly lower leveraged finance activity . revenues in equity underwriting were also lower , reflecting significantly lower revenues from initial public offerings and convertible offerings , partially offset by significantly higher revenues from secondary offerings . investment management revenues in the consolidated statements of earnings were $ 5.87 billion for 2015 , 2% ( 2 % ) higher than 2014 , due to slightly higher management and other fees , primarily reflecting higher average assets under supervision , and higher transaction revenues . commissions and fees in the consolidated statements of earnings were $ 3.32 billion for 2015 , essentially unchanged compared with 2014 . market-making revenues in the consolidated statements of earnings were $ 9.52 billion for 2015 , 14% ( 14 % ) higher than 2014 . excluding a gain of $ 289 million in 2014 related to the extinguishment of certain of our junior subordinated debt , market-making revenues were 18% ( 18 % ) higher than 2014 , reflecting significantly higher revenues in interest rate products , currencies , equity cash products and equity derivatives . these increases were partially offset by significantly lower revenues in mortgages , commodities and credit products . other principal transactions revenues in the consolidated statements of earnings were $ 5.02 billion for 2015 , 24% ( 24 % ) lower than 2014 . this decrease was primarily due to lower revenues from investments in equities , principally reflecting the sale of metro international trade services ( metro ) in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance . in addition , revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments . net interest income . net interest income in the consolidated statements of earnings was $ 3.06 billion for 2015 , 24% ( 24 % ) lower than 2014 . the decrease compared with 2014 was due to lower interest income resulting from a reduction in interest income related to financial instruments owned , at fair value , partially offset by the impact of an increase in total average loans receivable . the decrease in interest income was partially offset by a decrease in interest expense , which primarily reflected lower interest expense related to financial instruments sold , but not yet purchased , at fair value and other interest-bearing liabilities , partially offset by higher interest expense related to long-term borrowings . see 201csupplemental financial information 2014 statistical disclosures 2014 distribution of assets , liabilities and shareholders 2019 equity 201d for further information about our sources of net interest income . operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity . compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits . discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share- based compensation programs and the external environment . in addition , see 201cuse of estimates 201d for additional information about expenses that may arise from litigation and regulatory proceedings . in the context of the challenging environment during the first half of 2016 , we completed an initiative that identified areas where we can operate more efficiently , resulting in a reduction of approximately $ 900 million in annual run rate compensation . for 2016 , net savings from this initiative , after severance and other related costs , were approximately $ 500 million . the table below presents our operating expenses and total staff ( which includes employees , consultants and temporary staff ) . ._| | $ in millions | year ended december 2016 | year ended december 2015 | year ended december 2014 | |---:|:-------------------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | compensation and benefits | $ 11647 | $ 12678 | $ 12691 | | 1 | brokerage clearing exchange anddistribution fees | 2555 | 2576 | 2501 | | 2 | market development | 457 | 557 | 549 | | 3 | communications and technology | 809 | 806 | 779 | | 4 | depreciation and amortization | 998 | 991 | 1337 | | 5 | occupancy | 788 | 772 | 827 | | 6 | professional fees | 882 | 963 | 902 | | 7 | other expenses | 2168 | 5699 | 2585 | | 8 | total non-compensation expenses | 8657 | 12364 | 9480 | | 9 | total operating expenses | $ 20304 | $ 25042 | $ 22171 | | 10 | total staff at period-end | 34400 | 36800 | 34000 |_56 goldman sachs 2016 form 10-k .

2,016

70

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

null

finqa529

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

0.75

divide(0.6, 0.8)

simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements . the adoption of this pronouncement did not have a significant impact on the company 2019s financial position , results of operations and cash flows . 3 . acquisitions endomondo on january 5 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of endomondo , a denmark- based digital connected fitness company , to expand the under armour connected fitness community . the purchase price was $ 85.0 million , adjusted for working capital . the company recognized $ 0.6 million and $ 0.8 million in acquisition related costs that were expensed during the three months ended march 31 , 2015 and december 31 , 2014 , respectively . these costs are included in the consolidated statements of income in the line item entitled 201cselling , general and administrative expenses . 201d pro forma results are not presented , as the acquisition was not considered material to the consolidated company . myfitnesspal on march 17 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of mfp , a digital nutrition and connected fitness company , to expand the under armour connected fitness community . the final adjusted transaction value totaled $ 474.0 million . the total consideration of $ 463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp , which are not conditioned upon continued employment , and transaction costs borne by the selling shareholders . the acquisition was funded with $ 400.0 million of increased term loan borrowings and a draw on the revolving credit facility , with the remaining amount funded by cash on the company recognized $ 5.7 million of acquisition related costs that were expensed during the three months ended march 31 , 2015 . these costs are included in the consolidated statement of income in the line item entitled 201cselling , general and administrative expenses . 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31 , 2015 and december 31 , 2014: .

these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1 , 2014 . pro forma net income for the year ended december 31 , 2014 includes $ 5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31 , 2015 , but excluded from the calculation of pro forma net income for december 31 , 2015. .

| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | |---:|:-------------------|:--------------------------------|:--------------------------------| | 0 | net revenues | $ 3967008 | $ 3098341 | | 1 | net income | 231277 | 189659 |

simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements . the adoption of this pronouncement did not have a significant impact on the company 2019s financial position , results of operations and cash flows . 3 . acquisitions endomondo on january 5 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of endomondo , a denmark- based digital connected fitness company , to expand the under armour connected fitness community . the purchase price was $ 85.0 million , adjusted for working capital . the company recognized $ 0.6 million and $ 0.8 million in acquisition related costs that were expensed during the three months ended march 31 , 2015 and december 31 , 2014 , respectively . these costs are included in the consolidated statements of income in the line item entitled 201cselling , general and administrative expenses . 201d pro forma results are not presented , as the acquisition was not considered material to the consolidated company . myfitnesspal on march 17 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of mfp , a digital nutrition and connected fitness company , to expand the under armour connected fitness community . the final adjusted transaction value totaled $ 474.0 million . the total consideration of $ 463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp , which are not conditioned upon continued employment , and transaction costs borne by the selling shareholders . the acquisition was funded with $ 400.0 million of increased term loan borrowings and a draw on the revolving credit facility , with the remaining amount funded by cash on the company recognized $ 5.7 million of acquisition related costs that were expensed during the three months ended march 31 , 2015 . these costs are included in the consolidated statement of income in the line item entitled 201cselling , general and administrative expenses . 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31 , 2015 and december 31 , 2014: ._| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | |---:|:-------------------|:--------------------------------|:--------------------------------| | 0 | net revenues | $ 3967008 | $ 3098341 | | 1 | net income | 231277 | 189659 |_these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1 , 2014 . pro forma net income for the year ended december 31 , 2014 includes $ 5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31 , 2015 , but excluded from the calculation of pro forma net income for december 31 , 2015. .

2,015

71

UA

Under Armour, Inc.

Consumer Discretionary

Apparel, Accessories, & Luxury

Baltimore, MD

2016-01-01

1,336,917

1996

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

0.75

divide(0.6, 0.8)

simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements . the adoption of this pronouncement did not have a significant impact on the company 2019s financial position , results of operations and cash flows . 3 . acquisitions endomondo on january 5 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of endomondo , a denmark- based digital connected fitness company , to expand the under armour connected fitness community . the purchase price was $ 85.0 million , adjusted for working capital . the company recognized $ 0.6 million and $ 0.8 million in acquisition related costs that were expensed during the three months ended march 31 , 2015 and december 31 , 2014 , respectively . these costs are included in the consolidated statements of income in the line item entitled 201cselling , general and administrative expenses . 201d pro forma results are not presented , as the acquisition was not considered material to the consolidated company . myfitnesspal on march 17 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of mfp , a digital nutrition and connected fitness company , to expand the under armour connected fitness community . the final adjusted transaction value totaled $ 474.0 million . the total consideration of $ 463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp , which are not conditioned upon continued employment , and transaction costs borne by the selling shareholders . the acquisition was funded with $ 400.0 million of increased term loan borrowings and a draw on the revolving credit facility , with the remaining amount funded by cash on the company recognized $ 5.7 million of acquisition related costs that were expensed during the three months ended march 31 , 2015 . these costs are included in the consolidated statement of income in the line item entitled 201cselling , general and administrative expenses . 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31 , 2015 and december 31 , 2014: .

these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1 , 2014 . pro forma net income for the year ended december 31 , 2014 includes $ 5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31 , 2015 , but excluded from the calculation of pro forma net income for december 31 , 2015. .

| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | |---:|:-------------------|:--------------------------------|:--------------------------------| | 0 | net revenues | $ 3967008 | $ 3098341 | | 1 | net income | 231277 | 189659 |

simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements . the adoption of this pronouncement did not have a significant impact on the company 2019s financial position , results of operations and cash flows . 3 . acquisitions endomondo on january 5 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of endomondo , a denmark- based digital connected fitness company , to expand the under armour connected fitness community . the purchase price was $ 85.0 million , adjusted for working capital . the company recognized $ 0.6 million and $ 0.8 million in acquisition related costs that were expensed during the three months ended march 31 , 2015 and december 31 , 2014 , respectively . these costs are included in the consolidated statements of income in the line item entitled 201cselling , general and administrative expenses . 201d pro forma results are not presented , as the acquisition was not considered material to the consolidated company . myfitnesspal on march 17 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of mfp , a digital nutrition and connected fitness company , to expand the under armour connected fitness community . the final adjusted transaction value totaled $ 474.0 million . the total consideration of $ 463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp , which are not conditioned upon continued employment , and transaction costs borne by the selling shareholders . the acquisition was funded with $ 400.0 million of increased term loan borrowings and a draw on the revolving credit facility , with the remaining amount funded by cash on the company recognized $ 5.7 million of acquisition related costs that were expensed during the three months ended march 31 , 2015 . these costs are included in the consolidated statement of income in the line item entitled 201cselling , general and administrative expenses . 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31 , 2015 and december 31 , 2014: ._| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | |---:|:-------------------|:--------------------------------|:--------------------------------| | 0 | net revenues | $ 3967008 | $ 3098341 | | 1 | net income | 231277 | 189659 |_these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1 , 2014 . pro forma net income for the year ended december 31 , 2014 includes $ 5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31 , 2015 , but excluded from the calculation of pro forma net income for december 31 , 2015. .

2,015

71

UA

Under Armour, Inc.

Consumer Discretionary

Apparel, Accessories, & Luxury

Baltimore, MD

2016-01-01

1,336,917

1996

null

finqa530

what is the percentage change in average of investments from 2014 to 2015?

3.6%

divide(subtract(17430.8, 16831.9), 16831.9)

the company had net realized capital losses for 2015 of $ 184.1 million . in 2015 , the company recorded $ 102.2 million of other-than-temporary impairments on fixed maturity securities , $ 45.6 million of losses due to fair value re-measurements and $ 36.3 million of net realized capital losses from sales of fixed maturity and equity securities . in 2014 , net realized capital gains were $ 84.0 million due to $ 121.7 million of gains from fair value re-measurements on fixed maturity and equity securities and $ 1.9 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 39.5 million of other-than- temporary impairments on fixed maturity securities . in 2013 , net realized capital gains were $ 300.2 million due to $ 258.9 million of gains due to fair value re-measurements on fixed maturity and equity securities and $ 42.4 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 1.1 million of other-than-temporary impairments on fixed maturity securities . the company 2019s cash and invested assets totaled $ 17.7 billion at december 31 , 2015 , which consisted of 87.4% ( 87.4 % ) fixed maturities and cash , of which 91.4% ( 91.4 % ) were investment grade ; 8.2% ( 8.2 % ) equity securities and 4.4% ( 4.4 % ) other invested assets . the average maturity of fixed maturity securities was 4.1 years at december 31 , 2015 , and their overall duration was 3.0 years . as of december 31 , 2015 , the company did not have any direct investments in commercial real estate or direct commercial mortgages or any material holdings of derivative investments ( other than equity index put option contracts as discussed in item 8 , 201cfinancial statements and supplementary data 201d - note 4 of notes to consolidated financial statements ) or securities of issuers that are experiencing cash flow difficulty to an extent that the company 2019s management believes could threaten the issuer 2019s ability to meet debt service payments , except where other-than-temporary impairments have been recognized . the company 2019s investment portfolio includes structured commercial mortgage-backed securities ( 201ccmbs 201d ) with a book value of $ 264.9 million and a market value of $ 266.3 million . cmbs securities comprising more than 70% ( 70 % ) of the december 31 , 2015 market value are rated aaa by standard & poor 2019s financial services llc ( 201cstandard & poor 2019s 201d ) . furthermore , securities comprising more than 90% ( 90 % ) of the market value are rated investment grade by standard & poor 2019s . the following table reflects investment results for the company for the periods indicated: .

pre-tax pre-tax pre-tax pre-tax realized net unrealized net average investment effective capital ( losses ) capital gains ( dollars in millions ) investments ( 1 ) income ( 2 ) yield gains ( 3 ) ( losses ) 17430.8$ 473.8$ 2.72% ( 2.72 % ) ( 184.1 ) $ ( 194.0 ) $ 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3 16472.5 548.5 3.33% ( 3.33 % ) 300.2 ( 467.2 ) 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6 ( 1 ) average of the beginning and ending carrying values of investments and cash , less net funds held , future policy benefit reserve , and non-interest bearing cash . bonds , common stock and redeemable and non-redeemable preferred stocks are carried at market value . common stock which are actively managed are carried at fair value . ( 2 ) after investment expenses , excluding realized net capital gains ( losses ) . ( 3 ) included in 2015 , 2014 , 2013 , 2012 and 2011 are fair value re-measurements of ( $ 45.6 ) million , $ 121.7 million , $ 258.9 million , $ 118.1 million and ( $ 4.4 ) million , respectively. .

| | ( dollars in millions ) | december 31 , average investments ( 1 ) | december 31 , pre-tax investment income ( 2 ) | december 31 , pre-tax effective yield | december 31 , pre-tax realized net capital ( losses ) gains ( 3 ) | december 31 , pre-tax unrealized net capital gains ( losses ) | |---:|--------------------------:|:------------------------------------------|:------------------------------------------------|:----------------------------------------|:--------------------------------------------------------------------|:----------------------------------------------------------------| | 0 | 2015 | $ 17430.8 | $ 473.8 | 2.72% ( 2.72 % ) | $ -184.1 ( 184.1 ) | $ -194.0 ( 194.0 ) | | 1 | 2014 | 16831.9 | 530.6 | 3.15% ( 3.15 % ) | 84.0 | 20.3 | | 2 | 2013 | 16472.5 | 548.5 | 3.33% ( 3.33 % ) | 300.2 | -467.2 ( 467.2 ) | | 3 | 2012 | 16220.9 | 600.2 | 3.70% ( 3.70 % ) | 164.4 | 161.0 | | 4 | 2011 | 15680.9 | 620.0 | 3.95% ( 3.95 % ) | 6.9 | 106.6 |

the company had net realized capital losses for 2015 of $ 184.1 million . in 2015 , the company recorded $ 102.2 million of other-than-temporary impairments on fixed maturity securities , $ 45.6 million of losses due to fair value re-measurements and $ 36.3 million of net realized capital losses from sales of fixed maturity and equity securities . in 2014 , net realized capital gains were $ 84.0 million due to $ 121.7 million of gains from fair value re-measurements on fixed maturity and equity securities and $ 1.9 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 39.5 million of other-than- temporary impairments on fixed maturity securities . in 2013 , net realized capital gains were $ 300.2 million due to $ 258.9 million of gains due to fair value re-measurements on fixed maturity and equity securities and $ 42.4 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 1.1 million of other-than-temporary impairments on fixed maturity securities . the company 2019s cash and invested assets totaled $ 17.7 billion at december 31 , 2015 , which consisted of 87.4% ( 87.4 % ) fixed maturities and cash , of which 91.4% ( 91.4 % ) were investment grade ; 8.2% ( 8.2 % ) equity securities and 4.4% ( 4.4 % ) other invested assets . the average maturity of fixed maturity securities was 4.1 years at december 31 , 2015 , and their overall duration was 3.0 years . as of december 31 , 2015 , the company did not have any direct investments in commercial real estate or direct commercial mortgages or any material holdings of derivative investments ( other than equity index put option contracts as discussed in item 8 , 201cfinancial statements and supplementary data 201d - note 4 of notes to consolidated financial statements ) or securities of issuers that are experiencing cash flow difficulty to an extent that the company 2019s management believes could threaten the issuer 2019s ability to meet debt service payments , except where other-than-temporary impairments have been recognized . the company 2019s investment portfolio includes structured commercial mortgage-backed securities ( 201ccmbs 201d ) with a book value of $ 264.9 million and a market value of $ 266.3 million . cmbs securities comprising more than 70% ( 70 % ) of the december 31 , 2015 market value are rated aaa by standard & poor 2019s financial services llc ( 201cstandard & poor 2019s 201d ) . furthermore , securities comprising more than 90% ( 90 % ) of the market value are rated investment grade by standard & poor 2019s . the following table reflects investment results for the company for the periods indicated: ._| | ( dollars in millions ) | december 31 , average investments ( 1 ) | december 31 , pre-tax investment income ( 2 ) | december 31 , pre-tax effective yield | december 31 , pre-tax realized net capital ( losses ) gains ( 3 ) | december 31 , pre-tax unrealized net capital gains ( losses ) | |---:|--------------------------:|:------------------------------------------|:------------------------------------------------|:----------------------------------------|:--------------------------------------------------------------------|:----------------------------------------------------------------| | 0 | 2015 | $ 17430.8 | $ 473.8 | 2.72% ( 2.72 % ) | $ -184.1 ( 184.1 ) | $ -194.0 ( 194.0 ) | | 1 | 2014 | 16831.9 | 530.6 | 3.15% ( 3.15 % ) | 84.0 | 20.3 | | 2 | 2013 | 16472.5 | 548.5 | 3.33% ( 3.33 % ) | 300.2 | -467.2 ( 467.2 ) | | 3 | 2012 | 16220.9 | 600.2 | 3.70% ( 3.70 % ) | 164.4 | 161.0 | | 4 | 2011 | 15680.9 | 620.0 | 3.95% ( 3.95 % ) | 6.9 | 106.6 |_pre-tax pre-tax pre-tax pre-tax realized net unrealized net average investment effective capital ( losses ) capital gains ( dollars in millions ) investments ( 1 ) income ( 2 ) yield gains ( 3 ) ( losses ) 17430.8$ 473.8$ 2.72% ( 2.72 % ) ( 184.1 ) $ ( 194.0 ) $ 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3 16472.5 548.5 3.33% ( 3.33 % ) 300.2 ( 467.2 ) 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6 ( 1 ) average of the beginning and ending carrying values of investments and cash , less net funds held , future policy benefit reserve , and non-interest bearing cash . bonds , common stock and redeemable and non-redeemable preferred stocks are carried at market value . common stock which are actively managed are carried at fair value . ( 2 ) after investment expenses , excluding realized net capital gains ( losses ) . ( 3 ) included in 2015 , 2014 , 2013 , 2012 and 2011 are fair value re-measurements of ( $ 45.6 ) million , $ 121.7 million , $ 258.9 million , $ 118.1 million and ( $ 4.4 ) million , respectively. .

2,015

33

RE

Everest Re Group, Ltd.

Financials

Reinsurance

Hamilton, Bermuda

2010-01-01

1,095,073

1973

what is the percentage change in average of investments from 2014 to 2015?

3.6%

divide(subtract(17430.8, 16831.9), 16831.9)

the company had net realized capital losses for 2015 of $ 184.1 million . in 2015 , the company recorded $ 102.2 million of other-than-temporary impairments on fixed maturity securities , $ 45.6 million of losses due to fair value re-measurements and $ 36.3 million of net realized capital losses from sales of fixed maturity and equity securities . in 2014 , net realized capital gains were $ 84.0 million due to $ 121.7 million of gains from fair value re-measurements on fixed maturity and equity securities and $ 1.9 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 39.5 million of other-than- temporary impairments on fixed maturity securities . in 2013 , net realized capital gains were $ 300.2 million due to $ 258.9 million of gains due to fair value re-measurements on fixed maturity and equity securities and $ 42.4 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 1.1 million of other-than-temporary impairments on fixed maturity securities . the company 2019s cash and invested assets totaled $ 17.7 billion at december 31 , 2015 , which consisted of 87.4% ( 87.4 % ) fixed maturities and cash , of which 91.4% ( 91.4 % ) were investment grade ; 8.2% ( 8.2 % ) equity securities and 4.4% ( 4.4 % ) other invested assets . the average maturity of fixed maturity securities was 4.1 years at december 31 , 2015 , and their overall duration was 3.0 years . as of december 31 , 2015 , the company did not have any direct investments in commercial real estate or direct commercial mortgages or any material holdings of derivative investments ( other than equity index put option contracts as discussed in item 8 , 201cfinancial statements and supplementary data 201d - note 4 of notes to consolidated financial statements ) or securities of issuers that are experiencing cash flow difficulty to an extent that the company 2019s management believes could threaten the issuer 2019s ability to meet debt service payments , except where other-than-temporary impairments have been recognized . the company 2019s investment portfolio includes structured commercial mortgage-backed securities ( 201ccmbs 201d ) with a book value of $ 264.9 million and a market value of $ 266.3 million . cmbs securities comprising more than 70% ( 70 % ) of the december 31 , 2015 market value are rated aaa by standard & poor 2019s financial services llc ( 201cstandard & poor 2019s 201d ) . furthermore , securities comprising more than 90% ( 90 % ) of the market value are rated investment grade by standard & poor 2019s . the following table reflects investment results for the company for the periods indicated: .

pre-tax pre-tax pre-tax pre-tax realized net unrealized net average investment effective capital ( losses ) capital gains ( dollars in millions ) investments ( 1 ) income ( 2 ) yield gains ( 3 ) ( losses ) 17430.8$ 473.8$ 2.72% ( 2.72 % ) ( 184.1 ) $ ( 194.0 ) $ 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3 16472.5 548.5 3.33% ( 3.33 % ) 300.2 ( 467.2 ) 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6 ( 1 ) average of the beginning and ending carrying values of investments and cash , less net funds held , future policy benefit reserve , and non-interest bearing cash . bonds , common stock and redeemable and non-redeemable preferred stocks are carried at market value . common stock which are actively managed are carried at fair value . ( 2 ) after investment expenses , excluding realized net capital gains ( losses ) . ( 3 ) included in 2015 , 2014 , 2013 , 2012 and 2011 are fair value re-measurements of ( $ 45.6 ) million , $ 121.7 million , $ 258.9 million , $ 118.1 million and ( $ 4.4 ) million , respectively. .

| | ( dollars in millions ) | december 31 , average investments ( 1 ) | december 31 , pre-tax investment income ( 2 ) | december 31 , pre-tax effective yield | december 31 , pre-tax realized net capital ( losses ) gains ( 3 ) | december 31 , pre-tax unrealized net capital gains ( losses ) | |---:|--------------------------:|:------------------------------------------|:------------------------------------------------|:----------------------------------------|:--------------------------------------------------------------------|:----------------------------------------------------------------| | 0 | 2015 | $ 17430.8 | $ 473.8 | 2.72% ( 2.72 % ) | $ -184.1 ( 184.1 ) | $ -194.0 ( 194.0 ) | | 1 | 2014 | 16831.9 | 530.6 | 3.15% ( 3.15 % ) | 84.0 | 20.3 | | 2 | 2013 | 16472.5 | 548.5 | 3.33% ( 3.33 % ) | 300.2 | -467.2 ( 467.2 ) | | 3 | 2012 | 16220.9 | 600.2 | 3.70% ( 3.70 % ) | 164.4 | 161.0 | | 4 | 2011 | 15680.9 | 620.0 | 3.95% ( 3.95 % ) | 6.9 | 106.6 |

the company had net realized capital losses for 2015 of $ 184.1 million . in 2015 , the company recorded $ 102.2 million of other-than-temporary impairments on fixed maturity securities , $ 45.6 million of losses due to fair value re-measurements and $ 36.3 million of net realized capital losses from sales of fixed maturity and equity securities . in 2014 , net realized capital gains were $ 84.0 million due to $ 121.7 million of gains from fair value re-measurements on fixed maturity and equity securities and $ 1.9 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 39.5 million of other-than- temporary impairments on fixed maturity securities . in 2013 , net realized capital gains were $ 300.2 million due to $ 258.9 million of gains due to fair value re-measurements on fixed maturity and equity securities and $ 42.4 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 1.1 million of other-than-temporary impairments on fixed maturity securities . the company 2019s cash and invested assets totaled $ 17.7 billion at december 31 , 2015 , which consisted of 87.4% ( 87.4 % ) fixed maturities and cash , of which 91.4% ( 91.4 % ) were investment grade ; 8.2% ( 8.2 % ) equity securities and 4.4% ( 4.4 % ) other invested assets . the average maturity of fixed maturity securities was 4.1 years at december 31 , 2015 , and their overall duration was 3.0 years . as of december 31 , 2015 , the company did not have any direct investments in commercial real estate or direct commercial mortgages or any material holdings of derivative investments ( other than equity index put option contracts as discussed in item 8 , 201cfinancial statements and supplementary data 201d - note 4 of notes to consolidated financial statements ) or securities of issuers that are experiencing cash flow difficulty to an extent that the company 2019s management believes could threaten the issuer 2019s ability to meet debt service payments , except where other-than-temporary impairments have been recognized . the company 2019s investment portfolio includes structured commercial mortgage-backed securities ( 201ccmbs 201d ) with a book value of $ 264.9 million and a market value of $ 266.3 million . cmbs securities comprising more than 70% ( 70 % ) of the december 31 , 2015 market value are rated aaa by standard & poor 2019s financial services llc ( 201cstandard & poor 2019s 201d ) . furthermore , securities comprising more than 90% ( 90 % ) of the market value are rated investment grade by standard & poor 2019s . the following table reflects investment results for the company for the periods indicated: ._| | ( dollars in millions ) | december 31 , average investments ( 1 ) | december 31 , pre-tax investment income ( 2 ) | december 31 , pre-tax effective yield | december 31 , pre-tax realized net capital ( losses ) gains ( 3 ) | december 31 , pre-tax unrealized net capital gains ( losses ) | |---:|--------------------------:|:------------------------------------------|:------------------------------------------------|:----------------------------------------|:--------------------------------------------------------------------|:----------------------------------------------------------------| | 0 | 2015 | $ 17430.8 | $ 473.8 | 2.72% ( 2.72 % ) | $ -184.1 ( 184.1 ) | $ -194.0 ( 194.0 ) | | 1 | 2014 | 16831.9 | 530.6 | 3.15% ( 3.15 % ) | 84.0 | 20.3 | | 2 | 2013 | 16472.5 | 548.5 | 3.33% ( 3.33 % ) | 300.2 | -467.2 ( 467.2 ) | | 3 | 2012 | 16220.9 | 600.2 | 3.70% ( 3.70 % ) | 164.4 | 161.0 | | 4 | 2011 | 15680.9 | 620.0 | 3.95% ( 3.95 % ) | 6.9 | 106.6 |_pre-tax pre-tax pre-tax pre-tax realized net unrealized net average investment effective capital ( losses ) capital gains ( dollars in millions ) investments ( 1 ) income ( 2 ) yield gains ( 3 ) ( losses ) 17430.8$ 473.8$ 2.72% ( 2.72 % ) ( 184.1 ) $ ( 194.0 ) $ 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3 16472.5 548.5 3.33% ( 3.33 % ) 300.2 ( 467.2 ) 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6 ( 1 ) average of the beginning and ending carrying values of investments and cash , less net funds held , future policy benefit reserve , and non-interest bearing cash . bonds , common stock and redeemable and non-redeemable preferred stocks are carried at market value . common stock which are actively managed are carried at fair value . ( 2 ) after investment expenses , excluding realized net capital gains ( losses ) . ( 3 ) included in 2015 , 2014 , 2013 , 2012 and 2011 are fair value re-measurements of ( $ 45.6 ) million , $ 121.7 million , $ 258.9 million , $ 118.1 million and ( $ 4.4 ) million , respectively. .

2,015

33

RE

Everest Re Group, Ltd.

Financials

Reinsurance

Hamilton, Bermuda

2010-01-01

1,095,073

1973

null

finqa531

what is the average payment volume per transaction for jcb?

91.67

divide(55, 0.6)

largest operators of open-loop and closed-loop retail electronic payments networks the largest operators of open-loop and closed-loop retail electronic payments networks are visa , mastercard , american express , discover , jcb and diners club . with the exception of discover , which primarily operates in the united states , all of the other network operators can be considered multi- national or global providers of payments network services . based on payments volume , total volume , number of transactions and number of cards in circulation , visa is the largest retail electronic payments network in the world . the following chart compares our network with those of our major competitors for calendar year 2007 : company payments volume volume transactions cards ( billions ) ( billions ) ( billions ) ( millions ) visa inc. ( 1 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2457 $ 3822 50.3 1592 .

( 1 ) visa inc . figures as reported previously in our filings . source : the nilson report , issue 902 ( may 2008 ) and issue 903 ( may 2008 ) . note : visa inc . figures exclude visa europe . figures for competitors include their respective european operations . visa figures include visa , visa electron , and interlink brands . visa cards include plus proprietary cards , but proprietary plus cash volume is not included . domestic china figures are excluded . mastercard figures include pin-based debit card figures on mastercard cards , but not maestro or cirrus figures . china commercial funds transfers are excluded . american express and discover include business from third-party issuers . jcb figures are for april 2006 through march 2007 , but cards and outlets are as of september 2007 . jcb total transaction figures are estimates . our primary operations we generate revenue from the transaction processing services we offer to our customers . our customers deliver visa products and payment services to consumers and merchants based on the product platforms we define and manage . payments network management is a core part of our operations , as it ensures that our payments system provides a safe , efficient , consistent , and interoperable service to cardholders , merchants , and financial institutions worldwide . transaction processing services core processing services our core processing services involve the routing of payment information and related data to facilitate the authorization , clearing and settlement of transactions between visa issuers , which are the financial institutions that issue visa cards to cardholders , and acquirers , which are the financial institutions that offer visa network connectivity and payments acceptance services to merchants . in addition , we offer a range of value-added processing services to support our customers 2019 visa programs and to promote the growth and security of the visa payments network . authorization is the process of approving or declining a transaction before a purchase is finalized or cash is disbursed . clearing is the process of delivering final transaction data from an acquirer to an issuer for posting to the cardholder 2019s account , the calculation of certain fees and charges that apply to the issuer and acquirer involved in the transaction , and the conversion of transaction amounts to the .

| | company | payments volume ( billions ) | total volume ( billions ) | total transactions ( billions ) | cards ( millions ) | |---:|:-----------------|:-------------------------------|:----------------------------|----------------------------------:|---------------------:| | 0 | visa inc. ( 1 ) | $ 2457 | $ 3822 | 50.3 | 1592 | | 1 | mastercard | 1697 | 2276 | 27 | 916 | | 2 | american express | 637 | 647 | 5 | 86 | | 3 | discover | 102 | 119 | 1.6 | 57 | | 4 | jcb | 55 | 61 | 0.6 | 58 | | 5 | diners club | 29 | 30 | 0.2 | 7 |

largest operators of open-loop and closed-loop retail electronic payments networks the largest operators of open-loop and closed-loop retail electronic payments networks are visa , mastercard , american express , discover , jcb and diners club . with the exception of discover , which primarily operates in the united states , all of the other network operators can be considered multi- national or global providers of payments network services . based on payments volume , total volume , number of transactions and number of cards in circulation , visa is the largest retail electronic payments network in the world . the following chart compares our network with those of our major competitors for calendar year 2007 : company payments volume volume transactions cards ( billions ) ( billions ) ( billions ) ( millions ) visa inc. ( 1 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2457 $ 3822 50.3 1592 ._| | company | payments volume ( billions ) | total volume ( billions ) | total transactions ( billions ) | cards ( millions ) | |---:|:-----------------|:-------------------------------|:----------------------------|----------------------------------:|---------------------:| | 0 | visa inc. ( 1 ) | $ 2457 | $ 3822 | 50.3 | 1592 | | 1 | mastercard | 1697 | 2276 | 27 | 916 | | 2 | american express | 637 | 647 | 5 | 86 | | 3 | discover | 102 | 119 | 1.6 | 57 | | 4 | jcb | 55 | 61 | 0.6 | 58 | | 5 | diners club | 29 | 30 | 0.2 | 7 |_( 1 ) visa inc . figures as reported previously in our filings . source : the nilson report , issue 902 ( may 2008 ) and issue 903 ( may 2008 ) . note : visa inc . figures exclude visa europe . figures for competitors include their respective european operations . visa figures include visa , visa electron , and interlink brands . visa cards include plus proprietary cards , but proprietary plus cash volume is not included . domestic china figures are excluded . mastercard figures include pin-based debit card figures on mastercard cards , but not maestro or cirrus figures . china commercial funds transfers are excluded . american express and discover include business from third-party issuers . jcb figures are for april 2006 through march 2007 , but cards and outlets are as of september 2007 . jcb total transaction figures are estimates . our primary operations we generate revenue from the transaction processing services we offer to our customers . our customers deliver visa products and payment services to consumers and merchants based on the product platforms we define and manage . payments network management is a core part of our operations , as it ensures that our payments system provides a safe , efficient , consistent , and interoperable service to cardholders , merchants , and financial institutions worldwide . transaction processing services core processing services our core processing services involve the routing of payment information and related data to facilitate the authorization , clearing and settlement of transactions between visa issuers , which are the financial institutions that issue visa cards to cardholders , and acquirers , which are the financial institutions that offer visa network connectivity and payments acceptance services to merchants . in addition , we offer a range of value-added processing services to support our customers 2019 visa programs and to promote the growth and security of the visa payments network . authorization is the process of approving or declining a transaction before a purchase is finalized or cash is disbursed . clearing is the process of delivering final transaction data from an acquirer to an issuer for posting to the cardholder 2019s account , the calculation of certain fees and charges that apply to the issuer and acquirer involved in the transaction , and the conversion of transaction amounts to the .

2,008

17

V

Visa Inc.

Financials

Transaction & Payment Processing Services

San Francisco, California

2009-12-21

1,403,161

1958

what is the average payment volume per transaction for jcb?

91.67

divide(55, 0.6)

largest operators of open-loop and closed-loop retail electronic payments networks the largest operators of open-loop and closed-loop retail electronic payments networks are visa , mastercard , american express , discover , jcb and diners club . with the exception of discover , which primarily operates in the united states , all of the other network operators can be considered multi- national or global providers of payments network services . based on payments volume , total volume , number of transactions and number of cards in circulation , visa is the largest retail electronic payments network in the world . the following chart compares our network with those of our major competitors for calendar year 2007 : company payments volume volume transactions cards ( billions ) ( billions ) ( billions ) ( millions ) visa inc. ( 1 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2457 $ 3822 50.3 1592 .

( 1 ) visa inc . figures as reported previously in our filings . source : the nilson report , issue 902 ( may 2008 ) and issue 903 ( may 2008 ) . note : visa inc . figures exclude visa europe . figures for competitors include their respective european operations . visa figures include visa , visa electron , and interlink brands . visa cards include plus proprietary cards , but proprietary plus cash volume is not included . domestic china figures are excluded . mastercard figures include pin-based debit card figures on mastercard cards , but not maestro or cirrus figures . china commercial funds transfers are excluded . american express and discover include business from third-party issuers . jcb figures are for april 2006 through march 2007 , but cards and outlets are as of september 2007 . jcb total transaction figures are estimates . our primary operations we generate revenue from the transaction processing services we offer to our customers . our customers deliver visa products and payment services to consumers and merchants based on the product platforms we define and manage . payments network management is a core part of our operations , as it ensures that our payments system provides a safe , efficient , consistent , and interoperable service to cardholders , merchants , and financial institutions worldwide . transaction processing services core processing services our core processing services involve the routing of payment information and related data to facilitate the authorization , clearing and settlement of transactions between visa issuers , which are the financial institutions that issue visa cards to cardholders , and acquirers , which are the financial institutions that offer visa network connectivity and payments acceptance services to merchants . in addition , we offer a range of value-added processing services to support our customers 2019 visa programs and to promote the growth and security of the visa payments network . authorization is the process of approving or declining a transaction before a purchase is finalized or cash is disbursed . clearing is the process of delivering final transaction data from an acquirer to an issuer for posting to the cardholder 2019s account , the calculation of certain fees and charges that apply to the issuer and acquirer involved in the transaction , and the conversion of transaction amounts to the .

| | company | payments volume ( billions ) | total volume ( billions ) | total transactions ( billions ) | cards ( millions ) | |---:|:-----------------|:-------------------------------|:----------------------------|----------------------------------:|---------------------:| | 0 | visa inc. ( 1 ) | $ 2457 | $ 3822 | 50.3 | 1592 | | 1 | mastercard | 1697 | 2276 | 27 | 916 | | 2 | american express | 637 | 647 | 5 | 86 | | 3 | discover | 102 | 119 | 1.6 | 57 | | 4 | jcb | 55 | 61 | 0.6 | 58 | | 5 | diners club | 29 | 30 | 0.2 | 7 |

largest operators of open-loop and closed-loop retail electronic payments networks the largest operators of open-loop and closed-loop retail electronic payments networks are visa , mastercard , american express , discover , jcb and diners club . with the exception of discover , which primarily operates in the united states , all of the other network operators can be considered multi- national or global providers of payments network services . based on payments volume , total volume , number of transactions and number of cards in circulation , visa is the largest retail electronic payments network in the world . the following chart compares our network with those of our major competitors for calendar year 2007 : company payments volume volume transactions cards ( billions ) ( billions ) ( billions ) ( millions ) visa inc. ( 1 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2457 $ 3822 50.3 1592 ._| | company | payments volume ( billions ) | total volume ( billions ) | total transactions ( billions ) | cards ( millions ) | |---:|:-----------------|:-------------------------------|:----------------------------|----------------------------------:|---------------------:| | 0 | visa inc. ( 1 ) | $ 2457 | $ 3822 | 50.3 | 1592 | | 1 | mastercard | 1697 | 2276 | 27 | 916 | | 2 | american express | 637 | 647 | 5 | 86 | | 3 | discover | 102 | 119 | 1.6 | 57 | | 4 | jcb | 55 | 61 | 0.6 | 58 | | 5 | diners club | 29 | 30 | 0.2 | 7 |_( 1 ) visa inc . figures as reported previously in our filings . source : the nilson report , issue 902 ( may 2008 ) and issue 903 ( may 2008 ) . note : visa inc . figures exclude visa europe . figures for competitors include their respective european operations . visa figures include visa , visa electron , and interlink brands . visa cards include plus proprietary cards , but proprietary plus cash volume is not included . domestic china figures are excluded . mastercard figures include pin-based debit card figures on mastercard cards , but not maestro or cirrus figures . china commercial funds transfers are excluded . american express and discover include business from third-party issuers . jcb figures are for april 2006 through march 2007 , but cards and outlets are as of september 2007 . jcb total transaction figures are estimates . our primary operations we generate revenue from the transaction processing services we offer to our customers . our customers deliver visa products and payment services to consumers and merchants based on the product platforms we define and manage . payments network management is a core part of our operations , as it ensures that our payments system provides a safe , efficient , consistent , and interoperable service to cardholders , merchants , and financial institutions worldwide . transaction processing services core processing services our core processing services involve the routing of payment information and related data to facilitate the authorization , clearing and settlement of transactions between visa issuers , which are the financial institutions that issue visa cards to cardholders , and acquirers , which are the financial institutions that offer visa network connectivity and payments acceptance services to merchants . in addition , we offer a range of value-added processing services to support our customers 2019 visa programs and to promote the growth and security of the visa payments network . authorization is the process of approving or declining a transaction before a purchase is finalized or cash is disbursed . clearing is the process of delivering final transaction data from an acquirer to an issuer for posting to the cardholder 2019s account , the calculation of certain fees and charges that apply to the issuer and acquirer involved in the transaction , and the conversion of transaction amounts to the .

2,008

17

V

Visa Inc.

Financials

Transaction & Payment Processing Services

San Francisco, California

2009-12-21

1,403,161

1958

null

finqa532

what is the lowest segment operating income margin?

13.4%

table_min(segment operating income margin, none)

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

our consulting segment generated 17% ( 17 % ) of our consolidated total revenues in 2009 and provides a broad range of human capital consulting services , as follows : consulting services : 1 . health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees . benefits consulting include health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services . 2 . retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration . 3 . compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 4 . strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . outsourcing offers employment processing , performance improvement , benefits administration and other employment-related services . beginning in late 2008 and continuing throughout 2009 , the disruption in the global credit markets and the deterioration of the financial markets has created significant uncertainty in the marketplace . the prolonged economic downturn is adversely impacting our clients 2019 financial condition and the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and depressing the price of those services , which is having an adverse effect on our new business and results of operations. .

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

of exiting a business in japan , economic weakness in asia and political unrest in thailand , partially offset by growth in new zealand and certain emerging markets . reinsurance commissions , fees and other revenue increased 48% ( 48 % ) , due mainly to the benfield merger , partially offset by unfavorable foreign currency translation . organic revenue is even with 2008 , as growth in domestic treaty business and slightly higher pricing was offset by greater client retention , and declines in investment banking and facultative placements . operating income operating income increased $ 54 million or 6% ( 6 % ) from 2008 to $ 900 million in 2009 . in 2009 , operating income margins in this segment were 14.3% ( 14.3 % ) , up 60 basis points from 13.7% ( 13.7 % ) in 2008 . contributing to increased operating income and margins were the merger with benfield , lower e&o costs due to insurance recoveries , a pension curtailment gain of $ 54 million in 2009 versus a curtailment loss of $ 6 million in 2008 , declines in anti-corruption and compliance initiative costs of $ 35 million , restructuring savings , and other cost savings initiatives . these items were partially offset by an increase of $ 140 million in restructuring costs , $ 95 million of lower fiduciary investment income , benfield integration costs and higher amortization of intangible assets obtained in the merger , and unfavorable foreign currency translation . consulting ._| | years ended december 31, | 2009 | 2008 | 2007 | |---:|:--------------------------------|:-----------------|:-----------------|:-----------------| | 0 | segment revenue | $ 1267 | $ 1356 | $ 1345 | | 1 | segment operating income | 203 | 208 | 180 | | 2 | segment operating income margin | 16.0% ( 16.0 % ) | 15.3% ( 15.3 % ) | 13.4% ( 13.4 % ) |_our consulting segment generated 17% ( 17 % ) of our consolidated total revenues in 2009 and provides a broad range of human capital consulting services , as follows : consulting services : 1 . health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees . benefits consulting include health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services . 2 . retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration . 3 . compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 4 . strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . outsourcing offers employment processing , performance improvement , benefits administration and other employment-related services . beginning in late 2008 and continuing throughout 2009 , the disruption in the global credit markets and the deterioration of the financial markets has created significant uncertainty in the marketplace . the prolonged economic downturn is adversely impacting our clients 2019 financial condition and the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and depressing the price of those services , which is having an adverse effect on our new business and results of operations. .

2,009

48

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

what is the lowest segment operating income margin?

13.4%

table_min(segment operating income margin, none)

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

our consulting segment generated 17% ( 17 % ) of our consolidated total revenues in 2009 and provides a broad range of human capital consulting services , as follows : consulting services : 1 . health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees . benefits consulting include health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services . 2 . retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration . 3 . compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 4 . strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . outsourcing offers employment processing , performance improvement , benefits administration and other employment-related services . beginning in late 2008 and continuing throughout 2009 , the disruption in the global credit markets and the deterioration of the financial markets has created significant uncertainty in the marketplace . the prolonged economic downturn is adversely impacting our clients 2019 financial condition and the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and depressing the price of those services , which is having an adverse effect on our new business and results of operations. .

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

of exiting a business in japan , economic weakness in asia and political unrest in thailand , partially offset by growth in new zealand and certain emerging markets . reinsurance commissions , fees and other revenue increased 48% ( 48 % ) , due mainly to the benfield merger , partially offset by unfavorable foreign currency translation . organic revenue is even with 2008 , as growth in domestic treaty business and slightly higher pricing was offset by greater client retention , and declines in investment banking and facultative placements . operating income operating income increased $ 54 million or 6% ( 6 % ) from 2008 to $ 900 million in 2009 . in 2009 , operating income margins in this segment were 14.3% ( 14.3 % ) , up 60 basis points from 13.7% ( 13.7 % ) in 2008 . contributing to increased operating income and margins were the merger with benfield , lower e&o costs due to insurance recoveries , a pension curtailment gain of $ 54 million in 2009 versus a curtailment loss of $ 6 million in 2008 , declines in anti-corruption and compliance initiative costs of $ 35 million , restructuring savings , and other cost savings initiatives . these items were partially offset by an increase of $ 140 million in restructuring costs , $ 95 million of lower fiduciary investment income , benfield integration costs and higher amortization of intangible assets obtained in the merger , and unfavorable foreign currency translation . consulting ._| | years ended december 31, | 2009 | 2008 | 2007 | |---:|:--------------------------------|:-----------------|:-----------------|:-----------------| | 0 | segment revenue | $ 1267 | $ 1356 | $ 1345 | | 1 | segment operating income | 203 | 208 | 180 | | 2 | segment operating income margin | 16.0% ( 16.0 % ) | 15.3% ( 15.3 % ) | 13.4% ( 13.4 % ) |_our consulting segment generated 17% ( 17 % ) of our consolidated total revenues in 2009 and provides a broad range of human capital consulting services , as follows : consulting services : 1 . health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees . benefits consulting include health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services . 2 . retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration . 3 . compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 4 . strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . outsourcing offers employment processing , performance improvement , benefits administration and other employment-related services . beginning in late 2008 and continuing throughout 2009 , the disruption in the global credit markets and the deterioration of the financial markets has created significant uncertainty in the marketplace . the prolonged economic downturn is adversely impacting our clients 2019 financial condition and the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and depressing the price of those services , which is having an adverse effect on our new business and results of operations. .

2,009

48

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

null

finqa533

what is the percent change in quarterly cash dividend for the period ended march 31 2002 to the period ended december 31 2002?

1.11%

multiply(divide(subtract(.455, .450), .450), const_100)

market price and dividends d u k e r e a l t y c o r p o r a t i o n 3 8 2 0 0 2 a n n u a l r e p o r t the company 2019s common shares are listed for trading on the new york stock exchange , symbol dre . the following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period . comparable cash dividends are expected in the future . on january 29 , 2003 , the company declared a quarterly cash dividend of $ .455 per share , payable on february 28 , 2003 , to common shareholders of record on february 14 , 2003. .

.

| | quarter ended | 2002 high | 2002 low | 2002 dividend | 2002 high | 2002 low | dividend | |---:|:----------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | december 31 | $ 25.84 | $ 21.50 | $ .455 | $ 24.80 | $ 22.00 | $ .45 | | 1 | september 30 | 28.88 | 21.40 | .455 | 26.17 | 21.60 | .45 | | 2 | june 30 | 28.95 | 25.46 | .450 | 24.99 | 22.00 | .43 | | 3 | march 31 | 26.50 | 22.92 | .450 | 25.44 | 21.85 | .43 |

market price and dividends d u k e r e a l t y c o r p o r a t i o n 3 8 2 0 0 2 a n n u a l r e p o r t the company 2019s common shares are listed for trading on the new york stock exchange , symbol dre . the following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period . comparable cash dividends are expected in the future . on january 29 , 2003 , the company declared a quarterly cash dividend of $ .455 per share , payable on february 28 , 2003 , to common shareholders of record on february 14 , 2003. ._| | quarter ended | 2002 high | 2002 low | 2002 dividend | 2002 high | 2002 low | dividend | |---:|:----------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | december 31 | $ 25.84 | $ 21.50 | $ .455 | $ 24.80 | $ 22.00 | $ .45 | | 1 | september 30 | 28.88 | 21.40 | .455 | 26.17 | 21.60 | .45 | | 2 | june 30 | 28.95 | 25.46 | .450 | 24.99 | 22.00 | .43 | | 3 | march 31 | 26.50 | 22.92 | .450 | 25.44 | 21.85 | .43 |_.

2,002

40

DRE

Duke Realty Corporation

Real Estate

Industrial REITs

Indianapolis, IN

2004-01-01

783,280

1972

what is the percent change in quarterly cash dividend for the period ended march 31 2002 to the period ended december 31 2002?

1.11%

multiply(divide(subtract(.455, .450), .450), const_100)

market price and dividends d u k e r e a l t y c o r p o r a t i o n 3 8 2 0 0 2 a n n u a l r e p o r t the company 2019s common shares are listed for trading on the new york stock exchange , symbol dre . the following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period . comparable cash dividends are expected in the future . on january 29 , 2003 , the company declared a quarterly cash dividend of $ .455 per share , payable on february 28 , 2003 , to common shareholders of record on february 14 , 2003. .

.

| | quarter ended | 2002 high | 2002 low | 2002 dividend | 2002 high | 2002 low | dividend | |---:|:----------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | december 31 | $ 25.84 | $ 21.50 | $ .455 | $ 24.80 | $ 22.00 | $ .45 | | 1 | september 30 | 28.88 | 21.40 | .455 | 26.17 | 21.60 | .45 | | 2 | june 30 | 28.95 | 25.46 | .450 | 24.99 | 22.00 | .43 | | 3 | march 31 | 26.50 | 22.92 | .450 | 25.44 | 21.85 | .43 |

market price and dividends d u k e r e a l t y c o r p o r a t i o n 3 8 2 0 0 2 a n n u a l r e p o r t the company 2019s common shares are listed for trading on the new york stock exchange , symbol dre . the following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period . comparable cash dividends are expected in the future . on january 29 , 2003 , the company declared a quarterly cash dividend of $ .455 per share , payable on february 28 , 2003 , to common shareholders of record on february 14 , 2003. ._| | quarter ended | 2002 high | 2002 low | 2002 dividend | 2002 high | 2002 low | dividend | |---:|:----------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | december 31 | $ 25.84 | $ 21.50 | $ .455 | $ 24.80 | $ 22.00 | $ .45 | | 1 | september 30 | 28.88 | 21.40 | .455 | 26.17 | 21.60 | .45 | | 2 | june 30 | 28.95 | 25.46 | .450 | 24.99 | 22.00 | .43 | | 3 | march 31 | 26.50 | 22.92 | .450 | 25.44 | 21.85 | .43 |_.

2,002

40

DRE

Duke Realty Corporation

Real Estate

Industrial REITs

Indianapolis, IN

2004-01-01

783,280

1972

null

finqa534

considering the year 2016 , what is the short-term debt as a percent of total debt?

21%

divide(add(935.8, 371.3), 6225.2)

15 . debt the tables below summarize our outstanding debt at 30 september 2016 and 2015 : total debt .

the weighted average interest rate of short-term borrowings outstanding at 30 september 2016 and 2015 was 1.1% ( 1.1 % ) and .8% ( .8 % ) , respectively . cash paid for interest , net of amounts capitalized , was $ 121.1 in 2016 , $ 97.5 in 2015 , and $ 132.4 in 2014. .

| | 30 september | 2016 | 2015 | |---:|:----------------------------------|:---------|:---------| | 0 | short-term borrowings | $ 935.8 | $ 1494.3 | | 1 | current portion of long-term debt | 371.3 | 435.6 | | 2 | long-term debt | 4918.1 | 3949.1 | | 3 | total debt | $ 6225.2 | $ 5879.0 | | 4 | short-term borrowings | | | | 5 | 30 september | 2016 | 2015 | | 6 | bank obligations | $ 133.1 | $ 234.3 | | 7 | commercial paper | 802.7 | 1260.0 | | 8 | total short-term borrowings | $ 935.8 | $ 1494.3 |

15 . debt the tables below summarize our outstanding debt at 30 september 2016 and 2015 : total debt ._| | 30 september | 2016 | 2015 | |---:|:----------------------------------|:---------|:---------| | 0 | short-term borrowings | $ 935.8 | $ 1494.3 | | 1 | current portion of long-term debt | 371.3 | 435.6 | | 2 | long-term debt | 4918.1 | 3949.1 | | 3 | total debt | $ 6225.2 | $ 5879.0 | | 4 | short-term borrowings | | | | 5 | 30 september | 2016 | 2015 | | 6 | bank obligations | $ 133.1 | $ 234.3 | | 7 | commercial paper | 802.7 | 1260.0 | | 8 | total short-term borrowings | $ 935.8 | $ 1494.3 |_the weighted average interest rate of short-term borrowings outstanding at 30 september 2016 and 2015 was 1.1% ( 1.1 % ) and .8% ( .8 % ) , respectively . cash paid for interest , net of amounts capitalized , was $ 121.1 in 2016 , $ 97.5 in 2015 , and $ 132.4 in 2014. .

2,016

96

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

considering the year 2016 , what is the short-term debt as a percent of total debt?

21%

divide(add(935.8, 371.3), 6225.2)

15 . debt the tables below summarize our outstanding debt at 30 september 2016 and 2015 : total debt .

the weighted average interest rate of short-term borrowings outstanding at 30 september 2016 and 2015 was 1.1% ( 1.1 % ) and .8% ( .8 % ) , respectively . cash paid for interest , net of amounts capitalized , was $ 121.1 in 2016 , $ 97.5 in 2015 , and $ 132.4 in 2014. .

| | 30 september | 2016 | 2015 | |---:|:----------------------------------|:---------|:---------| | 0 | short-term borrowings | $ 935.8 | $ 1494.3 | | 1 | current portion of long-term debt | 371.3 | 435.6 | | 2 | long-term debt | 4918.1 | 3949.1 | | 3 | total debt | $ 6225.2 | $ 5879.0 | | 4 | short-term borrowings | | | | 5 | 30 september | 2016 | 2015 | | 6 | bank obligations | $ 133.1 | $ 234.3 | | 7 | commercial paper | 802.7 | 1260.0 | | 8 | total short-term borrowings | $ 935.8 | $ 1494.3 |

15 . debt the tables below summarize our outstanding debt at 30 september 2016 and 2015 : total debt ._| | 30 september | 2016 | 2015 | |---:|:----------------------------------|:---------|:---------| | 0 | short-term borrowings | $ 935.8 | $ 1494.3 | | 1 | current portion of long-term debt | 371.3 | 435.6 | | 2 | long-term debt | 4918.1 | 3949.1 | | 3 | total debt | $ 6225.2 | $ 5879.0 | | 4 | short-term borrowings | | | | 5 | 30 september | 2016 | 2015 | | 6 | bank obligations | $ 133.1 | $ 234.3 | | 7 | commercial paper | 802.7 | 1260.0 | | 8 | total short-term borrowings | $ 935.8 | $ 1494.3 |_the weighted average interest rate of short-term borrowings outstanding at 30 september 2016 and 2015 was 1.1% ( 1.1 % ) and .8% ( .8 % ) , respectively . cash paid for interest , net of amounts capitalized , was $ 121.1 in 2016 , $ 97.5 in 2015 , and $ 132.4 in 2014. .

2,016

96

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa535

by how much did the average price per share increase from 2010 to 2011?

25.9%

divide(subtract(81.15, 64.48), 64.48)

during the fourth quarter of 2010 , schlumberger issued 20ac1.0 billion 2.75% ( 2.75 % ) guaranteed notes due under this program . schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us denominated debt on which schlumberger will pay interest in us dollars at a rate of 2.56% ( 2.56 % ) . during the first quarter of 2009 , schlumberger issued 20ac1.0 billion 4.50% ( 4.50 % ) guaranteed notes due 2014 under this program . schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us dollar denominated debt on which schlumberger will pay interest in us dollars at a rate of 4.95% ( 4.95 % ) . 0160 on april 17 , 2008 , the schlumberger board of directors approved an $ 8 billion share repurchase program for shares of schlumberger common stock , to be acquired in the open market before december 31 , 2011 . on july 21 , 2011 , the schlumberger board of directors approved an extension of this repurchase program to december 31 , 2013 . schlumberger had repurchased $ 7.12 billion of shares under this program as of december 31 , 2012 . the following table summarizes the activity under this share repurchase program during 2012 , 2011 and 2010 : ( stated in thousands except per share amounts ) total cost of shares purchased total number of shares purchased average price paid per share .

0160 cash flow provided by operations was $ 6.8 billion in 2012 , $ 6.1 billion in 2011 and $ 5.5 billion in 2010 . in recent years , schlumberger has actively managed its activity levels in venezuela relative to its accounts receivable balance , and has recently experienced an increased delay in payment from its national oil company customer there . schlumberger operates in approximately 85 countries . at december 31 , 2012 , only five of those countries ( including venezuela ) individually accounted for greater than 5% ( 5 % ) of schlumberger 2019s accounts receivable balance of which only one , the united states , represented greater than 10% ( 10 % ) . 0160 dividends paid during 2012 , 2011 and 2010 were $ 1.43 billion , $ 1.30 billion and $ 1.04 billion , respectively . on january 17 , 2013 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 13.6% ( 13.6 % ) , to $ 0.3125 . on january 19 , 2012 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 10% ( 10 % ) , to $ 0.275 . on january 21 , 2011 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 19% ( 19 % ) , to $ 0.25 . 0160 capital expenditures were $ 4.7 billion in 2012 , $ 4.0 billion in 2011 and $ 2.9 billion in 2010 . capital expenditures are expected to approach $ 3.9 billion for the full year 2013 . 0160 during 2012 , 2011 and 2010 schlumberger made contributions of $ 673 million , $ 601 million and $ 868 million , respectively , to its postretirement benefit plans . the us pension plans were 82% ( 82 % ) funded at december 31 , 2012 based on the projected benefit obligation . this compares to 87% ( 87 % ) funded at december 31 , 2011 . schlumberger 2019s international defined benefit pension plans are a combined 88% ( 88 % ) funded at december 31 , 2012 based on the projected benefit obligation . this compares to 88% ( 88 % ) funded at december 31 , 2011 . schlumberger currently anticipates contributing approximately $ 650 million to its postretirement benefit plans in 2013 , subject to market and business conditions . 0160 there were $ 321 million outstanding series b debentures at december 31 , 2009 . during 2010 , the remaining $ 320 million of the 2.125% ( 2.125 % ) series b convertible debentures due june 1 , 2023 were converted by holders into 8.0 million shares of schlumberger common stock and the remaining $ 1 million of outstanding series b debentures were redeemed for cash. .

| | | total cost of shares purchased | total number of shares purchased | average price paid per share | |---:|-----:|:---------------------------------|-----------------------------------:|:-------------------------------| | 0 | 2012 | $ 971883 | 14087.8 | $ 68.99 | | 1 | 2011 | $ 2997688 | 36940.4 | $ 81.15 | | 2 | 2010 | $ 1716675 | 26624.8 | $ 64.48 |

during the fourth quarter of 2010 , schlumberger issued 20ac1.0 billion 2.75% ( 2.75 % ) guaranteed notes due under this program . schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us denominated debt on which schlumberger will pay interest in us dollars at a rate of 2.56% ( 2.56 % ) . during the first quarter of 2009 , schlumberger issued 20ac1.0 billion 4.50% ( 4.50 % ) guaranteed notes due 2014 under this program . schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us dollar denominated debt on which schlumberger will pay interest in us dollars at a rate of 4.95% ( 4.95 % ) . 0160 on april 17 , 2008 , the schlumberger board of directors approved an $ 8 billion share repurchase program for shares of schlumberger common stock , to be acquired in the open market before december 31 , 2011 . on july 21 , 2011 , the schlumberger board of directors approved an extension of this repurchase program to december 31 , 2013 . schlumberger had repurchased $ 7.12 billion of shares under this program as of december 31 , 2012 . the following table summarizes the activity under this share repurchase program during 2012 , 2011 and 2010 : ( stated in thousands except per share amounts ) total cost of shares purchased total number of shares purchased average price paid per share ._| | | total cost of shares purchased | total number of shares purchased | average price paid per share | |---:|-----:|:---------------------------------|-----------------------------------:|:-------------------------------| | 0 | 2012 | $ 971883 | 14087.8 | $ 68.99 | | 1 | 2011 | $ 2997688 | 36940.4 | $ 81.15 | | 2 | 2010 | $ 1716675 | 26624.8 | $ 64.48 |_0160 cash flow provided by operations was $ 6.8 billion in 2012 , $ 6.1 billion in 2011 and $ 5.5 billion in 2010 . in recent years , schlumberger has actively managed its activity levels in venezuela relative to its accounts receivable balance , and has recently experienced an increased delay in payment from its national oil company customer there . schlumberger operates in approximately 85 countries . at december 31 , 2012 , only five of those countries ( including venezuela ) individually accounted for greater than 5% ( 5 % ) of schlumberger 2019s accounts receivable balance of which only one , the united states , represented greater than 10% ( 10 % ) . 0160 dividends paid during 2012 , 2011 and 2010 were $ 1.43 billion , $ 1.30 billion and $ 1.04 billion , respectively . on january 17 , 2013 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 13.6% ( 13.6 % ) , to $ 0.3125 . on january 19 , 2012 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 10% ( 10 % ) , to $ 0.275 . on january 21 , 2011 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 19% ( 19 % ) , to $ 0.25 . 0160 capital expenditures were $ 4.7 billion in 2012 , $ 4.0 billion in 2011 and $ 2.9 billion in 2010 . capital expenditures are expected to approach $ 3.9 billion for the full year 2013 . 0160 during 2012 , 2011 and 2010 schlumberger made contributions of $ 673 million , $ 601 million and $ 868 million , respectively , to its postretirement benefit plans . the us pension plans were 82% ( 82 % ) funded at december 31 , 2012 based on the projected benefit obligation . this compares to 87% ( 87 % ) funded at december 31 , 2011 . schlumberger 2019s international defined benefit pension plans are a combined 88% ( 88 % ) funded at december 31 , 2012 based on the projected benefit obligation . this compares to 88% ( 88 % ) funded at december 31 , 2011 . schlumberger currently anticipates contributing approximately $ 650 million to its postretirement benefit plans in 2013 , subject to market and business conditions . 0160 there were $ 321 million outstanding series b debentures at december 31 , 2009 . during 2010 , the remaining $ 320 million of the 2.125% ( 2.125 % ) series b convertible debentures due june 1 , 2023 were converted by holders into 8.0 million shares of schlumberger common stock and the remaining $ 1 million of outstanding series b debentures were redeemed for cash. .

2,012

44

SLB

Schlumberger

Energy

Oil & Gas Equipment & Services

Houston, Texas

1957-03-04

87,347

1926

by how much did the average price per share increase from 2010 to 2011?

25.9%

divide(subtract(81.15, 64.48), 64.48)

during the fourth quarter of 2010 , schlumberger issued 20ac1.0 billion 2.75% ( 2.75 % ) guaranteed notes due under this program . schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us denominated debt on which schlumberger will pay interest in us dollars at a rate of 2.56% ( 2.56 % ) . during the first quarter of 2009 , schlumberger issued 20ac1.0 billion 4.50% ( 4.50 % ) guaranteed notes due 2014 under this program . schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us dollar denominated debt on which schlumberger will pay interest in us dollars at a rate of 4.95% ( 4.95 % ) . 0160 on april 17 , 2008 , the schlumberger board of directors approved an $ 8 billion share repurchase program for shares of schlumberger common stock , to be acquired in the open market before december 31 , 2011 . on july 21 , 2011 , the schlumberger board of directors approved an extension of this repurchase program to december 31 , 2013 . schlumberger had repurchased $ 7.12 billion of shares under this program as of december 31 , 2012 . the following table summarizes the activity under this share repurchase program during 2012 , 2011 and 2010 : ( stated in thousands except per share amounts ) total cost of shares purchased total number of shares purchased average price paid per share .

0160 cash flow provided by operations was $ 6.8 billion in 2012 , $ 6.1 billion in 2011 and $ 5.5 billion in 2010 . in recent years , schlumberger has actively managed its activity levels in venezuela relative to its accounts receivable balance , and has recently experienced an increased delay in payment from its national oil company customer there . schlumberger operates in approximately 85 countries . at december 31 , 2012 , only five of those countries ( including venezuela ) individually accounted for greater than 5% ( 5 % ) of schlumberger 2019s accounts receivable balance of which only one , the united states , represented greater than 10% ( 10 % ) . 0160 dividends paid during 2012 , 2011 and 2010 were $ 1.43 billion , $ 1.30 billion and $ 1.04 billion , respectively . on january 17 , 2013 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 13.6% ( 13.6 % ) , to $ 0.3125 . on january 19 , 2012 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 10% ( 10 % ) , to $ 0.275 . on january 21 , 2011 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 19% ( 19 % ) , to $ 0.25 . 0160 capital expenditures were $ 4.7 billion in 2012 , $ 4.0 billion in 2011 and $ 2.9 billion in 2010 . capital expenditures are expected to approach $ 3.9 billion for the full year 2013 . 0160 during 2012 , 2011 and 2010 schlumberger made contributions of $ 673 million , $ 601 million and $ 868 million , respectively , to its postretirement benefit plans . the us pension plans were 82% ( 82 % ) funded at december 31 , 2012 based on the projected benefit obligation . this compares to 87% ( 87 % ) funded at december 31 , 2011 . schlumberger 2019s international defined benefit pension plans are a combined 88% ( 88 % ) funded at december 31 , 2012 based on the projected benefit obligation . this compares to 88% ( 88 % ) funded at december 31 , 2011 . schlumberger currently anticipates contributing approximately $ 650 million to its postretirement benefit plans in 2013 , subject to market and business conditions . 0160 there were $ 321 million outstanding series b debentures at december 31 , 2009 . during 2010 , the remaining $ 320 million of the 2.125% ( 2.125 % ) series b convertible debentures due june 1 , 2023 were converted by holders into 8.0 million shares of schlumberger common stock and the remaining $ 1 million of outstanding series b debentures were redeemed for cash. .

| | | total cost of shares purchased | total number of shares purchased | average price paid per share | |---:|-----:|:---------------------------------|-----------------------------------:|:-------------------------------| | 0 | 2012 | $ 971883 | 14087.8 | $ 68.99 | | 1 | 2011 | $ 2997688 | 36940.4 | $ 81.15 | | 2 | 2010 | $ 1716675 | 26624.8 | $ 64.48 |

during the fourth quarter of 2010 , schlumberger issued 20ac1.0 billion 2.75% ( 2.75 % ) guaranteed notes due under this program . schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us denominated debt on which schlumberger will pay interest in us dollars at a rate of 2.56% ( 2.56 % ) . during the first quarter of 2009 , schlumberger issued 20ac1.0 billion 4.50% ( 4.50 % ) guaranteed notes due 2014 under this program . schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us dollar denominated debt on which schlumberger will pay interest in us dollars at a rate of 4.95% ( 4.95 % ) . 0160 on april 17 , 2008 , the schlumberger board of directors approved an $ 8 billion share repurchase program for shares of schlumberger common stock , to be acquired in the open market before december 31 , 2011 . on july 21 , 2011 , the schlumberger board of directors approved an extension of this repurchase program to december 31 , 2013 . schlumberger had repurchased $ 7.12 billion of shares under this program as of december 31 , 2012 . the following table summarizes the activity under this share repurchase program during 2012 , 2011 and 2010 : ( stated in thousands except per share amounts ) total cost of shares purchased total number of shares purchased average price paid per share ._| | | total cost of shares purchased | total number of shares purchased | average price paid per share | |---:|-----:|:---------------------------------|-----------------------------------:|:-------------------------------| | 0 | 2012 | $ 971883 | 14087.8 | $ 68.99 | | 1 | 2011 | $ 2997688 | 36940.4 | $ 81.15 | | 2 | 2010 | $ 1716675 | 26624.8 | $ 64.48 |_0160 cash flow provided by operations was $ 6.8 billion in 2012 , $ 6.1 billion in 2011 and $ 5.5 billion in 2010 . in recent years , schlumberger has actively managed its activity levels in venezuela relative to its accounts receivable balance , and has recently experienced an increased delay in payment from its national oil company customer there . schlumberger operates in approximately 85 countries . at december 31 , 2012 , only five of those countries ( including venezuela ) individually accounted for greater than 5% ( 5 % ) of schlumberger 2019s accounts receivable balance of which only one , the united states , represented greater than 10% ( 10 % ) . 0160 dividends paid during 2012 , 2011 and 2010 were $ 1.43 billion , $ 1.30 billion and $ 1.04 billion , respectively . on january 17 , 2013 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 13.6% ( 13.6 % ) , to $ 0.3125 . on january 19 , 2012 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 10% ( 10 % ) , to $ 0.275 . on january 21 , 2011 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 19% ( 19 % ) , to $ 0.25 . 0160 capital expenditures were $ 4.7 billion in 2012 , $ 4.0 billion in 2011 and $ 2.9 billion in 2010 . capital expenditures are expected to approach $ 3.9 billion for the full year 2013 . 0160 during 2012 , 2011 and 2010 schlumberger made contributions of $ 673 million , $ 601 million and $ 868 million , respectively , to its postretirement benefit plans . the us pension plans were 82% ( 82 % ) funded at december 31 , 2012 based on the projected benefit obligation . this compares to 87% ( 87 % ) funded at december 31 , 2011 . schlumberger 2019s international defined benefit pension plans are a combined 88% ( 88 % ) funded at december 31 , 2012 based on the projected benefit obligation . this compares to 88% ( 88 % ) funded at december 31 , 2011 . schlumberger currently anticipates contributing approximately $ 650 million to its postretirement benefit plans in 2013 , subject to market and business conditions . 0160 there were $ 321 million outstanding series b debentures at december 31 , 2009 . during 2010 , the remaining $ 320 million of the 2.125% ( 2.125 % ) series b convertible debentures due june 1 , 2023 were converted by holders into 8.0 million shares of schlumberger common stock and the remaining $ 1 million of outstanding series b debentures were redeemed for cash. .

2,012

44

SLB

Schlumberger

Energy

Oil & Gas Equipment & Services

Houston, Texas

1957-03-04

87,347

1926

null

finqa536

in 2013 what was the percentage of the sites closed down

21.3%

divide(57, 268)

our environmental site activity was as follows : 2013 2012 2011 .

the environmental liability includes future costs for remediation and restoration of sites , as well as ongoing monitoring costs , but excludes any anticipated recoveries from third parties . cost estimates are based on information available for each site , financial viability of other potentially responsible parties , and existing technology , laws , and regulations . the ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties , site-specific cost sharing arrangements with other potentially responsible parties , the degree of contamination by various wastes , the scarcity and quality of volumetric data related to many of the sites , and the speculative nature of remediation costs . estimates of liability may vary over time due to changes in federal , state , and local laws governing environmental remediation . current obligations are not expected to have a material adverse effect on our consolidated results of operations , financial condition , or liquidity . property and depreciation 2013 our railroad operations are highly capital intensive , and our large base of homogeneous , network-type assets turns over on a continuous basis . each year we develop a capital program for the replacement of assets and for the acquisition or construction of assets that enable us to enhance our operations or provide new service offerings to customers . assets purchased or constructed throughout the year are capitalized if they meet applicable minimum units of property criteria . properties and equipment are carried at cost and are depreciated on a straight-line basis over their estimated service lives , which are measured in years , except for rail in high-density traffic corridors ( i.e. , all rail lines except for those subject to abandonment , yard and switching tracks , and electronic yards ) for which lives are measured in millions of gross tons per mile of track . we use the group method of depreciation in which all items with similar characteristics , use , and expected lives are grouped together in asset classes , and are depreciated using composite depreciation rates . the group method of depreciation treats each asset class as a pool of resources , not as singular items . we currently have more than 60 depreciable asset classes , and we may increase or decrease the number of asset classes due to changes in technology , asset strategies , or other factors . we determine the estimated service lives of depreciable railroad property by means of depreciation studies . we perform depreciation studies at least every three years for equipment and every six years for track assets ( i.e. , rail and other track material , ties , and ballast ) and other road property . our depreciation studies take into account the following factors : f0b7 statistical analysis of historical patterns of use and retirements of each of our asset classes ; f0b7 evaluation of any expected changes in current operations and the outlook for continued use of the assets ; f0b7 evaluation of technological advances and changes to maintenance practices ; and f0b7 expected salvage to be received upon retirement . for rail in high-density traffic corridors , we measure estimated service lives in millions of gross tons per mile of track . it has been our experience that the lives of rail in high-density traffic corridors are closely correlated to usage ( i.e. , the amount of weight carried over the rail ) . the service lives also vary based on rail weight , rail condition ( e.g. , new or secondhand ) , and rail type ( e.g. , straight or curve ) . our depreciation studies for rail in high density traffic corridors consider each of these factors in determining the estimated service lives . for rail in high-density traffic corridors , we calculate depreciation rates annually by dividing the number of gross ton-miles carried over the rail ( i.e. , the weight of loaded and empty freight cars , locomotives and maintenance of way equipment transported over the rail ) by the estimated service lives of the rail measured in millions of gross tons per mile . rail in high-density traffic corridors accounts for approximately 70 percent of the historical cost of rail and other track material . based on the number of gross ton-miles carried over our rail in high density traffic corridors during 2013 , the estimated service lives of the majority of this rail ranged from approximately 15 years to approximately 30 years . for all other depreciable assets , we compute depreciation based on the estimated service lives .

| | | 2013 | 2012 | 2011 | |---:|:----------------------------------------|:-----------|:-----------|:-----------| | 0 | open sites beginning balance | 284 | 285 | 294 | | 1 | new sites | 41 | 56 | 51 | | 2 | closed sites | -57 ( 57 ) | -57 ( 57 ) | -60 ( 60 ) | | 3 | open sites ending balance atdecember 31 | 268 | 284 | 285 |

our environmental site activity was as follows : 2013 2012 2011 ._| | | 2013 | 2012 | 2011 | |---:|:----------------------------------------|:-----------|:-----------|:-----------| | 0 | open sites beginning balance | 284 | 285 | 294 | | 1 | new sites | 41 | 56 | 51 | | 2 | closed sites | -57 ( 57 ) | -57 ( 57 ) | -60 ( 60 ) | | 3 | open sites ending balance atdecember 31 | 268 | 284 | 285 |_the environmental liability includes future costs for remediation and restoration of sites , as well as ongoing monitoring costs , but excludes any anticipated recoveries from third parties . cost estimates are based on information available for each site , financial viability of other potentially responsible parties , and existing technology , laws , and regulations . the ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties , site-specific cost sharing arrangements with other potentially responsible parties , the degree of contamination by various wastes , the scarcity and quality of volumetric data related to many of the sites , and the speculative nature of remediation costs . estimates of liability may vary over time due to changes in federal , state , and local laws governing environmental remediation . current obligations are not expected to have a material adverse effect on our consolidated results of operations , financial condition , or liquidity . property and depreciation 2013 our railroad operations are highly capital intensive , and our large base of homogeneous , network-type assets turns over on a continuous basis . each year we develop a capital program for the replacement of assets and for the acquisition or construction of assets that enable us to enhance our operations or provide new service offerings to customers . assets purchased or constructed throughout the year are capitalized if they meet applicable minimum units of property criteria . properties and equipment are carried at cost and are depreciated on a straight-line basis over their estimated service lives , which are measured in years , except for rail in high-density traffic corridors ( i.e. , all rail lines except for those subject to abandonment , yard and switching tracks , and electronic yards ) for which lives are measured in millions of gross tons per mile of track . we use the group method of depreciation in which all items with similar characteristics , use , and expected lives are grouped together in asset classes , and are depreciated using composite depreciation rates . the group method of depreciation treats each asset class as a pool of resources , not as singular items . we currently have more than 60 depreciable asset classes , and we may increase or decrease the number of asset classes due to changes in technology , asset strategies , or other factors . we determine the estimated service lives of depreciable railroad property by means of depreciation studies . we perform depreciation studies at least every three years for equipment and every six years for track assets ( i.e. , rail and other track material , ties , and ballast ) and other road property . our depreciation studies take into account the following factors : f0b7 statistical analysis of historical patterns of use and retirements of each of our asset classes ; f0b7 evaluation of any expected changes in current operations and the outlook for continued use of the assets ; f0b7 evaluation of technological advances and changes to maintenance practices ; and f0b7 expected salvage to be received upon retirement . for rail in high-density traffic corridors , we measure estimated service lives in millions of gross tons per mile of track . it has been our experience that the lives of rail in high-density traffic corridors are closely correlated to usage ( i.e. , the amount of weight carried over the rail ) . the service lives also vary based on rail weight , rail condition ( e.g. , new or secondhand ) , and rail type ( e.g. , straight or curve ) . our depreciation studies for rail in high density traffic corridors consider each of these factors in determining the estimated service lives . for rail in high-density traffic corridors , we calculate depreciation rates annually by dividing the number of gross ton-miles carried over the rail ( i.e. , the weight of loaded and empty freight cars , locomotives and maintenance of way equipment transported over the rail ) by the estimated service lives of the rail measured in millions of gross tons per mile . rail in high-density traffic corridors accounts for approximately 70 percent of the historical cost of rail and other track material . based on the number of gross ton-miles carried over our rail in high density traffic corridors during 2013 , the estimated service lives of the majority of this rail ranged from approximately 15 years to approximately 30 years . for all other depreciable assets , we compute depreciation based on the estimated service lives .

2,013

44

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

in 2013 what was the percentage of the sites closed down

21.3%

divide(57, 268)

our environmental site activity was as follows : 2013 2012 2011 .

the environmental liability includes future costs for remediation and restoration of sites , as well as ongoing monitoring costs , but excludes any anticipated recoveries from third parties . cost estimates are based on information available for each site , financial viability of other potentially responsible parties , and existing technology , laws , and regulations . the ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties , site-specific cost sharing arrangements with other potentially responsible parties , the degree of contamination by various wastes , the scarcity and quality of volumetric data related to many of the sites , and the speculative nature of remediation costs . estimates of liability may vary over time due to changes in federal , state , and local laws governing environmental remediation . current obligations are not expected to have a material adverse effect on our consolidated results of operations , financial condition , or liquidity . property and depreciation 2013 our railroad operations are highly capital intensive , and our large base of homogeneous , network-type assets turns over on a continuous basis . each year we develop a capital program for the replacement of assets and for the acquisition or construction of assets that enable us to enhance our operations or provide new service offerings to customers . assets purchased or constructed throughout the year are capitalized if they meet applicable minimum units of property criteria . properties and equipment are carried at cost and are depreciated on a straight-line basis over their estimated service lives , which are measured in years , except for rail in high-density traffic corridors ( i.e. , all rail lines except for those subject to abandonment , yard and switching tracks , and electronic yards ) for which lives are measured in millions of gross tons per mile of track . we use the group method of depreciation in which all items with similar characteristics , use , and expected lives are grouped together in asset classes , and are depreciated using composite depreciation rates . the group method of depreciation treats each asset class as a pool of resources , not as singular items . we currently have more than 60 depreciable asset classes , and we may increase or decrease the number of asset classes due to changes in technology , asset strategies , or other factors . we determine the estimated service lives of depreciable railroad property by means of depreciation studies . we perform depreciation studies at least every three years for equipment and every six years for track assets ( i.e. , rail and other track material , ties , and ballast ) and other road property . our depreciation studies take into account the following factors : f0b7 statistical analysis of historical patterns of use and retirements of each of our asset classes ; f0b7 evaluation of any expected changes in current operations and the outlook for continued use of the assets ; f0b7 evaluation of technological advances and changes to maintenance practices ; and f0b7 expected salvage to be received upon retirement . for rail in high-density traffic corridors , we measure estimated service lives in millions of gross tons per mile of track . it has been our experience that the lives of rail in high-density traffic corridors are closely correlated to usage ( i.e. , the amount of weight carried over the rail ) . the service lives also vary based on rail weight , rail condition ( e.g. , new or secondhand ) , and rail type ( e.g. , straight or curve ) . our depreciation studies for rail in high density traffic corridors consider each of these factors in determining the estimated service lives . for rail in high-density traffic corridors , we calculate depreciation rates annually by dividing the number of gross ton-miles carried over the rail ( i.e. , the weight of loaded and empty freight cars , locomotives and maintenance of way equipment transported over the rail ) by the estimated service lives of the rail measured in millions of gross tons per mile . rail in high-density traffic corridors accounts for approximately 70 percent of the historical cost of rail and other track material . based on the number of gross ton-miles carried over our rail in high density traffic corridors during 2013 , the estimated service lives of the majority of this rail ranged from approximately 15 years to approximately 30 years . for all other depreciable assets , we compute depreciation based on the estimated service lives .

| | | 2013 | 2012 | 2011 | |---:|:----------------------------------------|:-----------|:-----------|:-----------| | 0 | open sites beginning balance | 284 | 285 | 294 | | 1 | new sites | 41 | 56 | 51 | | 2 | closed sites | -57 ( 57 ) | -57 ( 57 ) | -60 ( 60 ) | | 3 | open sites ending balance atdecember 31 | 268 | 284 | 285 |

our environmental site activity was as follows : 2013 2012 2011 ._| | | 2013 | 2012 | 2011 | |---:|:----------------------------------------|:-----------|:-----------|:-----------| | 0 | open sites beginning balance | 284 | 285 | 294 | | 1 | new sites | 41 | 56 | 51 | | 2 | closed sites | -57 ( 57 ) | -57 ( 57 ) | -60 ( 60 ) | | 3 | open sites ending balance atdecember 31 | 268 | 284 | 285 |_the environmental liability includes future costs for remediation and restoration of sites , as well as ongoing monitoring costs , but excludes any anticipated recoveries from third parties . cost estimates are based on information available for each site , financial viability of other potentially responsible parties , and existing technology , laws , and regulations . the ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties , site-specific cost sharing arrangements with other potentially responsible parties , the degree of contamination by various wastes , the scarcity and quality of volumetric data related to many of the sites , and the speculative nature of remediation costs . estimates of liability may vary over time due to changes in federal , state , and local laws governing environmental remediation . current obligations are not expected to have a material adverse effect on our consolidated results of operations , financial condition , or liquidity . property and depreciation 2013 our railroad operations are highly capital intensive , and our large base of homogeneous , network-type assets turns over on a continuous basis . each year we develop a capital program for the replacement of assets and for the acquisition or construction of assets that enable us to enhance our operations or provide new service offerings to customers . assets purchased or constructed throughout the year are capitalized if they meet applicable minimum units of property criteria . properties and equipment are carried at cost and are depreciated on a straight-line basis over their estimated service lives , which are measured in years , except for rail in high-density traffic corridors ( i.e. , all rail lines except for those subject to abandonment , yard and switching tracks , and electronic yards ) for which lives are measured in millions of gross tons per mile of track . we use the group method of depreciation in which all items with similar characteristics , use , and expected lives are grouped together in asset classes , and are depreciated using composite depreciation rates . the group method of depreciation treats each asset class as a pool of resources , not as singular items . we currently have more than 60 depreciable asset classes , and we may increase or decrease the number of asset classes due to changes in technology , asset strategies , or other factors . we determine the estimated service lives of depreciable railroad property by means of depreciation studies . we perform depreciation studies at least every three years for equipment and every six years for track assets ( i.e. , rail and other track material , ties , and ballast ) and other road property . our depreciation studies take into account the following factors : f0b7 statistical analysis of historical patterns of use and retirements of each of our asset classes ; f0b7 evaluation of any expected changes in current operations and the outlook for continued use of the assets ; f0b7 evaluation of technological advances and changes to maintenance practices ; and f0b7 expected salvage to be received upon retirement . for rail in high-density traffic corridors , we measure estimated service lives in millions of gross tons per mile of track . it has been our experience that the lives of rail in high-density traffic corridors are closely correlated to usage ( i.e. , the amount of weight carried over the rail ) . the service lives also vary based on rail weight , rail condition ( e.g. , new or secondhand ) , and rail type ( e.g. , straight or curve ) . our depreciation studies for rail in high density traffic corridors consider each of these factors in determining the estimated service lives . for rail in high-density traffic corridors , we calculate depreciation rates annually by dividing the number of gross ton-miles carried over the rail ( i.e. , the weight of loaded and empty freight cars , locomotives and maintenance of way equipment transported over the rail ) by the estimated service lives of the rail measured in millions of gross tons per mile . rail in high-density traffic corridors accounts for approximately 70 percent of the historical cost of rail and other track material . based on the number of gross ton-miles carried over our rail in high density traffic corridors during 2013 , the estimated service lives of the majority of this rail ranged from approximately 15 years to approximately 30 years . for all other depreciable assets , we compute depreciation based on the estimated service lives .

2,013

44

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa537

in 2014 , what percentage of the total amortization amount was from intangibles?

80%

multiply(divide(36, 45), const_100)

devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) asset divestitures in conjunction with the asset divestitures in 2013 and 2014 , devon removed $ 26 million and $ 706 million of goodwill , respectively , which were allocated to these assets . impairment devon 2019s canadian goodwill was originally recognized in 2001 as a result of a business combination consisting almost entirely of conventional gas assets that devon no longer owns . as a result of performing the goodwill impairment test described in note 1 , devon concluded the implied fair value of its canadian goodwill was zero as of december 31 , 2014 . this conclusion was largely based on the significant decline in benchmark oil prices , particularly after opec 2019s decision not to reduce its production targets that was announced in late november 2014 . consequently , in the fourth quarter of 2014 , devon wrote off its remaining canadian goodwill and recognized a $ 1.9 billion impairment . other intangible assets as of december 31 , 2014 , intangible assets associated with customer relationships had a gross carrying amount of $ 569 million and $ 36 million of accumulated amortization . the weighted-average amortization period for the customer relationships is 13.7 years . amortization expense for intangibles was approximately $ 36 million for the year ended december 31 , 2014 . other intangible assets are reported in other long-term assets in the accompanying consolidated balance sheets . the following table summarizes the estimated aggregate amortization expense for the next five years . year amortization amount ( in millions ) .

.

| | year | amortization amount ( in millions ) | |---:|-------:|:--------------------------------------| | 0 | 2015 | $ 45 | | 1 | 2016 | $ 45 | | 2 | 2017 | $ 45 | | 3 | 2018 | $ 45 | | 4 | 2019 | $ 44 |

devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) asset divestitures in conjunction with the asset divestitures in 2013 and 2014 , devon removed $ 26 million and $ 706 million of goodwill , respectively , which were allocated to these assets . impairment devon 2019s canadian goodwill was originally recognized in 2001 as a result of a business combination consisting almost entirely of conventional gas assets that devon no longer owns . as a result of performing the goodwill impairment test described in note 1 , devon concluded the implied fair value of its canadian goodwill was zero as of december 31 , 2014 . this conclusion was largely based on the significant decline in benchmark oil prices , particularly after opec 2019s decision not to reduce its production targets that was announced in late november 2014 . consequently , in the fourth quarter of 2014 , devon wrote off its remaining canadian goodwill and recognized a $ 1.9 billion impairment . other intangible assets as of december 31 , 2014 , intangible assets associated with customer relationships had a gross carrying amount of $ 569 million and $ 36 million of accumulated amortization . the weighted-average amortization period for the customer relationships is 13.7 years . amortization expense for intangibles was approximately $ 36 million for the year ended december 31 , 2014 . other intangible assets are reported in other long-term assets in the accompanying consolidated balance sheets . the following table summarizes the estimated aggregate amortization expense for the next five years . year amortization amount ( in millions ) ._| | year | amortization amount ( in millions ) | |---:|-------:|:--------------------------------------| | 0 | 2015 | $ 45 | | 1 | 2016 | $ 45 | | 2 | 2017 | $ 45 | | 3 | 2018 | $ 45 | | 4 | 2019 | $ 44 |_.

2,014

85

DVN

Devon Energy

Energy

Oil & Gas Exploration & Production

Oklahoma City, Oklahoma

2000-08-30

1,090,012

1971

in 2014 , what percentage of the total amortization amount was from intangibles?

80%

multiply(divide(36, 45), const_100)

devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) asset divestitures in conjunction with the asset divestitures in 2013 and 2014 , devon removed $ 26 million and $ 706 million of goodwill , respectively , which were allocated to these assets . impairment devon 2019s canadian goodwill was originally recognized in 2001 as a result of a business combination consisting almost entirely of conventional gas assets that devon no longer owns . as a result of performing the goodwill impairment test described in note 1 , devon concluded the implied fair value of its canadian goodwill was zero as of december 31 , 2014 . this conclusion was largely based on the significant decline in benchmark oil prices , particularly after opec 2019s decision not to reduce its production targets that was announced in late november 2014 . consequently , in the fourth quarter of 2014 , devon wrote off its remaining canadian goodwill and recognized a $ 1.9 billion impairment . other intangible assets as of december 31 , 2014 , intangible assets associated with customer relationships had a gross carrying amount of $ 569 million and $ 36 million of accumulated amortization . the weighted-average amortization period for the customer relationships is 13.7 years . amortization expense for intangibles was approximately $ 36 million for the year ended december 31 , 2014 . other intangible assets are reported in other long-term assets in the accompanying consolidated balance sheets . the following table summarizes the estimated aggregate amortization expense for the next five years . year amortization amount ( in millions ) .

.

| | year | amortization amount ( in millions ) | |---:|-------:|:--------------------------------------| | 0 | 2015 | $ 45 | | 1 | 2016 | $ 45 | | 2 | 2017 | $ 45 | | 3 | 2018 | $ 45 | | 4 | 2019 | $ 44 |

devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) asset divestitures in conjunction with the asset divestitures in 2013 and 2014 , devon removed $ 26 million and $ 706 million of goodwill , respectively , which were allocated to these assets . impairment devon 2019s canadian goodwill was originally recognized in 2001 as a result of a business combination consisting almost entirely of conventional gas assets that devon no longer owns . as a result of performing the goodwill impairment test described in note 1 , devon concluded the implied fair value of its canadian goodwill was zero as of december 31 , 2014 . this conclusion was largely based on the significant decline in benchmark oil prices , particularly after opec 2019s decision not to reduce its production targets that was announced in late november 2014 . consequently , in the fourth quarter of 2014 , devon wrote off its remaining canadian goodwill and recognized a $ 1.9 billion impairment . other intangible assets as of december 31 , 2014 , intangible assets associated with customer relationships had a gross carrying amount of $ 569 million and $ 36 million of accumulated amortization . the weighted-average amortization period for the customer relationships is 13.7 years . amortization expense for intangibles was approximately $ 36 million for the year ended december 31 , 2014 . other intangible assets are reported in other long-term assets in the accompanying consolidated balance sheets . the following table summarizes the estimated aggregate amortization expense for the next five years . year amortization amount ( in millions ) ._| | year | amortization amount ( in millions ) | |---:|-------:|:--------------------------------------| | 0 | 2015 | $ 45 | | 1 | 2016 | $ 45 | | 2 | 2017 | $ 45 | | 3 | 2018 | $ 45 | | 4 | 2019 | $ 44 |_.

2,014

85

DVN

Devon Energy

Energy

Oil & Gas Exploration & Production

Oklahoma City, Oklahoma

2000-08-30

1,090,012

1971

null

finqa538

what was the operating margin for 2014?

19.58%

divide(88.2, 450.4)

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

2014 vs . 2013 sales of $ 450.4 were relatively flat as higher liquefied natural gas ( lng ) project activity was offset by lower air separation ( asu ) project activity . operating income of $ 88.2 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2014 was $ 520 , compared to $ 402 at 30 september 2013 . the increase was primarily due to new lng orders as global project development activity remains high . it is expected that approximately $ 320 of the backlog will be completed during 2015 . 2013 vs . 2012 sales of $ 451.1 increased primarily from higher lng project activity . operating income of $ 65.5 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses . also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments . other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 . 2014 vs . 2013 other operating loss was $ 13.5 , compared to $ 4.7 in the prior year . the decrease was primarily due to unfavorable foreign exchange losses of $ 5 and lifo adjustments of $ 4 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the other operating loss in 2013 includes an unfavorable lifo adjustment versus the prior year of $ 11 . the other operating loss in 2012 included stranded costs from discontinued operations of $ 10. .

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

2014 vs . 2013 sales increased 9% ( 9 % ) , as higher volumes of 9% ( 9 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . electronics sales increased 8% ( 8 % ) , as higher delivery systems equipment sales and materials volumes of 8% ( 8 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . performance materials sales increased 10% ( 10 % ) , as higher volumes of 11% ( 11 % ) were partially offset by lower pricing of 1% ( 1 % ) . the higher volumes were across all product lines and major regions . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 425.3 increased 32% ( 32 % ) , or $ 104.0 , primarily from higher volumes of $ 93 , lower operating costs of $ 31 , and favorable currency impacts of $ 5 , partially offset by unfavorable price and mix impacts of $ 26 . operating margin of 17.4% ( 17.4 % ) increased 310 bp , primarily due to improved loading and leverage from the higher volumes and improved cost performance , partially offset by the unfavorable pricing impacts . 2013 vs . 2012 sales decreased 3% ( 3 % ) , as lower volumes of 4% ( 4 % ) and lower pricing of 1% ( 1 % ) were partially offset by acquisitions of 2% ( 2 % ) . electronics sales decreased 8% ( 8 % ) , as weaker materials volumes and equipment sales were partially offset by the acquisition of da nanomaterials . performance materials sales increased 2% ( 2 % ) , as higher volumes of 4% ( 4 % ) were partially offset by lower pricing of 2% ( 2 % ) . the increase in volumes was primarily due to strength in the automobile and u.s . housing markets partially offset by weaker volumes to certain construction markets and marine coatings . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 321.3 decreased 25% ( 25 % ) , or $ 104.3 , and operating margin of 14.3% ( 14.3 % ) decreased 400 bp , as 2012 included a gain on the previously held equity interest in da nanomaterials of $ 85.9 . on a non-gaap basis , operating income of $ 321.3 decreased 5% ( 5 % ) , or $ 18.4 , primarily from unfavorable price and mix impacts of $ 15 , lower volumes of $ 9 , and higher operating costs of $ 4 partially offset by higher acquisitions of $ 6 and favorable currency of $ 4 . operating margin decreased 30 bp , primarily due to lower volumes and unfavorable price mix . equipment and energy ._| | | 2014 | 2013 | 2012 | |---:|:-----------------|:--------|:--------|:--------| | 0 | sales | $ 450.4 | $ 451.1 | $ 420.1 | | 1 | operating income | 88.2 | 65.5 | 44.6 |_2014 vs . 2013 sales of $ 450.4 were relatively flat as higher liquefied natural gas ( lng ) project activity was offset by lower air separation ( asu ) project activity . operating income of $ 88.2 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2014 was $ 520 , compared to $ 402 at 30 september 2013 . the increase was primarily due to new lng orders as global project development activity remains high . it is expected that approximately $ 320 of the backlog will be completed during 2015 . 2013 vs . 2012 sales of $ 451.1 increased primarily from higher lng project activity . operating income of $ 65.5 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses . also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments . other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 . 2014 vs . 2013 other operating loss was $ 13.5 , compared to $ 4.7 in the prior year . the decrease was primarily due to unfavorable foreign exchange losses of $ 5 and lifo adjustments of $ 4 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the other operating loss in 2013 includes an unfavorable lifo adjustment versus the prior year of $ 11 . the other operating loss in 2012 included stranded costs from discontinued operations of $ 10. .

2,014

39

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

what was the operating margin for 2014?

19.58%

divide(88.2, 450.4)

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

2014 vs . 2013 sales of $ 450.4 were relatively flat as higher liquefied natural gas ( lng ) project activity was offset by lower air separation ( asu ) project activity . operating income of $ 88.2 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2014 was $ 520 , compared to $ 402 at 30 september 2013 . the increase was primarily due to new lng orders as global project development activity remains high . it is expected that approximately $ 320 of the backlog will be completed during 2015 . 2013 vs . 2012 sales of $ 451.1 increased primarily from higher lng project activity . operating income of $ 65.5 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses . also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments . other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 . 2014 vs . 2013 other operating loss was $ 13.5 , compared to $ 4.7 in the prior year . the decrease was primarily due to unfavorable foreign exchange losses of $ 5 and lifo adjustments of $ 4 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the other operating loss in 2013 includes an unfavorable lifo adjustment versus the prior year of $ 11 . the other operating loss in 2012 included stranded costs from discontinued operations of $ 10. .

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

2014 vs . 2013 sales increased 9% ( 9 % ) , as higher volumes of 9% ( 9 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . electronics sales increased 8% ( 8 % ) , as higher delivery systems equipment sales and materials volumes of 8% ( 8 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . performance materials sales increased 10% ( 10 % ) , as higher volumes of 11% ( 11 % ) were partially offset by lower pricing of 1% ( 1 % ) . the higher volumes were across all product lines and major regions . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 425.3 increased 32% ( 32 % ) , or $ 104.0 , primarily from higher volumes of $ 93 , lower operating costs of $ 31 , and favorable currency impacts of $ 5 , partially offset by unfavorable price and mix impacts of $ 26 . operating margin of 17.4% ( 17.4 % ) increased 310 bp , primarily due to improved loading and leverage from the higher volumes and improved cost performance , partially offset by the unfavorable pricing impacts . 2013 vs . 2012 sales decreased 3% ( 3 % ) , as lower volumes of 4% ( 4 % ) and lower pricing of 1% ( 1 % ) were partially offset by acquisitions of 2% ( 2 % ) . electronics sales decreased 8% ( 8 % ) , as weaker materials volumes and equipment sales were partially offset by the acquisition of da nanomaterials . performance materials sales increased 2% ( 2 % ) , as higher volumes of 4% ( 4 % ) were partially offset by lower pricing of 2% ( 2 % ) . the increase in volumes was primarily due to strength in the automobile and u.s . housing markets partially offset by weaker volumes to certain construction markets and marine coatings . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 321.3 decreased 25% ( 25 % ) , or $ 104.3 , and operating margin of 14.3% ( 14.3 % ) decreased 400 bp , as 2012 included a gain on the previously held equity interest in da nanomaterials of $ 85.9 . on a non-gaap basis , operating income of $ 321.3 decreased 5% ( 5 % ) , or $ 18.4 , primarily from unfavorable price and mix impacts of $ 15 , lower volumes of $ 9 , and higher operating costs of $ 4 partially offset by higher acquisitions of $ 6 and favorable currency of $ 4 . operating margin decreased 30 bp , primarily due to lower volumes and unfavorable price mix . equipment and energy ._| | | 2014 | 2013 | 2012 | |---:|:-----------------|:--------|:--------|:--------| | 0 | sales | $ 450.4 | $ 451.1 | $ 420.1 | | 1 | operating income | 88.2 | 65.5 | 44.6 |_2014 vs . 2013 sales of $ 450.4 were relatively flat as higher liquefied natural gas ( lng ) project activity was offset by lower air separation ( asu ) project activity . operating income of $ 88.2 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2014 was $ 520 , compared to $ 402 at 30 september 2013 . the increase was primarily due to new lng orders as global project development activity remains high . it is expected that approximately $ 320 of the backlog will be completed during 2015 . 2013 vs . 2012 sales of $ 451.1 increased primarily from higher lng project activity . operating income of $ 65.5 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses . also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments . other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 . 2014 vs . 2013 other operating loss was $ 13.5 , compared to $ 4.7 in the prior year . the decrease was primarily due to unfavorable foreign exchange losses of $ 5 and lifo adjustments of $ 4 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the other operating loss in 2013 includes an unfavorable lifo adjustment versus the prior year of $ 11 . the other operating loss in 2012 included stranded costs from discontinued operations of $ 10. .

2,014

39

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa539

what was the percentage change in the fair value of msrs in 2007?

14%

divide(multiply(8632, 7546), 7546)

jpmorgan chase & co . / 2007 annual report 155 flows at risk-adjusted rates . the model considers portfolio characteris- tics , contractually specified servicing fees , prepayment assumptions , delinquency rates , late charges , other ancillary revenue and costs to service , and other economic factors . the firm reassesses and periodi- cally adjusts the underlying inputs and assumptions used in the oas model to reflect market conditions and assumptions that a market par- ticipant would consider in valuing the msr asset . during the fourth quarter of the 2007 , the firm 2019s proprietary prepayment model was refined to reflect a decrease in estimated future mortgage prepay- ments based upon a number of market related factors including a downward trend in home prices , general tightening of credit under- writing standards and the associated impact on refinancing activity . the firm compares fair value estimates and assumptions to observable market data where available and to recent market activity and actual portfolio experience . the fair value of msrs is sensitive to changes in interest rates , includ- ing their effect on prepayment speeds . jpmorgan chase uses or has used combinations of derivatives , afs securities and trading instru- ments to manage changes in the fair value of msrs . the intent is to offset any changes in the fair value of msrs with changes in the fair value of the related risk management instruments . msrs decrease in value when interest rates decline . conversely , securities ( such as mort- gage-backed securities ) , principal-only certificates and certain deriva- tives ( when the firm receives fixed-rate interest payments ) increase in value when interest rates decline . in march 2006 , the fasb issued sfas 156 , which permits an entity a one-time irrevocable election to adopt fair value accounting for a class of servicing assets . jpmorgan chase elected to adopt the standard effective january 1 , 2006 , and defined msrs as one class of servicing assets for this election . at the transition date , the fair value of the msrs exceeded their carrying amount , net of any related valuation allowance , by $ 150 million net of taxes . this amount was recorded as a cumulative-effect adjustment to retained earnings as of january 1 , 2006 . msrs are recognized in the consolidated balance sheet at fair value , and changes in their fair value are recorded in current- period earnings . revenue amounts related to msrs and the financial instruments used to manage the risk of msrs are recorded in mortgage fees and related income . for the year ended december 31 , 2005 , msrs were accounted for under sfas 140 , using a lower of cost or fair value approach . under this approach , msrs were amortized as a reduction of the actual servicing income received in proportion to , and over the period of , the estimated future net servicing income stream of the underlying mortgage loans . for purposes of evaluating and measuring impairment of msrs , the firm stratified the portfolio on the basis of the predominant risk characteristics , which are loan type and interest rate . any indicated impairment was rec- ognized as a reduction in revenue through a valuation allowance , which represented the extent to which the carrying value of an individual stra- tum exceeded its estimated fair value . any gross carrying value and relat- ed valuation allowance amounts which were not expected to be recov- ered in the foreseeable future , based upon the interest rate scenario , were considered to be other-than-temporary . prior to the adoption of sfas 156 , the firm designated certain deriva- tives used to risk manage msrs ( e.g. , a combination of swaps , swap- tions and floors ) as sfas 133 fair value hedges of benchmark interest rate risk . sfas 133 hedge accounting allowed the carrying value of the hedged msrs to be adjusted through earnings in the same period that the change in value of the hedging derivatives was recognized through earnings . the designated hedge period was daily . in designat- ing the benchmark interest rate , the firm considered the impact that the change in the benchmark rate had on the prepayment speed esti- mates in determining the fair value of the msrs . hedge effectiveness was assessed using a regression analysis of the change in fair value of the msrs as a result of changes in benchmark interest rates and of the change in the fair value of the designated derivatives . the valua- tion adjustments to both the msrs and sfas 133 derivatives were recorded in mortgage fees and related income . with the election to apply fair value accounting to the msrs under sfas 156 , sfas 133 hedge accounting is no longer necessary . for a further discussion on derivative instruments and hedging activities , see note 30 on pages 168 2013169 of this annual report . the following table summarizes msr activity , certain key assumptions , and the sensitivity of the fair value of msrs to adverse changes in those key assumptions for the years ended december 31 , 2007 and 2006 , during which period msrs were accounted for under sfas year ended december 31 , ( in millions ) 2007 2006 .

change in unrealized ( losses ) gains included in income related to msrs held at december 31 $ ( 516 ) na ( a ) represents msr asset fair value adjustments due to changes in market-based inputs , such as interest rates and volatility , as well as updates to assumptions used in the msr valuation model . this caption also represents total realized and unrealized gains ( losses ) included in net income per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income . ( b ) includes changes in the msr value due to modeled servicing portfolio runoff ( or time decay ) . this caption represents the impact of cash settlements per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income. .

| | year ended december 31 ( inmillions ) | 2007 | 2006 | |---:|:---------------------------------------------------------------------------------------------|:---------------|:---------------| | 0 | balance at beginning of period after valuation allowance | $ 7546 | $ 6452 | | 1 | cumulative effect of change in accounting principle | 2014 | 230 | | 2 | fair value at beginning of period | 7546 | 6682 | | 3 | originations of msrs | 2335 | 1512 | | 4 | purchase of msrs | 798 | 627 | | 5 | total additions | 3133 | 2139 | | 6 | change in valuation due to inputs and assumptions ( a ) | -516 ( 516 ) | 165 | | 7 | other changes in fair value ( b ) | -1531 ( 1531 ) | -1440 ( 1440 ) | | 8 | total change in fair value | -2047 ( 2047 ) | -1275 ( 1275 ) | | 9 | fair value at december 31 | $ 8632 | $ 7546 | | 10 | change in unrealized ( losses ) gains included in income related to msrs held at december 31 | $ -516 ( 516 ) | na |

jpmorgan chase & co . / 2007 annual report 155 flows at risk-adjusted rates . the model considers portfolio characteris- tics , contractually specified servicing fees , prepayment assumptions , delinquency rates , late charges , other ancillary revenue and costs to service , and other economic factors . the firm reassesses and periodi- cally adjusts the underlying inputs and assumptions used in the oas model to reflect market conditions and assumptions that a market par- ticipant would consider in valuing the msr asset . during the fourth quarter of the 2007 , the firm 2019s proprietary prepayment model was refined to reflect a decrease in estimated future mortgage prepay- ments based upon a number of market related factors including a downward trend in home prices , general tightening of credit under- writing standards and the associated impact on refinancing activity . the firm compares fair value estimates and assumptions to observable market data where available and to recent market activity and actual portfolio experience . the fair value of msrs is sensitive to changes in interest rates , includ- ing their effect on prepayment speeds . jpmorgan chase uses or has used combinations of derivatives , afs securities and trading instru- ments to manage changes in the fair value of msrs . the intent is to offset any changes in the fair value of msrs with changes in the fair value of the related risk management instruments . msrs decrease in value when interest rates decline . conversely , securities ( such as mort- gage-backed securities ) , principal-only certificates and certain deriva- tives ( when the firm receives fixed-rate interest payments ) increase in value when interest rates decline . in march 2006 , the fasb issued sfas 156 , which permits an entity a one-time irrevocable election to adopt fair value accounting for a class of servicing assets . jpmorgan chase elected to adopt the standard effective january 1 , 2006 , and defined msrs as one class of servicing assets for this election . at the transition date , the fair value of the msrs exceeded their carrying amount , net of any related valuation allowance , by $ 150 million net of taxes . this amount was recorded as a cumulative-effect adjustment to retained earnings as of january 1 , 2006 . msrs are recognized in the consolidated balance sheet at fair value , and changes in their fair value are recorded in current- period earnings . revenue amounts related to msrs and the financial instruments used to manage the risk of msrs are recorded in mortgage fees and related income . for the year ended december 31 , 2005 , msrs were accounted for under sfas 140 , using a lower of cost or fair value approach . under this approach , msrs were amortized as a reduction of the actual servicing income received in proportion to , and over the period of , the estimated future net servicing income stream of the underlying mortgage loans . for purposes of evaluating and measuring impairment of msrs , the firm stratified the portfolio on the basis of the predominant risk characteristics , which are loan type and interest rate . any indicated impairment was rec- ognized as a reduction in revenue through a valuation allowance , which represented the extent to which the carrying value of an individual stra- tum exceeded its estimated fair value . any gross carrying value and relat- ed valuation allowance amounts which were not expected to be recov- ered in the foreseeable future , based upon the interest rate scenario , were considered to be other-than-temporary . prior to the adoption of sfas 156 , the firm designated certain deriva- tives used to risk manage msrs ( e.g. , a combination of swaps , swap- tions and floors ) as sfas 133 fair value hedges of benchmark interest rate risk . sfas 133 hedge accounting allowed the carrying value of the hedged msrs to be adjusted through earnings in the same period that the change in value of the hedging derivatives was recognized through earnings . the designated hedge period was daily . in designat- ing the benchmark interest rate , the firm considered the impact that the change in the benchmark rate had on the prepayment speed esti- mates in determining the fair value of the msrs . hedge effectiveness was assessed using a regression analysis of the change in fair value of the msrs as a result of changes in benchmark interest rates and of the change in the fair value of the designated derivatives . the valua- tion adjustments to both the msrs and sfas 133 derivatives were recorded in mortgage fees and related income . with the election to apply fair value accounting to the msrs under sfas 156 , sfas 133 hedge accounting is no longer necessary . for a further discussion on derivative instruments and hedging activities , see note 30 on pages 168 2013169 of this annual report . the following table summarizes msr activity , certain key assumptions , and the sensitivity of the fair value of msrs to adverse changes in those key assumptions for the years ended december 31 , 2007 and 2006 , during which period msrs were accounted for under sfas year ended december 31 , ( in millions ) 2007 2006 ._| | year ended december 31 ( inmillions ) | 2007 | 2006 | |---:|:---------------------------------------------------------------------------------------------|:---------------|:---------------| | 0 | balance at beginning of period after valuation allowance | $ 7546 | $ 6452 | | 1 | cumulative effect of change in accounting principle | 2014 | 230 | | 2 | fair value at beginning of period | 7546 | 6682 | | 3 | originations of msrs | 2335 | 1512 | | 4 | purchase of msrs | 798 | 627 | | 5 | total additions | 3133 | 2139 | | 6 | change in valuation due to inputs and assumptions ( a ) | -516 ( 516 ) | 165 | | 7 | other changes in fair value ( b ) | -1531 ( 1531 ) | -1440 ( 1440 ) | | 8 | total change in fair value | -2047 ( 2047 ) | -1275 ( 1275 ) | | 9 | fair value at december 31 | $ 8632 | $ 7546 | | 10 | change in unrealized ( losses ) gains included in income related to msrs held at december 31 | $ -516 ( 516 ) | na |_change in unrealized ( losses ) gains included in income related to msrs held at december 31 $ ( 516 ) na ( a ) represents msr asset fair value adjustments due to changes in market-based inputs , such as interest rates and volatility , as well as updates to assumptions used in the msr valuation model . this caption also represents total realized and unrealized gains ( losses ) included in net income per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income . ( b ) includes changes in the msr value due to modeled servicing portfolio runoff ( or time decay ) . this caption represents the impact of cash settlements per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income. .

2,007

157

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

what was the percentage change in the fair value of msrs in 2007?

14%

divide(multiply(8632, 7546), 7546)

jpmorgan chase & co . / 2007 annual report 155 flows at risk-adjusted rates . the model considers portfolio characteris- tics , contractually specified servicing fees , prepayment assumptions , delinquency rates , late charges , other ancillary revenue and costs to service , and other economic factors . the firm reassesses and periodi- cally adjusts the underlying inputs and assumptions used in the oas model to reflect market conditions and assumptions that a market par- ticipant would consider in valuing the msr asset . during the fourth quarter of the 2007 , the firm 2019s proprietary prepayment model was refined to reflect a decrease in estimated future mortgage prepay- ments based upon a number of market related factors including a downward trend in home prices , general tightening of credit under- writing standards and the associated impact on refinancing activity . the firm compares fair value estimates and assumptions to observable market data where available and to recent market activity and actual portfolio experience . the fair value of msrs is sensitive to changes in interest rates , includ- ing their effect on prepayment speeds . jpmorgan chase uses or has used combinations of derivatives , afs securities and trading instru- ments to manage changes in the fair value of msrs . the intent is to offset any changes in the fair value of msrs with changes in the fair value of the related risk management instruments . msrs decrease in value when interest rates decline . conversely , securities ( such as mort- gage-backed securities ) , principal-only certificates and certain deriva- tives ( when the firm receives fixed-rate interest payments ) increase in value when interest rates decline . in march 2006 , the fasb issued sfas 156 , which permits an entity a one-time irrevocable election to adopt fair value accounting for a class of servicing assets . jpmorgan chase elected to adopt the standard effective january 1 , 2006 , and defined msrs as one class of servicing assets for this election . at the transition date , the fair value of the msrs exceeded their carrying amount , net of any related valuation allowance , by $ 150 million net of taxes . this amount was recorded as a cumulative-effect adjustment to retained earnings as of january 1 , 2006 . msrs are recognized in the consolidated balance sheet at fair value , and changes in their fair value are recorded in current- period earnings . revenue amounts related to msrs and the financial instruments used to manage the risk of msrs are recorded in mortgage fees and related income . for the year ended december 31 , 2005 , msrs were accounted for under sfas 140 , using a lower of cost or fair value approach . under this approach , msrs were amortized as a reduction of the actual servicing income received in proportion to , and over the period of , the estimated future net servicing income stream of the underlying mortgage loans . for purposes of evaluating and measuring impairment of msrs , the firm stratified the portfolio on the basis of the predominant risk characteristics , which are loan type and interest rate . any indicated impairment was rec- ognized as a reduction in revenue through a valuation allowance , which represented the extent to which the carrying value of an individual stra- tum exceeded its estimated fair value . any gross carrying value and relat- ed valuation allowance amounts which were not expected to be recov- ered in the foreseeable future , based upon the interest rate scenario , were considered to be other-than-temporary . prior to the adoption of sfas 156 , the firm designated certain deriva- tives used to risk manage msrs ( e.g. , a combination of swaps , swap- tions and floors ) as sfas 133 fair value hedges of benchmark interest rate risk . sfas 133 hedge accounting allowed the carrying value of the hedged msrs to be adjusted through earnings in the same period that the change in value of the hedging derivatives was recognized through earnings . the designated hedge period was daily . in designat- ing the benchmark interest rate , the firm considered the impact that the change in the benchmark rate had on the prepayment speed esti- mates in determining the fair value of the msrs . hedge effectiveness was assessed using a regression analysis of the change in fair value of the msrs as a result of changes in benchmark interest rates and of the change in the fair value of the designated derivatives . the valua- tion adjustments to both the msrs and sfas 133 derivatives were recorded in mortgage fees and related income . with the election to apply fair value accounting to the msrs under sfas 156 , sfas 133 hedge accounting is no longer necessary . for a further discussion on derivative instruments and hedging activities , see note 30 on pages 168 2013169 of this annual report . the following table summarizes msr activity , certain key assumptions , and the sensitivity of the fair value of msrs to adverse changes in those key assumptions for the years ended december 31 , 2007 and 2006 , during which period msrs were accounted for under sfas year ended december 31 , ( in millions ) 2007 2006 .

change in unrealized ( losses ) gains included in income related to msrs held at december 31 $ ( 516 ) na ( a ) represents msr asset fair value adjustments due to changes in market-based inputs , such as interest rates and volatility , as well as updates to assumptions used in the msr valuation model . this caption also represents total realized and unrealized gains ( losses ) included in net income per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income . ( b ) includes changes in the msr value due to modeled servicing portfolio runoff ( or time decay ) . this caption represents the impact of cash settlements per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income. .

| | year ended december 31 ( inmillions ) | 2007 | 2006 | |---:|:---------------------------------------------------------------------------------------------|:---------------|:---------------| | 0 | balance at beginning of period after valuation allowance | $ 7546 | $ 6452 | | 1 | cumulative effect of change in accounting principle | 2014 | 230 | | 2 | fair value at beginning of period | 7546 | 6682 | | 3 | originations of msrs | 2335 | 1512 | | 4 | purchase of msrs | 798 | 627 | | 5 | total additions | 3133 | 2139 | | 6 | change in valuation due to inputs and assumptions ( a ) | -516 ( 516 ) | 165 | | 7 | other changes in fair value ( b ) | -1531 ( 1531 ) | -1440 ( 1440 ) | | 8 | total change in fair value | -2047 ( 2047 ) | -1275 ( 1275 ) | | 9 | fair value at december 31 | $ 8632 | $ 7546 | | 10 | change in unrealized ( losses ) gains included in income related to msrs held at december 31 | $ -516 ( 516 ) | na |

jpmorgan chase & co . / 2007 annual report 155 flows at risk-adjusted rates . the model considers portfolio characteris- tics , contractually specified servicing fees , prepayment assumptions , delinquency rates , late charges , other ancillary revenue and costs to service , and other economic factors . the firm reassesses and periodi- cally adjusts the underlying inputs and assumptions used in the oas model to reflect market conditions and assumptions that a market par- ticipant would consider in valuing the msr asset . during the fourth quarter of the 2007 , the firm 2019s proprietary prepayment model was refined to reflect a decrease in estimated future mortgage prepay- ments based upon a number of market related factors including a downward trend in home prices , general tightening of credit under- writing standards and the associated impact on refinancing activity . the firm compares fair value estimates and assumptions to observable market data where available and to recent market activity and actual portfolio experience . the fair value of msrs is sensitive to changes in interest rates , includ- ing their effect on prepayment speeds . jpmorgan chase uses or has used combinations of derivatives , afs securities and trading instru- ments to manage changes in the fair value of msrs . the intent is to offset any changes in the fair value of msrs with changes in the fair value of the related risk management instruments . msrs decrease in value when interest rates decline . conversely , securities ( such as mort- gage-backed securities ) , principal-only certificates and certain deriva- tives ( when the firm receives fixed-rate interest payments ) increase in value when interest rates decline . in march 2006 , the fasb issued sfas 156 , which permits an entity a one-time irrevocable election to adopt fair value accounting for a class of servicing assets . jpmorgan chase elected to adopt the standard effective january 1 , 2006 , and defined msrs as one class of servicing assets for this election . at the transition date , the fair value of the msrs exceeded their carrying amount , net of any related valuation allowance , by $ 150 million net of taxes . this amount was recorded as a cumulative-effect adjustment to retained earnings as of january 1 , 2006 . msrs are recognized in the consolidated balance sheet at fair value , and changes in their fair value are recorded in current- period earnings . revenue amounts related to msrs and the financial instruments used to manage the risk of msrs are recorded in mortgage fees and related income . for the year ended december 31 , 2005 , msrs were accounted for under sfas 140 , using a lower of cost or fair value approach . under this approach , msrs were amortized as a reduction of the actual servicing income received in proportion to , and over the period of , the estimated future net servicing income stream of the underlying mortgage loans . for purposes of evaluating and measuring impairment of msrs , the firm stratified the portfolio on the basis of the predominant risk characteristics , which are loan type and interest rate . any indicated impairment was rec- ognized as a reduction in revenue through a valuation allowance , which represented the extent to which the carrying value of an individual stra- tum exceeded its estimated fair value . any gross carrying value and relat- ed valuation allowance amounts which were not expected to be recov- ered in the foreseeable future , based upon the interest rate scenario , were considered to be other-than-temporary . prior to the adoption of sfas 156 , the firm designated certain deriva- tives used to risk manage msrs ( e.g. , a combination of swaps , swap- tions and floors ) as sfas 133 fair value hedges of benchmark interest rate risk . sfas 133 hedge accounting allowed the carrying value of the hedged msrs to be adjusted through earnings in the same period that the change in value of the hedging derivatives was recognized through earnings . the designated hedge period was daily . in designat- ing the benchmark interest rate , the firm considered the impact that the change in the benchmark rate had on the prepayment speed esti- mates in determining the fair value of the msrs . hedge effectiveness was assessed using a regression analysis of the change in fair value of the msrs as a result of changes in benchmark interest rates and of the change in the fair value of the designated derivatives . the valua- tion adjustments to both the msrs and sfas 133 derivatives were recorded in mortgage fees and related income . with the election to apply fair value accounting to the msrs under sfas 156 , sfas 133 hedge accounting is no longer necessary . for a further discussion on derivative instruments and hedging activities , see note 30 on pages 168 2013169 of this annual report . the following table summarizes msr activity , certain key assumptions , and the sensitivity of the fair value of msrs to adverse changes in those key assumptions for the years ended december 31 , 2007 and 2006 , during which period msrs were accounted for under sfas year ended december 31 , ( in millions ) 2007 2006 ._| | year ended december 31 ( inmillions ) | 2007 | 2006 | |---:|:---------------------------------------------------------------------------------------------|:---------------|:---------------| | 0 | balance at beginning of period after valuation allowance | $ 7546 | $ 6452 | | 1 | cumulative effect of change in accounting principle | 2014 | 230 | | 2 | fair value at beginning of period | 7546 | 6682 | | 3 | originations of msrs | 2335 | 1512 | | 4 | purchase of msrs | 798 | 627 | | 5 | total additions | 3133 | 2139 | | 6 | change in valuation due to inputs and assumptions ( a ) | -516 ( 516 ) | 165 | | 7 | other changes in fair value ( b ) | -1531 ( 1531 ) | -1440 ( 1440 ) | | 8 | total change in fair value | -2047 ( 2047 ) | -1275 ( 1275 ) | | 9 | fair value at december 31 | $ 8632 | $ 7546 | | 10 | change in unrealized ( losses ) gains included in income related to msrs held at december 31 | $ -516 ( 516 ) | na |_change in unrealized ( losses ) gains included in income related to msrs held at december 31 $ ( 516 ) na ( a ) represents msr asset fair value adjustments due to changes in market-based inputs , such as interest rates and volatility , as well as updates to assumptions used in the msr valuation model . this caption also represents total realized and unrealized gains ( losses ) included in net income per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income . ( b ) includes changes in the msr value due to modeled servicing portfolio runoff ( or time decay ) . this caption represents the impact of cash settlements per the sfas 157 disclosure for fair value measurement using significant unobservable inputs ( level 3 ) . these changes in fair value are recorded in mortgage fees and related income. .

2,007

157

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa540

how many countries are cat products distributed to?

193

add(192, const_1)

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

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

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

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

2,017

85

CAT

Caterpillar Inc.

Industrials

Construction Machinery & Heavy Transportation Equipment

Irving, Texas

1957-03-04

18,230

1925

how many countries are cat products distributed to?

193

add(192, const_1)

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

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

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

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

2,017

85

CAT

Caterpillar Inc.

Industrials

Construction Machinery & Heavy Transportation Equipment

Irving, Texas

1957-03-04

18,230

1925

null

finqa541

what were 2012 total consolidated revenues in millions?

5250

divide(105, 2%)

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 were 2012 total consolidated revenues in millions?

5250

divide(105, 2%)

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

finqa542

what percentage of total aggregate contractual obligations is due to long-term debt?

53%

divide(275.1, 521.3)

table of contents item 7 2013 management 2019s discussion and analysis of financial condition and results of operations liquidity and capital resources we recorded net earnings of $ 35.4 million or $ 1.18 per share in 2004 , compared with $ 52.2 million or $ 1.76 per share recorded in 2003 and $ 51.3 million or $ 1.86 per share in 2002 . net earnings recorded in 2004 were negatively impacted by cost increases to steel and freight , as well as manufacturing inefficiencies during the first nine months of the year in our ashland city plant and higher selling , general and administrative expense ( sg&a ) . while net earnings were flat in 2003 compared with 2002 , the lower earnings per share amount in 2003 as compared with 2002 reflected the full-year impact of our stock offering in may 2002 . our individual segment performance will be discussed later in this section . our working capital , excluding short-term debt , was $ 339.8 million at december 31 , 2004 , compared with $ 305.9 million and $ 225.1 million at december 31 , 2003 , and december 31 , 2002 , respectively . the $ 33.9 million increase in 2004 reflects $ 44.9 million higher receivable balances due to longer payment terms experienced by both of our businesses as well as higher sales levels in the fourth quarter . offsetting the increase in receivable balances were $ 13.5 million lower inventory levels split about equally between water systems and electrical products and $ 14.3 million higher accounts payable balances . the $ 80.8 million increase in 2003 reflects $ 46.6 million higher inventory balances due primarily to extensive manufacturing repositioning in our electric motor business and several new product introductions and manufacturing consolidation in our water systems business . additionally , receivable balances were $ 21.2 million higher due to price increases associated with new product introductions in our water systems business and an increase in international sales , which tend to have longer payment terms . finally , a $ 13.1 million increase in accounts payable balances was largely offset by $ 9.4 million in restructuring expenses paid out in 2003 . reducing working capital is one of our major initiatives in 2005 . cash provided by operating activities during 2004 was $ 67.2 million compared with $ 29.0 million during 2003 and $ 116.0 million during 2002 . despite lower earnings in 2004 , a smaller investment in working capital explains the majority of the improvement in cash flow compared with 2003 . the higher investment in working capital in 2003 ( as discussed above ) , explains the majority of the difference between 2003 and our capital expenditures were $ 48.5 million in 2004 , essentially the same as in 2003 and approximately $ 2.2 million higher than in 2002 . the increase in 2003 was associated with new product launches in our water systems business . we are projecting 2005 capital expenditures to be approximately $ 55 million , essentially the same as our projected 2005 depreciation expense . we believe that our present facilities and planned capital expenditures are sufficient to provide adequate capacity for our operations in 2005 . in june 2004 , we completed a $ 265 million , five-year revolving credit facility with a group of eight banks . the new facility expires on june 10 , 2009 , and it replaced a $ 250 million credit facility which expired on august 2 , 2004 , and was terminated on june 10 , 2004 . the new facility backs up commercial paper and credit line borrowings . as a result of the long-term nature of this facility , the commercial paper and credit line borrowings are now classified as long-term debt . at december 31 , 2004 , we had available borrowing capacity of $ 153.9 million under this facility . we believe that the combination of available borrowing capacity and operating cash flow will provide sufficient funds to finance our existing operations for the foreseeable future . to take advantage of historically low long-term borrowing rates , we issued $ 50.0 million in senior notes with two insurance companies in june 2003 . the notes range in maturity between 2013 and 2016 and carry a weighted average interest rate of slightly less than 4.5 percent . the proceeds of the notes were used to repay commercial paper and borrowing under the credit facility . our leverage , as measured by the ratio of total debt to total capitalization , was 32 percent at the end of 2004 and the end of 2003 . aggregate contractual obligations a summary of our contractual obligations as of december 31 , 2004 , is as follows: .

.

| | ( dollars in millions ) contractual obligation | ( dollars in millions ) total | ( dollars in millions ) less than 1 year | ( dollars in millions ) 1 - 3 years | ( dollars in millions ) 3 - 5 years | more than 5 years | |---:|:-------------------------------------------------|:--------------------------------|:-------------------------------------------|:--------------------------------------|:--------------------------------------|:--------------------| | 0 | long-term debt | $ 275.1 | $ 8.6 | $ 13.8 | $ 138.2 | $ 114.5 | | 1 | capital leases | 6.0 | 2014 | 2014 | 6.0 | 2014 | | 2 | operating leases | 62.9 | 14.4 | 20.7 | 11.6 | 16.2 | | 3 | purchase obligations | 177.3 | 176.6 | 0.7 | 2014 | 2014 | | 4 | total | $ 521.3 | $ 199.6 | $ 35.2 | $ 155.8 | $ 130.7 |

table of contents item 7 2013 management 2019s discussion and analysis of financial condition and results of operations liquidity and capital resources we recorded net earnings of $ 35.4 million or $ 1.18 per share in 2004 , compared with $ 52.2 million or $ 1.76 per share recorded in 2003 and $ 51.3 million or $ 1.86 per share in 2002 . net earnings recorded in 2004 were negatively impacted by cost increases to steel and freight , as well as manufacturing inefficiencies during the first nine months of the year in our ashland city plant and higher selling , general and administrative expense ( sg&a ) . while net earnings were flat in 2003 compared with 2002 , the lower earnings per share amount in 2003 as compared with 2002 reflected the full-year impact of our stock offering in may 2002 . our individual segment performance will be discussed later in this section . our working capital , excluding short-term debt , was $ 339.8 million at december 31 , 2004 , compared with $ 305.9 million and $ 225.1 million at december 31 , 2003 , and december 31 , 2002 , respectively . the $ 33.9 million increase in 2004 reflects $ 44.9 million higher receivable balances due to longer payment terms experienced by both of our businesses as well as higher sales levels in the fourth quarter . offsetting the increase in receivable balances were $ 13.5 million lower inventory levels split about equally between water systems and electrical products and $ 14.3 million higher accounts payable balances . the $ 80.8 million increase in 2003 reflects $ 46.6 million higher inventory balances due primarily to extensive manufacturing repositioning in our electric motor business and several new product introductions and manufacturing consolidation in our water systems business . additionally , receivable balances were $ 21.2 million higher due to price increases associated with new product introductions in our water systems business and an increase in international sales , which tend to have longer payment terms . finally , a $ 13.1 million increase in accounts payable balances was largely offset by $ 9.4 million in restructuring expenses paid out in 2003 . reducing working capital is one of our major initiatives in 2005 . cash provided by operating activities during 2004 was $ 67.2 million compared with $ 29.0 million during 2003 and $ 116.0 million during 2002 . despite lower earnings in 2004 , a smaller investment in working capital explains the majority of the improvement in cash flow compared with 2003 . the higher investment in working capital in 2003 ( as discussed above ) , explains the majority of the difference between 2003 and our capital expenditures were $ 48.5 million in 2004 , essentially the same as in 2003 and approximately $ 2.2 million higher than in 2002 . the increase in 2003 was associated with new product launches in our water systems business . we are projecting 2005 capital expenditures to be approximately $ 55 million , essentially the same as our projected 2005 depreciation expense . we believe that our present facilities and planned capital expenditures are sufficient to provide adequate capacity for our operations in 2005 . in june 2004 , we completed a $ 265 million , five-year revolving credit facility with a group of eight banks . the new facility expires on june 10 , 2009 , and it replaced a $ 250 million credit facility which expired on august 2 , 2004 , and was terminated on june 10 , 2004 . the new facility backs up commercial paper and credit line borrowings . as a result of the long-term nature of this facility , the commercial paper and credit line borrowings are now classified as long-term debt . at december 31 , 2004 , we had available borrowing capacity of $ 153.9 million under this facility . we believe that the combination of available borrowing capacity and operating cash flow will provide sufficient funds to finance our existing operations for the foreseeable future . to take advantage of historically low long-term borrowing rates , we issued $ 50.0 million in senior notes with two insurance companies in june 2003 . the notes range in maturity between 2013 and 2016 and carry a weighted average interest rate of slightly less than 4.5 percent . the proceeds of the notes were used to repay commercial paper and borrowing under the credit facility . our leverage , as measured by the ratio of total debt to total capitalization , was 32 percent at the end of 2004 and the end of 2003 . aggregate contractual obligations a summary of our contractual obligations as of december 31 , 2004 , is as follows: ._| | ( dollars in millions ) contractual obligation | ( dollars in millions ) total | ( dollars in millions ) less than 1 year | ( dollars in millions ) 1 - 3 years | ( dollars in millions ) 3 - 5 years | more than 5 years | |---:|:-------------------------------------------------|:--------------------------------|:-------------------------------------------|:--------------------------------------|:--------------------------------------|:--------------------| | 0 | long-term debt | $ 275.1 | $ 8.6 | $ 13.8 | $ 138.2 | $ 114.5 | | 1 | capital leases | 6.0 | 2014 | 2014 | 6.0 | 2014 | | 2 | operating leases | 62.9 | 14.4 | 20.7 | 11.6 | 16.2 | | 3 | purchase obligations | 177.3 | 176.6 | 0.7 | 2014 | 2014 | | 4 | total | $ 521.3 | $ 199.6 | $ 35.2 | $ 155.8 | $ 130.7 |_.

2,004

11

AOS

A. O. Smith

Industrials

Building Products

Milwaukee, Wisconsin

2017-07-26

91,142

1916

what percentage of total aggregate contractual obligations is due to long-term debt?

53%

divide(275.1, 521.3)

table of contents item 7 2013 management 2019s discussion and analysis of financial condition and results of operations liquidity and capital resources we recorded net earnings of $ 35.4 million or $ 1.18 per share in 2004 , compared with $ 52.2 million or $ 1.76 per share recorded in 2003 and $ 51.3 million or $ 1.86 per share in 2002 . net earnings recorded in 2004 were negatively impacted by cost increases to steel and freight , as well as manufacturing inefficiencies during the first nine months of the year in our ashland city plant and higher selling , general and administrative expense ( sg&a ) . while net earnings were flat in 2003 compared with 2002 , the lower earnings per share amount in 2003 as compared with 2002 reflected the full-year impact of our stock offering in may 2002 . our individual segment performance will be discussed later in this section . our working capital , excluding short-term debt , was $ 339.8 million at december 31 , 2004 , compared with $ 305.9 million and $ 225.1 million at december 31 , 2003 , and december 31 , 2002 , respectively . the $ 33.9 million increase in 2004 reflects $ 44.9 million higher receivable balances due to longer payment terms experienced by both of our businesses as well as higher sales levels in the fourth quarter . offsetting the increase in receivable balances were $ 13.5 million lower inventory levels split about equally between water systems and electrical products and $ 14.3 million higher accounts payable balances . the $ 80.8 million increase in 2003 reflects $ 46.6 million higher inventory balances due primarily to extensive manufacturing repositioning in our electric motor business and several new product introductions and manufacturing consolidation in our water systems business . additionally , receivable balances were $ 21.2 million higher due to price increases associated with new product introductions in our water systems business and an increase in international sales , which tend to have longer payment terms . finally , a $ 13.1 million increase in accounts payable balances was largely offset by $ 9.4 million in restructuring expenses paid out in 2003 . reducing working capital is one of our major initiatives in 2005 . cash provided by operating activities during 2004 was $ 67.2 million compared with $ 29.0 million during 2003 and $ 116.0 million during 2002 . despite lower earnings in 2004 , a smaller investment in working capital explains the majority of the improvement in cash flow compared with 2003 . the higher investment in working capital in 2003 ( as discussed above ) , explains the majority of the difference between 2003 and our capital expenditures were $ 48.5 million in 2004 , essentially the same as in 2003 and approximately $ 2.2 million higher than in 2002 . the increase in 2003 was associated with new product launches in our water systems business . we are projecting 2005 capital expenditures to be approximately $ 55 million , essentially the same as our projected 2005 depreciation expense . we believe that our present facilities and planned capital expenditures are sufficient to provide adequate capacity for our operations in 2005 . in june 2004 , we completed a $ 265 million , five-year revolving credit facility with a group of eight banks . the new facility expires on june 10 , 2009 , and it replaced a $ 250 million credit facility which expired on august 2 , 2004 , and was terminated on june 10 , 2004 . the new facility backs up commercial paper and credit line borrowings . as a result of the long-term nature of this facility , the commercial paper and credit line borrowings are now classified as long-term debt . at december 31 , 2004 , we had available borrowing capacity of $ 153.9 million under this facility . we believe that the combination of available borrowing capacity and operating cash flow will provide sufficient funds to finance our existing operations for the foreseeable future . to take advantage of historically low long-term borrowing rates , we issued $ 50.0 million in senior notes with two insurance companies in june 2003 . the notes range in maturity between 2013 and 2016 and carry a weighted average interest rate of slightly less than 4.5 percent . the proceeds of the notes were used to repay commercial paper and borrowing under the credit facility . our leverage , as measured by the ratio of total debt to total capitalization , was 32 percent at the end of 2004 and the end of 2003 . aggregate contractual obligations a summary of our contractual obligations as of december 31 , 2004 , is as follows: .

.

| | ( dollars in millions ) contractual obligation | ( dollars in millions ) total | ( dollars in millions ) less than 1 year | ( dollars in millions ) 1 - 3 years | ( dollars in millions ) 3 - 5 years | more than 5 years | |---:|:-------------------------------------------------|:--------------------------------|:-------------------------------------------|:--------------------------------------|:--------------------------------------|:--------------------| | 0 | long-term debt | $ 275.1 | $ 8.6 | $ 13.8 | $ 138.2 | $ 114.5 | | 1 | capital leases | 6.0 | 2014 | 2014 | 6.0 | 2014 | | 2 | operating leases | 62.9 | 14.4 | 20.7 | 11.6 | 16.2 | | 3 | purchase obligations | 177.3 | 176.6 | 0.7 | 2014 | 2014 | | 4 | total | $ 521.3 | $ 199.6 | $ 35.2 | $ 155.8 | $ 130.7 |

table of contents item 7 2013 management 2019s discussion and analysis of financial condition and results of operations liquidity and capital resources we recorded net earnings of $ 35.4 million or $ 1.18 per share in 2004 , compared with $ 52.2 million or $ 1.76 per share recorded in 2003 and $ 51.3 million or $ 1.86 per share in 2002 . net earnings recorded in 2004 were negatively impacted by cost increases to steel and freight , as well as manufacturing inefficiencies during the first nine months of the year in our ashland city plant and higher selling , general and administrative expense ( sg&a ) . while net earnings were flat in 2003 compared with 2002 , the lower earnings per share amount in 2003 as compared with 2002 reflected the full-year impact of our stock offering in may 2002 . our individual segment performance will be discussed later in this section . our working capital , excluding short-term debt , was $ 339.8 million at december 31 , 2004 , compared with $ 305.9 million and $ 225.1 million at december 31 , 2003 , and december 31 , 2002 , respectively . the $ 33.9 million increase in 2004 reflects $ 44.9 million higher receivable balances due to longer payment terms experienced by both of our businesses as well as higher sales levels in the fourth quarter . offsetting the increase in receivable balances were $ 13.5 million lower inventory levels split about equally between water systems and electrical products and $ 14.3 million higher accounts payable balances . the $ 80.8 million increase in 2003 reflects $ 46.6 million higher inventory balances due primarily to extensive manufacturing repositioning in our electric motor business and several new product introductions and manufacturing consolidation in our water systems business . additionally , receivable balances were $ 21.2 million higher due to price increases associated with new product introductions in our water systems business and an increase in international sales , which tend to have longer payment terms . finally , a $ 13.1 million increase in accounts payable balances was largely offset by $ 9.4 million in restructuring expenses paid out in 2003 . reducing working capital is one of our major initiatives in 2005 . cash provided by operating activities during 2004 was $ 67.2 million compared with $ 29.0 million during 2003 and $ 116.0 million during 2002 . despite lower earnings in 2004 , a smaller investment in working capital explains the majority of the improvement in cash flow compared with 2003 . the higher investment in working capital in 2003 ( as discussed above ) , explains the majority of the difference between 2003 and our capital expenditures were $ 48.5 million in 2004 , essentially the same as in 2003 and approximately $ 2.2 million higher than in 2002 . the increase in 2003 was associated with new product launches in our water systems business . we are projecting 2005 capital expenditures to be approximately $ 55 million , essentially the same as our projected 2005 depreciation expense . we believe that our present facilities and planned capital expenditures are sufficient to provide adequate capacity for our operations in 2005 . in june 2004 , we completed a $ 265 million , five-year revolving credit facility with a group of eight banks . the new facility expires on june 10 , 2009 , and it replaced a $ 250 million credit facility which expired on august 2 , 2004 , and was terminated on june 10 , 2004 . the new facility backs up commercial paper and credit line borrowings . as a result of the long-term nature of this facility , the commercial paper and credit line borrowings are now classified as long-term debt . at december 31 , 2004 , we had available borrowing capacity of $ 153.9 million under this facility . we believe that the combination of available borrowing capacity and operating cash flow will provide sufficient funds to finance our existing operations for the foreseeable future . to take advantage of historically low long-term borrowing rates , we issued $ 50.0 million in senior notes with two insurance companies in june 2003 . the notes range in maturity between 2013 and 2016 and carry a weighted average interest rate of slightly less than 4.5 percent . the proceeds of the notes were used to repay commercial paper and borrowing under the credit facility . our leverage , as measured by the ratio of total debt to total capitalization , was 32 percent at the end of 2004 and the end of 2003 . aggregate contractual obligations a summary of our contractual obligations as of december 31 , 2004 , is as follows: ._| | ( dollars in millions ) contractual obligation | ( dollars in millions ) total | ( dollars in millions ) less than 1 year | ( dollars in millions ) 1 - 3 years | ( dollars in millions ) 3 - 5 years | more than 5 years | |---:|:-------------------------------------------------|:--------------------------------|:-------------------------------------------|:--------------------------------------|:--------------------------------------|:--------------------| | 0 | long-term debt | $ 275.1 | $ 8.6 | $ 13.8 | $ 138.2 | $ 114.5 | | 1 | capital leases | 6.0 | 2014 | 2014 | 6.0 | 2014 | | 2 | operating leases | 62.9 | 14.4 | 20.7 | 11.6 | 16.2 | | 3 | purchase obligations | 177.3 | 176.6 | 0.7 | 2014 | 2014 | | 4 | total | $ 521.3 | $ 199.6 | $ 35.2 | $ 155.8 | $ 130.7 |_.

2,004

11

AOS

A. O. Smith

Industrials

Building Products

Milwaukee, Wisconsin

2017-07-26

91,142

1916

null

finqa543

what is the highest value for total operating segments during this period?

11287

table_max(total operating segments, none)

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)

what is the highest value for total operating segments during this period?

11287

table_max(total operating segments, none)

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

finqa544

at december 31 , what was the percentage change in investment income from 2011 to 2012

-3.2%

divide(subtract(600.2, 620.0), 620.0)

the company had net realized capital losses for 2015 of $ 184.1 million . in 2015 , the company recorded $ 102.2 million of other-than-temporary impairments on fixed maturity securities , $ 45.6 million of losses due to fair value re-measurements and $ 36.3 million of net realized capital losses from sales of fixed maturity and equity securities . in 2014 , net realized capital gains were $ 84.0 million due to $ 121.7 million of gains from fair value re-measurements on fixed maturity and equity securities and $ 1.9 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 39.5 million of other-than- temporary impairments on fixed maturity securities . in 2013 , net realized capital gains were $ 300.2 million due to $ 258.9 million of gains due to fair value re-measurements on fixed maturity and equity securities and $ 42.4 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 1.1 million of other-than-temporary impairments on fixed maturity securities . the company 2019s cash and invested assets totaled $ 17.7 billion at december 31 , 2015 , which consisted of 87.4% ( 87.4 % ) fixed maturities and cash , of which 91.4% ( 91.4 % ) were investment grade ; 8.2% ( 8.2 % ) equity securities and 4.4% ( 4.4 % ) other invested assets . the average maturity of fixed maturity securities was 4.1 years at december 31 , 2015 , and their overall duration was 3.0 years . as of december 31 , 2015 , the company did not have any direct investments in commercial real estate or direct commercial mortgages or any material holdings of derivative investments ( other than equity index put option contracts as discussed in item 8 , 201cfinancial statements and supplementary data 201d - note 4 of notes to consolidated financial statements ) or securities of issuers that are experiencing cash flow difficulty to an extent that the company 2019s management believes could threaten the issuer 2019s ability to meet debt service payments , except where other-than-temporary impairments have been recognized . the company 2019s investment portfolio includes structured commercial mortgage-backed securities ( 201ccmbs 201d ) with a book value of $ 264.9 million and a market value of $ 266.3 million . cmbs securities comprising more than 70% ( 70 % ) of the december 31 , 2015 market value are rated aaa by standard & poor 2019s financial services llc ( 201cstandard & poor 2019s 201d ) . furthermore , securities comprising more than 90% ( 90 % ) of the market value are rated investment grade by standard & poor 2019s . the following table reflects investment results for the company for the periods indicated: .

pre-tax pre-tax pre-tax pre-tax realized net unrealized net average investment effective capital ( losses ) capital gains ( dollars in millions ) investments ( 1 ) income ( 2 ) yield gains ( 3 ) ( losses ) 17430.8$ 473.8$ 2.72% ( 2.72 % ) ( 184.1 ) $ ( 194.0 ) $ 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3 16472.5 548.5 3.33% ( 3.33 % ) 300.2 ( 467.2 ) 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6 ( 1 ) average of the beginning and ending carrying values of investments and cash , less net funds held , future policy benefit reserve , and non-interest bearing cash . bonds , common stock and redeemable and non-redeemable preferred stocks are carried at market value . common stock which are actively managed are carried at fair value . ( 2 ) after investment expenses , excluding realized net capital gains ( losses ) . ( 3 ) included in 2015 , 2014 , 2013 , 2012 and 2011 are fair value re-measurements of ( $ 45.6 ) million , $ 121.7 million , $ 258.9 million , $ 118.1 million and ( $ 4.4 ) million , respectively. .

| | ( dollars in millions ) | december 31 , average investments ( 1 ) | december 31 , pre-tax investment income ( 2 ) | december 31 , pre-tax effective yield | december 31 , pre-tax realized net capital ( losses ) gains ( 3 ) | december 31 , pre-tax unrealized net capital gains ( losses ) | |---:|--------------------------:|:------------------------------------------|:------------------------------------------------|:----------------------------------------|:--------------------------------------------------------------------|:----------------------------------------------------------------| | 0 | 2015 | $ 17430.8 | $ 473.8 | 2.72% ( 2.72 % ) | $ -184.1 ( 184.1 ) | $ -194.0 ( 194.0 ) | | 1 | 2014 | 16831.9 | 530.6 | 3.15% ( 3.15 % ) | 84.0 | 20.3 | | 2 | 2013 | 16472.5 | 548.5 | 3.33% ( 3.33 % ) | 300.2 | -467.2 ( 467.2 ) | | 3 | 2012 | 16220.9 | 600.2 | 3.70% ( 3.70 % ) | 164.4 | 161.0 | | 4 | 2011 | 15680.9 | 620.0 | 3.95% ( 3.95 % ) | 6.9 | 106.6 |

the company had net realized capital losses for 2015 of $ 184.1 million . in 2015 , the company recorded $ 102.2 million of other-than-temporary impairments on fixed maturity securities , $ 45.6 million of losses due to fair value re-measurements and $ 36.3 million of net realized capital losses from sales of fixed maturity and equity securities . in 2014 , net realized capital gains were $ 84.0 million due to $ 121.7 million of gains from fair value re-measurements on fixed maturity and equity securities and $ 1.9 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 39.5 million of other-than- temporary impairments on fixed maturity securities . in 2013 , net realized capital gains were $ 300.2 million due to $ 258.9 million of gains due to fair value re-measurements on fixed maturity and equity securities and $ 42.4 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 1.1 million of other-than-temporary impairments on fixed maturity securities . the company 2019s cash and invested assets totaled $ 17.7 billion at december 31 , 2015 , which consisted of 87.4% ( 87.4 % ) fixed maturities and cash , of which 91.4% ( 91.4 % ) were investment grade ; 8.2% ( 8.2 % ) equity securities and 4.4% ( 4.4 % ) other invested assets . the average maturity of fixed maturity securities was 4.1 years at december 31 , 2015 , and their overall duration was 3.0 years . as of december 31 , 2015 , the company did not have any direct investments in commercial real estate or direct commercial mortgages or any material holdings of derivative investments ( other than equity index put option contracts as discussed in item 8 , 201cfinancial statements and supplementary data 201d - note 4 of notes to consolidated financial statements ) or securities of issuers that are experiencing cash flow difficulty to an extent that the company 2019s management believes could threaten the issuer 2019s ability to meet debt service payments , except where other-than-temporary impairments have been recognized . the company 2019s investment portfolio includes structured commercial mortgage-backed securities ( 201ccmbs 201d ) with a book value of $ 264.9 million and a market value of $ 266.3 million . cmbs securities comprising more than 70% ( 70 % ) of the december 31 , 2015 market value are rated aaa by standard & poor 2019s financial services llc ( 201cstandard & poor 2019s 201d ) . furthermore , securities comprising more than 90% ( 90 % ) of the market value are rated investment grade by standard & poor 2019s . the following table reflects investment results for the company for the periods indicated: ._| | ( dollars in millions ) | december 31 , average investments ( 1 ) | december 31 , pre-tax investment income ( 2 ) | december 31 , pre-tax effective yield | december 31 , pre-tax realized net capital ( losses ) gains ( 3 ) | december 31 , pre-tax unrealized net capital gains ( losses ) | |---:|--------------------------:|:------------------------------------------|:------------------------------------------------|:----------------------------------------|:--------------------------------------------------------------------|:----------------------------------------------------------------| | 0 | 2015 | $ 17430.8 | $ 473.8 | 2.72% ( 2.72 % ) | $ -184.1 ( 184.1 ) | $ -194.0 ( 194.0 ) | | 1 | 2014 | 16831.9 | 530.6 | 3.15% ( 3.15 % ) | 84.0 | 20.3 | | 2 | 2013 | 16472.5 | 548.5 | 3.33% ( 3.33 % ) | 300.2 | -467.2 ( 467.2 ) | | 3 | 2012 | 16220.9 | 600.2 | 3.70% ( 3.70 % ) | 164.4 | 161.0 | | 4 | 2011 | 15680.9 | 620.0 | 3.95% ( 3.95 % ) | 6.9 | 106.6 |_pre-tax pre-tax pre-tax pre-tax realized net unrealized net average investment effective capital ( losses ) capital gains ( dollars in millions ) investments ( 1 ) income ( 2 ) yield gains ( 3 ) ( losses ) 17430.8$ 473.8$ 2.72% ( 2.72 % ) ( 184.1 ) $ ( 194.0 ) $ 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3 16472.5 548.5 3.33% ( 3.33 % ) 300.2 ( 467.2 ) 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6 ( 1 ) average of the beginning and ending carrying values of investments and cash , less net funds held , future policy benefit reserve , and non-interest bearing cash . bonds , common stock and redeemable and non-redeemable preferred stocks are carried at market value . common stock which are actively managed are carried at fair value . ( 2 ) after investment expenses , excluding realized net capital gains ( losses ) . ( 3 ) included in 2015 , 2014 , 2013 , 2012 and 2011 are fair value re-measurements of ( $ 45.6 ) million , $ 121.7 million , $ 258.9 million , $ 118.1 million and ( $ 4.4 ) million , respectively. .

2,015

33

RE

Everest Re Group, Ltd.

Financials

Reinsurance

Hamilton, Bermuda

2010-01-01

1,095,073

1973

at december 31 , what was the percentage change in investment income from 2011 to 2012

-3.2%

divide(subtract(600.2, 620.0), 620.0)

the company had net realized capital losses for 2015 of $ 184.1 million . in 2015 , the company recorded $ 102.2 million of other-than-temporary impairments on fixed maturity securities , $ 45.6 million of losses due to fair value re-measurements and $ 36.3 million of net realized capital losses from sales of fixed maturity and equity securities . in 2014 , net realized capital gains were $ 84.0 million due to $ 121.7 million of gains from fair value re-measurements on fixed maturity and equity securities and $ 1.9 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 39.5 million of other-than- temporary impairments on fixed maturity securities . in 2013 , net realized capital gains were $ 300.2 million due to $ 258.9 million of gains due to fair value re-measurements on fixed maturity and equity securities and $ 42.4 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 1.1 million of other-than-temporary impairments on fixed maturity securities . the company 2019s cash and invested assets totaled $ 17.7 billion at december 31 , 2015 , which consisted of 87.4% ( 87.4 % ) fixed maturities and cash , of which 91.4% ( 91.4 % ) were investment grade ; 8.2% ( 8.2 % ) equity securities and 4.4% ( 4.4 % ) other invested assets . the average maturity of fixed maturity securities was 4.1 years at december 31 , 2015 , and their overall duration was 3.0 years . as of december 31 , 2015 , the company did not have any direct investments in commercial real estate or direct commercial mortgages or any material holdings of derivative investments ( other than equity index put option contracts as discussed in item 8 , 201cfinancial statements and supplementary data 201d - note 4 of notes to consolidated financial statements ) or securities of issuers that are experiencing cash flow difficulty to an extent that the company 2019s management believes could threaten the issuer 2019s ability to meet debt service payments , except where other-than-temporary impairments have been recognized . the company 2019s investment portfolio includes structured commercial mortgage-backed securities ( 201ccmbs 201d ) with a book value of $ 264.9 million and a market value of $ 266.3 million . cmbs securities comprising more than 70% ( 70 % ) of the december 31 , 2015 market value are rated aaa by standard & poor 2019s financial services llc ( 201cstandard & poor 2019s 201d ) . furthermore , securities comprising more than 90% ( 90 % ) of the market value are rated investment grade by standard & poor 2019s . the following table reflects investment results for the company for the periods indicated: .

pre-tax pre-tax pre-tax pre-tax realized net unrealized net average investment effective capital ( losses ) capital gains ( dollars in millions ) investments ( 1 ) income ( 2 ) yield gains ( 3 ) ( losses ) 17430.8$ 473.8$ 2.72% ( 2.72 % ) ( 184.1 ) $ ( 194.0 ) $ 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3 16472.5 548.5 3.33% ( 3.33 % ) 300.2 ( 467.2 ) 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6 ( 1 ) average of the beginning and ending carrying values of investments and cash , less net funds held , future policy benefit reserve , and non-interest bearing cash . bonds , common stock and redeemable and non-redeemable preferred stocks are carried at market value . common stock which are actively managed are carried at fair value . ( 2 ) after investment expenses , excluding realized net capital gains ( losses ) . ( 3 ) included in 2015 , 2014 , 2013 , 2012 and 2011 are fair value re-measurements of ( $ 45.6 ) million , $ 121.7 million , $ 258.9 million , $ 118.1 million and ( $ 4.4 ) million , respectively. .

| | ( dollars in millions ) | december 31 , average investments ( 1 ) | december 31 , pre-tax investment income ( 2 ) | december 31 , pre-tax effective yield | december 31 , pre-tax realized net capital ( losses ) gains ( 3 ) | december 31 , pre-tax unrealized net capital gains ( losses ) | |---:|--------------------------:|:------------------------------------------|:------------------------------------------------|:----------------------------------------|:--------------------------------------------------------------------|:----------------------------------------------------------------| | 0 | 2015 | $ 17430.8 | $ 473.8 | 2.72% ( 2.72 % ) | $ -184.1 ( 184.1 ) | $ -194.0 ( 194.0 ) | | 1 | 2014 | 16831.9 | 530.6 | 3.15% ( 3.15 % ) | 84.0 | 20.3 | | 2 | 2013 | 16472.5 | 548.5 | 3.33% ( 3.33 % ) | 300.2 | -467.2 ( 467.2 ) | | 3 | 2012 | 16220.9 | 600.2 | 3.70% ( 3.70 % ) | 164.4 | 161.0 | | 4 | 2011 | 15680.9 | 620.0 | 3.95% ( 3.95 % ) | 6.9 | 106.6 |

the company had net realized capital losses for 2015 of $ 184.1 million . in 2015 , the company recorded $ 102.2 million of other-than-temporary impairments on fixed maturity securities , $ 45.6 million of losses due to fair value re-measurements and $ 36.3 million of net realized capital losses from sales of fixed maturity and equity securities . in 2014 , net realized capital gains were $ 84.0 million due to $ 121.7 million of gains from fair value re-measurements on fixed maturity and equity securities and $ 1.9 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 39.5 million of other-than- temporary impairments on fixed maturity securities . in 2013 , net realized capital gains were $ 300.2 million due to $ 258.9 million of gains due to fair value re-measurements on fixed maturity and equity securities and $ 42.4 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 1.1 million of other-than-temporary impairments on fixed maturity securities . the company 2019s cash and invested assets totaled $ 17.7 billion at december 31 , 2015 , which consisted of 87.4% ( 87.4 % ) fixed maturities and cash , of which 91.4% ( 91.4 % ) were investment grade ; 8.2% ( 8.2 % ) equity securities and 4.4% ( 4.4 % ) other invested assets . the average maturity of fixed maturity securities was 4.1 years at december 31 , 2015 , and their overall duration was 3.0 years . as of december 31 , 2015 , the company did not have any direct investments in commercial real estate or direct commercial mortgages or any material holdings of derivative investments ( other than equity index put option contracts as discussed in item 8 , 201cfinancial statements and supplementary data 201d - note 4 of notes to consolidated financial statements ) or securities of issuers that are experiencing cash flow difficulty to an extent that the company 2019s management believes could threaten the issuer 2019s ability to meet debt service payments , except where other-than-temporary impairments have been recognized . the company 2019s investment portfolio includes structured commercial mortgage-backed securities ( 201ccmbs 201d ) with a book value of $ 264.9 million and a market value of $ 266.3 million . cmbs securities comprising more than 70% ( 70 % ) of the december 31 , 2015 market value are rated aaa by standard & poor 2019s financial services llc ( 201cstandard & poor 2019s 201d ) . furthermore , securities comprising more than 90% ( 90 % ) of the market value are rated investment grade by standard & poor 2019s . the following table reflects investment results for the company for the periods indicated: ._| | ( dollars in millions ) | december 31 , average investments ( 1 ) | december 31 , pre-tax investment income ( 2 ) | december 31 , pre-tax effective yield | december 31 , pre-tax realized net capital ( losses ) gains ( 3 ) | december 31 , pre-tax unrealized net capital gains ( losses ) | |---:|--------------------------:|:------------------------------------------|:------------------------------------------------|:----------------------------------------|:--------------------------------------------------------------------|:----------------------------------------------------------------| | 0 | 2015 | $ 17430.8 | $ 473.8 | 2.72% ( 2.72 % ) | $ -184.1 ( 184.1 ) | $ -194.0 ( 194.0 ) | | 1 | 2014 | 16831.9 | 530.6 | 3.15% ( 3.15 % ) | 84.0 | 20.3 | | 2 | 2013 | 16472.5 | 548.5 | 3.33% ( 3.33 % ) | 300.2 | -467.2 ( 467.2 ) | | 3 | 2012 | 16220.9 | 600.2 | 3.70% ( 3.70 % ) | 164.4 | 161.0 | | 4 | 2011 | 15680.9 | 620.0 | 3.95% ( 3.95 % ) | 6.9 | 106.6 |_pre-tax pre-tax pre-tax pre-tax realized net unrealized net average investment effective capital ( losses ) capital gains ( dollars in millions ) investments ( 1 ) income ( 2 ) yield gains ( 3 ) ( losses ) 17430.8$ 473.8$ 2.72% ( 2.72 % ) ( 184.1 ) $ ( 194.0 ) $ 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3 16472.5 548.5 3.33% ( 3.33 % ) 300.2 ( 467.2 ) 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6 ( 1 ) average of the beginning and ending carrying values of investments and cash , less net funds held , future policy benefit reserve , and non-interest bearing cash . bonds , common stock and redeemable and non-redeemable preferred stocks are carried at market value . common stock which are actively managed are carried at fair value . ( 2 ) after investment expenses , excluding realized net capital gains ( losses ) . ( 3 ) included in 2015 , 2014 , 2013 , 2012 and 2011 are fair value re-measurements of ( $ 45.6 ) million , $ 121.7 million , $ 258.9 million , $ 118.1 million and ( $ 4.4 ) million , respectively. .

2,015

33

RE

Everest Re Group, Ltd.

Financials

Reinsurance

Hamilton, Bermuda

2010-01-01

1,095,073

1973

null

finqa545

what was the percentage change in investment banking fees from 2005 to 2006?

35%

divide(subtract(5520, 4088), 4088)

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

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

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

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

2,007

33

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

what was the percentage change in investment banking fees from 2005 to 2006?

35%

divide(subtract(5520, 4088), 4088)

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

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

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

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

2,007

33

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa546

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

16.79%

multiply(divide(subtract(27.4, 22.8), 27.4), const_100)

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

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

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

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

2,015

48

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

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

16.79%

multiply(divide(subtract(27.4, 22.8), 27.4), const_100)

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

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

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

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

2,015

48

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

null

finqa547

at december 31 , 2015 what was the net change from december 31 , 2014 on alll on total purchased impaired loans in billions?

-0.6

subtract(.3, .9)

during 2015 , $ 82 million of provision recapture was recorded for purchased impaired loans compared to $ 91 million of provision recapture during 2014 . charge-offs ( which were specifically for commercial loans greater than a defined threshold ) during 2015 were $ 12 million compared to $ 42 million during 2014 . at december 31 , 2015 and december 31 , 2014 , the alll on total purchased impaired loans was $ .3 billion and $ .9 billion , respectively . the decline in alll was primarily due to the change in our derecognition policy . for purchased impaired loan pools where an allowance has been recognized , subsequent increases in the net present value of cash flows will result in a provision recapture of any previously recorded alll to the extent applicable , and/or a reclassification from non-accretable difference to accretable yield , which will be recognized prospectively . individual loan transactions where final dispositions have occurred ( as noted above ) result in removal of the loans from their applicable pools for cash flow estimation purposes . the cash flow re- estimation process is completed quarterly to evaluate the appropriateness of the alll associated with the purchased impaired loans . activity for the accretable yield during 2015 and 2014 follows : table 66 : purchased impaired loans 2013 accretable yield .

note 5 allowances for loan and lease losses and unfunded loan commitments and letters of credit allowance for loan and lease losses we maintain the alll at levels that we believe to be appropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date . we use the two main portfolio segments 2013 commercial lending and consumer lending 2013 and develop and document the alll under separate methodologies for each of these segments as discussed in note 1 accounting policies . a rollforward of the alll and associated loan data follows . the pnc financial services group , inc . 2013 form 10-k 141 .

| | in millions | 2015 | 2014 | |---:|:--------------------------------------------------------|:-------------|:-------------| | 0 | january 1 | $ 1558 | $ 2055 | | 1 | accretion ( including excess cash recoveries ) | -466 ( 466 ) | -587 ( 587 ) | | 2 | net reclassifications to accretable from non-accretable | 226 | 208 | | 3 | disposals | -68 ( 68 ) | -118 ( 118 ) | | 4 | december 31 | $ 1250 | $ 1558 |

during 2015 , $ 82 million of provision recapture was recorded for purchased impaired loans compared to $ 91 million of provision recapture during 2014 . charge-offs ( which were specifically for commercial loans greater than a defined threshold ) during 2015 were $ 12 million compared to $ 42 million during 2014 . at december 31 , 2015 and december 31 , 2014 , the alll on total purchased impaired loans was $ .3 billion and $ .9 billion , respectively . the decline in alll was primarily due to the change in our derecognition policy . for purchased impaired loan pools where an allowance has been recognized , subsequent increases in the net present value of cash flows will result in a provision recapture of any previously recorded alll to the extent applicable , and/or a reclassification from non-accretable difference to accretable yield , which will be recognized prospectively . individual loan transactions where final dispositions have occurred ( as noted above ) result in removal of the loans from their applicable pools for cash flow estimation purposes . the cash flow re- estimation process is completed quarterly to evaluate the appropriateness of the alll associated with the purchased impaired loans . activity for the accretable yield during 2015 and 2014 follows : table 66 : purchased impaired loans 2013 accretable yield ._| | in millions | 2015 | 2014 | |---:|:--------------------------------------------------------|:-------------|:-------------| | 0 | january 1 | $ 1558 | $ 2055 | | 1 | accretion ( including excess cash recoveries ) | -466 ( 466 ) | -587 ( 587 ) | | 2 | net reclassifications to accretable from non-accretable | 226 | 208 | | 3 | disposals | -68 ( 68 ) | -118 ( 118 ) | | 4 | december 31 | $ 1250 | $ 1558 |_note 5 allowances for loan and lease losses and unfunded loan commitments and letters of credit allowance for loan and lease losses we maintain the alll at levels that we believe to be appropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date . we use the two main portfolio segments 2013 commercial lending and consumer lending 2013 and develop and document the alll under separate methodologies for each of these segments as discussed in note 1 accounting policies . a rollforward of the alll and associated loan data follows . the pnc financial services group , inc . 2013 form 10-k 141 .

2,015

159

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

at december 31 , 2015 what was the net change from december 31 , 2014 on alll on total purchased impaired loans in billions?

-0.6

subtract(.3, .9)

during 2015 , $ 82 million of provision recapture was recorded for purchased impaired loans compared to $ 91 million of provision recapture during 2014 . charge-offs ( which were specifically for commercial loans greater than a defined threshold ) during 2015 were $ 12 million compared to $ 42 million during 2014 . at december 31 , 2015 and december 31 , 2014 , the alll on total purchased impaired loans was $ .3 billion and $ .9 billion , respectively . the decline in alll was primarily due to the change in our derecognition policy . for purchased impaired loan pools where an allowance has been recognized , subsequent increases in the net present value of cash flows will result in a provision recapture of any previously recorded alll to the extent applicable , and/or a reclassification from non-accretable difference to accretable yield , which will be recognized prospectively . individual loan transactions where final dispositions have occurred ( as noted above ) result in removal of the loans from their applicable pools for cash flow estimation purposes . the cash flow re- estimation process is completed quarterly to evaluate the appropriateness of the alll associated with the purchased impaired loans . activity for the accretable yield during 2015 and 2014 follows : table 66 : purchased impaired loans 2013 accretable yield .

note 5 allowances for loan and lease losses and unfunded loan commitments and letters of credit allowance for loan and lease losses we maintain the alll at levels that we believe to be appropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date . we use the two main portfolio segments 2013 commercial lending and consumer lending 2013 and develop and document the alll under separate methodologies for each of these segments as discussed in note 1 accounting policies . a rollforward of the alll and associated loan data follows . the pnc financial services group , inc . 2013 form 10-k 141 .

| | in millions | 2015 | 2014 | |---:|:--------------------------------------------------------|:-------------|:-------------| | 0 | january 1 | $ 1558 | $ 2055 | | 1 | accretion ( including excess cash recoveries ) | -466 ( 466 ) | -587 ( 587 ) | | 2 | net reclassifications to accretable from non-accretable | 226 | 208 | | 3 | disposals | -68 ( 68 ) | -118 ( 118 ) | | 4 | december 31 | $ 1250 | $ 1558 |

during 2015 , $ 82 million of provision recapture was recorded for purchased impaired loans compared to $ 91 million of provision recapture during 2014 . charge-offs ( which were specifically for commercial loans greater than a defined threshold ) during 2015 were $ 12 million compared to $ 42 million during 2014 . at december 31 , 2015 and december 31 , 2014 , the alll on total purchased impaired loans was $ .3 billion and $ .9 billion , respectively . the decline in alll was primarily due to the change in our derecognition policy . for purchased impaired loan pools where an allowance has been recognized , subsequent increases in the net present value of cash flows will result in a provision recapture of any previously recorded alll to the extent applicable , and/or a reclassification from non-accretable difference to accretable yield , which will be recognized prospectively . individual loan transactions where final dispositions have occurred ( as noted above ) result in removal of the loans from their applicable pools for cash flow estimation purposes . the cash flow re- estimation process is completed quarterly to evaluate the appropriateness of the alll associated with the purchased impaired loans . activity for the accretable yield during 2015 and 2014 follows : table 66 : purchased impaired loans 2013 accretable yield ._| | in millions | 2015 | 2014 | |---:|:--------------------------------------------------------|:-------------|:-------------| | 0 | january 1 | $ 1558 | $ 2055 | | 1 | accretion ( including excess cash recoveries ) | -466 ( 466 ) | -587 ( 587 ) | | 2 | net reclassifications to accretable from non-accretable | 226 | 208 | | 3 | disposals | -68 ( 68 ) | -118 ( 118 ) | | 4 | december 31 | $ 1250 | $ 1558 |_note 5 allowances for loan and lease losses and unfunded loan commitments and letters of credit allowance for loan and lease losses we maintain the alll at levels that we believe to be appropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date . we use the two main portfolio segments 2013 commercial lending and consumer lending 2013 and develop and document the alll under separate methodologies for each of these segments as discussed in note 1 accounting policies . a rollforward of the alll and associated loan data follows . the pnc financial services group , inc . 2013 form 10-k 141 .

2,015

159

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

null

finqa548

in millions , what is the total impact on the change in net revenue from the reserve equalization , the purchased power capacity , and the transmission revenue?

33.7

add(add(14.3, 12.4), const_7)

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 37.9 million primarily due to lower other operation and maintenance expenses , the asset write-off of its receivable associated with the spindletop gas storage facility in 2015 , and higher net revenue . 2015 compared to 2014 net income decreased $ 5.2 million primarily due to the asset write-off of its receivable associated with the spindletop gas storage facility and higher other operation and maintenance expenses , partially offset by higher net revenue and a lower effective tax rate . net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) .

the reserve equalization variance is primarily due to a reduction in reserve equalization expense primarily due to changes in the entergy system generation mix compared to the same period in 2015 as a result of the execution of a new purchased power agreement and entergy mississippi 2019s exit from the system agreement , each in november 2015 , and entergy texas 2019s exit from the system agreement in august 2016 . see note 2 to the financial statements for a discussion of the system agreement . the purchased power capacity variance is primarily due to decreased expenses due to the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016 , as well as capacity cost changes for ongoing purchased power capacity contracts . the transmission revenue variance is primarily due to an increase in attachment o rates charged by miso to transmission customers and a settlement of attachment o rates previously billed to transmission customers by miso. .

| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2015 net revenue | $ 637.2 | | 1 | reserve equalization | 14.3 | | 2 | purchased power capacity | 12.4 | | 3 | transmission revenue | 7.0 | | 4 | retail electric price | 5.4 | | 5 | net wholesale | -27.8 ( 27.8 ) | | 6 | other | -4.3 ( 4.3 ) | | 7 | 2016 net revenue | $ 644.2 |

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 37.9 million primarily due to lower other operation and maintenance expenses , the asset write-off of its receivable associated with the spindletop gas storage facility in 2015 , and higher net revenue . 2015 compared to 2014 net income decreased $ 5.2 million primarily due to the asset write-off of its receivable associated with the spindletop gas storage facility and higher other operation and maintenance expenses , partially offset by higher net revenue and a lower effective tax rate . net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2015 net revenue | $ 637.2 | | 1 | reserve equalization | 14.3 | | 2 | purchased power capacity | 12.4 | | 3 | transmission revenue | 7.0 | | 4 | retail electric price | 5.4 | | 5 | net wholesale | -27.8 ( 27.8 ) | | 6 | other | -4.3 ( 4.3 ) | | 7 | 2016 net revenue | $ 644.2 |_the reserve equalization variance is primarily due to a reduction in reserve equalization expense primarily due to changes in the entergy system generation mix compared to the same period in 2015 as a result of the execution of a new purchased power agreement and entergy mississippi 2019s exit from the system agreement , each in november 2015 , and entergy texas 2019s exit from the system agreement in august 2016 . see note 2 to the financial statements for a discussion of the system agreement . the purchased power capacity variance is primarily due to decreased expenses due to the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016 , as well as capacity cost changes for ongoing purchased power capacity contracts . the transmission revenue variance is primarily due to an increase in attachment o rates charged by miso to transmission customers and a settlement of attachment o rates previously billed to transmission customers by miso. .

2,016

418

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

in millions , what is the total impact on the change in net revenue from the reserve equalization , the purchased power capacity , and the transmission revenue?

33.7

add(add(14.3, 12.4), const_7)

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 37.9 million primarily due to lower other operation and maintenance expenses , the asset write-off of its receivable associated with the spindletop gas storage facility in 2015 , and higher net revenue . 2015 compared to 2014 net income decreased $ 5.2 million primarily due to the asset write-off of its receivable associated with the spindletop gas storage facility and higher other operation and maintenance expenses , partially offset by higher net revenue and a lower effective tax rate . net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) .

the reserve equalization variance is primarily due to a reduction in reserve equalization expense primarily due to changes in the entergy system generation mix compared to the same period in 2015 as a result of the execution of a new purchased power agreement and entergy mississippi 2019s exit from the system agreement , each in november 2015 , and entergy texas 2019s exit from the system agreement in august 2016 . see note 2 to the financial statements for a discussion of the system agreement . the purchased power capacity variance is primarily due to decreased expenses due to the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016 , as well as capacity cost changes for ongoing purchased power capacity contracts . the transmission revenue variance is primarily due to an increase in attachment o rates charged by miso to transmission customers and a settlement of attachment o rates previously billed to transmission customers by miso. .

| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2015 net revenue | $ 637.2 | | 1 | reserve equalization | 14.3 | | 2 | purchased power capacity | 12.4 | | 3 | transmission revenue | 7.0 | | 4 | retail electric price | 5.4 | | 5 | net wholesale | -27.8 ( 27.8 ) | | 6 | other | -4.3 ( 4.3 ) | | 7 | 2016 net revenue | $ 644.2 |

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 37.9 million primarily due to lower other operation and maintenance expenses , the asset write-off of its receivable associated with the spindletop gas storage facility in 2015 , and higher net revenue . 2015 compared to 2014 net income decreased $ 5.2 million primarily due to the asset write-off of its receivable associated with the spindletop gas storage facility and higher other operation and maintenance expenses , partially offset by higher net revenue and a lower effective tax rate . net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2015 net revenue | $ 637.2 | | 1 | reserve equalization | 14.3 | | 2 | purchased power capacity | 12.4 | | 3 | transmission revenue | 7.0 | | 4 | retail electric price | 5.4 | | 5 | net wholesale | -27.8 ( 27.8 ) | | 6 | other | -4.3 ( 4.3 ) | | 7 | 2016 net revenue | $ 644.2 |_the reserve equalization variance is primarily due to a reduction in reserve equalization expense primarily due to changes in the entergy system generation mix compared to the same period in 2015 as a result of the execution of a new purchased power agreement and entergy mississippi 2019s exit from the system agreement , each in november 2015 , and entergy texas 2019s exit from the system agreement in august 2016 . see note 2 to the financial statements for a discussion of the system agreement . the purchased power capacity variance is primarily due to decreased expenses due to the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016 , as well as capacity cost changes for ongoing purchased power capacity contracts . the transmission revenue variance is primarily due to an increase in attachment o rates charged by miso to transmission customers and a settlement of attachment o rates previously billed to transmission customers by miso. .

2,016

418

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa549

what was the lowest amount of research and development credit net in the three year period , in millions?

-26

table_min(research and development credit net, 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 lowest amount of research and development credit net in the three year period , in millions?

-26

table_min(research and development credit net, 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

finqa550

what is the percentual increase in the operating expenses during 2017 and 2018?

27.5%

subtract(divide(91.8, 72.0), const_1)

income tax liabilities tax liabilities related to unrecognized tax benefits as of 30 september 2018 were $ 233.6 . these tax liabilities were excluded from the contractual obligations table as it is impractical to determine a cash impact by year given that payments will vary according to changes in tax laws , tax rates , and our operating results . in addition , there are uncertainties in timing of the effective settlement of our uncertain tax positions with respective taxing authorities . however , the contractual obligations table above includes our accrued liability of approximately $ 184 for deemed repatriation tax that is payable over eight years related to the tax act . refer to note 22 , income taxes , to the consolidated financial statements for additional information . obligation for future contribution to an equity affiliate on 19 april 2015 , a joint venture between air products and acwa holding entered into a 20-year oxygen and nitrogen supply agreement to supply saudi aramco 2019s oil refinery and power plant being built in jazan , saudi arabia . air products owns 25% ( 25 % ) of the joint venture and guarantees the repayment of its share of an equity bridge loan . in total , we expect to invest approximately $ 100 in this joint venture . as of 30 september 2018 , we recorded a noncurrent liability of $ 94.4 for our obligation to make future equity contributions in 2020 based on our proportionate share of the advances received by the joint venture under the loan . expected investment in joint venture on 12 august 2018 , air products entered an agreement to form a gasification/power joint venture ( "jv" ) with saudi aramco and acwa in jazan , saudi arabia . air products will own at least 55% ( 55 % ) of the jv , with saudi aramco and acwa power owning the balance . the jv will purchase the gasification assets , power block , and the associated utilities from saudi aramco for approximately $ 8 billion . our expected investment has been excluded from the contractual obligations table above pending closing , which is currently expected in fiscal year 2020 . the jv will own and operate the facility under a 25-year contract for a fixed monthly fee . saudi aramco will supply feedstock to the jv , and the jv will produce power , hydrogen and other utilities for saudi aramco . pension benefits the company and certain of its subsidiaries sponsor defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees . the principal defined benefit pension plans are the u.s . salaried pension plan and the u.k . pension plan . these plans were closed to new participants in 2005 , after which defined contribution plans were offered to new employees . the shift to defined contribution plans is expected to continue to reduce volatility of both plan expense and contributions . the fair market value of plan assets for our defined benefit pension plans as of the 30 september 2018 measurement date decreased to $ 4273.1 from $ 4409.2 at the end of fiscal year 2017 . the projected benefit obligation for these plans was $ 4583.3 and $ 5107.2 at the end of fiscal years 2018 and 2017 , respectively . the net unfunded liability decreased $ 387.8 from $ 698.0 to $ 310.2 , primarily due to higher discount rates and favorable asset experience . refer to note 16 , retirement benefits , to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits . pension expense .

.

| | | 2018 | 2017 | 2016 | |---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | pension expense 2013 continuing operations | $ 91.8 | $ 72.0 | $ 55.8 | | 1 | settlements termination benefits and curtailments ( included above ) | 48.9 | 15.0 | 6.0 | | 2 | weighted average discount rate 2013 service cost | 3.2% ( 3.2 % ) | 2.9% ( 2.9 % ) | 4.1% ( 4.1 % ) | | 3 | weighted average discount rate 2013 interest cost | 2.9% ( 2.9 % ) | 2.5% ( 2.5 % ) | 3.4% ( 3.4 % ) | | 4 | weighted average expected rate of return on plan assets | 6.9% ( 6.9 % ) | 7.4% ( 7.4 % ) | 7.5% ( 7.5 % ) | | 5 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) |

income tax liabilities tax liabilities related to unrecognized tax benefits as of 30 september 2018 were $ 233.6 . these tax liabilities were excluded from the contractual obligations table as it is impractical to determine a cash impact by year given that payments will vary according to changes in tax laws , tax rates , and our operating results . in addition , there are uncertainties in timing of the effective settlement of our uncertain tax positions with respective taxing authorities . however , the contractual obligations table above includes our accrued liability of approximately $ 184 for deemed repatriation tax that is payable over eight years related to the tax act . refer to note 22 , income taxes , to the consolidated financial statements for additional information . obligation for future contribution to an equity affiliate on 19 april 2015 , a joint venture between air products and acwa holding entered into a 20-year oxygen and nitrogen supply agreement to supply saudi aramco 2019s oil refinery and power plant being built in jazan , saudi arabia . air products owns 25% ( 25 % ) of the joint venture and guarantees the repayment of its share of an equity bridge loan . in total , we expect to invest approximately $ 100 in this joint venture . as of 30 september 2018 , we recorded a noncurrent liability of $ 94.4 for our obligation to make future equity contributions in 2020 based on our proportionate share of the advances received by the joint venture under the loan . expected investment in joint venture on 12 august 2018 , air products entered an agreement to form a gasification/power joint venture ( "jv" ) with saudi aramco and acwa in jazan , saudi arabia . air products will own at least 55% ( 55 % ) of the jv , with saudi aramco and acwa power owning the balance . the jv will purchase the gasification assets , power block , and the associated utilities from saudi aramco for approximately $ 8 billion . our expected investment has been excluded from the contractual obligations table above pending closing , which is currently expected in fiscal year 2020 . the jv will own and operate the facility under a 25-year contract for a fixed monthly fee . saudi aramco will supply feedstock to the jv , and the jv will produce power , hydrogen and other utilities for saudi aramco . pension benefits the company and certain of its subsidiaries sponsor defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees . the principal defined benefit pension plans are the u.s . salaried pension plan and the u.k . pension plan . these plans were closed to new participants in 2005 , after which defined contribution plans were offered to new employees . the shift to defined contribution plans is expected to continue to reduce volatility of both plan expense and contributions . the fair market value of plan assets for our defined benefit pension plans as of the 30 september 2018 measurement date decreased to $ 4273.1 from $ 4409.2 at the end of fiscal year 2017 . the projected benefit obligation for these plans was $ 4583.3 and $ 5107.2 at the end of fiscal years 2018 and 2017 , respectively . the net unfunded liability decreased $ 387.8 from $ 698.0 to $ 310.2 , primarily due to higher discount rates and favorable asset experience . refer to note 16 , retirement benefits , to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits . pension expense ._| | | 2018 | 2017 | 2016 | |---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | pension expense 2013 continuing operations | $ 91.8 | $ 72.0 | $ 55.8 | | 1 | settlements termination benefits and curtailments ( included above ) | 48.9 | 15.0 | 6.0 | | 2 | weighted average discount rate 2013 service cost | 3.2% ( 3.2 % ) | 2.9% ( 2.9 % ) | 4.1% ( 4.1 % ) | | 3 | weighted average discount rate 2013 interest cost | 2.9% ( 2.9 % ) | 2.5% ( 2.5 % ) | 3.4% ( 3.4 % ) | | 4 | weighted average expected rate of return on plan assets | 6.9% ( 6.9 % ) | 7.4% ( 7.4 % ) | 7.5% ( 7.5 % ) | | 5 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) |_.

2,018

59

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

what is the percentual increase in the operating expenses during 2017 and 2018?

27.5%

subtract(divide(91.8, 72.0), const_1)

income tax liabilities tax liabilities related to unrecognized tax benefits as of 30 september 2018 were $ 233.6 . these tax liabilities were excluded from the contractual obligations table as it is impractical to determine a cash impact by year given that payments will vary according to changes in tax laws , tax rates , and our operating results . in addition , there are uncertainties in timing of the effective settlement of our uncertain tax positions with respective taxing authorities . however , the contractual obligations table above includes our accrued liability of approximately $ 184 for deemed repatriation tax that is payable over eight years related to the tax act . refer to note 22 , income taxes , to the consolidated financial statements for additional information . obligation for future contribution to an equity affiliate on 19 april 2015 , a joint venture between air products and acwa holding entered into a 20-year oxygen and nitrogen supply agreement to supply saudi aramco 2019s oil refinery and power plant being built in jazan , saudi arabia . air products owns 25% ( 25 % ) of the joint venture and guarantees the repayment of its share of an equity bridge loan . in total , we expect to invest approximately $ 100 in this joint venture . as of 30 september 2018 , we recorded a noncurrent liability of $ 94.4 for our obligation to make future equity contributions in 2020 based on our proportionate share of the advances received by the joint venture under the loan . expected investment in joint venture on 12 august 2018 , air products entered an agreement to form a gasification/power joint venture ( "jv" ) with saudi aramco and acwa in jazan , saudi arabia . air products will own at least 55% ( 55 % ) of the jv , with saudi aramco and acwa power owning the balance . the jv will purchase the gasification assets , power block , and the associated utilities from saudi aramco for approximately $ 8 billion . our expected investment has been excluded from the contractual obligations table above pending closing , which is currently expected in fiscal year 2020 . the jv will own and operate the facility under a 25-year contract for a fixed monthly fee . saudi aramco will supply feedstock to the jv , and the jv will produce power , hydrogen and other utilities for saudi aramco . pension benefits the company and certain of its subsidiaries sponsor defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees . the principal defined benefit pension plans are the u.s . salaried pension plan and the u.k . pension plan . these plans were closed to new participants in 2005 , after which defined contribution plans were offered to new employees . the shift to defined contribution plans is expected to continue to reduce volatility of both plan expense and contributions . the fair market value of plan assets for our defined benefit pension plans as of the 30 september 2018 measurement date decreased to $ 4273.1 from $ 4409.2 at the end of fiscal year 2017 . the projected benefit obligation for these plans was $ 4583.3 and $ 5107.2 at the end of fiscal years 2018 and 2017 , respectively . the net unfunded liability decreased $ 387.8 from $ 698.0 to $ 310.2 , primarily due to higher discount rates and favorable asset experience . refer to note 16 , retirement benefits , to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits . pension expense .

.

| | | 2018 | 2017 | 2016 | |---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | pension expense 2013 continuing operations | $ 91.8 | $ 72.0 | $ 55.8 | | 1 | settlements termination benefits and curtailments ( included above ) | 48.9 | 15.0 | 6.0 | | 2 | weighted average discount rate 2013 service cost | 3.2% ( 3.2 % ) | 2.9% ( 2.9 % ) | 4.1% ( 4.1 % ) | | 3 | weighted average discount rate 2013 interest cost | 2.9% ( 2.9 % ) | 2.5% ( 2.5 % ) | 3.4% ( 3.4 % ) | | 4 | weighted average expected rate of return on plan assets | 6.9% ( 6.9 % ) | 7.4% ( 7.4 % ) | 7.5% ( 7.5 % ) | | 5 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) |

income tax liabilities tax liabilities related to unrecognized tax benefits as of 30 september 2018 were $ 233.6 . these tax liabilities were excluded from the contractual obligations table as it is impractical to determine a cash impact by year given that payments will vary according to changes in tax laws , tax rates , and our operating results . in addition , there are uncertainties in timing of the effective settlement of our uncertain tax positions with respective taxing authorities . however , the contractual obligations table above includes our accrued liability of approximately $ 184 for deemed repatriation tax that is payable over eight years related to the tax act . refer to note 22 , income taxes , to the consolidated financial statements for additional information . obligation for future contribution to an equity affiliate on 19 april 2015 , a joint venture between air products and acwa holding entered into a 20-year oxygen and nitrogen supply agreement to supply saudi aramco 2019s oil refinery and power plant being built in jazan , saudi arabia . air products owns 25% ( 25 % ) of the joint venture and guarantees the repayment of its share of an equity bridge loan . in total , we expect to invest approximately $ 100 in this joint venture . as of 30 september 2018 , we recorded a noncurrent liability of $ 94.4 for our obligation to make future equity contributions in 2020 based on our proportionate share of the advances received by the joint venture under the loan . expected investment in joint venture on 12 august 2018 , air products entered an agreement to form a gasification/power joint venture ( "jv" ) with saudi aramco and acwa in jazan , saudi arabia . air products will own at least 55% ( 55 % ) of the jv , with saudi aramco and acwa power owning the balance . the jv will purchase the gasification assets , power block , and the associated utilities from saudi aramco for approximately $ 8 billion . our expected investment has been excluded from the contractual obligations table above pending closing , which is currently expected in fiscal year 2020 . the jv will own and operate the facility under a 25-year contract for a fixed monthly fee . saudi aramco will supply feedstock to the jv , and the jv will produce power , hydrogen and other utilities for saudi aramco . pension benefits the company and certain of its subsidiaries sponsor defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees . the principal defined benefit pension plans are the u.s . salaried pension plan and the u.k . pension plan . these plans were closed to new participants in 2005 , after which defined contribution plans were offered to new employees . the shift to defined contribution plans is expected to continue to reduce volatility of both plan expense and contributions . the fair market value of plan assets for our defined benefit pension plans as of the 30 september 2018 measurement date decreased to $ 4273.1 from $ 4409.2 at the end of fiscal year 2017 . the projected benefit obligation for these plans was $ 4583.3 and $ 5107.2 at the end of fiscal years 2018 and 2017 , respectively . the net unfunded liability decreased $ 387.8 from $ 698.0 to $ 310.2 , primarily due to higher discount rates and favorable asset experience . refer to note 16 , retirement benefits , to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits . pension expense ._| | | 2018 | 2017 | 2016 | |---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | pension expense 2013 continuing operations | $ 91.8 | $ 72.0 | $ 55.8 | | 1 | settlements termination benefits and curtailments ( included above ) | 48.9 | 15.0 | 6.0 | | 2 | weighted average discount rate 2013 service cost | 3.2% ( 3.2 % ) | 2.9% ( 2.9 % ) | 4.1% ( 4.1 % ) | | 3 | weighted average discount rate 2013 interest cost | 2.9% ( 2.9 % ) | 2.5% ( 2.5 % ) | 3.4% ( 3.4 % ) | | 4 | weighted average expected rate of return on plan assets | 6.9% ( 6.9 % ) | 7.4% ( 7.4 % ) | 7.5% ( 7.5 % ) | | 5 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) |_.

2,018

59

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa551

what was the percentage change in raw materials and supplies between 2017 and 2018?

4%

divide(subtract(506.5, 488.8), 488.8)

note 6 : inventories we use the last-in , first-out ( lifo ) method for the majority of our inventories located in the continental u.s . other inventories are valued by the first-in , first-out ( fifo ) method . fifo cost approximates current replacement cost . inventories measured using lifo must be valued at the lower of cost or market . inventories measured using fifo must be valued at the lower of cost or net realizable value . inventories at december 31 consisted of the following: .

inventories valued under the lifo method comprised $ 1.57 billion and $ 1.56 billion of total inventories at december 31 , 2018 and 2017 , respectively . note 7 : financial instruments financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest- bearing investments . wholesale distributors of life-science products account for a substantial portion of our trade receivables ; collateral is generally not required . we seek to mitigate the risk associated with this concentration through our ongoing credit-review procedures and insurance . a large portion of our cash is held by a few major financial institutions . we monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations . major financial institutions represent the largest component of our investments in corporate debt securities . in accordance with documented corporate risk-management policies , we monitor the amount of credit exposure to any one financial institution or corporate issuer . we are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings . we consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents . the cost of these investments approximates fair value . our equity investments are accounted for using three different methods depending on the type of equity investment : 2022 investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method , with our share of earnings or losses reported in other-net , ( income ) expense . 2022 for equity investments that do not have readily determinable fair values , we measure these investments at cost , less any impairment , plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer . any change in recorded value is recorded in other-net , ( income ) expense . 2022 our public equity investments are measured and carried at fair value . any change in fair value is recognized in other-net , ( income ) expense . we review equity investments other than public equity investments for indications of impairment on a regular basis . our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets , liabilities , and transactions being hedged . management reviews the correlation and effectiveness of our derivatives on a quarterly basis. .

| | | 2018 | 2017 | |---:|:----------------------------------------|:---------------|:---------| | 0 | finished products | $ 988.1 | $ 1211.4 | | 1 | work in process | 2628.2 | 2697.7 | | 2 | raw materials and supplies | 506.5 | 488.8 | | 3 | total ( approximates replacement cost ) | 4122.8 | 4397.9 | | 4 | increase ( reduction ) to lifo cost | -11.0 ( 11.0 ) | 60.4 | | 5 | inventories | $ 4111.8 | $ 4458.3 |

note 6 : inventories we use the last-in , first-out ( lifo ) method for the majority of our inventories located in the continental u.s . other inventories are valued by the first-in , first-out ( fifo ) method . fifo cost approximates current replacement cost . inventories measured using lifo must be valued at the lower of cost or market . inventories measured using fifo must be valued at the lower of cost or net realizable value . inventories at december 31 consisted of the following: ._| | | 2018 | 2017 | |---:|:----------------------------------------|:---------------|:---------| | 0 | finished products | $ 988.1 | $ 1211.4 | | 1 | work in process | 2628.2 | 2697.7 | | 2 | raw materials and supplies | 506.5 | 488.8 | | 3 | total ( approximates replacement cost ) | 4122.8 | 4397.9 | | 4 | increase ( reduction ) to lifo cost | -11.0 ( 11.0 ) | 60.4 | | 5 | inventories | $ 4111.8 | $ 4458.3 |_inventories valued under the lifo method comprised $ 1.57 billion and $ 1.56 billion of total inventories at december 31 , 2018 and 2017 , respectively . note 7 : financial instruments financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest- bearing investments . wholesale distributors of life-science products account for a substantial portion of our trade receivables ; collateral is generally not required . we seek to mitigate the risk associated with this concentration through our ongoing credit-review procedures and insurance . a large portion of our cash is held by a few major financial institutions . we monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations . major financial institutions represent the largest component of our investments in corporate debt securities . in accordance with documented corporate risk-management policies , we monitor the amount of credit exposure to any one financial institution or corporate issuer . we are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings . we consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents . the cost of these investments approximates fair value . our equity investments are accounted for using three different methods depending on the type of equity investment : 2022 investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method , with our share of earnings or losses reported in other-net , ( income ) expense . 2022 for equity investments that do not have readily determinable fair values , we measure these investments at cost , less any impairment , plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer . any change in recorded value is recorded in other-net , ( income ) expense . 2022 our public equity investments are measured and carried at fair value . any change in fair value is recognized in other-net , ( income ) expense . we review equity investments other than public equity investments for indications of impairment on a regular basis . our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets , liabilities , and transactions being hedged . management reviews the correlation and effectiveness of our derivatives on a quarterly basis. .

2,018

63

LLY

Lilly (Eli)

Health Care

Pharmaceuticals

Indianapolis, Indiana

1970-12-31

59,478

1876

what was the percentage change in raw materials and supplies between 2017 and 2018?

4%

divide(subtract(506.5, 488.8), 488.8)

note 6 : inventories we use the last-in , first-out ( lifo ) method for the majority of our inventories located in the continental u.s . other inventories are valued by the first-in , first-out ( fifo ) method . fifo cost approximates current replacement cost . inventories measured using lifo must be valued at the lower of cost or market . inventories measured using fifo must be valued at the lower of cost or net realizable value . inventories at december 31 consisted of the following: .

inventories valued under the lifo method comprised $ 1.57 billion and $ 1.56 billion of total inventories at december 31 , 2018 and 2017 , respectively . note 7 : financial instruments financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest- bearing investments . wholesale distributors of life-science products account for a substantial portion of our trade receivables ; collateral is generally not required . we seek to mitigate the risk associated with this concentration through our ongoing credit-review procedures and insurance . a large portion of our cash is held by a few major financial institutions . we monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations . major financial institutions represent the largest component of our investments in corporate debt securities . in accordance with documented corporate risk-management policies , we monitor the amount of credit exposure to any one financial institution or corporate issuer . we are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings . we consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents . the cost of these investments approximates fair value . our equity investments are accounted for using three different methods depending on the type of equity investment : 2022 investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method , with our share of earnings or losses reported in other-net , ( income ) expense . 2022 for equity investments that do not have readily determinable fair values , we measure these investments at cost , less any impairment , plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer . any change in recorded value is recorded in other-net , ( income ) expense . 2022 our public equity investments are measured and carried at fair value . any change in fair value is recognized in other-net , ( income ) expense . we review equity investments other than public equity investments for indications of impairment on a regular basis . our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets , liabilities , and transactions being hedged . management reviews the correlation and effectiveness of our derivatives on a quarterly basis. .

| | | 2018 | 2017 | |---:|:----------------------------------------|:---------------|:---------| | 0 | finished products | $ 988.1 | $ 1211.4 | | 1 | work in process | 2628.2 | 2697.7 | | 2 | raw materials and supplies | 506.5 | 488.8 | | 3 | total ( approximates replacement cost ) | 4122.8 | 4397.9 | | 4 | increase ( reduction ) to lifo cost | -11.0 ( 11.0 ) | 60.4 | | 5 | inventories | $ 4111.8 | $ 4458.3 |

note 6 : inventories we use the last-in , first-out ( lifo ) method for the majority of our inventories located in the continental u.s . other inventories are valued by the first-in , first-out ( fifo ) method . fifo cost approximates current replacement cost . inventories measured using lifo must be valued at the lower of cost or market . inventories measured using fifo must be valued at the lower of cost or net realizable value . inventories at december 31 consisted of the following: ._| | | 2018 | 2017 | |---:|:----------------------------------------|:---------------|:---------| | 0 | finished products | $ 988.1 | $ 1211.4 | | 1 | work in process | 2628.2 | 2697.7 | | 2 | raw materials and supplies | 506.5 | 488.8 | | 3 | total ( approximates replacement cost ) | 4122.8 | 4397.9 | | 4 | increase ( reduction ) to lifo cost | -11.0 ( 11.0 ) | 60.4 | | 5 | inventories | $ 4111.8 | $ 4458.3 |_inventories valued under the lifo method comprised $ 1.57 billion and $ 1.56 billion of total inventories at december 31 , 2018 and 2017 , respectively . note 7 : financial instruments financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest- bearing investments . wholesale distributors of life-science products account for a substantial portion of our trade receivables ; collateral is generally not required . we seek to mitigate the risk associated with this concentration through our ongoing credit-review procedures and insurance . a large portion of our cash is held by a few major financial institutions . we monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations . major financial institutions represent the largest component of our investments in corporate debt securities . in accordance with documented corporate risk-management policies , we monitor the amount of credit exposure to any one financial institution or corporate issuer . we are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings . we consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents . the cost of these investments approximates fair value . our equity investments are accounted for using three different methods depending on the type of equity investment : 2022 investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method , with our share of earnings or losses reported in other-net , ( income ) expense . 2022 for equity investments that do not have readily determinable fair values , we measure these investments at cost , less any impairment , plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer . any change in recorded value is recorded in other-net , ( income ) expense . 2022 our public equity investments are measured and carried at fair value . any change in fair value is recognized in other-net , ( income ) expense . we review equity investments other than public equity investments for indications of impairment on a regular basis . our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets , liabilities , and transactions being hedged . management reviews the correlation and effectiveness of our derivatives on a quarterly basis. .

2,018

63

LLY

Lilly (Eli)

Health Care

Pharmaceuticals

Indianapolis, Indiana

1970-12-31

59,478

1876

null

finqa552

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

9119

subtract(15261, 6142)

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

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

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

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

2,015

99

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

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

9119

subtract(15261, 6142)

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

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

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

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

2,015

99

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa553

how many directors can be elected by the class b-1 and class b-2 shareholders?

5

add(const_3, const_2)

14 . capital stock shares outstanding . the following table presents information regarding capital stock: .

cme group has no shares of preferred stock issued and outstanding . associated trading rights . members of cme , cbot , nymex and comex own or lease trading rights which entitle them to access open outcry trading , discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents . each class of cme group class b common stock is associated with a membership in a specific division for trading at cme . a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group . the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below . trading rights at cbot are evidenced by class b memberships in cbot , at nymex by class a memberships in nymex and at comex by comex division memberships . members of cbot , nymex and comex do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships or trading permits . core rights . holders of cme group class b common shares have the right to approve changes in specified rights relating to the trading privileges at cme associated with those shares . these core rights relate primarily to trading right protections , certain trading fee protections and certain membership benefit protections . votes on changes to these core rights are weighted by class . each class of class b common stock has the following number of votes on matters relating to core rights : class b-1 , six votes per share ; class b-2 , two votes per share ; class b-3 , one vote per share ; and class b-4 , 1/6th of one vote per share . the approval of a majority of the votes cast by the holders of shares of class b common stock is required in order to approve any changes to core rights . holders of shares of class a common stock do not have the right to vote on changes to core rights . voting rights . with the exception of the matters reserved to holders of cme group class b common stock , holders of cme group common stock vote together on all matters for which a vote of common shareholders is required . in these votes , each holder of shares of class a or class b common stock of cme group has one vote per share . transfer restrictions . each class of cme group class b common stock is subject to transfer restrictions contained in the certificate of incorporation of cme group . these transfer restrictions prohibit the sale or transfer of any shares of class b common stock separate from the sale of the associated trading rights . election of directors . the cme group board of directors is currently comprised of 20 members . holders of class b-1 , class b-2 and class b-3 common stock have the right to elect six directors , of which three are elected by class b-1 shareholders , two are elected by class b-2 shareholders and one is elected by class b-3 shareholders . the remaining directors are elected by the class a and class b shareholders voting as a single class. .

| | ( in thousands ) | december 31 , 2017 | december 31 , 2016 | |---:|:---------------------------------------------------------|---------------------:|---------------------:| | 0 | class a common stock authorized | 1e+06 | 1e+06 | | 1 | class a common stock issued and outstanding | 339235 | 338240 | | 2 | class b-1 common stock authorized issued and outstanding | 0.6 | 0.6 | | 3 | class b-2 common stock authorized issued and outstanding | 0.8 | 0.8 | | 4 | class b-3 common stock authorized issued and outstanding | 1.3 | 1.3 | | 5 | class b-4 common stock authorized issued and outstanding | 0.4 | 0.4 |

14 . capital stock shares outstanding . the following table presents information regarding capital stock: ._| | ( in thousands ) | december 31 , 2017 | december 31 , 2016 | |---:|:---------------------------------------------------------|---------------------:|---------------------:| | 0 | class a common stock authorized | 1e+06 | 1e+06 | | 1 | class a common stock issued and outstanding | 339235 | 338240 | | 2 | class b-1 common stock authorized issued and outstanding | 0.6 | 0.6 | | 3 | class b-2 common stock authorized issued and outstanding | 0.8 | 0.8 | | 4 | class b-3 common stock authorized issued and outstanding | 1.3 | 1.3 | | 5 | class b-4 common stock authorized issued and outstanding | 0.4 | 0.4 |_cme group has no shares of preferred stock issued and outstanding . associated trading rights . members of cme , cbot , nymex and comex own or lease trading rights which entitle them to access open outcry trading , discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents . each class of cme group class b common stock is associated with a membership in a specific division for trading at cme . a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group . the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below . trading rights at cbot are evidenced by class b memberships in cbot , at nymex by class a memberships in nymex and at comex by comex division memberships . members of cbot , nymex and comex do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships or trading permits . core rights . holders of cme group class b common shares have the right to approve changes in specified rights relating to the trading privileges at cme associated with those shares . these core rights relate primarily to trading right protections , certain trading fee protections and certain membership benefit protections . votes on changes to these core rights are weighted by class . each class of class b common stock has the following number of votes on matters relating to core rights : class b-1 , six votes per share ; class b-2 , two votes per share ; class b-3 , one vote per share ; and class b-4 , 1/6th of one vote per share . the approval of a majority of the votes cast by the holders of shares of class b common stock is required in order to approve any changes to core rights . holders of shares of class a common stock do not have the right to vote on changes to core rights . voting rights . with the exception of the matters reserved to holders of cme group class b common stock , holders of cme group common stock vote together on all matters for which a vote of common shareholders is required . in these votes , each holder of shares of class a or class b common stock of cme group has one vote per share . transfer restrictions . each class of cme group class b common stock is subject to transfer restrictions contained in the certificate of incorporation of cme group . these transfer restrictions prohibit the sale or transfer of any shares of class b common stock separate from the sale of the associated trading rights . election of directors . the cme group board of directors is currently comprised of 20 members . holders of class b-1 , class b-2 and class b-3 common stock have the right to elect six directors , of which three are elected by class b-1 shareholders , two are elected by class b-2 shareholders and one is elected by class b-3 shareholders . the remaining directors are elected by the class a and class b shareholders voting as a single class. .

2,017

97

CME

CME Group

Financials

Financial Exchanges & Data

Chicago, Illinois

2006-08-11

1,156,375

1848

how many directors can be elected by the class b-1 and class b-2 shareholders?

5

add(const_3, const_2)

14 . capital stock shares outstanding . the following table presents information regarding capital stock: .

cme group has no shares of preferred stock issued and outstanding . associated trading rights . members of cme , cbot , nymex and comex own or lease trading rights which entitle them to access open outcry trading , discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents . each class of cme group class b common stock is associated with a membership in a specific division for trading at cme . a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group . the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below . trading rights at cbot are evidenced by class b memberships in cbot , at nymex by class a memberships in nymex and at comex by comex division memberships . members of cbot , nymex and comex do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships or trading permits . core rights . holders of cme group class b common shares have the right to approve changes in specified rights relating to the trading privileges at cme associated with those shares . these core rights relate primarily to trading right protections , certain trading fee protections and certain membership benefit protections . votes on changes to these core rights are weighted by class . each class of class b common stock has the following number of votes on matters relating to core rights : class b-1 , six votes per share ; class b-2 , two votes per share ; class b-3 , one vote per share ; and class b-4 , 1/6th of one vote per share . the approval of a majority of the votes cast by the holders of shares of class b common stock is required in order to approve any changes to core rights . holders of shares of class a common stock do not have the right to vote on changes to core rights . voting rights . with the exception of the matters reserved to holders of cme group class b common stock , holders of cme group common stock vote together on all matters for which a vote of common shareholders is required . in these votes , each holder of shares of class a or class b common stock of cme group has one vote per share . transfer restrictions . each class of cme group class b common stock is subject to transfer restrictions contained in the certificate of incorporation of cme group . these transfer restrictions prohibit the sale or transfer of any shares of class b common stock separate from the sale of the associated trading rights . election of directors . the cme group board of directors is currently comprised of 20 members . holders of class b-1 , class b-2 and class b-3 common stock have the right to elect six directors , of which three are elected by class b-1 shareholders , two are elected by class b-2 shareholders and one is elected by class b-3 shareholders . the remaining directors are elected by the class a and class b shareholders voting as a single class. .

| | ( in thousands ) | december 31 , 2017 | december 31 , 2016 | |---:|:---------------------------------------------------------|---------------------:|---------------------:| | 0 | class a common stock authorized | 1e+06 | 1e+06 | | 1 | class a common stock issued and outstanding | 339235 | 338240 | | 2 | class b-1 common stock authorized issued and outstanding | 0.6 | 0.6 | | 3 | class b-2 common stock authorized issued and outstanding | 0.8 | 0.8 | | 4 | class b-3 common stock authorized issued and outstanding | 1.3 | 1.3 | | 5 | class b-4 common stock authorized issued and outstanding | 0.4 | 0.4 |

14 . capital stock shares outstanding . the following table presents information regarding capital stock: ._| | ( in thousands ) | december 31 , 2017 | december 31 , 2016 | |---:|:---------------------------------------------------------|---------------------:|---------------------:| | 0 | class a common stock authorized | 1e+06 | 1e+06 | | 1 | class a common stock issued and outstanding | 339235 | 338240 | | 2 | class b-1 common stock authorized issued and outstanding | 0.6 | 0.6 | | 3 | class b-2 common stock authorized issued and outstanding | 0.8 | 0.8 | | 4 | class b-3 common stock authorized issued and outstanding | 1.3 | 1.3 | | 5 | class b-4 common stock authorized issued and outstanding | 0.4 | 0.4 |_cme group has no shares of preferred stock issued and outstanding . associated trading rights . members of cme , cbot , nymex and comex own or lease trading rights which entitle them to access open outcry trading , discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents . each class of cme group class b common stock is associated with a membership in a specific division for trading at cme . a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group . the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below . trading rights at cbot are evidenced by class b memberships in cbot , at nymex by class a memberships in nymex and at comex by comex division memberships . members of cbot , nymex and comex do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships or trading permits . core rights . holders of cme group class b common shares have the right to approve changes in specified rights relating to the trading privileges at cme associated with those shares . these core rights relate primarily to trading right protections , certain trading fee protections and certain membership benefit protections . votes on changes to these core rights are weighted by class . each class of class b common stock has the following number of votes on matters relating to core rights : class b-1 , six votes per share ; class b-2 , two votes per share ; class b-3 , one vote per share ; and class b-4 , 1/6th of one vote per share . the approval of a majority of the votes cast by the holders of shares of class b common stock is required in order to approve any changes to core rights . holders of shares of class a common stock do not have the right to vote on changes to core rights . voting rights . with the exception of the matters reserved to holders of cme group class b common stock , holders of cme group common stock vote together on all matters for which a vote of common shareholders is required . in these votes , each holder of shares of class a or class b common stock of cme group has one vote per share . transfer restrictions . each class of cme group class b common stock is subject to transfer restrictions contained in the certificate of incorporation of cme group . these transfer restrictions prohibit the sale or transfer of any shares of class b common stock separate from the sale of the associated trading rights . election of directors . the cme group board of directors is currently comprised of 20 members . holders of class b-1 , class b-2 and class b-3 common stock have the right to elect six directors , of which three are elected by class b-1 shareholders , two are elected by class b-2 shareholders and one is elected by class b-3 shareholders . the remaining directors are elected by the class a and class b shareholders voting as a single class. .

2,017

97

CME

CME Group

Financials

Financial Exchanges & Data

Chicago, Illinois

2006-08-11

1,156,375

1848

null

finqa554

what is the change in the balance of liability for restructuring 2003 program from 2006 to 2008 , ( in millions ) ?

-6.9

subtract(5.7, 12.6)

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

1 includes amounts representing adjustments to the liability for changes in foreign currency exchange rates . other reorganization-related charges other reorganization-related charges relate to our realignment of our media businesses into a newly created management entity called mediabrands and the 2006 merger of draft worldwide and foote , cone and belding worldwide to create draftfcb . charges related to severance and terminations costs and lease termination and other exit costs . we expect charges associated with mediabrands to be completed during the first half of 2009 . charges related to the creation of draftfcb in 2006 are complete . the charges were separated from the rest of our operating expenses within the consolidated statements of operations because they did not result from charges that occurred in the normal course of business. .

| | | 2007 program | 2003 program | 2001 program | total | |---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------| | 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 | | 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 | | 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) | | 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 | | 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 | | 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) | | 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |

notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) a summary of the remaining liability for the 2007 , 2003 and 2001 restructuring programs is as follows : program program program total ._| | | 2007 program | 2003 program | 2001 program | total | |---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------| | 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 | | 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 | | 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) | | 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 | | 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 | | 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) | | 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |_1 includes amounts representing adjustments to the liability for changes in foreign currency exchange rates . other reorganization-related charges other reorganization-related charges relate to our realignment of our media businesses into a newly created management entity called mediabrands and the 2006 merger of draft worldwide and foote , cone and belding worldwide to create draftfcb . charges related to severance and terminations costs and lease termination and other exit costs . we expect charges associated with mediabrands to be completed during the first half of 2009 . charges related to the creation of draftfcb in 2006 are complete . the charges were separated from the rest of our operating expenses within the consolidated statements of operations because they did not result from charges that occurred in the normal course of business. .

2,008

62

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

what is the change in the balance of liability for restructuring 2003 program from 2006 to 2008 , ( in millions ) ?

-6.9

subtract(5.7, 12.6)

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

1 includes amounts representing adjustments to the liability for changes in foreign currency exchange rates . other reorganization-related charges other reorganization-related charges relate to our realignment of our media businesses into a newly created management entity called mediabrands and the 2006 merger of draft worldwide and foote , cone and belding worldwide to create draftfcb . charges related to severance and terminations costs and lease termination and other exit costs . we expect charges associated with mediabrands to be completed during the first half of 2009 . charges related to the creation of draftfcb in 2006 are complete . the charges were separated from the rest of our operating expenses within the consolidated statements of operations because they did not result from charges that occurred in the normal course of business. .

| | | 2007 program | 2003 program | 2001 program | total | |---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------| | 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 | | 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 | | 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) | | 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 | | 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 | | 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) | | 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |

notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) a summary of the remaining liability for the 2007 , 2003 and 2001 restructuring programs is as follows : program program program total ._| | | 2007 program | 2003 program | 2001 program | total | |---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------| | 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 | | 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 | | 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) | | 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 | | 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 | | 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) | | 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |_1 includes amounts representing adjustments to the liability for changes in foreign currency exchange rates . other reorganization-related charges other reorganization-related charges relate to our realignment of our media businesses into a newly created management entity called mediabrands and the 2006 merger of draft worldwide and foote , cone and belding worldwide to create draftfcb . charges related to severance and terminations costs and lease termination and other exit costs . we expect charges associated with mediabrands to be completed during the first half of 2009 . charges related to the creation of draftfcb in 2006 are complete . the charges were separated from the rest of our operating expenses within the consolidated statements of operations because they did not result from charges that occurred in the normal course of business. .

2,008

62

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

null

finqa555

what is the value , in millions of dollars , of the total issuable stock in 2014?

162.2

multiply(13.8, 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 value , in millions of dollars , of the total issuable stock in 2014?

162.2

multiply(13.8, 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

finqa556

what was the percentage change of the net favorable prior period development from 2010 to 2008

38.2%

divide(subtract(503, 814), 814)

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

we recorded net pre-tax catastrophe losses of $ 366 million in 2010 compared with net pre-tax catastrophe losses of $ 137 million and $ 567 million in 2009 and 2008 , respectively . the catastrophe losses for 2010 were primarily related to weather- related events in the u.s. , earthquakes in chile , mexico , and new zealand , and storms in australia and europe . the catastrophe losses for 2009 were primarily related to an earthquake in asia , floods in europe , several weather-related events in the u.s. , and a european windstorm . for 2008 , the catastrophe losses were primarily related to hurricanes gustav and ike . prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premium from pre- vious accident years . we experienced $ 503 million of net favorable prior period development in our p&c segments in 2010 . this compares with net favorable prior period development in our p&c segments of $ 576 million and $ 814 million in 2009 and 2008 , respectively . refer to 201cprior period development 201d for more information . the adjusted loss and loss expense ratio declined in 2010 , compared with 2009 , primarily due to the impact of the crop settlements , non-recurring premium adjustment and the reduction in assumed loss portfolio business , which is written at higher loss ratios than other types of business . our policy acquisition costs include commissions , premium taxes , underwriting , and other costs that vary with , and are primarily related to , the production of premium . administrative expenses include all other operating costs . our policy acquis- ition cost ratio increased in 2010 , compared with 2009 . the increase was primarily related to the impact of crop settlements , which generated higher profit-share commissions and a lower adjustment to net premiums earned , as well as the impact of reinstatement premiums expensed in connection with catastrophe activity and changes in business mix . our administrative expense ratio increased in 2010 , primarily due to the impact of the crop settlements , reinstatement premiums expensed , and increased costs in our international operations . although the crop settlements generate minimal administrative expenses , they resulted in lower adjustment to net premiums earned in 2010 , compared with 2009 . administrative expenses in 2010 , were partially offset by higher net results generated by our third party claims administration business , esis , the results of which are included within our administrative expenses . esis generated $ 85 million in net results in 2010 , compared with $ 26 million in 2009 . the increase is primarily from non-recurring sources . our policy acquisition cost ratio was stable in 2009 , compared with 2008 , as increases in our combined insurance operations were offset by more favorable final crop year settlement of profit share commissions . administrative expenses increased in 2009 , primarily due to the inclusion of administrative expenses related to combined insurance for the full year and costs associated with new product expansion in our domestic retail operation and in our personal lines business . our effective income tax rate , which we calculate as income tax expense divided by income before income tax , is depend- ent upon the mix of earnings from different jurisdictions with various tax rates . a change in the geographic mix of earnings would change the effective income tax rate . our effective income tax rate was 15 percent in 2010 , compared with 17 percent and 24 percent in 2009 and 2008 , respectively . the decrease in our effective income tax rate in 2010 , was primarily due to a change in the mix of earnings to lower tax-paying jurisdictions , a decrease in the amount of unrecognized tax benefits which was the result of a settlement with the u.s . internal revenue service appeals division regarding federal tax returns for the years 2002-2004 , and the recognition of a non-taxable gain related to the acquisition of rain and hail . the 2009 year included a reduction of a deferred tax valuation allowance related to investments . for 2008 , our effective income tax rate was adversely impacted by a change in mix of earnings due to the impact of catastrophe losses in lower tax-paying jurisdictions . prior period development the favorable prior period development , inclusive of the life segment , of $ 512 million during 2010 was the net result of sev- eral underlying favorable and adverse movements . with respect to ace 2019s crop business , ace regularly receives reports from its managing general agent ( mga ) relating to the previous crop year ( s ) in subsequent calendar quarters and this typically results .

| | | 2010 | 2009 | 2008 | |---:|:------------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | loss and loss expense ratio as reported | 59.2% ( 59.2 % ) | 58.8% ( 58.8 % ) | 60.6% ( 60.6 % ) | | 1 | catastrophe losses and related reinstatement premiums | ( 3.2 ) % ( % ) | ( 1.2 ) % ( % ) | ( 4.7 ) % ( % ) | | 2 | prior period development | 4.6% ( 4.6 % ) | 4.9% ( 4.9 % ) | 6.8% ( 6.8 % ) | | 3 | large assumed loss portfolio transfers | ( 0.3 ) % ( % ) | ( 0.8 ) % ( % ) | 0.0% ( 0.0 % ) | | 4 | loss and loss expense ratio adjusted | 60.3% ( 60.3 % ) | 61.7% ( 61.7 % ) | 62.7% ( 62.7 % ) |

the following table shows the impact of catastrophe losses and related reinstatement premiums and the impact of prior period development on our consolidated loss and loss expense ratio for the periods indicated. ._| | | 2010 | 2009 | 2008 | |---:|:------------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | loss and loss expense ratio as reported | 59.2% ( 59.2 % ) | 58.8% ( 58.8 % ) | 60.6% ( 60.6 % ) | | 1 | catastrophe losses and related reinstatement premiums | ( 3.2 ) % ( % ) | ( 1.2 ) % ( % ) | ( 4.7 ) % ( % ) | | 2 | prior period development | 4.6% ( 4.6 % ) | 4.9% ( 4.9 % ) | 6.8% ( 6.8 % ) | | 3 | large assumed loss portfolio transfers | ( 0.3 ) % ( % ) | ( 0.8 ) % ( % ) | 0.0% ( 0.0 % ) | | 4 | loss and loss expense ratio adjusted | 60.3% ( 60.3 % ) | 61.7% ( 61.7 % ) | 62.7% ( 62.7 % ) |_we recorded net pre-tax catastrophe losses of $ 366 million in 2010 compared with net pre-tax catastrophe losses of $ 137 million and $ 567 million in 2009 and 2008 , respectively . the catastrophe losses for 2010 were primarily related to weather- related events in the u.s. , earthquakes in chile , mexico , and new zealand , and storms in australia and europe . the catastrophe losses for 2009 were primarily related to an earthquake in asia , floods in europe , several weather-related events in the u.s. , and a european windstorm . for 2008 , the catastrophe losses were primarily related to hurricanes gustav and ike . prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premium from pre- vious accident years . we experienced $ 503 million of net favorable prior period development in our p&c segments in 2010 . this compares with net favorable prior period development in our p&c segments of $ 576 million and $ 814 million in 2009 and 2008 , respectively . refer to 201cprior period development 201d for more information . the adjusted loss and loss expense ratio declined in 2010 , compared with 2009 , primarily due to the impact of the crop settlements , non-recurring premium adjustment and the reduction in assumed loss portfolio business , which is written at higher loss ratios than other types of business . our policy acquisition costs include commissions , premium taxes , underwriting , and other costs that vary with , and are primarily related to , the production of premium . administrative expenses include all other operating costs . our policy acquis- ition cost ratio increased in 2010 , compared with 2009 . the increase was primarily related to the impact of crop settlements , which generated higher profit-share commissions and a lower adjustment to net premiums earned , as well as the impact of reinstatement premiums expensed in connection with catastrophe activity and changes in business mix . our administrative expense ratio increased in 2010 , primarily due to the impact of the crop settlements , reinstatement premiums expensed , and increased costs in our international operations . although the crop settlements generate minimal administrative expenses , they resulted in lower adjustment to net premiums earned in 2010 , compared with 2009 . administrative expenses in 2010 , were partially offset by higher net results generated by our third party claims administration business , esis , the results of which are included within our administrative expenses . esis generated $ 85 million in net results in 2010 , compared with $ 26 million in 2009 . the increase is primarily from non-recurring sources . our policy acquisition cost ratio was stable in 2009 , compared with 2008 , as increases in our combined insurance operations were offset by more favorable final crop year settlement of profit share commissions . administrative expenses increased in 2009 , primarily due to the inclusion of administrative expenses related to combined insurance for the full year and costs associated with new product expansion in our domestic retail operation and in our personal lines business . our effective income tax rate , which we calculate as income tax expense divided by income before income tax , is depend- ent upon the mix of earnings from different jurisdictions with various tax rates . a change in the geographic mix of earnings would change the effective income tax rate . our effective income tax rate was 15 percent in 2010 , compared with 17 percent and 24 percent in 2009 and 2008 , respectively . the decrease in our effective income tax rate in 2010 , was primarily due to a change in the mix of earnings to lower tax-paying jurisdictions , a decrease in the amount of unrecognized tax benefits which was the result of a settlement with the u.s . internal revenue service appeals division regarding federal tax returns for the years 2002-2004 , and the recognition of a non-taxable gain related to the acquisition of rain and hail . the 2009 year included a reduction of a deferred tax valuation allowance related to investments . for 2008 , our effective income tax rate was adversely impacted by a change in mix of earnings due to the impact of catastrophe losses in lower tax-paying jurisdictions . prior period development the favorable prior period development , inclusive of the life segment , of $ 512 million during 2010 was the net result of sev- eral underlying favorable and adverse movements . with respect to ace 2019s crop business , ace regularly receives reports from its managing general agent ( mga ) relating to the previous crop year ( s ) in subsequent calendar quarters and this typically results .

2,010

88

CB

Chubb Limited

Financials

Property & Casualty Insurance

Zurich, Switzerland

2010-07-15

896,159

1985

what was the percentage change of the net favorable prior period development from 2010 to 2008

38.2%

divide(subtract(503, 814), 814)

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

we recorded net pre-tax catastrophe losses of $ 366 million in 2010 compared with net pre-tax catastrophe losses of $ 137 million and $ 567 million in 2009 and 2008 , respectively . the catastrophe losses for 2010 were primarily related to weather- related events in the u.s. , earthquakes in chile , mexico , and new zealand , and storms in australia and europe . the catastrophe losses for 2009 were primarily related to an earthquake in asia , floods in europe , several weather-related events in the u.s. , and a european windstorm . for 2008 , the catastrophe losses were primarily related to hurricanes gustav and ike . prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premium from pre- vious accident years . we experienced $ 503 million of net favorable prior period development in our p&c segments in 2010 . this compares with net favorable prior period development in our p&c segments of $ 576 million and $ 814 million in 2009 and 2008 , respectively . refer to 201cprior period development 201d for more information . the adjusted loss and loss expense ratio declined in 2010 , compared with 2009 , primarily due to the impact of the crop settlements , non-recurring premium adjustment and the reduction in assumed loss portfolio business , which is written at higher loss ratios than other types of business . our policy acquisition costs include commissions , premium taxes , underwriting , and other costs that vary with , and are primarily related to , the production of premium . administrative expenses include all other operating costs . our policy acquis- ition cost ratio increased in 2010 , compared with 2009 . the increase was primarily related to the impact of crop settlements , which generated higher profit-share commissions and a lower adjustment to net premiums earned , as well as the impact of reinstatement premiums expensed in connection with catastrophe activity and changes in business mix . our administrative expense ratio increased in 2010 , primarily due to the impact of the crop settlements , reinstatement premiums expensed , and increased costs in our international operations . although the crop settlements generate minimal administrative expenses , they resulted in lower adjustment to net premiums earned in 2010 , compared with 2009 . administrative expenses in 2010 , were partially offset by higher net results generated by our third party claims administration business , esis , the results of which are included within our administrative expenses . esis generated $ 85 million in net results in 2010 , compared with $ 26 million in 2009 . the increase is primarily from non-recurring sources . our policy acquisition cost ratio was stable in 2009 , compared with 2008 , as increases in our combined insurance operations were offset by more favorable final crop year settlement of profit share commissions . administrative expenses increased in 2009 , primarily due to the inclusion of administrative expenses related to combined insurance for the full year and costs associated with new product expansion in our domestic retail operation and in our personal lines business . our effective income tax rate , which we calculate as income tax expense divided by income before income tax , is depend- ent upon the mix of earnings from different jurisdictions with various tax rates . a change in the geographic mix of earnings would change the effective income tax rate . our effective income tax rate was 15 percent in 2010 , compared with 17 percent and 24 percent in 2009 and 2008 , respectively . the decrease in our effective income tax rate in 2010 , was primarily due to a change in the mix of earnings to lower tax-paying jurisdictions , a decrease in the amount of unrecognized tax benefits which was the result of a settlement with the u.s . internal revenue service appeals division regarding federal tax returns for the years 2002-2004 , and the recognition of a non-taxable gain related to the acquisition of rain and hail . the 2009 year included a reduction of a deferred tax valuation allowance related to investments . for 2008 , our effective income tax rate was adversely impacted by a change in mix of earnings due to the impact of catastrophe losses in lower tax-paying jurisdictions . prior period development the favorable prior period development , inclusive of the life segment , of $ 512 million during 2010 was the net result of sev- eral underlying favorable and adverse movements . with respect to ace 2019s crop business , ace regularly receives reports from its managing general agent ( mga ) relating to the previous crop year ( s ) in subsequent calendar quarters and this typically results .

| | | 2010 | 2009 | 2008 | |---:|:------------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | loss and loss expense ratio as reported | 59.2% ( 59.2 % ) | 58.8% ( 58.8 % ) | 60.6% ( 60.6 % ) | | 1 | catastrophe losses and related reinstatement premiums | ( 3.2 ) % ( % ) | ( 1.2 ) % ( % ) | ( 4.7 ) % ( % ) | | 2 | prior period development | 4.6% ( 4.6 % ) | 4.9% ( 4.9 % ) | 6.8% ( 6.8 % ) | | 3 | large assumed loss portfolio transfers | ( 0.3 ) % ( % ) | ( 0.8 ) % ( % ) | 0.0% ( 0.0 % ) | | 4 | loss and loss expense ratio adjusted | 60.3% ( 60.3 % ) | 61.7% ( 61.7 % ) | 62.7% ( 62.7 % ) |

the following table shows the impact of catastrophe losses and related reinstatement premiums and the impact of prior period development on our consolidated loss and loss expense ratio for the periods indicated. ._| | | 2010 | 2009 | 2008 | |---:|:------------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | loss and loss expense ratio as reported | 59.2% ( 59.2 % ) | 58.8% ( 58.8 % ) | 60.6% ( 60.6 % ) | | 1 | catastrophe losses and related reinstatement premiums | ( 3.2 ) % ( % ) | ( 1.2 ) % ( % ) | ( 4.7 ) % ( % ) | | 2 | prior period development | 4.6% ( 4.6 % ) | 4.9% ( 4.9 % ) | 6.8% ( 6.8 % ) | | 3 | large assumed loss portfolio transfers | ( 0.3 ) % ( % ) | ( 0.8 ) % ( % ) | 0.0% ( 0.0 % ) | | 4 | loss and loss expense ratio adjusted | 60.3% ( 60.3 % ) | 61.7% ( 61.7 % ) | 62.7% ( 62.7 % ) |_we recorded net pre-tax catastrophe losses of $ 366 million in 2010 compared with net pre-tax catastrophe losses of $ 137 million and $ 567 million in 2009 and 2008 , respectively . the catastrophe losses for 2010 were primarily related to weather- related events in the u.s. , earthquakes in chile , mexico , and new zealand , and storms in australia and europe . the catastrophe losses for 2009 were primarily related to an earthquake in asia , floods in europe , several weather-related events in the u.s. , and a european windstorm . for 2008 , the catastrophe losses were primarily related to hurricanes gustav and ike . prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premium from pre- vious accident years . we experienced $ 503 million of net favorable prior period development in our p&c segments in 2010 . this compares with net favorable prior period development in our p&c segments of $ 576 million and $ 814 million in 2009 and 2008 , respectively . refer to 201cprior period development 201d for more information . the adjusted loss and loss expense ratio declined in 2010 , compared with 2009 , primarily due to the impact of the crop settlements , non-recurring premium adjustment and the reduction in assumed loss portfolio business , which is written at higher loss ratios than other types of business . our policy acquisition costs include commissions , premium taxes , underwriting , and other costs that vary with , and are primarily related to , the production of premium . administrative expenses include all other operating costs . our policy acquis- ition cost ratio increased in 2010 , compared with 2009 . the increase was primarily related to the impact of crop settlements , which generated higher profit-share commissions and a lower adjustment to net premiums earned , as well as the impact of reinstatement premiums expensed in connection with catastrophe activity and changes in business mix . our administrative expense ratio increased in 2010 , primarily due to the impact of the crop settlements , reinstatement premiums expensed , and increased costs in our international operations . although the crop settlements generate minimal administrative expenses , they resulted in lower adjustment to net premiums earned in 2010 , compared with 2009 . administrative expenses in 2010 , were partially offset by higher net results generated by our third party claims administration business , esis , the results of which are included within our administrative expenses . esis generated $ 85 million in net results in 2010 , compared with $ 26 million in 2009 . the increase is primarily from non-recurring sources . our policy acquisition cost ratio was stable in 2009 , compared with 2008 , as increases in our combined insurance operations were offset by more favorable final crop year settlement of profit share commissions . administrative expenses increased in 2009 , primarily due to the inclusion of administrative expenses related to combined insurance for the full year and costs associated with new product expansion in our domestic retail operation and in our personal lines business . our effective income tax rate , which we calculate as income tax expense divided by income before income tax , is depend- ent upon the mix of earnings from different jurisdictions with various tax rates . a change in the geographic mix of earnings would change the effective income tax rate . our effective income tax rate was 15 percent in 2010 , compared with 17 percent and 24 percent in 2009 and 2008 , respectively . the decrease in our effective income tax rate in 2010 , was primarily due to a change in the mix of earnings to lower tax-paying jurisdictions , a decrease in the amount of unrecognized tax benefits which was the result of a settlement with the u.s . internal revenue service appeals division regarding federal tax returns for the years 2002-2004 , and the recognition of a non-taxable gain related to the acquisition of rain and hail . the 2009 year included a reduction of a deferred tax valuation allowance related to investments . for 2008 , our effective income tax rate was adversely impacted by a change in mix of earnings due to the impact of catastrophe losses in lower tax-paying jurisdictions . prior period development the favorable prior period development , inclusive of the life segment , of $ 512 million during 2010 was the net result of sev- eral underlying favorable and adverse movements . with respect to ace 2019s crop business , ace regularly receives reports from its managing general agent ( mga ) relating to the previous crop year ( s ) in subsequent calendar quarters and this typically results .

2,010

88

CB

Chubb Limited

Financials

Property & Casualty Insurance

Zurich, Switzerland

2010-07-15

896,159

1985

null

finqa557

what portion of the total purchase consideration is allocated to goodwill?

76.6%

divide(203828, 265982)

the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed , including a reconciliation to the total purchase consideration , are as follows ( in thousands ) : .

goodwill of $ 203.8 million arising from the acquisition , included in the asia-pacific segment , was attributable to expected growth opportunities in australia and new zealand , as well as growth opportunities and operating synergies in integrated payments in our existing asia-pacific and north america markets . goodwill associated with this acquisition is not deductible for income tax purposes . the customer-related intangible assets have an estimated amortization period of 15 years . the acquired technology has an estimated amortization period of 15 years . the trade name has an estimated amortization period of 5 years . note 3 2014 settlement processing assets and obligations funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants . for transactions processed on our systems , we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants . we process funds settlement under two models , a sponsorship model and a direct membership model . under the sponsorship model , we are designated as a merchant service provider by mastercard and an independent sales organization by visa , which means that member clearing banks ( 201cmember 201d ) sponsor us and require our adherence to the standards of the payment networks . in certain markets , we have sponsorship or depository and clearing agreements with financial institution sponsors . these agreements allow us to route transactions under the members 2019 control and identification numbers to clear credit card transactions through mastercard and visa . in this model , the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds , and , instead , require that these funds be in the possession of the member until the merchant is funded . under the direct membership model , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship . in this model , we route and clear transactions directly through the card brand 2019s network and are not restricted from performing funds settlement . otherwise , we process these transactions similarly to how we process transactions in the sponsorship model . we are required to adhere to the standards of the payment networks in which we are direct members . we maintain relationships with financial institutions , which may also serve as our member sponsors for other card brands or in other markets , to assist with funds settlement . timing differences , interchange fees , merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants . these intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets . settlement processing assets and obligations include the components outlined below : 2022 interchange reimbursement . our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee . global payments inc . | 2017 form 10-k annual report 2013 77 .

| | cash | $ 45826 | |---:|:-------------------------------------------|:-----------------| | 0 | customer-related intangible assets | 42721 | | 1 | acquired technology | 27954 | | 2 | trade name | 2901 | | 3 | other assets | 2337 | | 4 | deferred income tax assets ( liabilities ) | -9788 ( 9788 ) | | 5 | other liabilities | -49797 ( 49797 ) | | 6 | total identifiable net assets | 62154 | | 7 | goodwill | 203828 | | 8 | total purchase consideration | $ 265982 |

the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed , including a reconciliation to the total purchase consideration , are as follows ( in thousands ) : ._| | cash | $ 45826 | |---:|:-------------------------------------------|:-----------------| | 0 | customer-related intangible assets | 42721 | | 1 | acquired technology | 27954 | | 2 | trade name | 2901 | | 3 | other assets | 2337 | | 4 | deferred income tax assets ( liabilities ) | -9788 ( 9788 ) | | 5 | other liabilities | -49797 ( 49797 ) | | 6 | total identifiable net assets | 62154 | | 7 | goodwill | 203828 | | 8 | total purchase consideration | $ 265982 |_goodwill of $ 203.8 million arising from the acquisition , included in the asia-pacific segment , was attributable to expected growth opportunities in australia and new zealand , as well as growth opportunities and operating synergies in integrated payments in our existing asia-pacific and north america markets . goodwill associated with this acquisition is not deductible for income tax purposes . the customer-related intangible assets have an estimated amortization period of 15 years . the acquired technology has an estimated amortization period of 15 years . the trade name has an estimated amortization period of 5 years . note 3 2014 settlement processing assets and obligations funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants . for transactions processed on our systems , we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants . we process funds settlement under two models , a sponsorship model and a direct membership model . under the sponsorship model , we are designated as a merchant service provider by mastercard and an independent sales organization by visa , which means that member clearing banks ( 201cmember 201d ) sponsor us and require our adherence to the standards of the payment networks . in certain markets , we have sponsorship or depository and clearing agreements with financial institution sponsors . these agreements allow us to route transactions under the members 2019 control and identification numbers to clear credit card transactions through mastercard and visa . in this model , the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds , and , instead , require that these funds be in the possession of the member until the merchant is funded . under the direct membership model , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship . in this model , we route and clear transactions directly through the card brand 2019s network and are not restricted from performing funds settlement . otherwise , we process these transactions similarly to how we process transactions in the sponsorship model . we are required to adhere to the standards of the payment networks in which we are direct members . we maintain relationships with financial institutions , which may also serve as our member sponsors for other card brands or in other markets , to assist with funds settlement . timing differences , interchange fees , merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants . these intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets . settlement processing assets and obligations include the components outlined below : 2022 interchange reimbursement . our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee . global payments inc . | 2017 form 10-k annual report 2013 77 .

2,017

77

GPN

Global Payments

Financials

Transaction & Payment Processing Services

Atlanta, Georgia

2016-04-25

1,123,360

2000

what portion of the total purchase consideration is allocated to goodwill?

76.6%

divide(203828, 265982)

the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed , including a reconciliation to the total purchase consideration , are as follows ( in thousands ) : .

goodwill of $ 203.8 million arising from the acquisition , included in the asia-pacific segment , was attributable to expected growth opportunities in australia and new zealand , as well as growth opportunities and operating synergies in integrated payments in our existing asia-pacific and north america markets . goodwill associated with this acquisition is not deductible for income tax purposes . the customer-related intangible assets have an estimated amortization period of 15 years . the acquired technology has an estimated amortization period of 15 years . the trade name has an estimated amortization period of 5 years . note 3 2014 settlement processing assets and obligations funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants . for transactions processed on our systems , we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants . we process funds settlement under two models , a sponsorship model and a direct membership model . under the sponsorship model , we are designated as a merchant service provider by mastercard and an independent sales organization by visa , which means that member clearing banks ( 201cmember 201d ) sponsor us and require our adherence to the standards of the payment networks . in certain markets , we have sponsorship or depository and clearing agreements with financial institution sponsors . these agreements allow us to route transactions under the members 2019 control and identification numbers to clear credit card transactions through mastercard and visa . in this model , the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds , and , instead , require that these funds be in the possession of the member until the merchant is funded . under the direct membership model , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship . in this model , we route and clear transactions directly through the card brand 2019s network and are not restricted from performing funds settlement . otherwise , we process these transactions similarly to how we process transactions in the sponsorship model . we are required to adhere to the standards of the payment networks in which we are direct members . we maintain relationships with financial institutions , which may also serve as our member sponsors for other card brands or in other markets , to assist with funds settlement . timing differences , interchange fees , merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants . these intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets . settlement processing assets and obligations include the components outlined below : 2022 interchange reimbursement . our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee . global payments inc . | 2017 form 10-k annual report 2013 77 .

| | cash | $ 45826 | |---:|:-------------------------------------------|:-----------------| | 0 | customer-related intangible assets | 42721 | | 1 | acquired technology | 27954 | | 2 | trade name | 2901 | | 3 | other assets | 2337 | | 4 | deferred income tax assets ( liabilities ) | -9788 ( 9788 ) | | 5 | other liabilities | -49797 ( 49797 ) | | 6 | total identifiable net assets | 62154 | | 7 | goodwill | 203828 | | 8 | total purchase consideration | $ 265982 |

the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed , including a reconciliation to the total purchase consideration , are as follows ( in thousands ) : ._| | cash | $ 45826 | |---:|:-------------------------------------------|:-----------------| | 0 | customer-related intangible assets | 42721 | | 1 | acquired technology | 27954 | | 2 | trade name | 2901 | | 3 | other assets | 2337 | | 4 | deferred income tax assets ( liabilities ) | -9788 ( 9788 ) | | 5 | other liabilities | -49797 ( 49797 ) | | 6 | total identifiable net assets | 62154 | | 7 | goodwill | 203828 | | 8 | total purchase consideration | $ 265982 |_goodwill of $ 203.8 million arising from the acquisition , included in the asia-pacific segment , was attributable to expected growth opportunities in australia and new zealand , as well as growth opportunities and operating synergies in integrated payments in our existing asia-pacific and north america markets . goodwill associated with this acquisition is not deductible for income tax purposes . the customer-related intangible assets have an estimated amortization period of 15 years . the acquired technology has an estimated amortization period of 15 years . the trade name has an estimated amortization period of 5 years . note 3 2014 settlement processing assets and obligations funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants . for transactions processed on our systems , we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants . we process funds settlement under two models , a sponsorship model and a direct membership model . under the sponsorship model , we are designated as a merchant service provider by mastercard and an independent sales organization by visa , which means that member clearing banks ( 201cmember 201d ) sponsor us and require our adherence to the standards of the payment networks . in certain markets , we have sponsorship or depository and clearing agreements with financial institution sponsors . these agreements allow us to route transactions under the members 2019 control and identification numbers to clear credit card transactions through mastercard and visa . in this model , the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds , and , instead , require that these funds be in the possession of the member until the merchant is funded . under the direct membership model , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship . in this model , we route and clear transactions directly through the card brand 2019s network and are not restricted from performing funds settlement . otherwise , we process these transactions similarly to how we process transactions in the sponsorship model . we are required to adhere to the standards of the payment networks in which we are direct members . we maintain relationships with financial institutions , which may also serve as our member sponsors for other card brands or in other markets , to assist with funds settlement . timing differences , interchange fees , merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants . these intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets . settlement processing assets and obligations include the components outlined below : 2022 interchange reimbursement . our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee . global payments inc . | 2017 form 10-k annual report 2013 77 .

2,017

77

GPN

Global Payments

Financials

Transaction & Payment Processing Services

Atlanta, Georgia

2016-04-25

1,123,360

2000

null

finqa558

considering the years 2011-2013 , what is the average capital expenditure on a gaap basis?

1891.16

table_average(capital expenditures on a gaap basis, none)

business restructuring actions , including the settlement of a long-term take-or-pay silane contract . the current year payments were partially offset by a $ 69.7 net increase to accrued liabilities for the current year cost reduction and business restructuring actions . for the year ended 2012 , cash provided by operating activities was $ 1765.1 . income from continuing operations of $ 999.2 reflected the non-cash gain on the previously held equity interest in da nanomaterials of $ 85.9 , the write- down of long-lived assets associated with restructuring and a customer bankruptcy of $ 80.2 , and a non-cash tax benefit of $ 58.3 recognized as a result of the second quarter spanish tax ruling . the working capital accounts were a source of cash of $ 100.1 . the provision for the cost reduction and business restructuring plans resulted in an increase to accrued liabilities of $ 223.9 , partially offset by a use of cash of $ 32.9 for payments made in relation to these plans . for the year ended 2011 , cash provided by operating activities was $ 1710.4 . income from continuing operations of $ 1134.3 reflected the non-cash net loss of $ 48.5 related to the airgas transaction . we also made cash payments of $ 156.2 related to the airgas transaction . the working capital accounts were a use of cash of $ 114.6 , including $ 107.5 for an increase in inventory primarily to support growth in our performance materials business . investing activities for the year ended 30 september 2013 , cash used for investing activities was $ 1697.0 , primarily driven by capital expenditures for plant and equipment and acquisitions . for the year ended 30 september 2012 , cash used for investing activities was $ 2435.2 , primarily driven by capital expenditures for plant and equipment , acquisitions , and investments in unconsolidated affiliates . refer to the capital expenditures section below for additional detail . for the year ended 30 september 2011 , cash used for investing activities was $ 1169.8 , primarily driven by capital expenditures for plant and equipment . we received proceeds of $ 94.7 from the sale of approximately 1.5 million shares of airgas stock . refer to note 6 , airgas transaction , to the consolidated financial statements for additional information regarding this transaction . 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 purchase of 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 2013 totaled $ 1747.8 , compared to $ 2559.8 in 2012 , resulting in a decrease of $ 812.0 , primarily due to the acquisition of indura s.a . in 2012 . 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 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 in the third quarter. .

| | | 2013 | 2012 | 2011 | |---:|:---------------------------------------------------------------------------------------|:-------------|:---------|:---------| | 0 | additions to plant and equipment | $ 1524.2 | $ 1521.0 | $ 1309.3 | | 1 | acquisitions less cash acquired | 224.9 | 863.4 | 10.8 | | 2 | investments in and advances to unconsolidated affiliates | -1.3 ( 1.3 ) | 175.4 | 45.8 | | 3 | capital expenditures on a gaap basis | $ 1747.8 | $ 2559.8 | $ 1365.9 | | 4 | capital lease expenditures ( a ) | 234.9 | 212.2 | 173.5 | | 5 | noncurrent liability related to purchase of shares from noncontrolling interests ( a ) | 14.0 | 6.3 | 2014 | | 6 | capital expenditures on a non-gaap basis | $ 1996.7 | $ 2778.3 | $ 1539.4 |

business restructuring actions , including the settlement of a long-term take-or-pay silane contract . the current year payments were partially offset by a $ 69.7 net increase to accrued liabilities for the current year cost reduction and business restructuring actions . for the year ended 2012 , cash provided by operating activities was $ 1765.1 . income from continuing operations of $ 999.2 reflected the non-cash gain on the previously held equity interest in da nanomaterials of $ 85.9 , the write- down of long-lived assets associated with restructuring and a customer bankruptcy of $ 80.2 , and a non-cash tax benefit of $ 58.3 recognized as a result of the second quarter spanish tax ruling . the working capital accounts were a source of cash of $ 100.1 . the provision for the cost reduction and business restructuring plans resulted in an increase to accrued liabilities of $ 223.9 , partially offset by a use of cash of $ 32.9 for payments made in relation to these plans . for the year ended 2011 , cash provided by operating activities was $ 1710.4 . income from continuing operations of $ 1134.3 reflected the non-cash net loss of $ 48.5 related to the airgas transaction . we also made cash payments of $ 156.2 related to the airgas transaction . the working capital accounts were a use of cash of $ 114.6 , including $ 107.5 for an increase in inventory primarily to support growth in our performance materials business . investing activities for the year ended 30 september 2013 , cash used for investing activities was $ 1697.0 , primarily driven by capital expenditures for plant and equipment and acquisitions . for the year ended 30 september 2012 , cash used for investing activities was $ 2435.2 , primarily driven by capital expenditures for plant and equipment , acquisitions , and investments in unconsolidated affiliates . refer to the capital expenditures section below for additional detail . for the year ended 30 september 2011 , cash used for investing activities was $ 1169.8 , primarily driven by capital expenditures for plant and equipment . we received proceeds of $ 94.7 from the sale of approximately 1.5 million shares of airgas stock . refer to note 6 , airgas transaction , to the consolidated financial statements for additional information regarding this transaction . capital expenditures capital expenditures are detailed in the following table: ._| | | 2013 | 2012 | 2011 | |---:|:---------------------------------------------------------------------------------------|:-------------|:---------|:---------| | 0 | additions to plant and equipment | $ 1524.2 | $ 1521.0 | $ 1309.3 | | 1 | acquisitions less cash acquired | 224.9 | 863.4 | 10.8 | | 2 | investments in and advances to unconsolidated affiliates | -1.3 ( 1.3 ) | 175.4 | 45.8 | | 3 | capital expenditures on a gaap basis | $ 1747.8 | $ 2559.8 | $ 1365.9 | | 4 | capital lease expenditures ( a ) | 234.9 | 212.2 | 173.5 | | 5 | noncurrent liability related to purchase of shares from noncontrolling interests ( a ) | 14.0 | 6.3 | 2014 | | 6 | capital expenditures on a non-gaap basis | $ 1996.7 | $ 2778.3 | $ 1539.4 |_( 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 purchase of 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 2013 totaled $ 1747.8 , compared to $ 2559.8 in 2012 , resulting in a decrease of $ 812.0 , primarily due to the acquisition of indura s.a . in 2012 . 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 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 in the third quarter. .

2,013

40

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

considering the years 2011-2013 , what is the average capital expenditure on a gaap basis?

1891.16

table_average(capital expenditures on a gaap basis, none)

business restructuring actions , including the settlement of a long-term take-or-pay silane contract . the current year payments were partially offset by a $ 69.7 net increase to accrued liabilities for the current year cost reduction and business restructuring actions . for the year ended 2012 , cash provided by operating activities was $ 1765.1 . income from continuing operations of $ 999.2 reflected the non-cash gain on the previously held equity interest in da nanomaterials of $ 85.9 , the write- down of long-lived assets associated with restructuring and a customer bankruptcy of $ 80.2 , and a non-cash tax benefit of $ 58.3 recognized as a result of the second quarter spanish tax ruling . the working capital accounts were a source of cash of $ 100.1 . the provision for the cost reduction and business restructuring plans resulted in an increase to accrued liabilities of $ 223.9 , partially offset by a use of cash of $ 32.9 for payments made in relation to these plans . for the year ended 2011 , cash provided by operating activities was $ 1710.4 . income from continuing operations of $ 1134.3 reflected the non-cash net loss of $ 48.5 related to the airgas transaction . we also made cash payments of $ 156.2 related to the airgas transaction . the working capital accounts were a use of cash of $ 114.6 , including $ 107.5 for an increase in inventory primarily to support growth in our performance materials business . investing activities for the year ended 30 september 2013 , cash used for investing activities was $ 1697.0 , primarily driven by capital expenditures for plant and equipment and acquisitions . for the year ended 30 september 2012 , cash used for investing activities was $ 2435.2 , primarily driven by capital expenditures for plant and equipment , acquisitions , and investments in unconsolidated affiliates . refer to the capital expenditures section below for additional detail . for the year ended 30 september 2011 , cash used for investing activities was $ 1169.8 , primarily driven by capital expenditures for plant and equipment . we received proceeds of $ 94.7 from the sale of approximately 1.5 million shares of airgas stock . refer to note 6 , airgas transaction , to the consolidated financial statements for additional information regarding this transaction . 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 purchase of 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 2013 totaled $ 1747.8 , compared to $ 2559.8 in 2012 , resulting in a decrease of $ 812.0 , primarily due to the acquisition of indura s.a . in 2012 . 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 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 in the third quarter. .

| | | 2013 | 2012 | 2011 | |---:|:---------------------------------------------------------------------------------------|:-------------|:---------|:---------| | 0 | additions to plant and equipment | $ 1524.2 | $ 1521.0 | $ 1309.3 | | 1 | acquisitions less cash acquired | 224.9 | 863.4 | 10.8 | | 2 | investments in and advances to unconsolidated affiliates | -1.3 ( 1.3 ) | 175.4 | 45.8 | | 3 | capital expenditures on a gaap basis | $ 1747.8 | $ 2559.8 | $ 1365.9 | | 4 | capital lease expenditures ( a ) | 234.9 | 212.2 | 173.5 | | 5 | noncurrent liability related to purchase of shares from noncontrolling interests ( a ) | 14.0 | 6.3 | 2014 | | 6 | capital expenditures on a non-gaap basis | $ 1996.7 | $ 2778.3 | $ 1539.4 |

business restructuring actions , including the settlement of a long-term take-or-pay silane contract . the current year payments were partially offset by a $ 69.7 net increase to accrued liabilities for the current year cost reduction and business restructuring actions . for the year ended 2012 , cash provided by operating activities was $ 1765.1 . income from continuing operations of $ 999.2 reflected the non-cash gain on the previously held equity interest in da nanomaterials of $ 85.9 , the write- down of long-lived assets associated with restructuring and a customer bankruptcy of $ 80.2 , and a non-cash tax benefit of $ 58.3 recognized as a result of the second quarter spanish tax ruling . the working capital accounts were a source of cash of $ 100.1 . the provision for the cost reduction and business restructuring plans resulted in an increase to accrued liabilities of $ 223.9 , partially offset by a use of cash of $ 32.9 for payments made in relation to these plans . for the year ended 2011 , cash provided by operating activities was $ 1710.4 . income from continuing operations of $ 1134.3 reflected the non-cash net loss of $ 48.5 related to the airgas transaction . we also made cash payments of $ 156.2 related to the airgas transaction . the working capital accounts were a use of cash of $ 114.6 , including $ 107.5 for an increase in inventory primarily to support growth in our performance materials business . investing activities for the year ended 30 september 2013 , cash used for investing activities was $ 1697.0 , primarily driven by capital expenditures for plant and equipment and acquisitions . for the year ended 30 september 2012 , cash used for investing activities was $ 2435.2 , primarily driven by capital expenditures for plant and equipment , acquisitions , and investments in unconsolidated affiliates . refer to the capital expenditures section below for additional detail . for the year ended 30 september 2011 , cash used for investing activities was $ 1169.8 , primarily driven by capital expenditures for plant and equipment . we received proceeds of $ 94.7 from the sale of approximately 1.5 million shares of airgas stock . refer to note 6 , airgas transaction , to the consolidated financial statements for additional information regarding this transaction . capital expenditures capital expenditures are detailed in the following table: ._| | | 2013 | 2012 | 2011 | |---:|:---------------------------------------------------------------------------------------|:-------------|:---------|:---------| | 0 | additions to plant and equipment | $ 1524.2 | $ 1521.0 | $ 1309.3 | | 1 | acquisitions less cash acquired | 224.9 | 863.4 | 10.8 | | 2 | investments in and advances to unconsolidated affiliates | -1.3 ( 1.3 ) | 175.4 | 45.8 | | 3 | capital expenditures on a gaap basis | $ 1747.8 | $ 2559.8 | $ 1365.9 | | 4 | capital lease expenditures ( a ) | 234.9 | 212.2 | 173.5 | | 5 | noncurrent liability related to purchase of shares from noncontrolling interests ( a ) | 14.0 | 6.3 | 2014 | | 6 | capital expenditures on a non-gaap basis | $ 1996.7 | $ 2778.3 | $ 1539.4 |_( 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 purchase of 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 2013 totaled $ 1747.8 , compared to $ 2559.8 in 2012 , resulting in a decrease of $ 812.0 , primarily due to the acquisition of indura s.a . in 2012 . 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 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 in the third quarter. .

2,013

40

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa559

in millions , for 2013 , 2012 , and 2011 , what was average currency hedges?

29

table_average(currency hedges, none)

notes to consolidated financial statements net investment hedges the firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain non- u.s . operations through the use of foreign currency forward contracts and foreign currency-denominated debt . for foreign currency forward contracts designated as hedges , the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts ( i.e. , based on changes in forward rates ) . for foreign currency-denominated debt designated as a hedge , the effectiveness of the hedge is assessed based on changes in spot rates . for qualifying net investment hedges , the gains or losses on the hedging instruments , to the extent effective , are included in 201ccurrency translation 201d within the consolidated statements of comprehensive income . the table below presents the gains/ ( losses ) from net investment hedging. .

the gain/ ( loss ) related to ineffectiveness was not material for 2013 , 2012 or 2011 . the loss reclassified to earnings from accumulated other comprehensive income was not material for 2013 or 2012 , and was $ 186 million for 2011 . as of december 2013 and december 2012 , the firm had designated $ 1.97 billion and $ 2.77 billion , respectively , of foreign currency-denominated debt , included in 201cunsecured long-term borrowings 201d and 201cunsecured short- term borrowings , 201d as hedges of net investments in non- u.s . subsidiaries . cash flow hedges beginning in the third quarter of 2013 , the firm designated certain commodities-related swap and forward contracts as cash flow hedges . these swap and forward contracts hedge the firm 2019s exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments . the firm applies a statistical method that utilizes regression analysis when assessing hedge effectiveness . a cash flow hedge is considered highly effective in offsetting changes in forecasted cash flows attributable to 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 cash flow hedges , the gains or losses on derivatives , to the extent effective , are included in 201ccash flow hedges 201d within the consolidated statements of comprehensive income . gains or losses resulting from hedge ineffectiveness are included in 201cother principal transactions 201d in the consolidated statements of earnings . the effective portion of the gains , before taxes , recognized on these cash flow hedges was $ 14 million for 2013 . the gain/ ( loss ) related to hedge ineffectiveness was not material for 2013 . there were no gains/ ( losses ) excluded from the assessment of hedge effectiveness or reclassified to earnings from accumulated other comprehensive income during 2013 . the amounts recorded in 201ccash flow hedges 201d will be reclassified to 201cother principal transactions 201d in the same periods as the corresponding gain or loss on the sale of the hedged energy commodities , which is also recorded in 201cother principal transactions . 201d the firm expects to reclassify $ 5 million of gains , net of taxes , related to cash flow hedges from 201ccash flow hedges 201d to earnings within the next twelve months . the length of time over which the firm is hedging its exposure to the variability in future cash flows for forecasted transactions is approximately two years . 150 goldman sachs 2013 annual report .

| | in millions | year ended december 2013 | year ended december 2012 | year ended december 2011 | |---:|:-----------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | currency hedges | $ 150 | $ -233 ( 233 ) | $ 160 | | 1 | foreign currency-denominated debt hedges | 470 | 347 | -147 ( 147 ) |

notes to consolidated financial statements net investment hedges the firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain non- u.s . operations through the use of foreign currency forward contracts and foreign currency-denominated debt . for foreign currency forward contracts designated as hedges , the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts ( i.e. , based on changes in forward rates ) . for foreign currency-denominated debt designated as a hedge , the effectiveness of the hedge is assessed based on changes in spot rates . for qualifying net investment hedges , the gains or losses on the hedging instruments , to the extent effective , are included in 201ccurrency translation 201d within the consolidated statements of comprehensive income . the table below presents the gains/ ( losses ) from net investment hedging. ._| | in millions | year ended december 2013 | year ended december 2012 | year ended december 2011 | |---:|:-----------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | currency hedges | $ 150 | $ -233 ( 233 ) | $ 160 | | 1 | foreign currency-denominated debt hedges | 470 | 347 | -147 ( 147 ) |_the gain/ ( loss ) related to ineffectiveness was not material for 2013 , 2012 or 2011 . the loss reclassified to earnings from accumulated other comprehensive income was not material for 2013 or 2012 , and was $ 186 million for 2011 . as of december 2013 and december 2012 , the firm had designated $ 1.97 billion and $ 2.77 billion , respectively , of foreign currency-denominated debt , included in 201cunsecured long-term borrowings 201d and 201cunsecured short- term borrowings , 201d as hedges of net investments in non- u.s . subsidiaries . cash flow hedges beginning in the third quarter of 2013 , the firm designated certain commodities-related swap and forward contracts as cash flow hedges . these swap and forward contracts hedge the firm 2019s exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments . the firm applies a statistical method that utilizes regression analysis when assessing hedge effectiveness . a cash flow hedge is considered highly effective in offsetting changes in forecasted cash flows attributable to 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 cash flow hedges , the gains or losses on derivatives , to the extent effective , are included in 201ccash flow hedges 201d within the consolidated statements of comprehensive income . gains or losses resulting from hedge ineffectiveness are included in 201cother principal transactions 201d in the consolidated statements of earnings . the effective portion of the gains , before taxes , recognized on these cash flow hedges was $ 14 million for 2013 . the gain/ ( loss ) related to hedge ineffectiveness was not material for 2013 . there were no gains/ ( losses ) excluded from the assessment of hedge effectiveness or reclassified to earnings from accumulated other comprehensive income during 2013 . the amounts recorded in 201ccash flow hedges 201d will be reclassified to 201cother principal transactions 201d in the same periods as the corresponding gain or loss on the sale of the hedged energy commodities , which is also recorded in 201cother principal transactions . 201d the firm expects to reclassify $ 5 million of gains , net of taxes , related to cash flow hedges from 201ccash flow hedges 201d to earnings within the next twelve months . the length of time over which the firm is hedging its exposure to the variability in future cash flows for forecasted transactions is approximately two years . 150 goldman sachs 2013 annual report .

2,013

152

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

in millions , for 2013 , 2012 , and 2011 , what was average currency hedges?

29

table_average(currency hedges, none)

notes to consolidated financial statements net investment hedges the firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain non- u.s . operations through the use of foreign currency forward contracts and foreign currency-denominated debt . for foreign currency forward contracts designated as hedges , the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts ( i.e. , based on changes in forward rates ) . for foreign currency-denominated debt designated as a hedge , the effectiveness of the hedge is assessed based on changes in spot rates . for qualifying net investment hedges , the gains or losses on the hedging instruments , to the extent effective , are included in 201ccurrency translation 201d within the consolidated statements of comprehensive income . the table below presents the gains/ ( losses ) from net investment hedging. .

the gain/ ( loss ) related to ineffectiveness was not material for 2013 , 2012 or 2011 . the loss reclassified to earnings from accumulated other comprehensive income was not material for 2013 or 2012 , and was $ 186 million for 2011 . as of december 2013 and december 2012 , the firm had designated $ 1.97 billion and $ 2.77 billion , respectively , of foreign currency-denominated debt , included in 201cunsecured long-term borrowings 201d and 201cunsecured short- term borrowings , 201d as hedges of net investments in non- u.s . subsidiaries . cash flow hedges beginning in the third quarter of 2013 , the firm designated certain commodities-related swap and forward contracts as cash flow hedges . these swap and forward contracts hedge the firm 2019s exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments . the firm applies a statistical method that utilizes regression analysis when assessing hedge effectiveness . a cash flow hedge is considered highly effective in offsetting changes in forecasted cash flows attributable to 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 cash flow hedges , the gains or losses on derivatives , to the extent effective , are included in 201ccash flow hedges 201d within the consolidated statements of comprehensive income . gains or losses resulting from hedge ineffectiveness are included in 201cother principal transactions 201d in the consolidated statements of earnings . the effective portion of the gains , before taxes , recognized on these cash flow hedges was $ 14 million for 2013 . the gain/ ( loss ) related to hedge ineffectiveness was not material for 2013 . there were no gains/ ( losses ) excluded from the assessment of hedge effectiveness or reclassified to earnings from accumulated other comprehensive income during 2013 . the amounts recorded in 201ccash flow hedges 201d will be reclassified to 201cother principal transactions 201d in the same periods as the corresponding gain or loss on the sale of the hedged energy commodities , which is also recorded in 201cother principal transactions . 201d the firm expects to reclassify $ 5 million of gains , net of taxes , related to cash flow hedges from 201ccash flow hedges 201d to earnings within the next twelve months . the length of time over which the firm is hedging its exposure to the variability in future cash flows for forecasted transactions is approximately two years . 150 goldman sachs 2013 annual report .

| | in millions | year ended december 2013 | year ended december 2012 | year ended december 2011 | |---:|:-----------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | currency hedges | $ 150 | $ -233 ( 233 ) | $ 160 | | 1 | foreign currency-denominated debt hedges | 470 | 347 | -147 ( 147 ) |

notes to consolidated financial statements net investment hedges the firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain non- u.s . operations through the use of foreign currency forward contracts and foreign currency-denominated debt . for foreign currency forward contracts designated as hedges , the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts ( i.e. , based on changes in forward rates ) . for foreign currency-denominated debt designated as a hedge , the effectiveness of the hedge is assessed based on changes in spot rates . for qualifying net investment hedges , the gains or losses on the hedging instruments , to the extent effective , are included in 201ccurrency translation 201d within the consolidated statements of comprehensive income . the table below presents the gains/ ( losses ) from net investment hedging. ._| | in millions | year ended december 2013 | year ended december 2012 | year ended december 2011 | |---:|:-----------------------------------------|:---------------------------|:---------------------------|:---------------------------| | 0 | currency hedges | $ 150 | $ -233 ( 233 ) | $ 160 | | 1 | foreign currency-denominated debt hedges | 470 | 347 | -147 ( 147 ) |_the gain/ ( loss ) related to ineffectiveness was not material for 2013 , 2012 or 2011 . the loss reclassified to earnings from accumulated other comprehensive income was not material for 2013 or 2012 , and was $ 186 million for 2011 . as of december 2013 and december 2012 , the firm had designated $ 1.97 billion and $ 2.77 billion , respectively , of foreign currency-denominated debt , included in 201cunsecured long-term borrowings 201d and 201cunsecured short- term borrowings , 201d as hedges of net investments in non- u.s . subsidiaries . cash flow hedges beginning in the third quarter of 2013 , the firm designated certain commodities-related swap and forward contracts as cash flow hedges . these swap and forward contracts hedge the firm 2019s exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments . the firm applies a statistical method that utilizes regression analysis when assessing hedge effectiveness . a cash flow hedge is considered highly effective in offsetting changes in forecasted cash flows attributable to 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 cash flow hedges , the gains or losses on derivatives , to the extent effective , are included in 201ccash flow hedges 201d within the consolidated statements of comprehensive income . gains or losses resulting from hedge ineffectiveness are included in 201cother principal transactions 201d in the consolidated statements of earnings . the effective portion of the gains , before taxes , recognized on these cash flow hedges was $ 14 million for 2013 . the gain/ ( loss ) related to hedge ineffectiveness was not material for 2013 . there were no gains/ ( losses ) excluded from the assessment of hedge effectiveness or reclassified to earnings from accumulated other comprehensive income during 2013 . the amounts recorded in 201ccash flow hedges 201d will be reclassified to 201cother principal transactions 201d in the same periods as the corresponding gain or loss on the sale of the hedged energy commodities , which is also recorded in 201cother principal transactions . 201d the firm expects to reclassify $ 5 million of gains , net of taxes , related to cash flow hedges from 201ccash flow hedges 201d to earnings within the next twelve months . the length of time over which the firm is hedging its exposure to the variability in future cash flows for forecasted transactions is approximately two years . 150 goldman sachs 2013 annual report .

2,013

152

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

null

finqa560

what was the number of shares outstanding as of december 31 , 2007

null

subtract(138311810, 14669)

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

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

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

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

2,007

47

VTR

Ventas

Real Estate

Health Care REITs

Chicago, Illinois

2009-03-04

740,260

1998

what was the number of shares outstanding as of december 31 , 2007

null

subtract(138311810, 14669)

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

finqa561

what is percentage change in rd&e spendings from 2013 to 2014?

8.3%

divide(subtract(1.3, 1.2), 1.2)

backlog applied manufactures systems to meet demand represented by order backlog and customer commitments . backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months . backlog by reportable segment as of october 27 , 2013 and october 28 , 2012 was as follows : 2013 2012 ( in millions , except percentages ) .

applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders . customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties . delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations . manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems . applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites . applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products . although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible . accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers . applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers . research , development and engineering applied 2019s long-term growth strategy requires continued development of new products . the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle . applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements . product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china . in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india . process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel . applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 , and $ 1.1 billion ( 11 percent of net sales ) in fiscal 2011 . applied has spent an average of 14 percent of net sales in rd&e over the last five years . in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. .

| | | 2013 | 2012 | | ( in millions except percentages ) | |---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------| | 0 | silicon systems group | $ 1295 | 55% ( 55 % ) | $ 705 | 44% ( 44 % ) | | 1 | applied global services | 591 | 25% ( 25 % ) | 580 | 36% ( 36 % ) | | 2 | display | 361 | 15% ( 15 % ) | 206 | 13% ( 13 % ) | | 3 | energy and environmental solutions | 125 | 5% ( 5 % ) | 115 | 7% ( 7 % ) | | 4 | total | $ 2372 | 100% ( 100 % ) | $ 1606 | 100% ( 100 % ) |

backlog applied manufactures systems to meet demand represented by order backlog and customer commitments . backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months . backlog by reportable segment as of october 27 , 2013 and october 28 , 2012 was as follows : 2013 2012 ( in millions , except percentages ) ._| | | 2013 | 2012 | | ( in millions except percentages ) | |---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------| | 0 | silicon systems group | $ 1295 | 55% ( 55 % ) | $ 705 | 44% ( 44 % ) | | 1 | applied global services | 591 | 25% ( 25 % ) | 580 | 36% ( 36 % ) | | 2 | display | 361 | 15% ( 15 % ) | 206 | 13% ( 13 % ) | | 3 | energy and environmental solutions | 125 | 5% ( 5 % ) | 115 | 7% ( 7 % ) | | 4 | total | $ 2372 | 100% ( 100 % ) | $ 1606 | 100% ( 100 % ) |_applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders . customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties . delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations . manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems . applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites . applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products . although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible . accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers . applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers . research , development and engineering applied 2019s long-term growth strategy requires continued development of new products . the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle . applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements . product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china . in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india . process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel . applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 , and $ 1.1 billion ( 11 percent of net sales ) in fiscal 2011 . applied has spent an average of 14 percent of net sales in rd&e over the last five years . in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. .

2,013

18

AMAT

Applied Materials

Information Technology

Semiconductor Materials & Equipment

Santa Clara, California

1995-03-16

6,951

1967

what is percentage change in rd&e spendings from 2013 to 2014?

8.3%

divide(subtract(1.3, 1.2), 1.2)

backlog applied manufactures systems to meet demand represented by order backlog and customer commitments . backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months . backlog by reportable segment as of october 27 , 2013 and october 28 , 2012 was as follows : 2013 2012 ( in millions , except percentages ) .

applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders . customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties . delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations . manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems . applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites . applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products . although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible . accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers . applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers . research , development and engineering applied 2019s long-term growth strategy requires continued development of new products . the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle . applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements . product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china . in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india . process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel . applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 , and $ 1.1 billion ( 11 percent of net sales ) in fiscal 2011 . applied has spent an average of 14 percent of net sales in rd&e over the last five years . in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. .

| | | 2013 | 2012 | | ( in millions except percentages ) | |---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------| | 0 | silicon systems group | $ 1295 | 55% ( 55 % ) | $ 705 | 44% ( 44 % ) | | 1 | applied global services | 591 | 25% ( 25 % ) | 580 | 36% ( 36 % ) | | 2 | display | 361 | 15% ( 15 % ) | 206 | 13% ( 13 % ) | | 3 | energy and environmental solutions | 125 | 5% ( 5 % ) | 115 | 7% ( 7 % ) | | 4 | total | $ 2372 | 100% ( 100 % ) | $ 1606 | 100% ( 100 % ) |

backlog applied manufactures systems to meet demand represented by order backlog and customer commitments . backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months . backlog by reportable segment as of october 27 , 2013 and october 28 , 2012 was as follows : 2013 2012 ( in millions , except percentages ) ._| | | 2013 | 2012 | | ( in millions except percentages ) | |---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------| | 0 | silicon systems group | $ 1295 | 55% ( 55 % ) | $ 705 | 44% ( 44 % ) | | 1 | applied global services | 591 | 25% ( 25 % ) | 580 | 36% ( 36 % ) | | 2 | display | 361 | 15% ( 15 % ) | 206 | 13% ( 13 % ) | | 3 | energy and environmental solutions | 125 | 5% ( 5 % ) | 115 | 7% ( 7 % ) | | 4 | total | $ 2372 | 100% ( 100 % ) | $ 1606 | 100% ( 100 % ) |_applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders . customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties . delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations . manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems . applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites . applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products . although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible . accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers . applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers . research , development and engineering applied 2019s long-term growth strategy requires continued development of new products . the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle . applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements . product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china . in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india . process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel . applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 , and $ 1.1 billion ( 11 percent of net sales ) in fiscal 2011 . applied has spent an average of 14 percent of net sales in rd&e over the last five years . in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. .

2,013

18

AMAT

Applied Materials

Information Technology

Semiconductor Materials & Equipment

Santa Clara, California

1995-03-16

6,951

1967

null

finqa562

what percent of of the total variance in net revenue is attributed to the variance in volume/weather?

56.6%

divide(21.3, subtract(577.8, 540.2))

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities . results of operations net income 2011 compared to 2010 net income increased by $ 14.6 million primarily due to higher net revenue , partially offset by higher taxes other than income taxes , higher other operation and maintenance expenses , and higher depreciation and amortization expenses . 2010 compared to 2009 net income increased by $ 2.4 million primarily due to higher net revenue and lower interest expense , partially offset by lower other income , higher taxes other than income taxes , and higher other operation and maintenance expenses . net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2011 to 2010 . amount ( in millions ) .

the retail electric price variance is primarily due to rate actions , including an annual base rate increase of $ 59 million beginning august 2010 , with an additional increase of $ 9 million beginning may 2011 , as a result of the settlement of the december 2009 rate case . see note 2 to the financial statements for further discussion of the rate case settlement . the volume/weather variance is primarily due to an increase of 721 gwh , or 4.5% ( 4.5 % ) , in billed electricity usage , including the effect of more favorable weather on residential and commercial sales compared to last year . usage in the industrial sector increased 8.2% ( 8.2 % ) primarily in the chemicals and refining industries . the purchased power capacity variance is primarily due to price increases for ongoing purchased power capacity and additional capacity purchases. .

| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2010 net revenue | $ 540.2 | | 1 | retail electric price | 36.0 | | 2 | volume/weather | 21.3 | | 3 | purchased power capacity | -24.6 ( 24.6 ) | | 4 | other | 4.9 | | 5 | 2011 net revenue | $ 577.8 |

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities . results of operations net income 2011 compared to 2010 net income increased by $ 14.6 million primarily due to higher net revenue , partially offset by higher taxes other than income taxes , higher other operation and maintenance expenses , and higher depreciation and amortization expenses . 2010 compared to 2009 net income increased by $ 2.4 million primarily due to higher net revenue and lower interest expense , partially offset by lower other income , higher taxes other than income taxes , and higher other operation and maintenance expenses . net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2011 to 2010 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2010 net revenue | $ 540.2 | | 1 | retail electric price | 36.0 | | 2 | volume/weather | 21.3 | | 3 | purchased power capacity | -24.6 ( 24.6 ) | | 4 | other | 4.9 | | 5 | 2011 net revenue | $ 577.8 |_the retail electric price variance is primarily due to rate actions , including an annual base rate increase of $ 59 million beginning august 2010 , with an additional increase of $ 9 million beginning may 2011 , as a result of the settlement of the december 2009 rate case . see note 2 to the financial statements for further discussion of the rate case settlement . the volume/weather variance is primarily due to an increase of 721 gwh , or 4.5% ( 4.5 % ) , in billed electricity usage , including the effect of more favorable weather on residential and commercial sales compared to last year . usage in the industrial sector increased 8.2% ( 8.2 % ) primarily in the chemicals and refining industries . the purchased power capacity variance is primarily due to price increases for ongoing purchased power capacity and additional capacity purchases. .

2,011

376

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what percent of of the total variance in net revenue is attributed to the variance in volume/weather?

56.6%

divide(21.3, subtract(577.8, 540.2))

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities . results of operations net income 2011 compared to 2010 net income increased by $ 14.6 million primarily due to higher net revenue , partially offset by higher taxes other than income taxes , higher other operation and maintenance expenses , and higher depreciation and amortization expenses . 2010 compared to 2009 net income increased by $ 2.4 million primarily due to higher net revenue and lower interest expense , partially offset by lower other income , higher taxes other than income taxes , and higher other operation and maintenance expenses . net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2011 to 2010 . amount ( in millions ) .

the retail electric price variance is primarily due to rate actions , including an annual base rate increase of $ 59 million beginning august 2010 , with an additional increase of $ 9 million beginning may 2011 , as a result of the settlement of the december 2009 rate case . see note 2 to the financial statements for further discussion of the rate case settlement . the volume/weather variance is primarily due to an increase of 721 gwh , or 4.5% ( 4.5 % ) , in billed electricity usage , including the effect of more favorable weather on residential and commercial sales compared to last year . usage in the industrial sector increased 8.2% ( 8.2 % ) primarily in the chemicals and refining industries . the purchased power capacity variance is primarily due to price increases for ongoing purchased power capacity and additional capacity purchases. .

| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2010 net revenue | $ 540.2 | | 1 | retail electric price | 36.0 | | 2 | volume/weather | 21.3 | | 3 | purchased power capacity | -24.6 ( 24.6 ) | | 4 | other | 4.9 | | 5 | 2011 net revenue | $ 577.8 |

entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities . results of operations net income 2011 compared to 2010 net income increased by $ 14.6 million primarily due to higher net revenue , partially offset by higher taxes other than income taxes , higher other operation and maintenance expenses , and higher depreciation and amortization expenses . 2010 compared to 2009 net income increased by $ 2.4 million primarily due to higher net revenue and lower interest expense , partially offset by lower other income , higher taxes other than income taxes , and higher other operation and maintenance expenses . net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2011 to 2010 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:-------------------------|:-------------------------| | 0 | 2010 net revenue | $ 540.2 | | 1 | retail electric price | 36.0 | | 2 | volume/weather | 21.3 | | 3 | purchased power capacity | -24.6 ( 24.6 ) | | 4 | other | 4.9 | | 5 | 2011 net revenue | $ 577.8 |_the retail electric price variance is primarily due to rate actions , including an annual base rate increase of $ 59 million beginning august 2010 , with an additional increase of $ 9 million beginning may 2011 , as a result of the settlement of the december 2009 rate case . see note 2 to the financial statements for further discussion of the rate case settlement . the volume/weather variance is primarily due to an increase of 721 gwh , or 4.5% ( 4.5 % ) , in billed electricity usage , including the effect of more favorable weather on residential and commercial sales compared to last year . usage in the industrial sector increased 8.2% ( 8.2 % ) primarily in the chemicals and refining industries . the purchased power capacity variance is primarily due to price increases for ongoing purchased power capacity and additional capacity purchases. .

2,011

376

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa563

in the number of securities to be issued what is the ratio of the stock rights from the 2012 plan to the 2011 plan included in these securities

1.06

divide(28763, 27123)

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

in the number of securities to be issued what is the ratio of the stock rights from the 2012 plan to the 2011 plan included in these securities

1.06

divide(28763, 27123)

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

finqa564

what was the percent of the change in the net revenues from dec . 282012 dec . 29 2013

-1.2%

divide(subtract(52708, 53341), 53341)

item 7 . management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows . md&a is organized as follows : 2022 overview . discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a . 2022 critical accounting estimates . accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts . 2022 results of operations . an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources . an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity . 2022 fair value of financial instruments . discussion of the methodologies used in the valuation of our financial instruments . 2022 contractual obligations and off-balance-sheet arrangements . overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule . the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties . words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements . in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements . such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k . our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 . overview our results of operations for each period were as follows: .

revenue for 2013 was down 1% ( 1 % ) from 2012 . pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization . dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year . higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 . in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities . these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 . table of contents .

| | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change | |---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------| | 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) | | 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) | | 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) | | 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) | | 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) | | 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) |

item 7 . management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows . md&a is organized as follows : 2022 overview . discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a . 2022 critical accounting estimates . accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts . 2022 results of operations . an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources . an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity . 2022 fair value of financial instruments . discussion of the methodologies used in the valuation of our financial instruments . 2022 contractual obligations and off-balance-sheet arrangements . overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule . the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties . words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements . in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements . such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k . our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 . overview our results of operations for each period were as follows: ._| | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change | |---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------| | 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) | | 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) | | 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) | | 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) | | 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) | | 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) |_revenue for 2013 was down 1% ( 1 % ) from 2012 . pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization . dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year . higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 . in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities . these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 . table of contents .

2,013

33

INTC

Intel

Information Technology

Semiconductors

Santa Clara, California

1976-12-31

50,863

1968

what was the percent of the change in the net revenues from dec . 282012 dec . 29 2013

-1.2%

divide(subtract(52708, 53341), 53341)

item 7 . management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows . md&a is organized as follows : 2022 overview . discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a . 2022 critical accounting estimates . accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts . 2022 results of operations . an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources . an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity . 2022 fair value of financial instruments . discussion of the methodologies used in the valuation of our financial instruments . 2022 contractual obligations and off-balance-sheet arrangements . overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule . the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties . words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements . in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements . such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k . our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 . overview our results of operations for each period were as follows: .

revenue for 2013 was down 1% ( 1 % ) from 2012 . pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization . dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year . higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 . in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities . these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 . table of contents .

| | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change | |---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------| | 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) | | 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) | | 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) | | 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) | | 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) | | 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) |

item 7 . management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows . md&a is organized as follows : 2022 overview . discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a . 2022 critical accounting estimates . accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts . 2022 results of operations . an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources . an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity . 2022 fair value of financial instruments . discussion of the methodologies used in the valuation of our financial instruments . 2022 contractual obligations and off-balance-sheet arrangements . overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule . the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties . words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements . in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements . such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k . our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 . overview our results of operations for each period were as follows: ._| | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change | |---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------| | 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) | | 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) | | 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) | | 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) | | 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) | | 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) |_revenue for 2013 was down 1% ( 1 % ) from 2012 . pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization . dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year . higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 . in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities . these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 . table of contents .

2,013

33

INTC

Intel

Information Technology

Semiconductors

Santa Clara, California

1976-12-31

50,863

1968

null

finqa565

what is the percent change in annual long-term debt maturities from 2016 to 2017?

183%

divide(subtract(766801, 270852), 270852)

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 is the percent change in annual long-term debt maturities from 2016 to 2017?

183%

divide(subtract(766801, 270852), 270852)

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

finqa566

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

13.45%

divide(add(4, 12), subtract(404, 285))

19 . income taxes ( continued ) capital loss carryforwards of $ 69 million and $ 90 million , which were acquired in the bgi transaction and will expire on or before 2013 . at december 31 , 2012 and 2011 , the company had $ 95 million and $ 95 million of valuation allowances for deferred income tax assets , respectively , recorded on the consolidated statements of financial condition . the year- over-year increase in the valuation allowance primarily related to certain foreign deferred income tax assets . goodwill recorded in connection with the quellos transaction has been reduced during the period by the amount of tax benefit realized from tax-deductible goodwill . see note 9 , goodwill , for further discussion . current income taxes are recorded net in the consolidated statements of financial condition when related to the same tax jurisdiction . as of december 31 , 2012 , the company had current income taxes receivable and payable of $ 102 million and $ 121 million , respectively , recorded in other assets and accounts payable and accrued liabilities , respectively . as of december 31 , 2011 , the company had current income taxes receivable and payable of $ 108 million and $ 102 million , respectively , recorded in other assets and accounts payable and accrued liabilities , respectively . the company does not provide deferred taxes on the excess of the financial reporting over tax basis on its investments in foreign subsidiaries that are essentially permanent in duration . the excess totaled $ 2125 million and $ 1516 million as of december 31 , 2012 and 2011 , respectively . the determination of the additional deferred income taxes on the excess has not been provided because it is not practicable due to the complexities associated with its hypothetical calculation . the following tabular reconciliation presents the total amounts of gross unrecognized tax benefits : year ended december 31 , ( dollar amounts in millions ) 2012 2011 2010 .

included in the balance of unrecognized tax benefits at december 31 , 2012 , 2011 and 2010 , respectively , are $ 250 million , $ 226 million and $ 194 million of tax benefits that , if recognized , would affect the effective tax rate . the company recognizes interest and penalties related to income tax matters as a component of income tax expense . related to the unrecognized tax benefits noted above , the company accrued interest and penalties of $ 3 million during 2012 and in total , as of december 31 , 2012 , had recognized a liability for interest and penalties of $ 69 million . the company accrued interest and penalties of $ 10 million during 2011 and in total , as of december 31 , 2011 , had recognized a liability for interest and penalties of $ 66 million . the company accrued interest and penalties of $ 8 million during 2010 and in total , as of december 31 , 2010 , had recognized a liability for interest and penalties of $ 56 million . pursuant to the amended and restated stock purchase agreement , the company has been indemnified by barclays for $ 73 million and guggenheim for $ 6 million of unrecognized tax benefits . blackrock is subject to u.s . federal income tax , state and local income tax , and foreign income tax in multiple jurisdictions . tax years after 2007 remain open to u.s . federal income tax examination , tax years after 2005 remain open to state and local income tax examination , and tax years after 2006 remain open to income tax examination in the united kingdom . with few exceptions , as of december 31 , 2012 , the company is no longer subject to u.s . federal , state , local or foreign examinations by tax authorities for years before 2006 . the internal revenue service ( 201cirs 201d ) completed its examination of blackrock 2019s 2006 and 2007 tax years in march 2011 . in november 2011 , the irs commenced its examination of blackrock 2019s 2008 and 2009 tax years , and while the impact on the consolidated financial statements is undetermined , it is not expected to be material . in july 2011 , the irs commenced its federal income tax audit of the bgi group , which blackrock acquired in december 2009 . the tax years under examination are 2007 through december 1 , 2009 , and while the impact on the consolidated financial statements is undetermined , it is not expected to be material . the company is currently under audit in several state and local jurisdictions . the significant state and local income tax examinations are in california for tax years 2004 through 2006 , new york city for tax years 2007 through 2008 , and new jersey for tax years 2003 through 2009 . no state and local income tax audits cover years earlier than 2007 except for california , new jersey and new york city . no state and local income tax audits are expected to result in an assessment material to the consolidated financial statements. .

| | ( dollar amounts in millions ) | year ended december 31 , 2012 | year ended december 31 , 2011 | year ended december 31 , 2010 | |---:|:---------------------------------------------------------|:--------------------------------|:--------------------------------|:--------------------------------| | 0 | balance at january 1 | $ 349 | $ 307 | $ 285 | | 1 | additions for tax positions of prior years | 4 | 22 | 10 | | 2 | reductions for tax positions of prior years | -1 ( 1 ) | -1 ( 1 ) | -17 ( 17 ) | | 3 | additions based on tax positions related to current year | 69 | 46 | 35 | | 4 | lapse of statute of limitations | 2014 | 2014 | -8 ( 8 ) | | 5 | settlements | -29 ( 29 ) | -25 ( 25 ) | -2 ( 2 ) | | 6 | positions assumed in acquisitions | 12 | 2014 | 4 | | 7 | balance at december 31 | $ 404 | $ 349 | $ 307 |

19 . income taxes ( continued ) capital loss carryforwards of $ 69 million and $ 90 million , which were acquired in the bgi transaction and will expire on or before 2013 . at december 31 , 2012 and 2011 , the company had $ 95 million and $ 95 million of valuation allowances for deferred income tax assets , respectively , recorded on the consolidated statements of financial condition . the year- over-year increase in the valuation allowance primarily related to certain foreign deferred income tax assets . goodwill recorded in connection with the quellos transaction has been reduced during the period by the amount of tax benefit realized from tax-deductible goodwill . see note 9 , goodwill , for further discussion . current income taxes are recorded net in the consolidated statements of financial condition when related to the same tax jurisdiction . as of december 31 , 2012 , the company had current income taxes receivable and payable of $ 102 million and $ 121 million , respectively , recorded in other assets and accounts payable and accrued liabilities , respectively . as of december 31 , 2011 , the company had current income taxes receivable and payable of $ 108 million and $ 102 million , respectively , recorded in other assets and accounts payable and accrued liabilities , respectively . the company does not provide deferred taxes on the excess of the financial reporting over tax basis on its investments in foreign subsidiaries that are essentially permanent in duration . the excess totaled $ 2125 million and $ 1516 million as of december 31 , 2012 and 2011 , respectively . the determination of the additional deferred income taxes on the excess has not been provided because it is not practicable due to the complexities associated with its hypothetical calculation . the following tabular reconciliation presents the total amounts of gross unrecognized tax benefits : year ended december 31 , ( dollar amounts in millions ) 2012 2011 2010 ._| | ( dollar amounts in millions ) | year ended december 31 , 2012 | year ended december 31 , 2011 | year ended december 31 , 2010 | |---:|:---------------------------------------------------------|:--------------------------------|:--------------------------------|:--------------------------------| | 0 | balance at january 1 | $ 349 | $ 307 | $ 285 | | 1 | additions for tax positions of prior years | 4 | 22 | 10 | | 2 | reductions for tax positions of prior years | -1 ( 1 ) | -1 ( 1 ) | -17 ( 17 ) | | 3 | additions based on tax positions related to current year | 69 | 46 | 35 | | 4 | lapse of statute of limitations | 2014 | 2014 | -8 ( 8 ) | | 5 | settlements | -29 ( 29 ) | -25 ( 25 ) | -2 ( 2 ) | | 6 | positions assumed in acquisitions | 12 | 2014 | 4 | | 7 | balance at december 31 | $ 404 | $ 349 | $ 307 |_included in the balance of unrecognized tax benefits at december 31 , 2012 , 2011 and 2010 , respectively , are $ 250 million , $ 226 million and $ 194 million of tax benefits that , if recognized , would affect the effective tax rate . the company recognizes interest and penalties related to income tax matters as a component of income tax expense . related to the unrecognized tax benefits noted above , the company accrued interest and penalties of $ 3 million during 2012 and in total , as of december 31 , 2012 , had recognized a liability for interest and penalties of $ 69 million . the company accrued interest and penalties of $ 10 million during 2011 and in total , as of december 31 , 2011 , had recognized a liability for interest and penalties of $ 66 million . the company accrued interest and penalties of $ 8 million during 2010 and in total , as of december 31 , 2010 , had recognized a liability for interest and penalties of $ 56 million . pursuant to the amended and restated stock purchase agreement , the company has been indemnified by barclays for $ 73 million and guggenheim for $ 6 million of unrecognized tax benefits . blackrock is subject to u.s . federal income tax , state and local income tax , and foreign income tax in multiple jurisdictions . tax years after 2007 remain open to u.s . federal income tax examination , tax years after 2005 remain open to state and local income tax examination , and tax years after 2006 remain open to income tax examination in the united kingdom . with few exceptions , as of december 31 , 2012 , the company is no longer subject to u.s . federal , state , local or foreign examinations by tax authorities for years before 2006 . the internal revenue service ( 201cirs 201d ) completed its examination of blackrock 2019s 2006 and 2007 tax years in march 2011 . in november 2011 , the irs commenced its examination of blackrock 2019s 2008 and 2009 tax years , and while the impact on the consolidated financial statements is undetermined , it is not expected to be material . in july 2011 , the irs commenced its federal income tax audit of the bgi group , which blackrock acquired in december 2009 . the tax years under examination are 2007 through december 1 , 2009 , and while the impact on the consolidated financial statements is undetermined , it is not expected to be material . the company is currently under audit in several state and local jurisdictions . the significant state and local income tax examinations are in california for tax years 2004 through 2006 , new york city for tax years 2007 through 2008 , and new jersey for tax years 2003 through 2009 . no state and local income tax audits cover years earlier than 2007 except for california , new jersey and new york city . no state and local income tax audits are expected to result in an assessment material to the consolidated financial statements. .

2,012

160

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

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

13.45%

divide(add(4, 12), subtract(404, 285))

19 . income taxes ( continued ) capital loss carryforwards of $ 69 million and $ 90 million , which were acquired in the bgi transaction and will expire on or before 2013 . at december 31 , 2012 and 2011 , the company had $ 95 million and $ 95 million of valuation allowances for deferred income tax assets , respectively , recorded on the consolidated statements of financial condition . the year- over-year increase in the valuation allowance primarily related to certain foreign deferred income tax assets . goodwill recorded in connection with the quellos transaction has been reduced during the period by the amount of tax benefit realized from tax-deductible goodwill . see note 9 , goodwill , for further discussion . current income taxes are recorded net in the consolidated statements of financial condition when related to the same tax jurisdiction . as of december 31 , 2012 , the company had current income taxes receivable and payable of $ 102 million and $ 121 million , respectively , recorded in other assets and accounts payable and accrued liabilities , respectively . as of december 31 , 2011 , the company had current income taxes receivable and payable of $ 108 million and $ 102 million , respectively , recorded in other assets and accounts payable and accrued liabilities , respectively . the company does not provide deferred taxes on the excess of the financial reporting over tax basis on its investments in foreign subsidiaries that are essentially permanent in duration . the excess totaled $ 2125 million and $ 1516 million as of december 31 , 2012 and 2011 , respectively . the determination of the additional deferred income taxes on the excess has not been provided because it is not practicable due to the complexities associated with its hypothetical calculation . the following tabular reconciliation presents the total amounts of gross unrecognized tax benefits : year ended december 31 , ( dollar amounts in millions ) 2012 2011 2010 .

included in the balance of unrecognized tax benefits at december 31 , 2012 , 2011 and 2010 , respectively , are $ 250 million , $ 226 million and $ 194 million of tax benefits that , if recognized , would affect the effective tax rate . the company recognizes interest and penalties related to income tax matters as a component of income tax expense . related to the unrecognized tax benefits noted above , the company accrued interest and penalties of $ 3 million during 2012 and in total , as of december 31 , 2012 , had recognized a liability for interest and penalties of $ 69 million . the company accrued interest and penalties of $ 10 million during 2011 and in total , as of december 31 , 2011 , had recognized a liability for interest and penalties of $ 66 million . the company accrued interest and penalties of $ 8 million during 2010 and in total , as of december 31 , 2010 , had recognized a liability for interest and penalties of $ 56 million . pursuant to the amended and restated stock purchase agreement , the company has been indemnified by barclays for $ 73 million and guggenheim for $ 6 million of unrecognized tax benefits . blackrock is subject to u.s . federal income tax , state and local income tax , and foreign income tax in multiple jurisdictions . tax years after 2007 remain open to u.s . federal income tax examination , tax years after 2005 remain open to state and local income tax examination , and tax years after 2006 remain open to income tax examination in the united kingdom . with few exceptions , as of december 31 , 2012 , the company is no longer subject to u.s . federal , state , local or foreign examinations by tax authorities for years before 2006 . the internal revenue service ( 201cirs 201d ) completed its examination of blackrock 2019s 2006 and 2007 tax years in march 2011 . in november 2011 , the irs commenced its examination of blackrock 2019s 2008 and 2009 tax years , and while the impact on the consolidated financial statements is undetermined , it is not expected to be material . in july 2011 , the irs commenced its federal income tax audit of the bgi group , which blackrock acquired in december 2009 . the tax years under examination are 2007 through december 1 , 2009 , and while the impact on the consolidated financial statements is undetermined , it is not expected to be material . the company is currently under audit in several state and local jurisdictions . the significant state and local income tax examinations are in california for tax years 2004 through 2006 , new york city for tax years 2007 through 2008 , and new jersey for tax years 2003 through 2009 . no state and local income tax audits cover years earlier than 2007 except for california , new jersey and new york city . no state and local income tax audits are expected to result in an assessment material to the consolidated financial statements. .

| | ( dollar amounts in millions ) | year ended december 31 , 2012 | year ended december 31 , 2011 | year ended december 31 , 2010 | |---:|:---------------------------------------------------------|:--------------------------------|:--------------------------------|:--------------------------------| | 0 | balance at january 1 | $ 349 | $ 307 | $ 285 | | 1 | additions for tax positions of prior years | 4 | 22 | 10 | | 2 | reductions for tax positions of prior years | -1 ( 1 ) | -1 ( 1 ) | -17 ( 17 ) | | 3 | additions based on tax positions related to current year | 69 | 46 | 35 | | 4 | lapse of statute of limitations | 2014 | 2014 | -8 ( 8 ) | | 5 | settlements | -29 ( 29 ) | -25 ( 25 ) | -2 ( 2 ) | | 6 | positions assumed in acquisitions | 12 | 2014 | 4 | | 7 | balance at december 31 | $ 404 | $ 349 | $ 307 |

19 . income taxes ( continued ) capital loss carryforwards of $ 69 million and $ 90 million , which were acquired in the bgi transaction and will expire on or before 2013 . at december 31 , 2012 and 2011 , the company had $ 95 million and $ 95 million of valuation allowances for deferred income tax assets , respectively , recorded on the consolidated statements of financial condition . the year- over-year increase in the valuation allowance primarily related to certain foreign deferred income tax assets . goodwill recorded in connection with the quellos transaction has been reduced during the period by the amount of tax benefit realized from tax-deductible goodwill . see note 9 , goodwill , for further discussion . current income taxes are recorded net in the consolidated statements of financial condition when related to the same tax jurisdiction . as of december 31 , 2012 , the company had current income taxes receivable and payable of $ 102 million and $ 121 million , respectively , recorded in other assets and accounts payable and accrued liabilities , respectively . as of december 31 , 2011 , the company had current income taxes receivable and payable of $ 108 million and $ 102 million , respectively , recorded in other assets and accounts payable and accrued liabilities , respectively . the company does not provide deferred taxes on the excess of the financial reporting over tax basis on its investments in foreign subsidiaries that are essentially permanent in duration . the excess totaled $ 2125 million and $ 1516 million as of december 31 , 2012 and 2011 , respectively . the determination of the additional deferred income taxes on the excess has not been provided because it is not practicable due to the complexities associated with its hypothetical calculation . the following tabular reconciliation presents the total amounts of gross unrecognized tax benefits : year ended december 31 , ( dollar amounts in millions ) 2012 2011 2010 ._| | ( dollar amounts in millions ) | year ended december 31 , 2012 | year ended december 31 , 2011 | year ended december 31 , 2010 | |---:|:---------------------------------------------------------|:--------------------------------|:--------------------------------|:--------------------------------| | 0 | balance at january 1 | $ 349 | $ 307 | $ 285 | | 1 | additions for tax positions of prior years | 4 | 22 | 10 | | 2 | reductions for tax positions of prior years | -1 ( 1 ) | -1 ( 1 ) | -17 ( 17 ) | | 3 | additions based on tax positions related to current year | 69 | 46 | 35 | | 4 | lapse of statute of limitations | 2014 | 2014 | -8 ( 8 ) | | 5 | settlements | -29 ( 29 ) | -25 ( 25 ) | -2 ( 2 ) | | 6 | positions assumed in acquisitions | 12 | 2014 | 4 | | 7 | balance at december 31 | $ 404 | $ 349 | $ 307 |_included in the balance of unrecognized tax benefits at december 31 , 2012 , 2011 and 2010 , respectively , are $ 250 million , $ 226 million and $ 194 million of tax benefits that , if recognized , would affect the effective tax rate . the company recognizes interest and penalties related to income tax matters as a component of income tax expense . related to the unrecognized tax benefits noted above , the company accrued interest and penalties of $ 3 million during 2012 and in total , as of december 31 , 2012 , had recognized a liability for interest and penalties of $ 69 million . the company accrued interest and penalties of $ 10 million during 2011 and in total , as of december 31 , 2011 , had recognized a liability for interest and penalties of $ 66 million . the company accrued interest and penalties of $ 8 million during 2010 and in total , as of december 31 , 2010 , had recognized a liability for interest and penalties of $ 56 million . pursuant to the amended and restated stock purchase agreement , the company has been indemnified by barclays for $ 73 million and guggenheim for $ 6 million of unrecognized tax benefits . blackrock is subject to u.s . federal income tax , state and local income tax , and foreign income tax in multiple jurisdictions . tax years after 2007 remain open to u.s . federal income tax examination , tax years after 2005 remain open to state and local income tax examination , and tax years after 2006 remain open to income tax examination in the united kingdom . with few exceptions , as of december 31 , 2012 , the company is no longer subject to u.s . federal , state , local or foreign examinations by tax authorities for years before 2006 . the internal revenue service ( 201cirs 201d ) completed its examination of blackrock 2019s 2006 and 2007 tax years in march 2011 . in november 2011 , the irs commenced its examination of blackrock 2019s 2008 and 2009 tax years , and while the impact on the consolidated financial statements is undetermined , it is not expected to be material . in july 2011 , the irs commenced its federal income tax audit of the bgi group , which blackrock acquired in december 2009 . the tax years under examination are 2007 through december 1 , 2009 , and while the impact on the consolidated financial statements is undetermined , it is not expected to be material . the company is currently under audit in several state and local jurisdictions . the significant state and local income tax examinations are in california for tax years 2004 through 2006 , new york city for tax years 2007 through 2008 , and new jersey for tax years 2003 through 2009 . no state and local income tax audits cover years earlier than 2007 except for california , new jersey and new york city . no state and local income tax audits are expected to result in an assessment material to the consolidated financial statements. .

2,012

160

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa567

in 2018 what was the ratio of the service cost to the interest cost

66.2%

divide(90, 136)

note 8 2014 benefit plans the company has defined benefit pension plans covering certain employees in the united states and certain international locations . postretirement healthcare and life insurance benefits provided to qualifying domestic retirees as well as other postretirement benefit plans in international countries are not material . the measurement date used for the company 2019s employee benefit plans is september 30 . effective january 1 , 2018 , the legacy u.s . pension plan was frozen to limit the participation of employees who are hired or re-hired by the company , or who transfer employment to the company , on or after january 1 , net pension cost for the years ended september 30 included the following components: .

net pension cost included in the preceding table that is attributable to international plans $ 34 $ 43 $ 35 the amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in accumulated other comprehensive income ( loss ) in prior periods . the settlement losses recorded in 2018 and 2016 primarily included lump sum benefit payments associated with the company 2019s u.s . supplemental pension plan . the company recognizes pension settlements when payments from the supplemental plan exceed the sum of service and interest cost components of net periodic pension cost associated with this plan for the fiscal year. .

| | ( millions of dollars ) | pension plans 2018 | pension plans 2017 | pension plans 2016 | |---:|:---------------------------------------------------------------------------------------------|:---------------------|:---------------------|:---------------------| | 0 | service cost | $ 136 | $ 110 | $ 81 | | 1 | interest cost | 90 | 61 | 72 | | 2 | expected return on plan assets | -154 ( 154 ) | -112 ( 112 ) | -109 ( 109 ) | | 3 | amortization of prior service credit | -13 ( 13 ) | -14 ( 14 ) | -15 ( 15 ) | | 4 | amortization of loss | 78 | 92 | 77 | | 5 | settlements | 2 | 2014 | 7 | | 6 | net pension cost | $ 137 | $ 138 | $ 113 | | 7 | net pension cost included in the preceding table that is attributable to international plans | $ 34 | $ 43 | $ 35 |

note 8 2014 benefit plans the company has defined benefit pension plans covering certain employees in the united states and certain international locations . postretirement healthcare and life insurance benefits provided to qualifying domestic retirees as well as other postretirement benefit plans in international countries are not material . the measurement date used for the company 2019s employee benefit plans is september 30 . effective january 1 , 2018 , the legacy u.s . pension plan was frozen to limit the participation of employees who are hired or re-hired by the company , or who transfer employment to the company , on or after january 1 , net pension cost for the years ended september 30 included the following components: ._| | ( millions of dollars ) | pension plans 2018 | pension plans 2017 | pension plans 2016 | |---:|:---------------------------------------------------------------------------------------------|:---------------------|:---------------------|:---------------------| | 0 | service cost | $ 136 | $ 110 | $ 81 | | 1 | interest cost | 90 | 61 | 72 | | 2 | expected return on plan assets | -154 ( 154 ) | -112 ( 112 ) | -109 ( 109 ) | | 3 | amortization of prior service credit | -13 ( 13 ) | -14 ( 14 ) | -15 ( 15 ) | | 4 | amortization of loss | 78 | 92 | 77 | | 5 | settlements | 2 | 2014 | 7 | | 6 | net pension cost | $ 137 | $ 138 | $ 113 | | 7 | net pension cost included in the preceding table that is attributable to international plans | $ 34 | $ 43 | $ 35 |_net pension cost included in the preceding table that is attributable to international plans $ 34 $ 43 $ 35 the amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in accumulated other comprehensive income ( loss ) in prior periods . the settlement losses recorded in 2018 and 2016 primarily included lump sum benefit payments associated with the company 2019s u.s . supplemental pension plan . the company recognizes pension settlements when payments from the supplemental plan exceed the sum of service and interest cost components of net periodic pension cost associated with this plan for the fiscal year. .

2,018

82

BDX

Becton Dickinson

Health Care

Health Care Equipment

Franklin Lakes, New Jersey

1972-09-30

10,795

1897

in 2018 what was the ratio of the service cost to the interest cost

66.2%

divide(90, 136)

note 8 2014 benefit plans the company has defined benefit pension plans covering certain employees in the united states and certain international locations . postretirement healthcare and life insurance benefits provided to qualifying domestic retirees as well as other postretirement benefit plans in international countries are not material . the measurement date used for the company 2019s employee benefit plans is september 30 . effective january 1 , 2018 , the legacy u.s . pension plan was frozen to limit the participation of employees who are hired or re-hired by the company , or who transfer employment to the company , on or after january 1 , net pension cost for the years ended september 30 included the following components: .

net pension cost included in the preceding table that is attributable to international plans $ 34 $ 43 $ 35 the amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in accumulated other comprehensive income ( loss ) in prior periods . the settlement losses recorded in 2018 and 2016 primarily included lump sum benefit payments associated with the company 2019s u.s . supplemental pension plan . the company recognizes pension settlements when payments from the supplemental plan exceed the sum of service and interest cost components of net periodic pension cost associated with this plan for the fiscal year. .

| | ( millions of dollars ) | pension plans 2018 | pension plans 2017 | pension plans 2016 | |---:|:---------------------------------------------------------------------------------------------|:---------------------|:---------------------|:---------------------| | 0 | service cost | $ 136 | $ 110 | $ 81 | | 1 | interest cost | 90 | 61 | 72 | | 2 | expected return on plan assets | -154 ( 154 ) | -112 ( 112 ) | -109 ( 109 ) | | 3 | amortization of prior service credit | -13 ( 13 ) | -14 ( 14 ) | -15 ( 15 ) | | 4 | amortization of loss | 78 | 92 | 77 | | 5 | settlements | 2 | 2014 | 7 | | 6 | net pension cost | $ 137 | $ 138 | $ 113 | | 7 | net pension cost included in the preceding table that is attributable to international plans | $ 34 | $ 43 | $ 35 |

note 8 2014 benefit plans the company has defined benefit pension plans covering certain employees in the united states and certain international locations . postretirement healthcare and life insurance benefits provided to qualifying domestic retirees as well as other postretirement benefit plans in international countries are not material . the measurement date used for the company 2019s employee benefit plans is september 30 . effective january 1 , 2018 , the legacy u.s . pension plan was frozen to limit the participation of employees who are hired or re-hired by the company , or who transfer employment to the company , on or after january 1 , net pension cost for the years ended september 30 included the following components: ._| | ( millions of dollars ) | pension plans 2018 | pension plans 2017 | pension plans 2016 | |---:|:---------------------------------------------------------------------------------------------|:---------------------|:---------------------|:---------------------| | 0 | service cost | $ 136 | $ 110 | $ 81 | | 1 | interest cost | 90 | 61 | 72 | | 2 | expected return on plan assets | -154 ( 154 ) | -112 ( 112 ) | -109 ( 109 ) | | 3 | amortization of prior service credit | -13 ( 13 ) | -14 ( 14 ) | -15 ( 15 ) | | 4 | amortization of loss | 78 | 92 | 77 | | 5 | settlements | 2 | 2014 | 7 | | 6 | net pension cost | $ 137 | $ 138 | $ 113 | | 7 | net pension cost included in the preceding table that is attributable to international plans | $ 34 | $ 43 | $ 35 |_net pension cost included in the preceding table that is attributable to international plans $ 34 $ 43 $ 35 the amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in accumulated other comprehensive income ( loss ) in prior periods . the settlement losses recorded in 2018 and 2016 primarily included lump sum benefit payments associated with the company 2019s u.s . supplemental pension plan . the company recognizes pension settlements when payments from the supplemental plan exceed the sum of service and interest cost components of net periodic pension cost associated with this plan for the fiscal year. .

2,018

82

BDX

Becton Dickinson

Health Care

Health Care Equipment

Franklin Lakes, New Jersey

1972-09-30

10,795

1897

null

finqa568

what is the percentage change in rent expense from 2006 yo 2007?

30.6%

divide(subtract(106.4, 81.5), 81.5)

company has a contingent liability relating to proper disposition of these balances , which amounted to $ 1926.8 mil- lion at december 31 , 2007 . as a result of holding these customers 2019 assets in escrow , the company has ongoing programs for realizing economic benefits during the year through favorable borrowing and vendor arrangements with various banks . there were no loans outstanding as of december 31 , 2007 and these balances were invested in short term , high grade investments that minimize the risk to principal . leases the company leases certain of its property under leases which expire at various dates . several of these agreements include escalation clauses and provide for purchases and renewal options for periods ranging from one to five years . future minimum operating lease payments for leases with remaining terms greater than one year for each of the years in the five years ending december 31 , 2012 , and thereafter in the aggregate , are as follows ( in thousands ) : .

in addition , the company has operating lease commitments relating to office equipment and computer hardware with annual lease payments of approximately $ 16.0 million per year which renew on a short-term basis . rent expense incurred under all operating leases during the years ended december 31 , 2007 , 2006 and 2005 was $ 106.4 million , $ 81.5 million and $ 61.1 million , respectively . data processing and maintenance services agreements . the company has agreements with various vendors , which expire between 2008 and 2017 , for portions of its computer data processing operations and related functions . the company 2019s estimated aggregate contractual obligation remaining under these agreements was approximately $ 888.3 million as of december 31 , 2007 . however , this amount could be more or less depending on various factors such as the inflation rate , the introduction of significant new technologies , or changes in the company 2019s data processing needs . ( 17 ) employee benefit plans stock purchase plan prior to the certegy merger ( note 6 ) , fis employees participated in the fidelity national financial , inc . employee stock purchase plan ( espp ) . subsequent to the certegy merger , the company instituted its own plan with the same terms as the fidelity national financial , inc . plan . under the terms of both plans and subsequent amendments , eligible employees may voluntarily purchase , at current market prices , shares of fnf 2019s ( prior to the certegy merger ) or fis 2019s ( post certegy merger ) common stock through payroll deductions . pursuant to the espp , employees may contribute an amount between 3% ( 3 % ) and 15% ( 15 % ) of their base salary and certain commissions . shares purchased are allocated to employees based upon their contributions . the company contributes varying matching amounts as specified in the espp . the company recorded an expense of $ 15.2 million , $ 13.1 million and $ 11.1 million , respectively , for the years ended december 31 , 2007 , 2006 and 2005 relating to the participation of fis employees in the espp . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

| | 2008 | 83382 | |---:|:-----------|:---------| | 0 | 2009 | 63060 | | 1 | 2010 | 35269 | | 2 | 2011 | 21598 | | 3 | 2012 | 14860 | | 4 | thereafter | 30869 | | 5 | total | $ 249038 |

company has a contingent liability relating to proper disposition of these balances , which amounted to $ 1926.8 mil- lion at december 31 , 2007 . as a result of holding these customers 2019 assets in escrow , the company has ongoing programs for realizing economic benefits during the year through favorable borrowing and vendor arrangements with various banks . there were no loans outstanding as of december 31 , 2007 and these balances were invested in short term , high grade investments that minimize the risk to principal . leases the company leases certain of its property under leases which expire at various dates . several of these agreements include escalation clauses and provide for purchases and renewal options for periods ranging from one to five years . future minimum operating lease payments for leases with remaining terms greater than one year for each of the years in the five years ending december 31 , 2012 , and thereafter in the aggregate , are as follows ( in thousands ) : ._| | 2008 | 83382 | |---:|:-----------|:---------| | 0 | 2009 | 63060 | | 1 | 2010 | 35269 | | 2 | 2011 | 21598 | | 3 | 2012 | 14860 | | 4 | thereafter | 30869 | | 5 | total | $ 249038 |_in addition , the company has operating lease commitments relating to office equipment and computer hardware with annual lease payments of approximately $ 16.0 million per year which renew on a short-term basis . rent expense incurred under all operating leases during the years ended december 31 , 2007 , 2006 and 2005 was $ 106.4 million , $ 81.5 million and $ 61.1 million , respectively . data processing and maintenance services agreements . the company has agreements with various vendors , which expire between 2008 and 2017 , for portions of its computer data processing operations and related functions . the company 2019s estimated aggregate contractual obligation remaining under these agreements was approximately $ 888.3 million as of december 31 , 2007 . however , this amount could be more or less depending on various factors such as the inflation rate , the introduction of significant new technologies , or changes in the company 2019s data processing needs . ( 17 ) employee benefit plans stock purchase plan prior to the certegy merger ( note 6 ) , fis employees participated in the fidelity national financial , inc . employee stock purchase plan ( espp ) . subsequent to the certegy merger , the company instituted its own plan with the same terms as the fidelity national financial , inc . plan . under the terms of both plans and subsequent amendments , eligible employees may voluntarily purchase , at current market prices , shares of fnf 2019s ( prior to the certegy merger ) or fis 2019s ( post certegy merger ) common stock through payroll deductions . pursuant to the espp , employees may contribute an amount between 3% ( 3 % ) and 15% ( 15 % ) of their base salary and certain commissions . shares purchased are allocated to employees based upon their contributions . the company contributes varying matching amounts as specified in the espp . the company recorded an expense of $ 15.2 million , $ 13.1 million and $ 11.1 million , respectively , for the years ended december 31 , 2007 , 2006 and 2005 relating to the participation of fis employees in the espp . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

2,007

94

FIS

Fidelity National Information Services

Financials

Transaction & Payment Processing Services

Jacksonville, Florida

2006-11-10

1,136,893

1968

what is the percentage change in rent expense from 2006 yo 2007?

30.6%

divide(subtract(106.4, 81.5), 81.5)

company has a contingent liability relating to proper disposition of these balances , which amounted to $ 1926.8 mil- lion at december 31 , 2007 . as a result of holding these customers 2019 assets in escrow , the company has ongoing programs for realizing economic benefits during the year through favorable borrowing and vendor arrangements with various banks . there were no loans outstanding as of december 31 , 2007 and these balances were invested in short term , high grade investments that minimize the risk to principal . leases the company leases certain of its property under leases which expire at various dates . several of these agreements include escalation clauses and provide for purchases and renewal options for periods ranging from one to five years . future minimum operating lease payments for leases with remaining terms greater than one year for each of the years in the five years ending december 31 , 2012 , and thereafter in the aggregate , are as follows ( in thousands ) : .

in addition , the company has operating lease commitments relating to office equipment and computer hardware with annual lease payments of approximately $ 16.0 million per year which renew on a short-term basis . rent expense incurred under all operating leases during the years ended december 31 , 2007 , 2006 and 2005 was $ 106.4 million , $ 81.5 million and $ 61.1 million , respectively . data processing and maintenance services agreements . the company has agreements with various vendors , which expire between 2008 and 2017 , for portions of its computer data processing operations and related functions . the company 2019s estimated aggregate contractual obligation remaining under these agreements was approximately $ 888.3 million as of december 31 , 2007 . however , this amount could be more or less depending on various factors such as the inflation rate , the introduction of significant new technologies , or changes in the company 2019s data processing needs . ( 17 ) employee benefit plans stock purchase plan prior to the certegy merger ( note 6 ) , fis employees participated in the fidelity national financial , inc . employee stock purchase plan ( espp ) . subsequent to the certegy merger , the company instituted its own plan with the same terms as the fidelity national financial , inc . plan . under the terms of both plans and subsequent amendments , eligible employees may voluntarily purchase , at current market prices , shares of fnf 2019s ( prior to the certegy merger ) or fis 2019s ( post certegy merger ) common stock through payroll deductions . pursuant to the espp , employees may contribute an amount between 3% ( 3 % ) and 15% ( 15 % ) of their base salary and certain commissions . shares purchased are allocated to employees based upon their contributions . the company contributes varying matching amounts as specified in the espp . the company recorded an expense of $ 15.2 million , $ 13.1 million and $ 11.1 million , respectively , for the years ended december 31 , 2007 , 2006 and 2005 relating to the participation of fis employees in the espp . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

| | 2008 | 83382 | |---:|:-----------|:---------| | 0 | 2009 | 63060 | | 1 | 2010 | 35269 | | 2 | 2011 | 21598 | | 3 | 2012 | 14860 | | 4 | thereafter | 30869 | | 5 | total | $ 249038 |

company has a contingent liability relating to proper disposition of these balances , which amounted to $ 1926.8 mil- lion at december 31 , 2007 . as a result of holding these customers 2019 assets in escrow , the company has ongoing programs for realizing economic benefits during the year through favorable borrowing and vendor arrangements with various banks . there were no loans outstanding as of december 31 , 2007 and these balances were invested in short term , high grade investments that minimize the risk to principal . leases the company leases certain of its property under leases which expire at various dates . several of these agreements include escalation clauses and provide for purchases and renewal options for periods ranging from one to five years . future minimum operating lease payments for leases with remaining terms greater than one year for each of the years in the five years ending december 31 , 2012 , and thereafter in the aggregate , are as follows ( in thousands ) : ._| | 2008 | 83382 | |---:|:-----------|:---------| | 0 | 2009 | 63060 | | 1 | 2010 | 35269 | | 2 | 2011 | 21598 | | 3 | 2012 | 14860 | | 4 | thereafter | 30869 | | 5 | total | $ 249038 |_in addition , the company has operating lease commitments relating to office equipment and computer hardware with annual lease payments of approximately $ 16.0 million per year which renew on a short-term basis . rent expense incurred under all operating leases during the years ended december 31 , 2007 , 2006 and 2005 was $ 106.4 million , $ 81.5 million and $ 61.1 million , respectively . data processing and maintenance services agreements . the company has agreements with various vendors , which expire between 2008 and 2017 , for portions of its computer data processing operations and related functions . the company 2019s estimated aggregate contractual obligation remaining under these agreements was approximately $ 888.3 million as of december 31 , 2007 . however , this amount could be more or less depending on various factors such as the inflation rate , the introduction of significant new technologies , or changes in the company 2019s data processing needs . ( 17 ) employee benefit plans stock purchase plan prior to the certegy merger ( note 6 ) , fis employees participated in the fidelity national financial , inc . employee stock purchase plan ( espp ) . subsequent to the certegy merger , the company instituted its own plan with the same terms as the fidelity national financial , inc . plan . under the terms of both plans and subsequent amendments , eligible employees may voluntarily purchase , at current market prices , shares of fnf 2019s ( prior to the certegy merger ) or fis 2019s ( post certegy merger ) common stock through payroll deductions . pursuant to the espp , employees may contribute an amount between 3% ( 3 % ) and 15% ( 15 % ) of their base salary and certain commissions . shares purchased are allocated to employees based upon their contributions . the company contributes varying matching amounts as specified in the espp . the company recorded an expense of $ 15.2 million , $ 13.1 million and $ 11.1 million , respectively , for the years ended december 31 , 2007 , 2006 and 2005 relating to the participation of fis employees in the espp . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

2,007

94

FIS

Fidelity National Information Services

Financials

Transaction & Payment Processing Services

Jacksonville, Florida

2006-11-10

1,136,893

1968

null

finqa569

what is the net change in total liabilities for litigation settlements during 2008?

1331862

subtract(1736298, 404436)

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 net change in total liabilities for litigation settlements during 2008?

1331862

subtract(1736298, 404436)

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

finqa570

for the ipl cumulative preferred stock , what was the dividend rate at december 31 , 2016 and 2015?

5%

divide(3, 60)

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

for the ipl cumulative preferred stock , what was the dividend rate at december 31 , 2016 and 2015?

5%

divide(3, 60)

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

finqa571

what percentage of employees are subject to collective bargaining agreements?

15%

divide(705, 4859)

guidance to amend or clarify portions of the final rule in 2013 . we anticipate that if the epa issues additional responses , amendments and/or policy guidance on the final rule , it will reduce the anticipated capital , operations and maintenance costs resulting from the regulation . generally , the nsps final rule will require expenditures for updated emissions controls , monitoring and record-keeping requirements at affected facilities in the crude-oil and natural gas industry . we do not expect these expenditures will have a material impact on our results of operations , financial position or cash flows . cercla - the federal comprehensive environmental response , compensation and liability act , also commonly known as superfund ( cercla ) , imposes strict , joint and several liability , without regard to fault or the legality of the original act , on certain classes of 201cpersons 201d ( defined under cercla ) that caused and/or contributed to the release of a hazardous substance into the environment . these persons include but are not limited to the owner or operator of a facility where the release occurred and/or companies that disposed or arranged for the disposal of the hazardous substances found at the facility . under cercla , these persons may be liable for the costs of cleaning up the hazardous substances released into the environment , damages to natural resources and the costs of certain health studies . neither we nor oneok partners expect our respective responsibilities under cercla , for this facility and any other , will have a material impact on our respective results of operations , financial position or cash flows . chemical site security - the united states department of homeland security released an interim rule in april 2007 that requires companies to provide reports on sites where certain chemicals , including many hydrocarbon products , are stored . we completed the homeland security assessments , and our facilities subsequently were assigned one of four risk-based tiers ranging from high ( tier 1 ) to low ( tier 4 ) risk , or not tiered at all due to low risk . to date , four of our facilities have been given a tier 4 rating . facilities receiving a tier 4 rating are required to complete site security plans and possible physical security enhancements . we do not expect the site security plans and possible security enhancements cost will have a material impact on our results of operations , financial position or cash flows . pipeline security - the united states department of homeland security 2019s transportation security administration and the dot have completed a review and inspection of our 201ccritical facilities 201d and identified no material security issues . also , the transportation security administration has released new pipeline security guidelines that include broader definitions for the determination of pipeline 201ccritical facilities . 201d we have reviewed our pipeline facilities according to the new guideline requirements , and there have been no material changes required to date . environmental footprint - our environmental and climate change strategy focuses on taking steps to minimize the impact of our operations on the environment . these strategies include : ( i ) developing and maintaining an accurate greenhouse gas emissions inventory according to current rules issued by the epa ; ( ii ) improving the efficiency of our various pipelines , natural gas processing facilities and natural gas liquids fractionation facilities ; ( iii ) following developing technologies for emission control and the capture of carbon dioxide to keep it from reaching the atmosphere ; and ( iv ) utilizing practices to reduce the loss of methane from our facilities . we participate in the epa 2019s natural gas star program to voluntarily reduce methane emissions . we continue to focus on maintaining low rates of lost-and-unaccounted-for natural gas through expanded implementation of best practices to limit the release of natural gas during pipeline and facility maintenance and operations . employees we employed 4859 people at january 31 , 2013 , including 705 people at kansas gas service who are subject to collective bargaining agreements . the following table sets forth our contracts with collective bargaining units at january 31 , 2013: .

.

| | union | employees | contract expires | |---:|:---------------------------------------------------------|------------:|:-------------------| | 0 | the united steelworkers | 406 | october 28 2016 | | 1 | international brotherhood of electrical workers ( ibew ) | 299 | june 30 2014 |

guidance to amend or clarify portions of the final rule in 2013 . we anticipate that if the epa issues additional responses , amendments and/or policy guidance on the final rule , it will reduce the anticipated capital , operations and maintenance costs resulting from the regulation . generally , the nsps final rule will require expenditures for updated emissions controls , monitoring and record-keeping requirements at affected facilities in the crude-oil and natural gas industry . we do not expect these expenditures will have a material impact on our results of operations , financial position or cash flows . cercla - the federal comprehensive environmental response , compensation and liability act , also commonly known as superfund ( cercla ) , imposes strict , joint and several liability , without regard to fault or the legality of the original act , on certain classes of 201cpersons 201d ( defined under cercla ) that caused and/or contributed to the release of a hazardous substance into the environment . these persons include but are not limited to the owner or operator of a facility where the release occurred and/or companies that disposed or arranged for the disposal of the hazardous substances found at the facility . under cercla , these persons may be liable for the costs of cleaning up the hazardous substances released into the environment , damages to natural resources and the costs of certain health studies . neither we nor oneok partners expect our respective responsibilities under cercla , for this facility and any other , will have a material impact on our respective results of operations , financial position or cash flows . chemical site security - the united states department of homeland security released an interim rule in april 2007 that requires companies to provide reports on sites where certain chemicals , including many hydrocarbon products , are stored . we completed the homeland security assessments , and our facilities subsequently were assigned one of four risk-based tiers ranging from high ( tier 1 ) to low ( tier 4 ) risk , or not tiered at all due to low risk . to date , four of our facilities have been given a tier 4 rating . facilities receiving a tier 4 rating are required to complete site security plans and possible physical security enhancements . we do not expect the site security plans and possible security enhancements cost will have a material impact on our results of operations , financial position or cash flows . pipeline security - the united states department of homeland security 2019s transportation security administration and the dot have completed a review and inspection of our 201ccritical facilities 201d and identified no material security issues . also , the transportation security administration has released new pipeline security guidelines that include broader definitions for the determination of pipeline 201ccritical facilities . 201d we have reviewed our pipeline facilities according to the new guideline requirements , and there have been no material changes required to date . environmental footprint - our environmental and climate change strategy focuses on taking steps to minimize the impact of our operations on the environment . these strategies include : ( i ) developing and maintaining an accurate greenhouse gas emissions inventory according to current rules issued by the epa ; ( ii ) improving the efficiency of our various pipelines , natural gas processing facilities and natural gas liquids fractionation facilities ; ( iii ) following developing technologies for emission control and the capture of carbon dioxide to keep it from reaching the atmosphere ; and ( iv ) utilizing practices to reduce the loss of methane from our facilities . we participate in the epa 2019s natural gas star program to voluntarily reduce methane emissions . we continue to focus on maintaining low rates of lost-and-unaccounted-for natural gas through expanded implementation of best practices to limit the release of natural gas during pipeline and facility maintenance and operations . employees we employed 4859 people at january 31 , 2013 , including 705 people at kansas gas service who are subject to collective bargaining agreements . the following table sets forth our contracts with collective bargaining units at january 31 , 2013: ._| | union | employees | contract expires | |---:|:---------------------------------------------------------|------------:|:-------------------| | 0 | the united steelworkers | 406 | october 28 2016 | | 1 | international brotherhood of electrical workers ( ibew ) | 299 | june 30 2014 |_.

2,012

52

OKE

Oneok

Energy

Oil & Gas Storage & Transportation

Tulsa, Oklahoma

2010-03-15

1,039,684

1906

what percentage of employees are subject to collective bargaining agreements?

15%

divide(705, 4859)

guidance to amend or clarify portions of the final rule in 2013 . we anticipate that if the epa issues additional responses , amendments and/or policy guidance on the final rule , it will reduce the anticipated capital , operations and maintenance costs resulting from the regulation . generally , the nsps final rule will require expenditures for updated emissions controls , monitoring and record-keeping requirements at affected facilities in the crude-oil and natural gas industry . we do not expect these expenditures will have a material impact on our results of operations , financial position or cash flows . cercla - the federal comprehensive environmental response , compensation and liability act , also commonly known as superfund ( cercla ) , imposes strict , joint and several liability , without regard to fault or the legality of the original act , on certain classes of 201cpersons 201d ( defined under cercla ) that caused and/or contributed to the release of a hazardous substance into the environment . these persons include but are not limited to the owner or operator of a facility where the release occurred and/or companies that disposed or arranged for the disposal of the hazardous substances found at the facility . under cercla , these persons may be liable for the costs of cleaning up the hazardous substances released into the environment , damages to natural resources and the costs of certain health studies . neither we nor oneok partners expect our respective responsibilities under cercla , for this facility and any other , will have a material impact on our respective results of operations , financial position or cash flows . chemical site security - the united states department of homeland security released an interim rule in april 2007 that requires companies to provide reports on sites where certain chemicals , including many hydrocarbon products , are stored . we completed the homeland security assessments , and our facilities subsequently were assigned one of four risk-based tiers ranging from high ( tier 1 ) to low ( tier 4 ) risk , or not tiered at all due to low risk . to date , four of our facilities have been given a tier 4 rating . facilities receiving a tier 4 rating are required to complete site security plans and possible physical security enhancements . we do not expect the site security plans and possible security enhancements cost will have a material impact on our results of operations , financial position or cash flows . pipeline security - the united states department of homeland security 2019s transportation security administration and the dot have completed a review and inspection of our 201ccritical facilities 201d and identified no material security issues . also , the transportation security administration has released new pipeline security guidelines that include broader definitions for the determination of pipeline 201ccritical facilities . 201d we have reviewed our pipeline facilities according to the new guideline requirements , and there have been no material changes required to date . environmental footprint - our environmental and climate change strategy focuses on taking steps to minimize the impact of our operations on the environment . these strategies include : ( i ) developing and maintaining an accurate greenhouse gas emissions inventory according to current rules issued by the epa ; ( ii ) improving the efficiency of our various pipelines , natural gas processing facilities and natural gas liquids fractionation facilities ; ( iii ) following developing technologies for emission control and the capture of carbon dioxide to keep it from reaching the atmosphere ; and ( iv ) utilizing practices to reduce the loss of methane from our facilities . we participate in the epa 2019s natural gas star program to voluntarily reduce methane emissions . we continue to focus on maintaining low rates of lost-and-unaccounted-for natural gas through expanded implementation of best practices to limit the release of natural gas during pipeline and facility maintenance and operations . employees we employed 4859 people at january 31 , 2013 , including 705 people at kansas gas service who are subject to collective bargaining agreements . the following table sets forth our contracts with collective bargaining units at january 31 , 2013: .

.

| | union | employees | contract expires | |---:|:---------------------------------------------------------|------------:|:-------------------| | 0 | the united steelworkers | 406 | october 28 2016 | | 1 | international brotherhood of electrical workers ( ibew ) | 299 | june 30 2014 |

guidance to amend or clarify portions of the final rule in 2013 . we anticipate that if the epa issues additional responses , amendments and/or policy guidance on the final rule , it will reduce the anticipated capital , operations and maintenance costs resulting from the regulation . generally , the nsps final rule will require expenditures for updated emissions controls , monitoring and record-keeping requirements at affected facilities in the crude-oil and natural gas industry . we do not expect these expenditures will have a material impact on our results of operations , financial position or cash flows . cercla - the federal comprehensive environmental response , compensation and liability act , also commonly known as superfund ( cercla ) , imposes strict , joint and several liability , without regard to fault or the legality of the original act , on certain classes of 201cpersons 201d ( defined under cercla ) that caused and/or contributed to the release of a hazardous substance into the environment . these persons include but are not limited to the owner or operator of a facility where the release occurred and/or companies that disposed or arranged for the disposal of the hazardous substances found at the facility . under cercla , these persons may be liable for the costs of cleaning up the hazardous substances released into the environment , damages to natural resources and the costs of certain health studies . neither we nor oneok partners expect our respective responsibilities under cercla , for this facility and any other , will have a material impact on our respective results of operations , financial position or cash flows . chemical site security - the united states department of homeland security released an interim rule in april 2007 that requires companies to provide reports on sites where certain chemicals , including many hydrocarbon products , are stored . we completed the homeland security assessments , and our facilities subsequently were assigned one of four risk-based tiers ranging from high ( tier 1 ) to low ( tier 4 ) risk , or not tiered at all due to low risk . to date , four of our facilities have been given a tier 4 rating . facilities receiving a tier 4 rating are required to complete site security plans and possible physical security enhancements . we do not expect the site security plans and possible security enhancements cost will have a material impact on our results of operations , financial position or cash flows . pipeline security - the united states department of homeland security 2019s transportation security administration and the dot have completed a review and inspection of our 201ccritical facilities 201d and identified no material security issues . also , the transportation security administration has released new pipeline security guidelines that include broader definitions for the determination of pipeline 201ccritical facilities . 201d we have reviewed our pipeline facilities according to the new guideline requirements , and there have been no material changes required to date . environmental footprint - our environmental and climate change strategy focuses on taking steps to minimize the impact of our operations on the environment . these strategies include : ( i ) developing and maintaining an accurate greenhouse gas emissions inventory according to current rules issued by the epa ; ( ii ) improving the efficiency of our various pipelines , natural gas processing facilities and natural gas liquids fractionation facilities ; ( iii ) following developing technologies for emission control and the capture of carbon dioxide to keep it from reaching the atmosphere ; and ( iv ) utilizing practices to reduce the loss of methane from our facilities . we participate in the epa 2019s natural gas star program to voluntarily reduce methane emissions . we continue to focus on maintaining low rates of lost-and-unaccounted-for natural gas through expanded implementation of best practices to limit the release of natural gas during pipeline and facility maintenance and operations . employees we employed 4859 people at january 31 , 2013 , including 705 people at kansas gas service who are subject to collective bargaining agreements . the following table sets forth our contracts with collective bargaining units at january 31 , 2013: ._| | union | employees | contract expires | |---:|:---------------------------------------------------------|------------:|:-------------------| | 0 | the united steelworkers | 406 | october 28 2016 | | 1 | international brotherhood of electrical workers ( ibew ) | 299 | june 30 2014 |_.

2,012

52

OKE

Oneok

Energy

Oil & Gas Storage & Transportation

Tulsa, Oklahoma

2010-03-15

1,039,684

1906

null

finqa572

as of december 312011 what was the ratio of the good will reported in the capital markets to the retail bank

3.51

divide(142.4, 40.6)

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

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

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

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

2,011

82

ETFC

E*TRADE Financial Corporation

Financials

Investment Banking & Brokerage

Arlington, VA

2004-01-01

1,015,780

1982

as of december 312011 what was the ratio of the good will reported in the capital markets to the retail bank

3.51

divide(142.4, 40.6)

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

finqa573

what was the difference in percentage cumulative return for lkq corporation and the s&p 500 index for the five years ended 12/31/2016?

26%

subtract(divide(subtract(204, 100), 100), divide(subtract(178, 100), 100))

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

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

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

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

2,016

26

LKQ

LKQ Corporation

Consumer Discretionary

Distributors

Chicago, Illinois

2016-05-23

1,065,696

1998

what was the difference in percentage cumulative return for lkq corporation and the s&p 500 index for the five years ended 12/31/2016?

26%

subtract(divide(subtract(204, 100), 100), divide(subtract(178, 100), 100))

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

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

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

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

2,016

26

LKQ

LKQ Corporation

Consumer Discretionary

Distributors

Chicago, Illinois

2016-05-23

1,065,696

1998

null

finqa574

what was the average entergy louisiana receivables from 2008 to 2011 in millions

11378.75

divide(add(multiply(118415, const_m1), 52807), const_4)

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 was the average entergy louisiana receivables from 2008 to 2011 in millions

11378.75

divide(add(multiply(118415, const_m1), 52807), const_4)

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

finqa575

what is the percent change in gas customers between 2007 and 2008?

8%

divide(subtract(93000, 86000), 86000)

entergy new orleans , inc . management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2008 to 2007 . amount ( in millions ) .

the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 . entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 . billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) . the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 . refer to note 2 to the financial statements for a discussion of the base rate increase . the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 . the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account . the settlement agreement is discussed in note 2 to the financial statements . the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 . the base rate credit is discussed in note 2 to the financial statements . gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 . fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. .

| | | amount ( in millions ) | |---:|:-----------------|:-------------------------| | 0 | 2007 net revenue | $ 231.0 | | 1 | volume/weather | 15.5 | | 2 | net gas revenue | 6.6 | | 3 | rider revenue | 3.9 | | 4 | base revenue | -11.3 ( 11.3 ) | | 5 | other | 7.0 | | 6 | 2008 net revenue | $ 252.7 |

entergy new orleans , inc . management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2008 to 2007 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:-----------------|:-------------------------| | 0 | 2007 net revenue | $ 231.0 | | 1 | volume/weather | 15.5 | | 2 | net gas revenue | 6.6 | | 3 | rider revenue | 3.9 | | 4 | base revenue | -11.3 ( 11.3 ) | | 5 | other | 7.0 | | 6 | 2008 net revenue | $ 252.7 |_the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 . entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 . billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) . the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 . refer to note 2 to the financial statements for a discussion of the base rate increase . the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 . the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account . the settlement agreement is discussed in note 2 to the financial statements . the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 . the base rate credit is discussed in note 2 to the financial statements . gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 . fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. .

2,008

355

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what is the percent change in gas customers between 2007 and 2008?

8%

divide(subtract(93000, 86000), 86000)

entergy new orleans , inc . management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2008 to 2007 . amount ( in millions ) .

the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 . entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 . billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) . the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 . refer to note 2 to the financial statements for a discussion of the base rate increase . the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 . the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account . the settlement agreement is discussed in note 2 to the financial statements . the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 . the base rate credit is discussed in note 2 to the financial statements . gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 . fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. .

| | | amount ( in millions ) | |---:|:-----------------|:-------------------------| | 0 | 2007 net revenue | $ 231.0 | | 1 | volume/weather | 15.5 | | 2 | net gas revenue | 6.6 | | 3 | rider revenue | 3.9 | | 4 | base revenue | -11.3 ( 11.3 ) | | 5 | other | 7.0 | | 6 | 2008 net revenue | $ 252.7 |

entergy new orleans , inc . management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2008 to 2007 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:-----------------|:-------------------------| | 0 | 2007 net revenue | $ 231.0 | | 1 | volume/weather | 15.5 | | 2 | net gas revenue | 6.6 | | 3 | rider revenue | 3.9 | | 4 | base revenue | -11.3 ( 11.3 ) | | 5 | other | 7.0 | | 6 | 2008 net revenue | $ 252.7 |_the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 . entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 . billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) . the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 . refer to note 2 to the financial statements for a discussion of the base rate increase . the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 . the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account . the settlement agreement is discussed in note 2 to the financial statements . the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 . the base rate credit is discussed in note 2 to the financial statements . gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 . fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. .

2,008

355

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa576

what was the percentage change in diluted earnings per common share december 29 2012 and december 28 2013?

-11%

divide(subtract(1.89, 2.13), 2.13)

item 7 . management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows . md&a is organized as follows : 2022 overview . discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a . 2022 critical accounting estimates . accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts . 2022 results of operations . an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources . an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity . 2022 fair value of financial instruments . discussion of the methodologies used in the valuation of our financial instruments . 2022 contractual obligations and off-balance-sheet arrangements . overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule . the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties . words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements . in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements . such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k . our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 . overview our results of operations for each period were as follows: .

revenue for 2013 was down 1% ( 1 % ) from 2012 . pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization . dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year . higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 . in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities . these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 . table of contents .

| | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change | |---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------| | 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) | | 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) | | 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) | | 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) | | 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) | | 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) |

item 7 . management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows . md&a is organized as follows : 2022 overview . discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a . 2022 critical accounting estimates . accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts . 2022 results of operations . an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources . an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity . 2022 fair value of financial instruments . discussion of the methodologies used in the valuation of our financial instruments . 2022 contractual obligations and off-balance-sheet arrangements . overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule . the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties . words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements . in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements . such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k . our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 . overview our results of operations for each period were as follows: ._| | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change | |---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------| | 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) | | 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) | | 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) | | 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) | | 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) | | 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) |_revenue for 2013 was down 1% ( 1 % ) from 2012 . pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization . dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year . higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 . in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities . these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 . table of contents .

2,013

33

INTC

Intel

Information Technology

Semiconductors

Santa Clara, California

1976-12-31

50,863

1968

what was the percentage change in diluted earnings per common share december 29 2012 and december 28 2013?

-11%

divide(subtract(1.89, 2.13), 2.13)

item 7 . management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows . md&a is organized as follows : 2022 overview . discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a . 2022 critical accounting estimates . accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts . 2022 results of operations . an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources . an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity . 2022 fair value of financial instruments . discussion of the methodologies used in the valuation of our financial instruments . 2022 contractual obligations and off-balance-sheet arrangements . overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule . the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties . words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements . in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements . such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k . our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 . overview our results of operations for each period were as follows: .

revenue for 2013 was down 1% ( 1 % ) from 2012 . pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization . dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year . higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 . in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities . these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 . table of contents .

| | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change | |---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------| | 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) | | 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) | | 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) | | 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) | | 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) | | 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) |

item 7 . management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows . md&a is organized as follows : 2022 overview . discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a . 2022 critical accounting estimates . accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts . 2022 results of operations . an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources . an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity . 2022 fair value of financial instruments . discussion of the methodologies used in the valuation of our financial instruments . 2022 contractual obligations and off-balance-sheet arrangements . overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule . the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties . words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements . in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements . such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k . our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 . overview our results of operations for each period were as follows: ._| | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change | |---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------| | 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) | | 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) | | 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) | | 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) | | 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) | | 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) |_revenue for 2013 was down 1% ( 1 % ) from 2012 . pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization . dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year . higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 . in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities . these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 . table of contents .

2,013

33

INTC

Intel

Information Technology

Semiconductors

Santa Clara, California

1976-12-31

50,863

1968

null

finqa577

what would 2014 capital expenditures have been without the early buyout of the operating lease of the headquarters , in millions?

4510

add(4249, 261)

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 would 2014 capital expenditures have been without the early buyout of the operating lease of the headquarters , in millions?

4510

add(4249, 261)

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

finqa578

what is the percent of the total backlog for ingalls as part of the total backlog

49.3%

divide(8905, 18038)

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

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

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

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

2,014

69

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

what is the percent of the total backlog for ingalls as part of the total backlog

49.3%

divide(8905, 18038)

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

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

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

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

2,014

69

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

null

finqa579

north american consumer packaging net sales where what percentage of consumer packaging sales in 2009?

72%

divide(multiply(2.2, const_1000), 3060)

for uncoated freesheet paper and market pulp announced at the end of 2009 become effective . input costs are expected to be higher due to wood supply constraints at the kwidzyn mill and annual tariff increases on energy in russia . planned main- tenance outage costs are expected to be about flat , while operating costs should be favorable . asian printing papers net sales were approx- imately $ 50 million in 2009 compared with approx- imately $ 20 million in both 2008 and 2007 . operating earnings increased slightly in 2009 compared with 2008 , but were less than $ 1 million in all periods . u.s . market pulp net sales in 2009 totaled $ 575 million compared with $ 750 million in 2008 and $ 655 million in 2007 . operating earnings in 2009 were $ 140 million ( a loss of $ 71 million excluding alter- native fuel mixture credits and plant closure costs ) compared with a loss of $ 156 million ( a loss of $ 33 million excluding costs associated with the perma- nent shutdown of the bastrop mill ) in 2008 and earn- ings of $ 78 million in 2007 . sales volumes in 2009 decreased from 2008 levels due to weaker global demand . average sales price realizations were significantly lower as the decline in demand resulted in significant price declines for market pulp and smaller declines in fluff pulp . input costs for wood , energy and chemicals decreased , and freight costs were significantly lower . mill operating costs were favorable across all mills , and planned maintenance downtime costs were lower . lack-of-order downtime in 2009 increased to approx- imately 540000 tons , including 480000 tons related to the permanent shutdown of our bastrop mill in the fourth quarter of 2008 , compared with 135000 tons in 2008 . in the first quarter of 2010 , sales volumes are expected to increase slightly , reflecting improving customer demand for fluff pulp , offset by slightly seasonally weaker demand for softwood and hard- wood pulp in china . average sales price realizations are expected to improve , reflecting the realization of previously announced sales price increases for fluff pulp , hardwood pulp and softwood pulp . input costs are expected to increase for wood , energy and chemicals , and freight costs may also increase . planned maintenance downtime costs will be higher , but operating costs should be about flat . consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity . in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . consumer packaging net sales in 2009 decreased 4% ( 4 % ) compared with 2008 and increased 1% ( 1 % ) compared with 2007 . operating profits increased significantly compared with both 2008 and 2007 . excluding alternative fuel mixture credits and facility closure costs , 2009 operating profits were sig- nificantly higher than 2008 and 57% ( 57 % ) higher than 2007 . benefits from higher average sales price realizations ( $ 114 million ) , lower raw material and energy costs ( $ 114 million ) , lower freight costs ( $ 21 million ) , lower costs associated with the reorganiza- tion of the shorewood business ( $ 23 million ) , favor- able foreign exchange effects ( $ 14 million ) and other items ( $ 12 million ) were partially offset by lower sales volumes and increased lack-of-order downtime ( $ 145 million ) and costs associated with the perma- nent shutdown of the franklin mill ( $ 67 million ) . additionally , operating profits in 2009 included $ 330 million of alternative fuel mixture credits . consumer packaging in millions 2009 2008 2007 .

north american consumer packaging net sales were $ 2.2 billion compared with $ 2.5 billion in 2008 and $ 2.4 billion in 2007 . operating earnings in 2009 were $ 343 million ( $ 87 million excluding alter- native fuel mixture credits and facility closure costs ) compared with $ 8 million ( $ 38 million excluding facility closure costs ) in 2008 and $ 70 million in 2007 . coated paperboard sales volumes were lower in 2009 compared with 2008 reflecting weaker market conditions . average sales price realizations were significantly higher , reflecting the full-year realization of price increases implemented in the second half of 2008 . raw material costs for wood , energy and chemicals were significantly lower in 2009 , while freight costs were also favorable . operating costs , however , were unfavorable and planned main- tenance downtime costs were higher . lack-of-order downtime increased to 300000 tons in 2009 from 15000 tons in 2008 due to weak demand . operating results in 2009 include income of $ 330 million for alternative fuel mixture credits and $ 67 million of expenses for shutdown costs for the franklin mill . foodservice sales volumes were lower in 2009 than in 2008 due to generally weak world-wide economic conditions . average sales price realizations were .

| | in millions | 2009 | 2008 | 2007 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 3060 | $ 3195 | $ 3015 | | 1 | operating profit | 433 | 17 | 112 |

for uncoated freesheet paper and market pulp announced at the end of 2009 become effective . input costs are expected to be higher due to wood supply constraints at the kwidzyn mill and annual tariff increases on energy in russia . planned main- tenance outage costs are expected to be about flat , while operating costs should be favorable . asian printing papers net sales were approx- imately $ 50 million in 2009 compared with approx- imately $ 20 million in both 2008 and 2007 . operating earnings increased slightly in 2009 compared with 2008 , but were less than $ 1 million in all periods . u.s . market pulp net sales in 2009 totaled $ 575 million compared with $ 750 million in 2008 and $ 655 million in 2007 . operating earnings in 2009 were $ 140 million ( a loss of $ 71 million excluding alter- native fuel mixture credits and plant closure costs ) compared with a loss of $ 156 million ( a loss of $ 33 million excluding costs associated with the perma- nent shutdown of the bastrop mill ) in 2008 and earn- ings of $ 78 million in 2007 . sales volumes in 2009 decreased from 2008 levels due to weaker global demand . average sales price realizations were significantly lower as the decline in demand resulted in significant price declines for market pulp and smaller declines in fluff pulp . input costs for wood , energy and chemicals decreased , and freight costs were significantly lower . mill operating costs were favorable across all mills , and planned maintenance downtime costs were lower . lack-of-order downtime in 2009 increased to approx- imately 540000 tons , including 480000 tons related to the permanent shutdown of our bastrop mill in the fourth quarter of 2008 , compared with 135000 tons in 2008 . in the first quarter of 2010 , sales volumes are expected to increase slightly , reflecting improving customer demand for fluff pulp , offset by slightly seasonally weaker demand for softwood and hard- wood pulp in china . average sales price realizations are expected to improve , reflecting the realization of previously announced sales price increases for fluff pulp , hardwood pulp and softwood pulp . input costs are expected to increase for wood , energy and chemicals , and freight costs may also increase . planned maintenance downtime costs will be higher , but operating costs should be about flat . consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity . in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . consumer packaging net sales in 2009 decreased 4% ( 4 % ) compared with 2008 and increased 1% ( 1 % ) compared with 2007 . operating profits increased significantly compared with both 2008 and 2007 . excluding alternative fuel mixture credits and facility closure costs , 2009 operating profits were sig- nificantly higher than 2008 and 57% ( 57 % ) higher than 2007 . benefits from higher average sales price realizations ( $ 114 million ) , lower raw material and energy costs ( $ 114 million ) , lower freight costs ( $ 21 million ) , lower costs associated with the reorganiza- tion of the shorewood business ( $ 23 million ) , favor- able foreign exchange effects ( $ 14 million ) and other items ( $ 12 million ) were partially offset by lower sales volumes and increased lack-of-order downtime ( $ 145 million ) and costs associated with the perma- nent shutdown of the franklin mill ( $ 67 million ) . additionally , operating profits in 2009 included $ 330 million of alternative fuel mixture credits . consumer packaging in millions 2009 2008 2007 ._| | in millions | 2009 | 2008 | 2007 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 3060 | $ 3195 | $ 3015 | | 1 | operating profit | 433 | 17 | 112 |_north american consumer packaging net sales were $ 2.2 billion compared with $ 2.5 billion in 2008 and $ 2.4 billion in 2007 . operating earnings in 2009 were $ 343 million ( $ 87 million excluding alter- native fuel mixture credits and facility closure costs ) compared with $ 8 million ( $ 38 million excluding facility closure costs ) in 2008 and $ 70 million in 2007 . coated paperboard sales volumes were lower in 2009 compared with 2008 reflecting weaker market conditions . average sales price realizations were significantly higher , reflecting the full-year realization of price increases implemented in the second half of 2008 . raw material costs for wood , energy and chemicals were significantly lower in 2009 , while freight costs were also favorable . operating costs , however , were unfavorable and planned main- tenance downtime costs were higher . lack-of-order downtime increased to 300000 tons in 2009 from 15000 tons in 2008 due to weak demand . operating results in 2009 include income of $ 330 million for alternative fuel mixture credits and $ 67 million of expenses for shutdown costs for the franklin mill . foodservice sales volumes were lower in 2009 than in 2008 due to generally weak world-wide economic conditions . average sales price realizations were .

2,009

37

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

north american consumer packaging net sales where what percentage of consumer packaging sales in 2009?

72%

divide(multiply(2.2, const_1000), 3060)

for uncoated freesheet paper and market pulp announced at the end of 2009 become effective . input costs are expected to be higher due to wood supply constraints at the kwidzyn mill and annual tariff increases on energy in russia . planned main- tenance outage costs are expected to be about flat , while operating costs should be favorable . asian printing papers net sales were approx- imately $ 50 million in 2009 compared with approx- imately $ 20 million in both 2008 and 2007 . operating earnings increased slightly in 2009 compared with 2008 , but were less than $ 1 million in all periods . u.s . market pulp net sales in 2009 totaled $ 575 million compared with $ 750 million in 2008 and $ 655 million in 2007 . operating earnings in 2009 were $ 140 million ( a loss of $ 71 million excluding alter- native fuel mixture credits and plant closure costs ) compared with a loss of $ 156 million ( a loss of $ 33 million excluding costs associated with the perma- nent shutdown of the bastrop mill ) in 2008 and earn- ings of $ 78 million in 2007 . sales volumes in 2009 decreased from 2008 levels due to weaker global demand . average sales price realizations were significantly lower as the decline in demand resulted in significant price declines for market pulp and smaller declines in fluff pulp . input costs for wood , energy and chemicals decreased , and freight costs were significantly lower . mill operating costs were favorable across all mills , and planned maintenance downtime costs were lower . lack-of-order downtime in 2009 increased to approx- imately 540000 tons , including 480000 tons related to the permanent shutdown of our bastrop mill in the fourth quarter of 2008 , compared with 135000 tons in 2008 . in the first quarter of 2010 , sales volumes are expected to increase slightly , reflecting improving customer demand for fluff pulp , offset by slightly seasonally weaker demand for softwood and hard- wood pulp in china . average sales price realizations are expected to improve , reflecting the realization of previously announced sales price increases for fluff pulp , hardwood pulp and softwood pulp . input costs are expected to increase for wood , energy and chemicals , and freight costs may also increase . planned maintenance downtime costs will be higher , but operating costs should be about flat . consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity . in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . consumer packaging net sales in 2009 decreased 4% ( 4 % ) compared with 2008 and increased 1% ( 1 % ) compared with 2007 . operating profits increased significantly compared with both 2008 and 2007 . excluding alternative fuel mixture credits and facility closure costs , 2009 operating profits were sig- nificantly higher than 2008 and 57% ( 57 % ) higher than 2007 . benefits from higher average sales price realizations ( $ 114 million ) , lower raw material and energy costs ( $ 114 million ) , lower freight costs ( $ 21 million ) , lower costs associated with the reorganiza- tion of the shorewood business ( $ 23 million ) , favor- able foreign exchange effects ( $ 14 million ) and other items ( $ 12 million ) were partially offset by lower sales volumes and increased lack-of-order downtime ( $ 145 million ) and costs associated with the perma- nent shutdown of the franklin mill ( $ 67 million ) . additionally , operating profits in 2009 included $ 330 million of alternative fuel mixture credits . consumer packaging in millions 2009 2008 2007 .

north american consumer packaging net sales were $ 2.2 billion compared with $ 2.5 billion in 2008 and $ 2.4 billion in 2007 . operating earnings in 2009 were $ 343 million ( $ 87 million excluding alter- native fuel mixture credits and facility closure costs ) compared with $ 8 million ( $ 38 million excluding facility closure costs ) in 2008 and $ 70 million in 2007 . coated paperboard sales volumes were lower in 2009 compared with 2008 reflecting weaker market conditions . average sales price realizations were significantly higher , reflecting the full-year realization of price increases implemented in the second half of 2008 . raw material costs for wood , energy and chemicals were significantly lower in 2009 , while freight costs were also favorable . operating costs , however , were unfavorable and planned main- tenance downtime costs were higher . lack-of-order downtime increased to 300000 tons in 2009 from 15000 tons in 2008 due to weak demand . operating results in 2009 include income of $ 330 million for alternative fuel mixture credits and $ 67 million of expenses for shutdown costs for the franklin mill . foodservice sales volumes were lower in 2009 than in 2008 due to generally weak world-wide economic conditions . average sales price realizations were .

| | in millions | 2009 | 2008 | 2007 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 3060 | $ 3195 | $ 3015 | | 1 | operating profit | 433 | 17 | 112 |

for uncoated freesheet paper and market pulp announced at the end of 2009 become effective . input costs are expected to be higher due to wood supply constraints at the kwidzyn mill and annual tariff increases on energy in russia . planned main- tenance outage costs are expected to be about flat , while operating costs should be favorable . asian printing papers net sales were approx- imately $ 50 million in 2009 compared with approx- imately $ 20 million in both 2008 and 2007 . operating earnings increased slightly in 2009 compared with 2008 , but were less than $ 1 million in all periods . u.s . market pulp net sales in 2009 totaled $ 575 million compared with $ 750 million in 2008 and $ 655 million in 2007 . operating earnings in 2009 were $ 140 million ( a loss of $ 71 million excluding alter- native fuel mixture credits and plant closure costs ) compared with a loss of $ 156 million ( a loss of $ 33 million excluding costs associated with the perma- nent shutdown of the bastrop mill ) in 2008 and earn- ings of $ 78 million in 2007 . sales volumes in 2009 decreased from 2008 levels due to weaker global demand . average sales price realizations were significantly lower as the decline in demand resulted in significant price declines for market pulp and smaller declines in fluff pulp . input costs for wood , energy and chemicals decreased , and freight costs were significantly lower . mill operating costs were favorable across all mills , and planned maintenance downtime costs were lower . lack-of-order downtime in 2009 increased to approx- imately 540000 tons , including 480000 tons related to the permanent shutdown of our bastrop mill in the fourth quarter of 2008 , compared with 135000 tons in 2008 . in the first quarter of 2010 , sales volumes are expected to increase slightly , reflecting improving customer demand for fluff pulp , offset by slightly seasonally weaker demand for softwood and hard- wood pulp in china . average sales price realizations are expected to improve , reflecting the realization of previously announced sales price increases for fluff pulp , hardwood pulp and softwood pulp . input costs are expected to increase for wood , energy and chemicals , and freight costs may also increase . planned maintenance downtime costs will be higher , but operating costs should be about flat . consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity . in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . consumer packaging net sales in 2009 decreased 4% ( 4 % ) compared with 2008 and increased 1% ( 1 % ) compared with 2007 . operating profits increased significantly compared with both 2008 and 2007 . excluding alternative fuel mixture credits and facility closure costs , 2009 operating profits were sig- nificantly higher than 2008 and 57% ( 57 % ) higher than 2007 . benefits from higher average sales price realizations ( $ 114 million ) , lower raw material and energy costs ( $ 114 million ) , lower freight costs ( $ 21 million ) , lower costs associated with the reorganiza- tion of the shorewood business ( $ 23 million ) , favor- able foreign exchange effects ( $ 14 million ) and other items ( $ 12 million ) were partially offset by lower sales volumes and increased lack-of-order downtime ( $ 145 million ) and costs associated with the perma- nent shutdown of the franklin mill ( $ 67 million ) . additionally , operating profits in 2009 included $ 330 million of alternative fuel mixture credits . consumer packaging in millions 2009 2008 2007 ._| | in millions | 2009 | 2008 | 2007 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 3060 | $ 3195 | $ 3015 | | 1 | operating profit | 433 | 17 | 112 |_north american consumer packaging net sales were $ 2.2 billion compared with $ 2.5 billion in 2008 and $ 2.4 billion in 2007 . operating earnings in 2009 were $ 343 million ( $ 87 million excluding alter- native fuel mixture credits and facility closure costs ) compared with $ 8 million ( $ 38 million excluding facility closure costs ) in 2008 and $ 70 million in 2007 . coated paperboard sales volumes were lower in 2009 compared with 2008 reflecting weaker market conditions . average sales price realizations were significantly higher , reflecting the full-year realization of price increases implemented in the second half of 2008 . raw material costs for wood , energy and chemicals were significantly lower in 2009 , while freight costs were also favorable . operating costs , however , were unfavorable and planned main- tenance downtime costs were higher . lack-of-order downtime increased to 300000 tons in 2009 from 15000 tons in 2008 due to weak demand . operating results in 2009 include income of $ 330 million for alternative fuel mixture credits and $ 67 million of expenses for shutdown costs for the franklin mill . foodservice sales volumes were lower in 2009 than in 2008 due to generally weak world-wide economic conditions . average sales price realizations were .

2,009

37

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa580

by what percentage will the 2019 pre-tax pension and postretirement expense be higher than that of 2018?

28.1%

divide(subtract(205, 160), 160)

inventory on hand , as well as our future purchase commitments with our suppliers , considering multiple factors , including demand forecasts , product life cycle , current sales levels , pricing strategy and cost trends . if our review indicates that inventories of raw materials , components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value , we may be required to make adjustments that will impact the results of operations . goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review . while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis . the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value . if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired . to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry . at december 31 , 2018 , the carrying value of our goodwill was $ 7.2 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics . the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2018 . to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method . we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value . these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs . management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use . since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets . marketing costs - we incur certain costs to support our products through programs that include advertising , marketing , consumer engagement and trade promotions . the costs of our advertising and marketing programs are expensed in accordance with u.s . gaap . recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program . for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer's achieving the specified targets , and records the reduction of revenue as the sales are made . for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience . changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows . employee benefit plans - as discussed in item 8 , note 13 . benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) . we record annual amounts relating to these plans based on calculations specified by u.s . gaap . these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates . we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so . as permitted by u.s . gaap , any effect of the modifications is generally amortized over future periods . we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries . weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31 , 2018 and 2017 are as follows: .

we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million as compared with approximately $ 160 million in 2018 , excluding amounts related to employee severance and early retirement programs . the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , coupled with lower return on assets of $ 16 million , higher interest and service cost of $ 12 million and $ 4 million respectively , partially offset by other movements of $ 1 million . weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans . a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $ 50 million , and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement .

| | | 2018 | 2017 | |---:|:---------------------|:-----------------|:-----------------| | 0 | pension plans | 1.61% ( 1.61 % ) | 1.51% ( 1.51 % ) | | 1 | postretirement plans | 3.97% ( 3.97 % ) | 3.79% ( 3.79 % ) |

inventory on hand , as well as our future purchase commitments with our suppliers , considering multiple factors , including demand forecasts , product life cycle , current sales levels , pricing strategy and cost trends . if our review indicates that inventories of raw materials , components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value , we may be required to make adjustments that will impact the results of operations . goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review . while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis . the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value . if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired . to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry . at december 31 , 2018 , the carrying value of our goodwill was $ 7.2 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics . the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2018 . to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method . we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value . these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs . management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use . since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets . marketing costs - we incur certain costs to support our products through programs that include advertising , marketing , consumer engagement and trade promotions . the costs of our advertising and marketing programs are expensed in accordance with u.s . gaap . recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program . for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer's achieving the specified targets , and records the reduction of revenue as the sales are made . for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience . changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows . employee benefit plans - as discussed in item 8 , note 13 . benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) . we record annual amounts relating to these plans based on calculations specified by u.s . gaap . these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates . we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so . as permitted by u.s . gaap , any effect of the modifications is generally amortized over future periods . we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries . weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31 , 2018 and 2017 are as follows: ._| | | 2018 | 2017 | |---:|:---------------------|:-----------------|:-----------------| | 0 | pension plans | 1.61% ( 1.61 % ) | 1.51% ( 1.51 % ) | | 1 | postretirement plans | 3.97% ( 3.97 % ) | 3.79% ( 3.79 % ) |_we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million as compared with approximately $ 160 million in 2018 , excluding amounts related to employee severance and early retirement programs . the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , coupled with lower return on assets of $ 16 million , higher interest and service cost of $ 12 million and $ 4 million respectively , partially offset by other movements of $ 1 million . weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans . a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $ 50 million , and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement .

2,018

31

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

by what percentage will the 2019 pre-tax pension and postretirement expense be higher than that of 2018?

28.1%

divide(subtract(205, 160), 160)

inventory on hand , as well as our future purchase commitments with our suppliers , considering multiple factors , including demand forecasts , product life cycle , current sales levels , pricing strategy and cost trends . if our review indicates that inventories of raw materials , components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value , we may be required to make adjustments that will impact the results of operations . goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review . while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis . the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value . if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired . to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry . at december 31 , 2018 , the carrying value of our goodwill was $ 7.2 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics . the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2018 . to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method . we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value . these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs . management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use . since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets . marketing costs - we incur certain costs to support our products through programs that include advertising , marketing , consumer engagement and trade promotions . the costs of our advertising and marketing programs are expensed in accordance with u.s . gaap . recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program . for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer's achieving the specified targets , and records the reduction of revenue as the sales are made . for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience . changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows . employee benefit plans - as discussed in item 8 , note 13 . benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) . we record annual amounts relating to these plans based on calculations specified by u.s . gaap . these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates . we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so . as permitted by u.s . gaap , any effect of the modifications is generally amortized over future periods . we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries . weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31 , 2018 and 2017 are as follows: .

we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million as compared with approximately $ 160 million in 2018 , excluding amounts related to employee severance and early retirement programs . the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , coupled with lower return on assets of $ 16 million , higher interest and service cost of $ 12 million and $ 4 million respectively , partially offset by other movements of $ 1 million . weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans . a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $ 50 million , and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement .

| | | 2018 | 2017 | |---:|:---------------------|:-----------------|:-----------------| | 0 | pension plans | 1.61% ( 1.61 % ) | 1.51% ( 1.51 % ) | | 1 | postretirement plans | 3.97% ( 3.97 % ) | 3.79% ( 3.79 % ) |

inventory on hand , as well as our future purchase commitments with our suppliers , considering multiple factors , including demand forecasts , product life cycle , current sales levels , pricing strategy and cost trends . if our review indicates that inventories of raw materials , components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value , we may be required to make adjustments that will impact the results of operations . goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review . while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis . the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value . if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired . to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry . at december 31 , 2018 , the carrying value of our goodwill was $ 7.2 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics . the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2018 . to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method . we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value . these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs . management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use . since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets . marketing costs - we incur certain costs to support our products through programs that include advertising , marketing , consumer engagement and trade promotions . the costs of our advertising and marketing programs are expensed in accordance with u.s . gaap . recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program . for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer's achieving the specified targets , and records the reduction of revenue as the sales are made . for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience . changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows . employee benefit plans - as discussed in item 8 , note 13 . benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) . we record annual amounts relating to these plans based on calculations specified by u.s . gaap . these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates . we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so . as permitted by u.s . gaap , any effect of the modifications is generally amortized over future periods . we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries . weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31 , 2018 and 2017 are as follows: ._| | | 2018 | 2017 | |---:|:---------------------|:-----------------|:-----------------| | 0 | pension plans | 1.61% ( 1.61 % ) | 1.51% ( 1.51 % ) | | 1 | postretirement plans | 3.97% ( 3.97 % ) | 3.79% ( 3.79 % ) |_we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million as compared with approximately $ 160 million in 2018 , excluding amounts related to employee severance and early retirement programs . the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , coupled with lower return on assets of $ 16 million , higher interest and service cost of $ 12 million and $ 4 million respectively , partially offset by other movements of $ 1 million . weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans . a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $ 50 million , and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement .

2,018

31

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

null

finqa581

did jpmorgan chase outperform the s&p 500 over the five year period?

no

greater(167.48, 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 |

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)

did jpmorgan chase outperform the s&p 500 over the five year period?

no

greater(167.48, 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 |

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

finqa582

what are the total pension liability adjustment from 2004 to 2006?

187

add(multiply(351, const_m1), 538)

notes to consolidated financial statements 2014 ( continued ) on historical trends and known economic and market conditions at the time of valuation . actual results may differ substantially from these assumptions . these differences may significantly impact future pension or retiree medical expenses . annual pension and retiree medical expense is principally the sum of three components : 1 ) increase in liability from interest ; less 2 ) expected return on plan assets ; and 3 ) other gains and losses as described below . the expected return on plan assets is calculated by applying an assumed long-term rate of return to the fair value of plan assets . in any given year , actual returns can differ significantly from the expected return . differences between the actual and expected return on plan assets are combined with gains or losses resulting from the revaluation of plan liabilities . plan liabilities are revalued annually , based on updated assumptions and infor- mation about the individuals covered by the plan . the combined gain or loss is generally expensed evenly over the remaining years that employees are expected to work . comprehensive income ( loss ) the company accounts for comprehensive income ( loss ) in accordance with the provisions of sfas no . 130 , 201creporting comprehensive income 201d ( 201csfas no . 130 201d ) . sfas no . 130 is a financial statement presentation standard that requires the company to disclose non-owner changes included in equity but not included in net income or loss . other items of comprehensive income ( loss ) presented in the financial statements consists of adjustments to the company 2019s minimum pension liability as follows ( in thousands ) : pension adjustments accumulated comprehensive .

recently issued accounting pronouncements in november 2004 , the fasb issued sfas no . 151 , 201cinventory costs 2014 an amendment to apb no . 23 , chapter 4 201d ( 201csfas no . 151 201d ) . the amendments made by sfas no . 151 clarify that abnormal amounts of idle facility expense , freight , handling costs and wasted materials ( spoilage ) should be recognized as current-period charges and require the allocation of fixed production overheads to inventory based on the normal capacity of the production facilities . the guidance is effective for inventory costs incurred during fiscal years beginning after june 15 , 2005 . the company adopted sfas no . 151 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 . in december 2004 , the fasb issued sfas no . 153 , 201cexchanges of nonmonetary assets 2014 an amend- ment of apb opinion no . 29 201d ( 201csfas no . 153 201d ) . the guidance in apb opinion no . 29 , 201caccounting for nonmonetary transactions 201d ( 201capb no . 29 201d ) is based on the principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged . the guidance in apb no . 29 , however , included certain exceptions to that principle . sfas no . 153 amends apb no . 29 to eliminate the exception for nonmonetary exchanges of similar productive assets and replaces it with a general exception for exchanges of nonmonetary assets that do not have commercial substance . sfas no . 153 is effective for such exchange transactions occurring in fiscal periods beginning after june 15 , 2005 . the company adopted sfas no . 153 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 . in may 2005 , the fasb issued sfas no . 154 , 201caccounting changes and error corrections 2014 a replacement of apb opinion no . 20 and fasb statement no . 3 201d ( 201csfas no . 154 201d ) . this statement replaces apb opinion no . 20 , 201caccounting changes 201d and fasb statement no . 3 , 201creporting accounting changes in interim financial statements 2014 an amendment of apb opinion no . 28 , 201d and also changes the .

| | | pension adjustments | accumulated other comprehensive loss | |---:|:--------------------------------|:----------------------|:---------------------------------------| | 0 | balance as of october 1 2004 | $ -786 ( 786 ) | $ -786 ( 786 ) | | 1 | change in period | -351 ( 351 ) | -351 ( 351 ) | | 2 | balance as of september 30 2005 | -1137 ( 1137 ) | -1137 ( 1137 ) | | 3 | change in period | 538 | 538 | | 4 | balance as of september 29 2006 | $ -599 ( 599 ) | $ -599 ( 599 ) |

notes to consolidated financial statements 2014 ( continued ) on historical trends and known economic and market conditions at the time of valuation . actual results may differ substantially from these assumptions . these differences may significantly impact future pension or retiree medical expenses . annual pension and retiree medical expense is principally the sum of three components : 1 ) increase in liability from interest ; less 2 ) expected return on plan assets ; and 3 ) other gains and losses as described below . the expected return on plan assets is calculated by applying an assumed long-term rate of return to the fair value of plan assets . in any given year , actual returns can differ significantly from the expected return . differences between the actual and expected return on plan assets are combined with gains or losses resulting from the revaluation of plan liabilities . plan liabilities are revalued annually , based on updated assumptions and infor- mation about the individuals covered by the plan . the combined gain or loss is generally expensed evenly over the remaining years that employees are expected to work . comprehensive income ( loss ) the company accounts for comprehensive income ( loss ) in accordance with the provisions of sfas no . 130 , 201creporting comprehensive income 201d ( 201csfas no . 130 201d ) . sfas no . 130 is a financial statement presentation standard that requires the company to disclose non-owner changes included in equity but not included in net income or loss . other items of comprehensive income ( loss ) presented in the financial statements consists of adjustments to the company 2019s minimum pension liability as follows ( in thousands ) : pension adjustments accumulated comprehensive ._| | | pension adjustments | accumulated other comprehensive loss | |---:|:--------------------------------|:----------------------|:---------------------------------------| | 0 | balance as of october 1 2004 | $ -786 ( 786 ) | $ -786 ( 786 ) | | 1 | change in period | -351 ( 351 ) | -351 ( 351 ) | | 2 | balance as of september 30 2005 | -1137 ( 1137 ) | -1137 ( 1137 ) | | 3 | change in period | 538 | 538 | | 4 | balance as of september 29 2006 | $ -599 ( 599 ) | $ -599 ( 599 ) |_recently issued accounting pronouncements in november 2004 , the fasb issued sfas no . 151 , 201cinventory costs 2014 an amendment to apb no . 23 , chapter 4 201d ( 201csfas no . 151 201d ) . the amendments made by sfas no . 151 clarify that abnormal amounts of idle facility expense , freight , handling costs and wasted materials ( spoilage ) should be recognized as current-period charges and require the allocation of fixed production overheads to inventory based on the normal capacity of the production facilities . the guidance is effective for inventory costs incurred during fiscal years beginning after june 15 , 2005 . the company adopted sfas no . 151 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 . in december 2004 , the fasb issued sfas no . 153 , 201cexchanges of nonmonetary assets 2014 an amend- ment of apb opinion no . 29 201d ( 201csfas no . 153 201d ) . the guidance in apb opinion no . 29 , 201caccounting for nonmonetary transactions 201d ( 201capb no . 29 201d ) is based on the principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged . the guidance in apb no . 29 , however , included certain exceptions to that principle . sfas no . 153 amends apb no . 29 to eliminate the exception for nonmonetary exchanges of similar productive assets and replaces it with a general exception for exchanges of nonmonetary assets that do not have commercial substance . sfas no . 153 is effective for such exchange transactions occurring in fiscal periods beginning after june 15 , 2005 . the company adopted sfas no . 153 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 . in may 2005 , the fasb issued sfas no . 154 , 201caccounting changes and error corrections 2014 a replacement of apb opinion no . 20 and fasb statement no . 3 201d ( 201csfas no . 154 201d ) . this statement replaces apb opinion no . 20 , 201caccounting changes 201d and fasb statement no . 3 , 201creporting accounting changes in interim financial statements 2014 an amendment of apb opinion no . 28 , 201d and also changes the .

2,006

81

SWKS

Skyworks Solutions

Information Technology

Semiconductors

Irvine, California

2015-03-12

4,127

2002

what are the total pension liability adjustment from 2004 to 2006?

187

add(multiply(351, const_m1), 538)

notes to consolidated financial statements 2014 ( continued ) on historical trends and known economic and market conditions at the time of valuation . actual results may differ substantially from these assumptions . these differences may significantly impact future pension or retiree medical expenses . annual pension and retiree medical expense is principally the sum of three components : 1 ) increase in liability from interest ; less 2 ) expected return on plan assets ; and 3 ) other gains and losses as described below . the expected return on plan assets is calculated by applying an assumed long-term rate of return to the fair value of plan assets . in any given year , actual returns can differ significantly from the expected return . differences between the actual and expected return on plan assets are combined with gains or losses resulting from the revaluation of plan liabilities . plan liabilities are revalued annually , based on updated assumptions and infor- mation about the individuals covered by the plan . the combined gain or loss is generally expensed evenly over the remaining years that employees are expected to work . comprehensive income ( loss ) the company accounts for comprehensive income ( loss ) in accordance with the provisions of sfas no . 130 , 201creporting comprehensive income 201d ( 201csfas no . 130 201d ) . sfas no . 130 is a financial statement presentation standard that requires the company to disclose non-owner changes included in equity but not included in net income or loss . other items of comprehensive income ( loss ) presented in the financial statements consists of adjustments to the company 2019s minimum pension liability as follows ( in thousands ) : pension adjustments accumulated comprehensive .

recently issued accounting pronouncements in november 2004 , the fasb issued sfas no . 151 , 201cinventory costs 2014 an amendment to apb no . 23 , chapter 4 201d ( 201csfas no . 151 201d ) . the amendments made by sfas no . 151 clarify that abnormal amounts of idle facility expense , freight , handling costs and wasted materials ( spoilage ) should be recognized as current-period charges and require the allocation of fixed production overheads to inventory based on the normal capacity of the production facilities . the guidance is effective for inventory costs incurred during fiscal years beginning after june 15 , 2005 . the company adopted sfas no . 151 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 . in december 2004 , the fasb issued sfas no . 153 , 201cexchanges of nonmonetary assets 2014 an amend- ment of apb opinion no . 29 201d ( 201csfas no . 153 201d ) . the guidance in apb opinion no . 29 , 201caccounting for nonmonetary transactions 201d ( 201capb no . 29 201d ) is based on the principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged . the guidance in apb no . 29 , however , included certain exceptions to that principle . sfas no . 153 amends apb no . 29 to eliminate the exception for nonmonetary exchanges of similar productive assets and replaces it with a general exception for exchanges of nonmonetary assets that do not have commercial substance . sfas no . 153 is effective for such exchange transactions occurring in fiscal periods beginning after june 15 , 2005 . the company adopted sfas no . 153 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 . in may 2005 , the fasb issued sfas no . 154 , 201caccounting changes and error corrections 2014 a replacement of apb opinion no . 20 and fasb statement no . 3 201d ( 201csfas no . 154 201d ) . this statement replaces apb opinion no . 20 , 201caccounting changes 201d and fasb statement no . 3 , 201creporting accounting changes in interim financial statements 2014 an amendment of apb opinion no . 28 , 201d and also changes the .

| | | pension adjustments | accumulated other comprehensive loss | |---:|:--------------------------------|:----------------------|:---------------------------------------| | 0 | balance as of october 1 2004 | $ -786 ( 786 ) | $ -786 ( 786 ) | | 1 | change in period | -351 ( 351 ) | -351 ( 351 ) | | 2 | balance as of september 30 2005 | -1137 ( 1137 ) | -1137 ( 1137 ) | | 3 | change in period | 538 | 538 | | 4 | balance as of september 29 2006 | $ -599 ( 599 ) | $ -599 ( 599 ) |

notes to consolidated financial statements 2014 ( continued ) on historical trends and known economic and market conditions at the time of valuation . actual results may differ substantially from these assumptions . these differences may significantly impact future pension or retiree medical expenses . annual pension and retiree medical expense is principally the sum of three components : 1 ) increase in liability from interest ; less 2 ) expected return on plan assets ; and 3 ) other gains and losses as described below . the expected return on plan assets is calculated by applying an assumed long-term rate of return to the fair value of plan assets . in any given year , actual returns can differ significantly from the expected return . differences between the actual and expected return on plan assets are combined with gains or losses resulting from the revaluation of plan liabilities . plan liabilities are revalued annually , based on updated assumptions and infor- mation about the individuals covered by the plan . the combined gain or loss is generally expensed evenly over the remaining years that employees are expected to work . comprehensive income ( loss ) the company accounts for comprehensive income ( loss ) in accordance with the provisions of sfas no . 130 , 201creporting comprehensive income 201d ( 201csfas no . 130 201d ) . sfas no . 130 is a financial statement presentation standard that requires the company to disclose non-owner changes included in equity but not included in net income or loss . other items of comprehensive income ( loss ) presented in the financial statements consists of adjustments to the company 2019s minimum pension liability as follows ( in thousands ) : pension adjustments accumulated comprehensive ._| | | pension adjustments | accumulated other comprehensive loss | |---:|:--------------------------------|:----------------------|:---------------------------------------| | 0 | balance as of october 1 2004 | $ -786 ( 786 ) | $ -786 ( 786 ) | | 1 | change in period | -351 ( 351 ) | -351 ( 351 ) | | 2 | balance as of september 30 2005 | -1137 ( 1137 ) | -1137 ( 1137 ) | | 3 | change in period | 538 | 538 | | 4 | balance as of september 29 2006 | $ -599 ( 599 ) | $ -599 ( 599 ) |_recently issued accounting pronouncements in november 2004 , the fasb issued sfas no . 151 , 201cinventory costs 2014 an amendment to apb no . 23 , chapter 4 201d ( 201csfas no . 151 201d ) . the amendments made by sfas no . 151 clarify that abnormal amounts of idle facility expense , freight , handling costs and wasted materials ( spoilage ) should be recognized as current-period charges and require the allocation of fixed production overheads to inventory based on the normal capacity of the production facilities . the guidance is effective for inventory costs incurred during fiscal years beginning after june 15 , 2005 . the company adopted sfas no . 151 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 . in december 2004 , the fasb issued sfas no . 153 , 201cexchanges of nonmonetary assets 2014 an amend- ment of apb opinion no . 29 201d ( 201csfas no . 153 201d ) . the guidance in apb opinion no . 29 , 201caccounting for nonmonetary transactions 201d ( 201capb no . 29 201d ) is based on the principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged . the guidance in apb no . 29 , however , included certain exceptions to that principle . sfas no . 153 amends apb no . 29 to eliminate the exception for nonmonetary exchanges of similar productive assets and replaces it with a general exception for exchanges of nonmonetary assets that do not have commercial substance . sfas no . 153 is effective for such exchange transactions occurring in fiscal periods beginning after june 15 , 2005 . the company adopted sfas no . 153 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 . in may 2005 , the fasb issued sfas no . 154 , 201caccounting changes and error corrections 2014 a replacement of apb opinion no . 20 and fasb statement no . 3 201d ( 201csfas no . 154 201d ) . this statement replaces apb opinion no . 20 , 201caccounting changes 201d and fasb statement no . 3 , 201creporting accounting changes in interim financial statements 2014 an amendment of apb opinion no . 28 , 201d and also changes the .

2,006

81

SWKS

Skyworks Solutions

Information Technology

Semiconductors

Irvine, California

2015-03-12

4,127

2002

null

finqa583

what was the change in industry segment operating profits between 2004 and 2005?

-117

subtract(1923, 2040)

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

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

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

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

2,005

19

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

what was the change in industry segment operating profits between 2004 and 2005?

-117

subtract(1923, 2040)

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

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

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

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

2,005

19

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa584

in these equity investment balances , what is the percent of unfunded commitments at december 31 , 2013?

7.5%

divide(802, 10664)

market risk management 2013 equity and other investment risk equity investment risk is the risk of potential losses associated with investing in both private and public equity markets . pnc invests primarily in private equity markets . in addition to extending credit , taking deposits , and underwriting and trading financial instruments , we make and manage direct investments in a variety of transactions , including management buyouts , recapitalizations , and growth financings in a variety of industries . we also have investments in affiliated and non- affiliated funds that make similar investments in private equity and in debt and equity-oriented hedge funds . the economic and/or book value of these investments and other assets such as loan servicing rights are directly affected by changes in market factors . the primary risk measurement for equity and other investments is economic capital . economic capital is a common measure of risk for credit , market and operational risk . it is an estimate of the potential value depreciation over a one year horizon commensurate with solvency expectations of an institution rated single-a by the credit rating agencies . given the illiquid nature of many of these types of investments , it can be a challenge to determine their fair values . see note 9 fair value in the notes to consolidated financial statements in item 8 of this report for additional information . various pnc business units manage our equity and other investment activities . our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines . a summary of our equity investments follows : table 55 : equity investments summary in millions december 31 december 31 .

blackrock pnc owned approximately 36 million common stock equivalent shares of blackrock equity at december 31 , 2013 , accounted for under the equity method . the primary risk measurement , similar to other equity investments , is economic capital . the business segments review section of this item 7 includes additional information about blackrock . tax credit investments included in our equity investments are tax credit investments which are accounted for under the equity method . these investments , as well as equity investments held by consolidated partnerships , totaled $ 2.7 billion at december 31 , 2013 and $ 3.0 billion at december 31 , 2012 . these equity investment balances include unfunded commitments totaling $ 802 million and $ 685 million at december 31 , 2013 and december 31 , 2012 , respectively . these unfunded commitments are included in other liabilities on our consolidated balance sheet . note 3 loan sale and servicing activities and variable interest entities in the notes to consolidated financial statements in item 8 of this report has further information on tax credit investments . see also the critical accounting estimates and judgments section of this item 7 regarding asu 2014-01 and our intention to early adopt this guidance in the first quarter of 2014 . private equity the private equity portfolio is an illiquid portfolio comprised of mezzanine and equity investments that vary by industry , stage and type of investment . private equity investments carried at estimated fair value totaled $ 1.7 billion at december 31 , 2013 and $ 1.8 billion at december 31 , 2012 . as of december 31 , 2013 , $ 1.1 billion was invested directly in a variety of companies and $ .6 billion was invested indirectly through various private equity funds . included in direct investments are investment activities of two private equity funds that are consolidated for financial reporting purposes . the noncontrolling interests of these funds totaled $ 236 million as of december 31 , 2013 . the interests held in indirect private equity funds are not redeemable , but pnc may receive distributions over the life of the partnership from liquidation of the underlying investments . see item 1 business 2013 supervision and regulation and item 1a risk factors of this report for discussion of the potential impacts of the volcker rule provisions of dodd-frank on our interests in and sponsorship of private funds covered by the volcker our unfunded commitments related to private equity totaled $ 164 million at december 31 , 2013 compared with $ 182 million at december 31 , 2012 . during 2013 , we sold 4 million of visa class b common shares , in addition to the 9 million shares sold in 2012 , and entered into swap agreements with the purchaser of the shares . see note 9 fair value and note 17 financial derivatives in the notes to consolidated financial statements in item 8 of this report for additional information . at december 31 , 2013 , our investment in visa class b common shares totaled approximately 10 million shares and was recorded at $ 158 million . based on the december 31 , 2013 closing price of $ 222.68 for the visa class a common shares , the fair value of our total investment was approximately $ 971 million at the 94 the pnc financial services group , inc . 2013 form 10-k .

| | in millions | december 312013 | december 312012 | |---:|:-----------------------|:------------------|:------------------| | 0 | blackrock | $ 5940 | $ 5614 | | 1 | tax credit investments | 2676 | 2965 | | 2 | private equity | 1656 | 1802 | | 3 | visa | 158 | 251 | | 4 | other | 234 | 245 | | 5 | total | $ 10664 | $ 10877 |

market risk management 2013 equity and other investment risk equity investment risk is the risk of potential losses associated with investing in both private and public equity markets . pnc invests primarily in private equity markets . in addition to extending credit , taking deposits , and underwriting and trading financial instruments , we make and manage direct investments in a variety of transactions , including management buyouts , recapitalizations , and growth financings in a variety of industries . we also have investments in affiliated and non- affiliated funds that make similar investments in private equity and in debt and equity-oriented hedge funds . the economic and/or book value of these investments and other assets such as loan servicing rights are directly affected by changes in market factors . the primary risk measurement for equity and other investments is economic capital . economic capital is a common measure of risk for credit , market and operational risk . it is an estimate of the potential value depreciation over a one year horizon commensurate with solvency expectations of an institution rated single-a by the credit rating agencies . given the illiquid nature of many of these types of investments , it can be a challenge to determine their fair values . see note 9 fair value in the notes to consolidated financial statements in item 8 of this report for additional information . various pnc business units manage our equity and other investment activities . our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines . a summary of our equity investments follows : table 55 : equity investments summary in millions december 31 december 31 ._| | in millions | december 312013 | december 312012 | |---:|:-----------------------|:------------------|:------------------| | 0 | blackrock | $ 5940 | $ 5614 | | 1 | tax credit investments | 2676 | 2965 | | 2 | private equity | 1656 | 1802 | | 3 | visa | 158 | 251 | | 4 | other | 234 | 245 | | 5 | total | $ 10664 | $ 10877 |_blackrock pnc owned approximately 36 million common stock equivalent shares of blackrock equity at december 31 , 2013 , accounted for under the equity method . the primary risk measurement , similar to other equity investments , is economic capital . the business segments review section of this item 7 includes additional information about blackrock . tax credit investments included in our equity investments are tax credit investments which are accounted for under the equity method . these investments , as well as equity investments held by consolidated partnerships , totaled $ 2.7 billion at december 31 , 2013 and $ 3.0 billion at december 31 , 2012 . these equity investment balances include unfunded commitments totaling $ 802 million and $ 685 million at december 31 , 2013 and december 31 , 2012 , respectively . these unfunded commitments are included in other liabilities on our consolidated balance sheet . note 3 loan sale and servicing activities and variable interest entities in the notes to consolidated financial statements in item 8 of this report has further information on tax credit investments . see also the critical accounting estimates and judgments section of this item 7 regarding asu 2014-01 and our intention to early adopt this guidance in the first quarter of 2014 . private equity the private equity portfolio is an illiquid portfolio comprised of mezzanine and equity investments that vary by industry , stage and type of investment . private equity investments carried at estimated fair value totaled $ 1.7 billion at december 31 , 2013 and $ 1.8 billion at december 31 , 2012 . as of december 31 , 2013 , $ 1.1 billion was invested directly in a variety of companies and $ .6 billion was invested indirectly through various private equity funds . included in direct investments are investment activities of two private equity funds that are consolidated for financial reporting purposes . the noncontrolling interests of these funds totaled $ 236 million as of december 31 , 2013 . the interests held in indirect private equity funds are not redeemable , but pnc may receive distributions over the life of the partnership from liquidation of the underlying investments . see item 1 business 2013 supervision and regulation and item 1a risk factors of this report for discussion of the potential impacts of the volcker rule provisions of dodd-frank on our interests in and sponsorship of private funds covered by the volcker our unfunded commitments related to private equity totaled $ 164 million at december 31 , 2013 compared with $ 182 million at december 31 , 2012 . during 2013 , we sold 4 million of visa class b common shares , in addition to the 9 million shares sold in 2012 , and entered into swap agreements with the purchaser of the shares . see note 9 fair value and note 17 financial derivatives in the notes to consolidated financial statements in item 8 of this report for additional information . at december 31 , 2013 , our investment in visa class b common shares totaled approximately 10 million shares and was recorded at $ 158 million . based on the december 31 , 2013 closing price of $ 222.68 for the visa class a common shares , the fair value of our total investment was approximately $ 971 million at the 94 the pnc financial services group , inc . 2013 form 10-k .

2,013

112

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

in these equity investment balances , what is the percent of unfunded commitments at december 31 , 2013?

7.5%

divide(802, 10664)

market risk management 2013 equity and other investment risk equity investment risk is the risk of potential losses associated with investing in both private and public equity markets . pnc invests primarily in private equity markets . in addition to extending credit , taking deposits , and underwriting and trading financial instruments , we make and manage direct investments in a variety of transactions , including management buyouts , recapitalizations , and growth financings in a variety of industries . we also have investments in affiliated and non- affiliated funds that make similar investments in private equity and in debt and equity-oriented hedge funds . the economic and/or book value of these investments and other assets such as loan servicing rights are directly affected by changes in market factors . the primary risk measurement for equity and other investments is economic capital . economic capital is a common measure of risk for credit , market and operational risk . it is an estimate of the potential value depreciation over a one year horizon commensurate with solvency expectations of an institution rated single-a by the credit rating agencies . given the illiquid nature of many of these types of investments , it can be a challenge to determine their fair values . see note 9 fair value in the notes to consolidated financial statements in item 8 of this report for additional information . various pnc business units manage our equity and other investment activities . our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines . a summary of our equity investments follows : table 55 : equity investments summary in millions december 31 december 31 .

blackrock pnc owned approximately 36 million common stock equivalent shares of blackrock equity at december 31 , 2013 , accounted for under the equity method . the primary risk measurement , similar to other equity investments , is economic capital . the business segments review section of this item 7 includes additional information about blackrock . tax credit investments included in our equity investments are tax credit investments which are accounted for under the equity method . these investments , as well as equity investments held by consolidated partnerships , totaled $ 2.7 billion at december 31 , 2013 and $ 3.0 billion at december 31 , 2012 . these equity investment balances include unfunded commitments totaling $ 802 million and $ 685 million at december 31 , 2013 and december 31 , 2012 , respectively . these unfunded commitments are included in other liabilities on our consolidated balance sheet . note 3 loan sale and servicing activities and variable interest entities in the notes to consolidated financial statements in item 8 of this report has further information on tax credit investments . see also the critical accounting estimates and judgments section of this item 7 regarding asu 2014-01 and our intention to early adopt this guidance in the first quarter of 2014 . private equity the private equity portfolio is an illiquid portfolio comprised of mezzanine and equity investments that vary by industry , stage and type of investment . private equity investments carried at estimated fair value totaled $ 1.7 billion at december 31 , 2013 and $ 1.8 billion at december 31 , 2012 . as of december 31 , 2013 , $ 1.1 billion was invested directly in a variety of companies and $ .6 billion was invested indirectly through various private equity funds . included in direct investments are investment activities of two private equity funds that are consolidated for financial reporting purposes . the noncontrolling interests of these funds totaled $ 236 million as of december 31 , 2013 . the interests held in indirect private equity funds are not redeemable , but pnc may receive distributions over the life of the partnership from liquidation of the underlying investments . see item 1 business 2013 supervision and regulation and item 1a risk factors of this report for discussion of the potential impacts of the volcker rule provisions of dodd-frank on our interests in and sponsorship of private funds covered by the volcker our unfunded commitments related to private equity totaled $ 164 million at december 31 , 2013 compared with $ 182 million at december 31 , 2012 . during 2013 , we sold 4 million of visa class b common shares , in addition to the 9 million shares sold in 2012 , and entered into swap agreements with the purchaser of the shares . see note 9 fair value and note 17 financial derivatives in the notes to consolidated financial statements in item 8 of this report for additional information . at december 31 , 2013 , our investment in visa class b common shares totaled approximately 10 million shares and was recorded at $ 158 million . based on the december 31 , 2013 closing price of $ 222.68 for the visa class a common shares , the fair value of our total investment was approximately $ 971 million at the 94 the pnc financial services group , inc . 2013 form 10-k .

| | in millions | december 312013 | december 312012 | |---:|:-----------------------|:------------------|:------------------| | 0 | blackrock | $ 5940 | $ 5614 | | 1 | tax credit investments | 2676 | 2965 | | 2 | private equity | 1656 | 1802 | | 3 | visa | 158 | 251 | | 4 | other | 234 | 245 | | 5 | total | $ 10664 | $ 10877 |

market risk management 2013 equity and other investment risk equity investment risk is the risk of potential losses associated with investing in both private and public equity markets . pnc invests primarily in private equity markets . in addition to extending credit , taking deposits , and underwriting and trading financial instruments , we make and manage direct investments in a variety of transactions , including management buyouts , recapitalizations , and growth financings in a variety of industries . we also have investments in affiliated and non- affiliated funds that make similar investments in private equity and in debt and equity-oriented hedge funds . the economic and/or book value of these investments and other assets such as loan servicing rights are directly affected by changes in market factors . the primary risk measurement for equity and other investments is economic capital . economic capital is a common measure of risk for credit , market and operational risk . it is an estimate of the potential value depreciation over a one year horizon commensurate with solvency expectations of an institution rated single-a by the credit rating agencies . given the illiquid nature of many of these types of investments , it can be a challenge to determine their fair values . see note 9 fair value in the notes to consolidated financial statements in item 8 of this report for additional information . various pnc business units manage our equity and other investment activities . our businesses are responsible for making investment decisions within the approved policy limits and associated guidelines . a summary of our equity investments follows : table 55 : equity investments summary in millions december 31 december 31 ._| | in millions | december 312013 | december 312012 | |---:|:-----------------------|:------------------|:------------------| | 0 | blackrock | $ 5940 | $ 5614 | | 1 | tax credit investments | 2676 | 2965 | | 2 | private equity | 1656 | 1802 | | 3 | visa | 158 | 251 | | 4 | other | 234 | 245 | | 5 | total | $ 10664 | $ 10877 |_blackrock pnc owned approximately 36 million common stock equivalent shares of blackrock equity at december 31 , 2013 , accounted for under the equity method . the primary risk measurement , similar to other equity investments , is economic capital . the business segments review section of this item 7 includes additional information about blackrock . tax credit investments included in our equity investments are tax credit investments which are accounted for under the equity method . these investments , as well as equity investments held by consolidated partnerships , totaled $ 2.7 billion at december 31 , 2013 and $ 3.0 billion at december 31 , 2012 . these equity investment balances include unfunded commitments totaling $ 802 million and $ 685 million at december 31 , 2013 and december 31 , 2012 , respectively . these unfunded commitments are included in other liabilities on our consolidated balance sheet . note 3 loan sale and servicing activities and variable interest entities in the notes to consolidated financial statements in item 8 of this report has further information on tax credit investments . see also the critical accounting estimates and judgments section of this item 7 regarding asu 2014-01 and our intention to early adopt this guidance in the first quarter of 2014 . private equity the private equity portfolio is an illiquid portfolio comprised of mezzanine and equity investments that vary by industry , stage and type of investment . private equity investments carried at estimated fair value totaled $ 1.7 billion at december 31 , 2013 and $ 1.8 billion at december 31 , 2012 . as of december 31 , 2013 , $ 1.1 billion was invested directly in a variety of companies and $ .6 billion was invested indirectly through various private equity funds . included in direct investments are investment activities of two private equity funds that are consolidated for financial reporting purposes . the noncontrolling interests of these funds totaled $ 236 million as of december 31 , 2013 . the interests held in indirect private equity funds are not redeemable , but pnc may receive distributions over the life of the partnership from liquidation of the underlying investments . see item 1 business 2013 supervision and regulation and item 1a risk factors of this report for discussion of the potential impacts of the volcker rule provisions of dodd-frank on our interests in and sponsorship of private funds covered by the volcker our unfunded commitments related to private equity totaled $ 164 million at december 31 , 2013 compared with $ 182 million at december 31 , 2012 . during 2013 , we sold 4 million of visa class b common shares , in addition to the 9 million shares sold in 2012 , and entered into swap agreements with the purchaser of the shares . see note 9 fair value and note 17 financial derivatives in the notes to consolidated financial statements in item 8 of this report for additional information . at december 31 , 2013 , our investment in visa class b common shares totaled approximately 10 million shares and was recorded at $ 158 million . based on the december 31 , 2013 closing price of $ 222.68 for the visa class a common shares , the fair value of our total investment was approximately $ 971 million at the 94 the pnc financial services group , inc . 2013 form 10-k .

2,013

112

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

null

finqa585

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

95.4%

divide(83, 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 owned?

95.4%

divide(83, 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

finqa586

in 2014 what was the ratio of the cash used for investment to the cash from operations

0.499

divide(3405, 6823)

at december 31 , 2015 and 2014 , we had a modest working capital surplus . this reflects a strong cash position that provides enhanced liquidity in an uncertain economic environment . in addition , we believe we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . cash flows .

operating activities cash provided by operating activities decreased in 2015 compared to 2014 due to lower net income and changes in working capital , partially offset by the timing of tax payments . federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012-2013 . as a result , the company deferred a substantial portion of its 2011-2013 income tax expense , contributing to the positive operating cash flow in those years . congress extended 50% ( 50 % ) bonus depreciation for 2014 , but this extension occurred in december , and the related benefit was realized in 2015 , rather than 2014 . similarly , in december of 2015 , congress extended bonus depreciation through 2019 , which delayed the benefit of 2015 bonus depreciation into 2016 . bonus depreciation will be at a rate of 50% ( 50 % ) for 2015 , 2016 and 2017 , 40% ( 40 % ) for 2018 and 30% ( 30 % ) for 2019 . higher net income in 2014 increased cash provided by operating activities compared to 2013 , despite higher income tax payments . 2014 income tax payments were higher than 2013 primarily due to higher income , but also because we paid taxes previously deferred by bonus depreciation . investing activities higher capital investments in locomotives and freight cars , including $ 327 million in early lease buyouts , which we exercised due to favorable economic terms and market conditions , drove the increase in cash used in investing activities in 2015 compared to 2014 . higher capital investments , including the early buyout of the long-term operating lease of our headquarters building for approximately $ 261 million , drove the increase in cash used in investing activities in 2014 compared to 2013 . significant investments also were made for new locomotives , freight cars and containers , and capacity and commercial facility projects . capital investments in 2014 also included $ 99 million for the early buyout of locomotives and freight cars under long-term operating leases , which we exercised due to favorable economic terms and market conditions. .

| | millions | 2015 | 2014 | 2013 | |---:|:----------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | cash used in financing activities | -3063 ( 3063 ) | -2982 ( 2982 ) | -3049 ( 3049 ) | | 3 | net change in cash and cash equivalents | $ -195 ( 195 ) | $ 154 | $ 369 |

at december 31 , 2015 and 2014 , we had a modest working capital surplus . this reflects a strong cash position that provides enhanced liquidity in an uncertain economic environment . in addition , we believe we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . cash flows ._| | millions | 2015 | 2014 | 2013 | |---:|:----------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | cash used in financing activities | -3063 ( 3063 ) | -2982 ( 2982 ) | -3049 ( 3049 ) | | 3 | net change in cash and cash equivalents | $ -195 ( 195 ) | $ 154 | $ 369 |_operating activities cash provided by operating activities decreased in 2015 compared to 2014 due to lower net income and changes in working capital , partially offset by the timing of tax payments . federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012-2013 . as a result , the company deferred a substantial portion of its 2011-2013 income tax expense , contributing to the positive operating cash flow in those years . congress extended 50% ( 50 % ) bonus depreciation for 2014 , but this extension occurred in december , and the related benefit was realized in 2015 , rather than 2014 . similarly , in december of 2015 , congress extended bonus depreciation through 2019 , which delayed the benefit of 2015 bonus depreciation into 2016 . bonus depreciation will be at a rate of 50% ( 50 % ) for 2015 , 2016 and 2017 , 40% ( 40 % ) for 2018 and 30% ( 30 % ) for 2019 . higher net income in 2014 increased cash provided by operating activities compared to 2013 , despite higher income tax payments . 2014 income tax payments were higher than 2013 primarily due to higher income , but also because we paid taxes previously deferred by bonus depreciation . investing activities higher capital investments in locomotives and freight cars , including $ 327 million in early lease buyouts , which we exercised due to favorable economic terms and market conditions , drove the increase in cash used in investing activities in 2015 compared to 2014 . higher capital investments , including the early buyout of the long-term operating lease of our headquarters building for approximately $ 261 million , drove the increase in cash used in investing activities in 2014 compared to 2013 . significant investments also were made for new locomotives , freight cars and containers , and capacity and commercial facility projects . capital investments in 2014 also included $ 99 million for the early buyout of locomotives and freight cars under long-term operating leases , which we exercised due to favorable economic terms and market conditions. .

2,015

35

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

in 2014 what was the ratio of the cash used for investment to the cash from operations

0.499

divide(3405, 6823)

at december 31 , 2015 and 2014 , we had a modest working capital surplus . this reflects a strong cash position that provides enhanced liquidity in an uncertain economic environment . in addition , we believe we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . cash flows .

operating activities cash provided by operating activities decreased in 2015 compared to 2014 due to lower net income and changes in working capital , partially offset by the timing of tax payments . federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012-2013 . as a result , the company deferred a substantial portion of its 2011-2013 income tax expense , contributing to the positive operating cash flow in those years . congress extended 50% ( 50 % ) bonus depreciation for 2014 , but this extension occurred in december , and the related benefit was realized in 2015 , rather than 2014 . similarly , in december of 2015 , congress extended bonus depreciation through 2019 , which delayed the benefit of 2015 bonus depreciation into 2016 . bonus depreciation will be at a rate of 50% ( 50 % ) for 2015 , 2016 and 2017 , 40% ( 40 % ) for 2018 and 30% ( 30 % ) for 2019 . higher net income in 2014 increased cash provided by operating activities compared to 2013 , despite higher income tax payments . 2014 income tax payments were higher than 2013 primarily due to higher income , but also because we paid taxes previously deferred by bonus depreciation . investing activities higher capital investments in locomotives and freight cars , including $ 327 million in early lease buyouts , which we exercised due to favorable economic terms and market conditions , drove the increase in cash used in investing activities in 2015 compared to 2014 . higher capital investments , including the early buyout of the long-term operating lease of our headquarters building for approximately $ 261 million , drove the increase in cash used in investing activities in 2014 compared to 2013 . significant investments also were made for new locomotives , freight cars and containers , and capacity and commercial facility projects . capital investments in 2014 also included $ 99 million for the early buyout of locomotives and freight cars under long-term operating leases , which we exercised due to favorable economic terms and market conditions. .

| | millions | 2015 | 2014 | 2013 | |---:|:----------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | cash used in financing activities | -3063 ( 3063 ) | -2982 ( 2982 ) | -3049 ( 3049 ) | | 3 | net change in cash and cash equivalents | $ -195 ( 195 ) | $ 154 | $ 369 |

at december 31 , 2015 and 2014 , we had a modest working capital surplus . this reflects a strong cash position that provides enhanced liquidity in an uncertain economic environment . in addition , we believe we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . cash flows ._| | millions | 2015 | 2014 | 2013 | |---:|:----------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | cash used in financing activities | -3063 ( 3063 ) | -2982 ( 2982 ) | -3049 ( 3049 ) | | 3 | net change in cash and cash equivalents | $ -195 ( 195 ) | $ 154 | $ 369 |_operating activities cash provided by operating activities decreased in 2015 compared to 2014 due to lower net income and changes in working capital , partially offset by the timing of tax payments . federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012-2013 . as a result , the company deferred a substantial portion of its 2011-2013 income tax expense , contributing to the positive operating cash flow in those years . congress extended 50% ( 50 % ) bonus depreciation for 2014 , but this extension occurred in december , and the related benefit was realized in 2015 , rather than 2014 . similarly , in december of 2015 , congress extended bonus depreciation through 2019 , which delayed the benefit of 2015 bonus depreciation into 2016 . bonus depreciation will be at a rate of 50% ( 50 % ) for 2015 , 2016 and 2017 , 40% ( 40 % ) for 2018 and 30% ( 30 % ) for 2019 . higher net income in 2014 increased cash provided by operating activities compared to 2013 , despite higher income tax payments . 2014 income tax payments were higher than 2013 primarily due to higher income , but also because we paid taxes previously deferred by bonus depreciation . investing activities higher capital investments in locomotives and freight cars , including $ 327 million in early lease buyouts , which we exercised due to favorable economic terms and market conditions , drove the increase in cash used in investing activities in 2015 compared to 2014 . higher capital investments , including the early buyout of the long-term operating lease of our headquarters building for approximately $ 261 million , drove the increase in cash used in investing activities in 2014 compared to 2013 . significant investments also were made for new locomotives , freight cars and containers , and capacity and commercial facility projects . capital investments in 2014 also included $ 99 million for the early buyout of locomotives and freight cars under long-term operating leases , which we exercised due to favorable economic terms and market conditions. .

2,015

35

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa587

what is the growth rate in the price of shares from the highest value during the quarter ended december 31 , 2008 and the closing price on february 13 , 2009?

29.2%

divide(subtract(37.28, 28.85), 28.85)

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2008 and 2007. .

on february 13 , 2009 , the closing price of our common stock was $ 28.85 per share as reported on the nyse . as of february 13 , 2009 , we had 397097677 outstanding shares of common stock and 499 registered holders . dividends we have never paid a dividend on our common stock . we anticipate that we may retain future earnings , if any , to fund the development and growth of our business . the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 201c7.50% ( 201c7.50 % ) notes 201d ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 201c7.125% ( 201c7.125 % ) notes 201d ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants . the loan agreement for our revolving credit facility and term loan , and the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied . in addition , while spectrasite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes , certain of spectrasite 2019s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization transaction . for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization transaction , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. .

| | 2008 | high | low | |---:|:---------------------------|:--------|:--------| | 0 | quarter ended march 31 | $ 42.72 | $ 32.10 | | 1 | quarter ended june 30 | 46.10 | 38.53 | | 2 | quarter ended september 30 | 43.43 | 31.89 | | 3 | quarter ended december 31 | 37.28 | 19.35 | | 4 | 2007 | high | low | | 5 | quarter ended march 31 | $ 41.31 | $ 36.63 | | 6 | quarter ended june 30 | 43.84 | 37.64 | | 7 | quarter ended september 30 | 45.45 | 36.34 | | 8 | quarter ended december 31 | 46.53 | 40.08 |

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2008 and 2007. ._| | 2008 | high | low | |---:|:---------------------------|:--------|:--------| | 0 | quarter ended march 31 | $ 42.72 | $ 32.10 | | 1 | quarter ended june 30 | 46.10 | 38.53 | | 2 | quarter ended september 30 | 43.43 | 31.89 | | 3 | quarter ended december 31 | 37.28 | 19.35 | | 4 | 2007 | high | low | | 5 | quarter ended march 31 | $ 41.31 | $ 36.63 | | 6 | quarter ended june 30 | 43.84 | 37.64 | | 7 | quarter ended september 30 | 45.45 | 36.34 | | 8 | quarter ended december 31 | 46.53 | 40.08 |_on february 13 , 2009 , the closing price of our common stock was $ 28.85 per share as reported on the nyse . as of february 13 , 2009 , we had 397097677 outstanding shares of common stock and 499 registered holders . dividends we have never paid a dividend on our common stock . we anticipate that we may retain future earnings , if any , to fund the development and growth of our business . the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 201c7.50% ( 201c7.50 % ) notes 201d ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 201c7.125% ( 201c7.125 % ) notes 201d ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants . the loan agreement for our revolving credit facility and term loan , and the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied . in addition , while spectrasite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes , certain of spectrasite 2019s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization transaction . for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization transaction , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. .

2,008

32

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

what is the growth rate in the price of shares from the highest value during the quarter ended december 31 , 2008 and the closing price on february 13 , 2009?

29.2%

divide(subtract(37.28, 28.85), 28.85)

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2008 and 2007. .

on february 13 , 2009 , the closing price of our common stock was $ 28.85 per share as reported on the nyse . as of february 13 , 2009 , we had 397097677 outstanding shares of common stock and 499 registered holders . dividends we have never paid a dividend on our common stock . we anticipate that we may retain future earnings , if any , to fund the development and growth of our business . the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 201c7.50% ( 201c7.50 % ) notes 201d ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 201c7.125% ( 201c7.125 % ) notes 201d ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants . the loan agreement for our revolving credit facility and term loan , and the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied . in addition , while spectrasite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes , certain of spectrasite 2019s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization transaction . for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization transaction , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. .

| | 2008 | high | low | |---:|:---------------------------|:--------|:--------| | 0 | quarter ended march 31 | $ 42.72 | $ 32.10 | | 1 | quarter ended june 30 | 46.10 | 38.53 | | 2 | quarter ended september 30 | 43.43 | 31.89 | | 3 | quarter ended december 31 | 37.28 | 19.35 | | 4 | 2007 | high | low | | 5 | quarter ended march 31 | $ 41.31 | $ 36.63 | | 6 | quarter ended june 30 | 43.84 | 37.64 | | 7 | quarter ended september 30 | 45.45 | 36.34 | | 8 | quarter ended december 31 | 46.53 | 40.08 |

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2008 and 2007. ._| | 2008 | high | low | |---:|:---------------------------|:--------|:--------| | 0 | quarter ended march 31 | $ 42.72 | $ 32.10 | | 1 | quarter ended june 30 | 46.10 | 38.53 | | 2 | quarter ended september 30 | 43.43 | 31.89 | | 3 | quarter ended december 31 | 37.28 | 19.35 | | 4 | 2007 | high | low | | 5 | quarter ended march 31 | $ 41.31 | $ 36.63 | | 6 | quarter ended june 30 | 43.84 | 37.64 | | 7 | quarter ended september 30 | 45.45 | 36.34 | | 8 | quarter ended december 31 | 46.53 | 40.08 |_on february 13 , 2009 , the closing price of our common stock was $ 28.85 per share as reported on the nyse . as of february 13 , 2009 , we had 397097677 outstanding shares of common stock and 499 registered holders . dividends we have never paid a dividend on our common stock . we anticipate that we may retain future earnings , if any , to fund the development and growth of our business . the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 201c7.50% ( 201c7.50 % ) notes 201d ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 201c7.125% ( 201c7.125 % ) notes 201d ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants . the loan agreement for our revolving credit facility and term loan , and the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied . in addition , while spectrasite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes , certain of spectrasite 2019s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization transaction . for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization transaction , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. .

2,008

32

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

null

finqa588

what was the change in millions from 2008 to 2009 under purchase commitments?

7.9

subtract(37.3, 29.4)

purchase commitments the company has entered into various purchase agreements for minimum amounts of pulpwood processing and energy over periods ranging from one to twenty years at fixed prices . total purchase commitments are as follows: .

these purchase agreements are not marked to market . the company purchased $ 37.3 million , $ 29.4 million , and $ 14.5 million during the years ended december 31 , 2009 , 2008 and 2007 , respectively , under these purchase agreements . litigation pca is a party to various legal actions arising in the ordinary course of business . these legal actions cover a broad variety of claims spanning our entire business . as of the date of this filing , the company believes it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on its financial position , results of operations , or cash flows . environmental liabilities the potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs , the complexity and evolving nature of governmental laws and regulations and their interpretations , and the timing , varying costs and effectiveness of alternative cleanup technologies . from 1994 through 2009 , remediation costs at the company 2019s mills and corrugated plants totaled approximately $ 3.2 million . as of december 31 , 2009 , the company maintained an environmental reserve of $ 9.1 million relating to on-site landfills ( see note 13 ) and surface impoundments as well as ongoing and anticipated remedial projects . liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions . because of these uncertainties , pca 2019s estimates may change . as of the date of this filing , the company believes that it is not reasonably possible that future environmental expenditures and asset retirement obligations above the $ 9.1 million accrued as of december 31 , 2009 , will have a material impact on its financial condition , results of operations , or cash flows . in connection with the sale to pca of its containerboard and corrugated products business , pactiv agreed to retain all liability for all former facilities and all sites associated with pre-closing off-site waste disposal and all environmental liabilities related to a closed landfill located near the company 2019s filer city mill . 13 . asset retirement obligations asset retirement obligations consist primarily of landfill capping and closure and post-closure costs . pca is legally required to perform capping and closure and post-closure care on the landfills at each of the company 2019s mills . in accordance with asc 410 , 201c asset retirement and environmental obligations , 201d pca recognizes the fair value of these liabilities as an asset retirement obligation for each landfill and capitalizes packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2009 .

| | | ( in thousands ) | |---:|:-----------|:-------------------| | 0 | 2010 | $ 6951 | | 1 | 2011 | 5942 | | 2 | 2012 | 3659 | | 3 | 2013 | 1486 | | 4 | 2014 | 1486 | | 5 | thereafter | 25048 | | 6 | total | $ 44572 |

purchase commitments the company has entered into various purchase agreements for minimum amounts of pulpwood processing and energy over periods ranging from one to twenty years at fixed prices . total purchase commitments are as follows: ._| | | ( in thousands ) | |---:|:-----------|:-------------------| | 0 | 2010 | $ 6951 | | 1 | 2011 | 5942 | | 2 | 2012 | 3659 | | 3 | 2013 | 1486 | | 4 | 2014 | 1486 | | 5 | thereafter | 25048 | | 6 | total | $ 44572 |_these purchase agreements are not marked to market . the company purchased $ 37.3 million , $ 29.4 million , and $ 14.5 million during the years ended december 31 , 2009 , 2008 and 2007 , respectively , under these purchase agreements . litigation pca is a party to various legal actions arising in the ordinary course of business . these legal actions cover a broad variety of claims spanning our entire business . as of the date of this filing , the company believes it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on its financial position , results of operations , or cash flows . environmental liabilities the potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs , the complexity and evolving nature of governmental laws and regulations and their interpretations , and the timing , varying costs and effectiveness of alternative cleanup technologies . from 1994 through 2009 , remediation costs at the company 2019s mills and corrugated plants totaled approximately $ 3.2 million . as of december 31 , 2009 , the company maintained an environmental reserve of $ 9.1 million relating to on-site landfills ( see note 13 ) and surface impoundments as well as ongoing and anticipated remedial projects . liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions . because of these uncertainties , pca 2019s estimates may change . as of the date of this filing , the company believes that it is not reasonably possible that future environmental expenditures and asset retirement obligations above the $ 9.1 million accrued as of december 31 , 2009 , will have a material impact on its financial condition , results of operations , or cash flows . in connection with the sale to pca of its containerboard and corrugated products business , pactiv agreed to retain all liability for all former facilities and all sites associated with pre-closing off-site waste disposal and all environmental liabilities related to a closed landfill located near the company 2019s filer city mill . 13 . asset retirement obligations asset retirement obligations consist primarily of landfill capping and closure and post-closure costs . pca is legally required to perform capping and closure and post-closure care on the landfills at each of the company 2019s mills . in accordance with asc 410 , 201c asset retirement and environmental obligations , 201d pca recognizes the fair value of these liabilities as an asset retirement obligation for each landfill and capitalizes packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2009 .

2,009

65

PKG

Packaging Corporation of America

Materials

Paper & Plastic Packaging Products & Materials

Lake Forest, Illinois

2017-07-26

75,677

1959

what was the change in millions from 2008 to 2009 under purchase commitments?

7.9

subtract(37.3, 29.4)

purchase commitments the company has entered into various purchase agreements for minimum amounts of pulpwood processing and energy over periods ranging from one to twenty years at fixed prices . total purchase commitments are as follows: .

these purchase agreements are not marked to market . the company purchased $ 37.3 million , $ 29.4 million , and $ 14.5 million during the years ended december 31 , 2009 , 2008 and 2007 , respectively , under these purchase agreements . litigation pca is a party to various legal actions arising in the ordinary course of business . these legal actions cover a broad variety of claims spanning our entire business . as of the date of this filing , the company believes it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on its financial position , results of operations , or cash flows . environmental liabilities the potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs , the complexity and evolving nature of governmental laws and regulations and their interpretations , and the timing , varying costs and effectiveness of alternative cleanup technologies . from 1994 through 2009 , remediation costs at the company 2019s mills and corrugated plants totaled approximately $ 3.2 million . as of december 31 , 2009 , the company maintained an environmental reserve of $ 9.1 million relating to on-site landfills ( see note 13 ) and surface impoundments as well as ongoing and anticipated remedial projects . liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions . because of these uncertainties , pca 2019s estimates may change . as of the date of this filing , the company believes that it is not reasonably possible that future environmental expenditures and asset retirement obligations above the $ 9.1 million accrued as of december 31 , 2009 , will have a material impact on its financial condition , results of operations , or cash flows . in connection with the sale to pca of its containerboard and corrugated products business , pactiv agreed to retain all liability for all former facilities and all sites associated with pre-closing off-site waste disposal and all environmental liabilities related to a closed landfill located near the company 2019s filer city mill . 13 . asset retirement obligations asset retirement obligations consist primarily of landfill capping and closure and post-closure costs . pca is legally required to perform capping and closure and post-closure care on the landfills at each of the company 2019s mills . in accordance with asc 410 , 201c asset retirement and environmental obligations , 201d pca recognizes the fair value of these liabilities as an asset retirement obligation for each landfill and capitalizes packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2009 .

| | | ( in thousands ) | |---:|:-----------|:-------------------| | 0 | 2010 | $ 6951 | | 1 | 2011 | 5942 | | 2 | 2012 | 3659 | | 3 | 2013 | 1486 | | 4 | 2014 | 1486 | | 5 | thereafter | 25048 | | 6 | total | $ 44572 |

purchase commitments the company has entered into various purchase agreements for minimum amounts of pulpwood processing and energy over periods ranging from one to twenty years at fixed prices . total purchase commitments are as follows: ._| | | ( in thousands ) | |---:|:-----------|:-------------------| | 0 | 2010 | $ 6951 | | 1 | 2011 | 5942 | | 2 | 2012 | 3659 | | 3 | 2013 | 1486 | | 4 | 2014 | 1486 | | 5 | thereafter | 25048 | | 6 | total | $ 44572 |_these purchase agreements are not marked to market . the company purchased $ 37.3 million , $ 29.4 million , and $ 14.5 million during the years ended december 31 , 2009 , 2008 and 2007 , respectively , under these purchase agreements . litigation pca is a party to various legal actions arising in the ordinary course of business . these legal actions cover a broad variety of claims spanning our entire business . as of the date of this filing , the company believes it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on its financial position , results of operations , or cash flows . environmental liabilities the potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs , the complexity and evolving nature of governmental laws and regulations and their interpretations , and the timing , varying costs and effectiveness of alternative cleanup technologies . from 1994 through 2009 , remediation costs at the company 2019s mills and corrugated plants totaled approximately $ 3.2 million . as of december 31 , 2009 , the company maintained an environmental reserve of $ 9.1 million relating to on-site landfills ( see note 13 ) and surface impoundments as well as ongoing and anticipated remedial projects . liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions . because of these uncertainties , pca 2019s estimates may change . as of the date of this filing , the company believes that it is not reasonably possible that future environmental expenditures and asset retirement obligations above the $ 9.1 million accrued as of december 31 , 2009 , will have a material impact on its financial condition , results of operations , or cash flows . in connection with the sale to pca of its containerboard and corrugated products business , pactiv agreed to retain all liability for all former facilities and all sites associated with pre-closing off-site waste disposal and all environmental liabilities related to a closed landfill located near the company 2019s filer city mill . 13 . asset retirement obligations asset retirement obligations consist primarily of landfill capping and closure and post-closure costs . pca is legally required to perform capping and closure and post-closure care on the landfills at each of the company 2019s mills . in accordance with asc 410 , 201c asset retirement and environmental obligations , 201d pca recognizes the fair value of these liabilities as an asset retirement obligation for each landfill and capitalizes packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2009 .

2,009

65

PKG

Packaging Corporation of America

Materials

Paper & Plastic Packaging Products & Materials

Lake Forest, Illinois

2017-07-26

75,677

1959

null

finqa589

what was the total of the reserve for losses?

101

add(47, 54)

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

what was the total of the reserve for losses?

101

add(47, 54)

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

finqa590

what is the percentage change in weighted average discount rate for postretirement plans from 2017 to 2018?

4.7%

divide(subtract(3.97, 3.79), 3.79)

inventory on hand , as well as our future purchase commitments with our suppliers , considering multiple factors , including demand forecasts , product life cycle , current sales levels , pricing strategy and cost trends . if our review indicates that inventories of raw materials , components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value , we may be required to make adjustments that will impact the results of operations . goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review . while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis . the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value . if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired . to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry . at december 31 , 2018 , the carrying value of our goodwill was $ 7.2 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics . the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2018 . to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method . we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value . these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs . management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use . since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets . marketing costs - we incur certain costs to support our products through programs that include advertising , marketing , consumer engagement and trade promotions . the costs of our advertising and marketing programs are expensed in accordance with u.s . gaap . recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program . for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer's achieving the specified targets , and records the reduction of revenue as the sales are made . for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience . changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows . employee benefit plans - as discussed in item 8 , note 13 . benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) . we record annual amounts relating to these plans based on calculations specified by u.s . gaap . these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates . we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so . as permitted by u.s . gaap , any effect of the modifications is generally amortized over future periods . we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries . weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31 , 2018 and 2017 are as follows: .

we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million as compared with approximately $ 160 million in 2018 , excluding amounts related to employee severance and early retirement programs . the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , coupled with lower return on assets of $ 16 million , higher interest and service cost of $ 12 million and $ 4 million respectively , partially offset by other movements of $ 1 million . weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans . a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $ 50 million , and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement .

| | | 2018 | 2017 | |---:|:---------------------|:-----------------|:-----------------| | 0 | pension plans | 1.61% ( 1.61 % ) | 1.51% ( 1.51 % ) | | 1 | postretirement plans | 3.97% ( 3.97 % ) | 3.79% ( 3.79 % ) |

inventory on hand , as well as our future purchase commitments with our suppliers , considering multiple factors , including demand forecasts , product life cycle , current sales levels , pricing strategy and cost trends . if our review indicates that inventories of raw materials , components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value , we may be required to make adjustments that will impact the results of operations . goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review . while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis . the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value . if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired . to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry . at december 31 , 2018 , the carrying value of our goodwill was $ 7.2 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics . the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2018 . to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method . we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value . these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs . management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use . since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets . marketing costs - we incur certain costs to support our products through programs that include advertising , marketing , consumer engagement and trade promotions . the costs of our advertising and marketing programs are expensed in accordance with u.s . gaap . recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program . for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer's achieving the specified targets , and records the reduction of revenue as the sales are made . for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience . changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows . employee benefit plans - as discussed in item 8 , note 13 . benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) . we record annual amounts relating to these plans based on calculations specified by u.s . gaap . these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates . we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so . as permitted by u.s . gaap , any effect of the modifications is generally amortized over future periods . we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries . weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31 , 2018 and 2017 are as follows: ._| | | 2018 | 2017 | |---:|:---------------------|:-----------------|:-----------------| | 0 | pension plans | 1.61% ( 1.61 % ) | 1.51% ( 1.51 % ) | | 1 | postretirement plans | 3.97% ( 3.97 % ) | 3.79% ( 3.79 % ) |_we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million as compared with approximately $ 160 million in 2018 , excluding amounts related to employee severance and early retirement programs . the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , coupled with lower return on assets of $ 16 million , higher interest and service cost of $ 12 million and $ 4 million respectively , partially offset by other movements of $ 1 million . weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans . a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $ 50 million , and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement .

2,018

31

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

what is the percentage change in weighted average discount rate for postretirement plans from 2017 to 2018?

4.7%

divide(subtract(3.97, 3.79), 3.79)

inventory on hand , as well as our future purchase commitments with our suppliers , considering multiple factors , including demand forecasts , product life cycle , current sales levels , pricing strategy and cost trends . if our review indicates that inventories of raw materials , components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value , we may be required to make adjustments that will impact the results of operations . goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review . while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis . the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value . if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired . to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry . at december 31 , 2018 , the carrying value of our goodwill was $ 7.2 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics . the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2018 . to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method . we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value . these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs . management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use . since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets . marketing costs - we incur certain costs to support our products through programs that include advertising , marketing , consumer engagement and trade promotions . the costs of our advertising and marketing programs are expensed in accordance with u.s . gaap . recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program . for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer's achieving the specified targets , and records the reduction of revenue as the sales are made . for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience . changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows . employee benefit plans - as discussed in item 8 , note 13 . benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) . we record annual amounts relating to these plans based on calculations specified by u.s . gaap . these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates . we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so . as permitted by u.s . gaap , any effect of the modifications is generally amortized over future periods . we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries . weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31 , 2018 and 2017 are as follows: .

we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million as compared with approximately $ 160 million in 2018 , excluding amounts related to employee severance and early retirement programs . the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , coupled with lower return on assets of $ 16 million , higher interest and service cost of $ 12 million and $ 4 million respectively , partially offset by other movements of $ 1 million . weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans . a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $ 50 million , and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement .

| | | 2018 | 2017 | |---:|:---------------------|:-----------------|:-----------------| | 0 | pension plans | 1.61% ( 1.61 % ) | 1.51% ( 1.51 % ) | | 1 | postretirement plans | 3.97% ( 3.97 % ) | 3.79% ( 3.79 % ) |

inventory on hand , as well as our future purchase commitments with our suppliers , considering multiple factors , including demand forecasts , product life cycle , current sales levels , pricing strategy and cost trends . if our review indicates that inventories of raw materials , components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value , we may be required to make adjustments that will impact the results of operations . goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review . while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis . the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value . if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired . to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry . at december 31 , 2018 , the carrying value of our goodwill was $ 7.2 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics . the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2018 . to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method . we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value . these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs . management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use . since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets . marketing costs - we incur certain costs to support our products through programs that include advertising , marketing , consumer engagement and trade promotions . the costs of our advertising and marketing programs are expensed in accordance with u.s . gaap . recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program . for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer's achieving the specified targets , and records the reduction of revenue as the sales are made . for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience . changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows . employee benefit plans - as discussed in item 8 , note 13 . benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) . we record annual amounts relating to these plans based on calculations specified by u.s . gaap . these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates . we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so . as permitted by u.s . gaap , any effect of the modifications is generally amortized over future periods . we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries . weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31 , 2018 and 2017 are as follows: ._| | | 2018 | 2017 | |---:|:---------------------|:-----------------|:-----------------| | 0 | pension plans | 1.61% ( 1.61 % ) | 1.51% ( 1.51 % ) | | 1 | postretirement plans | 3.97% ( 3.97 % ) | 3.79% ( 3.79 % ) |_we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million as compared with approximately $ 160 million in 2018 , excluding amounts related to employee severance and early retirement programs . the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , coupled with lower return on assets of $ 16 million , higher interest and service cost of $ 12 million and $ 4 million respectively , partially offset by other movements of $ 1 million . weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans . a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $ 50 million , and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement .

2,018

31

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

null

finqa591

what is the percentage decrease in total liability from dec 31 2007 to dec 31 2008?

56.75%

multiply(divide(subtract(29.6, 12.8), 29.6), const_100)

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

1 includes amounts representing adjustments to the liability for changes in foreign currency exchange rates . other reorganization-related charges other reorganization-related charges relate to our realignment of our media businesses into a newly created management entity called mediabrands and the 2006 merger of draft worldwide and foote , cone and belding worldwide to create draftfcb . charges related to severance and terminations costs and lease termination and other exit costs . we expect charges associated with mediabrands to be completed during the first half of 2009 . charges related to the creation of draftfcb in 2006 are complete . the charges were separated from the rest of our operating expenses within the consolidated statements of operations because they did not result from charges that occurred in the normal course of business. .

| | | 2007 program | 2003 program | 2001 program | total | |---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------| | 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 | | 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 | | 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) | | 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 | | 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 | | 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) | | 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |

notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) a summary of the remaining liability for the 2007 , 2003 and 2001 restructuring programs is as follows : program program program total ._| | | 2007 program | 2003 program | 2001 program | total | |---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------| | 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 | | 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 | | 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) | | 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 | | 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 | | 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) | | 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |_1 includes amounts representing adjustments to the liability for changes in foreign currency exchange rates . other reorganization-related charges other reorganization-related charges relate to our realignment of our media businesses into a newly created management entity called mediabrands and the 2006 merger of draft worldwide and foote , cone and belding worldwide to create draftfcb . charges related to severance and terminations costs and lease termination and other exit costs . we expect charges associated with mediabrands to be completed during the first half of 2009 . charges related to the creation of draftfcb in 2006 are complete . the charges were separated from the rest of our operating expenses within the consolidated statements of operations because they did not result from charges that occurred in the normal course of business. .

2,008

62

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

what is the percentage decrease in total liability from dec 31 2007 to dec 31 2008?

56.75%

multiply(divide(subtract(29.6, 12.8), 29.6), const_100)

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

1 includes amounts representing adjustments to the liability for changes in foreign currency exchange rates . other reorganization-related charges other reorganization-related charges relate to our realignment of our media businesses into a newly created management entity called mediabrands and the 2006 merger of draft worldwide and foote , cone and belding worldwide to create draftfcb . charges related to severance and terminations costs and lease termination and other exit costs . we expect charges associated with mediabrands to be completed during the first half of 2009 . charges related to the creation of draftfcb in 2006 are complete . the charges were separated from the rest of our operating expenses within the consolidated statements of operations because they did not result from charges that occurred in the normal course of business. .

| | | 2007 program | 2003 program | 2001 program | total | |---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------| | 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 | | 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 | | 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) | | 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 | | 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 | | 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) | | 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |

notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) a summary of the remaining liability for the 2007 , 2003 and 2001 restructuring programs is as follows : program program program total ._| | | 2007 program | 2003 program | 2001 program | total | |---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------| | 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 | | 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 | | 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) | | 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 | | 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 | | 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) | | 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |_1 includes amounts representing adjustments to the liability for changes in foreign currency exchange rates . other reorganization-related charges other reorganization-related charges relate to our realignment of our media businesses into a newly created management entity called mediabrands and the 2006 merger of draft worldwide and foote , cone and belding worldwide to create draftfcb . charges related to severance and terminations costs and lease termination and other exit costs . we expect charges associated with mediabrands to be completed during the first half of 2009 . charges related to the creation of draftfcb in 2006 are complete . the charges were separated from the rest of our operating expenses within the consolidated statements of operations because they did not result from charges that occurred in the normal course of business. .

2,008

62

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

null

finqa592

compared to the s&p 500 ,what was the difference in percentage growth from the s&p 500 retail index .

73.4%

subtract(divide(subtract(286.13, 100), 100), divide(subtract(211.67, 100), 100))

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

.

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

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

2,017

31

TSCO

Tractor Supply

Consumer Discretionary

Other Specialty Retail

Brentwood, Tennessee

2014-01-24

916,365

1938

compared to the s&p 500 ,what was the difference in percentage growth from the s&p 500 retail index .

73.4%

subtract(divide(subtract(286.13, 100), 100), divide(subtract(211.67, 100), 100))

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

.

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

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

2,017

31

TSCO

Tractor Supply

Consumer Discretionary

Other Specialty Retail

Brentwood, Tennessee

2014-01-24

916,365

1938

null

finqa593

considering the years 2014-2016 , what was the average cash paid for interest?

117

divide(add(132.4, add(121.1, 97.5)), const_3)

15 . debt the tables below summarize our outstanding debt at 30 september 2016 and 2015 : total debt .

the weighted average interest rate of short-term borrowings outstanding at 30 september 2016 and 2015 was 1.1% ( 1.1 % ) and .8% ( .8 % ) , respectively . cash paid for interest , net of amounts capitalized , was $ 121.1 in 2016 , $ 97.5 in 2015 , and $ 132.4 in 2014. .

| | 30 september | 2016 | 2015 | |---:|:----------------------------------|:---------|:---------| | 0 | short-term borrowings | $ 935.8 | $ 1494.3 | | 1 | current portion of long-term debt | 371.3 | 435.6 | | 2 | long-term debt | 4918.1 | 3949.1 | | 3 | total debt | $ 6225.2 | $ 5879.0 | | 4 | short-term borrowings | | | | 5 | 30 september | 2016 | 2015 | | 6 | bank obligations | $ 133.1 | $ 234.3 | | 7 | commercial paper | 802.7 | 1260.0 | | 8 | total short-term borrowings | $ 935.8 | $ 1494.3 |

15 . debt the tables below summarize our outstanding debt at 30 september 2016 and 2015 : total debt ._| | 30 september | 2016 | 2015 | |---:|:----------------------------------|:---------|:---------| | 0 | short-term borrowings | $ 935.8 | $ 1494.3 | | 1 | current portion of long-term debt | 371.3 | 435.6 | | 2 | long-term debt | 4918.1 | 3949.1 | | 3 | total debt | $ 6225.2 | $ 5879.0 | | 4 | short-term borrowings | | | | 5 | 30 september | 2016 | 2015 | | 6 | bank obligations | $ 133.1 | $ 234.3 | | 7 | commercial paper | 802.7 | 1260.0 | | 8 | total short-term borrowings | $ 935.8 | $ 1494.3 |_the weighted average interest rate of short-term borrowings outstanding at 30 september 2016 and 2015 was 1.1% ( 1.1 % ) and .8% ( .8 % ) , respectively . cash paid for interest , net of amounts capitalized , was $ 121.1 in 2016 , $ 97.5 in 2015 , and $ 132.4 in 2014. .

2,016

96

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

considering the years 2014-2016 , what was the average cash paid for interest?

117

divide(add(132.4, add(121.1, 97.5)), const_3)

15 . debt the tables below summarize our outstanding debt at 30 september 2016 and 2015 : total debt .

the weighted average interest rate of short-term borrowings outstanding at 30 september 2016 and 2015 was 1.1% ( 1.1 % ) and .8% ( .8 % ) , respectively . cash paid for interest , net of amounts capitalized , was $ 121.1 in 2016 , $ 97.5 in 2015 , and $ 132.4 in 2014. .

| | 30 september | 2016 | 2015 | |---:|:----------------------------------|:---------|:---------| | 0 | short-term borrowings | $ 935.8 | $ 1494.3 | | 1 | current portion of long-term debt | 371.3 | 435.6 | | 2 | long-term debt | 4918.1 | 3949.1 | | 3 | total debt | $ 6225.2 | $ 5879.0 | | 4 | short-term borrowings | | | | 5 | 30 september | 2016 | 2015 | | 6 | bank obligations | $ 133.1 | $ 234.3 | | 7 | commercial paper | 802.7 | 1260.0 | | 8 | total short-term borrowings | $ 935.8 | $ 1494.3 |

15 . debt the tables below summarize our outstanding debt at 30 september 2016 and 2015 : total debt ._| | 30 september | 2016 | 2015 | |---:|:----------------------------------|:---------|:---------| | 0 | short-term borrowings | $ 935.8 | $ 1494.3 | | 1 | current portion of long-term debt | 371.3 | 435.6 | | 2 | long-term debt | 4918.1 | 3949.1 | | 3 | total debt | $ 6225.2 | $ 5879.0 | | 4 | short-term borrowings | | | | 5 | 30 september | 2016 | 2015 | | 6 | bank obligations | $ 133.1 | $ 234.3 | | 7 | commercial paper | 802.7 | 1260.0 | | 8 | total short-term borrowings | $ 935.8 | $ 1494.3 |_the weighted average interest rate of short-term borrowings outstanding at 30 september 2016 and 2015 was 1.1% ( 1.1 % ) and .8% ( .8 % ) , respectively . cash paid for interest , net of amounts capitalized , was $ 121.1 in 2016 , $ 97.5 in 2015 , and $ 132.4 in 2014. .

2,016

96

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa594

as of december 2007 , what percentage of the long-term debt is current?

5.5%

divide(126.1, 2302.6)

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

as of december 2007 , what percentage of the long-term debt is current?

5.5%

divide(126.1, 2302.6)

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

finqa595

if the fuel surcharge grows by the same rate as in 2014what would expected 2015 revenues be in billions?

3.0

multiply(divide(2.8, 2.6), 2.8)

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

we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7% ( 7 % ) volume growth and core pricing gains of 2.5% ( 2.5 % ) . volume growth from grain , frac sand , rock , and intermodal ( domestic and international ) shipments offset declines in crude oil . freight revenues from five of our six commodity groups increased during 2013 compared to 2012 . revenue from agricultural products was down slightly compared to 2012 . arc increased 5% ( 5 % ) , driven by core pricing gains , shifts in business mix and an automotive logistics management arrangement . volume essentially was flat year over year as growth in automotive , frac sand , crude oil and domestic intermodal offset declines in coal , international intermodal and grain shipments . our fuel surcharge programs generated freight revenues of $ 2.8 billion , $ 2.6 billion , and $ 2.6 billion in 2014 , 2013 , and 2012 , respectively . fuel surcharge in 2014 increased 6% ( 6 % ) driven by our 7% ( 7 % ) carloadings increase . fuel surcharge in 2013 essentially was flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) . in 2014 , other revenue increased from 2013 due to higher revenues at our subsidiaries , primarily those that broker intermodal and automotive services , accessorial revenue driven by increased volume and per diem revenue for container usage ( previously included in automotive freight revenue ) . in 2013 , other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services. .

| | millions | 2014 | 2013 | 2012 | % ( % ) change 2014 v 2013 | % ( % ) change 2013 v 2012 | |---:|:-----------------|:--------|:--------|:--------|:------------------------------|:------------------------------| | 0 | freight revenues | $ 22560 | $ 20684 | $ 19686 | 9% ( 9 % ) | 5% ( 5 % ) | | 1 | other revenues | 1428 | 1279 | 1240 | 12% ( 12 % ) | 3% ( 3 % ) | | 2 | total | $ 23988 | $ 21963 | $ 20926 | 9% ( 9 % ) | 5% ( 5 % ) |

results of operations operating revenues millions 2014 2013 2012 % ( % ) change 2014 v 2013 % ( % ) change 2013 v 2012 ._| | millions | 2014 | 2013 | 2012 | % ( % ) change 2014 v 2013 | % ( % ) change 2013 v 2012 | |---:|:-----------------|:--------|:--------|:--------|:------------------------------|:------------------------------| | 0 | freight revenues | $ 22560 | $ 20684 | $ 19686 | 9% ( 9 % ) | 5% ( 5 % ) | | 1 | other revenues | 1428 | 1279 | 1240 | 12% ( 12 % ) | 3% ( 3 % ) | | 2 | total | $ 23988 | $ 21963 | $ 20926 | 9% ( 9 % ) | 5% ( 5 % ) |_we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7% ( 7 % ) volume growth and core pricing gains of 2.5% ( 2.5 % ) . volume growth from grain , frac sand , rock , and intermodal ( domestic and international ) shipments offset declines in crude oil . freight revenues from five of our six commodity groups increased during 2013 compared to 2012 . revenue from agricultural products was down slightly compared to 2012 . arc increased 5% ( 5 % ) , driven by core pricing gains , shifts in business mix and an automotive logistics management arrangement . volume essentially was flat year over year as growth in automotive , frac sand , crude oil and domestic intermodal offset declines in coal , international intermodal and grain shipments . our fuel surcharge programs generated freight revenues of $ 2.8 billion , $ 2.6 billion , and $ 2.6 billion in 2014 , 2013 , and 2012 , respectively . fuel surcharge in 2014 increased 6% ( 6 % ) driven by our 7% ( 7 % ) carloadings increase . fuel surcharge in 2013 essentially was flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) . in 2014 , other revenue increased from 2013 due to higher revenues at our subsidiaries , primarily those that broker intermodal and automotive services , accessorial revenue driven by increased volume and per diem revenue for container usage ( previously included in automotive freight revenue ) . in 2013 , other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services. .

2,014

25

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

if the fuel surcharge grows by the same rate as in 2014what would expected 2015 revenues be in billions?

3.0

multiply(divide(2.8, 2.6), 2.8)

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

we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7% ( 7 % ) volume growth and core pricing gains of 2.5% ( 2.5 % ) . volume growth from grain , frac sand , rock , and intermodal ( domestic and international ) shipments offset declines in crude oil . freight revenues from five of our six commodity groups increased during 2013 compared to 2012 . revenue from agricultural products was down slightly compared to 2012 . arc increased 5% ( 5 % ) , driven by core pricing gains , shifts in business mix and an automotive logistics management arrangement . volume essentially was flat year over year as growth in automotive , frac sand , crude oil and domestic intermodal offset declines in coal , international intermodal and grain shipments . our fuel surcharge programs generated freight revenues of $ 2.8 billion , $ 2.6 billion , and $ 2.6 billion in 2014 , 2013 , and 2012 , respectively . fuel surcharge in 2014 increased 6% ( 6 % ) driven by our 7% ( 7 % ) carloadings increase . fuel surcharge in 2013 essentially was flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) . in 2014 , other revenue increased from 2013 due to higher revenues at our subsidiaries , primarily those that broker intermodal and automotive services , accessorial revenue driven by increased volume and per diem revenue for container usage ( previously included in automotive freight revenue ) . in 2013 , other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services. .

| | millions | 2014 | 2013 | 2012 | % ( % ) change 2014 v 2013 | % ( % ) change 2013 v 2012 | |---:|:-----------------|:--------|:--------|:--------|:------------------------------|:------------------------------| | 0 | freight revenues | $ 22560 | $ 20684 | $ 19686 | 9% ( 9 % ) | 5% ( 5 % ) | | 1 | other revenues | 1428 | 1279 | 1240 | 12% ( 12 % ) | 3% ( 3 % ) | | 2 | total | $ 23988 | $ 21963 | $ 20926 | 9% ( 9 % ) | 5% ( 5 % ) |

results of operations operating revenues millions 2014 2013 2012 % ( % ) change 2014 v 2013 % ( % ) change 2013 v 2012 ._| | millions | 2014 | 2013 | 2012 | % ( % ) change 2014 v 2013 | % ( % ) change 2013 v 2012 | |---:|:-----------------|:--------|:--------|:--------|:------------------------------|:------------------------------| | 0 | freight revenues | $ 22560 | $ 20684 | $ 19686 | 9% ( 9 % ) | 5% ( 5 % ) | | 1 | other revenues | 1428 | 1279 | 1240 | 12% ( 12 % ) | 3% ( 3 % ) | | 2 | total | $ 23988 | $ 21963 | $ 20926 | 9% ( 9 % ) | 5% ( 5 % ) |_we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7% ( 7 % ) volume growth and core pricing gains of 2.5% ( 2.5 % ) . volume growth from grain , frac sand , rock , and intermodal ( domestic and international ) shipments offset declines in crude oil . freight revenues from five of our six commodity groups increased during 2013 compared to 2012 . revenue from agricultural products was down slightly compared to 2012 . arc increased 5% ( 5 % ) , driven by core pricing gains , shifts in business mix and an automotive logistics management arrangement . volume essentially was flat year over year as growth in automotive , frac sand , crude oil and domestic intermodal offset declines in coal , international intermodal and grain shipments . our fuel surcharge programs generated freight revenues of $ 2.8 billion , $ 2.6 billion , and $ 2.6 billion in 2014 , 2013 , and 2012 , respectively . fuel surcharge in 2014 increased 6% ( 6 % ) driven by our 7% ( 7 % ) carloadings increase . fuel surcharge in 2013 essentially was flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) . in 2014 , other revenue increased from 2013 due to higher revenues at our subsidiaries , primarily those that broker intermodal and automotive services , accessorial revenue driven by increased volume and per diem revenue for container usage ( previously included in automotive freight revenue ) . in 2013 , other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services. .

2,014

25

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa596

in 2009 what was the change in the allowance for doubtful accounts

-10.5

add(27.3, -37.8)

in our primary disbursement accounts which were reclassified as accounts payable and other accrued liabilities on our consolidated balance sheet . concentration of credit risk financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents , trade accounts receivable and derivative instruments . we place our cash and cash equivalents with high quality financial institutions . such balances may be in excess of fdic insured limits . in order to manage the related credit exposure , we continually monitor the credit worthiness of the financial institutions where we have deposits . concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services , as well as the dispersion of our operations across many geographic areas . we provide services to commercial , industrial , municipal and residential customers in the united states and puerto rico . we perform ongoing credit evaluations of our customers , but do not require collateral to support customer receivables . we establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers , age of receivables outstanding , historical trends , economic conditions and other information . no customer exceeded 5% ( 5 % ) of our outstanding accounts receivable balance at december 31 , 2009 or 2008 . accounts receivable , net of allowance for doubtful accounts accounts receivable represent receivables from customers for collection , transfer , recycling , disposal and other services . our receivables are recorded when billed or when the related revenue is earned , if earlier , and represent claims against third parties that will be settled in cash . the carrying value of our receivables , net of the allowance for doubtful accounts , represents their estimated net realizable value . provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience , the age of the receivables , specific customer information and economic conditions . we also review outstanding balances on an account-specific basis . in general , reserves are provided for accounts receivable in excess of ninety days old . past due receivable balances are written-off when our collection efforts have been unsuccess- ful in collecting amounts due . the following table reflects the activity in our allowance for doubtful accounts for the years ended december 31 , 2009 , 2008 and 2007: .

subsequent to our acquisition of allied , we recorded a provision for doubtful accounts of $ 14.2 million to adjust the allowance acquired from allied to conform to republic 2019s accounting policies . we also recorded $ 5.4 million to provide for specific bankruptcy exposures in 2008 . in 2007 , we recorded a $ 4.3 million reduction in our allowance for doubtful accounts as a result of refining our estimate of the allowance based on our historical collection experience . restricted cash as of december 31 , 2009 , we had $ 236.6 million of restricted cash , of which $ 93.1 million was proceeds from the issuance of tax-exempt bonds and other tax-exempt financings and will be used to fund capital republic services , inc . and subsidiaries notes to consolidated financial statements , continued .

| | | 2009 | 2008 | 2007 | |---:|:-----------------------------|:---------------|:---------------|:-------------| | 0 | balance at beginning of year | $ 65.7 | $ 14.7 | $ 18.8 | | 1 | additions charged to expense | 27.3 | 36.5 | 3.9 | | 2 | accounts written-off | -37.8 ( 37.8 ) | -12.7 ( 12.7 ) | -7.8 ( 7.8 ) | | 3 | acquisitions | - | 27.2 | -0.2 ( 0.2 ) | | 4 | balance at end of year | $ 55.2 | $ 65.7 | $ 14.7 |

in our primary disbursement accounts which were reclassified as accounts payable and other accrued liabilities on our consolidated balance sheet . concentration of credit risk financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents , trade accounts receivable and derivative instruments . we place our cash and cash equivalents with high quality financial institutions . such balances may be in excess of fdic insured limits . in order to manage the related credit exposure , we continually monitor the credit worthiness of the financial institutions where we have deposits . concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services , as well as the dispersion of our operations across many geographic areas . we provide services to commercial , industrial , municipal and residential customers in the united states and puerto rico . we perform ongoing credit evaluations of our customers , but do not require collateral to support customer receivables . we establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers , age of receivables outstanding , historical trends , economic conditions and other information . no customer exceeded 5% ( 5 % ) of our outstanding accounts receivable balance at december 31 , 2009 or 2008 . accounts receivable , net of allowance for doubtful accounts accounts receivable represent receivables from customers for collection , transfer , recycling , disposal and other services . our receivables are recorded when billed or when the related revenue is earned , if earlier , and represent claims against third parties that will be settled in cash . the carrying value of our receivables , net of the allowance for doubtful accounts , represents their estimated net realizable value . provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience , the age of the receivables , specific customer information and economic conditions . we also review outstanding balances on an account-specific basis . in general , reserves are provided for accounts receivable in excess of ninety days old . past due receivable balances are written-off when our collection efforts have been unsuccess- ful in collecting amounts due . the following table reflects the activity in our allowance for doubtful accounts for the years ended december 31 , 2009 , 2008 and 2007: ._| | | 2009 | 2008 | 2007 | |---:|:-----------------------------|:---------------|:---------------|:-------------| | 0 | balance at beginning of year | $ 65.7 | $ 14.7 | $ 18.8 | | 1 | additions charged to expense | 27.3 | 36.5 | 3.9 | | 2 | accounts written-off | -37.8 ( 37.8 ) | -12.7 ( 12.7 ) | -7.8 ( 7.8 ) | | 3 | acquisitions | - | 27.2 | -0.2 ( 0.2 ) | | 4 | balance at end of year | $ 55.2 | $ 65.7 | $ 14.7 |_subsequent to our acquisition of allied , we recorded a provision for doubtful accounts of $ 14.2 million to adjust the allowance acquired from allied to conform to republic 2019s accounting policies . we also recorded $ 5.4 million to provide for specific bankruptcy exposures in 2008 . in 2007 , we recorded a $ 4.3 million reduction in our allowance for doubtful accounts as a result of refining our estimate of the allowance based on our historical collection experience . restricted cash as of december 31 , 2009 , we had $ 236.6 million of restricted cash , of which $ 93.1 million was proceeds from the issuance of tax-exempt bonds and other tax-exempt financings and will be used to fund capital republic services , inc . and subsidiaries notes to consolidated financial statements , continued .

2,009

100

RSG

Republic Services

Industrials

Environmental & Facilities Services

Phoenix, Arizona

2008-12-05

1,060,391

1998 (1981)

in 2009 what was the change in the allowance for doubtful accounts

-10.5

add(27.3, -37.8)

in our primary disbursement accounts which were reclassified as accounts payable and other accrued liabilities on our consolidated balance sheet . concentration of credit risk financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents , trade accounts receivable and derivative instruments . we place our cash and cash equivalents with high quality financial institutions . such balances may be in excess of fdic insured limits . in order to manage the related credit exposure , we continually monitor the credit worthiness of the financial institutions where we have deposits . concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services , as well as the dispersion of our operations across many geographic areas . we provide services to commercial , industrial , municipal and residential customers in the united states and puerto rico . we perform ongoing credit evaluations of our customers , but do not require collateral to support customer receivables . we establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers , age of receivables outstanding , historical trends , economic conditions and other information . no customer exceeded 5% ( 5 % ) of our outstanding accounts receivable balance at december 31 , 2009 or 2008 . accounts receivable , net of allowance for doubtful accounts accounts receivable represent receivables from customers for collection , transfer , recycling , disposal and other services . our receivables are recorded when billed or when the related revenue is earned , if earlier , and represent claims against third parties that will be settled in cash . the carrying value of our receivables , net of the allowance for doubtful accounts , represents their estimated net realizable value . provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience , the age of the receivables , specific customer information and economic conditions . we also review outstanding balances on an account-specific basis . in general , reserves are provided for accounts receivable in excess of ninety days old . past due receivable balances are written-off when our collection efforts have been unsuccess- ful in collecting amounts due . the following table reflects the activity in our allowance for doubtful accounts for the years ended december 31 , 2009 , 2008 and 2007: .

subsequent to our acquisition of allied , we recorded a provision for doubtful accounts of $ 14.2 million to adjust the allowance acquired from allied to conform to republic 2019s accounting policies . we also recorded $ 5.4 million to provide for specific bankruptcy exposures in 2008 . in 2007 , we recorded a $ 4.3 million reduction in our allowance for doubtful accounts as a result of refining our estimate of the allowance based on our historical collection experience . restricted cash as of december 31 , 2009 , we had $ 236.6 million of restricted cash , of which $ 93.1 million was proceeds from the issuance of tax-exempt bonds and other tax-exempt financings and will be used to fund capital republic services , inc . and subsidiaries notes to consolidated financial statements , continued .

| | | 2009 | 2008 | 2007 | |---:|:-----------------------------|:---------------|:---------------|:-------------| | 0 | balance at beginning of year | $ 65.7 | $ 14.7 | $ 18.8 | | 1 | additions charged to expense | 27.3 | 36.5 | 3.9 | | 2 | accounts written-off | -37.8 ( 37.8 ) | -12.7 ( 12.7 ) | -7.8 ( 7.8 ) | | 3 | acquisitions | - | 27.2 | -0.2 ( 0.2 ) | | 4 | balance at end of year | $ 55.2 | $ 65.7 | $ 14.7 |

in our primary disbursement accounts which were reclassified as accounts payable and other accrued liabilities on our consolidated balance sheet . concentration of credit risk financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents , trade accounts receivable and derivative instruments . we place our cash and cash equivalents with high quality financial institutions . such balances may be in excess of fdic insured limits . in order to manage the related credit exposure , we continually monitor the credit worthiness of the financial institutions where we have deposits . concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services , as well as the dispersion of our operations across many geographic areas . we provide services to commercial , industrial , municipal and residential customers in the united states and puerto rico . we perform ongoing credit evaluations of our customers , but do not require collateral to support customer receivables . we establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers , age of receivables outstanding , historical trends , economic conditions and other information . no customer exceeded 5% ( 5 % ) of our outstanding accounts receivable balance at december 31 , 2009 or 2008 . accounts receivable , net of allowance for doubtful accounts accounts receivable represent receivables from customers for collection , transfer , recycling , disposal and other services . our receivables are recorded when billed or when the related revenue is earned , if earlier , and represent claims against third parties that will be settled in cash . the carrying value of our receivables , net of the allowance for doubtful accounts , represents their estimated net realizable value . provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience , the age of the receivables , specific customer information and economic conditions . we also review outstanding balances on an account-specific basis . in general , reserves are provided for accounts receivable in excess of ninety days old . past due receivable balances are written-off when our collection efforts have been unsuccess- ful in collecting amounts due . the following table reflects the activity in our allowance for doubtful accounts for the years ended december 31 , 2009 , 2008 and 2007: ._| | | 2009 | 2008 | 2007 | |---:|:-----------------------------|:---------------|:---------------|:-------------| | 0 | balance at beginning of year | $ 65.7 | $ 14.7 | $ 18.8 | | 1 | additions charged to expense | 27.3 | 36.5 | 3.9 | | 2 | accounts written-off | -37.8 ( 37.8 ) | -12.7 ( 12.7 ) | -7.8 ( 7.8 ) | | 3 | acquisitions | - | 27.2 | -0.2 ( 0.2 ) | | 4 | balance at end of year | $ 55.2 | $ 65.7 | $ 14.7 |_subsequent to our acquisition of allied , we recorded a provision for doubtful accounts of $ 14.2 million to adjust the allowance acquired from allied to conform to republic 2019s accounting policies . we also recorded $ 5.4 million to provide for specific bankruptcy exposures in 2008 . in 2007 , we recorded a $ 4.3 million reduction in our allowance for doubtful accounts as a result of refining our estimate of the allowance based on our historical collection experience . restricted cash as of december 31 , 2009 , we had $ 236.6 million of restricted cash , of which $ 93.1 million was proceeds from the issuance of tax-exempt bonds and other tax-exempt financings and will be used to fund capital republic services , inc . and subsidiaries notes to consolidated financial statements , continued .

2,009

100

RSG

Republic Services

Industrials

Environmental & Facilities Services

Phoenix, Arizona

2008-12-05

1,060,391

1998 (1981)

null

finqa597

what is the average , in millions , home equity line of credit with balloon payments with draw periods from 2012 to 2016?

150

divide(add(add(add(add(306, 44), 60), 100), 246), const_5)

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

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

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

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

2,011

87

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

what is the average , in millions , home equity line of credit with balloon payments with draw periods from 2012 to 2016?

150

divide(add(add(add(add(306, 44), 60), 100), 246), const_5)

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

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

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

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

2,011

87

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

null

finqa598

2001 revenue from large utilities were how many times the revenues from the growth distribution segment?

2.5

divide(739, 296)

gross margin gross margin increased $ 307 million , or 15% ( 15 % ) , to $ 2.3 billion in 2001 from $ 2.0 billion in 2000 . gross margin as a percentage of revenues decreased to 25% ( 25 % ) in 2000 from 26% ( 26 % ) in 2001 . the increase in gross margin is due to acquisition of new businesses and new operations from greenfield projects offset by lower market prices in the united kingdom . the decrease in gross margin as a percentage of revenues is due to a decline in the competitive supply and contract generation gross margin percentages offset slightly by increased gross margin percentages from large utilities and growth distribution . excluding businesses acquired or that commenced commercial operations in 2001 or 2000 , gross margin decreased 2% ( 2 % ) to $ 1.8 billion in 2001. .

contract generation gross margin increased $ 60 million , or 8% ( 8 % ) , to $ 827 million in 2001 from $ 767 million in 2000 . excluding businesses acquired or that commenced commercial operations during 2001 and 2000 , contract generation gross margin decreased 6% ( 6 % ) to $ 710 million in 2001 . contract generation gross margin increased in all geographic regions except for asia . the contract generation gross margin as a percentage of revenues decreased to 33% ( 33 % ) in 2001 from 44% ( 44 % ) in 2000 . in south america , contract generation gross margin increased $ 17 million and was 27% ( 27 % ) of revenues . the increase is due to the acquisition of gener offset by a decline at tiete from the rationing of electricity in brazil . in north america , contract generation gross margin increased $ 8 million and was 50% ( 50 % ) of revenues . the increase is due to improvements at southland and beaver valley partially offset by a decrease at thames from the contract buydown ( see footnote 13 to the company 2019s consolidated financial statements ) . in europe/ africa , contract generation gross margin increased $ 44 million and was 30% ( 30 % ) of revenues . the increase is due primarily to our additional ownership interest in kilroot and the acquisition of ebute in nigeria . in asia , contract generation gross margin decreased $ 22 million and was 29% ( 29 % ) of revenues . the decrease is due mainly to additional bad debt provisions at jiaozuo , hefei and aixi in china that were partially offset by the start of commercial operations at haripur . the decrease in contract generation gross margin as a percentage of revenue is due to the acquisition of generation businesses with overall gross margin percentages , which are lower than the overall portfolio of generation businesses . as a percentage of sales , contract generation gross margin declined in south america and asia , was relatively flat in north america and increased in europe/africa and the caribbean . the competitive supply gross margin decreased $ 119 million , or 21% ( 21 % ) , to $ 440 million in 2001 from $ 559 million in 2000 . excluding businesses acquired or that commenced commercial operations during 2001 and 2000 , competitive supply gross margin decreased 26% ( 26 % ) to $ 408 million in 2001 . the overall decrease is due to declines in europe/africa and south america that were partially offset by slight increases in north america , the caribbean and asia . the competitive supply gross margin as a percentage of revenues decreased to 16% ( 16 % ) in 2001 from 23% ( 23 % ) in 2000 . in south america , competitive supply segment gross margin decreased $ 61 million and was 1% ( 1 % ) of revenues due to declines at our businesses in argentina . in europe/africa , competitive supply segment gross margin decreased $ 95 million and was 22% ( 22 % ) of revenues . the decrease is due primarily to declines at drax , barry and fifoots from the lower market prices in the u.k . in north america , competitive supply segment gross margin increased $ 14 million and was 11% ( 11 % ) of revenues . the increase was due to an expanded customer base at new energy and was partially offset by decreases at somerset in new york and deepwater in texas . in the caribbean ( which includes colombia ) , the competitive supply gross margin increased $ 15 million and was 29% ( 29 % ) of revenues . the increase is due primarily to the acquisition of chivor . as a percentage .

| | | 2001 | 2000 | % ( % ) change | |---:|:--------------------|:--------------|:--------------|:------------------| | 0 | contract generation | $ 827 million | $ 767 million | 8% ( 8 % ) | | 1 | competitive supply | $ 440 million | $ 559 million | ( 21% ( 21 % ) ) | | 2 | large utilities | $ 739 million | $ 538 million | 37% ( 37 % ) | | 3 | growth distribution | $ 296 million | $ 131 million | 126% ( 126 % ) |

gross margin gross margin increased $ 307 million , or 15% ( 15 % ) , to $ 2.3 billion in 2001 from $ 2.0 billion in 2000 . gross margin as a percentage of revenues decreased to 25% ( 25 % ) in 2000 from 26% ( 26 % ) in 2001 . the increase in gross margin is due to acquisition of new businesses and new operations from greenfield projects offset by lower market prices in the united kingdom . the decrease in gross margin as a percentage of revenues is due to a decline in the competitive supply and contract generation gross margin percentages offset slightly by increased gross margin percentages from large utilities and growth distribution . excluding businesses acquired or that commenced commercial operations in 2001 or 2000 , gross margin decreased 2% ( 2 % ) to $ 1.8 billion in 2001. ._| | | 2001 | 2000 | % ( % ) change | |---:|:--------------------|:--------------|:--------------|:------------------| | 0 | contract generation | $ 827 million | $ 767 million | 8% ( 8 % ) | | 1 | competitive supply | $ 440 million | $ 559 million | ( 21% ( 21 % ) ) | | 2 | large utilities | $ 739 million | $ 538 million | 37% ( 37 % ) | | 3 | growth distribution | $ 296 million | $ 131 million | 126% ( 126 % ) |_contract generation gross margin increased $ 60 million , or 8% ( 8 % ) , to $ 827 million in 2001 from $ 767 million in 2000 . excluding businesses acquired or that commenced commercial operations during 2001 and 2000 , contract generation gross margin decreased 6% ( 6 % ) to $ 710 million in 2001 . contract generation gross margin increased in all geographic regions except for asia . the contract generation gross margin as a percentage of revenues decreased to 33% ( 33 % ) in 2001 from 44% ( 44 % ) in 2000 . in south america , contract generation gross margin increased $ 17 million and was 27% ( 27 % ) of revenues . the increase is due to the acquisition of gener offset by a decline at tiete from the rationing of electricity in brazil . in north america , contract generation gross margin increased $ 8 million and was 50% ( 50 % ) of revenues . the increase is due to improvements at southland and beaver valley partially offset by a decrease at thames from the contract buydown ( see footnote 13 to the company 2019s consolidated financial statements ) . in europe/ africa , contract generation gross margin increased $ 44 million and was 30% ( 30 % ) of revenues . the increase is due primarily to our additional ownership interest in kilroot and the acquisition of ebute in nigeria . in asia , contract generation gross margin decreased $ 22 million and was 29% ( 29 % ) of revenues . the decrease is due mainly to additional bad debt provisions at jiaozuo , hefei and aixi in china that were partially offset by the start of commercial operations at haripur . the decrease in contract generation gross margin as a percentage of revenue is due to the acquisition of generation businesses with overall gross margin percentages , which are lower than the overall portfolio of generation businesses . as a percentage of sales , contract generation gross margin declined in south america and asia , was relatively flat in north america and increased in europe/africa and the caribbean . the competitive supply gross margin decreased $ 119 million , or 21% ( 21 % ) , to $ 440 million in 2001 from $ 559 million in 2000 . excluding businesses acquired or that commenced commercial operations during 2001 and 2000 , competitive supply gross margin decreased 26% ( 26 % ) to $ 408 million in 2001 . the overall decrease is due to declines in europe/africa and south america that were partially offset by slight increases in north america , the caribbean and asia . the competitive supply gross margin as a percentage of revenues decreased to 16% ( 16 % ) in 2001 from 23% ( 23 % ) in 2000 . in south america , competitive supply segment gross margin decreased $ 61 million and was 1% ( 1 % ) of revenues due to declines at our businesses in argentina . in europe/africa , competitive supply segment gross margin decreased $ 95 million and was 22% ( 22 % ) of revenues . the decrease is due primarily to declines at drax , barry and fifoots from the lower market prices in the u.k . in north america , competitive supply segment gross margin increased $ 14 million and was 11% ( 11 % ) of revenues . the increase was due to an expanded customer base at new energy and was partially offset by decreases at somerset in new york and deepwater in texas . in the caribbean ( which includes colombia ) , the competitive supply gross margin increased $ 15 million and was 29% ( 29 % ) of revenues . the increase is due primarily to the acquisition of chivor . as a percentage .

2,001

44

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

2001 revenue from large utilities were how many times the revenues from the growth distribution segment?

2.5

divide(739, 296)

gross margin gross margin increased $ 307 million , or 15% ( 15 % ) , to $ 2.3 billion in 2001 from $ 2.0 billion in 2000 . gross margin as a percentage of revenues decreased to 25% ( 25 % ) in 2000 from 26% ( 26 % ) in 2001 . the increase in gross margin is due to acquisition of new businesses and new operations from greenfield projects offset by lower market prices in the united kingdom . the decrease in gross margin as a percentage of revenues is due to a decline in the competitive supply and contract generation gross margin percentages offset slightly by increased gross margin percentages from large utilities and growth distribution . excluding businesses acquired or that commenced commercial operations in 2001 or 2000 , gross margin decreased 2% ( 2 % ) to $ 1.8 billion in 2001. .

contract generation gross margin increased $ 60 million , or 8% ( 8 % ) , to $ 827 million in 2001 from $ 767 million in 2000 . excluding businesses acquired or that commenced commercial operations during 2001 and 2000 , contract generation gross margin decreased 6% ( 6 % ) to $ 710 million in 2001 . contract generation gross margin increased in all geographic regions except for asia . the contract generation gross margin as a percentage of revenues decreased to 33% ( 33 % ) in 2001 from 44% ( 44 % ) in 2000 . in south america , contract generation gross margin increased $ 17 million and was 27% ( 27 % ) of revenues . the increase is due to the acquisition of gener offset by a decline at tiete from the rationing of electricity in brazil . in north america , contract generation gross margin increased $ 8 million and was 50% ( 50 % ) of revenues . the increase is due to improvements at southland and beaver valley partially offset by a decrease at thames from the contract buydown ( see footnote 13 to the company 2019s consolidated financial statements ) . in europe/ africa , contract generation gross margin increased $ 44 million and was 30% ( 30 % ) of revenues . the increase is due primarily to our additional ownership interest in kilroot and the acquisition of ebute in nigeria . in asia , contract generation gross margin decreased $ 22 million and was 29% ( 29 % ) of revenues . the decrease is due mainly to additional bad debt provisions at jiaozuo , hefei and aixi in china that were partially offset by the start of commercial operations at haripur . the decrease in contract generation gross margin as a percentage of revenue is due to the acquisition of generation businesses with overall gross margin percentages , which are lower than the overall portfolio of generation businesses . as a percentage of sales , contract generation gross margin declined in south america and asia , was relatively flat in north america and increased in europe/africa and the caribbean . the competitive supply gross margin decreased $ 119 million , or 21% ( 21 % ) , to $ 440 million in 2001 from $ 559 million in 2000 . excluding businesses acquired or that commenced commercial operations during 2001 and 2000 , competitive supply gross margin decreased 26% ( 26 % ) to $ 408 million in 2001 . the overall decrease is due to declines in europe/africa and south america that were partially offset by slight increases in north america , the caribbean and asia . the competitive supply gross margin as a percentage of revenues decreased to 16% ( 16 % ) in 2001 from 23% ( 23 % ) in 2000 . in south america , competitive supply segment gross margin decreased $ 61 million and was 1% ( 1 % ) of revenues due to declines at our businesses in argentina . in europe/africa , competitive supply segment gross margin decreased $ 95 million and was 22% ( 22 % ) of revenues . the decrease is due primarily to declines at drax , barry and fifoots from the lower market prices in the u.k . in north america , competitive supply segment gross margin increased $ 14 million and was 11% ( 11 % ) of revenues . the increase was due to an expanded customer base at new energy and was partially offset by decreases at somerset in new york and deepwater in texas . in the caribbean ( which includes colombia ) , the competitive supply gross margin increased $ 15 million and was 29% ( 29 % ) of revenues . the increase is due primarily to the acquisition of chivor . as a percentage .

| | | 2001 | 2000 | % ( % ) change | |---:|:--------------------|:--------------|:--------------|:------------------| | 0 | contract generation | $ 827 million | $ 767 million | 8% ( 8 % ) | | 1 | competitive supply | $ 440 million | $ 559 million | ( 21% ( 21 % ) ) | | 2 | large utilities | $ 739 million | $ 538 million | 37% ( 37 % ) | | 3 | growth distribution | $ 296 million | $ 131 million | 126% ( 126 % ) |

gross margin gross margin increased $ 307 million , or 15% ( 15 % ) , to $ 2.3 billion in 2001 from $ 2.0 billion in 2000 . gross margin as a percentage of revenues decreased to 25% ( 25 % ) in 2000 from 26% ( 26 % ) in 2001 . the increase in gross margin is due to acquisition of new businesses and new operations from greenfield projects offset by lower market prices in the united kingdom . the decrease in gross margin as a percentage of revenues is due to a decline in the competitive supply and contract generation gross margin percentages offset slightly by increased gross margin percentages from large utilities and growth distribution . excluding businesses acquired or that commenced commercial operations in 2001 or 2000 , gross margin decreased 2% ( 2 % ) to $ 1.8 billion in 2001. ._| | | 2001 | 2000 | % ( % ) change | |---:|:--------------------|:--------------|:--------------|:------------------| | 0 | contract generation | $ 827 million | $ 767 million | 8% ( 8 % ) | | 1 | competitive supply | $ 440 million | $ 559 million | ( 21% ( 21 % ) ) | | 2 | large utilities | $ 739 million | $ 538 million | 37% ( 37 % ) | | 3 | growth distribution | $ 296 million | $ 131 million | 126% ( 126 % ) |_contract generation gross margin increased $ 60 million , or 8% ( 8 % ) , to $ 827 million in 2001 from $ 767 million in 2000 . excluding businesses acquired or that commenced commercial operations during 2001 and 2000 , contract generation gross margin decreased 6% ( 6 % ) to $ 710 million in 2001 . contract generation gross margin increased in all geographic regions except for asia . the contract generation gross margin as a percentage of revenues decreased to 33% ( 33 % ) in 2001 from 44% ( 44 % ) in 2000 . in south america , contract generation gross margin increased $ 17 million and was 27% ( 27 % ) of revenues . the increase is due to the acquisition of gener offset by a decline at tiete from the rationing of electricity in brazil . in north america , contract generation gross margin increased $ 8 million and was 50% ( 50 % ) of revenues . the increase is due to improvements at southland and beaver valley partially offset by a decrease at thames from the contract buydown ( see footnote 13 to the company 2019s consolidated financial statements ) . in europe/ africa , contract generation gross margin increased $ 44 million and was 30% ( 30 % ) of revenues . the increase is due primarily to our additional ownership interest in kilroot and the acquisition of ebute in nigeria . in asia , contract generation gross margin decreased $ 22 million and was 29% ( 29 % ) of revenues . the decrease is due mainly to additional bad debt provisions at jiaozuo , hefei and aixi in china that were partially offset by the start of commercial operations at haripur . the decrease in contract generation gross margin as a percentage of revenue is due to the acquisition of generation businesses with overall gross margin percentages , which are lower than the overall portfolio of generation businesses . as a percentage of sales , contract generation gross margin declined in south america and asia , was relatively flat in north america and increased in europe/africa and the caribbean . the competitive supply gross margin decreased $ 119 million , or 21% ( 21 % ) , to $ 440 million in 2001 from $ 559 million in 2000 . excluding businesses acquired or that commenced commercial operations during 2001 and 2000 , competitive supply gross margin decreased 26% ( 26 % ) to $ 408 million in 2001 . the overall decrease is due to declines in europe/africa and south america that were partially offset by slight increases in north america , the caribbean and asia . the competitive supply gross margin as a percentage of revenues decreased to 16% ( 16 % ) in 2001 from 23% ( 23 % ) in 2000 . in south america , competitive supply segment gross margin decreased $ 61 million and was 1% ( 1 % ) of revenues due to declines at our businesses in argentina . in europe/africa , competitive supply segment gross margin decreased $ 95 million and was 22% ( 22 % ) of revenues . the decrease is due primarily to declines at drax , barry and fifoots from the lower market prices in the u.k . in north america , competitive supply segment gross margin increased $ 14 million and was 11% ( 11 % ) of revenues . the increase was due to an expanded customer base at new energy and was partially offset by decreases at somerset in new york and deepwater in texas . in the caribbean ( which includes colombia ) , the competitive supply gross margin increased $ 15 million and was 29% ( 29 % ) of revenues . the increase is due primarily to the acquisition of chivor . as a percentage .

2,001

44

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

null

finqa599

what was the percentage growth in the defined benefit plan income from 2016 to 2017

44.8%

divide(subtract(4.2, 2.9), 2.9)

net sales increased $ 29.9 million , or 6.3% ( 6.3 % ) , due to higher sales volume driven primarily by continuing improvement in the u.s . home products market and the benefit from new product introductions and price increases to help mitigate cumulative raw material cost increases . operating income increased $ 12.6 million , or 20.4% ( 20.4 % ) , due to higher net sales , the benefits from productivity improvements and leveraging sales on our existing fixed cost base . security net sales increased $ 12.8 million , or 2.2% ( 2.2 % ) , due to higher sales volume and price increases to help mitigate cumulative raw material cost increases . these benefits were partially offset by the impact of our exiting of two product lines in our commercial distribution channel . operating income increased $ 5.8 million , or 8.7% ( 8.7 % ) , primarily due to the higher net sales , the benefits from productivity improvements , lower restructuring and other charges ( approximately $ 6 million ) relating to the completion in 2016 of a manufacturing facility relocation , favorable foreign exchange and the related cost savings resulting from the facility relocation . corporate corporate expenses increased by $ 5.7 million mainly due to the impairment of a long lived asset and recognition of an actuarial gain versus an actuarial loss in 2016 and higher defined benefit plan income during 2017 compared to 2016 . ( in millions ) 2017 2016 .

in future periods the company may record , in the corporate segment , material expense or income associated with actuarial gains and losses arising from periodic remeasurement of our liabilities for defined benefit plans . at a minimum the company will remeasure its defined benefit plan liabilities in the fourth quarter of each year . remeasurements due to plan amendments and settlements may also occur in interim periods during the year . remeasurement of these liabilities attributable to updating our liability discount rates and expected return on assets may , in particular , result in material income or expense recognition . 2016 compared to 2015 total fortune brands net sales net sales increased $ 405.5 million , or 9% ( 9 % ) . the increase was due to higher sales volume primarily from the continuing improvement in u.s . market conditions for home products , the benefit from the acquisitions in our cabinets and plumbing segments and price increases to help mitigate cumulative raw material cost increases and the effect of unfavorable foreign exchange . these benefits were partially offset by unfavorable foreign exchange of approximately $ 27 million and higher sales rebates . cost of products sold cost of products sold increased $ 182.8 million , or 6% ( 6 % ) , due to higher net sales , including the impact of the acquisitions in our cabinets and plumbing segments , partially offset by the benefit of productivity improvements. .

| | ( in millions ) | 2017 | 2016 | |---:|:---------------------------------------------------------------|:-----------------|:-----------------| | 0 | general and administrative expense | $ -90.3 ( 90.3 ) | $ -80.9 ( 80.9 ) | | 1 | defined benefit plan income | 4.2 | 2.9 | | 2 | defined benefit plan recognition of actuarial gains ( losses ) | 0.5 | -1.9 ( 1.9 ) | | 3 | total corporate expenses | $ -85.6 ( 85.6 ) | $ -79.9 ( 79.9 ) |

net sales increased $ 29.9 million , or 6.3% ( 6.3 % ) , due to higher sales volume driven primarily by continuing improvement in the u.s . home products market and the benefit from new product introductions and price increases to help mitigate cumulative raw material cost increases . operating income increased $ 12.6 million , or 20.4% ( 20.4 % ) , due to higher net sales , the benefits from productivity improvements and leveraging sales on our existing fixed cost base . security net sales increased $ 12.8 million , or 2.2% ( 2.2 % ) , due to higher sales volume and price increases to help mitigate cumulative raw material cost increases . these benefits were partially offset by the impact of our exiting of two product lines in our commercial distribution channel . operating income increased $ 5.8 million , or 8.7% ( 8.7 % ) , primarily due to the higher net sales , the benefits from productivity improvements , lower restructuring and other charges ( approximately $ 6 million ) relating to the completion in 2016 of a manufacturing facility relocation , favorable foreign exchange and the related cost savings resulting from the facility relocation . corporate corporate expenses increased by $ 5.7 million mainly due to the impairment of a long lived asset and recognition of an actuarial gain versus an actuarial loss in 2016 and higher defined benefit plan income during 2017 compared to 2016 . ( in millions ) 2017 2016 ._| | ( in millions ) | 2017 | 2016 | |---:|:---------------------------------------------------------------|:-----------------|:-----------------| | 0 | general and administrative expense | $ -90.3 ( 90.3 ) | $ -80.9 ( 80.9 ) | | 1 | defined benefit plan income | 4.2 | 2.9 | | 2 | defined benefit plan recognition of actuarial gains ( losses ) | 0.5 | -1.9 ( 1.9 ) | | 3 | total corporate expenses | $ -85.6 ( 85.6 ) | $ -79.9 ( 79.9 ) |_in future periods the company may record , in the corporate segment , material expense or income associated with actuarial gains and losses arising from periodic remeasurement of our liabilities for defined benefit plans . at a minimum the company will remeasure its defined benefit plan liabilities in the fourth quarter of each year . remeasurements due to plan amendments and settlements may also occur in interim periods during the year . remeasurement of these liabilities attributable to updating our liability discount rates and expected return on assets may , in particular , result in material income or expense recognition . 2016 compared to 2015 total fortune brands net sales net sales increased $ 405.5 million , or 9% ( 9 % ) . the increase was due to higher sales volume primarily from the continuing improvement in u.s . market conditions for home products , the benefit from the acquisitions in our cabinets and plumbing segments and price increases to help mitigate cumulative raw material cost increases and the effect of unfavorable foreign exchange . these benefits were partially offset by unfavorable foreign exchange of approximately $ 27 million and higher sales rebates . cost of products sold cost of products sold increased $ 182.8 million , or 6% ( 6 % ) , due to higher net sales , including the impact of the acquisitions in our cabinets and plumbing segments , partially offset by the benefit of productivity improvements. .

2,017

43

FBHS

Fortune Brands Home & Security

Industrials

Building Products

Deerfield, IL

2011-01-01

1,519,751

2011

what was the percentage growth in the defined benefit plan income from 2016 to 2017

44.8%

divide(subtract(4.2, 2.9), 2.9)

net sales increased $ 29.9 million , or 6.3% ( 6.3 % ) , due to higher sales volume driven primarily by continuing improvement in the u.s . home products market and the benefit from new product introductions and price increases to help mitigate cumulative raw material cost increases . operating income increased $ 12.6 million , or 20.4% ( 20.4 % ) , due to higher net sales , the benefits from productivity improvements and leveraging sales on our existing fixed cost base . security net sales increased $ 12.8 million , or 2.2% ( 2.2 % ) , due to higher sales volume and price increases to help mitigate cumulative raw material cost increases . these benefits were partially offset by the impact of our exiting of two product lines in our commercial distribution channel . operating income increased $ 5.8 million , or 8.7% ( 8.7 % ) , primarily due to the higher net sales , the benefits from productivity improvements , lower restructuring and other charges ( approximately $ 6 million ) relating to the completion in 2016 of a manufacturing facility relocation , favorable foreign exchange and the related cost savings resulting from the facility relocation . corporate corporate expenses increased by $ 5.7 million mainly due to the impairment of a long lived asset and recognition of an actuarial gain versus an actuarial loss in 2016 and higher defined benefit plan income during 2017 compared to 2016 . ( in millions ) 2017 2016 .

in future periods the company may record , in the corporate segment , material expense or income associated with actuarial gains and losses arising from periodic remeasurement of our liabilities for defined benefit plans . at a minimum the company will remeasure its defined benefit plan liabilities in the fourth quarter of each year . remeasurements due to plan amendments and settlements may also occur in interim periods during the year . remeasurement of these liabilities attributable to updating our liability discount rates and expected return on assets may , in particular , result in material income or expense recognition . 2016 compared to 2015 total fortune brands net sales net sales increased $ 405.5 million , or 9% ( 9 % ) . the increase was due to higher sales volume primarily from the continuing improvement in u.s . market conditions for home products , the benefit from the acquisitions in our cabinets and plumbing segments and price increases to help mitigate cumulative raw material cost increases and the effect of unfavorable foreign exchange . these benefits were partially offset by unfavorable foreign exchange of approximately $ 27 million and higher sales rebates . cost of products sold cost of products sold increased $ 182.8 million , or 6% ( 6 % ) , due to higher net sales , including the impact of the acquisitions in our cabinets and plumbing segments , partially offset by the benefit of productivity improvements. .

| | ( in millions ) | 2017 | 2016 | |---:|:---------------------------------------------------------------|:-----------------|:-----------------| | 0 | general and administrative expense | $ -90.3 ( 90.3 ) | $ -80.9 ( 80.9 ) | | 1 | defined benefit plan income | 4.2 | 2.9 | | 2 | defined benefit plan recognition of actuarial gains ( losses ) | 0.5 | -1.9 ( 1.9 ) | | 3 | total corporate expenses | $ -85.6 ( 85.6 ) | $ -79.9 ( 79.9 ) |

net sales increased $ 29.9 million , or 6.3% ( 6.3 % ) , due to higher sales volume driven primarily by continuing improvement in the u.s . home products market and the benefit from new product introductions and price increases to help mitigate cumulative raw material cost increases . operating income increased $ 12.6 million , or 20.4% ( 20.4 % ) , due to higher net sales , the benefits from productivity improvements and leveraging sales on our existing fixed cost base . security net sales increased $ 12.8 million , or 2.2% ( 2.2 % ) , due to higher sales volume and price increases to help mitigate cumulative raw material cost increases . these benefits were partially offset by the impact of our exiting of two product lines in our commercial distribution channel . operating income increased $ 5.8 million , or 8.7% ( 8.7 % ) , primarily due to the higher net sales , the benefits from productivity improvements , lower restructuring and other charges ( approximately $ 6 million ) relating to the completion in 2016 of a manufacturing facility relocation , favorable foreign exchange and the related cost savings resulting from the facility relocation . corporate corporate expenses increased by $ 5.7 million mainly due to the impairment of a long lived asset and recognition of an actuarial gain versus an actuarial loss in 2016 and higher defined benefit plan income during 2017 compared to 2016 . ( in millions ) 2017 2016 ._| | ( in millions ) | 2017 | 2016 | |---:|:---------------------------------------------------------------|:-----------------|:-----------------| | 0 | general and administrative expense | $ -90.3 ( 90.3 ) | $ -80.9 ( 80.9 ) | | 1 | defined benefit plan income | 4.2 | 2.9 | | 2 | defined benefit plan recognition of actuarial gains ( losses ) | 0.5 | -1.9 ( 1.9 ) | | 3 | total corporate expenses | $ -85.6 ( 85.6 ) | $ -79.9 ( 79.9 ) |_in future periods the company may record , in the corporate segment , material expense or income associated with actuarial gains and losses arising from periodic remeasurement of our liabilities for defined benefit plans . at a minimum the company will remeasure its defined benefit plan liabilities in the fourth quarter of each year . remeasurements due to plan amendments and settlements may also occur in interim periods during the year . remeasurement of these liabilities attributable to updating our liability discount rates and expected return on assets may , in particular , result in material income or expense recognition . 2016 compared to 2015 total fortune brands net sales net sales increased $ 405.5 million , or 9% ( 9 % ) . the increase was due to higher sales volume primarily from the continuing improvement in u.s . market conditions for home products , the benefit from the acquisitions in our cabinets and plumbing segments and price increases to help mitigate cumulative raw material cost increases and the effect of unfavorable foreign exchange . these benefits were partially offset by unfavorable foreign exchange of approximately $ 27 million and higher sales rebates . cost of products sold cost of products sold increased $ 182.8 million , or 6% ( 6 % ) , due to higher net sales , including the impact of the acquisitions in our cabinets and plumbing segments , partially offset by the benefit of productivity improvements. .

2,017

43

FBHS

Fortune Brands Home & Security

Industrials

Building Products

Deerfield, IL

2011-01-01

1,519,751

2011

null