chloecodes/finqa-de · Datasets at Hugging Face

finqa600

how much did the lease obligations drop from 2004 to 2011?

$ 193 million

subtract(205, 120)

53management's discussion and analysis of financial condition and results of operations in order to borrow funds under the 5-year credit facility , the company must be in compliance with various conditions , covenants and representations contained in the agreements . the company was in compliance with the terms of the 5-year credit facility at december 31 , 2006 . the company has never borrowed under its domestic revolving credit facilities . utilization of the non-u.s . credit facilities may also be dependent on the company's ability to meet certain conditions at the time a borrowing is requested . contractual obligations , guarantees , and other purchase commitments contractual obligations summarized in the table below are the company's obligations and commitments to make future payments under debt obligations ( assuming earliest possible exercise of put rights by holders ) , lease payment obligations , and purchase obligations as of december 31 , 2006 . payments due by period ( 1 ) ( in millions ) total 2007 2008 2009 2010 2011 thereafter .

( 1 ) amounts included represent firm , non-cancelable commitments . debt obligations : at december 31 , 2006 , the company's long-term debt obligations , including current maturities and unamortized discount and issue costs , totaled $ 4.1 billion , as compared to $ 4.0 billion at december 31 , 2005 . a table of all outstanding long-term debt securities can be found in note 4 , ""debt and credit facilities'' to the company's consolidated financial statements . lease obligations : the company owns most of its major facilities , but does lease certain office , factory and warehouse space , land , and information technology and other equipment under principally non-cancelable operating leases . at december 31 , 2006 , future minimum lease obligations , net of minimum sublease rentals , totaled $ 2.3 billion . rental expense , net of sublease income , was $ 241 million in 2006 , $ 250 million in 2005 and $ 205 million in 2004 . purchase obligations : the company has entered into agreements for the purchase of inventory , license of software , promotional agreements , and research and development agreements which are firm commitments and are not cancelable . the longest of these agreements extends through 2015 . total payments expected to be made under these agreements total $ 1.0 billion . commitments under other long-term agreements : the company has entered into certain long-term agreements to purchase software , components , supplies and materials from suppliers . most of the agreements extend for periods of one to three years ( three to five years for software ) . however , generally these agreements do not obligate the company to make any purchases , and many permit the company to terminate the agreement with advance notice ( usually ranging from 60 to 180 days ) . if the company were to terminate these agreements , it generally would be liable for certain termination charges , typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders . the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations . the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay . if these agreements were terminated at december 31 , 2006 , the company's obligation would not have been significant . the company does not anticipate the cancellation of any of these agreements in the future . subsequent to the end of 2006 , the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2.2 billion during that period . the company estimates purchases during that period that exceed the minimum obligations . the company outsources certain corporate functions , such as benefit administration and information technology-related services . these contracts are expected to expire in 2013 . the total remaining payments under these contracts are approximately $ 1.3 billion over the remaining seven years ; however , these contracts can be %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid , no graphics -- color : n| .

| | ( in millions ) | payments due by period ( 1 ) total | payments due by period ( 1 ) 2007 | payments due by period ( 1 ) 2008 | payments due by period ( 1 ) 2009 | payments due by period ( 1 ) 2010 | payments due by period ( 1 ) 2011 | payments due by period ( 1 ) thereafter | |---:|:------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------------| | 0 | long-term debt obligations | $ 4134 | $ 1340 | $ 198 | $ 4 | $ 534 | $ 607 | $ 1451 | | 1 | lease obligations | 2328 | 351 | 281 | 209 | 178 | 158 | 1151 | | 2 | purchase obligations | 1035 | 326 | 120 | 26 | 12 | 12 | 539 | | 3 | total contractual obligations | $ 7497 | $ 2017 | $ 599 | $ 239 | $ 724 | $ 777 | $ 3141 |

53management's discussion and analysis of financial condition and results of operations in order to borrow funds under the 5-year credit facility , the company must be in compliance with various conditions , covenants and representations contained in the agreements . the company was in compliance with the terms of the 5-year credit facility at december 31 , 2006 . the company has never borrowed under its domestic revolving credit facilities . utilization of the non-u.s . credit facilities may also be dependent on the company's ability to meet certain conditions at the time a borrowing is requested . contractual obligations , guarantees , and other purchase commitments contractual obligations summarized in the table below are the company's obligations and commitments to make future payments under debt obligations ( assuming earliest possible exercise of put rights by holders ) , lease payment obligations , and purchase obligations as of december 31 , 2006 . payments due by period ( 1 ) ( in millions ) total 2007 2008 2009 2010 2011 thereafter ._| | ( in millions ) | payments due by period ( 1 ) total | payments due by period ( 1 ) 2007 | payments due by period ( 1 ) 2008 | payments due by period ( 1 ) 2009 | payments due by period ( 1 ) 2010 | payments due by period ( 1 ) 2011 | payments due by period ( 1 ) thereafter | |---:|:------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------------| | 0 | long-term debt obligations | $ 4134 | $ 1340 | $ 198 | $ 4 | $ 534 | $ 607 | $ 1451 | | 1 | lease obligations | 2328 | 351 | 281 | 209 | 178 | 158 | 1151 | | 2 | purchase obligations | 1035 | 326 | 120 | 26 | 12 | 12 | 539 | | 3 | total contractual obligations | $ 7497 | $ 2017 | $ 599 | $ 239 | $ 724 | $ 777 | $ 3141 |_( 1 ) amounts included represent firm , non-cancelable commitments . debt obligations : at december 31 , 2006 , the company's long-term debt obligations , including current maturities and unamortized discount and issue costs , totaled $ 4.1 billion , as compared to $ 4.0 billion at december 31 , 2005 . a table of all outstanding long-term debt securities can be found in note 4 , ""debt and credit facilities'' to the company's consolidated financial statements . lease obligations : the company owns most of its major facilities , but does lease certain office , factory and warehouse space , land , and information technology and other equipment under principally non-cancelable operating leases . at december 31 , 2006 , future minimum lease obligations , net of minimum sublease rentals , totaled $ 2.3 billion . rental expense , net of sublease income , was $ 241 million in 2006 , $ 250 million in 2005 and $ 205 million in 2004 . purchase obligations : the company has entered into agreements for the purchase of inventory , license of software , promotional agreements , and research and development agreements which are firm commitments and are not cancelable . the longest of these agreements extends through 2015 . total payments expected to be made under these agreements total $ 1.0 billion . commitments under other long-term agreements : the company has entered into certain long-term agreements to purchase software , components , supplies and materials from suppliers . most of the agreements extend for periods of one to three years ( three to five years for software ) . however , generally these agreements do not obligate the company to make any purchases , and many permit the company to terminate the agreement with advance notice ( usually ranging from 60 to 180 days ) . if the company were to terminate these agreements , it generally would be liable for certain termination charges , typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders . the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations . the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay . if these agreements were terminated at december 31 , 2006 , the company's obligation would not have been significant . the company does not anticipate the cancellation of any of these agreements in the future . subsequent to the end of 2006 , the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2.2 billion during that period . the company estimates purchases during that period that exceed the minimum obligations . the company outsources certain corporate functions , such as benefit administration and information technology-related services . these contracts are expected to expire in 2013 . the total remaining payments under these contracts are approximately $ 1.3 billion over the remaining seven years ; however , these contracts can be %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid , no graphics -- color : n| .

2,006

61

MSI

Motorola Solutions

Information Technology

Communications Equipment

Chicago, Illinois

1957-03-04

68,505

1928 (2011)

how much did the lease obligations drop from 2004 to 2011?

$ 193 million

subtract(205, 120)

53management's discussion and analysis of financial condition and results of operations in order to borrow funds under the 5-year credit facility , the company must be in compliance with various conditions , covenants and representations contained in the agreements . the company was in compliance with the terms of the 5-year credit facility at december 31 , 2006 . the company has never borrowed under its domestic revolving credit facilities . utilization of the non-u.s . credit facilities may also be dependent on the company's ability to meet certain conditions at the time a borrowing is requested . contractual obligations , guarantees , and other purchase commitments contractual obligations summarized in the table below are the company's obligations and commitments to make future payments under debt obligations ( assuming earliest possible exercise of put rights by holders ) , lease payment obligations , and purchase obligations as of december 31 , 2006 . payments due by period ( 1 ) ( in millions ) total 2007 2008 2009 2010 2011 thereafter .

( 1 ) amounts included represent firm , non-cancelable commitments . debt obligations : at december 31 , 2006 , the company's long-term debt obligations , including current maturities and unamortized discount and issue costs , totaled $ 4.1 billion , as compared to $ 4.0 billion at december 31 , 2005 . a table of all outstanding long-term debt securities can be found in note 4 , ""debt and credit facilities'' to the company's consolidated financial statements . lease obligations : the company owns most of its major facilities , but does lease certain office , factory and warehouse space , land , and information technology and other equipment under principally non-cancelable operating leases . at december 31 , 2006 , future minimum lease obligations , net of minimum sublease rentals , totaled $ 2.3 billion . rental expense , net of sublease income , was $ 241 million in 2006 , $ 250 million in 2005 and $ 205 million in 2004 . purchase obligations : the company has entered into agreements for the purchase of inventory , license of software , promotional agreements , and research and development agreements which are firm commitments and are not cancelable . the longest of these agreements extends through 2015 . total payments expected to be made under these agreements total $ 1.0 billion . commitments under other long-term agreements : the company has entered into certain long-term agreements to purchase software , components , supplies and materials from suppliers . most of the agreements extend for periods of one to three years ( three to five years for software ) . however , generally these agreements do not obligate the company to make any purchases , and many permit the company to terminate the agreement with advance notice ( usually ranging from 60 to 180 days ) . if the company were to terminate these agreements , it generally would be liable for certain termination charges , typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders . the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations . the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay . if these agreements were terminated at december 31 , 2006 , the company's obligation would not have been significant . the company does not anticipate the cancellation of any of these agreements in the future . subsequent to the end of 2006 , the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2.2 billion during that period . the company estimates purchases during that period that exceed the minimum obligations . the company outsources certain corporate functions , such as benefit administration and information technology-related services . these contracts are expected to expire in 2013 . the total remaining payments under these contracts are approximately $ 1.3 billion over the remaining seven years ; however , these contracts can be %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid , no graphics -- color : n| .

| | ( in millions ) | payments due by period ( 1 ) total | payments due by period ( 1 ) 2007 | payments due by period ( 1 ) 2008 | payments due by period ( 1 ) 2009 | payments due by period ( 1 ) 2010 | payments due by period ( 1 ) 2011 | payments due by period ( 1 ) thereafter | |---:|:------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------------| | 0 | long-term debt obligations | $ 4134 | $ 1340 | $ 198 | $ 4 | $ 534 | $ 607 | $ 1451 | | 1 | lease obligations | 2328 | 351 | 281 | 209 | 178 | 158 | 1151 | | 2 | purchase obligations | 1035 | 326 | 120 | 26 | 12 | 12 | 539 | | 3 | total contractual obligations | $ 7497 | $ 2017 | $ 599 | $ 239 | $ 724 | $ 777 | $ 3141 |

53management's discussion and analysis of financial condition and results of operations in order to borrow funds under the 5-year credit facility , the company must be in compliance with various conditions , covenants and representations contained in the agreements . the company was in compliance with the terms of the 5-year credit facility at december 31 , 2006 . the company has never borrowed under its domestic revolving credit facilities . utilization of the non-u.s . credit facilities may also be dependent on the company's ability to meet certain conditions at the time a borrowing is requested . contractual obligations , guarantees , and other purchase commitments contractual obligations summarized in the table below are the company's obligations and commitments to make future payments under debt obligations ( assuming earliest possible exercise of put rights by holders ) , lease payment obligations , and purchase obligations as of december 31 , 2006 . payments due by period ( 1 ) ( in millions ) total 2007 2008 2009 2010 2011 thereafter ._| | ( in millions ) | payments due by period ( 1 ) total | payments due by period ( 1 ) 2007 | payments due by period ( 1 ) 2008 | payments due by period ( 1 ) 2009 | payments due by period ( 1 ) 2010 | payments due by period ( 1 ) 2011 | payments due by period ( 1 ) thereafter | |---:|:------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------------| | 0 | long-term debt obligations | $ 4134 | $ 1340 | $ 198 | $ 4 | $ 534 | $ 607 | $ 1451 | | 1 | lease obligations | 2328 | 351 | 281 | 209 | 178 | 158 | 1151 | | 2 | purchase obligations | 1035 | 326 | 120 | 26 | 12 | 12 | 539 | | 3 | total contractual obligations | $ 7497 | $ 2017 | $ 599 | $ 239 | $ 724 | $ 777 | $ 3141 |_( 1 ) amounts included represent firm , non-cancelable commitments . debt obligations : at december 31 , 2006 , the company's long-term debt obligations , including current maturities and unamortized discount and issue costs , totaled $ 4.1 billion , as compared to $ 4.0 billion at december 31 , 2005 . a table of all outstanding long-term debt securities can be found in note 4 , ""debt and credit facilities'' to the company's consolidated financial statements . lease obligations : the company owns most of its major facilities , but does lease certain office , factory and warehouse space , land , and information technology and other equipment under principally non-cancelable operating leases . at december 31 , 2006 , future minimum lease obligations , net of minimum sublease rentals , totaled $ 2.3 billion . rental expense , net of sublease income , was $ 241 million in 2006 , $ 250 million in 2005 and $ 205 million in 2004 . purchase obligations : the company has entered into agreements for the purchase of inventory , license of software , promotional agreements , and research and development agreements which are firm commitments and are not cancelable . the longest of these agreements extends through 2015 . total payments expected to be made under these agreements total $ 1.0 billion . commitments under other long-term agreements : the company has entered into certain long-term agreements to purchase software , components , supplies and materials from suppliers . most of the agreements extend for periods of one to three years ( three to five years for software ) . however , generally these agreements do not obligate the company to make any purchases , and many permit the company to terminate the agreement with advance notice ( usually ranging from 60 to 180 days ) . if the company were to terminate these agreements , it generally would be liable for certain termination charges , typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders . the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations . the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay . if these agreements were terminated at december 31 , 2006 , the company's obligation would not have been significant . the company does not anticipate the cancellation of any of these agreements in the future . subsequent to the end of 2006 , the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2.2 billion during that period . the company estimates purchases during that period that exceed the minimum obligations . the company outsources certain corporate functions , such as benefit administration and information technology-related services . these contracts are expected to expire in 2013 . the total remaining payments under these contracts are approximately $ 1.3 billion over the remaining seven years ; however , these contracts can be %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid , no graphics -- color : n| .

2,006

61

MSI

Motorola Solutions

Information Technology

Communications Equipment

Chicago, Illinois

1957-03-04

68,505

1928 (2011)

null

finqa601

how much higher is the fair value than carrying value ? in millions $ .

345

subtract(5284, 4939)

long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2013 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value .

long-term borrowings at december 31 , 2012 had a carrying value of $ 5.687 billion and a fair value of $ 6.275 billion determined using market prices at the end of december 2012 . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2013 , $ 5 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2013 and 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , which commenced november 24 , 2011 , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2021 notes were issued at a discount of $ 4 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs for the $ 1.5 billion note issuances , which are being amortized over the respective terms of the notes . at december 31 , 2013 , $ 3 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . in may 2011 , in conjunction with the issuance of the 2013 floating rate notes , the company entered into a $ 750 million notional interest rate swap maturing in 2013 to hedge the future cash flows of its obligation at a fixed rate of 1.03% ( 1.03 % ) . during the second quarter of 2013 , the interest rate swap matured and the 2013 floating rate notes were fully repaid . 2012 , 2014 and 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2014 and 2019 , respectively . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors ( 201cbgi 201d ) from barclays on december 1 , 2009 ( the 201cbgi transaction 201d ) , and for general corporate purposes . interest on the 2014 notes and 2019 notes of approximately $ 35 million and $ 50 million per year , respectively , is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . these notes were issued collectively at a discount of $ 5 million , which is being amortized over the respective terms of the notes . the company incurred approximately $ 13 million of debt issuance costs , which are being amortized over the respective terms of these notes . at december 31 , 2013 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2017 notes . in september 2007 , the company issued $ 700 million in aggregate principal amount of 6.25% ( 6.25 % ) senior unsecured and unsubordinated notes maturing on september 15 , 2017 ( the 201c2017 notes 201d ) . a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund of funds business of quellos and the remainder was used for general corporate purposes . interest is payable semi-annually in arrears on march 15 and september 15 of each year , or approximately $ 44 million per year . the 2017 notes may be redeemed prior .

| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 3.50% ( 3.50 % ) notes due 2014 | $ 1000 | $ 2014 | $ 1000 | $ 1029 | | 1 | 1.375% ( 1.375 % ) notes due 2015 | 750 | 2014 | 750 | 759 | | 2 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -2 ( 2 ) | 698 | 812 | | 3 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1140 | | 4 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 799 | | 5 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 745 | | 6 | total long-term borrowings | $ 4950 | $ -11 ( 11 ) | $ 4939 | $ 5284 |

long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2013 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value ._| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 3.50% ( 3.50 % ) notes due 2014 | $ 1000 | $ 2014 | $ 1000 | $ 1029 | | 1 | 1.375% ( 1.375 % ) notes due 2015 | 750 | 2014 | 750 | 759 | | 2 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -2 ( 2 ) | 698 | 812 | | 3 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1140 | | 4 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 799 | | 5 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 745 | | 6 | total long-term borrowings | $ 4950 | $ -11 ( 11 ) | $ 4939 | $ 5284 |_long-term borrowings at december 31 , 2012 had a carrying value of $ 5.687 billion and a fair value of $ 6.275 billion determined using market prices at the end of december 2012 . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2013 , $ 5 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2013 and 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , which commenced november 24 , 2011 , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2021 notes were issued at a discount of $ 4 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs for the $ 1.5 billion note issuances , which are being amortized over the respective terms of the notes . at december 31 , 2013 , $ 3 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . in may 2011 , in conjunction with the issuance of the 2013 floating rate notes , the company entered into a $ 750 million notional interest rate swap maturing in 2013 to hedge the future cash flows of its obligation at a fixed rate of 1.03% ( 1.03 % ) . during the second quarter of 2013 , the interest rate swap matured and the 2013 floating rate notes were fully repaid . 2012 , 2014 and 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2014 and 2019 , respectively . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors ( 201cbgi 201d ) from barclays on december 1 , 2009 ( the 201cbgi transaction 201d ) , and for general corporate purposes . interest on the 2014 notes and 2019 notes of approximately $ 35 million and $ 50 million per year , respectively , is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . these notes were issued collectively at a discount of $ 5 million , which is being amortized over the respective terms of the notes . the company incurred approximately $ 13 million of debt issuance costs , which are being amortized over the respective terms of these notes . at december 31 , 2013 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2017 notes . in september 2007 , the company issued $ 700 million in aggregate principal amount of 6.25% ( 6.25 % ) senior unsecured and unsubordinated notes maturing on september 15 , 2017 ( the 201c2017 notes 201d ) . a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund of funds business of quellos and the remainder was used for general corporate purposes . interest is payable semi-annually in arrears on march 15 and september 15 of each year , or approximately $ 44 million per year . the 2017 notes may be redeemed prior .

2,013

124

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

how much higher is the fair value than carrying value ? in millions $ .

345

subtract(5284, 4939)

long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2013 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value .

long-term borrowings at december 31 , 2012 had a carrying value of $ 5.687 billion and a fair value of $ 6.275 billion determined using market prices at the end of december 2012 . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2013 , $ 5 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2013 and 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , which commenced november 24 , 2011 , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2021 notes were issued at a discount of $ 4 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs for the $ 1.5 billion note issuances , which are being amortized over the respective terms of the notes . at december 31 , 2013 , $ 3 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . in may 2011 , in conjunction with the issuance of the 2013 floating rate notes , the company entered into a $ 750 million notional interest rate swap maturing in 2013 to hedge the future cash flows of its obligation at a fixed rate of 1.03% ( 1.03 % ) . during the second quarter of 2013 , the interest rate swap matured and the 2013 floating rate notes were fully repaid . 2012 , 2014 and 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2014 and 2019 , respectively . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors ( 201cbgi 201d ) from barclays on december 1 , 2009 ( the 201cbgi transaction 201d ) , and for general corporate purposes . interest on the 2014 notes and 2019 notes of approximately $ 35 million and $ 50 million per year , respectively , is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . these notes were issued collectively at a discount of $ 5 million , which is being amortized over the respective terms of the notes . the company incurred approximately $ 13 million of debt issuance costs , which are being amortized over the respective terms of these notes . at december 31 , 2013 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2017 notes . in september 2007 , the company issued $ 700 million in aggregate principal amount of 6.25% ( 6.25 % ) senior unsecured and unsubordinated notes maturing on september 15 , 2017 ( the 201c2017 notes 201d ) . a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund of funds business of quellos and the remainder was used for general corporate purposes . interest is payable semi-annually in arrears on march 15 and september 15 of each year , or approximately $ 44 million per year . the 2017 notes may be redeemed prior .

| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 3.50% ( 3.50 % ) notes due 2014 | $ 1000 | $ 2014 | $ 1000 | $ 1029 | | 1 | 1.375% ( 1.375 % ) notes due 2015 | 750 | 2014 | 750 | 759 | | 2 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -2 ( 2 ) | 698 | 812 | | 3 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1140 | | 4 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 799 | | 5 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 745 | | 6 | total long-term borrowings | $ 4950 | $ -11 ( 11 ) | $ 4939 | $ 5284 |

long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2013 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value ._| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 3.50% ( 3.50 % ) notes due 2014 | $ 1000 | $ 2014 | $ 1000 | $ 1029 | | 1 | 1.375% ( 1.375 % ) notes due 2015 | 750 | 2014 | 750 | 759 | | 2 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -2 ( 2 ) | 698 | 812 | | 3 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1140 | | 4 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 799 | | 5 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 745 | | 6 | total long-term borrowings | $ 4950 | $ -11 ( 11 ) | $ 4939 | $ 5284 |_long-term borrowings at december 31 , 2012 had a carrying value of $ 5.687 billion and a fair value of $ 6.275 billion determined using market prices at the end of december 2012 . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2013 , $ 5 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2013 and 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , which commenced november 24 , 2011 , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2021 notes were issued at a discount of $ 4 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs for the $ 1.5 billion note issuances , which are being amortized over the respective terms of the notes . at december 31 , 2013 , $ 3 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . in may 2011 , in conjunction with the issuance of the 2013 floating rate notes , the company entered into a $ 750 million notional interest rate swap maturing in 2013 to hedge the future cash flows of its obligation at a fixed rate of 1.03% ( 1.03 % ) . during the second quarter of 2013 , the interest rate swap matured and the 2013 floating rate notes were fully repaid . 2012 , 2014 and 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2014 and 2019 , respectively . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors ( 201cbgi 201d ) from barclays on december 1 , 2009 ( the 201cbgi transaction 201d ) , and for general corporate purposes . interest on the 2014 notes and 2019 notes of approximately $ 35 million and $ 50 million per year , respectively , is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . these notes were issued collectively at a discount of $ 5 million , which is being amortized over the respective terms of the notes . the company incurred approximately $ 13 million of debt issuance costs , which are being amortized over the respective terms of these notes . at december 31 , 2013 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2017 notes . in september 2007 , the company issued $ 700 million in aggregate principal amount of 6.25% ( 6.25 % ) senior unsecured and unsubordinated notes maturing on september 15 , 2017 ( the 201c2017 notes 201d ) . a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund of funds business of quellos and the remainder was used for general corporate purposes . interest is payable semi-annually in arrears on march 15 and september 15 of each year , or approximately $ 44 million per year . the 2017 notes may be redeemed prior .

2,013

124

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa602

what is the roi of s&p 500 from 2007 to 2012?

8.59%

divide(subtract(108.59, const_100), const_100)

five-year stock performance graph the graph below illustrates the cumulative total shareholder return on snap-on common stock since december 31 , 2007 , assuming that dividends were reinvested . the graph compares snap-on 2019s performance to that of the standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and a peer group . snap-on incorporated total shareholder return ( 1 ) fiscal year ended ( 2 ) snap-on incorporated peer group ( 3 ) s&p 500 .

( 1 ) assumes $ 100 was invested on december 31 , 2007 , and that dividends were reinvested quarterly . ( 2 ) the company's fiscal year ends on the saturday that is on or nearest to december 31 of each year ; for ease of calculation , the fiscal year end is assumed to be december 31 . ( 3 ) the peer group consists of : stanley black & decker , inc. , danaher corporation , emerson electric co. , genuine parts company , newell rubbermaid inc. , pentair ltd. , spx corporation and w.w . grainger , inc . cooper industries plc , a former member of the peer group , was removed , as it was acquired by a larger , non-comparable company in 2012 . 2012 annual report 23 snap-on incorporated peer group s&p 500 2007 2008 201120102009 2012 .

| | fiscal year ended ( 2 ) | snap-onincorporated | peer group ( 3 ) | s&p 500 | |---:|:--------------------------|:----------------------|:-------------------|:----------| | 0 | december 31 2007 | $ 100.00 | $ 100.00 | $ 100.00 | | 1 | december 31 2008 | 83.66 | 66.15 | 63.00 | | 2 | december 31 2009 | 93.20 | 84.12 | 79.67 | | 3 | december 31 2010 | 128.21 | 112.02 | 91.67 | | 4 | december 31 2011 | 117.47 | 109.70 | 93.61 | | 5 | december 31 2012 | 187.26 | 129.00 | 108.59 |

five-year stock performance graph the graph below illustrates the cumulative total shareholder return on snap-on common stock since december 31 , 2007 , assuming that dividends were reinvested . the graph compares snap-on 2019s performance to that of the standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and a peer group . snap-on incorporated total shareholder return ( 1 ) fiscal year ended ( 2 ) snap-on incorporated peer group ( 3 ) s&p 500 ._| | fiscal year ended ( 2 ) | snap-onincorporated | peer group ( 3 ) | s&p 500 | |---:|:--------------------------|:----------------------|:-------------------|:----------| | 0 | december 31 2007 | $ 100.00 | $ 100.00 | $ 100.00 | | 1 | december 31 2008 | 83.66 | 66.15 | 63.00 | | 2 | december 31 2009 | 93.20 | 84.12 | 79.67 | | 3 | december 31 2010 | 128.21 | 112.02 | 91.67 | | 4 | december 31 2011 | 117.47 | 109.70 | 93.61 | | 5 | december 31 2012 | 187.26 | 129.00 | 108.59 |_( 1 ) assumes $ 100 was invested on december 31 , 2007 , and that dividends were reinvested quarterly . ( 2 ) the company's fiscal year ends on the saturday that is on or nearest to december 31 of each year ; for ease of calculation , the fiscal year end is assumed to be december 31 . ( 3 ) the peer group consists of : stanley black & decker , inc. , danaher corporation , emerson electric co. , genuine parts company , newell rubbermaid inc. , pentair ltd. , spx corporation and w.w . grainger , inc . cooper industries plc , a former member of the peer group , was removed , as it was acquired by a larger , non-comparable company in 2012 . 2012 annual report 23 snap-on incorporated peer group s&p 500 2007 2008 201120102009 2012 .

2,012

33

SNA

Snap-on

Industrials

Industrial Machinery & Supplies & Components

Kenosha, Wisconsin

1982-09-30

91,440

1920

what is the roi of s&p 500 from 2007 to 2012?

8.59%

divide(subtract(108.59, const_100), const_100)

five-year stock performance graph the graph below illustrates the cumulative total shareholder return on snap-on common stock since december 31 , 2007 , assuming that dividends were reinvested . the graph compares snap-on 2019s performance to that of the standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and a peer group . snap-on incorporated total shareholder return ( 1 ) fiscal year ended ( 2 ) snap-on incorporated peer group ( 3 ) s&p 500 .

( 1 ) assumes $ 100 was invested on december 31 , 2007 , and that dividends were reinvested quarterly . ( 2 ) the company's fiscal year ends on the saturday that is on or nearest to december 31 of each year ; for ease of calculation , the fiscal year end is assumed to be december 31 . ( 3 ) the peer group consists of : stanley black & decker , inc. , danaher corporation , emerson electric co. , genuine parts company , newell rubbermaid inc. , pentair ltd. , spx corporation and w.w . grainger , inc . cooper industries plc , a former member of the peer group , was removed , as it was acquired by a larger , non-comparable company in 2012 . 2012 annual report 23 snap-on incorporated peer group s&p 500 2007 2008 201120102009 2012 .

| | fiscal year ended ( 2 ) | snap-onincorporated | peer group ( 3 ) | s&p 500 | |---:|:--------------------------|:----------------------|:-------------------|:----------| | 0 | december 31 2007 | $ 100.00 | $ 100.00 | $ 100.00 | | 1 | december 31 2008 | 83.66 | 66.15 | 63.00 | | 2 | december 31 2009 | 93.20 | 84.12 | 79.67 | | 3 | december 31 2010 | 128.21 | 112.02 | 91.67 | | 4 | december 31 2011 | 117.47 | 109.70 | 93.61 | | 5 | december 31 2012 | 187.26 | 129.00 | 108.59 |

five-year stock performance graph the graph below illustrates the cumulative total shareholder return on snap-on common stock since december 31 , 2007 , assuming that dividends were reinvested . the graph compares snap-on 2019s performance to that of the standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and a peer group . snap-on incorporated total shareholder return ( 1 ) fiscal year ended ( 2 ) snap-on incorporated peer group ( 3 ) s&p 500 ._| | fiscal year ended ( 2 ) | snap-onincorporated | peer group ( 3 ) | s&p 500 | |---:|:--------------------------|:----------------------|:-------------------|:----------| | 0 | december 31 2007 | $ 100.00 | $ 100.00 | $ 100.00 | | 1 | december 31 2008 | 83.66 | 66.15 | 63.00 | | 2 | december 31 2009 | 93.20 | 84.12 | 79.67 | | 3 | december 31 2010 | 128.21 | 112.02 | 91.67 | | 4 | december 31 2011 | 117.47 | 109.70 | 93.61 | | 5 | december 31 2012 | 187.26 | 129.00 | 108.59 |_( 1 ) assumes $ 100 was invested on december 31 , 2007 , and that dividends were reinvested quarterly . ( 2 ) the company's fiscal year ends on the saturday that is on or nearest to december 31 of each year ; for ease of calculation , the fiscal year end is assumed to be december 31 . ( 3 ) the peer group consists of : stanley black & decker , inc. , danaher corporation , emerson electric co. , genuine parts company , newell rubbermaid inc. , pentair ltd. , spx corporation and w.w . grainger , inc . cooper industries plc , a former member of the peer group , was removed , as it was acquired by a larger , non-comparable company in 2012 . 2012 annual report 23 snap-on incorporated peer group s&p 500 2007 2008 201120102009 2012 .

2,012

33

SNA

Snap-on

Industrials

Industrial Machinery & Supplies & Components

Kenosha, Wisconsin

1982-09-30

91,440

1920

null

finqa603

what were average net sales for aeronautics in millions between 2014 and 2016?

16086

table_average(net sales, none)

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

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

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

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

2,016

48

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what were average net sales for aeronautics in millions between 2014 and 2016?

16086

table_average(net sales, none)

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

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

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

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

2,016

48

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa604

by what percent did the provision for income taxes as a percentage of pretax income decrease between 2008 and 2009?

1.2%

subtract(38.4, 37.1)

investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 . average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 . other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors . net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 . administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 . this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions . changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors . our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 . the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program . reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses . average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 . advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment . depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans . other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries . our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs . our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 . the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 . the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. .

lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments . the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 . our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) . c a p i t a l r e s o u r c e s a n d l i q u i d i t y . during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion . we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 . tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion . given the availability of these financial resources , we do not maintain an available external source of liquidity . t . rowe price group annual report 2010 .

| | | 2008 | 2009 | change | |---:|:------------------------------------------------|:-----------------|:-----------------|:-------------| | 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 | | 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) | | 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 | | 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 |

investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 . average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 . other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors . net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 . administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 . this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions . changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors . our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 . the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program . reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses . average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 . advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment . depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans . other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries . our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs . our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 . the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 . the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. ._| | | 2008 | 2009 | change | |---:|:------------------------------------------------|:-----------------|:-----------------|:-------------| | 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 | | 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) | | 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 | | 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 |_lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments . the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 . our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) . c a p i t a l r e s o u r c e s a n d l i q u i d i t y . during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion . we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 . tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion . given the availability of these financial resources , we do not maintain an available external source of liquidity . t . rowe price group annual report 2010 .

2,010

22

TROW

T. Rowe Price

Financials

Asset Management & Custody Banks

Baltimore, Maryland

2019-07-29

1,113,169

1937

by what percent did the provision for income taxes as a percentage of pretax income decrease between 2008 and 2009?

1.2%

subtract(38.4, 37.1)

investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 . average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 . other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors . net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 . administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 . this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions . changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors . our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 . the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program . reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses . average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 . advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment . depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans . other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries . our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs . our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 . the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 . the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. .

lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments . the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 . our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) . c a p i t a l r e s o u r c e s a n d l i q u i d i t y . during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion . we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 . tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion . given the availability of these financial resources , we do not maintain an available external source of liquidity . t . rowe price group annual report 2010 .

| | | 2008 | 2009 | change | |---:|:------------------------------------------------|:-----------------|:-----------------|:-------------| | 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 | | 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) | | 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 | | 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 |

investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 . average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 . other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors . net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 . administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 . this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions . changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors . our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 . the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program . reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses . average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 . advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment . depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans . other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries . our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs . our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 . the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 . the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. ._| | | 2008 | 2009 | change | |---:|:------------------------------------------------|:-----------------|:-----------------|:-------------| | 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 | | 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) | | 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 | | 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 |_lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments . the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 . our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) . c a p i t a l r e s o u r c e s a n d l i q u i d i t y . during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion . we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 . tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion . given the availability of these financial resources , we do not maintain an available external source of liquidity . t . rowe price group annual report 2010 .

2,010

22

TROW

T. Rowe Price

Financials

Asset Management & Custody Banks

Baltimore, Maryland

2019-07-29

1,113,169

1937

null

finqa605

what was the change in property plant and equipment net from 2012 to 2013 in millions?

1145

subtract(16597, 15452)

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 .

.

| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 ._| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |_.

2,014

38

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Cupertino, California

1982-11-30

320,193

1977

what was the change in property plant and equipment net from 2012 to 2013 in millions?

1145

subtract(16597, 15452)

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 .

.

| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 ._| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |_.

2,014

38

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Cupertino, California

1982-11-30

320,193

1977

null

finqa606

without the us , what would the total net revenue be for 2017?

7304000000

multiply(subtract(10530, 3229), const_1000000)

the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 . stock repurchase program 2014 no shares were repurchased in 2017 . the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) . as of december 31 , 2017 , $ 246 million remained available for repurchase under the program . the common stock repurchased has been classified as treasury stock and accounted for using the cost method . a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively . restricted stock units under the company's employee benefit plans are issued from treasury stock . the company has not retired any common stock repurchased since it began the program in july 2010 . 15 . segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business . during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu . the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus . the company determined that it has five operating and five reportable segments corresponding to its sbus . all prior period results have been retrospectively revised to reflect the new segment reporting structure . in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity . the company is currently evaluating the impact this reorganization will have on our segment reporting structure . corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation . the company uses adjusted ptc as its primary segment performance measure . adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation . adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities . the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments . additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results . revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable . all intra-segment activity has been eliminated within the segment . inter-segment activity has been eliminated within the total consolidated results . the following tables present financial information by segment for the periods indicated ( in millions ) : .

.

| | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 | |---:|:--------------------------|:---------------------|:---------------------|:---------------------| | 0 | us sbu | $ 3229 | $ 3429 | $ 3593 | | 1 | andes sbu | 2710 | 2506 | 2489 | | 2 | brazil sbu | 542 | 450 | 962 | | 3 | mcac sbu | 2448 | 2172 | 2353 | | 4 | eurasia sbu | 1590 | 1670 | 1875 | | 5 | corporate and other | 35 | 77 | 31 | | 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) | | 7 | total revenue | $ 10530 | $ 10281 | $ 11260 |

the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 . stock repurchase program 2014 no shares were repurchased in 2017 . the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) . as of december 31 , 2017 , $ 246 million remained available for repurchase under the program . the common stock repurchased has been classified as treasury stock and accounted for using the cost method . a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively . restricted stock units under the company's employee benefit plans are issued from treasury stock . the company has not retired any common stock repurchased since it began the program in july 2010 . 15 . segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business . during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu . the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus . the company determined that it has five operating and five reportable segments corresponding to its sbus . all prior period results have been retrospectively revised to reflect the new segment reporting structure . in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity . the company is currently evaluating the impact this reorganization will have on our segment reporting structure . corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation . the company uses adjusted ptc as its primary segment performance measure . adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation . adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities . the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments . additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results . revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable . all intra-segment activity has been eliminated within the segment . inter-segment activity has been eliminated within the total consolidated results . the following tables present financial information by segment for the periods indicated ( in millions ) : ._| | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 | |---:|:--------------------------|:---------------------|:---------------------|:---------------------| | 0 | us sbu | $ 3229 | $ 3429 | $ 3593 | | 1 | andes sbu | 2710 | 2506 | 2489 | | 2 | brazil sbu | 542 | 450 | 962 | | 3 | mcac sbu | 2448 | 2172 | 2353 | | 4 | eurasia sbu | 1590 | 1670 | 1875 | | 5 | corporate and other | 35 | 77 | 31 | | 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) | | 7 | total revenue | $ 10530 | $ 10281 | $ 11260 |_.

2,017

157

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

without the us , what would the total net revenue be for 2017?

7304000000

multiply(subtract(10530, 3229), const_1000000)

the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 . stock repurchase program 2014 no shares were repurchased in 2017 . the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) . as of december 31 , 2017 , $ 246 million remained available for repurchase under the program . the common stock repurchased has been classified as treasury stock and accounted for using the cost method . a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively . restricted stock units under the company's employee benefit plans are issued from treasury stock . the company has not retired any common stock repurchased since it began the program in july 2010 . 15 . segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business . during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu . the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus . the company determined that it has five operating and five reportable segments corresponding to its sbus . all prior period results have been retrospectively revised to reflect the new segment reporting structure . in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity . the company is currently evaluating the impact this reorganization will have on our segment reporting structure . corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation . the company uses adjusted ptc as its primary segment performance measure . adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation . adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities . the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments . additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results . revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable . all intra-segment activity has been eliminated within the segment . inter-segment activity has been eliminated within the total consolidated results . the following tables present financial information by segment for the periods indicated ( in millions ) : .

.

| | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 | |---:|:--------------------------|:---------------------|:---------------------|:---------------------| | 0 | us sbu | $ 3229 | $ 3429 | $ 3593 | | 1 | andes sbu | 2710 | 2506 | 2489 | | 2 | brazil sbu | 542 | 450 | 962 | | 3 | mcac sbu | 2448 | 2172 | 2353 | | 4 | eurasia sbu | 1590 | 1670 | 1875 | | 5 | corporate and other | 35 | 77 | 31 | | 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) | | 7 | total revenue | $ 10530 | $ 10281 | $ 11260 |

the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 . stock repurchase program 2014 no shares were repurchased in 2017 . the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) . as of december 31 , 2017 , $ 246 million remained available for repurchase under the program . the common stock repurchased has been classified as treasury stock and accounted for using the cost method . a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively . restricted stock units under the company's employee benefit plans are issued from treasury stock . the company has not retired any common stock repurchased since it began the program in july 2010 . 15 . segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business . during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu . the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus . the company determined that it has five operating and five reportable segments corresponding to its sbus . all prior period results have been retrospectively revised to reflect the new segment reporting structure . in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity . the company is currently evaluating the impact this reorganization will have on our segment reporting structure . corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation . the company uses adjusted ptc as its primary segment performance measure . adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation . adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities . the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments . additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results . revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable . all intra-segment activity has been eliminated within the segment . inter-segment activity has been eliminated within the total consolidated results . the following tables present financial information by segment for the periods indicated ( in millions ) : ._| | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 | |---:|:--------------------------|:---------------------|:---------------------|:---------------------| | 0 | us sbu | $ 3229 | $ 3429 | $ 3593 | | 1 | andes sbu | 2710 | 2506 | 2489 | | 2 | brazil sbu | 542 | 450 | 962 | | 3 | mcac sbu | 2448 | 2172 | 2353 | | 4 | eurasia sbu | 1590 | 1670 | 1875 | | 5 | corporate and other | 35 | 77 | 31 | | 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) | | 7 | total revenue | $ 10530 | $ 10281 | $ 11260 |_.

2,017

157

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

null

finqa607

what is the net change in unrecognized tax benefits during 2007?

11918

add(15667, -3749)

expire between 2019 and 2024 . the company anticipates fully utilizing these net operating losses prior to expiration . the company also has state net operating loss carryforwards resulting in a deferred tax asset of $ 5.3 million at december 31 , 2007 . the company has a full valuation allowance against this amount at december 31 , 2007 . the company has foreign net operating loss carryforwards resulting in deferred tax assets at december 31 , 2007 and 2006 of $ 45.6 million and $ 24.4 million , respectively . the company has valuation allowances against these net operating losses at december 31 , 2007 and 2006 of $ 5.2 million and $ 6.0 million , respectively . at december 31 , 2007 and 2006 , the company had foreign tax credit carryovers of $ 12.4 million and $ 12.7 million , respectively , which expire between 2010 and 2025 . as of december 31 , 2007 and 2006 , the company has a valuation allowance against $ 2.3 million of foreign tax credits that the company 2019s management believes it is more likely than not that it will not realize the benefit . as of january 1 , 2005 , the irs selected the company to participate in the compliance assurance process ( cap ) which is a real-time audit for 2005 and future years . the irs has completed its review for years 2002-2006 which resulted in an immaterial adjustment for tax year 2004 related to a temporary difference and no changes to any other tax year . tax years 2007 and 2008 are currently under audit by the irs . currently management believes the ultimate resolution of the 2007 and 2008 examinations will not result in a material adverse effect to the company 2019s financial position or results of operations . the company provides for united states income taxes on earnings of foreign subsidiaries unless they are considered permanently reinvested outside the united states . at december 31 , 2007 , the cumulative earnings on which united states taxes have not been provided for were $ 159.0 million . if these earnings were repatriated to the united states , they would generate foreign tax credits that could reduce the federal tax liability associated with the foreign dividend . the 2007 calendar year is the first year the company is required to adopt fasb interpretation no . 48 , accounting for uncertainty in income taxes ( 201cfin 48 201d ) . as a result of the adoption , the company had no change to reserves for uncertain tax positions . interest and penalties on accrued but unpaid taxes are classified in the consolidated financial statements as income tax expense . the following table reconciles the gross amounts of unrecognized gross tax benefits at the beginning and end of the period ( in thousands ) : .

included in the balance of unrecognized tax benefits at december 31 , 2007 are potential benefits of $ 5.4 million that , if recognized , would affect the effective tax rate on income from continuing operations . the total amount of interest expense recognized in the consolidated and combined statements of earnings for unpaid taxes is $ 1.4 million for the year ended december 31 , 2007 . the total amount of interest and penalties recognized in the consolidated balance sheet is $ 8.4 million at december 31 , 2007 . due to the expiration of various statutes of limitation in the next twelve months , an estimated $ 3 million of gross unrecognized tax benefits may be recognized during that twelve month period . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

| | | gross amount | |---:|:--------------------------------------------------------------------------|:-----------------| | 0 | amounts of unrecognized tax benefits at january 1 2007 | $ 11825 | | 1 | decreases as a result of tax positions taken in a prior period | -3749 ( 3749 ) | | 2 | increases as a result of tax positions taken in a prior period | 15667 | | 3 | amount of unrecognized tax benefit at december 31 2007 | $ 23743 | | 4 | amount of decreases due to lapse of the applicable statute of limitations | $ -3429 ( 3429 ) | | 5 | amount of decreases due to change of position | $ -320 ( 320 ) |

expire between 2019 and 2024 . the company anticipates fully utilizing these net operating losses prior to expiration . the company also has state net operating loss carryforwards resulting in a deferred tax asset of $ 5.3 million at december 31 , 2007 . the company has a full valuation allowance against this amount at december 31 , 2007 . the company has foreign net operating loss carryforwards resulting in deferred tax assets at december 31 , 2007 and 2006 of $ 45.6 million and $ 24.4 million , respectively . the company has valuation allowances against these net operating losses at december 31 , 2007 and 2006 of $ 5.2 million and $ 6.0 million , respectively . at december 31 , 2007 and 2006 , the company had foreign tax credit carryovers of $ 12.4 million and $ 12.7 million , respectively , which expire between 2010 and 2025 . as of december 31 , 2007 and 2006 , the company has a valuation allowance against $ 2.3 million of foreign tax credits that the company 2019s management believes it is more likely than not that it will not realize the benefit . as of january 1 , 2005 , the irs selected the company to participate in the compliance assurance process ( cap ) which is a real-time audit for 2005 and future years . the irs has completed its review for years 2002-2006 which resulted in an immaterial adjustment for tax year 2004 related to a temporary difference and no changes to any other tax year . tax years 2007 and 2008 are currently under audit by the irs . currently management believes the ultimate resolution of the 2007 and 2008 examinations will not result in a material adverse effect to the company 2019s financial position or results of operations . the company provides for united states income taxes on earnings of foreign subsidiaries unless they are considered permanently reinvested outside the united states . at december 31 , 2007 , the cumulative earnings on which united states taxes have not been provided for were $ 159.0 million . if these earnings were repatriated to the united states , they would generate foreign tax credits that could reduce the federal tax liability associated with the foreign dividend . the 2007 calendar year is the first year the company is required to adopt fasb interpretation no . 48 , accounting for uncertainty in income taxes ( 201cfin 48 201d ) . as a result of the adoption , the company had no change to reserves for uncertain tax positions . interest and penalties on accrued but unpaid taxes are classified in the consolidated financial statements as income tax expense . the following table reconciles the gross amounts of unrecognized gross tax benefits at the beginning and end of the period ( in thousands ) : ._| | | gross amount | |---:|:--------------------------------------------------------------------------|:-----------------| | 0 | amounts of unrecognized tax benefits at january 1 2007 | $ 11825 | | 1 | decreases as a result of tax positions taken in a prior period | -3749 ( 3749 ) | | 2 | increases as a result of tax positions taken in a prior period | 15667 | | 3 | amount of unrecognized tax benefit at december 31 2007 | $ 23743 | | 4 | amount of decreases due to lapse of the applicable statute of limitations | $ -3429 ( 3429 ) | | 5 | amount of decreases due to change of position | $ -320 ( 320 ) |_included in the balance of unrecognized tax benefits at december 31 , 2007 are potential benefits of $ 5.4 million that , if recognized , would affect the effective tax rate on income from continuing operations . the total amount of interest expense recognized in the consolidated and combined statements of earnings for unpaid taxes is $ 1.4 million for the year ended december 31 , 2007 . the total amount of interest and penalties recognized in the consolidated balance sheet is $ 8.4 million at december 31 , 2007 . due to the expiration of various statutes of limitation in the next twelve months , an estimated $ 3 million of gross unrecognized tax benefits may be recognized during that twelve month period . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

2,007

91

FIS

Fidelity National Information Services

Financials

Transaction & Payment Processing Services

Jacksonville, Florida

2006-11-10

1,136,893

1968

what is the net change in unrecognized tax benefits during 2007?

11918

add(15667, -3749)

expire between 2019 and 2024 . the company anticipates fully utilizing these net operating losses prior to expiration . the company also has state net operating loss carryforwards resulting in a deferred tax asset of $ 5.3 million at december 31 , 2007 . the company has a full valuation allowance against this amount at december 31 , 2007 . the company has foreign net operating loss carryforwards resulting in deferred tax assets at december 31 , 2007 and 2006 of $ 45.6 million and $ 24.4 million , respectively . the company has valuation allowances against these net operating losses at december 31 , 2007 and 2006 of $ 5.2 million and $ 6.0 million , respectively . at december 31 , 2007 and 2006 , the company had foreign tax credit carryovers of $ 12.4 million and $ 12.7 million , respectively , which expire between 2010 and 2025 . as of december 31 , 2007 and 2006 , the company has a valuation allowance against $ 2.3 million of foreign tax credits that the company 2019s management believes it is more likely than not that it will not realize the benefit . as of january 1 , 2005 , the irs selected the company to participate in the compliance assurance process ( cap ) which is a real-time audit for 2005 and future years . the irs has completed its review for years 2002-2006 which resulted in an immaterial adjustment for tax year 2004 related to a temporary difference and no changes to any other tax year . tax years 2007 and 2008 are currently under audit by the irs . currently management believes the ultimate resolution of the 2007 and 2008 examinations will not result in a material adverse effect to the company 2019s financial position or results of operations . the company provides for united states income taxes on earnings of foreign subsidiaries unless they are considered permanently reinvested outside the united states . at december 31 , 2007 , the cumulative earnings on which united states taxes have not been provided for were $ 159.0 million . if these earnings were repatriated to the united states , they would generate foreign tax credits that could reduce the federal tax liability associated with the foreign dividend . the 2007 calendar year is the first year the company is required to adopt fasb interpretation no . 48 , accounting for uncertainty in income taxes ( 201cfin 48 201d ) . as a result of the adoption , the company had no change to reserves for uncertain tax positions . interest and penalties on accrued but unpaid taxes are classified in the consolidated financial statements as income tax expense . the following table reconciles the gross amounts of unrecognized gross tax benefits at the beginning and end of the period ( in thousands ) : .

included in the balance of unrecognized tax benefits at december 31 , 2007 are potential benefits of $ 5.4 million that , if recognized , would affect the effective tax rate on income from continuing operations . the total amount of interest expense recognized in the consolidated and combined statements of earnings for unpaid taxes is $ 1.4 million for the year ended december 31 , 2007 . the total amount of interest and penalties recognized in the consolidated balance sheet is $ 8.4 million at december 31 , 2007 . due to the expiration of various statutes of limitation in the next twelve months , an estimated $ 3 million of gross unrecognized tax benefits may be recognized during that twelve month period . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

| | | gross amount | |---:|:--------------------------------------------------------------------------|:-----------------| | 0 | amounts of unrecognized tax benefits at january 1 2007 | $ 11825 | | 1 | decreases as a result of tax positions taken in a prior period | -3749 ( 3749 ) | | 2 | increases as a result of tax positions taken in a prior period | 15667 | | 3 | amount of unrecognized tax benefit at december 31 2007 | $ 23743 | | 4 | amount of decreases due to lapse of the applicable statute of limitations | $ -3429 ( 3429 ) | | 5 | amount of decreases due to change of position | $ -320 ( 320 ) |

expire between 2019 and 2024 . the company anticipates fully utilizing these net operating losses prior to expiration . the company also has state net operating loss carryforwards resulting in a deferred tax asset of $ 5.3 million at december 31 , 2007 . the company has a full valuation allowance against this amount at december 31 , 2007 . the company has foreign net operating loss carryforwards resulting in deferred tax assets at december 31 , 2007 and 2006 of $ 45.6 million and $ 24.4 million , respectively . the company has valuation allowances against these net operating losses at december 31 , 2007 and 2006 of $ 5.2 million and $ 6.0 million , respectively . at december 31 , 2007 and 2006 , the company had foreign tax credit carryovers of $ 12.4 million and $ 12.7 million , respectively , which expire between 2010 and 2025 . as of december 31 , 2007 and 2006 , the company has a valuation allowance against $ 2.3 million of foreign tax credits that the company 2019s management believes it is more likely than not that it will not realize the benefit . as of january 1 , 2005 , the irs selected the company to participate in the compliance assurance process ( cap ) which is a real-time audit for 2005 and future years . the irs has completed its review for years 2002-2006 which resulted in an immaterial adjustment for tax year 2004 related to a temporary difference and no changes to any other tax year . tax years 2007 and 2008 are currently under audit by the irs . currently management believes the ultimate resolution of the 2007 and 2008 examinations will not result in a material adverse effect to the company 2019s financial position or results of operations . the company provides for united states income taxes on earnings of foreign subsidiaries unless they are considered permanently reinvested outside the united states . at december 31 , 2007 , the cumulative earnings on which united states taxes have not been provided for were $ 159.0 million . if these earnings were repatriated to the united states , they would generate foreign tax credits that could reduce the federal tax liability associated with the foreign dividend . the 2007 calendar year is the first year the company is required to adopt fasb interpretation no . 48 , accounting for uncertainty in income taxes ( 201cfin 48 201d ) . as a result of the adoption , the company had no change to reserves for uncertain tax positions . interest and penalties on accrued but unpaid taxes are classified in the consolidated financial statements as income tax expense . the following table reconciles the gross amounts of unrecognized gross tax benefits at the beginning and end of the period ( in thousands ) : ._| | | gross amount | |---:|:--------------------------------------------------------------------------|:-----------------| | 0 | amounts of unrecognized tax benefits at january 1 2007 | $ 11825 | | 1 | decreases as a result of tax positions taken in a prior period | -3749 ( 3749 ) | | 2 | increases as a result of tax positions taken in a prior period | 15667 | | 3 | amount of unrecognized tax benefit at december 31 2007 | $ 23743 | | 4 | amount of decreases due to lapse of the applicable statute of limitations | $ -3429 ( 3429 ) | | 5 | amount of decreases due to change of position | $ -320 ( 320 ) |_included in the balance of unrecognized tax benefits at december 31 , 2007 are potential benefits of $ 5.4 million that , if recognized , would affect the effective tax rate on income from continuing operations . the total amount of interest expense recognized in the consolidated and combined statements of earnings for unpaid taxes is $ 1.4 million for the year ended december 31 , 2007 . the total amount of interest and penalties recognized in the consolidated balance sheet is $ 8.4 million at december 31 , 2007 . due to the expiration of various statutes of limitation in the next twelve months , an estimated $ 3 million of gross unrecognized tax benefits may be recognized during that twelve month period . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

2,007

91

FIS

Fidelity National Information Services

Financials

Transaction & Payment Processing Services

Jacksonville, Florida

2006-11-10

1,136,893

1968

null

finqa608

considering the state of arkansas , what is the percentage of residential customers concerning the total customers?

89.05%

divide(390668, 438701)

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

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

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

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

2,010

31

CNP

CenterPoint Energy

Utilities

Multi-Utilities

Houston, Texas

1985-07-31

1,130,310

1882

considering the state of arkansas , what is the percentage of residential customers concerning the total customers?

89.05%

divide(390668, 438701)

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

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

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

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

2,010

31

CNP

CenterPoint Energy

Utilities

Multi-Utilities

Houston, Texas

1985-07-31

1,130,310

1882

null

finqa609

assuming a fmv of a share equal to 2000 , under the pre-december 31 , 2007 plan , approximately how many shares would each non-employee director receive annually?

90

divide(60000, divide(2000, const_3))

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

.

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

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

2,009

65

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

assuming a fmv of a share equal to 2000 , under the pre-december 31 , 2007 plan , approximately how many shares would each non-employee director receive annually?

90

divide(60000, divide(2000, const_3))

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

.

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

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

2,009

65

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa610

what is the percentage increase in rsus from 2009 to 2010?

11.3%

divide(subtract(138, 124), 124)

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

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

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

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

2,010

115

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

what is the percentage increase in rsus from 2009 to 2010?

11.3%

divide(subtract(138, 124), 124)

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

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

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

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

2,010

115

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

null

finqa611

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

9.7%

divide(subtract(442.3, 403.3), 403.3)

entergy texas , inc . management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas , substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs . other regulatory charges increased primarily due to an increase of $ 6.9 million in the recovery of bond expenses related to the securitization bonds . the recovery became effective july 2007 . see note 5 to the financial statements for additional information regarding the securitization bonds . 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2007 to 2006 . amount ( in millions ) .

the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana . the securitization transition charge variance is due to the issuance of securitization bonds . as discussed above , in june 2007 , egsrf i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds . see note 5 to the financial statements herein for details of the securitization bond issuance . the volume/weather variance is due to increased electricity usage on billed retail sales , including the effects of more favorable weather in 2007 compared to the same period in 2006 . the increase is also due to an increase in usage during the unbilled sales period . retail electricity usage increased a total of 139 gwh in all sectors . see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues . the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006 . the base revenue variance is due to the transition to competition rider that began in march 2006 . refer to note 2 to the financial statements for further discussion of the rate increase . gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues decreased primarily due to a decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds . the decrease was partially offset by the $ 39 million increase in net revenue described above and an increase of $ 44 million in wholesale revenues , including $ 30 million from the system agreement cost equalization payments from entergy arkansas . the receipt of such payments is being .

| | | amount ( in millions ) | |---:|:---------------------------------|:-------------------------| | 0 | 2006 net revenue | $ 403.3 | | 1 | purchased power capacity | 13.1 | | 2 | securitization transition charge | 9.9 | | 3 | volume/weather | 9.7 | | 4 | transmission revenue | 6.1 | | 5 | base revenue | 2.6 | | 6 | other | -2.4 ( 2.4 ) | | 7 | 2007 net revenue | $ 442.3 |

entergy texas , inc . management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas , substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs . other regulatory charges increased primarily due to an increase of $ 6.9 million in the recovery of bond expenses related to the securitization bonds . the recovery became effective july 2007 . see note 5 to the financial statements for additional information regarding the securitization bonds . 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2007 to 2006 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:---------------------------------|:-------------------------| | 0 | 2006 net revenue | $ 403.3 | | 1 | purchased power capacity | 13.1 | | 2 | securitization transition charge | 9.9 | | 3 | volume/weather | 9.7 | | 4 | transmission revenue | 6.1 | | 5 | base revenue | 2.6 | | 6 | other | -2.4 ( 2.4 ) | | 7 | 2007 net revenue | $ 442.3 |_the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana . the securitization transition charge variance is due to the issuance of securitization bonds . as discussed above , in june 2007 , egsrf i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds . see note 5 to the financial statements herein for details of the securitization bond issuance . the volume/weather variance is due to increased electricity usage on billed retail sales , including the effects of more favorable weather in 2007 compared to the same period in 2006 . the increase is also due to an increase in usage during the unbilled sales period . retail electricity usage increased a total of 139 gwh in all sectors . see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues . the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006 . the base revenue variance is due to the transition to competition rider that began in march 2006 . refer to note 2 to the financial statements for further discussion of the rate increase . gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues decreased primarily due to a decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds . the decrease was partially offset by the $ 39 million increase in net revenue described above and an increase of $ 44 million in wholesale revenues , including $ 30 million from the system agreement cost equalization payments from entergy arkansas . the receipt of such payments is being .

2,008

377

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

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

9.7%

divide(subtract(442.3, 403.3), 403.3)

entergy texas , inc . management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas , substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs . other regulatory charges increased primarily due to an increase of $ 6.9 million in the recovery of bond expenses related to the securitization bonds . the recovery became effective july 2007 . see note 5 to the financial statements for additional information regarding the securitization bonds . 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2007 to 2006 . amount ( in millions ) .

the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana . the securitization transition charge variance is due to the issuance of securitization bonds . as discussed above , in june 2007 , egsrf i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds . see note 5 to the financial statements herein for details of the securitization bond issuance . the volume/weather variance is due to increased electricity usage on billed retail sales , including the effects of more favorable weather in 2007 compared to the same period in 2006 . the increase is also due to an increase in usage during the unbilled sales period . retail electricity usage increased a total of 139 gwh in all sectors . see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues . the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006 . the base revenue variance is due to the transition to competition rider that began in march 2006 . refer to note 2 to the financial statements for further discussion of the rate increase . gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues decreased primarily due to a decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds . the decrease was partially offset by the $ 39 million increase in net revenue described above and an increase of $ 44 million in wholesale revenues , including $ 30 million from the system agreement cost equalization payments from entergy arkansas . the receipt of such payments is being .

| | | amount ( in millions ) | |---:|:---------------------------------|:-------------------------| | 0 | 2006 net revenue | $ 403.3 | | 1 | purchased power capacity | 13.1 | | 2 | securitization transition charge | 9.9 | | 3 | volume/weather | 9.7 | | 4 | transmission revenue | 6.1 | | 5 | base revenue | 2.6 | | 6 | other | -2.4 ( 2.4 ) | | 7 | 2007 net revenue | $ 442.3 |

entergy texas , inc . management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas , substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs . other regulatory charges increased primarily due to an increase of $ 6.9 million in the recovery of bond expenses related to the securitization bonds . the recovery became effective july 2007 . see note 5 to the financial statements for additional information regarding the securitization bonds . 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2007 to 2006 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:---------------------------------|:-------------------------| | 0 | 2006 net revenue | $ 403.3 | | 1 | purchased power capacity | 13.1 | | 2 | securitization transition charge | 9.9 | | 3 | volume/weather | 9.7 | | 4 | transmission revenue | 6.1 | | 5 | base revenue | 2.6 | | 6 | other | -2.4 ( 2.4 ) | | 7 | 2007 net revenue | $ 442.3 |_the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana . the securitization transition charge variance is due to the issuance of securitization bonds . as discussed above , in june 2007 , egsrf i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds . see note 5 to the financial statements herein for details of the securitization bond issuance . the volume/weather variance is due to increased electricity usage on billed retail sales , including the effects of more favorable weather in 2007 compared to the same period in 2006 . the increase is also due to an increase in usage during the unbilled sales period . retail electricity usage increased a total of 139 gwh in all sectors . see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues . the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006 . the base revenue variance is due to the transition to competition rider that began in march 2006 . refer to note 2 to the financial statements for further discussion of the rate increase . gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues decreased primarily due to a decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds . the decrease was partially offset by the $ 39 million increase in net revenue described above and an increase of $ 44 million in wholesale revenues , including $ 30 million from the system agreement cost equalization payments from entergy arkansas . the receipt of such payments is being .

2,008

377

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa612

what was the percent change in capital gain distributions between 2008 and 2009?

-48%

divide(subtract(2.9, 5.6), 5.6)

investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 . average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 . other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors . net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 . administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 . this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions . changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors . our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 . the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program . reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses . average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 . advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment . depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans . other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries . our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs . our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 . the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 . the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. .

lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments . the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 . our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) . c a p i t a l r e s o u r c e s a n d l i q u i d i t y . during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion . we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 . tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion . given the availability of these financial resources , we do not maintain an available external source of liquidity . t . rowe price group annual report 2010 .

| | | 2008 | 2009 | change | |---:|:------------------------------------------------|:-----------------|:-----------------|:-------------| | 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 | | 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) | | 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 | | 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 |

investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 . average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 . other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors . net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 . administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 . this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions . changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors . our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 . the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program . reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses . average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 . advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment . depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans . other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries . our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs . our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 . the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 . the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. ._| | | 2008 | 2009 | change | |---:|:------------------------------------------------|:-----------------|:-----------------|:-------------| | 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 | | 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) | | 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 | | 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 |_lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments . the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 . our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) . c a p i t a l r e s o u r c e s a n d l i q u i d i t y . during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion . we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 . tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion . given the availability of these financial resources , we do not maintain an available external source of liquidity . t . rowe price group annual report 2010 .

2,010

22

TROW

T. Rowe Price

Financials

Asset Management & Custody Banks

Baltimore, Maryland

2019-07-29

1,113,169

1937

what was the percent change in capital gain distributions between 2008 and 2009?

-48%

divide(subtract(2.9, 5.6), 5.6)

investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 . average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 . other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors . net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 . administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 . this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions . changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors . our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 . the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program . reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses . average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 . advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment . depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans . other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries . our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs . our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 . the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 . the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. .

lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments . the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 . our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) . c a p i t a l r e s o u r c e s a n d l i q u i d i t y . during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion . we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 . tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion . given the availability of these financial resources , we do not maintain an available external source of liquidity . t . rowe price group annual report 2010 .

| | | 2008 | 2009 | change | |---:|:------------------------------------------------|:-----------------|:-----------------|:-------------| | 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 | | 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) | | 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 | | 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 |

investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 . average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 . other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors . net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 . administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 . this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions . changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors . our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 . the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program . reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses . average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 . advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment . depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans . other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries . our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs . our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 . the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 . the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. ._| | | 2008 | 2009 | change | |---:|:------------------------------------------------|:-----------------|:-----------------|:-------------| | 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 | | 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) | | 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 | | 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 |_lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments . the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 . our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) . c a p i t a l r e s o u r c e s a n d l i q u i d i t y . during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion . we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 . tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion . given the availability of these financial resources , we do not maintain an available external source of liquidity . t . rowe price group annual report 2010 .

2,010

22

TROW

T. Rowe Price

Financials

Asset Management & Custody Banks

Baltimore, Maryland

2019-07-29

1,113,169

1937

null

finqa613

what was the average net revenue from 2010 to 2011

559

divide(add(add(577.8, 540.2), const_2), const_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 was the average net revenue from 2010 to 2011

559

divide(add(add(577.8, 540.2), const_2), const_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

finqa614

how much higher is net revenue in 2017 than 2016 ? ( in millions )

2.1

subtract(1522.6, 1520.5)

entergy arkansas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income . 2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses . net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 . amount ( in millions ) .

the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc . a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 . the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 . see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings . see note 14 to the financial statements for further discussion of the union power station purchase . the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers . see note 2 to the financial statements for further discussion of the opportunity sales proceeding. .

| | | amount ( in millions ) | |---:|:----------------------------|:-------------------------| | 0 | 2016 net revenue | $ 1520.5 | | 1 | retail electric price | 33.8 | | 2 | opportunity sales | 5.6 | | 3 | asset retirement obligation | -14.8 ( 14.8 ) | | 4 | volume/weather | -29.0 ( 29.0 ) | | 5 | other | 6.5 | | 6 | 2017 net revenue | $ 1522.6 |

entergy arkansas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income . 2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses . net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:----------------------------|:-------------------------| | 0 | 2016 net revenue | $ 1520.5 | | 1 | retail electric price | 33.8 | | 2 | opportunity sales | 5.6 | | 3 | asset retirement obligation | -14.8 ( 14.8 ) | | 4 | volume/weather | -29.0 ( 29.0 ) | | 5 | other | 6.5 | | 6 | 2017 net revenue | $ 1522.6 |_the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc . a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 . the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 . see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings . see note 14 to the financial statements for further discussion of the union power station purchase . the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers . see note 2 to the financial statements for further discussion of the opportunity sales proceeding. .

2,017

316

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

how much higher is net revenue in 2017 than 2016 ? ( in millions )

2.1

subtract(1522.6, 1520.5)

entergy arkansas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income . 2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses . net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 . amount ( in millions ) .

the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc . a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 . the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 . see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings . see note 14 to the financial statements for further discussion of the union power station purchase . the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers . see note 2 to the financial statements for further discussion of the opportunity sales proceeding. .

| | | amount ( in millions ) | |---:|:----------------------------|:-------------------------| | 0 | 2016 net revenue | $ 1520.5 | | 1 | retail electric price | 33.8 | | 2 | opportunity sales | 5.6 | | 3 | asset retirement obligation | -14.8 ( 14.8 ) | | 4 | volume/weather | -29.0 ( 29.0 ) | | 5 | other | 6.5 | | 6 | 2017 net revenue | $ 1522.6 |

entergy arkansas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income . 2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses . net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:----------------------------|:-------------------------| | 0 | 2016 net revenue | $ 1520.5 | | 1 | retail electric price | 33.8 | | 2 | opportunity sales | 5.6 | | 3 | asset retirement obligation | -14.8 ( 14.8 ) | | 4 | volume/weather | -29.0 ( 29.0 ) | | 5 | other | 6.5 | | 6 | 2017 net revenue | $ 1522.6 |_the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc . a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 . the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 . see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings . see note 14 to the financial statements for further discussion of the union power station purchase . the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers . see note 2 to the financial statements for further discussion of the opportunity sales proceeding. .

2,017

316

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa615

what percentage of total inventories is comprised of finished goods in 2008?

61%

divide(1179.1, 1931.5)

notes to consolidated financial statements 2014 ( continued ) fiscal years ended may 25 , 2008 , may 27 , 2007 , and may 28 , 2006 columnar amounts in millions except per share amounts administrative expenses , including the reclassification of the cumulative after-tax charges of $ 21.9 million from accumulated other comprehensive income . during fiscal 2007 , the company closed on the sale of these notes for approximately $ 117 million , net of transaction expenses , resulting in no additional gain or loss . 8 . inventories the major classes of inventories are as follows: .

9 . credit facilities and borrowings at may 25 , 2008 , the company had credit lines from banks that totaled approximately $ 2.3 billion . these lines are comprised of a $ 1.5 billion multi-year revolving credit facility with a syndicate of financial institutions which matures in december 2011 , uncommitted short-term loan facilities approximating $ 364 million , and uncommitted trade finance facilities approximating $ 424 million . borrowings under the multi-year facility bear interest at or below prime rate and may be prepaid without penalty . the company has not drawn upon this multi- year facility . the uncommitted trade finance facilities mentioned above were maintained in order to finance certain working capital needs of the company 2019s trading and merchandising operations . subsequent to the sale of this business in june 2008 , the company exited these facilities . the company finances its short-term liquidity needs with bank borrowings , commercial paper borrowings , and bankers 2019 acceptances . as of may 25 , 2008 , the company had outstanding borrowings of $ 578.3 million , primarily under the commercial paper arrangements . the weighted average interest rate on these borrowings as of may 25 , 2008 was 2.76% ( 2.76 % ) . the average consolidated short-term borrowings outstanding under these facilities were $ 418.5 million and $ 4.3 million for fiscal 2008 and 2007 , respectively. .

| | | 2008 | 2007 | |---:|:----------------------------|:---------|:---------| | 0 | raw materials and packaging | $ 580.8 | $ 458.5 | | 1 | work in progress | 100.0 | 94.6 | | 2 | finished goods | 1179.1 | 1001.3 | | 3 | supplies and other | 71.6 | 70.7 | | 4 | total | $ 1931.5 | $ 1625.1 |

notes to consolidated financial statements 2014 ( continued ) fiscal years ended may 25 , 2008 , may 27 , 2007 , and may 28 , 2006 columnar amounts in millions except per share amounts administrative expenses , including the reclassification of the cumulative after-tax charges of $ 21.9 million from accumulated other comprehensive income . during fiscal 2007 , the company closed on the sale of these notes for approximately $ 117 million , net of transaction expenses , resulting in no additional gain or loss . 8 . inventories the major classes of inventories are as follows: ._| | | 2008 | 2007 | |---:|:----------------------------|:---------|:---------| | 0 | raw materials and packaging | $ 580.8 | $ 458.5 | | 1 | work in progress | 100.0 | 94.6 | | 2 | finished goods | 1179.1 | 1001.3 | | 3 | supplies and other | 71.6 | 70.7 | | 4 | total | $ 1931.5 | $ 1625.1 |_9 . credit facilities and borrowings at may 25 , 2008 , the company had credit lines from banks that totaled approximately $ 2.3 billion . these lines are comprised of a $ 1.5 billion multi-year revolving credit facility with a syndicate of financial institutions which matures in december 2011 , uncommitted short-term loan facilities approximating $ 364 million , and uncommitted trade finance facilities approximating $ 424 million . borrowings under the multi-year facility bear interest at or below prime rate and may be prepaid without penalty . the company has not drawn upon this multi- year facility . the uncommitted trade finance facilities mentioned above were maintained in order to finance certain working capital needs of the company 2019s trading and merchandising operations . subsequent to the sale of this business in june 2008 , the company exited these facilities . the company finances its short-term liquidity needs with bank borrowings , commercial paper borrowings , and bankers 2019 acceptances . as of may 25 , 2008 , the company had outstanding borrowings of $ 578.3 million , primarily under the commercial paper arrangements . the weighted average interest rate on these borrowings as of may 25 , 2008 was 2.76% ( 2.76 % ) . the average consolidated short-term borrowings outstanding under these facilities were $ 418.5 million and $ 4.3 million for fiscal 2008 and 2007 , respectively. .

2,008

75

CAG

Conagra Brands

Consumer Staples

Packaged Foods & Meats

Chicago, Illinois

1983-08-31

23,217

1919

what percentage of total inventories is comprised of finished goods in 2008?

61%

divide(1179.1, 1931.5)

notes to consolidated financial statements 2014 ( continued ) fiscal years ended may 25 , 2008 , may 27 , 2007 , and may 28 , 2006 columnar amounts in millions except per share amounts administrative expenses , including the reclassification of the cumulative after-tax charges of $ 21.9 million from accumulated other comprehensive income . during fiscal 2007 , the company closed on the sale of these notes for approximately $ 117 million , net of transaction expenses , resulting in no additional gain or loss . 8 . inventories the major classes of inventories are as follows: .

9 . credit facilities and borrowings at may 25 , 2008 , the company had credit lines from banks that totaled approximately $ 2.3 billion . these lines are comprised of a $ 1.5 billion multi-year revolving credit facility with a syndicate of financial institutions which matures in december 2011 , uncommitted short-term loan facilities approximating $ 364 million , and uncommitted trade finance facilities approximating $ 424 million . borrowings under the multi-year facility bear interest at or below prime rate and may be prepaid without penalty . the company has not drawn upon this multi- year facility . the uncommitted trade finance facilities mentioned above were maintained in order to finance certain working capital needs of the company 2019s trading and merchandising operations . subsequent to the sale of this business in june 2008 , the company exited these facilities . the company finances its short-term liquidity needs with bank borrowings , commercial paper borrowings , and bankers 2019 acceptances . as of may 25 , 2008 , the company had outstanding borrowings of $ 578.3 million , primarily under the commercial paper arrangements . the weighted average interest rate on these borrowings as of may 25 , 2008 was 2.76% ( 2.76 % ) . the average consolidated short-term borrowings outstanding under these facilities were $ 418.5 million and $ 4.3 million for fiscal 2008 and 2007 , respectively. .

| | | 2008 | 2007 | |---:|:----------------------------|:---------|:---------| | 0 | raw materials and packaging | $ 580.8 | $ 458.5 | | 1 | work in progress | 100.0 | 94.6 | | 2 | finished goods | 1179.1 | 1001.3 | | 3 | supplies and other | 71.6 | 70.7 | | 4 | total | $ 1931.5 | $ 1625.1 |

notes to consolidated financial statements 2014 ( continued ) fiscal years ended may 25 , 2008 , may 27 , 2007 , and may 28 , 2006 columnar amounts in millions except per share amounts administrative expenses , including the reclassification of the cumulative after-tax charges of $ 21.9 million from accumulated other comprehensive income . during fiscal 2007 , the company closed on the sale of these notes for approximately $ 117 million , net of transaction expenses , resulting in no additional gain or loss . 8 . inventories the major classes of inventories are as follows: ._| | | 2008 | 2007 | |---:|:----------------------------|:---------|:---------| | 0 | raw materials and packaging | $ 580.8 | $ 458.5 | | 1 | work in progress | 100.0 | 94.6 | | 2 | finished goods | 1179.1 | 1001.3 | | 3 | supplies and other | 71.6 | 70.7 | | 4 | total | $ 1931.5 | $ 1625.1 |_9 . credit facilities and borrowings at may 25 , 2008 , the company had credit lines from banks that totaled approximately $ 2.3 billion . these lines are comprised of a $ 1.5 billion multi-year revolving credit facility with a syndicate of financial institutions which matures in december 2011 , uncommitted short-term loan facilities approximating $ 364 million , and uncommitted trade finance facilities approximating $ 424 million . borrowings under the multi-year facility bear interest at or below prime rate and may be prepaid without penalty . the company has not drawn upon this multi- year facility . the uncommitted trade finance facilities mentioned above were maintained in order to finance certain working capital needs of the company 2019s trading and merchandising operations . subsequent to the sale of this business in june 2008 , the company exited these facilities . the company finances its short-term liquidity needs with bank borrowings , commercial paper borrowings , and bankers 2019 acceptances . as of may 25 , 2008 , the company had outstanding borrowings of $ 578.3 million , primarily under the commercial paper arrangements . the weighted average interest rate on these borrowings as of may 25 , 2008 was 2.76% ( 2.76 % ) . the average consolidated short-term borrowings outstanding under these facilities were $ 418.5 million and $ 4.3 million for fiscal 2008 and 2007 , respectively. .

2,008

75

CAG

Conagra Brands

Consumer Staples

Packaged Foods & Meats

Chicago, Illinois

1983-08-31

23,217

1919

null

finqa616

was the 2002 first quarter variance in high & low stock prices greater than the 2001 first quarter variance?

no

greater(subtract(17.84, 4.11), subtract(60.15, 41.30))

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

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

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

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

2,002

46

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

was the 2002 first quarter variance in high & low stock prices greater than the 2001 first quarter variance?

no

greater(subtract(17.84, 4.11), subtract(60.15, 41.30))

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

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

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

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

2,002

46

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

null

finqa617

what was the profit margin in 2014 for the aeronautics business segment

11.1%

divide(1649, 14920)

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

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

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

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

2,016

48

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what was the profit margin in 2014 for the aeronautics business segment

11.1%

divide(1649, 14920)

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

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

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

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

2,016

48

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa618

what was the estimated total cost to replace the annuities the company was liable for in 2017

179062

add(144618, 34444)

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

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

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

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

2,017

159

RE

Everest Re Group, Ltd.

Financials

Reinsurance

Hamilton, Bermuda

2010-01-01

1,095,073

1973

what was the estimated total cost to replace the annuities the company was liable for in 2017

179062

add(144618, 34444)

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

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

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

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

2,017

159

RE

Everest Re Group, Ltd.

Financials

Reinsurance

Hamilton, Bermuda

2010-01-01

1,095,073

1973

null

finqa619

what was the average pension service cost from 2016 to 2018 in millions

109

divide(add(81, add(136, 110)), const_3)

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

what was the average pension service cost from 2016 to 2018 in millions

109

divide(add(81, add(136, 110)), const_3)

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

finqa620

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

356.7

divide(add(567, add(366, 137)), const_3)

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 average catastrophe losses from 2008 to 2010 in millions

356.7

divide(add(567, add(366, 137)), const_3)

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

finqa621

considering the years 2013 and 2014 , what is the basis point variation observed in the operating margin?

360

multiply(subtract(11.4%, 7.8%), const_100)

reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements . operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 . in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 . operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates . hr solutions .

our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration . 2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . 2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations . 2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services . our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions . 2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs . 2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy . disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace . weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. .

| | years ended december 31 | 2014 | 2013 | 2012 | |---:|:--------------------------|:-----------------|:---------------|:---------------| | 0 | revenue | $ 4264 | $ 4057 | $ 3925 | | 1 | operating income | 485 | 318 | 289 | | 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |

reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements . operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 . in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 . operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates . hr solutions ._| | years ended december 31 | 2014 | 2013 | 2012 | |---:|:--------------------------|:-----------------|:---------------|:---------------| | 0 | revenue | $ 4264 | $ 4057 | $ 3925 | | 1 | operating income | 485 | 318 | 289 | | 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |_our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration . 2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . 2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations . 2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services . our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions . 2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs . 2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy . disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace . weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. .

2,014

47

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

considering the years 2013 and 2014 , what is the basis point variation observed in the operating margin?

360

multiply(subtract(11.4%, 7.8%), const_100)

reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements . operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 . in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 . operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates . hr solutions .

our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration . 2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . 2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations . 2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services . our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions . 2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs . 2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy . disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace . weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. .

| | years ended december 31 | 2014 | 2013 | 2012 | |---:|:--------------------------|:-----------------|:---------------|:---------------| | 0 | revenue | $ 4264 | $ 4057 | $ 3925 | | 1 | operating income | 485 | 318 | 289 | | 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |

reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements . operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 . in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 . operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates . hr solutions ._| | years ended december 31 | 2014 | 2013 | 2012 | |---:|:--------------------------|:-----------------|:---------------|:---------------| | 0 | revenue | $ 4264 | $ 4057 | $ 3925 | | 1 | operating income | 485 | 318 | 289 | | 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |_our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration . 2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . 2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations . 2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services . our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions . 2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs . 2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy . disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace . weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. .

2,014

47

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

null

finqa622

if the hr solutions segment generated 35% ( 35 % ) of the consolidated revenue , what would be the total revenue for 2014 , ( in millions ) ?

12182.9

divide(4264, 35%)

reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements . operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 . in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 . operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates . hr solutions .

our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration . 2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . 2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations . 2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services . our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions . 2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs . 2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy . disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace . weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. .

| | years ended december 31 | 2014 | 2013 | 2012 | |---:|:--------------------------|:-----------------|:---------------|:---------------| | 0 | revenue | $ 4264 | $ 4057 | $ 3925 | | 1 | operating income | 485 | 318 | 289 | | 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |

reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements . operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 . in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 . operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates . hr solutions ._| | years ended december 31 | 2014 | 2013 | 2012 | |---:|:--------------------------|:-----------------|:---------------|:---------------| | 0 | revenue | $ 4264 | $ 4057 | $ 3925 | | 1 | operating income | 485 | 318 | 289 | | 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |_our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration . 2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . 2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations . 2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services . our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions . 2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs . 2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy . disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace . weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. .

2,014

47

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

if the hr solutions segment generated 35% ( 35 % ) of the consolidated revenue , what would be the total revenue for 2014 , ( in millions ) ?

12182.9

divide(4264, 35%)

reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements . operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 . in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 . operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates . hr solutions .

our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration . 2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . 2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations . 2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services . our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions . 2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs . 2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy . disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace . weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. .

| | years ended december 31 | 2014 | 2013 | 2012 | |---:|:--------------------------|:-----------------|:---------------|:---------------| | 0 | revenue | $ 4264 | $ 4057 | $ 3925 | | 1 | operating income | 485 | 318 | 289 | | 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |

reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements . operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 . in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 . operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates . hr solutions ._| | years ended december 31 | 2014 | 2013 | 2012 | |---:|:--------------------------|:-----------------|:---------------|:---------------| | 0 | revenue | $ 4264 | $ 4057 | $ 3925 | | 1 | operating income | 485 | 318 | 289 | | 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |_our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration . 2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . 2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations . 2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services . our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions . 2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs . 2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy . disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace . weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. .

2,014

47

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

null

finqa623

was the notional amount of derivatives designated as hedging instruments under gaap greater than the notional amount of\\nderivatives not designated as hedging instruments under gaap?

no

greater(36197, 345059)

note 17 financial derivatives we use derivative financial instruments ( derivatives ) primarily to help manage exposure to interest rate , market and credit risk and reduce the effects that changes in interest rates may have on net income , fair value of assets and liabilities , and cash flows . we also enter into derivatives with customers to facilitate their risk management activities . derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional amount and an underlying as specified in the contract . derivative transactions are often measured in terms of notional amount , but this amount is generally not exchanged and it is not recorded on the balance sheet . the notional amount is the basis to which the underlying is applied to determine required payments under the derivative contract . the underlying is a referenced interest rate ( commonly libor ) , security price , credit spread or other index . residential and commercial real estate loan commitments associated with loans to be sold also qualify as derivative instruments . the following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by pnc : table 127 : total gross derivatives .

( a ) included in other assets on our consolidated balance sheet . ( b ) included in other liabilities on our consolidated balance sheet . all derivatives are carried on our consolidated balance sheet at fair value . derivative balances are presented on the consolidated balance sheet on a net basis taking into consideration the effects of legally enforceable master netting agreements and any related cash collateral exchanged with counterparties . further discussion regarding the rights of setoff associated with these legally enforceable master netting agreements is included in the offsetting , counterparty credit risk , and contingent features section below . our exposure related to risk participations where we sold protection is discussed in the credit derivatives section below . any nonperformance risk , including credit risk , is included in the determination of the estimated net fair value of the derivatives . further discussion on how derivatives are accounted for is included in note 1 accounting policies . derivatives designated as hedging instruments under gaap certain derivatives used to manage interest rate risk as part of our asset and liability risk management activities are designated as accounting hedges under gaap . derivatives hedging the risks associated with changes in the fair value of assets or liabilities are considered fair value hedges , derivatives hedging the variability of expected future cash flows are considered cash flow hedges , and derivatives hedging a net investment in a foreign subsidiary are considered net investment hedges . designating derivatives as accounting hedges allows for gains and losses on those derivatives , to the extent effective , to be recognized in the income statement in the same period the hedged items affect earnings . the pnc financial services group , inc . 2013 form 10-k 189 .

| | in millions | december 31 2013 notional/contractamount | december 31 2013 assetfairvalue ( a ) | december 31 2013 liabilityfairvalue ( b ) | december 31 2013 notional/contractamount | december 31 2013 assetfairvalue ( a ) | liabilityfairvalue ( b ) | |---:|:-------------------------------------------------------------|:-------------------------------------------|:----------------------------------------|:--------------------------------------------|:-------------------------------------------|:----------------------------------------|:---------------------------| | 0 | derivatives designated as hedging instruments under gaap | $ 36197 | $ 1189 | $ 364 | $ 29270 | $ 1872 | $ 152 | | 1 | derivatives not designated as hedging instruments under gaap | 345059 | 3604 | 3570 | 337086 | 6696 | 6458 | | 2 | total gross derivatives | $ 381256 | $ 4793 | $ 3934 | $ 366356 | $ 8568 | $ 6610 |

note 17 financial derivatives we use derivative financial instruments ( derivatives ) primarily to help manage exposure to interest rate , market and credit risk and reduce the effects that changes in interest rates may have on net income , fair value of assets and liabilities , and cash flows . we also enter into derivatives with customers to facilitate their risk management activities . derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional amount and an underlying as specified in the contract . derivative transactions are often measured in terms of notional amount , but this amount is generally not exchanged and it is not recorded on the balance sheet . the notional amount is the basis to which the underlying is applied to determine required payments under the derivative contract . the underlying is a referenced interest rate ( commonly libor ) , security price , credit spread or other index . residential and commercial real estate loan commitments associated with loans to be sold also qualify as derivative instruments . the following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by pnc : table 127 : total gross derivatives ._| | in millions | december 31 2013 notional/contractamount | december 31 2013 assetfairvalue ( a ) | december 31 2013 liabilityfairvalue ( b ) | december 31 2013 notional/contractamount | december 31 2013 assetfairvalue ( a ) | liabilityfairvalue ( b ) | |---:|:-------------------------------------------------------------|:-------------------------------------------|:----------------------------------------|:--------------------------------------------|:-------------------------------------------|:----------------------------------------|:---------------------------| | 0 | derivatives designated as hedging instruments under gaap | $ 36197 | $ 1189 | $ 364 | $ 29270 | $ 1872 | $ 152 | | 1 | derivatives not designated as hedging instruments under gaap | 345059 | 3604 | 3570 | 337086 | 6696 | 6458 | | 2 | total gross derivatives | $ 381256 | $ 4793 | $ 3934 | $ 366356 | $ 8568 | $ 6610 |_( a ) included in other assets on our consolidated balance sheet . ( b ) included in other liabilities on our consolidated balance sheet . all derivatives are carried on our consolidated balance sheet at fair value . derivative balances are presented on the consolidated balance sheet on a net basis taking into consideration the effects of legally enforceable master netting agreements and any related cash collateral exchanged with counterparties . further discussion regarding the rights of setoff associated with these legally enforceable master netting agreements is included in the offsetting , counterparty credit risk , and contingent features section below . our exposure related to risk participations where we sold protection is discussed in the credit derivatives section below . any nonperformance risk , including credit risk , is included in the determination of the estimated net fair value of the derivatives . further discussion on how derivatives are accounted for is included in note 1 accounting policies . derivatives designated as hedging instruments under gaap certain derivatives used to manage interest rate risk as part of our asset and liability risk management activities are designated as accounting hedges under gaap . derivatives hedging the risks associated with changes in the fair value of assets or liabilities are considered fair value hedges , derivatives hedging the variability of expected future cash flows are considered cash flow hedges , and derivatives hedging a net investment in a foreign subsidiary are considered net investment hedges . designating derivatives as accounting hedges allows for gains and losses on those derivatives , to the extent effective , to be recognized in the income statement in the same period the hedged items affect earnings . the pnc financial services group , inc . 2013 form 10-k 189 .

2,013

207

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

was the notional amount of derivatives designated as hedging instruments under gaap greater than the notional amount of\\nderivatives not designated as hedging instruments under gaap?

no

greater(36197, 345059)

note 17 financial derivatives we use derivative financial instruments ( derivatives ) primarily to help manage exposure to interest rate , market and credit risk and reduce the effects that changes in interest rates may have on net income , fair value of assets and liabilities , and cash flows . we also enter into derivatives with customers to facilitate their risk management activities . derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional amount and an underlying as specified in the contract . derivative transactions are often measured in terms of notional amount , but this amount is generally not exchanged and it is not recorded on the balance sheet . the notional amount is the basis to which the underlying is applied to determine required payments under the derivative contract . the underlying is a referenced interest rate ( commonly libor ) , security price , credit spread or other index . residential and commercial real estate loan commitments associated with loans to be sold also qualify as derivative instruments . the following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by pnc : table 127 : total gross derivatives .

( a ) included in other assets on our consolidated balance sheet . ( b ) included in other liabilities on our consolidated balance sheet . all derivatives are carried on our consolidated balance sheet at fair value . derivative balances are presented on the consolidated balance sheet on a net basis taking into consideration the effects of legally enforceable master netting agreements and any related cash collateral exchanged with counterparties . further discussion regarding the rights of setoff associated with these legally enforceable master netting agreements is included in the offsetting , counterparty credit risk , and contingent features section below . our exposure related to risk participations where we sold protection is discussed in the credit derivatives section below . any nonperformance risk , including credit risk , is included in the determination of the estimated net fair value of the derivatives . further discussion on how derivatives are accounted for is included in note 1 accounting policies . derivatives designated as hedging instruments under gaap certain derivatives used to manage interest rate risk as part of our asset and liability risk management activities are designated as accounting hedges under gaap . derivatives hedging the risks associated with changes in the fair value of assets or liabilities are considered fair value hedges , derivatives hedging the variability of expected future cash flows are considered cash flow hedges , and derivatives hedging a net investment in a foreign subsidiary are considered net investment hedges . designating derivatives as accounting hedges allows for gains and losses on those derivatives , to the extent effective , to be recognized in the income statement in the same period the hedged items affect earnings . the pnc financial services group , inc . 2013 form 10-k 189 .

| | in millions | december 31 2013 notional/contractamount | december 31 2013 assetfairvalue ( a ) | december 31 2013 liabilityfairvalue ( b ) | december 31 2013 notional/contractamount | december 31 2013 assetfairvalue ( a ) | liabilityfairvalue ( b ) | |---:|:-------------------------------------------------------------|:-------------------------------------------|:----------------------------------------|:--------------------------------------------|:-------------------------------------------|:----------------------------------------|:---------------------------| | 0 | derivatives designated as hedging instruments under gaap | $ 36197 | $ 1189 | $ 364 | $ 29270 | $ 1872 | $ 152 | | 1 | derivatives not designated as hedging instruments under gaap | 345059 | 3604 | 3570 | 337086 | 6696 | 6458 | | 2 | total gross derivatives | $ 381256 | $ 4793 | $ 3934 | $ 366356 | $ 8568 | $ 6610 |

note 17 financial derivatives we use derivative financial instruments ( derivatives ) primarily to help manage exposure to interest rate , market and credit risk and reduce the effects that changes in interest rates may have on net income , fair value of assets and liabilities , and cash flows . we also enter into derivatives with customers to facilitate their risk management activities . derivatives represent contracts between parties that usually require little or no initial net investment and result in one party delivering cash or another type of asset to the other party based on a notional amount and an underlying as specified in the contract . derivative transactions are often measured in terms of notional amount , but this amount is generally not exchanged and it is not recorded on the balance sheet . the notional amount is the basis to which the underlying is applied to determine required payments under the derivative contract . the underlying is a referenced interest rate ( commonly libor ) , security price , credit spread or other index . residential and commercial real estate loan commitments associated with loans to be sold also qualify as derivative instruments . the following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by pnc : table 127 : total gross derivatives ._| | in millions | december 31 2013 notional/contractamount | december 31 2013 assetfairvalue ( a ) | december 31 2013 liabilityfairvalue ( b ) | december 31 2013 notional/contractamount | december 31 2013 assetfairvalue ( a ) | liabilityfairvalue ( b ) | |---:|:-------------------------------------------------------------|:-------------------------------------------|:----------------------------------------|:--------------------------------------------|:-------------------------------------------|:----------------------------------------|:---------------------------| | 0 | derivatives designated as hedging instruments under gaap | $ 36197 | $ 1189 | $ 364 | $ 29270 | $ 1872 | $ 152 | | 1 | derivatives not designated as hedging instruments under gaap | 345059 | 3604 | 3570 | 337086 | 6696 | 6458 | | 2 | total gross derivatives | $ 381256 | $ 4793 | $ 3934 | $ 366356 | $ 8568 | $ 6610 |_( a ) included in other assets on our consolidated balance sheet . ( b ) included in other liabilities on our consolidated balance sheet . all derivatives are carried on our consolidated balance sheet at fair value . derivative balances are presented on the consolidated balance sheet on a net basis taking into consideration the effects of legally enforceable master netting agreements and any related cash collateral exchanged with counterparties . further discussion regarding the rights of setoff associated with these legally enforceable master netting agreements is included in the offsetting , counterparty credit risk , and contingent features section below . our exposure related to risk participations where we sold protection is discussed in the credit derivatives section below . any nonperformance risk , including credit risk , is included in the determination of the estimated net fair value of the derivatives . further discussion on how derivatives are accounted for is included in note 1 accounting policies . derivatives designated as hedging instruments under gaap certain derivatives used to manage interest rate risk as part of our asset and liability risk management activities are designated as accounting hedges under gaap . derivatives hedging the risks associated with changes in the fair value of assets or liabilities are considered fair value hedges , derivatives hedging the variability of expected future cash flows are considered cash flow hedges , and derivatives hedging a net investment in a foreign subsidiary are considered net investment hedges . designating derivatives as accounting hedges allows for gains and losses on those derivatives , to the extent effective , to be recognized in the income statement in the same period the hedged items affect earnings . the pnc financial services group , inc . 2013 form 10-k 189 .

2,013

207

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

null

finqa624

by what amount have catastrophic losses in 2010 surpass the catastrophic losses of 2009 , ( in millions ) ?

229

subtract(366, 137)

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

by what amount have catastrophic losses in 2010 surpass the catastrophic losses of 2009 , ( in millions ) ?

229

subtract(366, 137)

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

finqa625

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

37.8

divide(multiply(705292, 53.53), const_1000000)

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

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

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

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

2,007

35

BLL

Ball Corporation

Materials

Containers & Packaging

Westminster, CO

1970-01-01

9,389

1880

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

37.8

divide(multiply(705292, 53.53), const_1000000)

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

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

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

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

2,007

35

BLL

Ball Corporation

Materials

Containers & Packaging

Westminster, CO

1970-01-01

9,389

1880

null

finqa626

what percentage of total net revenue investing & lending segment is due to equity securities in 2016?

63%

divide(2573, 4080)

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

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

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

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

2,016

77

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

what percentage of total net revenue investing & lending segment is due to equity securities in 2016?

63%

divide(2573, 4080)

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

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

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

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

2,016

77

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

null

finqa627

what was the difference in percentage cumulative total shareholder return for ball corporation compared to the s&p 500 index for the five year period ending 12/31/10?

66.94

subtract(divide(subtract(178.93, const_100), const_100), divide(subtract(111.99, const_100), const_100))

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

.

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

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

2,010

28

BLL

Ball Corporation

Materials

Containers & Packaging

Westminster, CO

1970-01-01

9,389

1880

what was the difference in percentage cumulative total shareholder return for ball corporation compared to the s&p 500 index for the five year period ending 12/31/10?

66.94

subtract(divide(subtract(178.93, const_100), const_100), divide(subtract(111.99, const_100), const_100))

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

finqa628

what portion of the total identifiable net assets is in cash?

73.7%

divide(45826, 62154)

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 identifiable net assets is in cash?

73.7%

divide(45826, 62154)

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

finqa629

by what percentage can cme increase their current line of credit?

40.0%

divide(subtract(const_7, const_5), const_5)

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

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

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

2,012

70

CME

CME Group

Financials

Financial Exchanges & Data

Chicago, Illinois

2006-08-11

1,156,375

1848

by what percentage can cme increase their current line of credit?

40.0%

divide(subtract(const_7, const_5), const_5)

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

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

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

2,012

70

CME

CME Group

Financials

Financial Exchanges & Data

Chicago, Illinois

2006-08-11

1,156,375

1848

null

finqa630

goodwill comprises what percentage of total assets acquired?

1.70%

multiply(divide(14722, 867558), const_100)

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

purchase price , net of assumed liabilities $ 713202 .

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

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

2,007

59

DRE

Duke Realty Corporation

Real Estate

Industrial REITs

Indianapolis, IN

2004-01-01

783,280

1972

goodwill comprises what percentage of total assets acquired?

1.70%

multiply(divide(14722, 867558), const_100)

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

purchase price , net of assumed liabilities $ 713202 .

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

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

2,007

59

DRE

Duke Realty Corporation

Real Estate

Industrial REITs

Indianapolis, IN

2004-01-01

783,280

1972

null

finqa631

how much of the firm-sponsored qspes that hold asf framework loans are serviced by the firm?

10.3

subtract(20.0, 9.7)

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

.

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

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

2,007

147

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

how much of the firm-sponsored qspes that hold asf framework loans are serviced by the firm?

10.3

subtract(20.0, 9.7)

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

.

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

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

2,007

147

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa632

in 2018 what was the percent of the total commitments to extend credit and other commitments for home equity lines of credit

9.3%

divide(16944, 181612)

the pnc financial services group , inc . 2013 form 10-k 155 of such other legal proceedings will have a material adverse effect on our financial position . however , we cannot now determine whether or not any claims asserted against us or others to whom we may have indemnification obligations , whether in the proceedings or other matters described above or otherwise , will have a material adverse effect on our results of operations in any future reporting period , which will depend on , among other things , the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period . note 20 commitments in the normal course of business , we have various commitments outstanding , certain of which are not included on our consolidated balance sheet . the following table presents our outstanding commitments to extend credit along with significant other commitments as of december 31 , 2018 and 2017 , respectively . table 94 : commitments to extend credit and other commitments in millions december 31 december 31 .

commitments to extend credit , or net unfunded loan commitments , represent arrangements to lend funds or provide liquidity subject to specified contractual conditions . these commitments generally have fixed expiration dates , may require payment of a fee , and generally contain termination clauses in the event the customer 2019s credit quality deteriorates . net outstanding standby letters of credit we issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions , in each case to support obligations of our customers to third parties , such as insurance requirements and the facilitation of transactions involving capital markets product execution . approximately 91% ( 91 % ) of our net outstanding standby letters of credit were rated as pass at both december 31 , 2018 and 2017 , with the remainder rated as criticized . an internal credit rating of pass indicates the expected risk of loss is currently low , while a rating of criticized indicates a higher degree of risk . if the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program , then upon a draw by a beneficiary , subject to the terms of the letter of credit , we would be obligated to make payment to them . the standby letters of credit outstanding on december 31 , 2018 had terms ranging from less than one year to six years . as of december 31 , 2018 , assets of $ 1.1 billion secured certain specifically identified standby letters of credit . in addition , a portion of the remaining standby letters of credit issued on behalf of specific customers is also secured by collateral or guarantees that secure the customers 2019 other obligations to us . the carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $ .2 billion at december 31 , 2018 and is included in other liabilities on our consolidated balance sheet. .

| | in millions | december 31 2018 | december 312017 | |---:|:---------------------------------------------------------|:-------------------|:------------------| | 0 | commitments to extend credit | | | | 1 | total commercial lending | $ 120165 | $ 112125 | | 2 | home equity lines of credit | 16944 | 17852 | | 3 | credit card | 27100 | 24911 | | 4 | other | 5069 | 4753 | | 5 | total commitments to extend credit | 169278 | 159641 | | 6 | net outstanding standby letters of credit ( a ) | 8655 | 8651 | | 7 | reinsurance agreements ( b ) | 1549 | 1654 | | 8 | standby bond purchase agreements ( c ) | 1000 | 843 | | 9 | other commitments ( d ) | 1130 | 1732 | | 10 | total commitments to extend credit and other commitments | $ 181612 | $ 172521 |

the pnc financial services group , inc . 2013 form 10-k 155 of such other legal proceedings will have a material adverse effect on our financial position . however , we cannot now determine whether or not any claims asserted against us or others to whom we may have indemnification obligations , whether in the proceedings or other matters described above or otherwise , will have a material adverse effect on our results of operations in any future reporting period , which will depend on , among other things , the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period . note 20 commitments in the normal course of business , we have various commitments outstanding , certain of which are not included on our consolidated balance sheet . the following table presents our outstanding commitments to extend credit along with significant other commitments as of december 31 , 2018 and 2017 , respectively . table 94 : commitments to extend credit and other commitments in millions december 31 december 31 ._| | in millions | december 31 2018 | december 312017 | |---:|:---------------------------------------------------------|:-------------------|:------------------| | 0 | commitments to extend credit | | | | 1 | total commercial lending | $ 120165 | $ 112125 | | 2 | home equity lines of credit | 16944 | 17852 | | 3 | credit card | 27100 | 24911 | | 4 | other | 5069 | 4753 | | 5 | total commitments to extend credit | 169278 | 159641 | | 6 | net outstanding standby letters of credit ( a ) | 8655 | 8651 | | 7 | reinsurance agreements ( b ) | 1549 | 1654 | | 8 | standby bond purchase agreements ( c ) | 1000 | 843 | | 9 | other commitments ( d ) | 1130 | 1732 | | 10 | total commitments to extend credit and other commitments | $ 181612 | $ 172521 |_commitments to extend credit , or net unfunded loan commitments , represent arrangements to lend funds or provide liquidity subject to specified contractual conditions . these commitments generally have fixed expiration dates , may require payment of a fee , and generally contain termination clauses in the event the customer 2019s credit quality deteriorates . net outstanding standby letters of credit we issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions , in each case to support obligations of our customers to third parties , such as insurance requirements and the facilitation of transactions involving capital markets product execution . approximately 91% ( 91 % ) of our net outstanding standby letters of credit were rated as pass at both december 31 , 2018 and 2017 , with the remainder rated as criticized . an internal credit rating of pass indicates the expected risk of loss is currently low , while a rating of criticized indicates a higher degree of risk . if the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program , then upon a draw by a beneficiary , subject to the terms of the letter of credit , we would be obligated to make payment to them . the standby letters of credit outstanding on december 31 , 2018 had terms ranging from less than one year to six years . as of december 31 , 2018 , assets of $ 1.1 billion secured certain specifically identified standby letters of credit . in addition , a portion of the remaining standby letters of credit issued on behalf of specific customers is also secured by collateral or guarantees that secure the customers 2019 other obligations to us . the carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $ .2 billion at december 31 , 2018 and is included in other liabilities on our consolidated balance sheet. .

2,018

171

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

in 2018 what was the percent of the total commitments to extend credit and other commitments for home equity lines of credit

9.3%

divide(16944, 181612)

the pnc financial services group , inc . 2013 form 10-k 155 of such other legal proceedings will have a material adverse effect on our financial position . however , we cannot now determine whether or not any claims asserted against us or others to whom we may have indemnification obligations , whether in the proceedings or other matters described above or otherwise , will have a material adverse effect on our results of operations in any future reporting period , which will depend on , among other things , the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period . note 20 commitments in the normal course of business , we have various commitments outstanding , certain of which are not included on our consolidated balance sheet . the following table presents our outstanding commitments to extend credit along with significant other commitments as of december 31 , 2018 and 2017 , respectively . table 94 : commitments to extend credit and other commitments in millions december 31 december 31 .

commitments to extend credit , or net unfunded loan commitments , represent arrangements to lend funds or provide liquidity subject to specified contractual conditions . these commitments generally have fixed expiration dates , may require payment of a fee , and generally contain termination clauses in the event the customer 2019s credit quality deteriorates . net outstanding standby letters of credit we issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions , in each case to support obligations of our customers to third parties , such as insurance requirements and the facilitation of transactions involving capital markets product execution . approximately 91% ( 91 % ) of our net outstanding standby letters of credit were rated as pass at both december 31 , 2018 and 2017 , with the remainder rated as criticized . an internal credit rating of pass indicates the expected risk of loss is currently low , while a rating of criticized indicates a higher degree of risk . if the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program , then upon a draw by a beneficiary , subject to the terms of the letter of credit , we would be obligated to make payment to them . the standby letters of credit outstanding on december 31 , 2018 had terms ranging from less than one year to six years . as of december 31 , 2018 , assets of $ 1.1 billion secured certain specifically identified standby letters of credit . in addition , a portion of the remaining standby letters of credit issued on behalf of specific customers is also secured by collateral or guarantees that secure the customers 2019 other obligations to us . the carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $ .2 billion at december 31 , 2018 and is included in other liabilities on our consolidated balance sheet. .

| | in millions | december 31 2018 | december 312017 | |---:|:---------------------------------------------------------|:-------------------|:------------------| | 0 | commitments to extend credit | | | | 1 | total commercial lending | $ 120165 | $ 112125 | | 2 | home equity lines of credit | 16944 | 17852 | | 3 | credit card | 27100 | 24911 | | 4 | other | 5069 | 4753 | | 5 | total commitments to extend credit | 169278 | 159641 | | 6 | net outstanding standby letters of credit ( a ) | 8655 | 8651 | | 7 | reinsurance agreements ( b ) | 1549 | 1654 | | 8 | standby bond purchase agreements ( c ) | 1000 | 843 | | 9 | other commitments ( d ) | 1130 | 1732 | | 10 | total commitments to extend credit and other commitments | $ 181612 | $ 172521 |

the pnc financial services group , inc . 2013 form 10-k 155 of such other legal proceedings will have a material adverse effect on our financial position . however , we cannot now determine whether or not any claims asserted against us or others to whom we may have indemnification obligations , whether in the proceedings or other matters described above or otherwise , will have a material adverse effect on our results of operations in any future reporting period , which will depend on , among other things , the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period . note 20 commitments in the normal course of business , we have various commitments outstanding , certain of which are not included on our consolidated balance sheet . the following table presents our outstanding commitments to extend credit along with significant other commitments as of december 31 , 2018 and 2017 , respectively . table 94 : commitments to extend credit and other commitments in millions december 31 december 31 ._| | in millions | december 31 2018 | december 312017 | |---:|:---------------------------------------------------------|:-------------------|:------------------| | 0 | commitments to extend credit | | | | 1 | total commercial lending | $ 120165 | $ 112125 | | 2 | home equity lines of credit | 16944 | 17852 | | 3 | credit card | 27100 | 24911 | | 4 | other | 5069 | 4753 | | 5 | total commitments to extend credit | 169278 | 159641 | | 6 | net outstanding standby letters of credit ( a ) | 8655 | 8651 | | 7 | reinsurance agreements ( b ) | 1549 | 1654 | | 8 | standby bond purchase agreements ( c ) | 1000 | 843 | | 9 | other commitments ( d ) | 1130 | 1732 | | 10 | total commitments to extend credit and other commitments | $ 181612 | $ 172521 |_commitments to extend credit , or net unfunded loan commitments , represent arrangements to lend funds or provide liquidity subject to specified contractual conditions . these commitments generally have fixed expiration dates , may require payment of a fee , and generally contain termination clauses in the event the customer 2019s credit quality deteriorates . net outstanding standby letters of credit we issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions , in each case to support obligations of our customers to third parties , such as insurance requirements and the facilitation of transactions involving capital markets product execution . approximately 91% ( 91 % ) of our net outstanding standby letters of credit were rated as pass at both december 31 , 2018 and 2017 , with the remainder rated as criticized . an internal credit rating of pass indicates the expected risk of loss is currently low , while a rating of criticized indicates a higher degree of risk . if the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program , then upon a draw by a beneficiary , subject to the terms of the letter of credit , we would be obligated to make payment to them . the standby letters of credit outstanding on december 31 , 2018 had terms ranging from less than one year to six years . as of december 31 , 2018 , assets of $ 1.1 billion secured certain specifically identified standby letters of credit . in addition , a portion of the remaining standby letters of credit issued on behalf of specific customers is also secured by collateral or guarantees that secure the customers 2019 other obligations to us . the carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $ .2 billion at december 31 , 2018 and is included in other liabilities on our consolidated balance sheet. .

2,018

171

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

null

finqa633

as of december 31 , 2011 , what was the percentage change in the estimated future net amortization expense of present value of future profits from 2013 to 2014

58.6%

divide(subtract(24, 58), 58)

the hartford financial services group , inc . notes to consolidated financial statements ( continued ) 7 . deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: .

[1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s . variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return . the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return . also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates . the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 . [2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci . other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 . [3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance . for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance . as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. .

| | | 2011 | 2010 | 2009 | |---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 | | 1 | deferred costs | 2608 | 2648 | 2853 | | 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) | | 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) | | 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) | | 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) | | 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) | | 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) | | 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 |

the hartford financial services group , inc . notes to consolidated financial statements ( continued ) 7 . deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: ._| | | 2011 | 2010 | 2009 | |---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 | | 1 | deferred costs | 2608 | 2648 | 2853 | | 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) | | 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) | | 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) | | 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) | | 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) | | 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) | | 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 |_[1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s . variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return . the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return . also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates . the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 . [2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci . other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 . [3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance . for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance . as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. .

2,011

188

HIG

Hartford (The)

Financials

Property & Casualty Insurance

Hartford, Connecticut

1957-03-04

874,766

1810

as of december 31 , 2011 , what was the percentage change in the estimated future net amortization expense of present value of future profits from 2013 to 2014

58.6%

divide(subtract(24, 58), 58)

the hartford financial services group , inc . notes to consolidated financial statements ( continued ) 7 . deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: .

[1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s . variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return . the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return . also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates . the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 . [2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci . other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 . [3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance . for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance . as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. .

| | | 2011 | 2010 | 2009 | |---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 | | 1 | deferred costs | 2608 | 2648 | 2853 | | 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) | | 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) | | 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) | | 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) | | 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) | | 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) | | 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 |

the hartford financial services group , inc . notes to consolidated financial statements ( continued ) 7 . deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: ._| | | 2011 | 2010 | 2009 | |---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 | | 1 | deferred costs | 2608 | 2648 | 2853 | | 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) | | 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) | | 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) | | 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) | | 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) | | 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) | | 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 |_[1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s . variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return . the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return . also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates . the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 . [2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci . other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 . [3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance . for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance . as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. .

2,011

188

HIG

Hartford (The)

Financials

Property & Casualty Insurance

Hartford, Connecticut

1957-03-04

874,766

1810

null

finqa634

what was the percent of the total debt associated with the 1250 million revolving credit agreement due june 2021

41%

divide(615.0, 1507.6)

the components of external long-term debt were as follows : ( in millions ) 2017 2016 .

senior notes payments during the next five years as of december 31 , 2017 are zero in 2018 through 2019 , $ 400 million in 2020 and zero in 2021 through 2022 . in our debt agreements , there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods , such as failure to pay principal or interest when due or a change in control of the company . there were no events of default as of december 31 , 2017 . 9 . financial instruments we do not enter into financial instruments for trading or speculative purposes . we principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products . the principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts . derivative financial instruments are recorded at fair value . the counterparties to derivative contracts are major financial institutions . we are subject to credit risk on these contracts equal to the fair value of these instruments . management currently believes that the risk of incurring material losses is unlikely and that the losses , if any , would be immaterial to the company . raw materials used by the company are subject to price volatility caused by weather , supply conditions , geopolitical and economic variables , and other unpredictable external factors . as a result , from time to time , we enter into commodity swaps to manage the price risk associated with forecasted purchases of materials used in our operations . we account for these commodity derivatives as economic hedges or cash flow hedges . changes in the fair value of economic hedges are recorded directly into current period earnings . there were no material commodity swap contracts outstanding for the years ended december 31 , 2017 and 2016 . we enter into foreign exchange contracts primarily to hedge forecasted sales and purchases denominated in select foreign currencies , thereby limiting currency risk that would otherwise result from changes in exchange rates . the periods of the foreign exchange contracts correspond to the periods of the forecasted transactions , which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date . for derivative instruments that are designated as fair value hedges , the gain or loss on the derivative instrument , as well as the offsetting loss or gain on the hedged item , are recognized on the same line of the statement of income . the effective portions of cash flow hedges are reported in other comprehensive income ( 201coci 201d ) and are recognized in the statement of income when the hedged item affects earnings . the changes in fair value for net investment hedges are recognized in the statement of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity . the ineffective portion of all hedges is recognized in current period earnings . in addition , changes in the fair value of all economic hedge transactions are immediately recognized in current period earnings . our primary foreign currency hedge contracts pertain to the canadian dollar , the british pound , and the mexican peso . the gross u.s . dollar equivalent notional amount of all foreign currency derivative hedges outstanding at december 31 , 2017 was $ 282.8 million , representing a net settlement liability of $ 4.8 million . based on foreign exchange rates as of december 31 , 2017 , we estimate that $ 3.0 million of net foreign currency .

| | ( in millions ) | 2017 | 2016 | |---:|:--------------------------------------------------------|:---------|:---------| | 0 | $ 400 million unsecured senior note due june 2020 | $ 398.3 | $ 397.6 | | 1 | $ 500 million unsecured senior note due june 2025 | 494.3 | 493.5 | | 2 | $ 1250 million revolving credit agreement due june 2021 | 615.0 | 540.0 | | 3 | total debt | 1507.6 | 1431.1 | | 4 | less : current portion | 2014 | 2014 | | 5 | total long-term debt | $ 1507.6 | $ 1431.1 |

the components of external long-term debt were as follows : ( in millions ) 2017 2016 ._| | ( in millions ) | 2017 | 2016 | |---:|:--------------------------------------------------------|:---------|:---------| | 0 | $ 400 million unsecured senior note due june 2020 | $ 398.3 | $ 397.6 | | 1 | $ 500 million unsecured senior note due june 2025 | 494.3 | 493.5 | | 2 | $ 1250 million revolving credit agreement due june 2021 | 615.0 | 540.0 | | 3 | total debt | 1507.6 | 1431.1 | | 4 | less : current portion | 2014 | 2014 | | 5 | total long-term debt | $ 1507.6 | $ 1431.1 |_senior notes payments during the next five years as of december 31 , 2017 are zero in 2018 through 2019 , $ 400 million in 2020 and zero in 2021 through 2022 . in our debt agreements , there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods , such as failure to pay principal or interest when due or a change in control of the company . there were no events of default as of december 31 , 2017 . 9 . financial instruments we do not enter into financial instruments for trading or speculative purposes . we principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products . the principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts . derivative financial instruments are recorded at fair value . the counterparties to derivative contracts are major financial institutions . we are subject to credit risk on these contracts equal to the fair value of these instruments . management currently believes that the risk of incurring material losses is unlikely and that the losses , if any , would be immaterial to the company . raw materials used by the company are subject to price volatility caused by weather , supply conditions , geopolitical and economic variables , and other unpredictable external factors . as a result , from time to time , we enter into commodity swaps to manage the price risk associated with forecasted purchases of materials used in our operations . we account for these commodity derivatives as economic hedges or cash flow hedges . changes in the fair value of economic hedges are recorded directly into current period earnings . there were no material commodity swap contracts outstanding for the years ended december 31 , 2017 and 2016 . we enter into foreign exchange contracts primarily to hedge forecasted sales and purchases denominated in select foreign currencies , thereby limiting currency risk that would otherwise result from changes in exchange rates . the periods of the foreign exchange contracts correspond to the periods of the forecasted transactions , which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date . for derivative instruments that are designated as fair value hedges , the gain or loss on the derivative instrument , as well as the offsetting loss or gain on the hedged item , are recognized on the same line of the statement of income . the effective portions of cash flow hedges are reported in other comprehensive income ( 201coci 201d ) and are recognized in the statement of income when the hedged item affects earnings . the changes in fair value for net investment hedges are recognized in the statement of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity . the ineffective portion of all hedges is recognized in current period earnings . in addition , changes in the fair value of all economic hedge transactions are immediately recognized in current period earnings . our primary foreign currency hedge contracts pertain to the canadian dollar , the british pound , and the mexican peso . the gross u.s . dollar equivalent notional amount of all foreign currency derivative hedges outstanding at december 31 , 2017 was $ 282.8 million , representing a net settlement liability of $ 4.8 million . based on foreign exchange rates as of december 31 , 2017 , we estimate that $ 3.0 million of net foreign currency .

2,017

76

FBHS

Fortune Brands Home & Security

Industrials

Building Products

Deerfield, IL

2011-01-01

1,519,751

2011

what was the percent of the total debt associated with the 1250 million revolving credit agreement due june 2021

41%

divide(615.0, 1507.6)

the components of external long-term debt were as follows : ( in millions ) 2017 2016 .

senior notes payments during the next five years as of december 31 , 2017 are zero in 2018 through 2019 , $ 400 million in 2020 and zero in 2021 through 2022 . in our debt agreements , there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods , such as failure to pay principal or interest when due or a change in control of the company . there were no events of default as of december 31 , 2017 . 9 . financial instruments we do not enter into financial instruments for trading or speculative purposes . we principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products . the principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts . derivative financial instruments are recorded at fair value . the counterparties to derivative contracts are major financial institutions . we are subject to credit risk on these contracts equal to the fair value of these instruments . management currently believes that the risk of incurring material losses is unlikely and that the losses , if any , would be immaterial to the company . raw materials used by the company are subject to price volatility caused by weather , supply conditions , geopolitical and economic variables , and other unpredictable external factors . as a result , from time to time , we enter into commodity swaps to manage the price risk associated with forecasted purchases of materials used in our operations . we account for these commodity derivatives as economic hedges or cash flow hedges . changes in the fair value of economic hedges are recorded directly into current period earnings . there were no material commodity swap contracts outstanding for the years ended december 31 , 2017 and 2016 . we enter into foreign exchange contracts primarily to hedge forecasted sales and purchases denominated in select foreign currencies , thereby limiting currency risk that would otherwise result from changes in exchange rates . the periods of the foreign exchange contracts correspond to the periods of the forecasted transactions , which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date . for derivative instruments that are designated as fair value hedges , the gain or loss on the derivative instrument , as well as the offsetting loss or gain on the hedged item , are recognized on the same line of the statement of income . the effective portions of cash flow hedges are reported in other comprehensive income ( 201coci 201d ) and are recognized in the statement of income when the hedged item affects earnings . the changes in fair value for net investment hedges are recognized in the statement of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity . the ineffective portion of all hedges is recognized in current period earnings . in addition , changes in the fair value of all economic hedge transactions are immediately recognized in current period earnings . our primary foreign currency hedge contracts pertain to the canadian dollar , the british pound , and the mexican peso . the gross u.s . dollar equivalent notional amount of all foreign currency derivative hedges outstanding at december 31 , 2017 was $ 282.8 million , representing a net settlement liability of $ 4.8 million . based on foreign exchange rates as of december 31 , 2017 , we estimate that $ 3.0 million of net foreign currency .

| | ( in millions ) | 2017 | 2016 | |---:|:--------------------------------------------------------|:---------|:---------| | 0 | $ 400 million unsecured senior note due june 2020 | $ 398.3 | $ 397.6 | | 1 | $ 500 million unsecured senior note due june 2025 | 494.3 | 493.5 | | 2 | $ 1250 million revolving credit agreement due june 2021 | 615.0 | 540.0 | | 3 | total debt | 1507.6 | 1431.1 | | 4 | less : current portion | 2014 | 2014 | | 5 | total long-term debt | $ 1507.6 | $ 1431.1 |

the components of external long-term debt were as follows : ( in millions ) 2017 2016 ._| | ( in millions ) | 2017 | 2016 | |---:|:--------------------------------------------------------|:---------|:---------| | 0 | $ 400 million unsecured senior note due june 2020 | $ 398.3 | $ 397.6 | | 1 | $ 500 million unsecured senior note due june 2025 | 494.3 | 493.5 | | 2 | $ 1250 million revolving credit agreement due june 2021 | 615.0 | 540.0 | | 3 | total debt | 1507.6 | 1431.1 | | 4 | less : current portion | 2014 | 2014 | | 5 | total long-term debt | $ 1507.6 | $ 1431.1 |_senior notes payments during the next five years as of december 31 , 2017 are zero in 2018 through 2019 , $ 400 million in 2020 and zero in 2021 through 2022 . in our debt agreements , there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods , such as failure to pay principal or interest when due or a change in control of the company . there were no events of default as of december 31 , 2017 . 9 . financial instruments we do not enter into financial instruments for trading or speculative purposes . we principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products . the principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts . derivative financial instruments are recorded at fair value . the counterparties to derivative contracts are major financial institutions . we are subject to credit risk on these contracts equal to the fair value of these instruments . management currently believes that the risk of incurring material losses is unlikely and that the losses , if any , would be immaterial to the company . raw materials used by the company are subject to price volatility caused by weather , supply conditions , geopolitical and economic variables , and other unpredictable external factors . as a result , from time to time , we enter into commodity swaps to manage the price risk associated with forecasted purchases of materials used in our operations . we account for these commodity derivatives as economic hedges or cash flow hedges . changes in the fair value of economic hedges are recorded directly into current period earnings . there were no material commodity swap contracts outstanding for the years ended december 31 , 2017 and 2016 . we enter into foreign exchange contracts primarily to hedge forecasted sales and purchases denominated in select foreign currencies , thereby limiting currency risk that would otherwise result from changes in exchange rates . the periods of the foreign exchange contracts correspond to the periods of the forecasted transactions , which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date . for derivative instruments that are designated as fair value hedges , the gain or loss on the derivative instrument , as well as the offsetting loss or gain on the hedged item , are recognized on the same line of the statement of income . the effective portions of cash flow hedges are reported in other comprehensive income ( 201coci 201d ) and are recognized in the statement of income when the hedged item affects earnings . the changes in fair value for net investment hedges are recognized in the statement of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity . the ineffective portion of all hedges is recognized in current period earnings . in addition , changes in the fair value of all economic hedge transactions are immediately recognized in current period earnings . our primary foreign currency hedge contracts pertain to the canadian dollar , the british pound , and the mexican peso . the gross u.s . dollar equivalent notional amount of all foreign currency derivative hedges outstanding at december 31 , 2017 was $ 282.8 million , representing a net settlement liability of $ 4.8 million . based on foreign exchange rates as of december 31 , 2017 , we estimate that $ 3.0 million of net foreign currency .

2,017

76

FBHS

Fortune Brands Home & Security

Industrials

Building Products

Deerfield, IL

2011-01-01

1,519,751

2011

null

finqa635

what was the percentage of the total severance actions related to our aeronautics , space systems , and our is&gs business segments and corporate headquarters in 2011 related to the aeronautics

36%

divide(49, add(39, add(49, 48)))

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

.

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

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

2,013

74

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what was the percentage of the total severance actions related to our aeronautics , space systems , and our is&gs business segments and corporate headquarters in 2011 related to the aeronautics

36%

divide(49, add(39, add(49, 48)))

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

.

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

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

2,013

74

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa636

considering the year 2015 , what was the lowest return for the investment?

-0.1%

subtract(99.90, 100)

performance graph the annual changes for the period shown november 18 , 2013 ( when our ordinary shares began trading in the "when-issued" market ) to december 31 , 2016 in the graph on this page are based on the assumption that $ 100 had been invested in allegion plc ordinary shares , the standard & poor 2019s 500 stock index ( "s&p 500" ) and the standard & poor's 400 capital goods index ( "s&p 400 capital goods" ) on november 18 , 2013 , and that all quarterly dividends were reinvested . the total cumulative dollar returns shown on the graph represent the value that such investments would have had on december 31 , 2016 . november 18 , 2013 december 31 , 2013 december 31 , 2014 december 31 , 2015 december 31 , 2016 .

.

| | | november 18 2013 | december 31 2013 | december 31 2014 | december 31 2015 | december 31 2016 | |---:|:----------------------|-------------------:|-------------------:|-------------------:|-------------------:|-------------------:| | 0 | allegion plc | 100 | 91.16 | 115.11 | 137.71 | 134.67 | | 1 | s&p 500 | 100 | 103.44 | 117.59 | 119.22 | 133.48 | | 2 | s&p 400 capital goods | 100 | 105.46 | 105.72 | 99.9 | 131.8 |

performance graph the annual changes for the period shown november 18 , 2013 ( when our ordinary shares began trading in the "when-issued" market ) to december 31 , 2016 in the graph on this page are based on the assumption that $ 100 had been invested in allegion plc ordinary shares , the standard & poor 2019s 500 stock index ( "s&p 500" ) and the standard & poor's 400 capital goods index ( "s&p 400 capital goods" ) on november 18 , 2013 , and that all quarterly dividends were reinvested . the total cumulative dollar returns shown on the graph represent the value that such investments would have had on december 31 , 2016 . november 18 , 2013 december 31 , 2013 december 31 , 2014 december 31 , 2015 december 31 , 2016 ._| | | november 18 2013 | december 31 2013 | december 31 2014 | december 31 2015 | december 31 2016 | |---:|:----------------------|-------------------:|-------------------:|-------------------:|-------------------:|-------------------:| | 0 | allegion plc | 100 | 91.16 | 115.11 | 137.71 | 134.67 | | 1 | s&p 500 | 100 | 103.44 | 117.59 | 119.22 | 133.48 | | 2 | s&p 400 capital goods | 100 | 105.46 | 105.72 | 99.9 | 131.8 |_.

2,016

43

ALLE

Allegion

Industrials

Building Products

Dublin, Ireland

2013-12-02

1,579,241

1908

considering the year 2015 , what was the lowest return for the investment?

-0.1%

subtract(99.90, 100)

performance graph the annual changes for the period shown november 18 , 2013 ( when our ordinary shares began trading in the "when-issued" market ) to december 31 , 2016 in the graph on this page are based on the assumption that $ 100 had been invested in allegion plc ordinary shares , the standard & poor 2019s 500 stock index ( "s&p 500" ) and the standard & poor's 400 capital goods index ( "s&p 400 capital goods" ) on november 18 , 2013 , and that all quarterly dividends were reinvested . the total cumulative dollar returns shown on the graph represent the value that such investments would have had on december 31 , 2016 . november 18 , 2013 december 31 , 2013 december 31 , 2014 december 31 , 2015 december 31 , 2016 .

.

| | | november 18 2013 | december 31 2013 | december 31 2014 | december 31 2015 | december 31 2016 | |---:|:----------------------|-------------------:|-------------------:|-------------------:|-------------------:|-------------------:| | 0 | allegion plc | 100 | 91.16 | 115.11 | 137.71 | 134.67 | | 1 | s&p 500 | 100 | 103.44 | 117.59 | 119.22 | 133.48 | | 2 | s&p 400 capital goods | 100 | 105.46 | 105.72 | 99.9 | 131.8 |

performance graph the annual changes for the period shown november 18 , 2013 ( when our ordinary shares began trading in the "when-issued" market ) to december 31 , 2016 in the graph on this page are based on the assumption that $ 100 had been invested in allegion plc ordinary shares , the standard & poor 2019s 500 stock index ( "s&p 500" ) and the standard & poor's 400 capital goods index ( "s&p 400 capital goods" ) on november 18 , 2013 , and that all quarterly dividends were reinvested . the total cumulative dollar returns shown on the graph represent the value that such investments would have had on december 31 , 2016 . november 18 , 2013 december 31 , 2013 december 31 , 2014 december 31 , 2015 december 31 , 2016 ._| | | november 18 2013 | december 31 2013 | december 31 2014 | december 31 2015 | december 31 2016 | |---:|:----------------------|-------------------:|-------------------:|-------------------:|-------------------:|-------------------:| | 0 | allegion plc | 100 | 91.16 | 115.11 | 137.71 | 134.67 | | 1 | s&p 500 | 100 | 103.44 | 117.59 | 119.22 | 133.48 | | 2 | s&p 400 capital goods | 100 | 105.46 | 105.72 | 99.9 | 131.8 |_.

2,016

43

ALLE

Allegion

Industrials

Building Products

Dublin, Ireland

2013-12-02

1,579,241

1908

null

finqa637

what is the percentage of the common stock repurchase among the total program of repurchases?

66.67%

divide(1.5, 2.25)

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

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

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

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

2,017

133

HUM

Humana

Health Care

Managed Health Care

Louisville, Kentucky

2012-12-10

49,071

1961

what is the percentage of the common stock repurchase among the total program of repurchases?

66.67%

divide(1.5, 2.25)

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

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

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

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

2,017

133

HUM

Humana

Health Care

Managed Health Care

Louisville, Kentucky

2012-12-10

49,071

1961

null

finqa638

what portion of the total interest expense is related to unpaid taxes in 2007?

16.7%

divide(1.4, 8.4)

expire between 2019 and 2024 . the company anticipates fully utilizing these net operating losses prior to expiration . the company also has state net operating loss carryforwards resulting in a deferred tax asset of $ 5.3 million at december 31 , 2007 . the company has a full valuation allowance against this amount at december 31 , 2007 . the company has foreign net operating loss carryforwards resulting in deferred tax assets at december 31 , 2007 and 2006 of $ 45.6 million and $ 24.4 million , respectively . the company has valuation allowances against these net operating losses at december 31 , 2007 and 2006 of $ 5.2 million and $ 6.0 million , respectively . at december 31 , 2007 and 2006 , the company had foreign tax credit carryovers of $ 12.4 million and $ 12.7 million , respectively , which expire between 2010 and 2025 . as of december 31 , 2007 and 2006 , the company has a valuation allowance against $ 2.3 million of foreign tax credits that the company 2019s management believes it is more likely than not that it will not realize the benefit . as of january 1 , 2005 , the irs selected the company to participate in the compliance assurance process ( cap ) which is a real-time audit for 2005 and future years . the irs has completed its review for years 2002-2006 which resulted in an immaterial adjustment for tax year 2004 related to a temporary difference and no changes to any other tax year . tax years 2007 and 2008 are currently under audit by the irs . currently management believes the ultimate resolution of the 2007 and 2008 examinations will not result in a material adverse effect to the company 2019s financial position or results of operations . the company provides for united states income taxes on earnings of foreign subsidiaries unless they are considered permanently reinvested outside the united states . at december 31 , 2007 , the cumulative earnings on which united states taxes have not been provided for were $ 159.0 million . if these earnings were repatriated to the united states , they would generate foreign tax credits that could reduce the federal tax liability associated with the foreign dividend . the 2007 calendar year is the first year the company is required to adopt fasb interpretation no . 48 , accounting for uncertainty in income taxes ( 201cfin 48 201d ) . as a result of the adoption , the company had no change to reserves for uncertain tax positions . interest and penalties on accrued but unpaid taxes are classified in the consolidated financial statements as income tax expense . the following table reconciles the gross amounts of unrecognized gross tax benefits at the beginning and end of the period ( in thousands ) : .

included in the balance of unrecognized tax benefits at december 31 , 2007 are potential benefits of $ 5.4 million that , if recognized , would affect the effective tax rate on income from continuing operations . the total amount of interest expense recognized in the consolidated and combined statements of earnings for unpaid taxes is $ 1.4 million for the year ended december 31 , 2007 . the total amount of interest and penalties recognized in the consolidated balance sheet is $ 8.4 million at december 31 , 2007 . due to the expiration of various statutes of limitation in the next twelve months , an estimated $ 3 million of gross unrecognized tax benefits may be recognized during that twelve month period . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

| | | gross amount | |---:|:--------------------------------------------------------------------------|:-----------------| | 0 | amounts of unrecognized tax benefits at january 1 2007 | $ 11825 | | 1 | decreases as a result of tax positions taken in a prior period | -3749 ( 3749 ) | | 2 | increases as a result of tax positions taken in a prior period | 15667 | | 3 | amount of unrecognized tax benefit at december 31 2007 | $ 23743 | | 4 | amount of decreases due to lapse of the applicable statute of limitations | $ -3429 ( 3429 ) | | 5 | amount of decreases due to change of position | $ -320 ( 320 ) |

expire between 2019 and 2024 . the company anticipates fully utilizing these net operating losses prior to expiration . the company also has state net operating loss carryforwards resulting in a deferred tax asset of $ 5.3 million at december 31 , 2007 . the company has a full valuation allowance against this amount at december 31 , 2007 . the company has foreign net operating loss carryforwards resulting in deferred tax assets at december 31 , 2007 and 2006 of $ 45.6 million and $ 24.4 million , respectively . the company has valuation allowances against these net operating losses at december 31 , 2007 and 2006 of $ 5.2 million and $ 6.0 million , respectively . at december 31 , 2007 and 2006 , the company had foreign tax credit carryovers of $ 12.4 million and $ 12.7 million , respectively , which expire between 2010 and 2025 . as of december 31 , 2007 and 2006 , the company has a valuation allowance against $ 2.3 million of foreign tax credits that the company 2019s management believes it is more likely than not that it will not realize the benefit . as of january 1 , 2005 , the irs selected the company to participate in the compliance assurance process ( cap ) which is a real-time audit for 2005 and future years . the irs has completed its review for years 2002-2006 which resulted in an immaterial adjustment for tax year 2004 related to a temporary difference and no changes to any other tax year . tax years 2007 and 2008 are currently under audit by the irs . currently management believes the ultimate resolution of the 2007 and 2008 examinations will not result in a material adverse effect to the company 2019s financial position or results of operations . the company provides for united states income taxes on earnings of foreign subsidiaries unless they are considered permanently reinvested outside the united states . at december 31 , 2007 , the cumulative earnings on which united states taxes have not been provided for were $ 159.0 million . if these earnings were repatriated to the united states , they would generate foreign tax credits that could reduce the federal tax liability associated with the foreign dividend . the 2007 calendar year is the first year the company is required to adopt fasb interpretation no . 48 , accounting for uncertainty in income taxes ( 201cfin 48 201d ) . as a result of the adoption , the company had no change to reserves for uncertain tax positions . interest and penalties on accrued but unpaid taxes are classified in the consolidated financial statements as income tax expense . the following table reconciles the gross amounts of unrecognized gross tax benefits at the beginning and end of the period ( in thousands ) : ._| | | gross amount | |---:|:--------------------------------------------------------------------------|:-----------------| | 0 | amounts of unrecognized tax benefits at january 1 2007 | $ 11825 | | 1 | decreases as a result of tax positions taken in a prior period | -3749 ( 3749 ) | | 2 | increases as a result of tax positions taken in a prior period | 15667 | | 3 | amount of unrecognized tax benefit at december 31 2007 | $ 23743 | | 4 | amount of decreases due to lapse of the applicable statute of limitations | $ -3429 ( 3429 ) | | 5 | amount of decreases due to change of position | $ -320 ( 320 ) |_included in the balance of unrecognized tax benefits at december 31 , 2007 are potential benefits of $ 5.4 million that , if recognized , would affect the effective tax rate on income from continuing operations . the total amount of interest expense recognized in the consolidated and combined statements of earnings for unpaid taxes is $ 1.4 million for the year ended december 31 , 2007 . the total amount of interest and penalties recognized in the consolidated balance sheet is $ 8.4 million at december 31 , 2007 . due to the expiration of various statutes of limitation in the next twelve months , an estimated $ 3 million of gross unrecognized tax benefits may be recognized during that twelve month period . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

2,007

91

FIS

Fidelity National Information Services

Financials

Transaction & Payment Processing Services

Jacksonville, Florida

2006-11-10

1,136,893

1968

what portion of the total interest expense is related to unpaid taxes in 2007?

16.7%

divide(1.4, 8.4)

expire between 2019 and 2024 . the company anticipates fully utilizing these net operating losses prior to expiration . the company also has state net operating loss carryforwards resulting in a deferred tax asset of $ 5.3 million at december 31 , 2007 . the company has a full valuation allowance against this amount at december 31 , 2007 . the company has foreign net operating loss carryforwards resulting in deferred tax assets at december 31 , 2007 and 2006 of $ 45.6 million and $ 24.4 million , respectively . the company has valuation allowances against these net operating losses at december 31 , 2007 and 2006 of $ 5.2 million and $ 6.0 million , respectively . at december 31 , 2007 and 2006 , the company had foreign tax credit carryovers of $ 12.4 million and $ 12.7 million , respectively , which expire between 2010 and 2025 . as of december 31 , 2007 and 2006 , the company has a valuation allowance against $ 2.3 million of foreign tax credits that the company 2019s management believes it is more likely than not that it will not realize the benefit . as of january 1 , 2005 , the irs selected the company to participate in the compliance assurance process ( cap ) which is a real-time audit for 2005 and future years . the irs has completed its review for years 2002-2006 which resulted in an immaterial adjustment for tax year 2004 related to a temporary difference and no changes to any other tax year . tax years 2007 and 2008 are currently under audit by the irs . currently management believes the ultimate resolution of the 2007 and 2008 examinations will not result in a material adverse effect to the company 2019s financial position or results of operations . the company provides for united states income taxes on earnings of foreign subsidiaries unless they are considered permanently reinvested outside the united states . at december 31 , 2007 , the cumulative earnings on which united states taxes have not been provided for were $ 159.0 million . if these earnings were repatriated to the united states , they would generate foreign tax credits that could reduce the federal tax liability associated with the foreign dividend . the 2007 calendar year is the first year the company is required to adopt fasb interpretation no . 48 , accounting for uncertainty in income taxes ( 201cfin 48 201d ) . as a result of the adoption , the company had no change to reserves for uncertain tax positions . interest and penalties on accrued but unpaid taxes are classified in the consolidated financial statements as income tax expense . the following table reconciles the gross amounts of unrecognized gross tax benefits at the beginning and end of the period ( in thousands ) : .

included in the balance of unrecognized tax benefits at december 31 , 2007 are potential benefits of $ 5.4 million that , if recognized , would affect the effective tax rate on income from continuing operations . the total amount of interest expense recognized in the consolidated and combined statements of earnings for unpaid taxes is $ 1.4 million for the year ended december 31 , 2007 . the total amount of interest and penalties recognized in the consolidated balance sheet is $ 8.4 million at december 31 , 2007 . due to the expiration of various statutes of limitation in the next twelve months , an estimated $ 3 million of gross unrecognized tax benefits may be recognized during that twelve month period . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

| | | gross amount | |---:|:--------------------------------------------------------------------------|:-----------------| | 0 | amounts of unrecognized tax benefits at january 1 2007 | $ 11825 | | 1 | decreases as a result of tax positions taken in a prior period | -3749 ( 3749 ) | | 2 | increases as a result of tax positions taken in a prior period | 15667 | | 3 | amount of unrecognized tax benefit at december 31 2007 | $ 23743 | | 4 | amount of decreases due to lapse of the applicable statute of limitations | $ -3429 ( 3429 ) | | 5 | amount of decreases due to change of position | $ -320 ( 320 ) |

expire between 2019 and 2024 . the company anticipates fully utilizing these net operating losses prior to expiration . the company also has state net operating loss carryforwards resulting in a deferred tax asset of $ 5.3 million at december 31 , 2007 . the company has a full valuation allowance against this amount at december 31 , 2007 . the company has foreign net operating loss carryforwards resulting in deferred tax assets at december 31 , 2007 and 2006 of $ 45.6 million and $ 24.4 million , respectively . the company has valuation allowances against these net operating losses at december 31 , 2007 and 2006 of $ 5.2 million and $ 6.0 million , respectively . at december 31 , 2007 and 2006 , the company had foreign tax credit carryovers of $ 12.4 million and $ 12.7 million , respectively , which expire between 2010 and 2025 . as of december 31 , 2007 and 2006 , the company has a valuation allowance against $ 2.3 million of foreign tax credits that the company 2019s management believes it is more likely than not that it will not realize the benefit . as of january 1 , 2005 , the irs selected the company to participate in the compliance assurance process ( cap ) which is a real-time audit for 2005 and future years . the irs has completed its review for years 2002-2006 which resulted in an immaterial adjustment for tax year 2004 related to a temporary difference and no changes to any other tax year . tax years 2007 and 2008 are currently under audit by the irs . currently management believes the ultimate resolution of the 2007 and 2008 examinations will not result in a material adverse effect to the company 2019s financial position or results of operations . the company provides for united states income taxes on earnings of foreign subsidiaries unless they are considered permanently reinvested outside the united states . at december 31 , 2007 , the cumulative earnings on which united states taxes have not been provided for were $ 159.0 million . if these earnings were repatriated to the united states , they would generate foreign tax credits that could reduce the federal tax liability associated with the foreign dividend . the 2007 calendar year is the first year the company is required to adopt fasb interpretation no . 48 , accounting for uncertainty in income taxes ( 201cfin 48 201d ) . as a result of the adoption , the company had no change to reserves for uncertain tax positions . interest and penalties on accrued but unpaid taxes are classified in the consolidated financial statements as income tax expense . the following table reconciles the gross amounts of unrecognized gross tax benefits at the beginning and end of the period ( in thousands ) : ._| | | gross amount | |---:|:--------------------------------------------------------------------------|:-----------------| | 0 | amounts of unrecognized tax benefits at january 1 2007 | $ 11825 | | 1 | decreases as a result of tax positions taken in a prior period | -3749 ( 3749 ) | | 2 | increases as a result of tax positions taken in a prior period | 15667 | | 3 | amount of unrecognized tax benefit at december 31 2007 | $ 23743 | | 4 | amount of decreases due to lapse of the applicable statute of limitations | $ -3429 ( 3429 ) | | 5 | amount of decreases due to change of position | $ -320 ( 320 ) |_included in the balance of unrecognized tax benefits at december 31 , 2007 are potential benefits of $ 5.4 million that , if recognized , would affect the effective tax rate on income from continuing operations . the total amount of interest expense recognized in the consolidated and combined statements of earnings for unpaid taxes is $ 1.4 million for the year ended december 31 , 2007 . the total amount of interest and penalties recognized in the consolidated balance sheet is $ 8.4 million at december 31 , 2007 . due to the expiration of various statutes of limitation in the next twelve months , an estimated $ 3 million of gross unrecognized tax benefits may be recognized during that twelve month period . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .

2,007

91

FIS

Fidelity National Information Services

Financials

Transaction & Payment Processing Services

Jacksonville, Florida

2006-11-10

1,136,893

1968

null

finqa639

what is the net change in total statutory capital from 2007 to 2008?

-2138

subtract(13777, 15915)

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

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

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

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

2,008

318

HIG

Hartford (The)

Financials

Property & Casualty Insurance

Hartford, Connecticut

1957-03-04

874,766

1810

what is the net change in total statutory capital from 2007 to 2008?

-2138

subtract(13777, 15915)

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

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

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

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

2,008

318

HIG

Hartford (The)

Financials

Property & Casualty Insurance

Hartford, Connecticut

1957-03-04

874,766

1810

null

finqa640

what is the book to market ratio of the commercial mortgage-backed securities

0.99

divide(264.9, 266.3)

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 book to market ratio of the commercial mortgage-backed securities

0.99

divide(264.9, 266.3)

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

finqa641

what is the percentage of decrease of long-term debt from 2007 to 2011?

54.7%

divide(subtract(1340, 607), 1340)

53management's discussion and analysis of financial condition and results of operations in order to borrow funds under the 5-year credit facility , the company must be in compliance with various conditions , covenants and representations contained in the agreements . the company was in compliance with the terms of the 5-year credit facility at december 31 , 2006 . the company has never borrowed under its domestic revolving credit facilities . utilization of the non-u.s . credit facilities may also be dependent on the company's ability to meet certain conditions at the time a borrowing is requested . contractual obligations , guarantees , and other purchase commitments contractual obligations summarized in the table below are the company's obligations and commitments to make future payments under debt obligations ( assuming earliest possible exercise of put rights by holders ) , lease payment obligations , and purchase obligations as of december 31 , 2006 . payments due by period ( 1 ) ( in millions ) total 2007 2008 2009 2010 2011 thereafter .

( 1 ) amounts included represent firm , non-cancelable commitments . debt obligations : at december 31 , 2006 , the company's long-term debt obligations , including current maturities and unamortized discount and issue costs , totaled $ 4.1 billion , as compared to $ 4.0 billion at december 31 , 2005 . a table of all outstanding long-term debt securities can be found in note 4 , ""debt and credit facilities'' to the company's consolidated financial statements . lease obligations : the company owns most of its major facilities , but does lease certain office , factory and warehouse space , land , and information technology and other equipment under principally non-cancelable operating leases . at december 31 , 2006 , future minimum lease obligations , net of minimum sublease rentals , totaled $ 2.3 billion . rental expense , net of sublease income , was $ 241 million in 2006 , $ 250 million in 2005 and $ 205 million in 2004 . purchase obligations : the company has entered into agreements for the purchase of inventory , license of software , promotional agreements , and research and development agreements which are firm commitments and are not cancelable . the longest of these agreements extends through 2015 . total payments expected to be made under these agreements total $ 1.0 billion . commitments under other long-term agreements : the company has entered into certain long-term agreements to purchase software , components , supplies and materials from suppliers . most of the agreements extend for periods of one to three years ( three to five years for software ) . however , generally these agreements do not obligate the company to make any purchases , and many permit the company to terminate the agreement with advance notice ( usually ranging from 60 to 180 days ) . if the company were to terminate these agreements , it generally would be liable for certain termination charges , typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders . the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations . the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay . if these agreements were terminated at december 31 , 2006 , the company's obligation would not have been significant . the company does not anticipate the cancellation of any of these agreements in the future . subsequent to the end of 2006 , the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2.2 billion during that period . the company estimates purchases during that period that exceed the minimum obligations . the company outsources certain corporate functions , such as benefit administration and information technology-related services . these contracts are expected to expire in 2013 . the total remaining payments under these contracts are approximately $ 1.3 billion over the remaining seven years ; however , these contracts can be %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid , no graphics -- color : n| .

| | ( in millions ) | payments due by period ( 1 ) total | payments due by period ( 1 ) 2007 | payments due by period ( 1 ) 2008 | payments due by period ( 1 ) 2009 | payments due by period ( 1 ) 2010 | payments due by period ( 1 ) 2011 | payments due by period ( 1 ) thereafter | |---:|:------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------------| | 0 | long-term debt obligations | $ 4134 | $ 1340 | $ 198 | $ 4 | $ 534 | $ 607 | $ 1451 | | 1 | lease obligations | 2328 | 351 | 281 | 209 | 178 | 158 | 1151 | | 2 | purchase obligations | 1035 | 326 | 120 | 26 | 12 | 12 | 539 | | 3 | total contractual obligations | $ 7497 | $ 2017 | $ 599 | $ 239 | $ 724 | $ 777 | $ 3141 |

53management's discussion and analysis of financial condition and results of operations in order to borrow funds under the 5-year credit facility , the company must be in compliance with various conditions , covenants and representations contained in the agreements . the company was in compliance with the terms of the 5-year credit facility at december 31 , 2006 . the company has never borrowed under its domestic revolving credit facilities . utilization of the non-u.s . credit facilities may also be dependent on the company's ability to meet certain conditions at the time a borrowing is requested . contractual obligations , guarantees , and other purchase commitments contractual obligations summarized in the table below are the company's obligations and commitments to make future payments under debt obligations ( assuming earliest possible exercise of put rights by holders ) , lease payment obligations , and purchase obligations as of december 31 , 2006 . payments due by period ( 1 ) ( in millions ) total 2007 2008 2009 2010 2011 thereafter ._| | ( in millions ) | payments due by period ( 1 ) total | payments due by period ( 1 ) 2007 | payments due by period ( 1 ) 2008 | payments due by period ( 1 ) 2009 | payments due by period ( 1 ) 2010 | payments due by period ( 1 ) 2011 | payments due by period ( 1 ) thereafter | |---:|:------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------------| | 0 | long-term debt obligations | $ 4134 | $ 1340 | $ 198 | $ 4 | $ 534 | $ 607 | $ 1451 | | 1 | lease obligations | 2328 | 351 | 281 | 209 | 178 | 158 | 1151 | | 2 | purchase obligations | 1035 | 326 | 120 | 26 | 12 | 12 | 539 | | 3 | total contractual obligations | $ 7497 | $ 2017 | $ 599 | $ 239 | $ 724 | $ 777 | $ 3141 |_( 1 ) amounts included represent firm , non-cancelable commitments . debt obligations : at december 31 , 2006 , the company's long-term debt obligations , including current maturities and unamortized discount and issue costs , totaled $ 4.1 billion , as compared to $ 4.0 billion at december 31 , 2005 . a table of all outstanding long-term debt securities can be found in note 4 , ""debt and credit facilities'' to the company's consolidated financial statements . lease obligations : the company owns most of its major facilities , but does lease certain office , factory and warehouse space , land , and information technology and other equipment under principally non-cancelable operating leases . at december 31 , 2006 , future minimum lease obligations , net of minimum sublease rentals , totaled $ 2.3 billion . rental expense , net of sublease income , was $ 241 million in 2006 , $ 250 million in 2005 and $ 205 million in 2004 . purchase obligations : the company has entered into agreements for the purchase of inventory , license of software , promotional agreements , and research and development agreements which are firm commitments and are not cancelable . the longest of these agreements extends through 2015 . total payments expected to be made under these agreements total $ 1.0 billion . commitments under other long-term agreements : the company has entered into certain long-term agreements to purchase software , components , supplies and materials from suppliers . most of the agreements extend for periods of one to three years ( three to five years for software ) . however , generally these agreements do not obligate the company to make any purchases , and many permit the company to terminate the agreement with advance notice ( usually ranging from 60 to 180 days ) . if the company were to terminate these agreements , it generally would be liable for certain termination charges , typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders . the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations . the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay . if these agreements were terminated at december 31 , 2006 , the company's obligation would not have been significant . the company does not anticipate the cancellation of any of these agreements in the future . subsequent to the end of 2006 , the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2.2 billion during that period . the company estimates purchases during that period that exceed the minimum obligations . the company outsources certain corporate functions , such as benefit administration and information technology-related services . these contracts are expected to expire in 2013 . the total remaining payments under these contracts are approximately $ 1.3 billion over the remaining seven years ; however , these contracts can be %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid , no graphics -- color : n| .

2,006

61

MSI

Motorola Solutions

Information Technology

Communications Equipment

Chicago, Illinois

1957-03-04

68,505

1928 (2011)

what is the percentage of decrease of long-term debt from 2007 to 2011?

54.7%

divide(subtract(1340, 607), 1340)

53management's discussion and analysis of financial condition and results of operations in order to borrow funds under the 5-year credit facility , the company must be in compliance with various conditions , covenants and representations contained in the agreements . the company was in compliance with the terms of the 5-year credit facility at december 31 , 2006 . the company has never borrowed under its domestic revolving credit facilities . utilization of the non-u.s . credit facilities may also be dependent on the company's ability to meet certain conditions at the time a borrowing is requested . contractual obligations , guarantees , and other purchase commitments contractual obligations summarized in the table below are the company's obligations and commitments to make future payments under debt obligations ( assuming earliest possible exercise of put rights by holders ) , lease payment obligations , and purchase obligations as of december 31 , 2006 . payments due by period ( 1 ) ( in millions ) total 2007 2008 2009 2010 2011 thereafter .

( 1 ) amounts included represent firm , non-cancelable commitments . debt obligations : at december 31 , 2006 , the company's long-term debt obligations , including current maturities and unamortized discount and issue costs , totaled $ 4.1 billion , as compared to $ 4.0 billion at december 31 , 2005 . a table of all outstanding long-term debt securities can be found in note 4 , ""debt and credit facilities'' to the company's consolidated financial statements . lease obligations : the company owns most of its major facilities , but does lease certain office , factory and warehouse space , land , and information technology and other equipment under principally non-cancelable operating leases . at december 31 , 2006 , future minimum lease obligations , net of minimum sublease rentals , totaled $ 2.3 billion . rental expense , net of sublease income , was $ 241 million in 2006 , $ 250 million in 2005 and $ 205 million in 2004 . purchase obligations : the company has entered into agreements for the purchase of inventory , license of software , promotional agreements , and research and development agreements which are firm commitments and are not cancelable . the longest of these agreements extends through 2015 . total payments expected to be made under these agreements total $ 1.0 billion . commitments under other long-term agreements : the company has entered into certain long-term agreements to purchase software , components , supplies and materials from suppliers . most of the agreements extend for periods of one to three years ( three to five years for software ) . however , generally these agreements do not obligate the company to make any purchases , and many permit the company to terminate the agreement with advance notice ( usually ranging from 60 to 180 days ) . if the company were to terminate these agreements , it generally would be liable for certain termination charges , typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders . the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations . the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay . if these agreements were terminated at december 31 , 2006 , the company's obligation would not have been significant . the company does not anticipate the cancellation of any of these agreements in the future . subsequent to the end of 2006 , the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2.2 billion during that period . the company estimates purchases during that period that exceed the minimum obligations . the company outsources certain corporate functions , such as benefit administration and information technology-related services . these contracts are expected to expire in 2013 . the total remaining payments under these contracts are approximately $ 1.3 billion over the remaining seven years ; however , these contracts can be %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid , no graphics -- color : n| .

| | ( in millions ) | payments due by period ( 1 ) total | payments due by period ( 1 ) 2007 | payments due by period ( 1 ) 2008 | payments due by period ( 1 ) 2009 | payments due by period ( 1 ) 2010 | payments due by period ( 1 ) 2011 | payments due by period ( 1 ) thereafter | |---:|:------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------------| | 0 | long-term debt obligations | $ 4134 | $ 1340 | $ 198 | $ 4 | $ 534 | $ 607 | $ 1451 | | 1 | lease obligations | 2328 | 351 | 281 | 209 | 178 | 158 | 1151 | | 2 | purchase obligations | 1035 | 326 | 120 | 26 | 12 | 12 | 539 | | 3 | total contractual obligations | $ 7497 | $ 2017 | $ 599 | $ 239 | $ 724 | $ 777 | $ 3141 |

53management's discussion and analysis of financial condition and results of operations in order to borrow funds under the 5-year credit facility , the company must be in compliance with various conditions , covenants and representations contained in the agreements . the company was in compliance with the terms of the 5-year credit facility at december 31 , 2006 . the company has never borrowed under its domestic revolving credit facilities . utilization of the non-u.s . credit facilities may also be dependent on the company's ability to meet certain conditions at the time a borrowing is requested . contractual obligations , guarantees , and other purchase commitments contractual obligations summarized in the table below are the company's obligations and commitments to make future payments under debt obligations ( assuming earliest possible exercise of put rights by holders ) , lease payment obligations , and purchase obligations as of december 31 , 2006 . payments due by period ( 1 ) ( in millions ) total 2007 2008 2009 2010 2011 thereafter ._| | ( in millions ) | payments due by period ( 1 ) total | payments due by period ( 1 ) 2007 | payments due by period ( 1 ) 2008 | payments due by period ( 1 ) 2009 | payments due by period ( 1 ) 2010 | payments due by period ( 1 ) 2011 | payments due by period ( 1 ) thereafter | |---:|:------------------------------|:-------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------|:------------------------------------------| | 0 | long-term debt obligations | $ 4134 | $ 1340 | $ 198 | $ 4 | $ 534 | $ 607 | $ 1451 | | 1 | lease obligations | 2328 | 351 | 281 | 209 | 178 | 158 | 1151 | | 2 | purchase obligations | 1035 | 326 | 120 | 26 | 12 | 12 | 539 | | 3 | total contractual obligations | $ 7497 | $ 2017 | $ 599 | $ 239 | $ 724 | $ 777 | $ 3141 |_( 1 ) amounts included represent firm , non-cancelable commitments . debt obligations : at december 31 , 2006 , the company's long-term debt obligations , including current maturities and unamortized discount and issue costs , totaled $ 4.1 billion , as compared to $ 4.0 billion at december 31 , 2005 . a table of all outstanding long-term debt securities can be found in note 4 , ""debt and credit facilities'' to the company's consolidated financial statements . lease obligations : the company owns most of its major facilities , but does lease certain office , factory and warehouse space , land , and information technology and other equipment under principally non-cancelable operating leases . at december 31 , 2006 , future minimum lease obligations , net of minimum sublease rentals , totaled $ 2.3 billion . rental expense , net of sublease income , was $ 241 million in 2006 , $ 250 million in 2005 and $ 205 million in 2004 . purchase obligations : the company has entered into agreements for the purchase of inventory , license of software , promotional agreements , and research and development agreements which are firm commitments and are not cancelable . the longest of these agreements extends through 2015 . total payments expected to be made under these agreements total $ 1.0 billion . commitments under other long-term agreements : the company has entered into certain long-term agreements to purchase software , components , supplies and materials from suppliers . most of the agreements extend for periods of one to three years ( three to five years for software ) . however , generally these agreements do not obligate the company to make any purchases , and many permit the company to terminate the agreement with advance notice ( usually ranging from 60 to 180 days ) . if the company were to terminate these agreements , it generally would be liable for certain termination charges , typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders . the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations . the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay . if these agreements were terminated at december 31 , 2006 , the company's obligation would not have been significant . the company does not anticipate the cancellation of any of these agreements in the future . subsequent to the end of 2006 , the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2.2 billion during that period . the company estimates purchases during that period that exceed the minimum obligations . the company outsources certain corporate functions , such as benefit administration and information technology-related services . these contracts are expected to expire in 2013 . the total remaining payments under these contracts are approximately $ 1.3 billion over the remaining seven years ; however , these contracts can be %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid , no graphics -- color : n| .

2,006

61

MSI

Motorola Solutions

Information Technology

Communications Equipment

Chicago, Illinois

1957-03-04

68,505

1928 (2011)

null

finqa642

for 2012 , what percent of the home equity lines of credit interest only product was due to home equity lines of credit with balloon payments?

33.8%

divide(306, 904)

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

for 2012 , what percent of the home equity lines of credit interest only product was due to home equity lines of credit with balloon payments?

33.8%

divide(306, 904)

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

finqa643

what is the growth rate of snap's share price from 2007 to 2008?

-16.34%

divide(subtract(83.66, const_100), const_100)

five-year stock performance graph the graph below illustrates the cumulative total shareholder return on snap-on common stock since december 31 , 2007 , assuming that dividends were reinvested . the graph compares snap-on 2019s performance to that of the standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and a peer group . snap-on incorporated total shareholder return ( 1 ) fiscal year ended ( 2 ) snap-on incorporated peer group ( 3 ) s&p 500 .

( 1 ) assumes $ 100 was invested on december 31 , 2007 , and that dividends were reinvested quarterly . ( 2 ) the company's fiscal year ends on the saturday that is on or nearest to december 31 of each year ; for ease of calculation , the fiscal year end is assumed to be december 31 . ( 3 ) the peer group consists of : stanley black & decker , inc. , danaher corporation , emerson electric co. , genuine parts company , newell rubbermaid inc. , pentair ltd. , spx corporation and w.w . grainger , inc . cooper industries plc , a former member of the peer group , was removed , as it was acquired by a larger , non-comparable company in 2012 . 2012 annual report 23 snap-on incorporated peer group s&p 500 2007 2008 201120102009 2012 .

| | fiscal year ended ( 2 ) | snap-onincorporated | peer group ( 3 ) | s&p 500 | |---:|:--------------------------|:----------------------|:-------------------|:----------| | 0 | december 31 2007 | $ 100.00 | $ 100.00 | $ 100.00 | | 1 | december 31 2008 | 83.66 | 66.15 | 63.00 | | 2 | december 31 2009 | 93.20 | 84.12 | 79.67 | | 3 | december 31 2010 | 128.21 | 112.02 | 91.67 | | 4 | december 31 2011 | 117.47 | 109.70 | 93.61 | | 5 | december 31 2012 | 187.26 | 129.00 | 108.59 |

five-year stock performance graph the graph below illustrates the cumulative total shareholder return on snap-on common stock since december 31 , 2007 , assuming that dividends were reinvested . the graph compares snap-on 2019s performance to that of the standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and a peer group . snap-on incorporated total shareholder return ( 1 ) fiscal year ended ( 2 ) snap-on incorporated peer group ( 3 ) s&p 500 ._| | fiscal year ended ( 2 ) | snap-onincorporated | peer group ( 3 ) | s&p 500 | |---:|:--------------------------|:----------------------|:-------------------|:----------| | 0 | december 31 2007 | $ 100.00 | $ 100.00 | $ 100.00 | | 1 | december 31 2008 | 83.66 | 66.15 | 63.00 | | 2 | december 31 2009 | 93.20 | 84.12 | 79.67 | | 3 | december 31 2010 | 128.21 | 112.02 | 91.67 | | 4 | december 31 2011 | 117.47 | 109.70 | 93.61 | | 5 | december 31 2012 | 187.26 | 129.00 | 108.59 |_( 1 ) assumes $ 100 was invested on december 31 , 2007 , and that dividends were reinvested quarterly . ( 2 ) the company's fiscal year ends on the saturday that is on or nearest to december 31 of each year ; for ease of calculation , the fiscal year end is assumed to be december 31 . ( 3 ) the peer group consists of : stanley black & decker , inc. , danaher corporation , emerson electric co. , genuine parts company , newell rubbermaid inc. , pentair ltd. , spx corporation and w.w . grainger , inc . cooper industries plc , a former member of the peer group , was removed , as it was acquired by a larger , non-comparable company in 2012 . 2012 annual report 23 snap-on incorporated peer group s&p 500 2007 2008 201120102009 2012 .

2,012

33

SNA

Snap-on

Industrials

Industrial Machinery & Supplies & Components

Kenosha, Wisconsin

1982-09-30

91,440

1920

what is the growth rate of snap's share price from 2007 to 2008?

-16.34%

divide(subtract(83.66, const_100), const_100)

five-year stock performance graph the graph below illustrates the cumulative total shareholder return on snap-on common stock since december 31 , 2007 , assuming that dividends were reinvested . the graph compares snap-on 2019s performance to that of the standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and a peer group . snap-on incorporated total shareholder return ( 1 ) fiscal year ended ( 2 ) snap-on incorporated peer group ( 3 ) s&p 500 .

( 1 ) assumes $ 100 was invested on december 31 , 2007 , and that dividends were reinvested quarterly . ( 2 ) the company's fiscal year ends on the saturday that is on or nearest to december 31 of each year ; for ease of calculation , the fiscal year end is assumed to be december 31 . ( 3 ) the peer group consists of : stanley black & decker , inc. , danaher corporation , emerson electric co. , genuine parts company , newell rubbermaid inc. , pentair ltd. , spx corporation and w.w . grainger , inc . cooper industries plc , a former member of the peer group , was removed , as it was acquired by a larger , non-comparable company in 2012 . 2012 annual report 23 snap-on incorporated peer group s&p 500 2007 2008 201120102009 2012 .

| | fiscal year ended ( 2 ) | snap-onincorporated | peer group ( 3 ) | s&p 500 | |---:|:--------------------------|:----------------------|:-------------------|:----------| | 0 | december 31 2007 | $ 100.00 | $ 100.00 | $ 100.00 | | 1 | december 31 2008 | 83.66 | 66.15 | 63.00 | | 2 | december 31 2009 | 93.20 | 84.12 | 79.67 | | 3 | december 31 2010 | 128.21 | 112.02 | 91.67 | | 4 | december 31 2011 | 117.47 | 109.70 | 93.61 | | 5 | december 31 2012 | 187.26 | 129.00 | 108.59 |

five-year stock performance graph the graph below illustrates the cumulative total shareholder return on snap-on common stock since december 31 , 2007 , assuming that dividends were reinvested . the graph compares snap-on 2019s performance to that of the standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and a peer group . snap-on incorporated total shareholder return ( 1 ) fiscal year ended ( 2 ) snap-on incorporated peer group ( 3 ) s&p 500 ._| | fiscal year ended ( 2 ) | snap-onincorporated | peer group ( 3 ) | s&p 500 | |---:|:--------------------------|:----------------------|:-------------------|:----------| | 0 | december 31 2007 | $ 100.00 | $ 100.00 | $ 100.00 | | 1 | december 31 2008 | 83.66 | 66.15 | 63.00 | | 2 | december 31 2009 | 93.20 | 84.12 | 79.67 | | 3 | december 31 2010 | 128.21 | 112.02 | 91.67 | | 4 | december 31 2011 | 117.47 | 109.70 | 93.61 | | 5 | december 31 2012 | 187.26 | 129.00 | 108.59 |_( 1 ) assumes $ 100 was invested on december 31 , 2007 , and that dividends were reinvested quarterly . ( 2 ) the company's fiscal year ends on the saturday that is on or nearest to december 31 of each year ; for ease of calculation , the fiscal year end is assumed to be december 31 . ( 3 ) the peer group consists of : stanley black & decker , inc. , danaher corporation , emerson electric co. , genuine parts company , newell rubbermaid inc. , pentair ltd. , spx corporation and w.w . grainger , inc . cooper industries plc , a former member of the peer group , was removed , as it was acquired by a larger , non-comparable company in 2012 . 2012 annual report 23 snap-on incorporated peer group s&p 500 2007 2008 201120102009 2012 .

2,012

33

SNA

Snap-on

Industrials

Industrial Machinery & Supplies & Components

Kenosha, Wisconsin

1982-09-30

91,440

1920

null

finqa644

as of may 31 , 2016 what percentage of cash and cash equivalents was held in foreign subsidiaries?

84%

divide(4.6, 5.5)

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

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

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

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

2,016

37

NKE

Nike, Inc.

Consumer Discretionary

Apparel, Accessories & Luxury Goods

Washington County, Oregon

1988-11-30

320,187

1964

as of may 31 , 2016 what percentage of cash and cash equivalents was held in foreign subsidiaries?

84%

divide(4.6, 5.5)

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

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

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

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

2,016

37

NKE

Nike, Inc.

Consumer Discretionary

Apparel, Accessories & Luxury Goods

Washington County, Oregon

1988-11-30

320,187

1964

null

finqa645

percent change in fair value of beginning assets in this time period?

4.83%

divide(3.8, 78.7)

zimmer biomet holdings , inc . and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) the following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs ( level 3 ) ( in millions ) : .

we expect that we will have no legally required minimum funding requirements in 2018 for the qualified u.s . and puerto rico defined benefit retirement plans , nor do we expect to voluntarily contribute to these plans during 2018 . contributions to foreign defined benefit plans are estimated to be $ 17.0 million in 2018 . we do not expect the assets in any of our plans to be returned to us in the next year . defined contribution plans we also sponsor defined contribution plans for substantially all of the u.s . and puerto rico employees and certain employees in other countries . the benefits offered under these plans are reflective of local customs and practices in the countries concerned . we expensed $ 47.9 million , $ 42.5 million and $ 40.2 million related to these plans for the years ended december 31 , 2017 , 2016 and 2015 , respectively . 15 . income taxes 2017 tax act : the president signed u.s . tax reform legislation ( 201c2017 tax act 201d ) on december 22 , 2017 , which is considered the enactment date . the 2017 tax act includes a broad range of provisions , many of which significantly differ from those contained in previous u.s . tax law . changes in tax law are accounted for in the period of enactment . as such , our 2017 consolidated financial statements reflect the immediate tax effect of the 2017 tax act . the 2017 tax act contains several key provisions including , among other things : 2022 a one-time tax on the mandatory deemed repatriation of post-1986 untaxed foreign earnings and profits ( e&p ) , referred to as the toll charge ; 2022 a reduction in the corporate income tax rate from 35 percent to 21 percent for tax years beginning after december 31 , 2022 the introduction of a new u.s . tax on certain off-shore earnings referred to as global intangible low-taxed income ( gilti ) at an effective tax rate of 10.5 percent for tax years beginning after december 31 , 2017 ( increasing to 13.125 percent for tax years beginning after december 31 , 2025 ) , with a partial offset by foreign tax credits ; and 2022 the introduction of a territorial tax system beginning in 2018 by providing a 100 percent dividend received deduction on certain qualified dividends from foreign subsidiaries . during the fourth quarter of 2017 , we recorded an income tax benefit of $ 1272.4 million , which was comprised of the following : 2022 income tax benefit of $ 715.0 million for the one-time deemed repatriation of foreign earnings . this is composed of a $ 1181.0 million benefit from the removal of a deferred tax liability we had recorded for the repatriation of foreign earnings prior to the 2017 tax act offset by $ 466.0 million for the toll charge recognized under the 2017 tax act . in accordance with the 2017 tax act , we expect to elect to pay the toll charge in installments over eight years . as of december 31 , 2017 , we have recorded current and non-current income tax liabilities related to the toll charge of $ 82.0 million and $ 384.0 million , respectively . 2022 an income tax benefit of $ 557.4 million , primarily related to the remeasurement of our deferred tax assets and liabilities at the enacted corporate income tax rate of 21 percent . the net benefit recorded was based on currently available information and interpretations made in applying the provisions of the 2017 tax act as of the time of filing this annual report on form 10-k . we further refined our estimates related to the impact of the 2017 tax act subsequent to the issuance of our earnings release for the fourth quarter of 2017 . in accordance with authoritative guidance issued by the sec , the income tax effect for certain aspects of the 2017 tax act represent provisional amounts for which our accounting is incomplete , but with respect to which a reasonable estimate could be determined and recorded during the fourth quarter of 2017 . the actual effects of the 2017 tax act and final amounts recorded may differ materially from our current estimate of provisional amounts due to , among other things , further interpretive guidance that may be issued by u.s . tax authorities or regulatory bodies , including the sec and the fasb . we will continue to analyze the 2017 tax act and any additional guidance that may be issued so we can finalize the full effects of applying the new legislation on our financial statements in the measurement period , which ends in the fourth quarter of 2018 . we continue to evaluate the impacts of the 2017 tax act and consider the amounts recorded to be provisional . in addition , we are still evaluating the gilti provisions of the 2017 tax act and their impact , if any , on our consolidated financial statements as of december 31 , 2017 . the fasb allows companies to adopt an accounting policy to either recognize deferred taxes for gilti or treat such as a tax cost in the year incurred . we have not yet determined which accounting policy to adopt because determining the impact of the gilti provisions requires analysis of our existing legal entity structure , the reversal of our u.s . gaap and u.s . tax basis differences in the assets and liabilities of our foreign subsidiaries , and our ability to offset any tax with foreign tax credits . as such , we did not record a deferred income tax .

| | | december 31 2017 | |---:|:-------------------------------|:-------------------| | 0 | beginning balance | $ 78.7 | | 1 | gains on assets sold | 0.3 | | 2 | change in fair value of assets | 3.8 | | 3 | net purchases and sales | 5.2 | | 4 | translation gain | 3.0 | | 5 | ending balance | $ 91.0 |

zimmer biomet holdings , inc . and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) the following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs ( level 3 ) ( in millions ) : ._| | | december 31 2017 | |---:|:-------------------------------|:-------------------| | 0 | beginning balance | $ 78.7 | | 1 | gains on assets sold | 0.3 | | 2 | change in fair value of assets | 3.8 | | 3 | net purchases and sales | 5.2 | | 4 | translation gain | 3.0 | | 5 | ending balance | $ 91.0 |_we expect that we will have no legally required minimum funding requirements in 2018 for the qualified u.s . and puerto rico defined benefit retirement plans , nor do we expect to voluntarily contribute to these plans during 2018 . contributions to foreign defined benefit plans are estimated to be $ 17.0 million in 2018 . we do not expect the assets in any of our plans to be returned to us in the next year . defined contribution plans we also sponsor defined contribution plans for substantially all of the u.s . and puerto rico employees and certain employees in other countries . the benefits offered under these plans are reflective of local customs and practices in the countries concerned . we expensed $ 47.9 million , $ 42.5 million and $ 40.2 million related to these plans for the years ended december 31 , 2017 , 2016 and 2015 , respectively . 15 . income taxes 2017 tax act : the president signed u.s . tax reform legislation ( 201c2017 tax act 201d ) on december 22 , 2017 , which is considered the enactment date . the 2017 tax act includes a broad range of provisions , many of which significantly differ from those contained in previous u.s . tax law . changes in tax law are accounted for in the period of enactment . as such , our 2017 consolidated financial statements reflect the immediate tax effect of the 2017 tax act . the 2017 tax act contains several key provisions including , among other things : 2022 a one-time tax on the mandatory deemed repatriation of post-1986 untaxed foreign earnings and profits ( e&p ) , referred to as the toll charge ; 2022 a reduction in the corporate income tax rate from 35 percent to 21 percent for tax years beginning after december 31 , 2022 the introduction of a new u.s . tax on certain off-shore earnings referred to as global intangible low-taxed income ( gilti ) at an effective tax rate of 10.5 percent for tax years beginning after december 31 , 2017 ( increasing to 13.125 percent for tax years beginning after december 31 , 2025 ) , with a partial offset by foreign tax credits ; and 2022 the introduction of a territorial tax system beginning in 2018 by providing a 100 percent dividend received deduction on certain qualified dividends from foreign subsidiaries . during the fourth quarter of 2017 , we recorded an income tax benefit of $ 1272.4 million , which was comprised of the following : 2022 income tax benefit of $ 715.0 million for the one-time deemed repatriation of foreign earnings . this is composed of a $ 1181.0 million benefit from the removal of a deferred tax liability we had recorded for the repatriation of foreign earnings prior to the 2017 tax act offset by $ 466.0 million for the toll charge recognized under the 2017 tax act . in accordance with the 2017 tax act , we expect to elect to pay the toll charge in installments over eight years . as of december 31 , 2017 , we have recorded current and non-current income tax liabilities related to the toll charge of $ 82.0 million and $ 384.0 million , respectively . 2022 an income tax benefit of $ 557.4 million , primarily related to the remeasurement of our deferred tax assets and liabilities at the enacted corporate income tax rate of 21 percent . the net benefit recorded was based on currently available information and interpretations made in applying the provisions of the 2017 tax act as of the time of filing this annual report on form 10-k . we further refined our estimates related to the impact of the 2017 tax act subsequent to the issuance of our earnings release for the fourth quarter of 2017 . in accordance with authoritative guidance issued by the sec , the income tax effect for certain aspects of the 2017 tax act represent provisional amounts for which our accounting is incomplete , but with respect to which a reasonable estimate could be determined and recorded during the fourth quarter of 2017 . the actual effects of the 2017 tax act and final amounts recorded may differ materially from our current estimate of provisional amounts due to , among other things , further interpretive guidance that may be issued by u.s . tax authorities or regulatory bodies , including the sec and the fasb . we will continue to analyze the 2017 tax act and any additional guidance that may be issued so we can finalize the full effects of applying the new legislation on our financial statements in the measurement period , which ends in the fourth quarter of 2018 . we continue to evaluate the impacts of the 2017 tax act and consider the amounts recorded to be provisional . in addition , we are still evaluating the gilti provisions of the 2017 tax act and their impact , if any , on our consolidated financial statements as of december 31 , 2017 . the fasb allows companies to adopt an accounting policy to either recognize deferred taxes for gilti or treat such as a tax cost in the year incurred . we have not yet determined which accounting policy to adopt because determining the impact of the gilti provisions requires analysis of our existing legal entity structure , the reversal of our u.s . gaap and u.s . tax basis differences in the assets and liabilities of our foreign subsidiaries , and our ability to offset any tax with foreign tax credits . as such , we did not record a deferred income tax .

2,017

71

ZBH

Zimmer Biomet

Health Care

Health Care Equipment

Warsaw, Indiana

2001-08-07

1,136,869

1927

percent change in fair value of beginning assets in this time period?

4.83%

divide(3.8, 78.7)

zimmer biomet holdings , inc . and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) the following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs ( level 3 ) ( in millions ) : .

we expect that we will have no legally required minimum funding requirements in 2018 for the qualified u.s . and puerto rico defined benefit retirement plans , nor do we expect to voluntarily contribute to these plans during 2018 . contributions to foreign defined benefit plans are estimated to be $ 17.0 million in 2018 . we do not expect the assets in any of our plans to be returned to us in the next year . defined contribution plans we also sponsor defined contribution plans for substantially all of the u.s . and puerto rico employees and certain employees in other countries . the benefits offered under these plans are reflective of local customs and practices in the countries concerned . we expensed $ 47.9 million , $ 42.5 million and $ 40.2 million related to these plans for the years ended december 31 , 2017 , 2016 and 2015 , respectively . 15 . income taxes 2017 tax act : the president signed u.s . tax reform legislation ( 201c2017 tax act 201d ) on december 22 , 2017 , which is considered the enactment date . the 2017 tax act includes a broad range of provisions , many of which significantly differ from those contained in previous u.s . tax law . changes in tax law are accounted for in the period of enactment . as such , our 2017 consolidated financial statements reflect the immediate tax effect of the 2017 tax act . the 2017 tax act contains several key provisions including , among other things : 2022 a one-time tax on the mandatory deemed repatriation of post-1986 untaxed foreign earnings and profits ( e&p ) , referred to as the toll charge ; 2022 a reduction in the corporate income tax rate from 35 percent to 21 percent for tax years beginning after december 31 , 2022 the introduction of a new u.s . tax on certain off-shore earnings referred to as global intangible low-taxed income ( gilti ) at an effective tax rate of 10.5 percent for tax years beginning after december 31 , 2017 ( increasing to 13.125 percent for tax years beginning after december 31 , 2025 ) , with a partial offset by foreign tax credits ; and 2022 the introduction of a territorial tax system beginning in 2018 by providing a 100 percent dividend received deduction on certain qualified dividends from foreign subsidiaries . during the fourth quarter of 2017 , we recorded an income tax benefit of $ 1272.4 million , which was comprised of the following : 2022 income tax benefit of $ 715.0 million for the one-time deemed repatriation of foreign earnings . this is composed of a $ 1181.0 million benefit from the removal of a deferred tax liability we had recorded for the repatriation of foreign earnings prior to the 2017 tax act offset by $ 466.0 million for the toll charge recognized under the 2017 tax act . in accordance with the 2017 tax act , we expect to elect to pay the toll charge in installments over eight years . as of december 31 , 2017 , we have recorded current and non-current income tax liabilities related to the toll charge of $ 82.0 million and $ 384.0 million , respectively . 2022 an income tax benefit of $ 557.4 million , primarily related to the remeasurement of our deferred tax assets and liabilities at the enacted corporate income tax rate of 21 percent . the net benefit recorded was based on currently available information and interpretations made in applying the provisions of the 2017 tax act as of the time of filing this annual report on form 10-k . we further refined our estimates related to the impact of the 2017 tax act subsequent to the issuance of our earnings release for the fourth quarter of 2017 . in accordance with authoritative guidance issued by the sec , the income tax effect for certain aspects of the 2017 tax act represent provisional amounts for which our accounting is incomplete , but with respect to which a reasonable estimate could be determined and recorded during the fourth quarter of 2017 . the actual effects of the 2017 tax act and final amounts recorded may differ materially from our current estimate of provisional amounts due to , among other things , further interpretive guidance that may be issued by u.s . tax authorities or regulatory bodies , including the sec and the fasb . we will continue to analyze the 2017 tax act and any additional guidance that may be issued so we can finalize the full effects of applying the new legislation on our financial statements in the measurement period , which ends in the fourth quarter of 2018 . we continue to evaluate the impacts of the 2017 tax act and consider the amounts recorded to be provisional . in addition , we are still evaluating the gilti provisions of the 2017 tax act and their impact , if any , on our consolidated financial statements as of december 31 , 2017 . the fasb allows companies to adopt an accounting policy to either recognize deferred taxes for gilti or treat such as a tax cost in the year incurred . we have not yet determined which accounting policy to adopt because determining the impact of the gilti provisions requires analysis of our existing legal entity structure , the reversal of our u.s . gaap and u.s . tax basis differences in the assets and liabilities of our foreign subsidiaries , and our ability to offset any tax with foreign tax credits . as such , we did not record a deferred income tax .

| | | december 31 2017 | |---:|:-------------------------------|:-------------------| | 0 | beginning balance | $ 78.7 | | 1 | gains on assets sold | 0.3 | | 2 | change in fair value of assets | 3.8 | | 3 | net purchases and sales | 5.2 | | 4 | translation gain | 3.0 | | 5 | ending balance | $ 91.0 |

zimmer biomet holdings , inc . and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) the following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs ( level 3 ) ( in millions ) : ._| | | december 31 2017 | |---:|:-------------------------------|:-------------------| | 0 | beginning balance | $ 78.7 | | 1 | gains on assets sold | 0.3 | | 2 | change in fair value of assets | 3.8 | | 3 | net purchases and sales | 5.2 | | 4 | translation gain | 3.0 | | 5 | ending balance | $ 91.0 |_we expect that we will have no legally required minimum funding requirements in 2018 for the qualified u.s . and puerto rico defined benefit retirement plans , nor do we expect to voluntarily contribute to these plans during 2018 . contributions to foreign defined benefit plans are estimated to be $ 17.0 million in 2018 . we do not expect the assets in any of our plans to be returned to us in the next year . defined contribution plans we also sponsor defined contribution plans for substantially all of the u.s . and puerto rico employees and certain employees in other countries . the benefits offered under these plans are reflective of local customs and practices in the countries concerned . we expensed $ 47.9 million , $ 42.5 million and $ 40.2 million related to these plans for the years ended december 31 , 2017 , 2016 and 2015 , respectively . 15 . income taxes 2017 tax act : the president signed u.s . tax reform legislation ( 201c2017 tax act 201d ) on december 22 , 2017 , which is considered the enactment date . the 2017 tax act includes a broad range of provisions , many of which significantly differ from those contained in previous u.s . tax law . changes in tax law are accounted for in the period of enactment . as such , our 2017 consolidated financial statements reflect the immediate tax effect of the 2017 tax act . the 2017 tax act contains several key provisions including , among other things : 2022 a one-time tax on the mandatory deemed repatriation of post-1986 untaxed foreign earnings and profits ( e&p ) , referred to as the toll charge ; 2022 a reduction in the corporate income tax rate from 35 percent to 21 percent for tax years beginning after december 31 , 2022 the introduction of a new u.s . tax on certain off-shore earnings referred to as global intangible low-taxed income ( gilti ) at an effective tax rate of 10.5 percent for tax years beginning after december 31 , 2017 ( increasing to 13.125 percent for tax years beginning after december 31 , 2025 ) , with a partial offset by foreign tax credits ; and 2022 the introduction of a territorial tax system beginning in 2018 by providing a 100 percent dividend received deduction on certain qualified dividends from foreign subsidiaries . during the fourth quarter of 2017 , we recorded an income tax benefit of $ 1272.4 million , which was comprised of the following : 2022 income tax benefit of $ 715.0 million for the one-time deemed repatriation of foreign earnings . this is composed of a $ 1181.0 million benefit from the removal of a deferred tax liability we had recorded for the repatriation of foreign earnings prior to the 2017 tax act offset by $ 466.0 million for the toll charge recognized under the 2017 tax act . in accordance with the 2017 tax act , we expect to elect to pay the toll charge in installments over eight years . as of december 31 , 2017 , we have recorded current and non-current income tax liabilities related to the toll charge of $ 82.0 million and $ 384.0 million , respectively . 2022 an income tax benefit of $ 557.4 million , primarily related to the remeasurement of our deferred tax assets and liabilities at the enacted corporate income tax rate of 21 percent . the net benefit recorded was based on currently available information and interpretations made in applying the provisions of the 2017 tax act as of the time of filing this annual report on form 10-k . we further refined our estimates related to the impact of the 2017 tax act subsequent to the issuance of our earnings release for the fourth quarter of 2017 . in accordance with authoritative guidance issued by the sec , the income tax effect for certain aspects of the 2017 tax act represent provisional amounts for which our accounting is incomplete , but with respect to which a reasonable estimate could be determined and recorded during the fourth quarter of 2017 . the actual effects of the 2017 tax act and final amounts recorded may differ materially from our current estimate of provisional amounts due to , among other things , further interpretive guidance that may be issued by u.s . tax authorities or regulatory bodies , including the sec and the fasb . we will continue to analyze the 2017 tax act and any additional guidance that may be issued so we can finalize the full effects of applying the new legislation on our financial statements in the measurement period , which ends in the fourth quarter of 2018 . we continue to evaluate the impacts of the 2017 tax act and consider the amounts recorded to be provisional . in addition , we are still evaluating the gilti provisions of the 2017 tax act and their impact , if any , on our consolidated financial statements as of december 31 , 2017 . the fasb allows companies to adopt an accounting policy to either recognize deferred taxes for gilti or treat such as a tax cost in the year incurred . we have not yet determined which accounting policy to adopt because determining the impact of the gilti provisions requires analysis of our existing legal entity structure , the reversal of our u.s . gaap and u.s . tax basis differences in the assets and liabilities of our foreign subsidiaries , and our ability to offset any tax with foreign tax credits . as such , we did not record a deferred income tax .

2,017

71

ZBH

Zimmer Biomet

Health Care

Health Care Equipment

Warsaw, Indiana

2001-08-07

1,136,869

1927

null

finqa646

what would the investment income ( loss ) have been in 2014 without the gain from the sale of the investment in clearwire corporation in 2013?

-147

subtract(296, 443)

consolidated other income ( expense ) items , net .

interest expense interest expense increased in 2015 primarily due to an increase in our debt outstanding and $ 47 million of additional interest expense associated with the early redemption in june 2015 of our $ 750 million aggregate principal amount of 5.85% ( 5.85 % ) senior notes due november 2015 and our $ 1.0 billion aggregate principal amount of 5.90% ( 5.90 % ) senior notes due march 2016 . interest expense increased in 2014 primarily due to the effect of our interest rate derivative financial instruments . investment income ( loss ) , net the change in investment income ( loss ) , net in 2015 was primarily due to a $ 154 million gain related to the sale of our shares of arris group common stock in 2014 . the change in investment income ( loss ) , net in 2014 was primarily due to a $ 443 million gain related to the sale of our investment in clearwire corporation in 2013 . the components of investment income ( loss ) , net are presented in a table in note 7 to comcast 2019s consolidated financial statements . equity in net income ( losses ) of investees , net the change in equity in net income ( losses ) of investees , net in 2015 was primarily due to twcc holding corp . ( 201cthe weather channel 201d ) recording impairment charges related to goodwill . we recorded expenses of $ 333 million in 2015 that represent nbcuniversal 2019s proportionate share of these impairment charges . the change in 2015 was also due to an increase in our proportionate share of losses in hulu , llc ( 201chulu 201d ) , which were driven by hulu 2019s higher programming and marketing costs . in 2015 and 2014 , we recognized our pro- portionate share of losses of $ 106 million and $ 20 million , respectively , related to our investment in hulu . the change in equity in net income ( losses ) of investees , net in 2014 was primarily due to $ 142 million of total equity losses recorded in 2013 attributable to our investment in hulu . in july 2013 , we entered into an agreement to provide capital contributions totaling $ 247 million to hulu , which we had previously accounted for as a cost method investment . this represented an agreement to provide our first capital contribution to hulu since we acquired our interest in it as part of our acquisition of a controlling interest in nbcuniversal in 2011 ( the 201cnbcuniversal transaction 201d ) ; therefore , we began to apply the equity method of accounting for this investment . the change in the method of accounting for this investment required us to recognize our propor- tionate share of hulu 2019s accumulated losses from the date of the nbcuniversal transaction through july 2013 . other income ( expense ) , net other income ( expense ) , net for 2015 included gains of $ 335 million on the sales of a business and an invest- ment , $ 240 million recorded on the settlement of a contingent consideration liability with general electric company ( 201cge 201d ) related to the acquisition of nbcuniversal , and $ 43 million related to an equity method investment . these gains were partially offset by $ 236 million of expenses related to fair value adjustments to a contractual obligation . see note 11 to comcast 2019s consolidated financial statements for additional information on this contractual obligation . other income ( expense ) , net for 2014 included a $ 27 million favorable settlement of a contingency related to the at&t broadband transaction in 2002 , which was more than offset by $ 208 million of expenses related to 61 comcast 2015 annual report on form 10-k .

| | year ended december 31 ( in millions ) | 2015 | 2014 | 2013 | |---:|:-------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | interest expense | $ -2702 ( 2702 ) | $ -2617 ( 2617 ) | $ -2574 ( 2574 ) | | 1 | investment income ( loss ) net | 81 | 296 | 576 | | 2 | equity in net income ( losses ) of investees net | -325 ( 325 ) | 97 | -86 ( 86 ) | | 3 | other income ( expense ) net | 320 | -215 ( 215 ) | -364 ( 364 ) | | 4 | total | $ -2626 ( 2626 ) | $ -2439 ( 2439 ) | $ -2448 ( 2448 ) |

consolidated other income ( expense ) items , net ._| | year ended december 31 ( in millions ) | 2015 | 2014 | 2013 | |---:|:-------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | interest expense | $ -2702 ( 2702 ) | $ -2617 ( 2617 ) | $ -2574 ( 2574 ) | | 1 | investment income ( loss ) net | 81 | 296 | 576 | | 2 | equity in net income ( losses ) of investees net | -325 ( 325 ) | 97 | -86 ( 86 ) | | 3 | other income ( expense ) net | 320 | -215 ( 215 ) | -364 ( 364 ) | | 4 | total | $ -2626 ( 2626 ) | $ -2439 ( 2439 ) | $ -2448 ( 2448 ) |_interest expense interest expense increased in 2015 primarily due to an increase in our debt outstanding and $ 47 million of additional interest expense associated with the early redemption in june 2015 of our $ 750 million aggregate principal amount of 5.85% ( 5.85 % ) senior notes due november 2015 and our $ 1.0 billion aggregate principal amount of 5.90% ( 5.90 % ) senior notes due march 2016 . interest expense increased in 2014 primarily due to the effect of our interest rate derivative financial instruments . investment income ( loss ) , net the change in investment income ( loss ) , net in 2015 was primarily due to a $ 154 million gain related to the sale of our shares of arris group common stock in 2014 . the change in investment income ( loss ) , net in 2014 was primarily due to a $ 443 million gain related to the sale of our investment in clearwire corporation in 2013 . the components of investment income ( loss ) , net are presented in a table in note 7 to comcast 2019s consolidated financial statements . equity in net income ( losses ) of investees , net the change in equity in net income ( losses ) of investees , net in 2015 was primarily due to twcc holding corp . ( 201cthe weather channel 201d ) recording impairment charges related to goodwill . we recorded expenses of $ 333 million in 2015 that represent nbcuniversal 2019s proportionate share of these impairment charges . the change in 2015 was also due to an increase in our proportionate share of losses in hulu , llc ( 201chulu 201d ) , which were driven by hulu 2019s higher programming and marketing costs . in 2015 and 2014 , we recognized our pro- portionate share of losses of $ 106 million and $ 20 million , respectively , related to our investment in hulu . the change in equity in net income ( losses ) of investees , net in 2014 was primarily due to $ 142 million of total equity losses recorded in 2013 attributable to our investment in hulu . in july 2013 , we entered into an agreement to provide capital contributions totaling $ 247 million to hulu , which we had previously accounted for as a cost method investment . this represented an agreement to provide our first capital contribution to hulu since we acquired our interest in it as part of our acquisition of a controlling interest in nbcuniversal in 2011 ( the 201cnbcuniversal transaction 201d ) ; therefore , we began to apply the equity method of accounting for this investment . the change in the method of accounting for this investment required us to recognize our propor- tionate share of hulu 2019s accumulated losses from the date of the nbcuniversal transaction through july 2013 . other income ( expense ) , net other income ( expense ) , net for 2015 included gains of $ 335 million on the sales of a business and an invest- ment , $ 240 million recorded on the settlement of a contingent consideration liability with general electric company ( 201cge 201d ) related to the acquisition of nbcuniversal , and $ 43 million related to an equity method investment . these gains were partially offset by $ 236 million of expenses related to fair value adjustments to a contractual obligation . see note 11 to comcast 2019s consolidated financial statements for additional information on this contractual obligation . other income ( expense ) , net for 2014 included a $ 27 million favorable settlement of a contingency related to the at&t broadband transaction in 2002 , which was more than offset by $ 208 million of expenses related to 61 comcast 2015 annual report on form 10-k .

2,015

64

CMCSA

Comcast

Communication Services

Cable & Satellite

Philadelphia, Pennsylvania

2002-11-19

1,166,691

1963

what would the investment income ( loss ) have been in 2014 without the gain from the sale of the investment in clearwire corporation in 2013?

-147

subtract(296, 443)

consolidated other income ( expense ) items , net .

interest expense interest expense increased in 2015 primarily due to an increase in our debt outstanding and $ 47 million of additional interest expense associated with the early redemption in june 2015 of our $ 750 million aggregate principal amount of 5.85% ( 5.85 % ) senior notes due november 2015 and our $ 1.0 billion aggregate principal amount of 5.90% ( 5.90 % ) senior notes due march 2016 . interest expense increased in 2014 primarily due to the effect of our interest rate derivative financial instruments . investment income ( loss ) , net the change in investment income ( loss ) , net in 2015 was primarily due to a $ 154 million gain related to the sale of our shares of arris group common stock in 2014 . the change in investment income ( loss ) , net in 2014 was primarily due to a $ 443 million gain related to the sale of our investment in clearwire corporation in 2013 . the components of investment income ( loss ) , net are presented in a table in note 7 to comcast 2019s consolidated financial statements . equity in net income ( losses ) of investees , net the change in equity in net income ( losses ) of investees , net in 2015 was primarily due to twcc holding corp . ( 201cthe weather channel 201d ) recording impairment charges related to goodwill . we recorded expenses of $ 333 million in 2015 that represent nbcuniversal 2019s proportionate share of these impairment charges . the change in 2015 was also due to an increase in our proportionate share of losses in hulu , llc ( 201chulu 201d ) , which were driven by hulu 2019s higher programming and marketing costs . in 2015 and 2014 , we recognized our pro- portionate share of losses of $ 106 million and $ 20 million , respectively , related to our investment in hulu . the change in equity in net income ( losses ) of investees , net in 2014 was primarily due to $ 142 million of total equity losses recorded in 2013 attributable to our investment in hulu . in july 2013 , we entered into an agreement to provide capital contributions totaling $ 247 million to hulu , which we had previously accounted for as a cost method investment . this represented an agreement to provide our first capital contribution to hulu since we acquired our interest in it as part of our acquisition of a controlling interest in nbcuniversal in 2011 ( the 201cnbcuniversal transaction 201d ) ; therefore , we began to apply the equity method of accounting for this investment . the change in the method of accounting for this investment required us to recognize our propor- tionate share of hulu 2019s accumulated losses from the date of the nbcuniversal transaction through july 2013 . other income ( expense ) , net other income ( expense ) , net for 2015 included gains of $ 335 million on the sales of a business and an invest- ment , $ 240 million recorded on the settlement of a contingent consideration liability with general electric company ( 201cge 201d ) related to the acquisition of nbcuniversal , and $ 43 million related to an equity method investment . these gains were partially offset by $ 236 million of expenses related to fair value adjustments to a contractual obligation . see note 11 to comcast 2019s consolidated financial statements for additional information on this contractual obligation . other income ( expense ) , net for 2014 included a $ 27 million favorable settlement of a contingency related to the at&t broadband transaction in 2002 , which was more than offset by $ 208 million of expenses related to 61 comcast 2015 annual report on form 10-k .

| | year ended december 31 ( in millions ) | 2015 | 2014 | 2013 | |---:|:-------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | interest expense | $ -2702 ( 2702 ) | $ -2617 ( 2617 ) | $ -2574 ( 2574 ) | | 1 | investment income ( loss ) net | 81 | 296 | 576 | | 2 | equity in net income ( losses ) of investees net | -325 ( 325 ) | 97 | -86 ( 86 ) | | 3 | other income ( expense ) net | 320 | -215 ( 215 ) | -364 ( 364 ) | | 4 | total | $ -2626 ( 2626 ) | $ -2439 ( 2439 ) | $ -2448 ( 2448 ) |

consolidated other income ( expense ) items , net ._| | year ended december 31 ( in millions ) | 2015 | 2014 | 2013 | |---:|:-------------------------------------------------|:-----------------|:-----------------|:-----------------| | 0 | interest expense | $ -2702 ( 2702 ) | $ -2617 ( 2617 ) | $ -2574 ( 2574 ) | | 1 | investment income ( loss ) net | 81 | 296 | 576 | | 2 | equity in net income ( losses ) of investees net | -325 ( 325 ) | 97 | -86 ( 86 ) | | 3 | other income ( expense ) net | 320 | -215 ( 215 ) | -364 ( 364 ) | | 4 | total | $ -2626 ( 2626 ) | $ -2439 ( 2439 ) | $ -2448 ( 2448 ) |_interest expense interest expense increased in 2015 primarily due to an increase in our debt outstanding and $ 47 million of additional interest expense associated with the early redemption in june 2015 of our $ 750 million aggregate principal amount of 5.85% ( 5.85 % ) senior notes due november 2015 and our $ 1.0 billion aggregate principal amount of 5.90% ( 5.90 % ) senior notes due march 2016 . interest expense increased in 2014 primarily due to the effect of our interest rate derivative financial instruments . investment income ( loss ) , net the change in investment income ( loss ) , net in 2015 was primarily due to a $ 154 million gain related to the sale of our shares of arris group common stock in 2014 . the change in investment income ( loss ) , net in 2014 was primarily due to a $ 443 million gain related to the sale of our investment in clearwire corporation in 2013 . the components of investment income ( loss ) , net are presented in a table in note 7 to comcast 2019s consolidated financial statements . equity in net income ( losses ) of investees , net the change in equity in net income ( losses ) of investees , net in 2015 was primarily due to twcc holding corp . ( 201cthe weather channel 201d ) recording impairment charges related to goodwill . we recorded expenses of $ 333 million in 2015 that represent nbcuniversal 2019s proportionate share of these impairment charges . the change in 2015 was also due to an increase in our proportionate share of losses in hulu , llc ( 201chulu 201d ) , which were driven by hulu 2019s higher programming and marketing costs . in 2015 and 2014 , we recognized our pro- portionate share of losses of $ 106 million and $ 20 million , respectively , related to our investment in hulu . the change in equity in net income ( losses ) of investees , net in 2014 was primarily due to $ 142 million of total equity losses recorded in 2013 attributable to our investment in hulu . in july 2013 , we entered into an agreement to provide capital contributions totaling $ 247 million to hulu , which we had previously accounted for as a cost method investment . this represented an agreement to provide our first capital contribution to hulu since we acquired our interest in it as part of our acquisition of a controlling interest in nbcuniversal in 2011 ( the 201cnbcuniversal transaction 201d ) ; therefore , we began to apply the equity method of accounting for this investment . the change in the method of accounting for this investment required us to recognize our propor- tionate share of hulu 2019s accumulated losses from the date of the nbcuniversal transaction through july 2013 . other income ( expense ) , net other income ( expense ) , net for 2015 included gains of $ 335 million on the sales of a business and an invest- ment , $ 240 million recorded on the settlement of a contingent consideration liability with general electric company ( 201cge 201d ) related to the acquisition of nbcuniversal , and $ 43 million related to an equity method investment . these gains were partially offset by $ 236 million of expenses related to fair value adjustments to a contractual obligation . see note 11 to comcast 2019s consolidated financial statements for additional information on this contractual obligation . other income ( expense ) , net for 2014 included a $ 27 million favorable settlement of a contingency related to the at&t broadband transaction in 2002 , which was more than offset by $ 208 million of expenses related to 61 comcast 2015 annual report on form 10-k .

2,015

64

CMCSA

Comcast

Communication Services

Cable & Satellite

Philadelphia, Pennsylvania

2002-11-19

1,166,691

1963

null

finqa647

as of december 312012 what was the outstanding amount of share repurchase authorized in billions?

0.88

subtract(const_8, 7.12)

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

as of december 312012 what was the outstanding amount of share repurchase authorized in billions?

0.88

subtract(const_8, 7.12)

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

finqa648

was the change in net revenue from changes in transmission revenue more significant than the change due to the retail electric price change?

yes

greater(7.0, 5.4)

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

was the change in net revenue from changes in transmission revenue more significant than the change due to the retail electric price change?

yes

greater(7.0, 5.4)

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

finqa649

what was the change in millions of weighted average common shares outstanding for diluted computations from 2015 to 2016?

-11.6

subtract(303.1, 314.7)

of prior service cost or credits , and net actuarial gains or losses ) as part of non-operating income . we adopted the requirements of asu no . 2017-07 on january 1 , 2018 using the retrospective transition method . we expect the adoption of asu no . 2017-07 to result in an increase to consolidated operating profit of $ 471 million and $ 846 million for 2016 and 2017 , respectively , and a corresponding decrease in non-operating income for each year . we do not expect any impact to our business segment operating profit , our consolidated net earnings , or cash flows as a result of adopting asu no . 2017-07 . intangibles-goodwill and other in january 2017 , the fasb issued asu no . 2017-04 , intangibles-goodwill and other ( topic 350 ) , which eliminates the requirement to compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill ( commonly referred to as step 2 ) from the goodwill impairment test . the new standard does not change how a goodwill impairment is identified . wewill continue to perform our quantitative and qualitative goodwill impairment test by comparing the fair value of each reporting unit to its carrying amount , but if we are required to recognize a goodwill impairment charge , under the new standard the amount of the charge will be calculated by subtracting the reporting unit 2019s fair value from its carrying amount . under the prior standard , if we were required to recognize a goodwill impairment charge , step 2 required us to calculate the implied value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination and the amount of the charge was calculated by subtracting the reporting unit 2019s implied fair value of goodwill from its actual goodwill balance . the new standard is effective for interim and annual reporting periods beginning after december 15 , 2019 , with early adoption permitted , and should be applied prospectively from the date of adoption . we elected to adopt the new standard for future goodwill impairment tests at the beginning of the third quarter of 2017 , because it significantly simplifies the evaluation of goodwill for impairment . the impact of the new standard will depend on the outcomes of future goodwill impairment tests . derivatives and hedging inaugust 2017 , the fasb issuedasu no . 2017-12derivatives and hedging ( topic 815 ) , which eliminates the requirement to separately measure and report hedge ineffectiveness . the guidance is effective for fiscal years beginning after december 15 , 2018 , with early adoption permitted . we do not expect a significant impact to our consolidated assets and liabilities , net earnings , or cash flows as a result of adopting this new standard . we plan to adopt the new standard january 1 , 2019 . leases in february 2016 , the fasb issuedasu no . 2016-02 , leases ( topic 842 ) , which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors . the new standard is effective january 1 , 2019 for public companies , with early adoption permitted . the new standard currently requires the application of a modified retrospective approach to the beginning of the earliest period presented in the financial statements . we are continuing to evaluate the expected impact to our consolidated financial statements and related disclosures . we plan to adopt the new standard effective january 1 , 2019 . note 2 2013 earnings per share theweighted average number of shares outstanding used to compute earnings per common sharewere as follows ( in millions ) : .

we compute basic and diluted earnings per common share by dividing net earnings by the respectiveweighted average number of common shares outstanding for the periods presented . our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method . there were no significant anti-dilutive equity awards for the years ended december 31 , 2017 , 2016 and 2015 . note 3 2013 acquisitions and divestitures acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries . the purchase price of the acquisition was $ 9.0 billion , net of cash acquired . as a result of the acquisition .

| | | 2017 | 2016 | 2015 | |---:|:--------------------------------------------------------------------|-------:|-------:|-------:| | 0 | weighted average common shares outstanding for basic computations | 287.8 | 299.3 | 310.3 | | 1 | weighted average dilutive effect of equity awards | 2.8 | 3.8 | 4.4 | | 2 | weighted average common shares outstanding for diluted computations | 290.6 | 303.1 | 314.7 |

of prior service cost or credits , and net actuarial gains or losses ) as part of non-operating income . we adopted the requirements of asu no . 2017-07 on january 1 , 2018 using the retrospective transition method . we expect the adoption of asu no . 2017-07 to result in an increase to consolidated operating profit of $ 471 million and $ 846 million for 2016 and 2017 , respectively , and a corresponding decrease in non-operating income for each year . we do not expect any impact to our business segment operating profit , our consolidated net earnings , or cash flows as a result of adopting asu no . 2017-07 . intangibles-goodwill and other in january 2017 , the fasb issued asu no . 2017-04 , intangibles-goodwill and other ( topic 350 ) , which eliminates the requirement to compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill ( commonly referred to as step 2 ) from the goodwill impairment test . the new standard does not change how a goodwill impairment is identified . wewill continue to perform our quantitative and qualitative goodwill impairment test by comparing the fair value of each reporting unit to its carrying amount , but if we are required to recognize a goodwill impairment charge , under the new standard the amount of the charge will be calculated by subtracting the reporting unit 2019s fair value from its carrying amount . under the prior standard , if we were required to recognize a goodwill impairment charge , step 2 required us to calculate the implied value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination and the amount of the charge was calculated by subtracting the reporting unit 2019s implied fair value of goodwill from its actual goodwill balance . the new standard is effective for interim and annual reporting periods beginning after december 15 , 2019 , with early adoption permitted , and should be applied prospectively from the date of adoption . we elected to adopt the new standard for future goodwill impairment tests at the beginning of the third quarter of 2017 , because it significantly simplifies the evaluation of goodwill for impairment . the impact of the new standard will depend on the outcomes of future goodwill impairment tests . derivatives and hedging inaugust 2017 , the fasb issuedasu no . 2017-12derivatives and hedging ( topic 815 ) , which eliminates the requirement to separately measure and report hedge ineffectiveness . the guidance is effective for fiscal years beginning after december 15 , 2018 , with early adoption permitted . we do not expect a significant impact to our consolidated assets and liabilities , net earnings , or cash flows as a result of adopting this new standard . we plan to adopt the new standard january 1 , 2019 . leases in february 2016 , the fasb issuedasu no . 2016-02 , leases ( topic 842 ) , which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors . the new standard is effective january 1 , 2019 for public companies , with early adoption permitted . the new standard currently requires the application of a modified retrospective approach to the beginning of the earliest period presented in the financial statements . we are continuing to evaluate the expected impact to our consolidated financial statements and related disclosures . we plan to adopt the new standard effective january 1 , 2019 . note 2 2013 earnings per share theweighted average number of shares outstanding used to compute earnings per common sharewere as follows ( in millions ) : ._| | | 2017 | 2016 | 2015 | |---:|:--------------------------------------------------------------------|-------:|-------:|-------:| | 0 | weighted average common shares outstanding for basic computations | 287.8 | 299.3 | 310.3 | | 1 | weighted average dilutive effect of equity awards | 2.8 | 3.8 | 4.4 | | 2 | weighted average common shares outstanding for diluted computations | 290.6 | 303.1 | 314.7 |_we compute basic and diluted earnings per common share by dividing net earnings by the respectiveweighted average number of common shares outstanding for the periods presented . our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method . there were no significant anti-dilutive equity awards for the years ended december 31 , 2017 , 2016 and 2015 . note 3 2013 acquisitions and divestitures acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries . the purchase price of the acquisition was $ 9.0 billion , net of cash acquired . as a result of the acquisition .

2,017

80

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what was the change in millions of weighted average common shares outstanding for diluted computations from 2015 to 2016?

-11.6

subtract(303.1, 314.7)

of prior service cost or credits , and net actuarial gains or losses ) as part of non-operating income . we adopted the requirements of asu no . 2017-07 on january 1 , 2018 using the retrospective transition method . we expect the adoption of asu no . 2017-07 to result in an increase to consolidated operating profit of $ 471 million and $ 846 million for 2016 and 2017 , respectively , and a corresponding decrease in non-operating income for each year . we do not expect any impact to our business segment operating profit , our consolidated net earnings , or cash flows as a result of adopting asu no . 2017-07 . intangibles-goodwill and other in january 2017 , the fasb issued asu no . 2017-04 , intangibles-goodwill and other ( topic 350 ) , which eliminates the requirement to compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill ( commonly referred to as step 2 ) from the goodwill impairment test . the new standard does not change how a goodwill impairment is identified . wewill continue to perform our quantitative and qualitative goodwill impairment test by comparing the fair value of each reporting unit to its carrying amount , but if we are required to recognize a goodwill impairment charge , under the new standard the amount of the charge will be calculated by subtracting the reporting unit 2019s fair value from its carrying amount . under the prior standard , if we were required to recognize a goodwill impairment charge , step 2 required us to calculate the implied value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination and the amount of the charge was calculated by subtracting the reporting unit 2019s implied fair value of goodwill from its actual goodwill balance . the new standard is effective for interim and annual reporting periods beginning after december 15 , 2019 , with early adoption permitted , and should be applied prospectively from the date of adoption . we elected to adopt the new standard for future goodwill impairment tests at the beginning of the third quarter of 2017 , because it significantly simplifies the evaluation of goodwill for impairment . the impact of the new standard will depend on the outcomes of future goodwill impairment tests . derivatives and hedging inaugust 2017 , the fasb issuedasu no . 2017-12derivatives and hedging ( topic 815 ) , which eliminates the requirement to separately measure and report hedge ineffectiveness . the guidance is effective for fiscal years beginning after december 15 , 2018 , with early adoption permitted . we do not expect a significant impact to our consolidated assets and liabilities , net earnings , or cash flows as a result of adopting this new standard . we plan to adopt the new standard january 1 , 2019 . leases in february 2016 , the fasb issuedasu no . 2016-02 , leases ( topic 842 ) , which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors . the new standard is effective january 1 , 2019 for public companies , with early adoption permitted . the new standard currently requires the application of a modified retrospective approach to the beginning of the earliest period presented in the financial statements . we are continuing to evaluate the expected impact to our consolidated financial statements and related disclosures . we plan to adopt the new standard effective january 1 , 2019 . note 2 2013 earnings per share theweighted average number of shares outstanding used to compute earnings per common sharewere as follows ( in millions ) : .

we compute basic and diluted earnings per common share by dividing net earnings by the respectiveweighted average number of common shares outstanding for the periods presented . our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method . there were no significant anti-dilutive equity awards for the years ended december 31 , 2017 , 2016 and 2015 . note 3 2013 acquisitions and divestitures acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries . the purchase price of the acquisition was $ 9.0 billion , net of cash acquired . as a result of the acquisition .

| | | 2017 | 2016 | 2015 | |---:|:--------------------------------------------------------------------|-------:|-------:|-------:| | 0 | weighted average common shares outstanding for basic computations | 287.8 | 299.3 | 310.3 | | 1 | weighted average dilutive effect of equity awards | 2.8 | 3.8 | 4.4 | | 2 | weighted average common shares outstanding for diluted computations | 290.6 | 303.1 | 314.7 |

of prior service cost or credits , and net actuarial gains or losses ) as part of non-operating income . we adopted the requirements of asu no . 2017-07 on january 1 , 2018 using the retrospective transition method . we expect the adoption of asu no . 2017-07 to result in an increase to consolidated operating profit of $ 471 million and $ 846 million for 2016 and 2017 , respectively , and a corresponding decrease in non-operating income for each year . we do not expect any impact to our business segment operating profit , our consolidated net earnings , or cash flows as a result of adopting asu no . 2017-07 . intangibles-goodwill and other in january 2017 , the fasb issued asu no . 2017-04 , intangibles-goodwill and other ( topic 350 ) , which eliminates the requirement to compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill ( commonly referred to as step 2 ) from the goodwill impairment test . the new standard does not change how a goodwill impairment is identified . wewill continue to perform our quantitative and qualitative goodwill impairment test by comparing the fair value of each reporting unit to its carrying amount , but if we are required to recognize a goodwill impairment charge , under the new standard the amount of the charge will be calculated by subtracting the reporting unit 2019s fair value from its carrying amount . under the prior standard , if we were required to recognize a goodwill impairment charge , step 2 required us to calculate the implied value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination and the amount of the charge was calculated by subtracting the reporting unit 2019s implied fair value of goodwill from its actual goodwill balance . the new standard is effective for interim and annual reporting periods beginning after december 15 , 2019 , with early adoption permitted , and should be applied prospectively from the date of adoption . we elected to adopt the new standard for future goodwill impairment tests at the beginning of the third quarter of 2017 , because it significantly simplifies the evaluation of goodwill for impairment . the impact of the new standard will depend on the outcomes of future goodwill impairment tests . derivatives and hedging inaugust 2017 , the fasb issuedasu no . 2017-12derivatives and hedging ( topic 815 ) , which eliminates the requirement to separately measure and report hedge ineffectiveness . the guidance is effective for fiscal years beginning after december 15 , 2018 , with early adoption permitted . we do not expect a significant impact to our consolidated assets and liabilities , net earnings , or cash flows as a result of adopting this new standard . we plan to adopt the new standard january 1 , 2019 . leases in february 2016 , the fasb issuedasu no . 2016-02 , leases ( topic 842 ) , which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors . the new standard is effective january 1 , 2019 for public companies , with early adoption permitted . the new standard currently requires the application of a modified retrospective approach to the beginning of the earliest period presented in the financial statements . we are continuing to evaluate the expected impact to our consolidated financial statements and related disclosures . we plan to adopt the new standard effective january 1 , 2019 . note 2 2013 earnings per share theweighted average number of shares outstanding used to compute earnings per common sharewere as follows ( in millions ) : ._| | | 2017 | 2016 | 2015 | |---:|:--------------------------------------------------------------------|-------:|-------:|-------:| | 0 | weighted average common shares outstanding for basic computations | 287.8 | 299.3 | 310.3 | | 1 | weighted average dilutive effect of equity awards | 2.8 | 3.8 | 4.4 | | 2 | weighted average common shares outstanding for diluted computations | 290.6 | 303.1 | 314.7 |_we compute basic and diluted earnings per common share by dividing net earnings by the respectiveweighted average number of common shares outstanding for the periods presented . our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method . there were no significant anti-dilutive equity awards for the years ended december 31 , 2017 , 2016 and 2015 . note 3 2013 acquisitions and divestitures acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries . the purchase price of the acquisition was $ 9.0 billion , net of cash acquired . as a result of the acquisition .

2,017

80

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa650

what is the percent change in net revenue between 2006 and 2007?

9.7%

divide(subtract(442.3, 403.3), 403.3)

entergy texas , inc . management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas , substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs . other regulatory charges increased primarily due to an increase of $ 6.9 million in the recovery of bond expenses related to the securitization bonds . the recovery became effective july 2007 . see note 5 to the financial statements for additional information regarding the securitization bonds . 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2007 to 2006 . amount ( in millions ) .

the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana . the securitization transition charge variance is due to the issuance of securitization bonds . as discussed above , in june 2007 , egsrf i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds . see note 5 to the financial statements herein for details of the securitization bond issuance . the volume/weather variance is due to increased electricity usage on billed retail sales , including the effects of more favorable weather in 2007 compared to the same period in 2006 . the increase is also due to an increase in usage during the unbilled sales period . retail electricity usage increased a total of 139 gwh in all sectors . see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues . the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006 . the base revenue variance is due to the transition to competition rider that began in march 2006 . refer to note 2 to the financial statements for further discussion of the rate increase . gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues decreased primarily due to a decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds . the decrease was partially offset by the $ 39 million increase in net revenue described above and an increase of $ 44 million in wholesale revenues , including $ 30 million from the system agreement cost equalization payments from entergy arkansas . the receipt of such payments is being .

| | | amount ( in millions ) | |---:|:---------------------------------|:-------------------------| | 0 | 2006 net revenue | $ 403.3 | | 1 | purchased power capacity | 13.1 | | 2 | securitization transition charge | 9.9 | | 3 | volume/weather | 9.7 | | 4 | transmission revenue | 6.1 | | 5 | base revenue | 2.6 | | 6 | other | -2.4 ( 2.4 ) | | 7 | 2007 net revenue | $ 442.3 |

entergy texas , inc . management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas , substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs . other regulatory charges increased primarily due to an increase of $ 6.9 million in the recovery of bond expenses related to the securitization bonds . the recovery became effective july 2007 . see note 5 to the financial statements for additional information regarding the securitization bonds . 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2007 to 2006 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:---------------------------------|:-------------------------| | 0 | 2006 net revenue | $ 403.3 | | 1 | purchased power capacity | 13.1 | | 2 | securitization transition charge | 9.9 | | 3 | volume/weather | 9.7 | | 4 | transmission revenue | 6.1 | | 5 | base revenue | 2.6 | | 6 | other | -2.4 ( 2.4 ) | | 7 | 2007 net revenue | $ 442.3 |_the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana . the securitization transition charge variance is due to the issuance of securitization bonds . as discussed above , in june 2007 , egsrf i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds . see note 5 to the financial statements herein for details of the securitization bond issuance . the volume/weather variance is due to increased electricity usage on billed retail sales , including the effects of more favorable weather in 2007 compared to the same period in 2006 . the increase is also due to an increase in usage during the unbilled sales period . retail electricity usage increased a total of 139 gwh in all sectors . see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues . the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006 . the base revenue variance is due to the transition to competition rider that began in march 2006 . refer to note 2 to the financial statements for further discussion of the rate increase . gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues decreased primarily due to a decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds . the decrease was partially offset by the $ 39 million increase in net revenue described above and an increase of $ 44 million in wholesale revenues , including $ 30 million from the system agreement cost equalization payments from entergy arkansas . the receipt of such payments is being .

2,008

377

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what is the percent change in net revenue between 2006 and 2007?

9.7%

divide(subtract(442.3, 403.3), 403.3)

entergy texas , inc . management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas , substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs . other regulatory charges increased primarily due to an increase of $ 6.9 million in the recovery of bond expenses related to the securitization bonds . the recovery became effective july 2007 . see note 5 to the financial statements for additional information regarding the securitization bonds . 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2007 to 2006 . amount ( in millions ) .

the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana . the securitization transition charge variance is due to the issuance of securitization bonds . as discussed above , in june 2007 , egsrf i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds . see note 5 to the financial statements herein for details of the securitization bond issuance . the volume/weather variance is due to increased electricity usage on billed retail sales , including the effects of more favorable weather in 2007 compared to the same period in 2006 . the increase is also due to an increase in usage during the unbilled sales period . retail electricity usage increased a total of 139 gwh in all sectors . see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues . the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006 . the base revenue variance is due to the transition to competition rider that began in march 2006 . refer to note 2 to the financial statements for further discussion of the rate increase . gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues decreased primarily due to a decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds . the decrease was partially offset by the $ 39 million increase in net revenue described above and an increase of $ 44 million in wholesale revenues , including $ 30 million from the system agreement cost equalization payments from entergy arkansas . the receipt of such payments is being .

| | | amount ( in millions ) | |---:|:---------------------------------|:-------------------------| | 0 | 2006 net revenue | $ 403.3 | | 1 | purchased power capacity | 13.1 | | 2 | securitization transition charge | 9.9 | | 3 | volume/weather | 9.7 | | 4 | transmission revenue | 6.1 | | 5 | base revenue | 2.6 | | 6 | other | -2.4 ( 2.4 ) | | 7 | 2007 net revenue | $ 442.3 |

entergy texas , inc . management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas , substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs . other regulatory charges increased primarily due to an increase of $ 6.9 million in the recovery of bond expenses related to the securitization bonds . the recovery became effective july 2007 . see note 5 to the financial statements for additional information regarding the securitization bonds . 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2007 to 2006 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:---------------------------------|:-------------------------| | 0 | 2006 net revenue | $ 403.3 | | 1 | purchased power capacity | 13.1 | | 2 | securitization transition charge | 9.9 | | 3 | volume/weather | 9.7 | | 4 | transmission revenue | 6.1 | | 5 | base revenue | 2.6 | | 6 | other | -2.4 ( 2.4 ) | | 7 | 2007 net revenue | $ 442.3 |_the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana . the securitization transition charge variance is due to the issuance of securitization bonds . as discussed above , in june 2007 , egsrf i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds . see note 5 to the financial statements herein for details of the securitization bond issuance . the volume/weather variance is due to increased electricity usage on billed retail sales , including the effects of more favorable weather in 2007 compared to the same period in 2006 . the increase is also due to an increase in usage during the unbilled sales period . retail electricity usage increased a total of 139 gwh in all sectors . see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues . the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006 . the base revenue variance is due to the transition to competition rider that began in march 2006 . refer to note 2 to the financial statements for further discussion of the rate increase . gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues decreased primarily due to a decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds . the decrease was partially offset by the $ 39 million increase in net revenue described above and an increase of $ 44 million in wholesale revenues , including $ 30 million from the system agreement cost equalization payments from entergy arkansas . the receipt of such payments is being .

2,008

377

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa651

what percentage of total market risk for positions , accounted for at fair value , that are not included in var is comprised of equity in 2016?

55%

divide(2085, 3787)

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

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

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

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

2,017

106

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

what percentage of total market risk for positions , accounted for at fair value , that are not included in var is comprised of equity in 2016?

55%

divide(2085, 3787)

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

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

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

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

2,017

106

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

null

finqa652

at december 31 , 2017 under the 2010 employee plan what was the percent of shares that had been granted

36.2%

subtract(4000000, 2553473)

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

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

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

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

2,017

159

RE

Everest Re Group, Ltd.

Financials

Reinsurance

Hamilton, Bermuda

2010-01-01

1,095,073

1973

at december 31 , 2017 under the 2010 employee plan what was the percent of shares that had been granted

36.2%

subtract(4000000, 2553473)

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

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

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

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

2,017

159

RE

Everest Re Group, Ltd.

Financials

Reinsurance

Hamilton, Bermuda

2010-01-01

1,095,073

1973

null

finqa653

what is the percentage increase in the net cash provided by operating activities in 2010 compare to 2009?

11.8%

divide(374, 3173)

( in millions ) 2010 2009 2008 .

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

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

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

2,010

42

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what is the percentage increase in the net cash provided by operating activities in 2010 compare to 2009?

11.8%

divide(374, 3173)

( in millions ) 2010 2009 2008 .

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

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

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

2,010

42

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa654

what percentage of the company's receivable balances in puerto rico as of december 31 , 2017 was past due?

62%

divide(53, 86)

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

.

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

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

2,017

175

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

what percentage of the company's receivable balances in puerto rico as of december 31 , 2017 was past due?

62%

divide(53, 86)

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

.

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

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

2,017

175

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

null

finqa655

what portion of the equity compensation plan approved by security holders is to be issued upon the exercise of options warrants and rights?

9.9%

divide(448859, add(448859, 4087587))

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

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

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

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

2,017

124

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

what portion of the equity compensation plan approved by security holders is to be issued upon the exercise of options warrants and rights?

9.9%

divide(448859, add(448859, 4087587))

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

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

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

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

2,017

124

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

null

finqa656

what portion of the minimum total assets available for default is related to assessment powers?

72.7%

divide(7973.6, 10973.1)

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

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

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

2,012

70

CME

CME Group

Financials

Financial Exchanges & Data

Chicago, Illinois

2006-08-11

1,156,375

1848

what portion of the minimum total assets available for default is related to assessment powers?

72.7%

divide(7973.6, 10973.1)

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

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

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

2,012

70

CME

CME Group

Financials

Financial Exchanges & Data

Chicago, Illinois

2006-08-11

1,156,375

1848

null

finqa657

what are the nuclear fuel expenses as a percentage of 2016 net revenue?

4.41%

divide(68, 1542)

amortized over a nine-year period beginning december 2015 . see note 2 to the financial statements for further discussion of the business combination and customer credits . the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage , partially offset by the effect of less favorable weather on residential sales . the increase in industrial usage is primarily due to expansion projects , primarily in the chemicals industry , and increased demand from new customers , primarily in the industrial gases industry . the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc . the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike . see note 3 to the financial statements for additional discussion of the settlement and benefit sharing . included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding . a0 see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding . entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) .

as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices and lower capacity prices , the amortization of the palisades below- market ppa , and vermont yankee capacity revenue . the effect of the amortization of the palisades below- market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal ; 2022 the sale of the rhode island state energy center in december 2015 . see note 14 to the financial statements for further discussion of the rhode island state energy center sale ; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015 . see 201cnuclear matters - indian point 201d below for discussion of the extended indian point 2 outage in the second quarter entergy corporation and subsidiaries management 2019s financial discussion and analysis .

| | | amount ( in millions ) | |---:|:------------------------------------|:-------------------------| | 0 | 2015 net revenue | $ 1666 | | 1 | nuclear realized price changes | -149 ( 149 ) | | 2 | rhode island state energy center | -44 ( 44 ) | | 3 | nuclear volume | -36 ( 36 ) | | 4 | fitzpatrick reimbursement agreement | 41 | | 5 | nuclear fuel expenses | 68 | | 6 | other | -4 ( 4 ) | | 7 | 2016 net revenue | $ 1542 |

amortized over a nine-year period beginning december 2015 . see note 2 to the financial statements for further discussion of the business combination and customer credits . the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage , partially offset by the effect of less favorable weather on residential sales . the increase in industrial usage is primarily due to expansion projects , primarily in the chemicals industry , and increased demand from new customers , primarily in the industrial gases industry . the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc . the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike . see note 3 to the financial statements for additional discussion of the settlement and benefit sharing . included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding . a0 see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding . entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:------------------------------------|:-------------------------| | 0 | 2015 net revenue | $ 1666 | | 1 | nuclear realized price changes | -149 ( 149 ) | | 2 | rhode island state energy center | -44 ( 44 ) | | 3 | nuclear volume | -36 ( 36 ) | | 4 | fitzpatrick reimbursement agreement | 41 | | 5 | nuclear fuel expenses | 68 | | 6 | other | -4 ( 4 ) | | 7 | 2016 net revenue | $ 1542 |_as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices and lower capacity prices , the amortization of the palisades below- market ppa , and vermont yankee capacity revenue . the effect of the amortization of the palisades below- market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal ; 2022 the sale of the rhode island state energy center in december 2015 . see note 14 to the financial statements for further discussion of the rhode island state energy center sale ; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015 . see 201cnuclear matters - indian point 201d below for discussion of the extended indian point 2 outage in the second quarter entergy corporation and subsidiaries management 2019s financial discussion and analysis .

2,017

26

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what are the nuclear fuel expenses as a percentage of 2016 net revenue?

4.41%

divide(68, 1542)

amortized over a nine-year period beginning december 2015 . see note 2 to the financial statements for further discussion of the business combination and customer credits . the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage , partially offset by the effect of less favorable weather on residential sales . the increase in industrial usage is primarily due to expansion projects , primarily in the chemicals industry , and increased demand from new customers , primarily in the industrial gases industry . the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc . the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike . see note 3 to the financial statements for additional discussion of the settlement and benefit sharing . included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding . a0 see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding . entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) .

as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices and lower capacity prices , the amortization of the palisades below- market ppa , and vermont yankee capacity revenue . the effect of the amortization of the palisades below- market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal ; 2022 the sale of the rhode island state energy center in december 2015 . see note 14 to the financial statements for further discussion of the rhode island state energy center sale ; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015 . see 201cnuclear matters - indian point 201d below for discussion of the extended indian point 2 outage in the second quarter entergy corporation and subsidiaries management 2019s financial discussion and analysis .

| | | amount ( in millions ) | |---:|:------------------------------------|:-------------------------| | 0 | 2015 net revenue | $ 1666 | | 1 | nuclear realized price changes | -149 ( 149 ) | | 2 | rhode island state energy center | -44 ( 44 ) | | 3 | nuclear volume | -36 ( 36 ) | | 4 | fitzpatrick reimbursement agreement | 41 | | 5 | nuclear fuel expenses | 68 | | 6 | other | -4 ( 4 ) | | 7 | 2016 net revenue | $ 1542 |

amortized over a nine-year period beginning december 2015 . see note 2 to the financial statements for further discussion of the business combination and customer credits . the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage , partially offset by the effect of less favorable weather on residential sales . the increase in industrial usage is primarily due to expansion projects , primarily in the chemicals industry , and increased demand from new customers , primarily in the industrial gases industry . the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc . the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike . see note 3 to the financial statements for additional discussion of the settlement and benefit sharing . included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding . a0 see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding . entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:------------------------------------|:-------------------------| | 0 | 2015 net revenue | $ 1666 | | 1 | nuclear realized price changes | -149 ( 149 ) | | 2 | rhode island state energy center | -44 ( 44 ) | | 3 | nuclear volume | -36 ( 36 ) | | 4 | fitzpatrick reimbursement agreement | 41 | | 5 | nuclear fuel expenses | 68 | | 6 | other | -4 ( 4 ) | | 7 | 2016 net revenue | $ 1542 |_as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices and lower capacity prices , the amortization of the palisades below- market ppa , and vermont yankee capacity revenue . the effect of the amortization of the palisades below- market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal ; 2022 the sale of the rhode island state energy center in december 2015 . see note 14 to the financial statements for further discussion of the rhode island state energy center sale ; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015 . see 201cnuclear matters - indian point 201d below for discussion of the extended indian point 2 outage in the second quarter entergy corporation and subsidiaries management 2019s financial discussion and analysis .

2,017

26

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa658

what was the difference in percentage cumulative 5-year total stockholder return for cadence design systems inc . compared to the nasdaq composite for the five years ended 12/29/2012?

-31.86

subtract(subtract(78.92, const_100), subtract(110.78, const_100))

stockholder return performance graphs the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index . the graph assumes that the value of the investment in our common stock and in each index ( including reinvestment of dividends ) was $ 100 on december 29 , 2007 and tracks it through december 29 , 2012 . comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc . nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$ 100 invested on 12/29/07 in stock or 12/31/07 in index , including reinvestment of dividends . indexes calculated on month-end basis . copyright a9 2013 s&p , a division of the mcgraw-hill companies inc . all rights reserved. .

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

| | | 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012 | |---:|:-------------------------------|-------------:|-----------:|-----------:|-----------:|-------------:|-------------:| | 0 | cadence design systems inc . | 100 | 22.55 | 35.17 | 48.5 | 61.07 | 78.92 | | 1 | nasdaq composite | 100 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78 | | 2 | s&p 400 information technology | 100 | 54.6 | 82.76 | 108.11 | 95.48 | 109.88 |

stockholder return performance graphs the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index . the graph assumes that the value of the investment in our common stock and in each index ( including reinvestment of dividends ) was $ 100 on december 29 , 2007 and tracks it through december 29 , 2012 . comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc . nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$ 100 invested on 12/29/07 in stock or 12/31/07 in index , including reinvestment of dividends . indexes calculated on month-end basis . copyright a9 2013 s&p , a division of the mcgraw-hill companies inc . all rights reserved. ._| | | 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012 | |---:|:-------------------------------|-------------:|-----------:|-----------:|-----------:|-------------:|-------------:| | 0 | cadence design systems inc . | 100 | 22.55 | 35.17 | 48.5 | 61.07 | 78.92 | | 1 | nasdaq composite | 100 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78 | | 2 | s&p 400 information technology | 100 | 54.6 | 82.76 | 108.11 | 95.48 | 109.88 |_the stock price performance included in this graph is not necessarily indicative of future stock price performance .

2,012

30

CDNS

Cadence Design Systems

Information Technology

Application Software

San Jose, California

2017-09-18

813,672

1988

what was the difference in percentage cumulative 5-year total stockholder return for cadence design systems inc . compared to the nasdaq composite for the five years ended 12/29/2012?

-31.86

subtract(subtract(78.92, const_100), subtract(110.78, const_100))

stockholder return performance graphs the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index . the graph assumes that the value of the investment in our common stock and in each index ( including reinvestment of dividends ) was $ 100 on december 29 , 2007 and tracks it through december 29 , 2012 . comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc . nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$ 100 invested on 12/29/07 in stock or 12/31/07 in index , including reinvestment of dividends . indexes calculated on month-end basis . copyright a9 2013 s&p , a division of the mcgraw-hill companies inc . all rights reserved. .

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

| | | 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012 | |---:|:-------------------------------|-------------:|-----------:|-----------:|-----------:|-------------:|-------------:| | 0 | cadence design systems inc . | 100 | 22.55 | 35.17 | 48.5 | 61.07 | 78.92 | | 1 | nasdaq composite | 100 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78 | | 2 | s&p 400 information technology | 100 | 54.6 | 82.76 | 108.11 | 95.48 | 109.88 |

stockholder return performance graphs the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index . the graph assumes that the value of the investment in our common stock and in each index ( including reinvestment of dividends ) was $ 100 on december 29 , 2007 and tracks it through december 29 , 2012 . comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc . nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$ 100 invested on 12/29/07 in stock or 12/31/07 in index , including reinvestment of dividends . indexes calculated on month-end basis . copyright a9 2013 s&p , a division of the mcgraw-hill companies inc . all rights reserved. ._| | | 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012 | |---:|:-------------------------------|-------------:|-----------:|-----------:|-----------:|-------------:|-------------:| | 0 | cadence design systems inc . | 100 | 22.55 | 35.17 | 48.5 | 61.07 | 78.92 | | 1 | nasdaq composite | 100 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78 | | 2 | s&p 400 information technology | 100 | 54.6 | 82.76 | 108.11 | 95.48 | 109.88 |_the stock price performance included in this graph is not necessarily indicative of future stock price performance .

2,012

30

CDNS

Cadence Design Systems

Information Technology

Application Software

San Jose, California

2017-09-18

813,672

1988

null

finqa659

what percentage of total future minimum operating lease payments for leases with remaining terms greater than one year are due in 2010?

14%

divide(35269, 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 ) : .

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 percentage of total future minimum operating lease payments for leases with remaining terms greater than one year are due in 2010?

14%

divide(35269, 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 ) : .

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

finqa660

what is the average number of common stock shares per register holder as of february 13 , 2009?

795786.9

divide(397097677, 499)

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 average number of common stock shares per register holder as of february 13 , 2009?

795786.9

divide(397097677, 499)

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

finqa661

what was the change in weighted-average shares for diluted eps from 2016 to 2017 , in millions?

2

subtract(1553, 1551)

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

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

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

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

2,017

99

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

what was the change in weighted-average shares for diluted eps from 2016 to 2017 , in millions?

2

subtract(1553, 1551)

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

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

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

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

2,017

99

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

null

finqa662

how much of an increase , in millions , to the pension expenses did the three changes in assumption cause?

43

add(add(23, 18), 2)

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

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

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

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

2,011

78

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

how much of an increase , in millions , to the pension expenses did the three changes in assumption cause?

43

add(add(23, 18), 2)

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

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

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

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

2,011

78

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

null

finqa663

if there were a 200bp rise in rates , how much more would the impact be on earnings in 2009 vs . 2008?

1930

subtract(336, -1594)

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

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

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

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

2,009

133

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

if there were a 200bp rise in rates , how much more would the impact be on earnings in 2009 vs . 2008?

1930

subtract(336, -1594)

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

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

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

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

2,009

133

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa664

what was the percentage change in the rental expense under operating leases from 2004 to 2005

1.9%

divide(subtract(324, 318), 318)

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

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

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

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

2,006

90

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what was the percentage change in the rental expense under operating leases from 2004 to 2005

1.9%

divide(subtract(324, 318), 318)

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

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

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

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

2,006

90

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa665

in 2005 what was the percentage of the federal nol set to expire between 2016 to 2020

18.4%

divide(397691, 2157503)

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

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

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

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

2,005

105

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

in 2005 what was the percentage of the federal nol set to expire between 2016 to 2020

18.4%

divide(397691, 2157503)

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

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

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

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

2,005

105

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

null

finqa666

in 2012 what was the percent of the total second generation capital expenditures by reportable operating segment that was office related

47.1%

divide(30092, 63884)

annual report 2013 duke realty corporation 37 in addition to the capitalization of overhead costs discussed above , we also capitalized $ 16.8 million , $ 9.4 million and $ 4.3 million of interest costs in the years ended december 31 , 2013 , 2012 and 2011 , respectively . the following table summarizes our second generation capital expenditures by reportable operating segment ( in thousands ) : .

both our first and second generation expenditures vary significantly between leases on a per square foot basis , dependent upon several factors including the product type , the nature of a tenant's operations , the specific physical characteristics of each individual property as well as the market in which the property is located . second generation expenditures related to the 79 suburban office buildings that were sold in the blackstone office disposition totaled $ 26.2 million in 2011 . dividends and distributions we are required to meet the distribution requirements of the internal revenue code of 1986 , as amended ( the "code" ) , in order to maintain our reit status . we paid dividends of $ 0.68 per common share for each of the years ended december 31 , 2013 , 2012 and 2011 . we expect to continue to distribute at least an amount equal to our taxable earnings , to meet the requirements to maintain our reit status , and additional amounts as determined by our board of directors . distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant . at december 31 , 2013 we had three series of preferred stock outstanding . the annual dividend rates on our preferred shares range between 6.5% ( 6.5 % ) and 6.625% ( 6.625 % ) and are paid quarterly in arrears . in february 2013 , we redeemed all of our outstanding series o shares for a total payment of $ 178.0 million , thus reducing our future quarterly dividend commitments by $ 3.7 million . in march 2012 , we redeemed all of our 6.950% ( 6.950 % ) series m cumulative redeemable preferred shares ( "series m shares" ) for a total payment of $ 168.3 million , thus reducing our future quarterly dividend commitments by $ 2.9 million . in july 2011 , we redeemed all of our 7.25% ( 7.25 % ) series n cumulative redeemable preferred shares ( "series n shares" ) for a total payment of $ 108.6 million , thus reducing our future quarterly dividend commitments by $ 2.0 million . debt maturities debt outstanding at december 31 , 2013 had a face value totaling $ 4.3 billion with a weighted average interest rate of 5.49% ( 5.49 % ) and with maturity dates ranging between 2014 and 2028 . of this total amount , we had $ 3.1 billion of unsecured debt , $ 1.1 billion of secured debt and $ 88.0 million outstanding on the drlp unsecured line of credit at december 31 , 2013 . we made scheduled and unscheduled principal payments of $ 1.0 billion on outstanding debt during the year ended december 31 , 2013. .

| | | 2013 | 2012 | 2011 | |---:|:------------------------------------------|:--------|:--------|:--------| | 0 | industrial | $ 41971 | $ 33095 | $ 34872 | | 1 | office | 46600 | 30092 | 63933 | | 2 | medical office | 3106 | 641 | 410 | | 3 | non-reportable rental operations segments | 121 | 56 | 49 | | 4 | total | $ 91798 | $ 63884 | $ 99264 |

annual report 2013 duke realty corporation 37 in addition to the capitalization of overhead costs discussed above , we also capitalized $ 16.8 million , $ 9.4 million and $ 4.3 million of interest costs in the years ended december 31 , 2013 , 2012 and 2011 , respectively . the following table summarizes our second generation capital expenditures by reportable operating segment ( in thousands ) : ._| | | 2013 | 2012 | 2011 | |---:|:------------------------------------------|:--------|:--------|:--------| | 0 | industrial | $ 41971 | $ 33095 | $ 34872 | | 1 | office | 46600 | 30092 | 63933 | | 2 | medical office | 3106 | 641 | 410 | | 3 | non-reportable rental operations segments | 121 | 56 | 49 | | 4 | total | $ 91798 | $ 63884 | $ 99264 |_both our first and second generation expenditures vary significantly between leases on a per square foot basis , dependent upon several factors including the product type , the nature of a tenant's operations , the specific physical characteristics of each individual property as well as the market in which the property is located . second generation expenditures related to the 79 suburban office buildings that were sold in the blackstone office disposition totaled $ 26.2 million in 2011 . dividends and distributions we are required to meet the distribution requirements of the internal revenue code of 1986 , as amended ( the "code" ) , in order to maintain our reit status . we paid dividends of $ 0.68 per common share for each of the years ended december 31 , 2013 , 2012 and 2011 . we expect to continue to distribute at least an amount equal to our taxable earnings , to meet the requirements to maintain our reit status , and additional amounts as determined by our board of directors . distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant . at december 31 , 2013 we had three series of preferred stock outstanding . the annual dividend rates on our preferred shares range between 6.5% ( 6.5 % ) and 6.625% ( 6.625 % ) and are paid quarterly in arrears . in february 2013 , we redeemed all of our outstanding series o shares for a total payment of $ 178.0 million , thus reducing our future quarterly dividend commitments by $ 3.7 million . in march 2012 , we redeemed all of our 6.950% ( 6.950 % ) series m cumulative redeemable preferred shares ( "series m shares" ) for a total payment of $ 168.3 million , thus reducing our future quarterly dividend commitments by $ 2.9 million . in july 2011 , we redeemed all of our 7.25% ( 7.25 % ) series n cumulative redeemable preferred shares ( "series n shares" ) for a total payment of $ 108.6 million , thus reducing our future quarterly dividend commitments by $ 2.0 million . debt maturities debt outstanding at december 31 , 2013 had a face value totaling $ 4.3 billion with a weighted average interest rate of 5.49% ( 5.49 % ) and with maturity dates ranging between 2014 and 2028 . of this total amount , we had $ 3.1 billion of unsecured debt , $ 1.1 billion of secured debt and $ 88.0 million outstanding on the drlp unsecured line of credit at december 31 , 2013 . we made scheduled and unscheduled principal payments of $ 1.0 billion on outstanding debt during the year ended december 31 , 2013. .

2,013

39

DRE

Duke Realty Corporation

Real Estate

Industrial REITs

Indianapolis, IN

2004-01-01

783,280

1972

in 2012 what was the percent of the total second generation capital expenditures by reportable operating segment that was office related

47.1%

divide(30092, 63884)

annual report 2013 duke realty corporation 37 in addition to the capitalization of overhead costs discussed above , we also capitalized $ 16.8 million , $ 9.4 million and $ 4.3 million of interest costs in the years ended december 31 , 2013 , 2012 and 2011 , respectively . the following table summarizes our second generation capital expenditures by reportable operating segment ( in thousands ) : .

both our first and second generation expenditures vary significantly between leases on a per square foot basis , dependent upon several factors including the product type , the nature of a tenant's operations , the specific physical characteristics of each individual property as well as the market in which the property is located . second generation expenditures related to the 79 suburban office buildings that were sold in the blackstone office disposition totaled $ 26.2 million in 2011 . dividends and distributions we are required to meet the distribution requirements of the internal revenue code of 1986 , as amended ( the "code" ) , in order to maintain our reit status . we paid dividends of $ 0.68 per common share for each of the years ended december 31 , 2013 , 2012 and 2011 . we expect to continue to distribute at least an amount equal to our taxable earnings , to meet the requirements to maintain our reit status , and additional amounts as determined by our board of directors . distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant . at december 31 , 2013 we had three series of preferred stock outstanding . the annual dividend rates on our preferred shares range between 6.5% ( 6.5 % ) and 6.625% ( 6.625 % ) and are paid quarterly in arrears . in february 2013 , we redeemed all of our outstanding series o shares for a total payment of $ 178.0 million , thus reducing our future quarterly dividend commitments by $ 3.7 million . in march 2012 , we redeemed all of our 6.950% ( 6.950 % ) series m cumulative redeemable preferred shares ( "series m shares" ) for a total payment of $ 168.3 million , thus reducing our future quarterly dividend commitments by $ 2.9 million . in july 2011 , we redeemed all of our 7.25% ( 7.25 % ) series n cumulative redeemable preferred shares ( "series n shares" ) for a total payment of $ 108.6 million , thus reducing our future quarterly dividend commitments by $ 2.0 million . debt maturities debt outstanding at december 31 , 2013 had a face value totaling $ 4.3 billion with a weighted average interest rate of 5.49% ( 5.49 % ) and with maturity dates ranging between 2014 and 2028 . of this total amount , we had $ 3.1 billion of unsecured debt , $ 1.1 billion of secured debt and $ 88.0 million outstanding on the drlp unsecured line of credit at december 31 , 2013 . we made scheduled and unscheduled principal payments of $ 1.0 billion on outstanding debt during the year ended december 31 , 2013. .

| | | 2013 | 2012 | 2011 | |---:|:------------------------------------------|:--------|:--------|:--------| | 0 | industrial | $ 41971 | $ 33095 | $ 34872 | | 1 | office | 46600 | 30092 | 63933 | | 2 | medical office | 3106 | 641 | 410 | | 3 | non-reportable rental operations segments | 121 | 56 | 49 | | 4 | total | $ 91798 | $ 63884 | $ 99264 |

annual report 2013 duke realty corporation 37 in addition to the capitalization of overhead costs discussed above , we also capitalized $ 16.8 million , $ 9.4 million and $ 4.3 million of interest costs in the years ended december 31 , 2013 , 2012 and 2011 , respectively . the following table summarizes our second generation capital expenditures by reportable operating segment ( in thousands ) : ._| | | 2013 | 2012 | 2011 | |---:|:------------------------------------------|:--------|:--------|:--------| | 0 | industrial | $ 41971 | $ 33095 | $ 34872 | | 1 | office | 46600 | 30092 | 63933 | | 2 | medical office | 3106 | 641 | 410 | | 3 | non-reportable rental operations segments | 121 | 56 | 49 | | 4 | total | $ 91798 | $ 63884 | $ 99264 |_both our first and second generation expenditures vary significantly between leases on a per square foot basis , dependent upon several factors including the product type , the nature of a tenant's operations , the specific physical characteristics of each individual property as well as the market in which the property is located . second generation expenditures related to the 79 suburban office buildings that were sold in the blackstone office disposition totaled $ 26.2 million in 2011 . dividends and distributions we are required to meet the distribution requirements of the internal revenue code of 1986 , as amended ( the "code" ) , in order to maintain our reit status . we paid dividends of $ 0.68 per common share for each of the years ended december 31 , 2013 , 2012 and 2011 . we expect to continue to distribute at least an amount equal to our taxable earnings , to meet the requirements to maintain our reit status , and additional amounts as determined by our board of directors . distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant . at december 31 , 2013 we had three series of preferred stock outstanding . the annual dividend rates on our preferred shares range between 6.5% ( 6.5 % ) and 6.625% ( 6.625 % ) and are paid quarterly in arrears . in february 2013 , we redeemed all of our outstanding series o shares for a total payment of $ 178.0 million , thus reducing our future quarterly dividend commitments by $ 3.7 million . in march 2012 , we redeemed all of our 6.950% ( 6.950 % ) series m cumulative redeemable preferred shares ( "series m shares" ) for a total payment of $ 168.3 million , thus reducing our future quarterly dividend commitments by $ 2.9 million . in july 2011 , we redeemed all of our 7.25% ( 7.25 % ) series n cumulative redeemable preferred shares ( "series n shares" ) for a total payment of $ 108.6 million , thus reducing our future quarterly dividend commitments by $ 2.0 million . debt maturities debt outstanding at december 31 , 2013 had a face value totaling $ 4.3 billion with a weighted average interest rate of 5.49% ( 5.49 % ) and with maturity dates ranging between 2014 and 2028 . of this total amount , we had $ 3.1 billion of unsecured debt , $ 1.1 billion of secured debt and $ 88.0 million outstanding on the drlp unsecured line of credit at december 31 , 2013 . we made scheduled and unscheduled principal payments of $ 1.0 billion on outstanding debt during the year ended december 31 , 2013. .

2,013

39

DRE

Duke Realty Corporation

Real Estate

Industrial REITs

Indianapolis, IN

2004-01-01

783,280

1972

null

finqa667

what was the percent of the increase in the aons revenues for risk solutions from 2010 to 2011

6.1%

divide(subtract(6817, 6423), 6423)

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 was the percent of the increase in the aons revenues for risk solutions from 2010 to 2011

6.1%

divide(subtract(6817, 6423), 6423)

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

finqa668

what is the difference in millions of international subscribers between discovery channel and tlc real time and travel & living?

72

subtract(246, 174)

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

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

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

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

2,012

39

DISCA

Discovery, Inc.

Communication Services

Broadcasting

New York, NY

2014-01-01

1,437,107

1985

what is the difference in millions of international subscribers between discovery channel and tlc real time and travel & living?

72

subtract(246, 174)

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

finqa669

what was the difference in operating profit margins as adjusted between 2017 and 2018?

-.6%

subtract(15.1%, 15.7%)

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

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

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

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

2,018

35

MAS

Masco

Industrials

Building Products

Livonia, Michigan

1981-06-30

62,996

1929

what was the difference in operating profit margins as adjusted between 2017 and 2018?

-.6%

subtract(15.1%, 15.7%)

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

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

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

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

2,018

35

MAS

Masco

Industrials

Building Products

Livonia, Michigan

1981-06-30

62,996

1929

null

finqa670

what was the net equity in the assets acquired

2234

subtract(2378, 144)

focusing on strategic shifts that have or will have a major effect on an entity 2019s operations and financial results . in addition , the guidance permits companies to have continuing cash flows and significant continuing involvement with the disposed com- ponent . we adopted the amendments to this guidance on january 1 , 2015 . reclassification certain prior year amounts have been reclassified for compara- bility purposes . 2 . acquisitions and divestitures for the year ended december 31 , 2015 , we paid cash for acqui- sitions , net of cash acquired , totaling $ 2.4 billion . we used the net proceeds of our $ 2.0 billion of senior notes issued in august of 2015 and cash on hand to finance the acquisition of snl . all other acquisitions were funded with cash flows from operations . acquisitions completed during the year ended december 31 , 2015 by segment included : s&p capital iq and snl on september 1 , 2015 ( the 201cacquisition date 201d ) , we acquired snl financial lc ( 201csnl 201d ) for $ 2.225 billion in cash , subject to working capital adjustments . snl 2019s results of operations have been included in our consolidated statements of income subsequent to the acquisition date . snl is a global provider of news , data , and analytical tools to five sectors in the global economy : financial services , real estate , energy , media & communications , and metals & mining . snl delivers infor- mation through its suite of web , mobile and direct data feed platforms that helps clients , including investment and com- mercial banks , investors , corporations , and regulators make decisions , improve efficiency , and manage risk . acquisition-related expenses during the year ended december 31 , 2015 , the company incurred approximately $ 37 million of acquisition-related costs related to the acquisition of snl . these expenses are included in selling and general expenses in our consolidated statements of income . preliminary allocation of purchase price our acquisition of snl was accounted for using the purchase method . under the purchase method , the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles . the goodwill recognized is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition . the intangible assets , excluding goodwill and indefinite-lived intangibles , will be amortized over their anticipated useful lives between 10 and 18 years which will be determined when we finalize our purchase price allocation . the goodwill is expected to be deductible for tax purposes . the following table presents the preliminary allocation of pur- chase price to the assets and liabilities of snl as a result of the acquisition . ( in millions ) .

the company has performed a preliminary valuation analysis of the fair market value of assets and liabilities of the snl financial business . the final purchase price allocation will be determined when the company has completed the detailed valuations and necessary calculations . the final allocation could differ materi- ally from the preliminary allocation . the final allocation may include ( 1 ) changes in fair values of property , plant and equip- ment , ( 2 ) changes in allocations to intangible assets as well as goodwill and ( 3 ) other changes to assets and liabilities . supplemental pro forma information supplemental infor- mation on an unaudited pro forma basis is presented below for the years ended december 31 , 2015 and 2014 as if the acquisi- tion of snl occurred on january 1 , 2014 . the pro forma financial information is presented for comparative purposes only , based on estimates and assumptions , which the company believes to be reasonable but not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been realized had this acquisition been completed at the beginning of 2015 . the unau- dited pro forma information includes intangible asset charges and incremental borrowing costs as a result of the acquisition , mcgraw hill financial 2015 annual report 55 .

| | current assets | $ 23 | |---:|:------------------------------|:-------------| | 0 | property plant and equipment | 19 | | 1 | goodwill | 1563 | | 2 | other intangible assets net: | | | 3 | databases and software | 421 | | 4 | customer relationships | 162 | | 5 | tradenames | 185 | | 6 | other intangibles | 4 | | 7 | other intangible assets net | 772 | | 8 | other non-current assets | 1 | | 9 | total assets acquired | 2378 | | 10 | current liabilities | -23 ( 23 ) | | 11 | unearned revenue | -117 ( 117 ) | | 12 | other non-current liabilities | -4 ( 4 ) | | 13 | total liabilities acquired | -144 ( 144 ) | | 14 | net assets acquired | $ 2234 |

focusing on strategic shifts that have or will have a major effect on an entity 2019s operations and financial results . in addition , the guidance permits companies to have continuing cash flows and significant continuing involvement with the disposed com- ponent . we adopted the amendments to this guidance on january 1 , 2015 . reclassification certain prior year amounts have been reclassified for compara- bility purposes . 2 . acquisitions and divestitures for the year ended december 31 , 2015 , we paid cash for acqui- sitions , net of cash acquired , totaling $ 2.4 billion . we used the net proceeds of our $ 2.0 billion of senior notes issued in august of 2015 and cash on hand to finance the acquisition of snl . all other acquisitions were funded with cash flows from operations . acquisitions completed during the year ended december 31 , 2015 by segment included : s&p capital iq and snl on september 1 , 2015 ( the 201cacquisition date 201d ) , we acquired snl financial lc ( 201csnl 201d ) for $ 2.225 billion in cash , subject to working capital adjustments . snl 2019s results of operations have been included in our consolidated statements of income subsequent to the acquisition date . snl is a global provider of news , data , and analytical tools to five sectors in the global economy : financial services , real estate , energy , media & communications , and metals & mining . snl delivers infor- mation through its suite of web , mobile and direct data feed platforms that helps clients , including investment and com- mercial banks , investors , corporations , and regulators make decisions , improve efficiency , and manage risk . acquisition-related expenses during the year ended december 31 , 2015 , the company incurred approximately $ 37 million of acquisition-related costs related to the acquisition of snl . these expenses are included in selling and general expenses in our consolidated statements of income . preliminary allocation of purchase price our acquisition of snl was accounted for using the purchase method . under the purchase method , the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles . the goodwill recognized is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition . the intangible assets , excluding goodwill and indefinite-lived intangibles , will be amortized over their anticipated useful lives between 10 and 18 years which will be determined when we finalize our purchase price allocation . the goodwill is expected to be deductible for tax purposes . the following table presents the preliminary allocation of pur- chase price to the assets and liabilities of snl as a result of the acquisition . ( in millions ) ._| | current assets | $ 23 | |---:|:------------------------------|:-------------| | 0 | property plant and equipment | 19 | | 1 | goodwill | 1563 | | 2 | other intangible assets net: | | | 3 | databases and software | 421 | | 4 | customer relationships | 162 | | 5 | tradenames | 185 | | 6 | other intangibles | 4 | | 7 | other intangible assets net | 772 | | 8 | other non-current assets | 1 | | 9 | total assets acquired | 2378 | | 10 | current liabilities | -23 ( 23 ) | | 11 | unearned revenue | -117 ( 117 ) | | 12 | other non-current liabilities | -4 ( 4 ) | | 13 | total liabilities acquired | -144 ( 144 ) | | 14 | net assets acquired | $ 2234 |_the company has performed a preliminary valuation analysis of the fair market value of assets and liabilities of the snl financial business . the final purchase price allocation will be determined when the company has completed the detailed valuations and necessary calculations . the final allocation could differ materi- ally from the preliminary allocation . the final allocation may include ( 1 ) changes in fair values of property , plant and equip- ment , ( 2 ) changes in allocations to intangible assets as well as goodwill and ( 3 ) other changes to assets and liabilities . supplemental pro forma information supplemental infor- mation on an unaudited pro forma basis is presented below for the years ended december 31 , 2015 and 2014 as if the acquisi- tion of snl occurred on january 1 , 2014 . the pro forma financial information is presented for comparative purposes only , based on estimates and assumptions , which the company believes to be reasonable but not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been realized had this acquisition been completed at the beginning of 2015 . the unau- dited pro forma information includes intangible asset charges and incremental borrowing costs as a result of the acquisition , mcgraw hill financial 2015 annual report 55 .

2,015

57

SPGI

S&P Global

Financials

Financial Exchanges & Data

New York City, New York

1957-03-04

64,040

1917

what was the net equity in the assets acquired

2234

subtract(2378, 144)

focusing on strategic shifts that have or will have a major effect on an entity 2019s operations and financial results . in addition , the guidance permits companies to have continuing cash flows and significant continuing involvement with the disposed com- ponent . we adopted the amendments to this guidance on january 1 , 2015 . reclassification certain prior year amounts have been reclassified for compara- bility purposes . 2 . acquisitions and divestitures for the year ended december 31 , 2015 , we paid cash for acqui- sitions , net of cash acquired , totaling $ 2.4 billion . we used the net proceeds of our $ 2.0 billion of senior notes issued in august of 2015 and cash on hand to finance the acquisition of snl . all other acquisitions were funded with cash flows from operations . acquisitions completed during the year ended december 31 , 2015 by segment included : s&p capital iq and snl on september 1 , 2015 ( the 201cacquisition date 201d ) , we acquired snl financial lc ( 201csnl 201d ) for $ 2.225 billion in cash , subject to working capital adjustments . snl 2019s results of operations have been included in our consolidated statements of income subsequent to the acquisition date . snl is a global provider of news , data , and analytical tools to five sectors in the global economy : financial services , real estate , energy , media & communications , and metals & mining . snl delivers infor- mation through its suite of web , mobile and direct data feed platforms that helps clients , including investment and com- mercial banks , investors , corporations , and regulators make decisions , improve efficiency , and manage risk . acquisition-related expenses during the year ended december 31 , 2015 , the company incurred approximately $ 37 million of acquisition-related costs related to the acquisition of snl . these expenses are included in selling and general expenses in our consolidated statements of income . preliminary allocation of purchase price our acquisition of snl was accounted for using the purchase method . under the purchase method , the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles . the goodwill recognized is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition . the intangible assets , excluding goodwill and indefinite-lived intangibles , will be amortized over their anticipated useful lives between 10 and 18 years which will be determined when we finalize our purchase price allocation . the goodwill is expected to be deductible for tax purposes . the following table presents the preliminary allocation of pur- chase price to the assets and liabilities of snl as a result of the acquisition . ( in millions ) .

the company has performed a preliminary valuation analysis of the fair market value of assets and liabilities of the snl financial business . the final purchase price allocation will be determined when the company has completed the detailed valuations and necessary calculations . the final allocation could differ materi- ally from the preliminary allocation . the final allocation may include ( 1 ) changes in fair values of property , plant and equip- ment , ( 2 ) changes in allocations to intangible assets as well as goodwill and ( 3 ) other changes to assets and liabilities . supplemental pro forma information supplemental infor- mation on an unaudited pro forma basis is presented below for the years ended december 31 , 2015 and 2014 as if the acquisi- tion of snl occurred on january 1 , 2014 . the pro forma financial information is presented for comparative purposes only , based on estimates and assumptions , which the company believes to be reasonable but not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been realized had this acquisition been completed at the beginning of 2015 . the unau- dited pro forma information includes intangible asset charges and incremental borrowing costs as a result of the acquisition , mcgraw hill financial 2015 annual report 55 .

| | current assets | $ 23 | |---:|:------------------------------|:-------------| | 0 | property plant and equipment | 19 | | 1 | goodwill | 1563 | | 2 | other intangible assets net: | | | 3 | databases and software | 421 | | 4 | customer relationships | 162 | | 5 | tradenames | 185 | | 6 | other intangibles | 4 | | 7 | other intangible assets net | 772 | | 8 | other non-current assets | 1 | | 9 | total assets acquired | 2378 | | 10 | current liabilities | -23 ( 23 ) | | 11 | unearned revenue | -117 ( 117 ) | | 12 | other non-current liabilities | -4 ( 4 ) | | 13 | total liabilities acquired | -144 ( 144 ) | | 14 | net assets acquired | $ 2234 |

focusing on strategic shifts that have or will have a major effect on an entity 2019s operations and financial results . in addition , the guidance permits companies to have continuing cash flows and significant continuing involvement with the disposed com- ponent . we adopted the amendments to this guidance on january 1 , 2015 . reclassification certain prior year amounts have been reclassified for compara- bility purposes . 2 . acquisitions and divestitures for the year ended december 31 , 2015 , we paid cash for acqui- sitions , net of cash acquired , totaling $ 2.4 billion . we used the net proceeds of our $ 2.0 billion of senior notes issued in august of 2015 and cash on hand to finance the acquisition of snl . all other acquisitions were funded with cash flows from operations . acquisitions completed during the year ended december 31 , 2015 by segment included : s&p capital iq and snl on september 1 , 2015 ( the 201cacquisition date 201d ) , we acquired snl financial lc ( 201csnl 201d ) for $ 2.225 billion in cash , subject to working capital adjustments . snl 2019s results of operations have been included in our consolidated statements of income subsequent to the acquisition date . snl is a global provider of news , data , and analytical tools to five sectors in the global economy : financial services , real estate , energy , media & communications , and metals & mining . snl delivers infor- mation through its suite of web , mobile and direct data feed platforms that helps clients , including investment and com- mercial banks , investors , corporations , and regulators make decisions , improve efficiency , and manage risk . acquisition-related expenses during the year ended december 31 , 2015 , the company incurred approximately $ 37 million of acquisition-related costs related to the acquisition of snl . these expenses are included in selling and general expenses in our consolidated statements of income . preliminary allocation of purchase price our acquisition of snl was accounted for using the purchase method . under the purchase method , the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles . the goodwill recognized is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition . the intangible assets , excluding goodwill and indefinite-lived intangibles , will be amortized over their anticipated useful lives between 10 and 18 years which will be determined when we finalize our purchase price allocation . the goodwill is expected to be deductible for tax purposes . the following table presents the preliminary allocation of pur- chase price to the assets and liabilities of snl as a result of the acquisition . ( in millions ) ._| | current assets | $ 23 | |---:|:------------------------------|:-------------| | 0 | property plant and equipment | 19 | | 1 | goodwill | 1563 | | 2 | other intangible assets net: | | | 3 | databases and software | 421 | | 4 | customer relationships | 162 | | 5 | tradenames | 185 | | 6 | other intangibles | 4 | | 7 | other intangible assets net | 772 | | 8 | other non-current assets | 1 | | 9 | total assets acquired | 2378 | | 10 | current liabilities | -23 ( 23 ) | | 11 | unearned revenue | -117 ( 117 ) | | 12 | other non-current liabilities | -4 ( 4 ) | | 13 | total liabilities acquired | -144 ( 144 ) | | 14 | net assets acquired | $ 2234 |_the company has performed a preliminary valuation analysis of the fair market value of assets and liabilities of the snl financial business . the final purchase price allocation will be determined when the company has completed the detailed valuations and necessary calculations . the final allocation could differ materi- ally from the preliminary allocation . the final allocation may include ( 1 ) changes in fair values of property , plant and equip- ment , ( 2 ) changes in allocations to intangible assets as well as goodwill and ( 3 ) other changes to assets and liabilities . supplemental pro forma information supplemental infor- mation on an unaudited pro forma basis is presented below for the years ended december 31 , 2015 and 2014 as if the acquisi- tion of snl occurred on january 1 , 2014 . the pro forma financial information is presented for comparative purposes only , based on estimates and assumptions , which the company believes to be reasonable but not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been realized had this acquisition been completed at the beginning of 2015 . the unau- dited pro forma information includes intangible asset charges and incremental borrowing costs as a result of the acquisition , mcgraw hill financial 2015 annual report 55 .

2,015

57

SPGI

S&P Global

Financials

Financial Exchanges & Data

New York City, New York

1957-03-04

64,040

1917

null

finqa671

what was the percentage growth in the total long-term debt from 2016 to 2017

5.34%

subtract(1507.6, 1431.1)

the components of external long-term debt were as follows : ( in millions ) 2017 2016 .

senior notes payments during the next five years as of december 31 , 2017 are zero in 2018 through 2019 , $ 400 million in 2020 and zero in 2021 through 2022 . in our debt agreements , there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods , such as failure to pay principal or interest when due or a change in control of the company . there were no events of default as of december 31 , 2017 . 9 . financial instruments we do not enter into financial instruments for trading or speculative purposes . we principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products . the principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts . derivative financial instruments are recorded at fair value . the counterparties to derivative contracts are major financial institutions . we are subject to credit risk on these contracts equal to the fair value of these instruments . management currently believes that the risk of incurring material losses is unlikely and that the losses , if any , would be immaterial to the company . raw materials used by the company are subject to price volatility caused by weather , supply conditions , geopolitical and economic variables , and other unpredictable external factors . as a result , from time to time , we enter into commodity swaps to manage the price risk associated with forecasted purchases of materials used in our operations . we account for these commodity derivatives as economic hedges or cash flow hedges . changes in the fair value of economic hedges are recorded directly into current period earnings . there were no material commodity swap contracts outstanding for the years ended december 31 , 2017 and 2016 . we enter into foreign exchange contracts primarily to hedge forecasted sales and purchases denominated in select foreign currencies , thereby limiting currency risk that would otherwise result from changes in exchange rates . the periods of the foreign exchange contracts correspond to the periods of the forecasted transactions , which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date . for derivative instruments that are designated as fair value hedges , the gain or loss on the derivative instrument , as well as the offsetting loss or gain on the hedged item , are recognized on the same line of the statement of income . the effective portions of cash flow hedges are reported in other comprehensive income ( 201coci 201d ) and are recognized in the statement of income when the hedged item affects earnings . the changes in fair value for net investment hedges are recognized in the statement of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity . the ineffective portion of all hedges is recognized in current period earnings . in addition , changes in the fair value of all economic hedge transactions are immediately recognized in current period earnings . our primary foreign currency hedge contracts pertain to the canadian dollar , the british pound , and the mexican peso . the gross u.s . dollar equivalent notional amount of all foreign currency derivative hedges outstanding at december 31 , 2017 was $ 282.8 million , representing a net settlement liability of $ 4.8 million . based on foreign exchange rates as of december 31 , 2017 , we estimate that $ 3.0 million of net foreign currency .

| | ( in millions ) | 2017 | 2016 | |---:|:--------------------------------------------------------|:---------|:---------| | 0 | $ 400 million unsecured senior note due june 2020 | $ 398.3 | $ 397.6 | | 1 | $ 500 million unsecured senior note due june 2025 | 494.3 | 493.5 | | 2 | $ 1250 million revolving credit agreement due june 2021 | 615.0 | 540.0 | | 3 | total debt | 1507.6 | 1431.1 | | 4 | less : current portion | 2014 | 2014 | | 5 | total long-term debt | $ 1507.6 | $ 1431.1 |

the components of external long-term debt were as follows : ( in millions ) 2017 2016 ._| | ( in millions ) | 2017 | 2016 | |---:|:--------------------------------------------------------|:---------|:---------| | 0 | $ 400 million unsecured senior note due june 2020 | $ 398.3 | $ 397.6 | | 1 | $ 500 million unsecured senior note due june 2025 | 494.3 | 493.5 | | 2 | $ 1250 million revolving credit agreement due june 2021 | 615.0 | 540.0 | | 3 | total debt | 1507.6 | 1431.1 | | 4 | less : current portion | 2014 | 2014 | | 5 | total long-term debt | $ 1507.6 | $ 1431.1 |_senior notes payments during the next five years as of december 31 , 2017 are zero in 2018 through 2019 , $ 400 million in 2020 and zero in 2021 through 2022 . in our debt agreements , there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods , such as failure to pay principal or interest when due or a change in control of the company . there were no events of default as of december 31 , 2017 . 9 . financial instruments we do not enter into financial instruments for trading or speculative purposes . we principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products . the principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts . derivative financial instruments are recorded at fair value . the counterparties to derivative contracts are major financial institutions . we are subject to credit risk on these contracts equal to the fair value of these instruments . management currently believes that the risk of incurring material losses is unlikely and that the losses , if any , would be immaterial to the company . raw materials used by the company are subject to price volatility caused by weather , supply conditions , geopolitical and economic variables , and other unpredictable external factors . as a result , from time to time , we enter into commodity swaps to manage the price risk associated with forecasted purchases of materials used in our operations . we account for these commodity derivatives as economic hedges or cash flow hedges . changes in the fair value of economic hedges are recorded directly into current period earnings . there were no material commodity swap contracts outstanding for the years ended december 31 , 2017 and 2016 . we enter into foreign exchange contracts primarily to hedge forecasted sales and purchases denominated in select foreign currencies , thereby limiting currency risk that would otherwise result from changes in exchange rates . the periods of the foreign exchange contracts correspond to the periods of the forecasted transactions , which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date . for derivative instruments that are designated as fair value hedges , the gain or loss on the derivative instrument , as well as the offsetting loss or gain on the hedged item , are recognized on the same line of the statement of income . the effective portions of cash flow hedges are reported in other comprehensive income ( 201coci 201d ) and are recognized in the statement of income when the hedged item affects earnings . the changes in fair value for net investment hedges are recognized in the statement of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity . the ineffective portion of all hedges is recognized in current period earnings . in addition , changes in the fair value of all economic hedge transactions are immediately recognized in current period earnings . our primary foreign currency hedge contracts pertain to the canadian dollar , the british pound , and the mexican peso . the gross u.s . dollar equivalent notional amount of all foreign currency derivative hedges outstanding at december 31 , 2017 was $ 282.8 million , representing a net settlement liability of $ 4.8 million . based on foreign exchange rates as of december 31 , 2017 , we estimate that $ 3.0 million of net foreign currency .

2,017

76

FBHS

Fortune Brands Home & Security

Industrials

Building Products

Deerfield, IL

2011-01-01

1,519,751

2011

what was the percentage growth in the total long-term debt from 2016 to 2017

5.34%

subtract(1507.6, 1431.1)

the components of external long-term debt were as follows : ( in millions ) 2017 2016 .

senior notes payments during the next five years as of december 31 , 2017 are zero in 2018 through 2019 , $ 400 million in 2020 and zero in 2021 through 2022 . in our debt agreements , there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods , such as failure to pay principal or interest when due or a change in control of the company . there were no events of default as of december 31 , 2017 . 9 . financial instruments we do not enter into financial instruments for trading or speculative purposes . we principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products . the principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts . derivative financial instruments are recorded at fair value . the counterparties to derivative contracts are major financial institutions . we are subject to credit risk on these contracts equal to the fair value of these instruments . management currently believes that the risk of incurring material losses is unlikely and that the losses , if any , would be immaterial to the company . raw materials used by the company are subject to price volatility caused by weather , supply conditions , geopolitical and economic variables , and other unpredictable external factors . as a result , from time to time , we enter into commodity swaps to manage the price risk associated with forecasted purchases of materials used in our operations . we account for these commodity derivatives as economic hedges or cash flow hedges . changes in the fair value of economic hedges are recorded directly into current period earnings . there were no material commodity swap contracts outstanding for the years ended december 31 , 2017 and 2016 . we enter into foreign exchange contracts primarily to hedge forecasted sales and purchases denominated in select foreign currencies , thereby limiting currency risk that would otherwise result from changes in exchange rates . the periods of the foreign exchange contracts correspond to the periods of the forecasted transactions , which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date . for derivative instruments that are designated as fair value hedges , the gain or loss on the derivative instrument , as well as the offsetting loss or gain on the hedged item , are recognized on the same line of the statement of income . the effective portions of cash flow hedges are reported in other comprehensive income ( 201coci 201d ) and are recognized in the statement of income when the hedged item affects earnings . the changes in fair value for net investment hedges are recognized in the statement of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity . the ineffective portion of all hedges is recognized in current period earnings . in addition , changes in the fair value of all economic hedge transactions are immediately recognized in current period earnings . our primary foreign currency hedge contracts pertain to the canadian dollar , the british pound , and the mexican peso . the gross u.s . dollar equivalent notional amount of all foreign currency derivative hedges outstanding at december 31 , 2017 was $ 282.8 million , representing a net settlement liability of $ 4.8 million . based on foreign exchange rates as of december 31 , 2017 , we estimate that $ 3.0 million of net foreign currency .

| | ( in millions ) | 2017 | 2016 | |---:|:--------------------------------------------------------|:---------|:---------| | 0 | $ 400 million unsecured senior note due june 2020 | $ 398.3 | $ 397.6 | | 1 | $ 500 million unsecured senior note due june 2025 | 494.3 | 493.5 | | 2 | $ 1250 million revolving credit agreement due june 2021 | 615.0 | 540.0 | | 3 | total debt | 1507.6 | 1431.1 | | 4 | less : current portion | 2014 | 2014 | | 5 | total long-term debt | $ 1507.6 | $ 1431.1 |

the components of external long-term debt were as follows : ( in millions ) 2017 2016 ._| | ( in millions ) | 2017 | 2016 | |---:|:--------------------------------------------------------|:---------|:---------| | 0 | $ 400 million unsecured senior note due june 2020 | $ 398.3 | $ 397.6 | | 1 | $ 500 million unsecured senior note due june 2025 | 494.3 | 493.5 | | 2 | $ 1250 million revolving credit agreement due june 2021 | 615.0 | 540.0 | | 3 | total debt | 1507.6 | 1431.1 | | 4 | less : current portion | 2014 | 2014 | | 5 | total long-term debt | $ 1507.6 | $ 1431.1 |_senior notes payments during the next five years as of december 31 , 2017 are zero in 2018 through 2019 , $ 400 million in 2020 and zero in 2021 through 2022 . in our debt agreements , there are normal and customary events of default which would permit the lenders to accelerate the debt if not cured within applicable grace periods , such as failure to pay principal or interest when due or a change in control of the company . there were no events of default as of december 31 , 2017 . 9 . financial instruments we do not enter into financial instruments for trading or speculative purposes . we principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products . the principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts . derivative financial instruments are recorded at fair value . the counterparties to derivative contracts are major financial institutions . we are subject to credit risk on these contracts equal to the fair value of these instruments . management currently believes that the risk of incurring material losses is unlikely and that the losses , if any , would be immaterial to the company . raw materials used by the company are subject to price volatility caused by weather , supply conditions , geopolitical and economic variables , and other unpredictable external factors . as a result , from time to time , we enter into commodity swaps to manage the price risk associated with forecasted purchases of materials used in our operations . we account for these commodity derivatives as economic hedges or cash flow hedges . changes in the fair value of economic hedges are recorded directly into current period earnings . there were no material commodity swap contracts outstanding for the years ended december 31 , 2017 and 2016 . we enter into foreign exchange contracts primarily to hedge forecasted sales and purchases denominated in select foreign currencies , thereby limiting currency risk that would otherwise result from changes in exchange rates . the periods of the foreign exchange contracts correspond to the periods of the forecasted transactions , which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date . for derivative instruments that are designated as fair value hedges , the gain or loss on the derivative instrument , as well as the offsetting loss or gain on the hedged item , are recognized on the same line of the statement of income . the effective portions of cash flow hedges are reported in other comprehensive income ( 201coci 201d ) and are recognized in the statement of income when the hedged item affects earnings . the changes in fair value for net investment hedges are recognized in the statement of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity . the ineffective portion of all hedges is recognized in current period earnings . in addition , changes in the fair value of all economic hedge transactions are immediately recognized in current period earnings . our primary foreign currency hedge contracts pertain to the canadian dollar , the british pound , and the mexican peso . the gross u.s . dollar equivalent notional amount of all foreign currency derivative hedges outstanding at december 31 , 2017 was $ 282.8 million , representing a net settlement liability of $ 4.8 million . based on foreign exchange rates as of december 31 , 2017 , we estimate that $ 3.0 million of net foreign currency .

2,017

76

FBHS

Fortune Brands Home & Security

Industrials

Building Products

Deerfield, IL

2011-01-01

1,519,751

2011

null

finqa672

what was the percentage growth from 2013 to 2014 in the total accounts payable and other current liabilities

7.03%

divide(subtract(3303, 3086), 3086)

the analysis of our depreciation studies . changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively . under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized . the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies . the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes . because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate . in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies . any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets . for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies . a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations . when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use . however , many of our assets are self-constructed . a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects . costs that are directly attributable to capital projects ( including overhead costs ) are capitalized . direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment . indirect costs are capitalized if they clearly relate to the construction of the asset . general and administrative expenditures are expensed as incurred . normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized . these costs are allocated using appropriate statistical bases . total expense for repairs and maintenance incurred was $ 2.4 billion for 2014 , $ 2.3 billion for 2013 , and $ 2.1 billion for 2012 . assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease . amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease . 13 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions 2014 2013 .

.

| | millions | dec . 31 2014 | dec . 312013 | |---:|:----------------------------------------------------|:----------------|:---------------| | 0 | accounts payable | $ 877 | $ 803 | | 1 | dividends payable | 438 | 356 | | 2 | income and other taxes payable | 412 | 491 | | 3 | accrued wages and vacation | 409 | 385 | | 4 | accrued casualty costs | 249 | 207 | | 5 | interest payable | 178 | 169 | | 6 | equipment rents payable | 100 | 96 | | 7 | other | 640 | 579 | | 8 | total accounts payable and othercurrent liabilities | $ 3303 | $ 3086 |

the analysis of our depreciation studies . changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively . under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized . the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies . the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes . because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate . in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies . any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets . for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies . a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations . when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use . however , many of our assets are self-constructed . a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects . costs that are directly attributable to capital projects ( including overhead costs ) are capitalized . direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment . indirect costs are capitalized if they clearly relate to the construction of the asset . general and administrative expenditures are expensed as incurred . normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized . these costs are allocated using appropriate statistical bases . total expense for repairs and maintenance incurred was $ 2.4 billion for 2014 , $ 2.3 billion for 2013 , and $ 2.1 billion for 2012 . assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease . amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease . 13 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions 2014 2013 ._| | millions | dec . 31 2014 | dec . 312013 | |---:|:----------------------------------------------------|:----------------|:---------------| | 0 | accounts payable | $ 877 | $ 803 | | 1 | dividends payable | 438 | 356 | | 2 | income and other taxes payable | 412 | 491 | | 3 | accrued wages and vacation | 409 | 385 | | 4 | accrued casualty costs | 249 | 207 | | 5 | interest payable | 178 | 169 | | 6 | equipment rents payable | 100 | 96 | | 7 | other | 640 | 579 | | 8 | total accounts payable and othercurrent liabilities | $ 3303 | $ 3086 |_.

2,014

75

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percentage growth from 2013 to 2014 in the total accounts payable and other current liabilities

7.03%

divide(subtract(3303, 3086), 3086)

the analysis of our depreciation studies . changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively . under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized . the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies . the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes . because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate . in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies . any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets . for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies . a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations . when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use . however , many of our assets are self-constructed . a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects . costs that are directly attributable to capital projects ( including overhead costs ) are capitalized . direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment . indirect costs are capitalized if they clearly relate to the construction of the asset . general and administrative expenditures are expensed as incurred . normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized . these costs are allocated using appropriate statistical bases . total expense for repairs and maintenance incurred was $ 2.4 billion for 2014 , $ 2.3 billion for 2013 , and $ 2.1 billion for 2012 . assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease . amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease . 13 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions 2014 2013 .

.

| | millions | dec . 31 2014 | dec . 312013 | |---:|:----------------------------------------------------|:----------------|:---------------| | 0 | accounts payable | $ 877 | $ 803 | | 1 | dividends payable | 438 | 356 | | 2 | income and other taxes payable | 412 | 491 | | 3 | accrued wages and vacation | 409 | 385 | | 4 | accrued casualty costs | 249 | 207 | | 5 | interest payable | 178 | 169 | | 6 | equipment rents payable | 100 | 96 | | 7 | other | 640 | 579 | | 8 | total accounts payable and othercurrent liabilities | $ 3303 | $ 3086 |

the analysis of our depreciation studies . changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively . under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized . the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies . the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes . because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate . in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies . any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets . for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies . a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations . when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use . however , many of our assets are self-constructed . a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects . costs that are directly attributable to capital projects ( including overhead costs ) are capitalized . direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment . indirect costs are capitalized if they clearly relate to the construction of the asset . general and administrative expenditures are expensed as incurred . normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized . these costs are allocated using appropriate statistical bases . total expense for repairs and maintenance incurred was $ 2.4 billion for 2014 , $ 2.3 billion for 2013 , and $ 2.1 billion for 2012 . assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease . amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease . 13 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions 2014 2013 ._| | millions | dec . 31 2014 | dec . 312013 | |---:|:----------------------------------------------------|:----------------|:---------------| | 0 | accounts payable | $ 877 | $ 803 | | 1 | dividends payable | 438 | 356 | | 2 | income and other taxes payable | 412 | 491 | | 3 | accrued wages and vacation | 409 | 385 | | 4 | accrued casualty costs | 249 | 207 | | 5 | interest payable | 178 | 169 | | 6 | equipment rents payable | 100 | 96 | | 7 | other | 640 | 579 | | 8 | total accounts payable and othercurrent liabilities | $ 3303 | $ 3086 |_.

2,014

75

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa673

what is the percent change of securities between 2008 and 2009?

34%

divide(subtract(72699, 54163), 54163)

impairment net unrealized losses on securities available for sale were as follows as of december 31: .

the above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded the remaining net unrealized loss of $ 1.01 billion , or $ 635 million after-tax , and $ 2.27 billion , or $ 1.39 billion after- tax , respectively , related to reclassifications of securities available for sale to securities held to maturity . these after-tax amounts are recorded in other comprehensive income . the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities . we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists . to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component . the credit component is recognized in our consolidated statement of income , and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security ( see note 3 of the notes to consolidated financial statements included under item 8 ) . the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors , which are more fully described in note 3 . such factors are based upon estimates , derived by management , which contemplate current market conditions and security-specific performance . to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular the credit component that would be recognized in our consolidated statement of income . national housing prices , according to the case-shiller national hpi , have declined to date approximately 30% ( 30 % ) peak-to-current . management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010 , consistent with a peak-to-trough housing price decline of approximately 37% ( 37 % ) . as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment , if we were to increase our default estimates to 110% ( 110 % ) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , which impairment would be recorded in our consolidated statement of income . excluding the securities for which other-than-temporary impairment was recorded , management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities . additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8. .

| | ( in millions ) | 2009 | 2008 | |---:|:------------------------------|:-----------------|:-----------------| | 0 | fair value | $ 72699 | $ 54163 | | 1 | amortized cost | 74843 | 60786 | | 2 | net unrealized loss pre-tax | $ -2144 ( 2144 ) | $ -6623 ( 6623 ) | | 3 | net unrealized loss after-tax | $ -1316 ( 1316 ) | $ -4057 ( 4057 ) |

impairment net unrealized losses on securities available for sale were as follows as of december 31: ._| | ( in millions ) | 2009 | 2008 | |---:|:------------------------------|:-----------------|:-----------------| | 0 | fair value | $ 72699 | $ 54163 | | 1 | amortized cost | 74843 | 60786 | | 2 | net unrealized loss pre-tax | $ -2144 ( 2144 ) | $ -6623 ( 6623 ) | | 3 | net unrealized loss after-tax | $ -1316 ( 1316 ) | $ -4057 ( 4057 ) |_the above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded the remaining net unrealized loss of $ 1.01 billion , or $ 635 million after-tax , and $ 2.27 billion , or $ 1.39 billion after- tax , respectively , related to reclassifications of securities available for sale to securities held to maturity . these after-tax amounts are recorded in other comprehensive income . the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities . we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists . to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component . the credit component is recognized in our consolidated statement of income , and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security ( see note 3 of the notes to consolidated financial statements included under item 8 ) . the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors , which are more fully described in note 3 . such factors are based upon estimates , derived by management , which contemplate current market conditions and security-specific performance . to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular the credit component that would be recognized in our consolidated statement of income . national housing prices , according to the case-shiller national hpi , have declined to date approximately 30% ( 30 % ) peak-to-current . management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010 , consistent with a peak-to-trough housing price decline of approximately 37% ( 37 % ) . as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment , if we were to increase our default estimates to 110% ( 110 % ) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , which impairment would be recorded in our consolidated statement of income . excluding the securities for which other-than-temporary impairment was recorded , management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities . additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8. .

2,009

73

STT

State Street Corporation

Financials

Asset Management & Custody Banks

Boston, Massachusetts

2003-03-14

93,751

1792

what is the percent change of securities between 2008 and 2009?

34%

divide(subtract(72699, 54163), 54163)

impairment net unrealized losses on securities available for sale were as follows as of december 31: .

the above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded the remaining net unrealized loss of $ 1.01 billion , or $ 635 million after-tax , and $ 2.27 billion , or $ 1.39 billion after- tax , respectively , related to reclassifications of securities available for sale to securities held to maturity . these after-tax amounts are recorded in other comprehensive income . the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities . we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists . to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component . the credit component is recognized in our consolidated statement of income , and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security ( see note 3 of the notes to consolidated financial statements included under item 8 ) . the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors , which are more fully described in note 3 . such factors are based upon estimates , derived by management , which contemplate current market conditions and security-specific performance . to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular the credit component that would be recognized in our consolidated statement of income . national housing prices , according to the case-shiller national hpi , have declined to date approximately 30% ( 30 % ) peak-to-current . management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010 , consistent with a peak-to-trough housing price decline of approximately 37% ( 37 % ) . as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment , if we were to increase our default estimates to 110% ( 110 % ) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , which impairment would be recorded in our consolidated statement of income . excluding the securities for which other-than-temporary impairment was recorded , management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities . additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8. .

| | ( in millions ) | 2009 | 2008 | |---:|:------------------------------|:-----------------|:-----------------| | 0 | fair value | $ 72699 | $ 54163 | | 1 | amortized cost | 74843 | 60786 | | 2 | net unrealized loss pre-tax | $ -2144 ( 2144 ) | $ -6623 ( 6623 ) | | 3 | net unrealized loss after-tax | $ -1316 ( 1316 ) | $ -4057 ( 4057 ) |

impairment net unrealized losses on securities available for sale were as follows as of december 31: ._| | ( in millions ) | 2009 | 2008 | |---:|:------------------------------|:-----------------|:-----------------| | 0 | fair value | $ 72699 | $ 54163 | | 1 | amortized cost | 74843 | 60786 | | 2 | net unrealized loss pre-tax | $ -2144 ( 2144 ) | $ -6623 ( 6623 ) | | 3 | net unrealized loss after-tax | $ -1316 ( 1316 ) | $ -4057 ( 4057 ) |_the above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded the remaining net unrealized loss of $ 1.01 billion , or $ 635 million after-tax , and $ 2.27 billion , or $ 1.39 billion after- tax , respectively , related to reclassifications of securities available for sale to securities held to maturity . these after-tax amounts are recorded in other comprehensive income . the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities . we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists . to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component . the credit component is recognized in our consolidated statement of income , and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security ( see note 3 of the notes to consolidated financial statements included under item 8 ) . the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors , which are more fully described in note 3 . such factors are based upon estimates , derived by management , which contemplate current market conditions and security-specific performance . to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular the credit component that would be recognized in our consolidated statement of income . national housing prices , according to the case-shiller national hpi , have declined to date approximately 30% ( 30 % ) peak-to-current . management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010 , consistent with a peak-to-trough housing price decline of approximately 37% ( 37 % ) . as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment , if we were to increase our default estimates to 110% ( 110 % ) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , which impairment would be recorded in our consolidated statement of income . excluding the securities for which other-than-temporary impairment was recorded , management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities . additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8. .

2,009

73

STT

State Street Corporation

Financials

Asset Management & Custody Banks

Boston, Massachusetts

2003-03-14

93,751

1792

null

finqa674

what was the ratio of the 2016 hedged gallons to 2017

2.25

divide(27000000, 12000000)

republic services , inc . notes to consolidated financial statements 2014 ( continued ) 16 . financial instruments fuel hedges we have entered into multiple swap agreements designated as cash flow hedges to mitigate some of our exposure related to changes in diesel fuel prices . these swaps qualified for , and were designated as , effective hedges of changes in the prices of forecasted diesel fuel purchases ( fuel hedges ) . the following table summarizes our outstanding fuel hedges as of december 31 , 2015 : year gallons hedged weighted average contract price per gallon .

if the national u.s . on-highway average price for a gallon of diesel fuel as published by the department of energy exceeds the contract price per gallon , we receive the difference between the average price and the contract price ( multiplied by the notional gallons ) from the counterparty . if the average price is less than the contract price per gallon , we pay the difference to the counterparty . the fair values of our fuel hedges are determined using standard option valuation models with assumptions about commodity prices based on those observed in underlying markets ( level 2 in the fair value hierarchy ) . the aggregate fair values of our outstanding fuel hedges as of december 31 , 2015 and 2014 were current liabilities of $ 37.8 million and $ 34.4 million , respectively , and have been recorded in other accrued liabilities in our consolidated balance sheets . the ineffective portions of the changes in fair values resulted in a loss of $ 0.4 million and $ 0.5 million for the years ended december 31 , 2015 and 2014 respectively , and a gain of less than $ 0.1 million for the year ended december 31 , 2013 , and have been recorded in other income , net in our consolidated statements of income . total ( loss ) gain recognized in other comprehensive ( loss ) income for fuel hedges ( the effective portion ) was $ ( 2.0 ) million , $ ( 24.2 ) million and $ 2.4 million , for the years ended december 31 , 2015 , 2014 and 2013 , respectively . recycling commodity hedges revenue from the sale of recycled commodities is primarily from sales of old corrugated cardboard and old newspaper . from time to time we use derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities . we had no outstanding recycling commodity hedges as of december 31 , 2015 and 2014 . no amounts were recognized in other income , net in our consolidated statements of income for the ineffective portion of the changes in fair values during the years ended december 31 , 2015 , 2014 and 2013 . total gain ( loss ) recognized in other comprehensive income for recycling commodity hedges ( the effective portion ) was $ 0.1 million and $ ( 0.1 ) million for the years ended december 31 , 2014 and 2013 , respectively . no amount was recognized in other comprehensive income for 2015 . fair value measurements in measuring fair values of assets and liabilities , we use valuation techniques that maximize the use of observable inputs ( level 1 ) and minimize the use of unobservable inputs ( level 3 ) . we also use market data or assumptions that we believe market participants would use in pricing an asset or liability , including assumptions about risk when appropriate. .

| | year | gallons hedged | weighted average contractprice per gallon | |---:|-------:|-----------------:|:--------------------------------------------| | 0 | 2016 | 27000000 | $ 3.57 | | 1 | 2017 | 12000000 | 2.92 |

republic services , inc . notes to consolidated financial statements 2014 ( continued ) 16 . financial instruments fuel hedges we have entered into multiple swap agreements designated as cash flow hedges to mitigate some of our exposure related to changes in diesel fuel prices . these swaps qualified for , and were designated as , effective hedges of changes in the prices of forecasted diesel fuel purchases ( fuel hedges ) . the following table summarizes our outstanding fuel hedges as of december 31 , 2015 : year gallons hedged weighted average contract price per gallon ._| | year | gallons hedged | weighted average contractprice per gallon | |---:|-------:|-----------------:|:--------------------------------------------| | 0 | 2016 | 27000000 | $ 3.57 | | 1 | 2017 | 12000000 | 2.92 |_if the national u.s . on-highway average price for a gallon of diesel fuel as published by the department of energy exceeds the contract price per gallon , we receive the difference between the average price and the contract price ( multiplied by the notional gallons ) from the counterparty . if the average price is less than the contract price per gallon , we pay the difference to the counterparty . the fair values of our fuel hedges are determined using standard option valuation models with assumptions about commodity prices based on those observed in underlying markets ( level 2 in the fair value hierarchy ) . the aggregate fair values of our outstanding fuel hedges as of december 31 , 2015 and 2014 were current liabilities of $ 37.8 million and $ 34.4 million , respectively , and have been recorded in other accrued liabilities in our consolidated balance sheets . the ineffective portions of the changes in fair values resulted in a loss of $ 0.4 million and $ 0.5 million for the years ended december 31 , 2015 and 2014 respectively , and a gain of less than $ 0.1 million for the year ended december 31 , 2013 , and have been recorded in other income , net in our consolidated statements of income . total ( loss ) gain recognized in other comprehensive ( loss ) income for fuel hedges ( the effective portion ) was $ ( 2.0 ) million , $ ( 24.2 ) million and $ 2.4 million , for the years ended december 31 , 2015 , 2014 and 2013 , respectively . recycling commodity hedges revenue from the sale of recycled commodities is primarily from sales of old corrugated cardboard and old newspaper . from time to time we use derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities . we had no outstanding recycling commodity hedges as of december 31 , 2015 and 2014 . no amounts were recognized in other income , net in our consolidated statements of income for the ineffective portion of the changes in fair values during the years ended december 31 , 2015 , 2014 and 2013 . total gain ( loss ) recognized in other comprehensive income for recycling commodity hedges ( the effective portion ) was $ 0.1 million and $ ( 0.1 ) million for the years ended december 31 , 2014 and 2013 , respectively . no amount was recognized in other comprehensive income for 2015 . fair value measurements in measuring fair values of assets and liabilities , we use valuation techniques that maximize the use of observable inputs ( level 1 ) and minimize the use of unobservable inputs ( level 3 ) . we also use market data or assumptions that we believe market participants would use in pricing an asset or liability , including assumptions about risk when appropriate. .

2,015

142

RSG

Republic Services

Industrials

Environmental & Facilities Services

Phoenix, Arizona

2008-12-05

1,060,391

1998 (1981)

what was the ratio of the 2016 hedged gallons to 2017

2.25

divide(27000000, 12000000)

republic services , inc . notes to consolidated financial statements 2014 ( continued ) 16 . financial instruments fuel hedges we have entered into multiple swap agreements designated as cash flow hedges to mitigate some of our exposure related to changes in diesel fuel prices . these swaps qualified for , and were designated as , effective hedges of changes in the prices of forecasted diesel fuel purchases ( fuel hedges ) . the following table summarizes our outstanding fuel hedges as of december 31 , 2015 : year gallons hedged weighted average contract price per gallon .

if the national u.s . on-highway average price for a gallon of diesel fuel as published by the department of energy exceeds the contract price per gallon , we receive the difference between the average price and the contract price ( multiplied by the notional gallons ) from the counterparty . if the average price is less than the contract price per gallon , we pay the difference to the counterparty . the fair values of our fuel hedges are determined using standard option valuation models with assumptions about commodity prices based on those observed in underlying markets ( level 2 in the fair value hierarchy ) . the aggregate fair values of our outstanding fuel hedges as of december 31 , 2015 and 2014 were current liabilities of $ 37.8 million and $ 34.4 million , respectively , and have been recorded in other accrued liabilities in our consolidated balance sheets . the ineffective portions of the changes in fair values resulted in a loss of $ 0.4 million and $ 0.5 million for the years ended december 31 , 2015 and 2014 respectively , and a gain of less than $ 0.1 million for the year ended december 31 , 2013 , and have been recorded in other income , net in our consolidated statements of income . total ( loss ) gain recognized in other comprehensive ( loss ) income for fuel hedges ( the effective portion ) was $ ( 2.0 ) million , $ ( 24.2 ) million and $ 2.4 million , for the years ended december 31 , 2015 , 2014 and 2013 , respectively . recycling commodity hedges revenue from the sale of recycled commodities is primarily from sales of old corrugated cardboard and old newspaper . from time to time we use derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities . we had no outstanding recycling commodity hedges as of december 31 , 2015 and 2014 . no amounts were recognized in other income , net in our consolidated statements of income for the ineffective portion of the changes in fair values during the years ended december 31 , 2015 , 2014 and 2013 . total gain ( loss ) recognized in other comprehensive income for recycling commodity hedges ( the effective portion ) was $ 0.1 million and $ ( 0.1 ) million for the years ended december 31 , 2014 and 2013 , respectively . no amount was recognized in other comprehensive income for 2015 . fair value measurements in measuring fair values of assets and liabilities , we use valuation techniques that maximize the use of observable inputs ( level 1 ) and minimize the use of unobservable inputs ( level 3 ) . we also use market data or assumptions that we believe market participants would use in pricing an asset or liability , including assumptions about risk when appropriate. .

| | year | gallons hedged | weighted average contractprice per gallon | |---:|-------:|-----------------:|:--------------------------------------------| | 0 | 2016 | 27000000 | $ 3.57 | | 1 | 2017 | 12000000 | 2.92 |

republic services , inc . notes to consolidated financial statements 2014 ( continued ) 16 . financial instruments fuel hedges we have entered into multiple swap agreements designated as cash flow hedges to mitigate some of our exposure related to changes in diesel fuel prices . these swaps qualified for , and were designated as , effective hedges of changes in the prices of forecasted diesel fuel purchases ( fuel hedges ) . the following table summarizes our outstanding fuel hedges as of december 31 , 2015 : year gallons hedged weighted average contract price per gallon ._| | year | gallons hedged | weighted average contractprice per gallon | |---:|-------:|-----------------:|:--------------------------------------------| | 0 | 2016 | 27000000 | $ 3.57 | | 1 | 2017 | 12000000 | 2.92 |_if the national u.s . on-highway average price for a gallon of diesel fuel as published by the department of energy exceeds the contract price per gallon , we receive the difference between the average price and the contract price ( multiplied by the notional gallons ) from the counterparty . if the average price is less than the contract price per gallon , we pay the difference to the counterparty . the fair values of our fuel hedges are determined using standard option valuation models with assumptions about commodity prices based on those observed in underlying markets ( level 2 in the fair value hierarchy ) . the aggregate fair values of our outstanding fuel hedges as of december 31 , 2015 and 2014 were current liabilities of $ 37.8 million and $ 34.4 million , respectively , and have been recorded in other accrued liabilities in our consolidated balance sheets . the ineffective portions of the changes in fair values resulted in a loss of $ 0.4 million and $ 0.5 million for the years ended december 31 , 2015 and 2014 respectively , and a gain of less than $ 0.1 million for the year ended december 31 , 2013 , and have been recorded in other income , net in our consolidated statements of income . total ( loss ) gain recognized in other comprehensive ( loss ) income for fuel hedges ( the effective portion ) was $ ( 2.0 ) million , $ ( 24.2 ) million and $ 2.4 million , for the years ended december 31 , 2015 , 2014 and 2013 , respectively . recycling commodity hedges revenue from the sale of recycled commodities is primarily from sales of old corrugated cardboard and old newspaper . from time to time we use derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities . we had no outstanding recycling commodity hedges as of december 31 , 2015 and 2014 . no amounts were recognized in other income , net in our consolidated statements of income for the ineffective portion of the changes in fair values during the years ended december 31 , 2015 , 2014 and 2013 . total gain ( loss ) recognized in other comprehensive income for recycling commodity hedges ( the effective portion ) was $ 0.1 million and $ ( 0.1 ) million for the years ended december 31 , 2014 and 2013 , respectively . no amount was recognized in other comprehensive income for 2015 . fair value measurements in measuring fair values of assets and liabilities , we use valuation techniques that maximize the use of observable inputs ( level 1 ) and minimize the use of unobservable inputs ( level 3 ) . we also use market data or assumptions that we believe market participants would use in pricing an asset or liability , including assumptions about risk when appropriate. .

2,015

142

RSG

Republic Services

Industrials

Environmental & Facilities Services

Phoenix, Arizona

2008-12-05

1,060,391

1998 (1981)

null

finqa675

considering the 2016's special terminations settlements and curtailments , what is the percentage of pension settlement losses concerning the total value?

87.67%

divide(6.4, 7.3)

pension expense .

( a ) effective in 2016 , the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows , as we believe this provides a better measurement of these costs . the company has accounted for this as a change in accounting estimate and , accordingly has accounted for it on a prospective basis . this change does not affect the measurement of the total benefit obligation . 2016 vs . 2015 pension expense , excluding special items , decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost , the impact from expected return on assets and demographic gains , partially offset by the impact of the adoption of new mortality tables for our major plans . special items of $ 7.3 included pension settlement losses of $ 6.4 , special termination benefits of $ 2.0 , and curtailment gains of $ 1.1 . these resulted primarily from our recent business restructuring and cost reduction actions . 2015 vs . 2014 the decrease in pension expense , excluding special items , was due to the impact from expected return on assets , a 40 bp reduction in the weighted average compensation increase assumption , and lower service cost and interest cost . the decrease was partially offset by the impact of higher amortization of actuarial losses , which resulted primarily from a 60 bp decrease in weighted average discount rate . special items of $ 35.2 included pension settlement losses of $ 21.2 , special termination benefits of $ 8.7 , and curtailment losses of $ 5.3 . these resulted primarily from our recent business restructuring and cost reduction actions . 2017 outlook in 2017 , pension expense , excluding special items , is estimated to be approximately $ 70 to $ 75 , an increase of $ 10 to $ 15 from 2016 , resulting primarily from a decrease in discount rates , offset by favorable asset experience , effects of the versum spin-off and the adoption of new mortality tables . pension settlement losses of $ 10 to $ 15 are expected , dependent on the timing of retirements . in 2017 , we expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016 . net actuarial losses of $ 484 were recognized in accumulated other comprehensive income in 2016 , primarily attributable to lower discount rates and improved mortality projections . actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses . future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017 . during the first quarter of 2017 , the company expects to record a curtailment loss estimated to be $ 5 to $ 10 related to employees transferring to versum . the loss will be reflected in the results from discontinued operations on the consolidated income statements . we continue to evaluate opportunities to manage the liabilities associated with our pension plans . pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans . with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses . in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions . with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions . during 2016 and 2015 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 79.3 and $ 137.5 , respectively . for 2017 , cash contributions to defined benefit plans are estimated to be $ 65 to $ 85 . the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans , which .

| | | 2016 | 2015 | 2014 | |---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | pension expense | $ 68.1 | $ 135.6 | $ 135.9 | | 1 | special terminations settlements and curtailments ( included above ) | 7.3 | 35.2 | 5.8 | | 2 | weighted average discount rate ( a ) | 4.1% ( 4.1 % ) | 4.0% ( 4.0 % ) | 4.6% ( 4.6 % ) | | 3 | weighted average expected rate of return on plan assets | 7.5% ( 7.5 % ) | 7.4% ( 7.4 % ) | 7.7% ( 7.7 % ) | | 4 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.9% ( 3.9 % ) |

pension expense ._| | | 2016 | 2015 | 2014 | |---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | pension expense | $ 68.1 | $ 135.6 | $ 135.9 | | 1 | special terminations settlements and curtailments ( included above ) | 7.3 | 35.2 | 5.8 | | 2 | weighted average discount rate ( a ) | 4.1% ( 4.1 % ) | 4.0% ( 4.0 % ) | 4.6% ( 4.6 % ) | | 3 | weighted average expected rate of return on plan assets | 7.5% ( 7.5 % ) | 7.4% ( 7.4 % ) | 7.7% ( 7.7 % ) | | 4 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.9% ( 3.9 % ) |_( a ) effective in 2016 , the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows , as we believe this provides a better measurement of these costs . the company has accounted for this as a change in accounting estimate and , accordingly has accounted for it on a prospective basis . this change does not affect the measurement of the total benefit obligation . 2016 vs . 2015 pension expense , excluding special items , decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost , the impact from expected return on assets and demographic gains , partially offset by the impact of the adoption of new mortality tables for our major plans . special items of $ 7.3 included pension settlement losses of $ 6.4 , special termination benefits of $ 2.0 , and curtailment gains of $ 1.1 . these resulted primarily from our recent business restructuring and cost reduction actions . 2015 vs . 2014 the decrease in pension expense , excluding special items , was due to the impact from expected return on assets , a 40 bp reduction in the weighted average compensation increase assumption , and lower service cost and interest cost . the decrease was partially offset by the impact of higher amortization of actuarial losses , which resulted primarily from a 60 bp decrease in weighted average discount rate . special items of $ 35.2 included pension settlement losses of $ 21.2 , special termination benefits of $ 8.7 , and curtailment losses of $ 5.3 . these resulted primarily from our recent business restructuring and cost reduction actions . 2017 outlook in 2017 , pension expense , excluding special items , is estimated to be approximately $ 70 to $ 75 , an increase of $ 10 to $ 15 from 2016 , resulting primarily from a decrease in discount rates , offset by favorable asset experience , effects of the versum spin-off and the adoption of new mortality tables . pension settlement losses of $ 10 to $ 15 are expected , dependent on the timing of retirements . in 2017 , we expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016 . net actuarial losses of $ 484 were recognized in accumulated other comprehensive income in 2016 , primarily attributable to lower discount rates and improved mortality projections . actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses . future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017 . during the first quarter of 2017 , the company expects to record a curtailment loss estimated to be $ 5 to $ 10 related to employees transferring to versum . the loss will be reflected in the results from discontinued operations on the consolidated income statements . we continue to evaluate opportunities to manage the liabilities associated with our pension plans . pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans . with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses . in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions . with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions . during 2016 and 2015 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 79.3 and $ 137.5 , respectively . for 2017 , cash contributions to defined benefit plans are estimated to be $ 65 to $ 85 . the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans , which .

2,016

57

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

considering the 2016's special terminations settlements and curtailments , what is the percentage of pension settlement losses concerning the total value?

87.67%

divide(6.4, 7.3)

pension expense .

( a ) effective in 2016 , the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows , as we believe this provides a better measurement of these costs . the company has accounted for this as a change in accounting estimate and , accordingly has accounted for it on a prospective basis . this change does not affect the measurement of the total benefit obligation . 2016 vs . 2015 pension expense , excluding special items , decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost , the impact from expected return on assets and demographic gains , partially offset by the impact of the adoption of new mortality tables for our major plans . special items of $ 7.3 included pension settlement losses of $ 6.4 , special termination benefits of $ 2.0 , and curtailment gains of $ 1.1 . these resulted primarily from our recent business restructuring and cost reduction actions . 2015 vs . 2014 the decrease in pension expense , excluding special items , was due to the impact from expected return on assets , a 40 bp reduction in the weighted average compensation increase assumption , and lower service cost and interest cost . the decrease was partially offset by the impact of higher amortization of actuarial losses , which resulted primarily from a 60 bp decrease in weighted average discount rate . special items of $ 35.2 included pension settlement losses of $ 21.2 , special termination benefits of $ 8.7 , and curtailment losses of $ 5.3 . these resulted primarily from our recent business restructuring and cost reduction actions . 2017 outlook in 2017 , pension expense , excluding special items , is estimated to be approximately $ 70 to $ 75 , an increase of $ 10 to $ 15 from 2016 , resulting primarily from a decrease in discount rates , offset by favorable asset experience , effects of the versum spin-off and the adoption of new mortality tables . pension settlement losses of $ 10 to $ 15 are expected , dependent on the timing of retirements . in 2017 , we expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016 . net actuarial losses of $ 484 were recognized in accumulated other comprehensive income in 2016 , primarily attributable to lower discount rates and improved mortality projections . actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses . future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017 . during the first quarter of 2017 , the company expects to record a curtailment loss estimated to be $ 5 to $ 10 related to employees transferring to versum . the loss will be reflected in the results from discontinued operations on the consolidated income statements . we continue to evaluate opportunities to manage the liabilities associated with our pension plans . pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans . with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses . in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions . with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions . during 2016 and 2015 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 79.3 and $ 137.5 , respectively . for 2017 , cash contributions to defined benefit plans are estimated to be $ 65 to $ 85 . the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans , which .

| | | 2016 | 2015 | 2014 | |---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | pension expense | $ 68.1 | $ 135.6 | $ 135.9 | | 1 | special terminations settlements and curtailments ( included above ) | 7.3 | 35.2 | 5.8 | | 2 | weighted average discount rate ( a ) | 4.1% ( 4.1 % ) | 4.0% ( 4.0 % ) | 4.6% ( 4.6 % ) | | 3 | weighted average expected rate of return on plan assets | 7.5% ( 7.5 % ) | 7.4% ( 7.4 % ) | 7.7% ( 7.7 % ) | | 4 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.9% ( 3.9 % ) |

pension expense ._| | | 2016 | 2015 | 2014 | |---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | pension expense | $ 68.1 | $ 135.6 | $ 135.9 | | 1 | special terminations settlements and curtailments ( included above ) | 7.3 | 35.2 | 5.8 | | 2 | weighted average discount rate ( a ) | 4.1% ( 4.1 % ) | 4.0% ( 4.0 % ) | 4.6% ( 4.6 % ) | | 3 | weighted average expected rate of return on plan assets | 7.5% ( 7.5 % ) | 7.4% ( 7.4 % ) | 7.7% ( 7.7 % ) | | 4 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.9% ( 3.9 % ) |_( a ) effective in 2016 , the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows , as we believe this provides a better measurement of these costs . the company has accounted for this as a change in accounting estimate and , accordingly has accounted for it on a prospective basis . this change does not affect the measurement of the total benefit obligation . 2016 vs . 2015 pension expense , excluding special items , decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost , the impact from expected return on assets and demographic gains , partially offset by the impact of the adoption of new mortality tables for our major plans . special items of $ 7.3 included pension settlement losses of $ 6.4 , special termination benefits of $ 2.0 , and curtailment gains of $ 1.1 . these resulted primarily from our recent business restructuring and cost reduction actions . 2015 vs . 2014 the decrease in pension expense , excluding special items , was due to the impact from expected return on assets , a 40 bp reduction in the weighted average compensation increase assumption , and lower service cost and interest cost . the decrease was partially offset by the impact of higher amortization of actuarial losses , which resulted primarily from a 60 bp decrease in weighted average discount rate . special items of $ 35.2 included pension settlement losses of $ 21.2 , special termination benefits of $ 8.7 , and curtailment losses of $ 5.3 . these resulted primarily from our recent business restructuring and cost reduction actions . 2017 outlook in 2017 , pension expense , excluding special items , is estimated to be approximately $ 70 to $ 75 , an increase of $ 10 to $ 15 from 2016 , resulting primarily from a decrease in discount rates , offset by favorable asset experience , effects of the versum spin-off and the adoption of new mortality tables . pension settlement losses of $ 10 to $ 15 are expected , dependent on the timing of retirements . in 2017 , we expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016 . net actuarial losses of $ 484 were recognized in accumulated other comprehensive income in 2016 , primarily attributable to lower discount rates and improved mortality projections . actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses . future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017 . during the first quarter of 2017 , the company expects to record a curtailment loss estimated to be $ 5 to $ 10 related to employees transferring to versum . the loss will be reflected in the results from discontinued operations on the consolidated income statements . we continue to evaluate opportunities to manage the liabilities associated with our pension plans . pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans . with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses . in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions . with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions . during 2016 and 2015 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 79.3 and $ 137.5 , respectively . for 2017 , cash contributions to defined benefit plans are estimated to be $ 65 to $ 85 . the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans , which .

2,016

57

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa676

what is the total possible purchase price for impella including potential contingent payments , in millions?

56.3

add(11.2, 45.1)

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

what is the total possible purchase price for impella including potential contingent payments , in millions?

56.3

add(11.2, 45.1)

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

finqa677

what was the ratio of the aggregate fair values of our outstanding fuel hedges for 2015 and 2016

14

divide(37.8, 2.7)

republic services , inc . notes to consolidated financial statements 2014 ( continued ) 16 . financial instruments fuel hedges we have entered into multiple swap agreements designated as cash flow hedges to mitigate some of our exposure related to changes in diesel fuel prices . these swaps qualified for , and were designated as , effective hedges of changes in the prices of forecasted diesel fuel purchases ( fuel hedges ) . the following table summarizes our outstanding fuel hedges as of december 31 , 2016 : year gallons hedged weighted average contract price per gallon .

if the national u.s . on-highway average price for a gallon of diesel fuel as published by the department of energy exceeds the contract price per gallon , we receive the difference between the average price and the contract price ( multiplied by the notional gallons ) from the counterparty . if the average price is less than the contract price per gallon , we pay the difference to the counterparty . the fair values of our fuel hedges are determined using standard option valuation models with assumptions about commodity prices based on those observed in underlying markets ( level 2 in the fair value hierarchy ) . the aggregate fair values of our outstanding fuel hedges as of december 31 , 2016 and 2015 were current liabilities of $ 2.7 million and $ 37.8 million , respectively , and have been recorded in other accrued liabilities in our consolidated balance sheets . the ineffective portions of the changes in fair values resulted in a gain of $ 0.8 million for the year ended december 31 , 2016 , and a loss of $ 0.4 million and $ 0.5 million for the years ended december 31 , 2015 and 2014 , respectively , and have been recorded in other income , net in our consolidated statements of income . total gain ( loss ) recognized in other comprehensive income ( loss ) for fuel hedges ( the effective portion ) was $ 20.7 million , $ ( 2.0 ) million and $ ( 24.2 ) million , for the years ended december 31 , 2016 , 2015 and 2014 , respectively . we classify cash inflows and outflows from our fuel hedges within operating activities in the unaudited consolidated statements of cash flows . recycling commodity hedges revenue from the sale of recycled commodities is primarily from sales of old corrugated containers and old newsprint . from time to time we use derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities . during 2016 , we entered into multiple agreements related to the forecasted occ sales . the agreements qualified for , and were designated as , effective hedges of changes in the prices of certain forecasted recycling commodity sales ( commodity hedges ) . we entered into costless collar agreements on forecasted sales of occ . the agreements involve combining a purchased put option giving us the right to sell occ at an established floor strike price with a written call option obligating us to deliver occ at an established cap strike price . the puts and calls have the same settlement dates , are net settled in cash on such dates and have the same terms to expiration . the contemporaneous combination of options resulted in no net premium for us and represents costless collars . under these agreements , we will make or receive no payments as long as the settlement price is between the floor price and cap price ; however , if the settlement price is above the cap , we will pay the counterparty an amount equal to the excess of the settlement price over the cap times the monthly volumes hedged . if the settlement price is below the floor , the counterparty will pay us the deficit of the settlement price below the floor times the monthly volumes hedged . the objective of these agreements is to reduce variability of cash flows for forecasted sales of occ between two designated strike prices. .

| | year | gallons hedged | weighted average contractprice per gallon | |---:|-------:|-----------------:|:--------------------------------------------| | 0 | 2017 | 12000000 | $ 2.92 | | 1 | 2018 | 3000000 | 2.61 |

republic services , inc . notes to consolidated financial statements 2014 ( continued ) 16 . financial instruments fuel hedges we have entered into multiple swap agreements designated as cash flow hedges to mitigate some of our exposure related to changes in diesel fuel prices . these swaps qualified for , and were designated as , effective hedges of changes in the prices of forecasted diesel fuel purchases ( fuel hedges ) . the following table summarizes our outstanding fuel hedges as of december 31 , 2016 : year gallons hedged weighted average contract price per gallon ._| | year | gallons hedged | weighted average contractprice per gallon | |---:|-------:|-----------------:|:--------------------------------------------| | 0 | 2017 | 12000000 | $ 2.92 | | 1 | 2018 | 3000000 | 2.61 |_if the national u.s . on-highway average price for a gallon of diesel fuel as published by the department of energy exceeds the contract price per gallon , we receive the difference between the average price and the contract price ( multiplied by the notional gallons ) from the counterparty . if the average price is less than the contract price per gallon , we pay the difference to the counterparty . the fair values of our fuel hedges are determined using standard option valuation models with assumptions about commodity prices based on those observed in underlying markets ( level 2 in the fair value hierarchy ) . the aggregate fair values of our outstanding fuel hedges as of december 31 , 2016 and 2015 were current liabilities of $ 2.7 million and $ 37.8 million , respectively , and have been recorded in other accrued liabilities in our consolidated balance sheets . the ineffective portions of the changes in fair values resulted in a gain of $ 0.8 million for the year ended december 31 , 2016 , and a loss of $ 0.4 million and $ 0.5 million for the years ended december 31 , 2015 and 2014 , respectively , and have been recorded in other income , net in our consolidated statements of income . total gain ( loss ) recognized in other comprehensive income ( loss ) for fuel hedges ( the effective portion ) was $ 20.7 million , $ ( 2.0 ) million and $ ( 24.2 ) million , for the years ended december 31 , 2016 , 2015 and 2014 , respectively . we classify cash inflows and outflows from our fuel hedges within operating activities in the unaudited consolidated statements of cash flows . recycling commodity hedges revenue from the sale of recycled commodities is primarily from sales of old corrugated containers and old newsprint . from time to time we use derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities . during 2016 , we entered into multiple agreements related to the forecasted occ sales . the agreements qualified for , and were designated as , effective hedges of changes in the prices of certain forecasted recycling commodity sales ( commodity hedges ) . we entered into costless collar agreements on forecasted sales of occ . the agreements involve combining a purchased put option giving us the right to sell occ at an established floor strike price with a written call option obligating us to deliver occ at an established cap strike price . the puts and calls have the same settlement dates , are net settled in cash on such dates and have the same terms to expiration . the contemporaneous combination of options resulted in no net premium for us and represents costless collars . under these agreements , we will make or receive no payments as long as the settlement price is between the floor price and cap price ; however , if the settlement price is above the cap , we will pay the counterparty an amount equal to the excess of the settlement price over the cap times the monthly volumes hedged . if the settlement price is below the floor , the counterparty will pay us the deficit of the settlement price below the floor times the monthly volumes hedged . the objective of these agreements is to reduce variability of cash flows for forecasted sales of occ between two designated strike prices. .

2,016

144

RSG

Republic Services

Industrials

Environmental & Facilities Services

Phoenix, Arizona

2008-12-05

1,060,391

1998 (1981)

what was the ratio of the aggregate fair values of our outstanding fuel hedges for 2015 and 2016

14

divide(37.8, 2.7)

republic services , inc . notes to consolidated financial statements 2014 ( continued ) 16 . financial instruments fuel hedges we have entered into multiple swap agreements designated as cash flow hedges to mitigate some of our exposure related to changes in diesel fuel prices . these swaps qualified for , and were designated as , effective hedges of changes in the prices of forecasted diesel fuel purchases ( fuel hedges ) . the following table summarizes our outstanding fuel hedges as of december 31 , 2016 : year gallons hedged weighted average contract price per gallon .

if the national u.s . on-highway average price for a gallon of diesel fuel as published by the department of energy exceeds the contract price per gallon , we receive the difference between the average price and the contract price ( multiplied by the notional gallons ) from the counterparty . if the average price is less than the contract price per gallon , we pay the difference to the counterparty . the fair values of our fuel hedges are determined using standard option valuation models with assumptions about commodity prices based on those observed in underlying markets ( level 2 in the fair value hierarchy ) . the aggregate fair values of our outstanding fuel hedges as of december 31 , 2016 and 2015 were current liabilities of $ 2.7 million and $ 37.8 million , respectively , and have been recorded in other accrued liabilities in our consolidated balance sheets . the ineffective portions of the changes in fair values resulted in a gain of $ 0.8 million for the year ended december 31 , 2016 , and a loss of $ 0.4 million and $ 0.5 million for the years ended december 31 , 2015 and 2014 , respectively , and have been recorded in other income , net in our consolidated statements of income . total gain ( loss ) recognized in other comprehensive income ( loss ) for fuel hedges ( the effective portion ) was $ 20.7 million , $ ( 2.0 ) million and $ ( 24.2 ) million , for the years ended december 31 , 2016 , 2015 and 2014 , respectively . we classify cash inflows and outflows from our fuel hedges within operating activities in the unaudited consolidated statements of cash flows . recycling commodity hedges revenue from the sale of recycled commodities is primarily from sales of old corrugated containers and old newsprint . from time to time we use derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities . during 2016 , we entered into multiple agreements related to the forecasted occ sales . the agreements qualified for , and were designated as , effective hedges of changes in the prices of certain forecasted recycling commodity sales ( commodity hedges ) . we entered into costless collar agreements on forecasted sales of occ . the agreements involve combining a purchased put option giving us the right to sell occ at an established floor strike price with a written call option obligating us to deliver occ at an established cap strike price . the puts and calls have the same settlement dates , are net settled in cash on such dates and have the same terms to expiration . the contemporaneous combination of options resulted in no net premium for us and represents costless collars . under these agreements , we will make or receive no payments as long as the settlement price is between the floor price and cap price ; however , if the settlement price is above the cap , we will pay the counterparty an amount equal to the excess of the settlement price over the cap times the monthly volumes hedged . if the settlement price is below the floor , the counterparty will pay us the deficit of the settlement price below the floor times the monthly volumes hedged . the objective of these agreements is to reduce variability of cash flows for forecasted sales of occ between two designated strike prices. .

| | year | gallons hedged | weighted average contractprice per gallon | |---:|-------:|-----------------:|:--------------------------------------------| | 0 | 2017 | 12000000 | $ 2.92 | | 1 | 2018 | 3000000 | 2.61 |

republic services , inc . notes to consolidated financial statements 2014 ( continued ) 16 . financial instruments fuel hedges we have entered into multiple swap agreements designated as cash flow hedges to mitigate some of our exposure related to changes in diesel fuel prices . these swaps qualified for , and were designated as , effective hedges of changes in the prices of forecasted diesel fuel purchases ( fuel hedges ) . the following table summarizes our outstanding fuel hedges as of december 31 , 2016 : year gallons hedged weighted average contract price per gallon ._| | year | gallons hedged | weighted average contractprice per gallon | |---:|-------:|-----------------:|:--------------------------------------------| | 0 | 2017 | 12000000 | $ 2.92 | | 1 | 2018 | 3000000 | 2.61 |_if the national u.s . on-highway average price for a gallon of diesel fuel as published by the department of energy exceeds the contract price per gallon , we receive the difference between the average price and the contract price ( multiplied by the notional gallons ) from the counterparty . if the average price is less than the contract price per gallon , we pay the difference to the counterparty . the fair values of our fuel hedges are determined using standard option valuation models with assumptions about commodity prices based on those observed in underlying markets ( level 2 in the fair value hierarchy ) . the aggregate fair values of our outstanding fuel hedges as of december 31 , 2016 and 2015 were current liabilities of $ 2.7 million and $ 37.8 million , respectively , and have been recorded in other accrued liabilities in our consolidated balance sheets . the ineffective portions of the changes in fair values resulted in a gain of $ 0.8 million for the year ended december 31 , 2016 , and a loss of $ 0.4 million and $ 0.5 million for the years ended december 31 , 2015 and 2014 , respectively , and have been recorded in other income , net in our consolidated statements of income . total gain ( loss ) recognized in other comprehensive income ( loss ) for fuel hedges ( the effective portion ) was $ 20.7 million , $ ( 2.0 ) million and $ ( 24.2 ) million , for the years ended december 31 , 2016 , 2015 and 2014 , respectively . we classify cash inflows and outflows from our fuel hedges within operating activities in the unaudited consolidated statements of cash flows . recycling commodity hedges revenue from the sale of recycled commodities is primarily from sales of old corrugated containers and old newsprint . from time to time we use derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities . during 2016 , we entered into multiple agreements related to the forecasted occ sales . the agreements qualified for , and were designated as , effective hedges of changes in the prices of certain forecasted recycling commodity sales ( commodity hedges ) . we entered into costless collar agreements on forecasted sales of occ . the agreements involve combining a purchased put option giving us the right to sell occ at an established floor strike price with a written call option obligating us to deliver occ at an established cap strike price . the puts and calls have the same settlement dates , are net settled in cash on such dates and have the same terms to expiration . the contemporaneous combination of options resulted in no net premium for us and represents costless collars . under these agreements , we will make or receive no payments as long as the settlement price is between the floor price and cap price ; however , if the settlement price is above the cap , we will pay the counterparty an amount equal to the excess of the settlement price over the cap times the monthly volumes hedged . if the settlement price is below the floor , the counterparty will pay us the deficit of the settlement price below the floor times the monthly volumes hedged . the objective of these agreements is to reduce variability of cash flows for forecasted sales of occ between two designated strike prices. .

2,016

144

RSG

Republic Services

Industrials

Environmental & Facilities Services

Phoenix, Arizona

2008-12-05

1,060,391

1998 (1981)

null

finqa678

how much money can the company deduct on the income tax in the future after this acquisition?

$ 73576 thousand

add(2901, add(27954, 42721))

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

how much money can the company deduct on the income tax in the future after this acquisition?

$ 73576 thousand

add(2901, add(27954, 42721))

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

finqa679

how many class a common stocks issued and outstanding were issued between 2016 and 2017 in thousands?

995

subtract(339235, 338240)

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 class a common stocks issued and outstanding were issued between 2016 and 2017 in thousands?

995

subtract(339235, 338240)

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

finqa680

what was the growth rate of the cash flows from operations from 2011 to 2012

null

divide(subtract(6.8, 6.1), 6.1)

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

what was the growth rate of the cash flows from operations from 2011 to 2012

null

divide(subtract(6.8, 6.1), 6.1)

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

finqa681

considering the year 2012 , what is the sales to operating income ratio?

9.41

divide(420.1, 44.6)

equipment and energy .

2013 vs . 2012 sales of $ 451.1 increased primarily from higher lng project activity . operating income of $ 65.5 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september 2012 . it is expected that approximately $ 250 of the backlog will be completed during 2014 . 2012 vs . 2011 sales of $ 420.1 increased 5% ( 5 % ) , or $ 19.5 , reflecting higher air separation unit ( asu ) activity . operating income of $ 44.6 decreased 29% ( 29 % ) , or $ 18.2 , reflecting lower lng project activity . the sales backlog for the equipment business at 30 september 2012 was $ 450 , compared to $ 334 at 30 september 2011 . other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses . also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments . other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the current year includes an unfavorable lifo adjustment versus the prior year of $ 11 . the prior year loss included stranded costs from discontinued operations of $ 10 . 2012 vs . 2011 other operating loss was $ 6.6 , compared to $ 39.3 in the prior year , primarily due to a reduction in stranded costs , a decrease in the lifo adjustment as a result of decreases in inventory values , and favorable foreign exchange , partially offset by gains on asset sales in the prior year. .

| | | 2013 | 2012 | 2011 | |---:|:-----------------|:--------|:--------|:--------| | 0 | sales | $ 451.1 | $ 420.1 | $ 400.6 | | 1 | operating income | 65.5 | 44.6 | 62.8 |

equipment and energy ._| | | 2013 | 2012 | 2011 | |---:|:-----------------|:--------|:--------|:--------| | 0 | sales | $ 451.1 | $ 420.1 | $ 400.6 | | 1 | operating income | 65.5 | 44.6 | 62.8 |_2013 vs . 2012 sales of $ 451.1 increased primarily from higher lng project activity . operating income of $ 65.5 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september 2012 . it is expected that approximately $ 250 of the backlog will be completed during 2014 . 2012 vs . 2011 sales of $ 420.1 increased 5% ( 5 % ) , or $ 19.5 , reflecting higher air separation unit ( asu ) activity . operating income of $ 44.6 decreased 29% ( 29 % ) , or $ 18.2 , reflecting lower lng project activity . the sales backlog for the equipment business at 30 september 2012 was $ 450 , compared to $ 334 at 30 september 2011 . other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses . also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments . other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the current year includes an unfavorable lifo adjustment versus the prior year of $ 11 . the prior year loss included stranded costs from discontinued operations of $ 10 . 2012 vs . 2011 other operating loss was $ 6.6 , compared to $ 39.3 in the prior year , primarily due to a reduction in stranded costs , a decrease in the lifo adjustment as a result of decreases in inventory values , and favorable foreign exchange , partially offset by gains on asset sales in the prior year. .

2,013

36

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

considering the year 2012 , what is the sales to operating income ratio?

9.41

divide(420.1, 44.6)

equipment and energy .

2013 vs . 2012 sales of $ 451.1 increased primarily from higher lng project activity . operating income of $ 65.5 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september 2012 . it is expected that approximately $ 250 of the backlog will be completed during 2014 . 2012 vs . 2011 sales of $ 420.1 increased 5% ( 5 % ) , or $ 19.5 , reflecting higher air separation unit ( asu ) activity . operating income of $ 44.6 decreased 29% ( 29 % ) , or $ 18.2 , reflecting lower lng project activity . the sales backlog for the equipment business at 30 september 2012 was $ 450 , compared to $ 334 at 30 september 2011 . other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses . also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments . other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the current year includes an unfavorable lifo adjustment versus the prior year of $ 11 . the prior year loss included stranded costs from discontinued operations of $ 10 . 2012 vs . 2011 other operating loss was $ 6.6 , compared to $ 39.3 in the prior year , primarily due to a reduction in stranded costs , a decrease in the lifo adjustment as a result of decreases in inventory values , and favorable foreign exchange , partially offset by gains on asset sales in the prior year. .

| | | 2013 | 2012 | 2011 | |---:|:-----------------|:--------|:--------|:--------| | 0 | sales | $ 451.1 | $ 420.1 | $ 400.6 | | 1 | operating income | 65.5 | 44.6 | 62.8 |

equipment and energy ._| | | 2013 | 2012 | 2011 | |---:|:-----------------|:--------|:--------|:--------| | 0 | sales | $ 451.1 | $ 420.1 | $ 400.6 | | 1 | operating income | 65.5 | 44.6 | 62.8 |_2013 vs . 2012 sales of $ 451.1 increased primarily from higher lng project activity . operating income of $ 65.5 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september 2012 . it is expected that approximately $ 250 of the backlog will be completed during 2014 . 2012 vs . 2011 sales of $ 420.1 increased 5% ( 5 % ) , or $ 19.5 , reflecting higher air separation unit ( asu ) activity . operating income of $ 44.6 decreased 29% ( 29 % ) , or $ 18.2 , reflecting lower lng project activity . the sales backlog for the equipment business at 30 september 2012 was $ 450 , compared to $ 334 at 30 september 2011 . other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses . also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments . other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the current year includes an unfavorable lifo adjustment versus the prior year of $ 11 . the prior year loss included stranded costs from discontinued operations of $ 10 . 2012 vs . 2011 other operating loss was $ 6.6 , compared to $ 39.3 in the prior year , primarily due to a reduction in stranded costs , a decrease in the lifo adjustment as a result of decreases in inventory values , and favorable foreign exchange , partially offset by gains on asset sales in the prior year. .

2,013

36

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa682

what was the change in defined contribution plans expenses for the u.s . between 2016 and 2017 in millions?

5.4

subtract(47.9, 42.5)

zimmer biomet holdings , inc . and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) the following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs ( level 3 ) ( in millions ) : .

we expect that we will have no legally required minimum funding requirements in 2018 for the qualified u.s . and puerto rico defined benefit retirement plans , nor do we expect to voluntarily contribute to these plans during 2018 . contributions to foreign defined benefit plans are estimated to be $ 17.0 million in 2018 . we do not expect the assets in any of our plans to be returned to us in the next year . defined contribution plans we also sponsor defined contribution plans for substantially all of the u.s . and puerto rico employees and certain employees in other countries . the benefits offered under these plans are reflective of local customs and practices in the countries concerned . we expensed $ 47.9 million , $ 42.5 million and $ 40.2 million related to these plans for the years ended december 31 , 2017 , 2016 and 2015 , respectively . 15 . income taxes 2017 tax act : the president signed u.s . tax reform legislation ( 201c2017 tax act 201d ) on december 22 , 2017 , which is considered the enactment date . the 2017 tax act includes a broad range of provisions , many of which significantly differ from those contained in previous u.s . tax law . changes in tax law are accounted for in the period of enactment . as such , our 2017 consolidated financial statements reflect the immediate tax effect of the 2017 tax act . the 2017 tax act contains several key provisions including , among other things : 2022 a one-time tax on the mandatory deemed repatriation of post-1986 untaxed foreign earnings and profits ( e&p ) , referred to as the toll charge ; 2022 a reduction in the corporate income tax rate from 35 percent to 21 percent for tax years beginning after december 31 , 2022 the introduction of a new u.s . tax on certain off-shore earnings referred to as global intangible low-taxed income ( gilti ) at an effective tax rate of 10.5 percent for tax years beginning after december 31 , 2017 ( increasing to 13.125 percent for tax years beginning after december 31 , 2025 ) , with a partial offset by foreign tax credits ; and 2022 the introduction of a territorial tax system beginning in 2018 by providing a 100 percent dividend received deduction on certain qualified dividends from foreign subsidiaries . during the fourth quarter of 2017 , we recorded an income tax benefit of $ 1272.4 million , which was comprised of the following : 2022 income tax benefit of $ 715.0 million for the one-time deemed repatriation of foreign earnings . this is composed of a $ 1181.0 million benefit from the removal of a deferred tax liability we had recorded for the repatriation of foreign earnings prior to the 2017 tax act offset by $ 466.0 million for the toll charge recognized under the 2017 tax act . in accordance with the 2017 tax act , we expect to elect to pay the toll charge in installments over eight years . as of december 31 , 2017 , we have recorded current and non-current income tax liabilities related to the toll charge of $ 82.0 million and $ 384.0 million , respectively . 2022 an income tax benefit of $ 557.4 million , primarily related to the remeasurement of our deferred tax assets and liabilities at the enacted corporate income tax rate of 21 percent . the net benefit recorded was based on currently available information and interpretations made in applying the provisions of the 2017 tax act as of the time of filing this annual report on form 10-k . we further refined our estimates related to the impact of the 2017 tax act subsequent to the issuance of our earnings release for the fourth quarter of 2017 . in accordance with authoritative guidance issued by the sec , the income tax effect for certain aspects of the 2017 tax act represent provisional amounts for which our accounting is incomplete , but with respect to which a reasonable estimate could be determined and recorded during the fourth quarter of 2017 . the actual effects of the 2017 tax act and final amounts recorded may differ materially from our current estimate of provisional amounts due to , among other things , further interpretive guidance that may be issued by u.s . tax authorities or regulatory bodies , including the sec and the fasb . we will continue to analyze the 2017 tax act and any additional guidance that may be issued so we can finalize the full effects of applying the new legislation on our financial statements in the measurement period , which ends in the fourth quarter of 2018 . we continue to evaluate the impacts of the 2017 tax act and consider the amounts recorded to be provisional . in addition , we are still evaluating the gilti provisions of the 2017 tax act and their impact , if any , on our consolidated financial statements as of december 31 , 2017 . the fasb allows companies to adopt an accounting policy to either recognize deferred taxes for gilti or treat such as a tax cost in the year incurred . we have not yet determined which accounting policy to adopt because determining the impact of the gilti provisions requires analysis of our existing legal entity structure , the reversal of our u.s . gaap and u.s . tax basis differences in the assets and liabilities of our foreign subsidiaries , and our ability to offset any tax with foreign tax credits . as such , we did not record a deferred income tax .

| | | december 31 2017 | |---:|:-------------------------------|:-------------------| | 0 | beginning balance | $ 78.7 | | 1 | gains on assets sold | 0.3 | | 2 | change in fair value of assets | 3.8 | | 3 | net purchases and sales | 5.2 | | 4 | translation gain | 3.0 | | 5 | ending balance | $ 91.0 |

zimmer biomet holdings , inc . and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) the following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs ( level 3 ) ( in millions ) : ._| | | december 31 2017 | |---:|:-------------------------------|:-------------------| | 0 | beginning balance | $ 78.7 | | 1 | gains on assets sold | 0.3 | | 2 | change in fair value of assets | 3.8 | | 3 | net purchases and sales | 5.2 | | 4 | translation gain | 3.0 | | 5 | ending balance | $ 91.0 |_we expect that we will have no legally required minimum funding requirements in 2018 for the qualified u.s . and puerto rico defined benefit retirement plans , nor do we expect to voluntarily contribute to these plans during 2018 . contributions to foreign defined benefit plans are estimated to be $ 17.0 million in 2018 . we do not expect the assets in any of our plans to be returned to us in the next year . defined contribution plans we also sponsor defined contribution plans for substantially all of the u.s . and puerto rico employees and certain employees in other countries . the benefits offered under these plans are reflective of local customs and practices in the countries concerned . we expensed $ 47.9 million , $ 42.5 million and $ 40.2 million related to these plans for the years ended december 31 , 2017 , 2016 and 2015 , respectively . 15 . income taxes 2017 tax act : the president signed u.s . tax reform legislation ( 201c2017 tax act 201d ) on december 22 , 2017 , which is considered the enactment date . the 2017 tax act includes a broad range of provisions , many of which significantly differ from those contained in previous u.s . tax law . changes in tax law are accounted for in the period of enactment . as such , our 2017 consolidated financial statements reflect the immediate tax effect of the 2017 tax act . the 2017 tax act contains several key provisions including , among other things : 2022 a one-time tax on the mandatory deemed repatriation of post-1986 untaxed foreign earnings and profits ( e&p ) , referred to as the toll charge ; 2022 a reduction in the corporate income tax rate from 35 percent to 21 percent for tax years beginning after december 31 , 2022 the introduction of a new u.s . tax on certain off-shore earnings referred to as global intangible low-taxed income ( gilti ) at an effective tax rate of 10.5 percent for tax years beginning after december 31 , 2017 ( increasing to 13.125 percent for tax years beginning after december 31 , 2025 ) , with a partial offset by foreign tax credits ; and 2022 the introduction of a territorial tax system beginning in 2018 by providing a 100 percent dividend received deduction on certain qualified dividends from foreign subsidiaries . during the fourth quarter of 2017 , we recorded an income tax benefit of $ 1272.4 million , which was comprised of the following : 2022 income tax benefit of $ 715.0 million for the one-time deemed repatriation of foreign earnings . this is composed of a $ 1181.0 million benefit from the removal of a deferred tax liability we had recorded for the repatriation of foreign earnings prior to the 2017 tax act offset by $ 466.0 million for the toll charge recognized under the 2017 tax act . in accordance with the 2017 tax act , we expect to elect to pay the toll charge in installments over eight years . as of december 31 , 2017 , we have recorded current and non-current income tax liabilities related to the toll charge of $ 82.0 million and $ 384.0 million , respectively . 2022 an income tax benefit of $ 557.4 million , primarily related to the remeasurement of our deferred tax assets and liabilities at the enacted corporate income tax rate of 21 percent . the net benefit recorded was based on currently available information and interpretations made in applying the provisions of the 2017 tax act as of the time of filing this annual report on form 10-k . we further refined our estimates related to the impact of the 2017 tax act subsequent to the issuance of our earnings release for the fourth quarter of 2017 . in accordance with authoritative guidance issued by the sec , the income tax effect for certain aspects of the 2017 tax act represent provisional amounts for which our accounting is incomplete , but with respect to which a reasonable estimate could be determined and recorded during the fourth quarter of 2017 . the actual effects of the 2017 tax act and final amounts recorded may differ materially from our current estimate of provisional amounts due to , among other things , further interpretive guidance that may be issued by u.s . tax authorities or regulatory bodies , including the sec and the fasb . we will continue to analyze the 2017 tax act and any additional guidance that may be issued so we can finalize the full effects of applying the new legislation on our financial statements in the measurement period , which ends in the fourth quarter of 2018 . we continue to evaluate the impacts of the 2017 tax act and consider the amounts recorded to be provisional . in addition , we are still evaluating the gilti provisions of the 2017 tax act and their impact , if any , on our consolidated financial statements as of december 31 , 2017 . the fasb allows companies to adopt an accounting policy to either recognize deferred taxes for gilti or treat such as a tax cost in the year incurred . we have not yet determined which accounting policy to adopt because determining the impact of the gilti provisions requires analysis of our existing legal entity structure , the reversal of our u.s . gaap and u.s . tax basis differences in the assets and liabilities of our foreign subsidiaries , and our ability to offset any tax with foreign tax credits . as such , we did not record a deferred income tax .

2,017

71

ZBH

Zimmer Biomet

Health Care

Health Care Equipment

Warsaw, Indiana

2001-08-07

1,136,869

1927

what was the change in defined contribution plans expenses for the u.s . between 2016 and 2017 in millions?

5.4

subtract(47.9, 42.5)

zimmer biomet holdings , inc . and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) the following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs ( level 3 ) ( in millions ) : .

we expect that we will have no legally required minimum funding requirements in 2018 for the qualified u.s . and puerto rico defined benefit retirement plans , nor do we expect to voluntarily contribute to these plans during 2018 . contributions to foreign defined benefit plans are estimated to be $ 17.0 million in 2018 . we do not expect the assets in any of our plans to be returned to us in the next year . defined contribution plans we also sponsor defined contribution plans for substantially all of the u.s . and puerto rico employees and certain employees in other countries . the benefits offered under these plans are reflective of local customs and practices in the countries concerned . we expensed $ 47.9 million , $ 42.5 million and $ 40.2 million related to these plans for the years ended december 31 , 2017 , 2016 and 2015 , respectively . 15 . income taxes 2017 tax act : the president signed u.s . tax reform legislation ( 201c2017 tax act 201d ) on december 22 , 2017 , which is considered the enactment date . the 2017 tax act includes a broad range of provisions , many of which significantly differ from those contained in previous u.s . tax law . changes in tax law are accounted for in the period of enactment . as such , our 2017 consolidated financial statements reflect the immediate tax effect of the 2017 tax act . the 2017 tax act contains several key provisions including , among other things : 2022 a one-time tax on the mandatory deemed repatriation of post-1986 untaxed foreign earnings and profits ( e&p ) , referred to as the toll charge ; 2022 a reduction in the corporate income tax rate from 35 percent to 21 percent for tax years beginning after december 31 , 2022 the introduction of a new u.s . tax on certain off-shore earnings referred to as global intangible low-taxed income ( gilti ) at an effective tax rate of 10.5 percent for tax years beginning after december 31 , 2017 ( increasing to 13.125 percent for tax years beginning after december 31 , 2025 ) , with a partial offset by foreign tax credits ; and 2022 the introduction of a territorial tax system beginning in 2018 by providing a 100 percent dividend received deduction on certain qualified dividends from foreign subsidiaries . during the fourth quarter of 2017 , we recorded an income tax benefit of $ 1272.4 million , which was comprised of the following : 2022 income tax benefit of $ 715.0 million for the one-time deemed repatriation of foreign earnings . this is composed of a $ 1181.0 million benefit from the removal of a deferred tax liability we had recorded for the repatriation of foreign earnings prior to the 2017 tax act offset by $ 466.0 million for the toll charge recognized under the 2017 tax act . in accordance with the 2017 tax act , we expect to elect to pay the toll charge in installments over eight years . as of december 31 , 2017 , we have recorded current and non-current income tax liabilities related to the toll charge of $ 82.0 million and $ 384.0 million , respectively . 2022 an income tax benefit of $ 557.4 million , primarily related to the remeasurement of our deferred tax assets and liabilities at the enacted corporate income tax rate of 21 percent . the net benefit recorded was based on currently available information and interpretations made in applying the provisions of the 2017 tax act as of the time of filing this annual report on form 10-k . we further refined our estimates related to the impact of the 2017 tax act subsequent to the issuance of our earnings release for the fourth quarter of 2017 . in accordance with authoritative guidance issued by the sec , the income tax effect for certain aspects of the 2017 tax act represent provisional amounts for which our accounting is incomplete , but with respect to which a reasonable estimate could be determined and recorded during the fourth quarter of 2017 . the actual effects of the 2017 tax act and final amounts recorded may differ materially from our current estimate of provisional amounts due to , among other things , further interpretive guidance that may be issued by u.s . tax authorities or regulatory bodies , including the sec and the fasb . we will continue to analyze the 2017 tax act and any additional guidance that may be issued so we can finalize the full effects of applying the new legislation on our financial statements in the measurement period , which ends in the fourth quarter of 2018 . we continue to evaluate the impacts of the 2017 tax act and consider the amounts recorded to be provisional . in addition , we are still evaluating the gilti provisions of the 2017 tax act and their impact , if any , on our consolidated financial statements as of december 31 , 2017 . the fasb allows companies to adopt an accounting policy to either recognize deferred taxes for gilti or treat such as a tax cost in the year incurred . we have not yet determined which accounting policy to adopt because determining the impact of the gilti provisions requires analysis of our existing legal entity structure , the reversal of our u.s . gaap and u.s . tax basis differences in the assets and liabilities of our foreign subsidiaries , and our ability to offset any tax with foreign tax credits . as such , we did not record a deferred income tax .

| | | december 31 2017 | |---:|:-------------------------------|:-------------------| | 0 | beginning balance | $ 78.7 | | 1 | gains on assets sold | 0.3 | | 2 | change in fair value of assets | 3.8 | | 3 | net purchases and sales | 5.2 | | 4 | translation gain | 3.0 | | 5 | ending balance | $ 91.0 |

zimmer biomet holdings , inc . and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) the following table provides a reconciliation of the beginning and ending balances of our foreign pension plan assets measured at fair value that used significant unobservable inputs ( level 3 ) ( in millions ) : ._| | | december 31 2017 | |---:|:-------------------------------|:-------------------| | 0 | beginning balance | $ 78.7 | | 1 | gains on assets sold | 0.3 | | 2 | change in fair value of assets | 3.8 | | 3 | net purchases and sales | 5.2 | | 4 | translation gain | 3.0 | | 5 | ending balance | $ 91.0 |_we expect that we will have no legally required minimum funding requirements in 2018 for the qualified u.s . and puerto rico defined benefit retirement plans , nor do we expect to voluntarily contribute to these plans during 2018 . contributions to foreign defined benefit plans are estimated to be $ 17.0 million in 2018 . we do not expect the assets in any of our plans to be returned to us in the next year . defined contribution plans we also sponsor defined contribution plans for substantially all of the u.s . and puerto rico employees and certain employees in other countries . the benefits offered under these plans are reflective of local customs and practices in the countries concerned . we expensed $ 47.9 million , $ 42.5 million and $ 40.2 million related to these plans for the years ended december 31 , 2017 , 2016 and 2015 , respectively . 15 . income taxes 2017 tax act : the president signed u.s . tax reform legislation ( 201c2017 tax act 201d ) on december 22 , 2017 , which is considered the enactment date . the 2017 tax act includes a broad range of provisions , many of which significantly differ from those contained in previous u.s . tax law . changes in tax law are accounted for in the period of enactment . as such , our 2017 consolidated financial statements reflect the immediate tax effect of the 2017 tax act . the 2017 tax act contains several key provisions including , among other things : 2022 a one-time tax on the mandatory deemed repatriation of post-1986 untaxed foreign earnings and profits ( e&p ) , referred to as the toll charge ; 2022 a reduction in the corporate income tax rate from 35 percent to 21 percent for tax years beginning after december 31 , 2022 the introduction of a new u.s . tax on certain off-shore earnings referred to as global intangible low-taxed income ( gilti ) at an effective tax rate of 10.5 percent for tax years beginning after december 31 , 2017 ( increasing to 13.125 percent for tax years beginning after december 31 , 2025 ) , with a partial offset by foreign tax credits ; and 2022 the introduction of a territorial tax system beginning in 2018 by providing a 100 percent dividend received deduction on certain qualified dividends from foreign subsidiaries . during the fourth quarter of 2017 , we recorded an income tax benefit of $ 1272.4 million , which was comprised of the following : 2022 income tax benefit of $ 715.0 million for the one-time deemed repatriation of foreign earnings . this is composed of a $ 1181.0 million benefit from the removal of a deferred tax liability we had recorded for the repatriation of foreign earnings prior to the 2017 tax act offset by $ 466.0 million for the toll charge recognized under the 2017 tax act . in accordance with the 2017 tax act , we expect to elect to pay the toll charge in installments over eight years . as of december 31 , 2017 , we have recorded current and non-current income tax liabilities related to the toll charge of $ 82.0 million and $ 384.0 million , respectively . 2022 an income tax benefit of $ 557.4 million , primarily related to the remeasurement of our deferred tax assets and liabilities at the enacted corporate income tax rate of 21 percent . the net benefit recorded was based on currently available information and interpretations made in applying the provisions of the 2017 tax act as of the time of filing this annual report on form 10-k . we further refined our estimates related to the impact of the 2017 tax act subsequent to the issuance of our earnings release for the fourth quarter of 2017 . in accordance with authoritative guidance issued by the sec , the income tax effect for certain aspects of the 2017 tax act represent provisional amounts for which our accounting is incomplete , but with respect to which a reasonable estimate could be determined and recorded during the fourth quarter of 2017 . the actual effects of the 2017 tax act and final amounts recorded may differ materially from our current estimate of provisional amounts due to , among other things , further interpretive guidance that may be issued by u.s . tax authorities or regulatory bodies , including the sec and the fasb . we will continue to analyze the 2017 tax act and any additional guidance that may be issued so we can finalize the full effects of applying the new legislation on our financial statements in the measurement period , which ends in the fourth quarter of 2018 . we continue to evaluate the impacts of the 2017 tax act and consider the amounts recorded to be provisional . in addition , we are still evaluating the gilti provisions of the 2017 tax act and their impact , if any , on our consolidated financial statements as of december 31 , 2017 . the fasb allows companies to adopt an accounting policy to either recognize deferred taxes for gilti or treat such as a tax cost in the year incurred . we have not yet determined which accounting policy to adopt because determining the impact of the gilti provisions requires analysis of our existing legal entity structure , the reversal of our u.s . gaap and u.s . tax basis differences in the assets and liabilities of our foreign subsidiaries , and our ability to offset any tax with foreign tax credits . as such , we did not record a deferred income tax .

2,017

71

ZBH

Zimmer Biomet

Health Care

Health Care Equipment

Warsaw, Indiana

2001-08-07

1,136,869

1927

null

finqa683

what was the percent change in the weighted average cost per share from 2016 to 2017

31.5%

divide(subtract(63.84, 48.56), 48.56)

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

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

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

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

2,017

142

RSG

Republic Services

Industrials

Environmental & Facilities Services

Phoenix, Arizona

2008-12-05

1,060,391

1998 (1981)

what was the percent change in the weighted average cost per share from 2016 to 2017

31.5%

divide(subtract(63.84, 48.56), 48.56)

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

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

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

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

2,017

142

RSG

Republic Services

Industrials

Environmental & Facilities Services

Phoenix, Arizona

2008-12-05

1,060,391

1998 (1981)

null

finqa684

what portion of the long-term debt is reported under the current liabilities section of balance sheet as of september 27 , 2008?

1.7%

divide(38480, 2200900)

as a result of our acquisition of third wave on july 24 , 2008 , we assumed certain operating leases , the most significant of which is related to their corporate facility in madison , wisconsin , which is effective through september 2014 . future lease payments on these operating leases were approximately $ 5.8 million as of september 27 , 2008 . additionally , we assumed several license agreements for certain patent rights . these payments will be made through 2011 and future payments under these license agreements are approximately $ 7.0 million as of september 27 , 2008 . contractual obligations . the following table summarizes our contractual obligations and commitments as of september 27 , 2008: .

( 1 ) approximately $ 6.4 million of the purchase obligations relates to an exclusive distribution and service agreement in the united states under which we will sell and service a line of extremity mri systems . pursuant to the terms of this contract , we have certain minimum inventory purchase obligations for the initial term of eighteen months . thereafter the purchase obligations are subject to renegotiation in the event of any unforeseen changes in the market dynamics . ( 2 ) as a result of the merger with cytyc , we assumed on a consolidated basis certain non-cancelable supply contracts . for reasons of quality assurance , sole source availability or cost effectiveness , certain key components and raw materials are available only from a sole supplier . to assure continuity of supply while maintaining high quality and reliability , long-term supply contracts have been executed with these suppliers . in certain of these contracts , a minimum purchase commitment has been established . ( 3 ) as a result of the merger with cytyc , we assumed a private equity investment commitment with a limited liability partnership , which could be paid over the succeeding three years . the amounts above do not include any amount that may be payable to biolucent and adiana for earn-outs . we are working on several projects and we expect to continue to review and evaluate potential acquisitions of businesses , products or technologies , and strategic alliances that we believe will complement our current or future business . subject to the risk factors set forth in part i , item 1a of this report and the general disclaimers set forth in our special note regarding forward-looking statements at the outset of this report , we believe that cash flow from operations and cash available from our amended credit agreement will provide us with sufficient funds in order to fund our expected operations over the next twelve months . our longer-term liquidity is contingent upon future operating performance and our ability to continue to meet financial covenants under our amended credit agreement . we may also require additional capital in the future to fund capital expenditures , acquisitions or other investments , or to repay our convertible notes . the holders of the convertible notes may require us to repurchase the notes on december 13 of 2013 , and on each of december 15 , 2017 , 2022 , 2027 and 2032 at a repurchase price equal to 100% ( 100 % ) of their accreted principal amount . these capital requirements could be substantial . our operating performance may also be affected by matters discussed under the above-referenced risk factors as elsewhere in this report . these risks , trends and uncertainties may also adversely affect our long- term liquidity. .

| | contractual obligations | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years | payments due by period total | |---:|:---------------------------------------|:------------------------------------------|:-----------------------------------|:-----------------------------------|:-------------------------------------------|:-------------------------------| | 0 | long-term debt obligations | $ 38480 | $ 109436 | $ 327400 | $ 1725584 | $ 2200900 | | 1 | interest on long-term debt obligations | 58734 | 110973 | 90433 | 7484 | 267624 | | 2 | operating leases | 18528 | 33162 | 27199 | 63616 | 142505 | | 3 | purchase obligations ( 1 ) | 33176 | 15703 | 2014 | 2014 | 48879 | | 4 | financing leases | 2408 | 5035 | 5333 | 15008 | 27784 | | 5 | long-term supply contracts ( 2 ) | 3371 | 6000 | 3750 | 2014 | 13121 | | 6 | private equity investment ( 3 ) | 1874 | 2014 | 2014 | 2014 | 1874 | | 7 | total contractual obligations | $ 156571 | $ 280309 | $ 454115 | $ 1811692 | $ 2702687 |

as a result of our acquisition of third wave on july 24 , 2008 , we assumed certain operating leases , the most significant of which is related to their corporate facility in madison , wisconsin , which is effective through september 2014 . future lease payments on these operating leases were approximately $ 5.8 million as of september 27 , 2008 . additionally , we assumed several license agreements for certain patent rights . these payments will be made through 2011 and future payments under these license agreements are approximately $ 7.0 million as of september 27 , 2008 . contractual obligations . the following table summarizes our contractual obligations and commitments as of september 27 , 2008: ._| | contractual obligations | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years | payments due by period total | |---:|:---------------------------------------|:------------------------------------------|:-----------------------------------|:-----------------------------------|:-------------------------------------------|:-------------------------------| | 0 | long-term debt obligations | $ 38480 | $ 109436 | $ 327400 | $ 1725584 | $ 2200900 | | 1 | interest on long-term debt obligations | 58734 | 110973 | 90433 | 7484 | 267624 | | 2 | operating leases | 18528 | 33162 | 27199 | 63616 | 142505 | | 3 | purchase obligations ( 1 ) | 33176 | 15703 | 2014 | 2014 | 48879 | | 4 | financing leases | 2408 | 5035 | 5333 | 15008 | 27784 | | 5 | long-term supply contracts ( 2 ) | 3371 | 6000 | 3750 | 2014 | 13121 | | 6 | private equity investment ( 3 ) | 1874 | 2014 | 2014 | 2014 | 1874 | | 7 | total contractual obligations | $ 156571 | $ 280309 | $ 454115 | $ 1811692 | $ 2702687 |_( 1 ) approximately $ 6.4 million of the purchase obligations relates to an exclusive distribution and service agreement in the united states under which we will sell and service a line of extremity mri systems . pursuant to the terms of this contract , we have certain minimum inventory purchase obligations for the initial term of eighteen months . thereafter the purchase obligations are subject to renegotiation in the event of any unforeseen changes in the market dynamics . ( 2 ) as a result of the merger with cytyc , we assumed on a consolidated basis certain non-cancelable supply contracts . for reasons of quality assurance , sole source availability or cost effectiveness , certain key components and raw materials are available only from a sole supplier . to assure continuity of supply while maintaining high quality and reliability , long-term supply contracts have been executed with these suppliers . in certain of these contracts , a minimum purchase commitment has been established . ( 3 ) as a result of the merger with cytyc , we assumed a private equity investment commitment with a limited liability partnership , which could be paid over the succeeding three years . the amounts above do not include any amount that may be payable to biolucent and adiana for earn-outs . we are working on several projects and we expect to continue to review and evaluate potential acquisitions of businesses , products or technologies , and strategic alliances that we believe will complement our current or future business . subject to the risk factors set forth in part i , item 1a of this report and the general disclaimers set forth in our special note regarding forward-looking statements at the outset of this report , we believe that cash flow from operations and cash available from our amended credit agreement will provide us with sufficient funds in order to fund our expected operations over the next twelve months . our longer-term liquidity is contingent upon future operating performance and our ability to continue to meet financial covenants under our amended credit agreement . we may also require additional capital in the future to fund capital expenditures , acquisitions or other investments , or to repay our convertible notes . the holders of the convertible notes may require us to repurchase the notes on december 13 of 2013 , and on each of december 15 , 2017 , 2022 , 2027 and 2032 at a repurchase price equal to 100% ( 100 % ) of their accreted principal amount . these capital requirements could be substantial . our operating performance may also be affected by matters discussed under the above-referenced risk factors as elsewhere in this report . these risks , trends and uncertainties may also adversely affect our long- term liquidity. .

2,008

84

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

what portion of the long-term debt is reported under the current liabilities section of balance sheet as of september 27 , 2008?

1.7%

divide(38480, 2200900)

as a result of our acquisition of third wave on july 24 , 2008 , we assumed certain operating leases , the most significant of which is related to their corporate facility in madison , wisconsin , which is effective through september 2014 . future lease payments on these operating leases were approximately $ 5.8 million as of september 27 , 2008 . additionally , we assumed several license agreements for certain patent rights . these payments will be made through 2011 and future payments under these license agreements are approximately $ 7.0 million as of september 27 , 2008 . contractual obligations . the following table summarizes our contractual obligations and commitments as of september 27 , 2008: .

( 1 ) approximately $ 6.4 million of the purchase obligations relates to an exclusive distribution and service agreement in the united states under which we will sell and service a line of extremity mri systems . pursuant to the terms of this contract , we have certain minimum inventory purchase obligations for the initial term of eighteen months . thereafter the purchase obligations are subject to renegotiation in the event of any unforeseen changes in the market dynamics . ( 2 ) as a result of the merger with cytyc , we assumed on a consolidated basis certain non-cancelable supply contracts . for reasons of quality assurance , sole source availability or cost effectiveness , certain key components and raw materials are available only from a sole supplier . to assure continuity of supply while maintaining high quality and reliability , long-term supply contracts have been executed with these suppliers . in certain of these contracts , a minimum purchase commitment has been established . ( 3 ) as a result of the merger with cytyc , we assumed a private equity investment commitment with a limited liability partnership , which could be paid over the succeeding three years . the amounts above do not include any amount that may be payable to biolucent and adiana for earn-outs . we are working on several projects and we expect to continue to review and evaluate potential acquisitions of businesses , products or technologies , and strategic alliances that we believe will complement our current or future business . subject to the risk factors set forth in part i , item 1a of this report and the general disclaimers set forth in our special note regarding forward-looking statements at the outset of this report , we believe that cash flow from operations and cash available from our amended credit agreement will provide us with sufficient funds in order to fund our expected operations over the next twelve months . our longer-term liquidity is contingent upon future operating performance and our ability to continue to meet financial covenants under our amended credit agreement . we may also require additional capital in the future to fund capital expenditures , acquisitions or other investments , or to repay our convertible notes . the holders of the convertible notes may require us to repurchase the notes on december 13 of 2013 , and on each of december 15 , 2017 , 2022 , 2027 and 2032 at a repurchase price equal to 100% ( 100 % ) of their accreted principal amount . these capital requirements could be substantial . our operating performance may also be affected by matters discussed under the above-referenced risk factors as elsewhere in this report . these risks , trends and uncertainties may also adversely affect our long- term liquidity. .

| | contractual obligations | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years | payments due by period total | |---:|:---------------------------------------|:------------------------------------------|:-----------------------------------|:-----------------------------------|:-------------------------------------------|:-------------------------------| | 0 | long-term debt obligations | $ 38480 | $ 109436 | $ 327400 | $ 1725584 | $ 2200900 | | 1 | interest on long-term debt obligations | 58734 | 110973 | 90433 | 7484 | 267624 | | 2 | operating leases | 18528 | 33162 | 27199 | 63616 | 142505 | | 3 | purchase obligations ( 1 ) | 33176 | 15703 | 2014 | 2014 | 48879 | | 4 | financing leases | 2408 | 5035 | 5333 | 15008 | 27784 | | 5 | long-term supply contracts ( 2 ) | 3371 | 6000 | 3750 | 2014 | 13121 | | 6 | private equity investment ( 3 ) | 1874 | 2014 | 2014 | 2014 | 1874 | | 7 | total contractual obligations | $ 156571 | $ 280309 | $ 454115 | $ 1811692 | $ 2702687 |

as a result of our acquisition of third wave on july 24 , 2008 , we assumed certain operating leases , the most significant of which is related to their corporate facility in madison , wisconsin , which is effective through september 2014 . future lease payments on these operating leases were approximately $ 5.8 million as of september 27 , 2008 . additionally , we assumed several license agreements for certain patent rights . these payments will be made through 2011 and future payments under these license agreements are approximately $ 7.0 million as of september 27 , 2008 . contractual obligations . the following table summarizes our contractual obligations and commitments as of september 27 , 2008: ._| | contractual obligations | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years | payments due by period total | |---:|:---------------------------------------|:------------------------------------------|:-----------------------------------|:-----------------------------------|:-------------------------------------------|:-------------------------------| | 0 | long-term debt obligations | $ 38480 | $ 109436 | $ 327400 | $ 1725584 | $ 2200900 | | 1 | interest on long-term debt obligations | 58734 | 110973 | 90433 | 7484 | 267624 | | 2 | operating leases | 18528 | 33162 | 27199 | 63616 | 142505 | | 3 | purchase obligations ( 1 ) | 33176 | 15703 | 2014 | 2014 | 48879 | | 4 | financing leases | 2408 | 5035 | 5333 | 15008 | 27784 | | 5 | long-term supply contracts ( 2 ) | 3371 | 6000 | 3750 | 2014 | 13121 | | 6 | private equity investment ( 3 ) | 1874 | 2014 | 2014 | 2014 | 1874 | | 7 | total contractual obligations | $ 156571 | $ 280309 | $ 454115 | $ 1811692 | $ 2702687 |_( 1 ) approximately $ 6.4 million of the purchase obligations relates to an exclusive distribution and service agreement in the united states under which we will sell and service a line of extremity mri systems . pursuant to the terms of this contract , we have certain minimum inventory purchase obligations for the initial term of eighteen months . thereafter the purchase obligations are subject to renegotiation in the event of any unforeseen changes in the market dynamics . ( 2 ) as a result of the merger with cytyc , we assumed on a consolidated basis certain non-cancelable supply contracts . for reasons of quality assurance , sole source availability or cost effectiveness , certain key components and raw materials are available only from a sole supplier . to assure continuity of supply while maintaining high quality and reliability , long-term supply contracts have been executed with these suppliers . in certain of these contracts , a minimum purchase commitment has been established . ( 3 ) as a result of the merger with cytyc , we assumed a private equity investment commitment with a limited liability partnership , which could be paid over the succeeding three years . the amounts above do not include any amount that may be payable to biolucent and adiana for earn-outs . we are working on several projects and we expect to continue to review and evaluate potential acquisitions of businesses , products or technologies , and strategic alliances that we believe will complement our current or future business . subject to the risk factors set forth in part i , item 1a of this report and the general disclaimers set forth in our special note regarding forward-looking statements at the outset of this report , we believe that cash flow from operations and cash available from our amended credit agreement will provide us with sufficient funds in order to fund our expected operations over the next twelve months . our longer-term liquidity is contingent upon future operating performance and our ability to continue to meet financial covenants under our amended credit agreement . we may also require additional capital in the future to fund capital expenditures , acquisitions or other investments , or to repay our convertible notes . the holders of the convertible notes may require us to repurchase the notes on december 13 of 2013 , and on each of december 15 , 2017 , 2022 , 2027 and 2032 at a repurchase price equal to 100% ( 100 % ) of their accreted principal amount . these capital requirements could be substantial . our operating performance may also be affected by matters discussed under the above-referenced risk factors as elsewhere in this report . these risks , trends and uncertainties may also adversely affect our long- term liquidity. .

2,008

84

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

null

finqa685

what is the change in dac balance resulting from all amortization accounts in 2011?

-3427

add(-2920, -507)

the hartford financial services group , inc . notes to consolidated financial statements ( continued ) 7 . deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: .

[1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s . variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return . the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return . also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates . the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 . [2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci . other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 . [3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance . for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance . as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. .

| | | 2011 | 2010 | 2009 | |---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 | | 1 | deferred costs | 2608 | 2648 | 2853 | | 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) | | 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) | | 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) | | 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) | | 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) | | 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) | | 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 |

the hartford financial services group , inc . notes to consolidated financial statements ( continued ) 7 . deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: ._| | | 2011 | 2010 | 2009 | |---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 | | 1 | deferred costs | 2608 | 2648 | 2853 | | 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) | | 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) | | 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) | | 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) | | 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) | | 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) | | 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 |_[1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s . variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return . the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return . also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates . the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 . [2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci . other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 . [3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance . for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance . as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. .

2,011

188

HIG

Hartford (The)

Financials

Property & Casualty Insurance

Hartford, Connecticut

1957-03-04

874,766

1810

what is the change in dac balance resulting from all amortization accounts in 2011?

-3427

add(-2920, -507)

the hartford financial services group , inc . notes to consolidated financial statements ( continued ) 7 . deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: .

[1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s . variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return . the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return . also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates . the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 . [2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci . other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 . [3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance . for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance . as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. .

| | | 2011 | 2010 | 2009 | |---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 | | 1 | deferred costs | 2608 | 2648 | 2853 | | 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) | | 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) | | 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) | | 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) | | 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) | | 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) | | 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 |

the hartford financial services group , inc . notes to consolidated financial statements ( continued ) 7 . deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: ._| | | 2011 | 2010 | 2009 | |---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------| | 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 | | 1 | deferred costs | 2608 | 2648 | 2853 | | 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) | | 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) | | 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) | | 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) | | 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) | | 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) | | 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 |_[1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s . variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return . the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return . also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates . the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 . [2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci . other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 . [3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance . for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge . in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance . as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. .

2,011

188

HIG

Hartford (The)

Financials

Property & Casualty Insurance

Hartford, Connecticut

1957-03-04

874,766

1810

null

finqa686

what was the percentage change in the the fair value of our foreign currency forward contracts from 2008 to 2009

-75%

divide(subtract(0.3, 1.2), 1.2)

addition , we are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates on transactions generated by our international subsidiaries in currencies other than their local currencies . these gains and losses are primarily driven by inter-company transactions . these exposures are included in other income ( expense ) , net on the consolidated statements of income . since 2007 , we have used foreign currency forward contracts to reduce the risk from exchange rate fluctuations on inter-company transactions and projected inventory purchases for our canadian subsidiary . beginning in december 2008 , we began using foreign currency forward contracts in order to reduce the risk associated with foreign currency exchange rate fluctuations on inter-company transactions for our european subsidiary . we do not enter into derivative financial instruments for speculative or trading purposes . based on the foreign currency forward contracts outstanding as of december 31 , 2009 , we receive us dollars in exchange for canadian dollars at a weighted average contractual forward foreign currency exchange rate of 1.04 cad per $ 1.00 and us dollars in exchange for euros at a weighted average contractual foreign currency exchange rate of 0.70 eur per $ 1.00 . as of december 31 , 2009 , the notional value of our outstanding foreign currency forward contracts for our canadian subsidiary was $ 15.4 million with contract maturities of 1 month , and the notional value of our outstanding foreign currency forward contracts for our european subsidiary was $ 56.0 million with contract maturities of 1 month . the foreign currency forward contracts are not designated as cash flow hedges , and accordingly , changes in their fair value are recorded in other income ( expense ) , net on the consolidated statements of income . the fair value of our foreign currency forward contracts was $ 0.3 million and $ 1.2 million as of december 31 , 2009 and 2008 , respectively . these amounts are included in prepaid expenses and other current assets on the consolidated balance sheet . refer to note 9 for a discussion of the fair value measurements . other income ( expense ) , net included the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts: .

although we have entered into foreign currency forward contracts to minimize some of the impact of foreign currency exchange rate fluctuations on future cash flows , we cannot be assured that foreign currency exchange rate fluctuations will not have a material adverse impact on our financial condition and results of operations . inflation inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results . although we do not believe that inflation has had a material impact on our financial position or results of operations to date , a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling , general and administrative expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs. .

| | year ended december 31 , ( in thousands ) | year ended december 31 , 2009 | year ended december 31 , 2008 | 2007 | |---:|:-----------------------------------------------------------|:--------------------------------|:--------------------------------|:-------------| | 0 | unrealized foreign currency exchange rate gains ( losses ) | $ 5222 | $ -5459 ( 5459 ) | $ 2567 | | 1 | realized foreign currency exchange rate gains ( losses ) | -261 ( 261 ) | -2166 ( 2166 ) | 174 | | 2 | unrealized derivative gains ( losses ) | -1060 ( 1060 ) | 1650 | -243 ( 243 ) | | 3 | realized derivative losses | -4412 ( 4412 ) | -204 ( 204 ) | -469 ( 469 ) |

addition , we are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates on transactions generated by our international subsidiaries in currencies other than their local currencies . these gains and losses are primarily driven by inter-company transactions . these exposures are included in other income ( expense ) , net on the consolidated statements of income . since 2007 , we have used foreign currency forward contracts to reduce the risk from exchange rate fluctuations on inter-company transactions and projected inventory purchases for our canadian subsidiary . beginning in december 2008 , we began using foreign currency forward contracts in order to reduce the risk associated with foreign currency exchange rate fluctuations on inter-company transactions for our european subsidiary . we do not enter into derivative financial instruments for speculative or trading purposes . based on the foreign currency forward contracts outstanding as of december 31 , 2009 , we receive us dollars in exchange for canadian dollars at a weighted average contractual forward foreign currency exchange rate of 1.04 cad per $ 1.00 and us dollars in exchange for euros at a weighted average contractual foreign currency exchange rate of 0.70 eur per $ 1.00 . as of december 31 , 2009 , the notional value of our outstanding foreign currency forward contracts for our canadian subsidiary was $ 15.4 million with contract maturities of 1 month , and the notional value of our outstanding foreign currency forward contracts for our european subsidiary was $ 56.0 million with contract maturities of 1 month . the foreign currency forward contracts are not designated as cash flow hedges , and accordingly , changes in their fair value are recorded in other income ( expense ) , net on the consolidated statements of income . the fair value of our foreign currency forward contracts was $ 0.3 million and $ 1.2 million as of december 31 , 2009 and 2008 , respectively . these amounts are included in prepaid expenses and other current assets on the consolidated balance sheet . refer to note 9 for a discussion of the fair value measurements . other income ( expense ) , net included the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts: ._| | year ended december 31 , ( in thousands ) | year ended december 31 , 2009 | year ended december 31 , 2008 | 2007 | |---:|:-----------------------------------------------------------|:--------------------------------|:--------------------------------|:-------------| | 0 | unrealized foreign currency exchange rate gains ( losses ) | $ 5222 | $ -5459 ( 5459 ) | $ 2567 | | 1 | realized foreign currency exchange rate gains ( losses ) | -261 ( 261 ) | -2166 ( 2166 ) | 174 | | 2 | unrealized derivative gains ( losses ) | -1060 ( 1060 ) | 1650 | -243 ( 243 ) | | 3 | realized derivative losses | -4412 ( 4412 ) | -204 ( 204 ) | -469 ( 469 ) |_although we have entered into foreign currency forward contracts to minimize some of the impact of foreign currency exchange rate fluctuations on future cash flows , we cannot be assured that foreign currency exchange rate fluctuations will not have a material adverse impact on our financial condition and results of operations . inflation inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results . although we do not believe that inflation has had a material impact on our financial position or results of operations to date , a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling , general and administrative expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs. .

2,009

50

UA

Under Armour, Inc.

Consumer Discretionary

Apparel, Accessories, & Luxury

Baltimore, MD

2016-01-01

1,336,917

1996

what was the percentage change in the the fair value of our foreign currency forward contracts from 2008 to 2009

-75%

divide(subtract(0.3, 1.2), 1.2)

addition , we are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates on transactions generated by our international subsidiaries in currencies other than their local currencies . these gains and losses are primarily driven by inter-company transactions . these exposures are included in other income ( expense ) , net on the consolidated statements of income . since 2007 , we have used foreign currency forward contracts to reduce the risk from exchange rate fluctuations on inter-company transactions and projected inventory purchases for our canadian subsidiary . beginning in december 2008 , we began using foreign currency forward contracts in order to reduce the risk associated with foreign currency exchange rate fluctuations on inter-company transactions for our european subsidiary . we do not enter into derivative financial instruments for speculative or trading purposes . based on the foreign currency forward contracts outstanding as of december 31 , 2009 , we receive us dollars in exchange for canadian dollars at a weighted average contractual forward foreign currency exchange rate of 1.04 cad per $ 1.00 and us dollars in exchange for euros at a weighted average contractual foreign currency exchange rate of 0.70 eur per $ 1.00 . as of december 31 , 2009 , the notional value of our outstanding foreign currency forward contracts for our canadian subsidiary was $ 15.4 million with contract maturities of 1 month , and the notional value of our outstanding foreign currency forward contracts for our european subsidiary was $ 56.0 million with contract maturities of 1 month . the foreign currency forward contracts are not designated as cash flow hedges , and accordingly , changes in their fair value are recorded in other income ( expense ) , net on the consolidated statements of income . the fair value of our foreign currency forward contracts was $ 0.3 million and $ 1.2 million as of december 31 , 2009 and 2008 , respectively . these amounts are included in prepaid expenses and other current assets on the consolidated balance sheet . refer to note 9 for a discussion of the fair value measurements . other income ( expense ) , net included the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts: .

although we have entered into foreign currency forward contracts to minimize some of the impact of foreign currency exchange rate fluctuations on future cash flows , we cannot be assured that foreign currency exchange rate fluctuations will not have a material adverse impact on our financial condition and results of operations . inflation inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results . although we do not believe that inflation has had a material impact on our financial position or results of operations to date , a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling , general and administrative expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs. .

| | year ended december 31 , ( in thousands ) | year ended december 31 , 2009 | year ended december 31 , 2008 | 2007 | |---:|:-----------------------------------------------------------|:--------------------------------|:--------------------------------|:-------------| | 0 | unrealized foreign currency exchange rate gains ( losses ) | $ 5222 | $ -5459 ( 5459 ) | $ 2567 | | 1 | realized foreign currency exchange rate gains ( losses ) | -261 ( 261 ) | -2166 ( 2166 ) | 174 | | 2 | unrealized derivative gains ( losses ) | -1060 ( 1060 ) | 1650 | -243 ( 243 ) | | 3 | realized derivative losses | -4412 ( 4412 ) | -204 ( 204 ) | -469 ( 469 ) |

addition , we are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates on transactions generated by our international subsidiaries in currencies other than their local currencies . these gains and losses are primarily driven by inter-company transactions . these exposures are included in other income ( expense ) , net on the consolidated statements of income . since 2007 , we have used foreign currency forward contracts to reduce the risk from exchange rate fluctuations on inter-company transactions and projected inventory purchases for our canadian subsidiary . beginning in december 2008 , we began using foreign currency forward contracts in order to reduce the risk associated with foreign currency exchange rate fluctuations on inter-company transactions for our european subsidiary . we do not enter into derivative financial instruments for speculative or trading purposes . based on the foreign currency forward contracts outstanding as of december 31 , 2009 , we receive us dollars in exchange for canadian dollars at a weighted average contractual forward foreign currency exchange rate of 1.04 cad per $ 1.00 and us dollars in exchange for euros at a weighted average contractual foreign currency exchange rate of 0.70 eur per $ 1.00 . as of december 31 , 2009 , the notional value of our outstanding foreign currency forward contracts for our canadian subsidiary was $ 15.4 million with contract maturities of 1 month , and the notional value of our outstanding foreign currency forward contracts for our european subsidiary was $ 56.0 million with contract maturities of 1 month . the foreign currency forward contracts are not designated as cash flow hedges , and accordingly , changes in their fair value are recorded in other income ( expense ) , net on the consolidated statements of income . the fair value of our foreign currency forward contracts was $ 0.3 million and $ 1.2 million as of december 31 , 2009 and 2008 , respectively . these amounts are included in prepaid expenses and other current assets on the consolidated balance sheet . refer to note 9 for a discussion of the fair value measurements . other income ( expense ) , net included the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts: ._| | year ended december 31 , ( in thousands ) | year ended december 31 , 2009 | year ended december 31 , 2008 | 2007 | |---:|:-----------------------------------------------------------|:--------------------------------|:--------------------------------|:-------------| | 0 | unrealized foreign currency exchange rate gains ( losses ) | $ 5222 | $ -5459 ( 5459 ) | $ 2567 | | 1 | realized foreign currency exchange rate gains ( losses ) | -261 ( 261 ) | -2166 ( 2166 ) | 174 | | 2 | unrealized derivative gains ( losses ) | -1060 ( 1060 ) | 1650 | -243 ( 243 ) | | 3 | realized derivative losses | -4412 ( 4412 ) | -204 ( 204 ) | -469 ( 469 ) |_although we have entered into foreign currency forward contracts to minimize some of the impact of foreign currency exchange rate fluctuations on future cash flows , we cannot be assured that foreign currency exchange rate fluctuations will not have a material adverse impact on our financial condition and results of operations . inflation inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results . although we do not believe that inflation has had a material impact on our financial position or results of operations to date , a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling , general and administrative expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs. .

2,009

50

UA

Under Armour, Inc.

Consumer Discretionary

Apparel, Accessories, & Luxury

Baltimore, MD

2016-01-01

1,336,917

1996

null

finqa687

what is the change in finished goods in millions between 2002 and 2003?

177.6

subtract(384.3, 206.7)

z i m m e r h o l d i n g s , i n c . a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $ 90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable . an impairment loss litigation , $ 54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s . federal net relating to the asset are less than its carrying amount . operating loss for 5 years versus 10 years , which resulted in depreciation of instruments is recognized as selling , general more losses being carried forward to future years and less and administrative expense , consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1 , 2003 . period and an $ 8.0 million gain on sale of orquest inc. , an prior to january 1 , 2003 , undeployed instruments were investment previously held by centerpulse . the unaudited carried as a prepaid expense at cost , net of allowances for pro forma results are not necessarily indicative either of the obsolescence ( $ 54.8 million , net , at december 31 , 2002 ) , and results of operations that actually would have resulted had recognized in selling , general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service . respective years or of future results . the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25 , 2003 , the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica , inc . periods benefited , typically five years . for approximately $ 14.8 million cash , which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31 , 2003 was to increase earnings before intangible assets . the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $ 26.8 million ( $ 17.8 million net of tax ) , or $ 0.08 per diluted with immedica . share . the cumulative effect adjustment of $ 55.1 million ( net of income taxes of $ 34.0 million ) to retroactively apply the implex corp . new capitalization method as if applied in years prior to 2003 on march 2 , 2004 , the company entered into an is included in earnings during the year ended december 31 , amended and restated merger agreement relating to the 2003 . the pro forma amounts shown on the consolidated acquisition of implex corp . ( 2018 2018implex 2019 2019 ) , a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey , for cash . each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes . receive cash having an aggregate value of approximately $ 108.0 million at closing and additional cash earn-out 5 . inventories payments that are contingent on the growth of implex inventories at december 31 , 2003 and 2002 , consist of product sales through 2006 . the net value transferred at the following ( in millions ) : closing will be approximately $ 89 million , which includes .

made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement , escrow and other items . the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting . inventories , net $ 527.7 $ 257.6 reserves for obsolete and slow-moving inventory at4 . change in accounting principle december 31 , 2003 and 2002 were $ 47.4 million and instruments are hand held devices used by orthopaedic $ 45.5 million , respectively . provisions charged to expense surgeons during total joint replacement and other surgical were $ 11.6 million , $ 6.0 million and $ 11.9 million for the procedures . effective january 1 , 2003 , instruments are years ended december 31 , 2003 , 2002 and 2001 , respectively . recognized as long-lived assets and are included in property , amounts written off against the reserve were $ 11.7 million , plant and equipment . undeployed instruments are carried at $ 7.1 million and $ 8.5 million for the years ended cost , net of allowances for obsolescence . instruments in the december 31 , 2003 , 2002 and 2001 , respectively . field are carried at cost less accumulated depreciation . following the acquisition of centerpulse , the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives , determined inventory and instruments . this change in estimate resulted principally in reference to associated product life cycles , in a charge to earnings of $ 3.0 million after tax in the fourth primarily five years . in accordance with sfas no . 144 , the quarter . company reviews instruments for impairment whenever .

| | | 2003 | 2002 | |---:|:-----------------------------------|:--------|:--------| | 0 | finished goods | $ 384.3 | $ 206.7 | | 1 | raw materials and work in progress | 90.8 | 50.9 | | 2 | inventory step-up | 52.6 | 2013 | | 3 | inventories net | $ 527.7 | $ 257.6 |

z i m m e r h o l d i n g s , i n c . a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $ 90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable . an impairment loss litigation , $ 54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s . federal net relating to the asset are less than its carrying amount . operating loss for 5 years versus 10 years , which resulted in depreciation of instruments is recognized as selling , general more losses being carried forward to future years and less and administrative expense , consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1 , 2003 . period and an $ 8.0 million gain on sale of orquest inc. , an prior to january 1 , 2003 , undeployed instruments were investment previously held by centerpulse . the unaudited carried as a prepaid expense at cost , net of allowances for pro forma results are not necessarily indicative either of the obsolescence ( $ 54.8 million , net , at december 31 , 2002 ) , and results of operations that actually would have resulted had recognized in selling , general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service . respective years or of future results . the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25 , 2003 , the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica , inc . periods benefited , typically five years . for approximately $ 14.8 million cash , which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31 , 2003 was to increase earnings before intangible assets . the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $ 26.8 million ( $ 17.8 million net of tax ) , or $ 0.08 per diluted with immedica . share . the cumulative effect adjustment of $ 55.1 million ( net of income taxes of $ 34.0 million ) to retroactively apply the implex corp . new capitalization method as if applied in years prior to 2003 on march 2 , 2004 , the company entered into an is included in earnings during the year ended december 31 , amended and restated merger agreement relating to the 2003 . the pro forma amounts shown on the consolidated acquisition of implex corp . ( 2018 2018implex 2019 2019 ) , a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey , for cash . each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes . receive cash having an aggregate value of approximately $ 108.0 million at closing and additional cash earn-out 5 . inventories payments that are contingent on the growth of implex inventories at december 31 , 2003 and 2002 , consist of product sales through 2006 . the net value transferred at the following ( in millions ) : closing will be approximately $ 89 million , which includes ._| | | 2003 | 2002 | |---:|:-----------------------------------|:--------|:--------| | 0 | finished goods | $ 384.3 | $ 206.7 | | 1 | raw materials and work in progress | 90.8 | 50.9 | | 2 | inventory step-up | 52.6 | 2013 | | 3 | inventories net | $ 527.7 | $ 257.6 |_made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement , escrow and other items . the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting . inventories , net $ 527.7 $ 257.6 reserves for obsolete and slow-moving inventory at4 . change in accounting principle december 31 , 2003 and 2002 were $ 47.4 million and instruments are hand held devices used by orthopaedic $ 45.5 million , respectively . provisions charged to expense surgeons during total joint replacement and other surgical were $ 11.6 million , $ 6.0 million and $ 11.9 million for the procedures . effective january 1 , 2003 , instruments are years ended december 31 , 2003 , 2002 and 2001 , respectively . recognized as long-lived assets and are included in property , amounts written off against the reserve were $ 11.7 million , plant and equipment . undeployed instruments are carried at $ 7.1 million and $ 8.5 million for the years ended cost , net of allowances for obsolescence . instruments in the december 31 , 2003 , 2002 and 2001 , respectively . field are carried at cost less accumulated depreciation . following the acquisition of centerpulse , the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives , determined inventory and instruments . this change in estimate resulted principally in reference to associated product life cycles , in a charge to earnings of $ 3.0 million after tax in the fourth primarily five years . in accordance with sfas no . 144 , the quarter . company reviews instruments for impairment whenever .

2,003

58

ZBH

Zimmer Biomet

Health Care

Health Care Equipment

Warsaw, Indiana

2001-08-07

1,136,869

1927

what is the change in finished goods in millions between 2002 and 2003?

177.6

subtract(384.3, 206.7)

z i m m e r h o l d i n g s , i n c . a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $ 90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable . an impairment loss litigation , $ 54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s . federal net relating to the asset are less than its carrying amount . operating loss for 5 years versus 10 years , which resulted in depreciation of instruments is recognized as selling , general more losses being carried forward to future years and less and administrative expense , consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1 , 2003 . period and an $ 8.0 million gain on sale of orquest inc. , an prior to january 1 , 2003 , undeployed instruments were investment previously held by centerpulse . the unaudited carried as a prepaid expense at cost , net of allowances for pro forma results are not necessarily indicative either of the obsolescence ( $ 54.8 million , net , at december 31 , 2002 ) , and results of operations that actually would have resulted had recognized in selling , general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service . respective years or of future results . the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25 , 2003 , the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica , inc . periods benefited , typically five years . for approximately $ 14.8 million cash , which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31 , 2003 was to increase earnings before intangible assets . the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $ 26.8 million ( $ 17.8 million net of tax ) , or $ 0.08 per diluted with immedica . share . the cumulative effect adjustment of $ 55.1 million ( net of income taxes of $ 34.0 million ) to retroactively apply the implex corp . new capitalization method as if applied in years prior to 2003 on march 2 , 2004 , the company entered into an is included in earnings during the year ended december 31 , amended and restated merger agreement relating to the 2003 . the pro forma amounts shown on the consolidated acquisition of implex corp . ( 2018 2018implex 2019 2019 ) , a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey , for cash . each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes . receive cash having an aggregate value of approximately $ 108.0 million at closing and additional cash earn-out 5 . inventories payments that are contingent on the growth of implex inventories at december 31 , 2003 and 2002 , consist of product sales through 2006 . the net value transferred at the following ( in millions ) : closing will be approximately $ 89 million , which includes .

made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement , escrow and other items . the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting . inventories , net $ 527.7 $ 257.6 reserves for obsolete and slow-moving inventory at4 . change in accounting principle december 31 , 2003 and 2002 were $ 47.4 million and instruments are hand held devices used by orthopaedic $ 45.5 million , respectively . provisions charged to expense surgeons during total joint replacement and other surgical were $ 11.6 million , $ 6.0 million and $ 11.9 million for the procedures . effective january 1 , 2003 , instruments are years ended december 31 , 2003 , 2002 and 2001 , respectively . recognized as long-lived assets and are included in property , amounts written off against the reserve were $ 11.7 million , plant and equipment . undeployed instruments are carried at $ 7.1 million and $ 8.5 million for the years ended cost , net of allowances for obsolescence . instruments in the december 31 , 2003 , 2002 and 2001 , respectively . field are carried at cost less accumulated depreciation . following the acquisition of centerpulse , the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives , determined inventory and instruments . this change in estimate resulted principally in reference to associated product life cycles , in a charge to earnings of $ 3.0 million after tax in the fourth primarily five years . in accordance with sfas no . 144 , the quarter . company reviews instruments for impairment whenever .

| | | 2003 | 2002 | |---:|:-----------------------------------|:--------|:--------| | 0 | finished goods | $ 384.3 | $ 206.7 | | 1 | raw materials and work in progress | 90.8 | 50.9 | | 2 | inventory step-up | 52.6 | 2013 | | 3 | inventories net | $ 527.7 | $ 257.6 |

z i m m e r h o l d i n g s , i n c . a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $ 90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable . an impairment loss litigation , $ 54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s . federal net relating to the asset are less than its carrying amount . operating loss for 5 years versus 10 years , which resulted in depreciation of instruments is recognized as selling , general more losses being carried forward to future years and less and administrative expense , consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1 , 2003 . period and an $ 8.0 million gain on sale of orquest inc. , an prior to january 1 , 2003 , undeployed instruments were investment previously held by centerpulse . the unaudited carried as a prepaid expense at cost , net of allowances for pro forma results are not necessarily indicative either of the obsolescence ( $ 54.8 million , net , at december 31 , 2002 ) , and results of operations that actually would have resulted had recognized in selling , general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service . respective years or of future results . the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25 , 2003 , the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica , inc . periods benefited , typically five years . for approximately $ 14.8 million cash , which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31 , 2003 was to increase earnings before intangible assets . the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $ 26.8 million ( $ 17.8 million net of tax ) , or $ 0.08 per diluted with immedica . share . the cumulative effect adjustment of $ 55.1 million ( net of income taxes of $ 34.0 million ) to retroactively apply the implex corp . new capitalization method as if applied in years prior to 2003 on march 2 , 2004 , the company entered into an is included in earnings during the year ended december 31 , amended and restated merger agreement relating to the 2003 . the pro forma amounts shown on the consolidated acquisition of implex corp . ( 2018 2018implex 2019 2019 ) , a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey , for cash . each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes . receive cash having an aggregate value of approximately $ 108.0 million at closing and additional cash earn-out 5 . inventories payments that are contingent on the growth of implex inventories at december 31 , 2003 and 2002 , consist of product sales through 2006 . the net value transferred at the following ( in millions ) : closing will be approximately $ 89 million , which includes ._| | | 2003 | 2002 | |---:|:-----------------------------------|:--------|:--------| | 0 | finished goods | $ 384.3 | $ 206.7 | | 1 | raw materials and work in progress | 90.8 | 50.9 | | 2 | inventory step-up | 52.6 | 2013 | | 3 | inventories net | $ 527.7 | $ 257.6 |_made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement , escrow and other items . the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting . inventories , net $ 527.7 $ 257.6 reserves for obsolete and slow-moving inventory at4 . change in accounting principle december 31 , 2003 and 2002 were $ 47.4 million and instruments are hand held devices used by orthopaedic $ 45.5 million , respectively . provisions charged to expense surgeons during total joint replacement and other surgical were $ 11.6 million , $ 6.0 million and $ 11.9 million for the procedures . effective january 1 , 2003 , instruments are years ended december 31 , 2003 , 2002 and 2001 , respectively . recognized as long-lived assets and are included in property , amounts written off against the reserve were $ 11.7 million , plant and equipment . undeployed instruments are carried at $ 7.1 million and $ 8.5 million for the years ended cost , net of allowances for obsolescence . instruments in the december 31 , 2003 , 2002 and 2001 , respectively . field are carried at cost less accumulated depreciation . following the acquisition of centerpulse , the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives , determined inventory and instruments . this change in estimate resulted principally in reference to associated product life cycles , in a charge to earnings of $ 3.0 million after tax in the fourth primarily five years . in accordance with sfas no . 144 , the quarter . company reviews instruments for impairment whenever .

2,003

58

ZBH

Zimmer Biomet

Health Care

Health Care Equipment

Warsaw, Indiana

2001-08-07

1,136,869

1927

null

finqa688

what is the expected yearly stock-based compensation expense over the remaining vesting period , ( in millions ) ?

6.6

divide(23.2, 3.5)

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

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

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

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

2,012

113

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

what is the expected yearly stock-based compensation expense over the remaining vesting period , ( in millions ) ?

6.6

divide(23.2, 3.5)

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

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

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

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

2,012

113

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

null

finqa689

in millions for 2016 2015 , and 2014 , what are total equity securities?

10933

table_sum(equity securities, none)

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

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

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

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

2,016

77

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

in millions for 2016 2015 , and 2014 , what are total equity securities?

10933

table_sum(equity securities, none)

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

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

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

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

2,016

77

GS

Goldman Sachs

Financials

Investment Banking & Brokerage

New York City, New York

2002-07-22

886,982

1869

null

finqa690

in 2018 what was the available for sale securities average compared to the period end

0.89

divide(203449, 228681)

management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks . the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities . treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio . treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives . for further information on derivatives , refer to note 5 . in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments . for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 . for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 . the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s . and non-u.s . government securities , obligations of u.s . states and municipalities , other abs and corporate debt securities . at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) . refer to note 10 for further information on the firm 2019s investment securities portfolio . selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 . for additional information , refer to notes 1 and 10. .

| | as of or for the year ended december 31 ( in millions ) | 2018 | 2017 | 2016 | |---:|:----------------------------------------------------------------------|:---------------|:-------------|:-------| | 0 | investment securities gains/ ( losses ) | $ -395 ( 395 ) | $ -78 ( 78 ) | $ 132 | | 1 | available-for-sale ( 201cafs 201d ) investment securities ( average ) | 203449 | 219345 | 226892 | | 2 | held-to-maturity ( 201chtm 201d ) investment securities ( average ) | 31747 | 47927 | 51358 | | 3 | investment securities portfolio ( average ) | 235197 | 267272 | 278250 | | 4 | afs investment securities ( period-end ) | 228681 | 200247 | 236670 | | 5 | htm investment securities ( period-end ) | 31434 | 47733 | 50168 | | 6 | investment securities portfolio ( period 2013end ) | 260115 | 247980 | 286838 |

management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks . the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities . treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio . treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives . for further information on derivatives , refer to note 5 . in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments . for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 . for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 . the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s . and non-u.s . government securities , obligations of u.s . states and municipalities , other abs and corporate debt securities . at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) . refer to note 10 for further information on the firm 2019s investment securities portfolio . selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 . for additional information , refer to notes 1 and 10. ._| | as of or for the year ended december 31 ( in millions ) | 2018 | 2017 | 2016 | |---:|:----------------------------------------------------------------------|:---------------|:-------------|:-------| | 0 | investment securities gains/ ( losses ) | $ -395 ( 395 ) | $ -78 ( 78 ) | $ 132 | | 1 | available-for-sale ( 201cafs 201d ) investment securities ( average ) | 203449 | 219345 | 226892 | | 2 | held-to-maturity ( 201chtm 201d ) investment securities ( average ) | 31747 | 47927 | 51358 | | 3 | investment securities portfolio ( average ) | 235197 | 267272 | 278250 | | 4 | afs investment securities ( period-end ) | 228681 | 200247 | 236670 | | 5 | htm investment securities ( period-end ) | 31434 | 47733 | 50168 | | 6 | investment securities portfolio ( period 2013end ) | 260115 | 247980 | 286838 |_management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks . the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities . treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio . treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives . for further information on derivatives , refer to note 5 . in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments . for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 . for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 . the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s . and non-u.s . government securities , obligations of u.s . states and municipalities , other abs and corporate debt securities . at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) . refer to note 10 for further information on the firm 2019s investment securities portfolio . selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 . for additional information , refer to notes 1 and 10. .

2,018

110

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

in 2018 what was the available for sale securities average compared to the period end

0.89

divide(203449, 228681)

management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks . the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities . treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio . treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives . for further information on derivatives , refer to note 5 . in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments . for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 . for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 . the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s . and non-u.s . government securities , obligations of u.s . states and municipalities , other abs and corporate debt securities . at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) . refer to note 10 for further information on the firm 2019s investment securities portfolio . selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 . for additional information , refer to notes 1 and 10. .

| | as of or for the year ended december 31 ( in millions ) | 2018 | 2017 | 2016 | |---:|:----------------------------------------------------------------------|:---------------|:-------------|:-------| | 0 | investment securities gains/ ( losses ) | $ -395 ( 395 ) | $ -78 ( 78 ) | $ 132 | | 1 | available-for-sale ( 201cafs 201d ) investment securities ( average ) | 203449 | 219345 | 226892 | | 2 | held-to-maturity ( 201chtm 201d ) investment securities ( average ) | 31747 | 47927 | 51358 | | 3 | investment securities portfolio ( average ) | 235197 | 267272 | 278250 | | 4 | afs investment securities ( period-end ) | 228681 | 200247 | 236670 | | 5 | htm investment securities ( period-end ) | 31434 | 47733 | 50168 | | 6 | investment securities portfolio ( period 2013end ) | 260115 | 247980 | 286838 |

management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks . the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities . treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio . treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives . for further information on derivatives , refer to note 5 . in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments . for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 . for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 . the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s . and non-u.s . government securities , obligations of u.s . states and municipalities , other abs and corporate debt securities . at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) . refer to note 10 for further information on the firm 2019s investment securities portfolio . selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 . for additional information , refer to notes 1 and 10. ._| | as of or for the year ended december 31 ( in millions ) | 2018 | 2017 | 2016 | |---:|:----------------------------------------------------------------------|:---------------|:-------------|:-------| | 0 | investment securities gains/ ( losses ) | $ -395 ( 395 ) | $ -78 ( 78 ) | $ 132 | | 1 | available-for-sale ( 201cafs 201d ) investment securities ( average ) | 203449 | 219345 | 226892 | | 2 | held-to-maturity ( 201chtm 201d ) investment securities ( average ) | 31747 | 47927 | 51358 | | 3 | investment securities portfolio ( average ) | 235197 | 267272 | 278250 | | 4 | afs investment securities ( period-end ) | 228681 | 200247 | 236670 | | 5 | htm investment securities ( period-end ) | 31434 | 47733 | 50168 | | 6 | investment securities portfolio ( period 2013end ) | 260115 | 247980 | 286838 |_management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks . the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities . treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio . treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives . for further information on derivatives , refer to note 5 . in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments . for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 . for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 . the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s . and non-u.s . government securities , obligations of u.s . states and municipalities , other abs and corporate debt securities . at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) . refer to note 10 for further information on the firm 2019s investment securities portfolio . selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 . for additional information , refer to notes 1 and 10. .

2,018

110

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa691

what percentage of the total purchase price is represented by intangible assets?

54%

divide(multiply(8.5, const_1000), 15704)

software and will give the company a comprehensive design-to-silicon flow that links directly into the semiconductor manufacturing process . integrating hpl 2019s yield management and test chip technologies into the company 2019s industry-leading dfm portfolio is also expected to enable customers to increase their productivity and improve profitability in the design and manufacture of advanced semiconductor devices . purchase price . the company paid $ 11.0 million in cash for all outstanding shares of hpl . in addition , the company had a prior investment in hpl of approximately $ 1.9 million . the total purchase consideration consisted of: .

acquisition-related costs of $ 2.8 million consist primarily of legal , tax and accounting fees of $ 1.6 million , $ 0.3 million of estimated facilities closure costs and other directly related charges , and $ 0.9 million in employee termination costs . as of october 31 , 2006 , the company had paid $ 2.2 million of the acquisition related costs , of which $ 1.1 million were for professional services costs , $ 0.2 million were for facilities closure costs and $ 0.9 million were for employee termination costs . the $ 0.6 million balance remaining at october 31 , 2006 consists of professional and tax-related service fees and facilities closure costs . assets acquired . the company acquired $ 8.5 million of intangible assets consisting of $ 5.1 million in core developed technology , $ 3.2 million in customer relationships and $ 0.2 million in backlog to be amortized over two to four years . approximately $ 0.8 million of the purchase price represents the fair value of acquired in-process research and development projects that have not yet reached technological feasibility and have no alternative future use . accordingly , the amount was immediately expensed and included in the company 2019s condensed consolidated statement of operations for the first quarter of fiscal year 2006 . additionally , the company acquired tangible assets of $ 14.0 million and assumed liabilities of $ 10.9 million . goodwill , representing the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in the merger was $ 3.4 million . goodwill resulted primarily from the company 2019s expectation of synergies from the integration of hpl 2019s technology with the company 2019s technology and operations . other . during the fiscal year 2006 , the company completed an asset acquisition for cash consideration of $ 1.5 million . this acquisition is not considered material to the company 2019s consolidated balance sheet and results of operations . fiscal 2005 acquisitions nassda corporation ( nassda ) the company acquired nassda on may 11 , 2005 . reasons for the acquisition . the company believes nassda 2019s full-chip circuit simulation and analysis software will broaden its offerings of transistor-level circuit simulation tools , particularly in the area of mixed-signal and memory design . purchase price . the company acquired all the outstanding shares of nassda for total cash consideration of $ 200.2 million , or $ 7.00 per share . in addition , as required by the merger agreement , certain nassda officers , directors and employees who were defendants in certain preexisting litigation .

| | | ( in thousands ) | |---:|:--------------------------|:-------------------| | 0 | cash paid | $ 11001 | | 1 | prior investment in hpl | 1872 | | 2 | acquisition-related costs | 2831 | | 3 | total purchase price | $ 15704 |

software and will give the company a comprehensive design-to-silicon flow that links directly into the semiconductor manufacturing process . integrating hpl 2019s yield management and test chip technologies into the company 2019s industry-leading dfm portfolio is also expected to enable customers to increase their productivity and improve profitability in the design and manufacture of advanced semiconductor devices . purchase price . the company paid $ 11.0 million in cash for all outstanding shares of hpl . in addition , the company had a prior investment in hpl of approximately $ 1.9 million . the total purchase consideration consisted of: ._| | | ( in thousands ) | |---:|:--------------------------|:-------------------| | 0 | cash paid | $ 11001 | | 1 | prior investment in hpl | 1872 | | 2 | acquisition-related costs | 2831 | | 3 | total purchase price | $ 15704 |_acquisition-related costs of $ 2.8 million consist primarily of legal , tax and accounting fees of $ 1.6 million , $ 0.3 million of estimated facilities closure costs and other directly related charges , and $ 0.9 million in employee termination costs . as of october 31 , 2006 , the company had paid $ 2.2 million of the acquisition related costs , of which $ 1.1 million were for professional services costs , $ 0.2 million were for facilities closure costs and $ 0.9 million were for employee termination costs . the $ 0.6 million balance remaining at october 31 , 2006 consists of professional and tax-related service fees and facilities closure costs . assets acquired . the company acquired $ 8.5 million of intangible assets consisting of $ 5.1 million in core developed technology , $ 3.2 million in customer relationships and $ 0.2 million in backlog to be amortized over two to four years . approximately $ 0.8 million of the purchase price represents the fair value of acquired in-process research and development projects that have not yet reached technological feasibility and have no alternative future use . accordingly , the amount was immediately expensed and included in the company 2019s condensed consolidated statement of operations for the first quarter of fiscal year 2006 . additionally , the company acquired tangible assets of $ 14.0 million and assumed liabilities of $ 10.9 million . goodwill , representing the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in the merger was $ 3.4 million . goodwill resulted primarily from the company 2019s expectation of synergies from the integration of hpl 2019s technology with the company 2019s technology and operations . other . during the fiscal year 2006 , the company completed an asset acquisition for cash consideration of $ 1.5 million . this acquisition is not considered material to the company 2019s consolidated balance sheet and results of operations . fiscal 2005 acquisitions nassda corporation ( nassda ) the company acquired nassda on may 11 , 2005 . reasons for the acquisition . the company believes nassda 2019s full-chip circuit simulation and analysis software will broaden its offerings of transistor-level circuit simulation tools , particularly in the area of mixed-signal and memory design . purchase price . the company acquired all the outstanding shares of nassda for total cash consideration of $ 200.2 million , or $ 7.00 per share . in addition , as required by the merger agreement , certain nassda officers , directors and employees who were defendants in certain preexisting litigation .

2,006

69

SNPS

Synopsys

Information Technology

Application Software

Sunnyvale, California

2017-03-16

883,241

1986

what percentage of the total purchase price is represented by intangible assets?

54%

divide(multiply(8.5, const_1000), 15704)

software and will give the company a comprehensive design-to-silicon flow that links directly into the semiconductor manufacturing process . integrating hpl 2019s yield management and test chip technologies into the company 2019s industry-leading dfm portfolio is also expected to enable customers to increase their productivity and improve profitability in the design and manufacture of advanced semiconductor devices . purchase price . the company paid $ 11.0 million in cash for all outstanding shares of hpl . in addition , the company had a prior investment in hpl of approximately $ 1.9 million . the total purchase consideration consisted of: .

acquisition-related costs of $ 2.8 million consist primarily of legal , tax and accounting fees of $ 1.6 million , $ 0.3 million of estimated facilities closure costs and other directly related charges , and $ 0.9 million in employee termination costs . as of october 31 , 2006 , the company had paid $ 2.2 million of the acquisition related costs , of which $ 1.1 million were for professional services costs , $ 0.2 million were for facilities closure costs and $ 0.9 million were for employee termination costs . the $ 0.6 million balance remaining at october 31 , 2006 consists of professional and tax-related service fees and facilities closure costs . assets acquired . the company acquired $ 8.5 million of intangible assets consisting of $ 5.1 million in core developed technology , $ 3.2 million in customer relationships and $ 0.2 million in backlog to be amortized over two to four years . approximately $ 0.8 million of the purchase price represents the fair value of acquired in-process research and development projects that have not yet reached technological feasibility and have no alternative future use . accordingly , the amount was immediately expensed and included in the company 2019s condensed consolidated statement of operations for the first quarter of fiscal year 2006 . additionally , the company acquired tangible assets of $ 14.0 million and assumed liabilities of $ 10.9 million . goodwill , representing the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in the merger was $ 3.4 million . goodwill resulted primarily from the company 2019s expectation of synergies from the integration of hpl 2019s technology with the company 2019s technology and operations . other . during the fiscal year 2006 , the company completed an asset acquisition for cash consideration of $ 1.5 million . this acquisition is not considered material to the company 2019s consolidated balance sheet and results of operations . fiscal 2005 acquisitions nassda corporation ( nassda ) the company acquired nassda on may 11 , 2005 . reasons for the acquisition . the company believes nassda 2019s full-chip circuit simulation and analysis software will broaden its offerings of transistor-level circuit simulation tools , particularly in the area of mixed-signal and memory design . purchase price . the company acquired all the outstanding shares of nassda for total cash consideration of $ 200.2 million , or $ 7.00 per share . in addition , as required by the merger agreement , certain nassda officers , directors and employees who were defendants in certain preexisting litigation .

| | | ( in thousands ) | |---:|:--------------------------|:-------------------| | 0 | cash paid | $ 11001 | | 1 | prior investment in hpl | 1872 | | 2 | acquisition-related costs | 2831 | | 3 | total purchase price | $ 15704 |

software and will give the company a comprehensive design-to-silicon flow that links directly into the semiconductor manufacturing process . integrating hpl 2019s yield management and test chip technologies into the company 2019s industry-leading dfm portfolio is also expected to enable customers to increase their productivity and improve profitability in the design and manufacture of advanced semiconductor devices . purchase price . the company paid $ 11.0 million in cash for all outstanding shares of hpl . in addition , the company had a prior investment in hpl of approximately $ 1.9 million . the total purchase consideration consisted of: ._| | | ( in thousands ) | |---:|:--------------------------|:-------------------| | 0 | cash paid | $ 11001 | | 1 | prior investment in hpl | 1872 | | 2 | acquisition-related costs | 2831 | | 3 | total purchase price | $ 15704 |_acquisition-related costs of $ 2.8 million consist primarily of legal , tax and accounting fees of $ 1.6 million , $ 0.3 million of estimated facilities closure costs and other directly related charges , and $ 0.9 million in employee termination costs . as of october 31 , 2006 , the company had paid $ 2.2 million of the acquisition related costs , of which $ 1.1 million were for professional services costs , $ 0.2 million were for facilities closure costs and $ 0.9 million were for employee termination costs . the $ 0.6 million balance remaining at october 31 , 2006 consists of professional and tax-related service fees and facilities closure costs . assets acquired . the company acquired $ 8.5 million of intangible assets consisting of $ 5.1 million in core developed technology , $ 3.2 million in customer relationships and $ 0.2 million in backlog to be amortized over two to four years . approximately $ 0.8 million of the purchase price represents the fair value of acquired in-process research and development projects that have not yet reached technological feasibility and have no alternative future use . accordingly , the amount was immediately expensed and included in the company 2019s condensed consolidated statement of operations for the first quarter of fiscal year 2006 . additionally , the company acquired tangible assets of $ 14.0 million and assumed liabilities of $ 10.9 million . goodwill , representing the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in the merger was $ 3.4 million . goodwill resulted primarily from the company 2019s expectation of synergies from the integration of hpl 2019s technology with the company 2019s technology and operations . other . during the fiscal year 2006 , the company completed an asset acquisition for cash consideration of $ 1.5 million . this acquisition is not considered material to the company 2019s consolidated balance sheet and results of operations . fiscal 2005 acquisitions nassda corporation ( nassda ) the company acquired nassda on may 11 , 2005 . reasons for the acquisition . the company believes nassda 2019s full-chip circuit simulation and analysis software will broaden its offerings of transistor-level circuit simulation tools , particularly in the area of mixed-signal and memory design . purchase price . the company acquired all the outstanding shares of nassda for total cash consideration of $ 200.2 million , or $ 7.00 per share . in addition , as required by the merger agreement , certain nassda officers , directors and employees who were defendants in certain preexisting litigation .

2,006

69

SNPS

Synopsys

Information Technology

Application Software

Sunnyvale, California

2017-03-16

883,241

1986

null

finqa692

what was the percentage change in rental expense for operating leases from 2009 to 2010?

17%

divide(subtract(66.9, 57.2), 57.2)

the future minimum lease commitments under these leases at december 31 , 2010 are as follows ( in thousands ) : years ending december 31: .

rental expense for operating leases was approximately $ 66.9 million , $ 57.2 million and $ 49.0 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively . in connection with the acquisitions of several businesses , we entered into agreements with several sellers of those businesses , some of whom became stockholders as a result of those acquisitions , for the lease of certain properties used in our operations . typical lease terms under these agreements include an initial term of five years , with three to five five-year renewal options and purchase options at various times throughout the lease periods . we also maintain the right of first refusal concerning the sale of the leased property . lease payments to an employee who became an officer of the company after the acquisition of his business were approximately $ 1.0 million , $ 0.9 million and $ 0.9 million during each of the years ended december 31 , 2010 , 2009 and 2008 , respectively . we guarantee the residual values of the majority of our truck and equipment operating leases . the residual values decline over the lease terms to a defined percentage of original cost . in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall . similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value . had we terminated all of our operating leases subject to these guarantees at december 31 , 2010 , the guaranteed residual value would have totaled approximately $ 31.4 million . we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value . litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s . infringed on ford design patents . the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 . pursuant to the settlement , we ( and our designees ) became the sole distributor in the u.s . of aftermarket automotive parts that correspond to ford collision parts that are covered by a u.s . design patent . we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell . the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income . we also have certain other contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business . we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. .

| | 2011 | $ 62465 | |---:|:------------------------------|:----------| | 0 | 2012 | 54236 | | 1 | 2013 | 47860 | | 2 | 2014 | 37660 | | 3 | 2015 | 28622 | | 4 | thereafter | 79800 | | 5 | future minimum lease payments | $ 310643 |

the future minimum lease commitments under these leases at december 31 , 2010 are as follows ( in thousands ) : years ending december 31: ._| | 2011 | $ 62465 | |---:|:------------------------------|:----------| | 0 | 2012 | 54236 | | 1 | 2013 | 47860 | | 2 | 2014 | 37660 | | 3 | 2015 | 28622 | | 4 | thereafter | 79800 | | 5 | future minimum lease payments | $ 310643 |_rental expense for operating leases was approximately $ 66.9 million , $ 57.2 million and $ 49.0 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively . in connection with the acquisitions of several businesses , we entered into agreements with several sellers of those businesses , some of whom became stockholders as a result of those acquisitions , for the lease of certain properties used in our operations . typical lease terms under these agreements include an initial term of five years , with three to five five-year renewal options and purchase options at various times throughout the lease periods . we also maintain the right of first refusal concerning the sale of the leased property . lease payments to an employee who became an officer of the company after the acquisition of his business were approximately $ 1.0 million , $ 0.9 million and $ 0.9 million during each of the years ended december 31 , 2010 , 2009 and 2008 , respectively . we guarantee the residual values of the majority of our truck and equipment operating leases . the residual values decline over the lease terms to a defined percentage of original cost . in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall . similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value . had we terminated all of our operating leases subject to these guarantees at december 31 , 2010 , the guaranteed residual value would have totaled approximately $ 31.4 million . we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value . litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s . infringed on ford design patents . the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 . pursuant to the settlement , we ( and our designees ) became the sole distributor in the u.s . of aftermarket automotive parts that correspond to ford collision parts that are covered by a u.s . design patent . we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell . the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income . we also have certain other contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business . we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. .

2,010

84

LKQ

LKQ Corporation

Consumer Discretionary

Distributors

Chicago, Illinois

2016-05-23

1,065,696

1998

what was the percentage change in rental expense for operating leases from 2009 to 2010?

17%

divide(subtract(66.9, 57.2), 57.2)

the future minimum lease commitments under these leases at december 31 , 2010 are as follows ( in thousands ) : years ending december 31: .

rental expense for operating leases was approximately $ 66.9 million , $ 57.2 million and $ 49.0 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively . in connection with the acquisitions of several businesses , we entered into agreements with several sellers of those businesses , some of whom became stockholders as a result of those acquisitions , for the lease of certain properties used in our operations . typical lease terms under these agreements include an initial term of five years , with three to five five-year renewal options and purchase options at various times throughout the lease periods . we also maintain the right of first refusal concerning the sale of the leased property . lease payments to an employee who became an officer of the company after the acquisition of his business were approximately $ 1.0 million , $ 0.9 million and $ 0.9 million during each of the years ended december 31 , 2010 , 2009 and 2008 , respectively . we guarantee the residual values of the majority of our truck and equipment operating leases . the residual values decline over the lease terms to a defined percentage of original cost . in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall . similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value . had we terminated all of our operating leases subject to these guarantees at december 31 , 2010 , the guaranteed residual value would have totaled approximately $ 31.4 million . we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value . litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s . infringed on ford design patents . the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 . pursuant to the settlement , we ( and our designees ) became the sole distributor in the u.s . of aftermarket automotive parts that correspond to ford collision parts that are covered by a u.s . design patent . we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell . the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income . we also have certain other contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business . we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. .

| | 2011 | $ 62465 | |---:|:------------------------------|:----------| | 0 | 2012 | 54236 | | 1 | 2013 | 47860 | | 2 | 2014 | 37660 | | 3 | 2015 | 28622 | | 4 | thereafter | 79800 | | 5 | future minimum lease payments | $ 310643 |

the future minimum lease commitments under these leases at december 31 , 2010 are as follows ( in thousands ) : years ending december 31: ._| | 2011 | $ 62465 | |---:|:------------------------------|:----------| | 0 | 2012 | 54236 | | 1 | 2013 | 47860 | | 2 | 2014 | 37660 | | 3 | 2015 | 28622 | | 4 | thereafter | 79800 | | 5 | future minimum lease payments | $ 310643 |_rental expense for operating leases was approximately $ 66.9 million , $ 57.2 million and $ 49.0 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively . in connection with the acquisitions of several businesses , we entered into agreements with several sellers of those businesses , some of whom became stockholders as a result of those acquisitions , for the lease of certain properties used in our operations . typical lease terms under these agreements include an initial term of five years , with three to five five-year renewal options and purchase options at various times throughout the lease periods . we also maintain the right of first refusal concerning the sale of the leased property . lease payments to an employee who became an officer of the company after the acquisition of his business were approximately $ 1.0 million , $ 0.9 million and $ 0.9 million during each of the years ended december 31 , 2010 , 2009 and 2008 , respectively . we guarantee the residual values of the majority of our truck and equipment operating leases . the residual values decline over the lease terms to a defined percentage of original cost . in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall . similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value . had we terminated all of our operating leases subject to these guarantees at december 31 , 2010 , the guaranteed residual value would have totaled approximately $ 31.4 million . we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value . litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s . infringed on ford design patents . the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 . pursuant to the settlement , we ( and our designees ) became the sole distributor in the u.s . of aftermarket automotive parts that correspond to ford collision parts that are covered by a u.s . design patent . we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell . the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income . we also have certain other contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business . we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. .

2,010

84

LKQ

LKQ Corporation

Consumer Discretionary

Distributors

Chicago, Illinois

2016-05-23

1,065,696

1998

null

finqa693

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

10.4%

divide(1526, 14669)

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

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

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

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

2,008

249

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

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

10.4%

divide(1526, 14669)

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

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

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

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

2,008

249

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa694

what is the average variance of the value at risk of each 2008 section? ( $ )

3.85

divide(add(subtract(4.7, .3), subtract(const_4, .7)), const_2)

the following table presents var with respect to our trading activities , as measured by our var methodology for the periods indicated : value-at-risk .

we back-test the estimated one-day var on a daily basis . this information is reviewed and used to confirm that all relevant trading positions are properly modeled . for the years ended december 31 , 2008 and 2007 , we did not experience any actual trading losses in excess of our end-of-day var estimate . asset and liability management activities the primary objective of asset and liability management is to provide sustainable and growing net interest revenue , or nir , under varying economic environments , while protecting the economic values of our balance sheet assets and liabilities from the adverse effects of changes in interest rates . most of our nir is earned from the investment of deposits generated by our core investment servicing and investment management businesses . we structure our balance sheet assets to generally conform to the characteristics of our balance sheet liabilities , but we manage our overall interest-rate risk position in the context of current and anticipated market conditions and within internally-approved risk guidelines . our overall interest-rate risk position is maintained within a series of policies approved by the board and guidelines established and monitored by alco . our global treasury group has responsibility for managing state street 2019s day-to-day interest-rate risk . to effectively manage the consolidated balance sheet and related nir , global treasury has the authority to take a limited amount of interest-rate risk based on market conditions and its views about the direction of global interest rates over both short-term and long-term time horizons . global treasury manages our exposure to changes in interest rates on a consolidated basis organized into three regional treasury units , north america , europe and asia/pacific , to reflect the growing , global nature of our exposures and to capture the impact of change in regional market environments on our total risk position . our investment activities and our use of derivative financial instruments are the primary tools used in managing interest-rate risk . we invest in financial instruments with currency , repricing , and maturity characteristics we consider appropriate to manage our overall interest-rate risk position . in addition to on-balance sheet assets , we use certain derivatives , primarily interest-rate swaps , to alter the interest-rate characteristics of specific balance sheet assets or liabilities . the use of derivatives is subject to alco-approved guidelines . additional information about our use of derivatives is in note 17 of the notes to consolidated financial statements included in this form 10-k under item 8 . as a result of growth in our non-u.s . operations , non-u.s . dollar denominated customer liabilities are a significant portion of our consolidated balance sheet . this growth results in exposure to changes in the shape and level of non-u.s . dollar yield curves , which we include in our consolidated interest-rate risk management process . because no one individual measure can accurately assess all of our exposures to changes in interest rates , we use several quantitative measures in our assessment of current and potential future exposures to changes in interest rates and their impact on net interest revenue and balance sheet values . net interest revenue simulation is the primary tool used in our evaluation of the potential range of possible net interest revenue results that could occur under a variety of interest-rate environments . we also use market valuation and duration analysis to assess changes in the economic value of balance sheet assets and liabilities caused by assumed changes in interest rates . finally , gap analysis 2014the difference between the amount of balance sheet assets and liabilities re-pricing within a specified time period 2014is used as a measurement of our interest-rate risk position. .

| | years ended december 31 ( inmillions ) | 2008 annual average | 2008 maximum | 2008 minimum | 2008 annual average | 2008 maximum | minimum | |---:|:-----------------------------------------|:----------------------|:---------------|:---------------|:----------------------|:---------------|:----------| | 0 | foreign exchange products | $ 1.8 | $ 4.7 | $ .3 | $ 1.8 | $ 4.0 | $ .7 | | 1 | interest-rate products | 1.1 | 2.4 | .6 | 1.4 | 3.7 | .1 |

the following table presents var with respect to our trading activities , as measured by our var methodology for the periods indicated : value-at-risk ._| | years ended december 31 ( inmillions ) | 2008 annual average | 2008 maximum | 2008 minimum | 2008 annual average | 2008 maximum | minimum | |---:|:-----------------------------------------|:----------------------|:---------------|:---------------|:----------------------|:---------------|:----------| | 0 | foreign exchange products | $ 1.8 | $ 4.7 | $ .3 | $ 1.8 | $ 4.0 | $ .7 | | 1 | interest-rate products | 1.1 | 2.4 | .6 | 1.4 | 3.7 | .1 |_we back-test the estimated one-day var on a daily basis . this information is reviewed and used to confirm that all relevant trading positions are properly modeled . for the years ended december 31 , 2008 and 2007 , we did not experience any actual trading losses in excess of our end-of-day var estimate . asset and liability management activities the primary objective of asset and liability management is to provide sustainable and growing net interest revenue , or nir , under varying economic environments , while protecting the economic values of our balance sheet assets and liabilities from the adverse effects of changes in interest rates . most of our nir is earned from the investment of deposits generated by our core investment servicing and investment management businesses . we structure our balance sheet assets to generally conform to the characteristics of our balance sheet liabilities , but we manage our overall interest-rate risk position in the context of current and anticipated market conditions and within internally-approved risk guidelines . our overall interest-rate risk position is maintained within a series of policies approved by the board and guidelines established and monitored by alco . our global treasury group has responsibility for managing state street 2019s day-to-day interest-rate risk . to effectively manage the consolidated balance sheet and related nir , global treasury has the authority to take a limited amount of interest-rate risk based on market conditions and its views about the direction of global interest rates over both short-term and long-term time horizons . global treasury manages our exposure to changes in interest rates on a consolidated basis organized into three regional treasury units , north america , europe and asia/pacific , to reflect the growing , global nature of our exposures and to capture the impact of change in regional market environments on our total risk position . our investment activities and our use of derivative financial instruments are the primary tools used in managing interest-rate risk . we invest in financial instruments with currency , repricing , and maturity characteristics we consider appropriate to manage our overall interest-rate risk position . in addition to on-balance sheet assets , we use certain derivatives , primarily interest-rate swaps , to alter the interest-rate characteristics of specific balance sheet assets or liabilities . the use of derivatives is subject to alco-approved guidelines . additional information about our use of derivatives is in note 17 of the notes to consolidated financial statements included in this form 10-k under item 8 . as a result of growth in our non-u.s . operations , non-u.s . dollar denominated customer liabilities are a significant portion of our consolidated balance sheet . this growth results in exposure to changes in the shape and level of non-u.s . dollar yield curves , which we include in our consolidated interest-rate risk management process . because no one individual measure can accurately assess all of our exposures to changes in interest rates , we use several quantitative measures in our assessment of current and potential future exposures to changes in interest rates and their impact on net interest revenue and balance sheet values . net interest revenue simulation is the primary tool used in our evaluation of the potential range of possible net interest revenue results that could occur under a variety of interest-rate environments . we also use market valuation and duration analysis to assess changes in the economic value of balance sheet assets and liabilities caused by assumed changes in interest rates . finally , gap analysis 2014the difference between the amount of balance sheet assets and liabilities re-pricing within a specified time period 2014is used as a measurement of our interest-rate risk position. .

2,008

83

STT

State Street Corporation

Financials

Asset Management & Custody Banks

Boston, Massachusetts

2003-03-14

93,751

1792

what is the average variance of the value at risk of each 2008 section? ( $ )

3.85

divide(add(subtract(4.7, .3), subtract(const_4, .7)), const_2)

the following table presents var with respect to our trading activities , as measured by our var methodology for the periods indicated : value-at-risk .

we back-test the estimated one-day var on a daily basis . this information is reviewed and used to confirm that all relevant trading positions are properly modeled . for the years ended december 31 , 2008 and 2007 , we did not experience any actual trading losses in excess of our end-of-day var estimate . asset and liability management activities the primary objective of asset and liability management is to provide sustainable and growing net interest revenue , or nir , under varying economic environments , while protecting the economic values of our balance sheet assets and liabilities from the adverse effects of changes in interest rates . most of our nir is earned from the investment of deposits generated by our core investment servicing and investment management businesses . we structure our balance sheet assets to generally conform to the characteristics of our balance sheet liabilities , but we manage our overall interest-rate risk position in the context of current and anticipated market conditions and within internally-approved risk guidelines . our overall interest-rate risk position is maintained within a series of policies approved by the board and guidelines established and monitored by alco . our global treasury group has responsibility for managing state street 2019s day-to-day interest-rate risk . to effectively manage the consolidated balance sheet and related nir , global treasury has the authority to take a limited amount of interest-rate risk based on market conditions and its views about the direction of global interest rates over both short-term and long-term time horizons . global treasury manages our exposure to changes in interest rates on a consolidated basis organized into three regional treasury units , north america , europe and asia/pacific , to reflect the growing , global nature of our exposures and to capture the impact of change in regional market environments on our total risk position . our investment activities and our use of derivative financial instruments are the primary tools used in managing interest-rate risk . we invest in financial instruments with currency , repricing , and maturity characteristics we consider appropriate to manage our overall interest-rate risk position . in addition to on-balance sheet assets , we use certain derivatives , primarily interest-rate swaps , to alter the interest-rate characteristics of specific balance sheet assets or liabilities . the use of derivatives is subject to alco-approved guidelines . additional information about our use of derivatives is in note 17 of the notes to consolidated financial statements included in this form 10-k under item 8 . as a result of growth in our non-u.s . operations , non-u.s . dollar denominated customer liabilities are a significant portion of our consolidated balance sheet . this growth results in exposure to changes in the shape and level of non-u.s . dollar yield curves , which we include in our consolidated interest-rate risk management process . because no one individual measure can accurately assess all of our exposures to changes in interest rates , we use several quantitative measures in our assessment of current and potential future exposures to changes in interest rates and their impact on net interest revenue and balance sheet values . net interest revenue simulation is the primary tool used in our evaluation of the potential range of possible net interest revenue results that could occur under a variety of interest-rate environments . we also use market valuation and duration analysis to assess changes in the economic value of balance sheet assets and liabilities caused by assumed changes in interest rates . finally , gap analysis 2014the difference between the amount of balance sheet assets and liabilities re-pricing within a specified time period 2014is used as a measurement of our interest-rate risk position. .

| | years ended december 31 ( inmillions ) | 2008 annual average | 2008 maximum | 2008 minimum | 2008 annual average | 2008 maximum | minimum | |---:|:-----------------------------------------|:----------------------|:---------------|:---------------|:----------------------|:---------------|:----------| | 0 | foreign exchange products | $ 1.8 | $ 4.7 | $ .3 | $ 1.8 | $ 4.0 | $ .7 | | 1 | interest-rate products | 1.1 | 2.4 | .6 | 1.4 | 3.7 | .1 |

the following table presents var with respect to our trading activities , as measured by our var methodology for the periods indicated : value-at-risk ._| | years ended december 31 ( inmillions ) | 2008 annual average | 2008 maximum | 2008 minimum | 2008 annual average | 2008 maximum | minimum | |---:|:-----------------------------------------|:----------------------|:---------------|:---------------|:----------------------|:---------------|:----------| | 0 | foreign exchange products | $ 1.8 | $ 4.7 | $ .3 | $ 1.8 | $ 4.0 | $ .7 | | 1 | interest-rate products | 1.1 | 2.4 | .6 | 1.4 | 3.7 | .1 |_we back-test the estimated one-day var on a daily basis . this information is reviewed and used to confirm that all relevant trading positions are properly modeled . for the years ended december 31 , 2008 and 2007 , we did not experience any actual trading losses in excess of our end-of-day var estimate . asset and liability management activities the primary objective of asset and liability management is to provide sustainable and growing net interest revenue , or nir , under varying economic environments , while protecting the economic values of our balance sheet assets and liabilities from the adverse effects of changes in interest rates . most of our nir is earned from the investment of deposits generated by our core investment servicing and investment management businesses . we structure our balance sheet assets to generally conform to the characteristics of our balance sheet liabilities , but we manage our overall interest-rate risk position in the context of current and anticipated market conditions and within internally-approved risk guidelines . our overall interest-rate risk position is maintained within a series of policies approved by the board and guidelines established and monitored by alco . our global treasury group has responsibility for managing state street 2019s day-to-day interest-rate risk . to effectively manage the consolidated balance sheet and related nir , global treasury has the authority to take a limited amount of interest-rate risk based on market conditions and its views about the direction of global interest rates over both short-term and long-term time horizons . global treasury manages our exposure to changes in interest rates on a consolidated basis organized into three regional treasury units , north america , europe and asia/pacific , to reflect the growing , global nature of our exposures and to capture the impact of change in regional market environments on our total risk position . our investment activities and our use of derivative financial instruments are the primary tools used in managing interest-rate risk . we invest in financial instruments with currency , repricing , and maturity characteristics we consider appropriate to manage our overall interest-rate risk position . in addition to on-balance sheet assets , we use certain derivatives , primarily interest-rate swaps , to alter the interest-rate characteristics of specific balance sheet assets or liabilities . the use of derivatives is subject to alco-approved guidelines . additional information about our use of derivatives is in note 17 of the notes to consolidated financial statements included in this form 10-k under item 8 . as a result of growth in our non-u.s . operations , non-u.s . dollar denominated customer liabilities are a significant portion of our consolidated balance sheet . this growth results in exposure to changes in the shape and level of non-u.s . dollar yield curves , which we include in our consolidated interest-rate risk management process . because no one individual measure can accurately assess all of our exposures to changes in interest rates , we use several quantitative measures in our assessment of current and potential future exposures to changes in interest rates and their impact on net interest revenue and balance sheet values . net interest revenue simulation is the primary tool used in our evaluation of the potential range of possible net interest revenue results that could occur under a variety of interest-rate environments . we also use market valuation and duration analysis to assess changes in the economic value of balance sheet assets and liabilities caused by assumed changes in interest rates . finally , gap analysis 2014the difference between the amount of balance sheet assets and liabilities re-pricing within a specified time period 2014is used as a measurement of our interest-rate risk position. .

2,008

83

STT

State Street Corporation

Financials

Asset Management & Custody Banks

Boston, Massachusetts

2003-03-14

93,751

1792

null

finqa695

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

2.6%

divide(subtract(2430, 2369), 2369)

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

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

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

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

2,010

200

CB

Chubb Limited

Financials

Property & Casualty Insurance

Zurich, Switzerland

2010-07-15

896,159

1985

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

2.6%

divide(subtract(2430, 2369), 2369)

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

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

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

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

2,010

200

CB

Chubb Limited

Financials

Property & Casualty Insurance

Zurich, Switzerland

2010-07-15

896,159

1985

null

finqa696

in what year was the cash cash equivalents and marketable securities the highest?

2014

table_max(cash cash equivalents and marketable securities, none)

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 .

.

| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 ._| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |_.

2,014

38

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Cupertino, California

1982-11-30

320,193

1977

in what year was the cash cash equivalents and marketable securities the highest?

2014

table_max(cash cash equivalents and marketable securities, none)

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 .

.

| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 ._| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |_.

2,014

38

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Cupertino, California

1982-11-30

320,193

1977

null

finqa697

what is the average price of the increased electricity usage per gwh?

18068.8

divide(multiply(18.9, const_1000000), 1046)

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

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

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

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

2,011

341

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what is the average price of the increased electricity usage per gwh?

18068.8

divide(multiply(18.9, const_1000000), 1046)

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

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

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

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

2,011

341

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa698

did jpmorgan chase outperform the kbw bank index over the five year period?

no

greater(167.48, 189.69)

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 kbw bank index over the five year period?

no

greater(167.48, 189.69)

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

finqa699

what was the change in property plant and equipment net from 2013 to 2014 in millions?

4027

subtract(20624, 16597)

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 .

.

| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 ._| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |_.

2,014

38

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Cupertino, California

1982-11-30

320,193

1977

what was the change in property plant and equipment net from 2013 to 2014 in millions?

4027

subtract(20624, 16597)

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 .

.

| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |

table of contents liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 27 , 2014 , september 28 , 2013 and september 29 , 2012 ( in millions ) : the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . to provide additional flexibility in managing liquidity , the company began accessing the commercial paper markets in the third quarter of 2014 . the company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash , cash generated from on-going u.s . operating activities and from borrowings . as of september 27 , 2014 and september 28 , 2013 , $ 137.1 billion and $ 111.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . during 2014 , cash generated from operating activities of $ 59.7 billion was a result of $ 39.5 billion of net income , non-cash adjustments to net income of $ 13.2 billion and an increase in net change in operating assets and liabilities of $ 7.0 billion . cash used in investing activities of $ 22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 9.0 billion ; cash used to acquire property , plant and equipment of $ 9.6 billion ; and cash paid for business acquisitions , net of cash acquired , of $ 3.8 billion . cash used in financing activities of $ 37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $ 45.0 billion and cash used to pay dividends and dividend equivalents of $ 11.1 billion , partially offset by net proceeds from the issuance of long-term debt and commercial paper of $ 12.0 billion and $ 6.3 billion , respectively . during 2013 , cash generated from operating activities of $ 53.7 billion was a result of $ 37.0 billion of net income , non-cash adjustments to net income of $ 10.2 billion and an increase in net change in operating assets and liabilities of $ 6.5 billion . cash used in investing activities of $ 33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities , net of sales and maturities , of $ 24.0 billion and cash used to acquire property , plant and equipment of $ 8.2 billion . cash used in financing activities of $ 16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $ 22.9 billion and cash used to pay dividends and dividend equivalents of $ 10.6 billion , partially offset by net proceeds from the issuance of long-term debt of $ 16.9 billion . apple inc . | 2014 form 10-k | 35 ._| | | 2014 | 2013 | 2012 | |---:|:------------------------------------------------|:-------------------|:-------------------|:-------------------| | 0 | cash cash equivalents and marketable securities | $ 155239 | $ 146761 | $ 121251 | | 1 | property plant and equipment net | $ 20624 | $ 16597 | $ 15452 | | 2 | long-term debt | $ 28987 | $ 16960 | $ 0 | | 3 | working capital | $ 5083 | $ 29628 | $ 19111 | | 4 | cash generated by operating activities | $ 59713 | $ 53666 | $ 50856 | | 5 | cash used in investing activities | $ -22579 ( 22579 ) | $ -33774 ( 33774 ) | $ -48227 ( 48227 ) | | 6 | cash used in financing activities | $ -37549 ( 37549 ) | $ -16379 ( 16379 ) | $ -1698 ( 1698 ) |_.

2,014

38

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Cupertino, California

1982-11-30

320,193

1977

null