chloecodes/finqa-de · Datasets at Hugging Face

finqa700

what is the percentage change in unaffiliated life insurance company from 2016 to 2017?

1.7%

divide(subtract(34444, 33860), 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: .

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

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

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

2,017

159

RE

Everest Re Group, Ltd.

Financials

Reinsurance

Hamilton, Bermuda

2010-01-01

1,095,073

1973

what is the percentage change in unaffiliated life insurance company from 2016 to 2017?

1.7%

divide(subtract(34444, 33860), 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: .

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

finqa701

what was the ratio of the decreases in the net sales to the operating profit for mst from 2010 to 2011

4.57

divide(311, 68)

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

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

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

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

2,012

47

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what was the ratio of the decreases in the net sales to the operating profit for mst from 2010 to 2011

4.57

divide(311, 68)

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

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

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

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

2,012

47

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa702

what is the risk free interest of the stock based compensation expense in 2017?

777000

multiply(2.1%, multiply(37, const_1000000))

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

.

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

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

2,017

103

BKR

Baker Hughes

Energy

Oil & Gas Equipment & Services

Houston, Texas

2017-07-07

1,701,605

2017

what is the risk free interest of the stock based compensation expense in 2017?

777000

multiply(2.1%, multiply(37, const_1000000))

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

.

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

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

2,017

103

BKR

Baker Hughes

Energy

Oil & Gas Equipment & Services

Houston, Texas

2017-07-07

1,701,605

2017

null

finqa703

in 2016 based on the increase in the net sales what was the ratio of the increasing factor to the offsetting factors that reduced sales

40.7

divide(add(add(1.7, 290), 250), 550)

$ 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

in 2016 based on the increase in the net sales what was the ratio of the increasing factor to the offsetting factors that reduced sales

40.7

divide(add(add(1.7, 290), 250), 550)

$ 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

finqa704

what was the change in the percentage of sales to restaurants from 2017 to 2018?

1%

subtract(62%, 61%)

sysco corporation a0- a0form a010-k 3 part a0i item a01 a0business we estimate that our sales by type of customer during the past three fiscal years were as follows: .

( 1 ) other includes cafeterias that are not stand-alone restaurants , bakeries , caterers , churches , civic and fraternal organizations , vending distributors , other distributors and international exports . none of these types of customers , as a group , exceeded 5% ( 5 % ) of total sales in any of the years for which information is presented . sources of supply we purchase from thousands of suppliers , both domestic and international , none of which individually accounts for more than 10% ( 10 % ) of our purchases . these suppliers consist generally of large corporations selling brand name and private label merchandise , as well as independent regional brand and private label processors and packers . we also provide specialty and seasonal products from small to mid-sized producers to meet a growing demand for locally sourced products . our locally sourced products , including produce , meats , cheese and other products , help differentiate our customers 2019 offerings , satisfy demands for new products , and support local communities . purchasing is generally carried out through both centrally developed purchasing programs , domestically and internationally , and direct purchasing programs established by our various operating companies . we administer a consolidated product procurement program designed to develop , obtain and ensure consistent quality food and non-food products . the program covers the purchasing and marketing of branded merchandise , as well as products from a number of national brand suppliers , encompassing substantially all product lines . some of our products are purchased internationally within global procurement centers in order to build strategic relationships with international suppliers and to optimize our supply chain network . sysco 2019s operating companies purchase product from the suppliers participating in these consolidated programs and from other suppliers , although sysco brand products are only available to the operating companies through these consolidated programs . we also focus on increasing profitability by lowering operating costs and by lowering aggregate inventory levels , which reduces future facility expansion needs at our broadline operating companies , while providing greater value to our suppliers and customers . working capital practices our growth is funded through a combination of cash flow from operations , commercial paper issuances and long-term borrowings . see the discussion in item 7 201cmanagement 2019s discussion and analysis of financial condition and results of operations - liquidity and capital resources 201d regarding our liquidity , financial position and sources and uses of funds . we extend credit terms to our customers that can vary from cash on delivery to 30 days or more based on our assessment of each customer 2019s credit worthiness . we monitor each customer 2019s account and will suspend shipments if necessary . a majority of our sales orders are filled within 24 hours of when customer orders are placed . we generally maintain inventory on hand to be able to meet customer demand . the level of inventory on hand will vary by product depending on shelf-life , supplier order fulfillment lead times and customer demand . we also make purchases of additional volumes of certain products based on supply or pricing opportunities . we take advantage of suppliers 2019 cash discounts where appropriate and otherwise generally receive payment terms from our suppliers ranging from weekly to 45 days or more . corporate headquarters and shared services center our corporate staff makes available a number of services to our operating companies and our shared services center performs support services for employees , suppliers and customers . members of these groups possess experience and expertise in , among other areas , customer and vendor contract administration , accounting and finance , treasury , legal , information technology , payroll and employee benefits , risk management and insurance , sales and marketing , merchandising , inbound logistics , human resources , strategy and tax compliance services . the corporate office also makes available supply chain expertise , such as in warehousing and distribution services , which provide assistance in operational best practices , including space utilization , energy conservation , fleet management and work flow. .

| | type of customer | 2019 | 2018 | 2017 | |---:|:----------------------|:---------------|:---------------|:---------------| | 0 | restaurants | 62% ( 62 % ) | 62% ( 62 % ) | 61% ( 61 % ) | | 1 | education government | 9 | 8 | 9 | | 2 | travel leisure retail | 9 | 8 | 9 | | 3 | healthcare | 8 | 9 | 9 | | 4 | other ( 1 ) | 12 | 13 | 12 | | 5 | totals | 100% ( 100 % ) | 100% ( 100 % ) | 100% ( 100 % ) |

sysco corporation a0- a0form a010-k 3 part a0i item a01 a0business we estimate that our sales by type of customer during the past three fiscal years were as follows: ._| | type of customer | 2019 | 2018 | 2017 | |---:|:----------------------|:---------------|:---------------|:---------------| | 0 | restaurants | 62% ( 62 % ) | 62% ( 62 % ) | 61% ( 61 % ) | | 1 | education government | 9 | 8 | 9 | | 2 | travel leisure retail | 9 | 8 | 9 | | 3 | healthcare | 8 | 9 | 9 | | 4 | other ( 1 ) | 12 | 13 | 12 | | 5 | totals | 100% ( 100 % ) | 100% ( 100 % ) | 100% ( 100 % ) |_( 1 ) other includes cafeterias that are not stand-alone restaurants , bakeries , caterers , churches , civic and fraternal organizations , vending distributors , other distributors and international exports . none of these types of customers , as a group , exceeded 5% ( 5 % ) of total sales in any of the years for which information is presented . sources of supply we purchase from thousands of suppliers , both domestic and international , none of which individually accounts for more than 10% ( 10 % ) of our purchases . these suppliers consist generally of large corporations selling brand name and private label merchandise , as well as independent regional brand and private label processors and packers . we also provide specialty and seasonal products from small to mid-sized producers to meet a growing demand for locally sourced products . our locally sourced products , including produce , meats , cheese and other products , help differentiate our customers 2019 offerings , satisfy demands for new products , and support local communities . purchasing is generally carried out through both centrally developed purchasing programs , domestically and internationally , and direct purchasing programs established by our various operating companies . we administer a consolidated product procurement program designed to develop , obtain and ensure consistent quality food and non-food products . the program covers the purchasing and marketing of branded merchandise , as well as products from a number of national brand suppliers , encompassing substantially all product lines . some of our products are purchased internationally within global procurement centers in order to build strategic relationships with international suppliers and to optimize our supply chain network . sysco 2019s operating companies purchase product from the suppliers participating in these consolidated programs and from other suppliers , although sysco brand products are only available to the operating companies through these consolidated programs . we also focus on increasing profitability by lowering operating costs and by lowering aggregate inventory levels , which reduces future facility expansion needs at our broadline operating companies , while providing greater value to our suppliers and customers . working capital practices our growth is funded through a combination of cash flow from operations , commercial paper issuances and long-term borrowings . see the discussion in item 7 201cmanagement 2019s discussion and analysis of financial condition and results of operations - liquidity and capital resources 201d regarding our liquidity , financial position and sources and uses of funds . we extend credit terms to our customers that can vary from cash on delivery to 30 days or more based on our assessment of each customer 2019s credit worthiness . we monitor each customer 2019s account and will suspend shipments if necessary . a majority of our sales orders are filled within 24 hours of when customer orders are placed . we generally maintain inventory on hand to be able to meet customer demand . the level of inventory on hand will vary by product depending on shelf-life , supplier order fulfillment lead times and customer demand . we also make purchases of additional volumes of certain products based on supply or pricing opportunities . we take advantage of suppliers 2019 cash discounts where appropriate and otherwise generally receive payment terms from our suppliers ranging from weekly to 45 days or more . corporate headquarters and shared services center our corporate staff makes available a number of services to our operating companies and our shared services center performs support services for employees , suppliers and customers . members of these groups possess experience and expertise in , among other areas , customer and vendor contract administration , accounting and finance , treasury , legal , information technology , payroll and employee benefits , risk management and insurance , sales and marketing , merchandising , inbound logistics , human resources , strategy and tax compliance services . the corporate office also makes available supply chain expertise , such as in warehousing and distribution services , which provide assistance in operational best practices , including space utilization , energy conservation , fleet management and work flow. .

2,019

9

SYY

Sysco

Consumer Staples

Food Distributors

Houston, Texas

1986-12-31

96,021

1969

what was the change in the percentage of sales to restaurants from 2017 to 2018?

1%

subtract(62%, 61%)

sysco corporation a0- a0form a010-k 3 part a0i item a01 a0business we estimate that our sales by type of customer during the past three fiscal years were as follows: .

( 1 ) other includes cafeterias that are not stand-alone restaurants , bakeries , caterers , churches , civic and fraternal organizations , vending distributors , other distributors and international exports . none of these types of customers , as a group , exceeded 5% ( 5 % ) of total sales in any of the years for which information is presented . sources of supply we purchase from thousands of suppliers , both domestic and international , none of which individually accounts for more than 10% ( 10 % ) of our purchases . these suppliers consist generally of large corporations selling brand name and private label merchandise , as well as independent regional brand and private label processors and packers . we also provide specialty and seasonal products from small to mid-sized producers to meet a growing demand for locally sourced products . our locally sourced products , including produce , meats , cheese and other products , help differentiate our customers 2019 offerings , satisfy demands for new products , and support local communities . purchasing is generally carried out through both centrally developed purchasing programs , domestically and internationally , and direct purchasing programs established by our various operating companies . we administer a consolidated product procurement program designed to develop , obtain and ensure consistent quality food and non-food products . the program covers the purchasing and marketing of branded merchandise , as well as products from a number of national brand suppliers , encompassing substantially all product lines . some of our products are purchased internationally within global procurement centers in order to build strategic relationships with international suppliers and to optimize our supply chain network . sysco 2019s operating companies purchase product from the suppliers participating in these consolidated programs and from other suppliers , although sysco brand products are only available to the operating companies through these consolidated programs . we also focus on increasing profitability by lowering operating costs and by lowering aggregate inventory levels , which reduces future facility expansion needs at our broadline operating companies , while providing greater value to our suppliers and customers . working capital practices our growth is funded through a combination of cash flow from operations , commercial paper issuances and long-term borrowings . see the discussion in item 7 201cmanagement 2019s discussion and analysis of financial condition and results of operations - liquidity and capital resources 201d regarding our liquidity , financial position and sources and uses of funds . we extend credit terms to our customers that can vary from cash on delivery to 30 days or more based on our assessment of each customer 2019s credit worthiness . we monitor each customer 2019s account and will suspend shipments if necessary . a majority of our sales orders are filled within 24 hours of when customer orders are placed . we generally maintain inventory on hand to be able to meet customer demand . the level of inventory on hand will vary by product depending on shelf-life , supplier order fulfillment lead times and customer demand . we also make purchases of additional volumes of certain products based on supply or pricing opportunities . we take advantage of suppliers 2019 cash discounts where appropriate and otherwise generally receive payment terms from our suppliers ranging from weekly to 45 days or more . corporate headquarters and shared services center our corporate staff makes available a number of services to our operating companies and our shared services center performs support services for employees , suppliers and customers . members of these groups possess experience and expertise in , among other areas , customer and vendor contract administration , accounting and finance , treasury , legal , information technology , payroll and employee benefits , risk management and insurance , sales and marketing , merchandising , inbound logistics , human resources , strategy and tax compliance services . the corporate office also makes available supply chain expertise , such as in warehousing and distribution services , which provide assistance in operational best practices , including space utilization , energy conservation , fleet management and work flow. .

| | type of customer | 2019 | 2018 | 2017 | |---:|:----------------------|:---------------|:---------------|:---------------| | 0 | restaurants | 62% ( 62 % ) | 62% ( 62 % ) | 61% ( 61 % ) | | 1 | education government | 9 | 8 | 9 | | 2 | travel leisure retail | 9 | 8 | 9 | | 3 | healthcare | 8 | 9 | 9 | | 4 | other ( 1 ) | 12 | 13 | 12 | | 5 | totals | 100% ( 100 % ) | 100% ( 100 % ) | 100% ( 100 % ) |

sysco corporation a0- a0form a010-k 3 part a0i item a01 a0business we estimate that our sales by type of customer during the past three fiscal years were as follows: ._| | type of customer | 2019 | 2018 | 2017 | |---:|:----------------------|:---------------|:---------------|:---------------| | 0 | restaurants | 62% ( 62 % ) | 62% ( 62 % ) | 61% ( 61 % ) | | 1 | education government | 9 | 8 | 9 | | 2 | travel leisure retail | 9 | 8 | 9 | | 3 | healthcare | 8 | 9 | 9 | | 4 | other ( 1 ) | 12 | 13 | 12 | | 5 | totals | 100% ( 100 % ) | 100% ( 100 % ) | 100% ( 100 % ) |_( 1 ) other includes cafeterias that are not stand-alone restaurants , bakeries , caterers , churches , civic and fraternal organizations , vending distributors , other distributors and international exports . none of these types of customers , as a group , exceeded 5% ( 5 % ) of total sales in any of the years for which information is presented . sources of supply we purchase from thousands of suppliers , both domestic and international , none of which individually accounts for more than 10% ( 10 % ) of our purchases . these suppliers consist generally of large corporations selling brand name and private label merchandise , as well as independent regional brand and private label processors and packers . we also provide specialty and seasonal products from small to mid-sized producers to meet a growing demand for locally sourced products . our locally sourced products , including produce , meats , cheese and other products , help differentiate our customers 2019 offerings , satisfy demands for new products , and support local communities . purchasing is generally carried out through both centrally developed purchasing programs , domestically and internationally , and direct purchasing programs established by our various operating companies . we administer a consolidated product procurement program designed to develop , obtain and ensure consistent quality food and non-food products . the program covers the purchasing and marketing of branded merchandise , as well as products from a number of national brand suppliers , encompassing substantially all product lines . some of our products are purchased internationally within global procurement centers in order to build strategic relationships with international suppliers and to optimize our supply chain network . sysco 2019s operating companies purchase product from the suppliers participating in these consolidated programs and from other suppliers , although sysco brand products are only available to the operating companies through these consolidated programs . we also focus on increasing profitability by lowering operating costs and by lowering aggregate inventory levels , which reduces future facility expansion needs at our broadline operating companies , while providing greater value to our suppliers and customers . working capital practices our growth is funded through a combination of cash flow from operations , commercial paper issuances and long-term borrowings . see the discussion in item 7 201cmanagement 2019s discussion and analysis of financial condition and results of operations - liquidity and capital resources 201d regarding our liquidity , financial position and sources and uses of funds . we extend credit terms to our customers that can vary from cash on delivery to 30 days or more based on our assessment of each customer 2019s credit worthiness . we monitor each customer 2019s account and will suspend shipments if necessary . a majority of our sales orders are filled within 24 hours of when customer orders are placed . we generally maintain inventory on hand to be able to meet customer demand . the level of inventory on hand will vary by product depending on shelf-life , supplier order fulfillment lead times and customer demand . we also make purchases of additional volumes of certain products based on supply or pricing opportunities . we take advantage of suppliers 2019 cash discounts where appropriate and otherwise generally receive payment terms from our suppliers ranging from weekly to 45 days or more . corporate headquarters and shared services center our corporate staff makes available a number of services to our operating companies and our shared services center performs support services for employees , suppliers and customers . members of these groups possess experience and expertise in , among other areas , customer and vendor contract administration , accounting and finance , treasury , legal , information technology , payroll and employee benefits , risk management and insurance , sales and marketing , merchandising , inbound logistics , human resources , strategy and tax compliance services . the corporate office also makes available supply chain expertise , such as in warehousing and distribution services , which provide assistance in operational best practices , including space utilization , energy conservation , fleet management and work flow. .

2,019

9

SYY

Sysco

Consumer Staples

Food Distributors

Houston, Texas

1986-12-31

96,021

1969

null

finqa705

what percentage of total future minimum operating lease payments for leases with remaining terms greater than one year are due in 2009?

25%

divide(63060, 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 2009?

25%

divide(63060, 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

finqa706

what is the average segment revenue , in millions?

6140

table_average(segment revenue, none)

risk and insurance brokerage services .

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

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

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

2,009

46

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

what is the average segment revenue , in millions?

6140

table_average(segment revenue, none)

risk and insurance brokerage services .

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

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

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

2,009

46

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

null

finqa707

what percentage of tangible book value at december 31 , 2010 is due to cash and cash equivalents and mutual fund investment holdings?

58%

divide(1.5, 2.6)

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 percentage of tangible book value at december 31 , 2010 is due to cash and cash equivalents and mutual fund investment holdings?

58%

divide(1.5, 2.6)

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

finqa708

what is the average price per gwh for the variance in volume?

29542.3

divide(subtract(21.3, const_1000000), 721)

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 is the average price per gwh for the variance in volume?

29542.3

divide(subtract(21.3, const_1000000), 721)

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

finqa709

prior to the shares repurchased in 2007 , how many shares of common stock were outstanding?

138326479

add(138311810, 14669)

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

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

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

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

2,007

47

VTR

Ventas

Real Estate

Health Care REITs

Chicago, Illinois

2009-03-04

740,260

1998

prior to the shares repurchased in 2007 , how many shares of common stock were outstanding?

138326479

add(138311810, 14669)

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

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

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

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

2,007

47

VTR

Ventas

Real Estate

Health Care REITs

Chicago, Illinois

2009-03-04

740,260

1998

null

finqa710

what is the interest from 2017 to 2025 as a percentage of the total long-term borrowings?

1.64%

divide(multiply(9, 9), 4938)

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .

long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value ._| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |_long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

2,016

119

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

what is the interest from 2017 to 2025 as a percentage of the total long-term borrowings?

1.64%

divide(multiply(9, 9), 4938)

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .

long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value ._| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |_long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

2,016

119

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa711

what are the notes due 2021 as a percentage of total long-term borrowings?

15.2%

divide(750, 4938)

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .

long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value ._| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |_long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

2,016

119

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

what are the notes due 2021 as a percentage of total long-term borrowings?

15.2%

divide(750, 4938)

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .

long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value ._| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |_long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

2,016

119

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa712

what was the percent of the decrease in the other intangible assets net from 2003 to 2004\\n

-3.4%

divide(subtract(985303, 1019749), 1019749)

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

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

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

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

2,004

81

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

what was the percent of the decrease in the other intangible assets net from 2003 to 2004\\n

-3.4%

divide(subtract(985303, 1019749), 1019749)

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

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

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

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

2,004

81

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

null

finqa713

for q4 2007 , what was the total amount spent on share repurchases?

56864176

multiply(1144772, 51.42)

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

for q4 2007 , what was the total amount spent on share repurchases?

56864176

multiply(1144772, 51.42)

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

finqa714

what is the percentage change in fair value of forward exchange contracts asset from 2010 to 2011?

-65.9%

divide(subtract(2472, 7256), 7256)

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

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

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

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

2,011

50

ADI

Analog Devices

Information Technology

Semiconductors

Wilmington, Massachusetts

1999-10-12

6,281

1965

what is the percentage change in fair value of forward exchange contracts asset from 2010 to 2011?

-65.9%

divide(subtract(2472, 7256), 7256)

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

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

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

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

2,011

50

ADI

Analog Devices

Information Technology

Semiconductors

Wilmington, Massachusetts

1999-10-12

6,281

1965

null

finqa715

what is the net change in cash in 2010?

-135

add(add(3547, -319), -3363)

( 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 net change in cash in 2010?

-135

add(add(3547, -319), -3363)

( 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

finqa716

in 2007 what was the percent of the retained interest of the total principal amount of beneficial interests

2.1%

add(412, 20048)

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

.

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

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

2,007

147

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

in 2007 what was the percent of the retained interest of the total principal amount of beneficial interests

2.1%

add(412, 20048)

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

.

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

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

2,007

147

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa717

what is the cash outflow for the repurchase of shares during october 2008?

177927

multiply(29704, 5.99)

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

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

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

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

2,008

21

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

what is the cash outflow for the repurchase of shares during october 2008?

177927

multiply(29704, 5.99)

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

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

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

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

2,008

21

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

null

finqa718

operating expenses were what multiple of pre-tax earnings in 2015?

11.52

divide(13.94, 1.21)

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

operating expenses were what multiple of pre-tax earnings in 2015?

11.52

divide(13.94, 1.21)

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

finqa719

what percentage of future minimum lease commitments at december 31 , 2006 for all operating leases that have a remaining term of more than one year are due in 2007?

26%

divide(288, multiply(1.1, const_1000))

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

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

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

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

2,006

90

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what percentage of future minimum lease commitments at december 31 , 2006 for all operating leases that have a remaining term of more than one year are due in 2007?

26%

divide(288, multiply(1.1, const_1000))

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

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

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

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

2,006

90

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa720

what are the total current assets of kichler included in the acquisition price with the revised version?

273

add(add(add(const_2, 100), 166), 5)

masco corporation notes to consolidated financial statements ( continued ) c . acquisitions on march 9 , 2018 , we acquired substantially all of the net assets of the l.d . kichler co . ( "kichler" ) , a leader in decorative residential and light commercial lighting products , ceiling fans and led lighting systems . this business expands our product offerings to our customers . the results of this acquisition for the period from the acquisition date are included in the consolidated financial statements and are reported in the decorative architectural products segment . we recorded $ 346 million of net sales as a result of this acquisition during 2018 . the purchase price , net of $ 2 million cash acquired , consisted of $ 549 million paid with cash on hand . since the acquisition , we have revised the allocation of the purchase price to identifiable assets and liabilities based on analysis of information as of the acquisition date that has been made available through december 31 , 2018 . the allocation will continue to be updated through the measurement period , if necessary . the preliminary allocation of the fair value of the acquisition of kichler is summarized in the following table , in millions. .

the goodwill acquired , which is generally tax deductible , is related primarily to the operational and financial synergies we expect to derive from combining kichler's operations into our business , as well as the assembled workforce . the other intangible assets acquired consist of $ 59 million of indefinite-lived intangible assets , which is related to trademarks , and $ 181 million of definite-lived intangible assets . the definite-lived intangible assets consist of $ 145 million related to customer relationships , which is being amortized on a straight-line basis over 20 years , and $ 36 million of other definite-lived intangible assets , which is being amortized over a weighted average amortization period of three years . in the fourth quarter of 2017 , we acquired mercury plastics , inc. , a plastics processor and manufacturer of water handling systems for appliance and faucet applications , for approximately $ 89 million in cash . this business is included in the plumbing products segment . this acquisition enhances our ability to develop faucet technology and provides continuity of supply of quality faucet components . in connection with this acquisition , we recognized $ 38 million of goodwill , which is tax deductible , and is related primarily to the expected synergies from combining the operations into our business. .

| | | initial | revised | |---:|:---------------------------|:-----------|:-----------| | 0 | receivables | $ 101 | $ 100 | | 1 | inventories | 173 | 166 | | 2 | prepaid expenses and other | 5 | 5 | | 3 | property and equipment | 33 | 33 | | 4 | goodwill | 46 | 64 | | 5 | other intangible assets | 243 | 240 | | 6 | accounts payable | -24 ( 24 ) | -24 ( 24 ) | | 7 | accrued liabilities | -25 ( 25 ) | -30 ( 30 ) | | 8 | other liabilities | -4 ( 4 ) | -5 ( 5 ) | | 9 | total | $ 548 | $ 549 |

masco corporation notes to consolidated financial statements ( continued ) c . acquisitions on march 9 , 2018 , we acquired substantially all of the net assets of the l.d . kichler co . ( "kichler" ) , a leader in decorative residential and light commercial lighting products , ceiling fans and led lighting systems . this business expands our product offerings to our customers . the results of this acquisition for the period from the acquisition date are included in the consolidated financial statements and are reported in the decorative architectural products segment . we recorded $ 346 million of net sales as a result of this acquisition during 2018 . the purchase price , net of $ 2 million cash acquired , consisted of $ 549 million paid with cash on hand . since the acquisition , we have revised the allocation of the purchase price to identifiable assets and liabilities based on analysis of information as of the acquisition date that has been made available through december 31 , 2018 . the allocation will continue to be updated through the measurement period , if necessary . the preliminary allocation of the fair value of the acquisition of kichler is summarized in the following table , in millions. ._| | | initial | revised | |---:|:---------------------------|:-----------|:-----------| | 0 | receivables | $ 101 | $ 100 | | 1 | inventories | 173 | 166 | | 2 | prepaid expenses and other | 5 | 5 | | 3 | property and equipment | 33 | 33 | | 4 | goodwill | 46 | 64 | | 5 | other intangible assets | 243 | 240 | | 6 | accounts payable | -24 ( 24 ) | -24 ( 24 ) | | 7 | accrued liabilities | -25 ( 25 ) | -30 ( 30 ) | | 8 | other liabilities | -4 ( 4 ) | -5 ( 5 ) | | 9 | total | $ 548 | $ 549 |_the goodwill acquired , which is generally tax deductible , is related primarily to the operational and financial synergies we expect to derive from combining kichler's operations into our business , as well as the assembled workforce . the other intangible assets acquired consist of $ 59 million of indefinite-lived intangible assets , which is related to trademarks , and $ 181 million of definite-lived intangible assets . the definite-lived intangible assets consist of $ 145 million related to customer relationships , which is being amortized on a straight-line basis over 20 years , and $ 36 million of other definite-lived intangible assets , which is being amortized over a weighted average amortization period of three years . in the fourth quarter of 2017 , we acquired mercury plastics , inc. , a plastics processor and manufacturer of water handling systems for appliance and faucet applications , for approximately $ 89 million in cash . this business is included in the plumbing products segment . this acquisition enhances our ability to develop faucet technology and provides continuity of supply of quality faucet components . in connection with this acquisition , we recognized $ 38 million of goodwill , which is tax deductible , and is related primarily to the expected synergies from combining the operations into our business. .

2,018

60

MAS

Masco

Industrials

Building Products

Livonia, Michigan

1981-06-30

62,996

1929

what are the total current assets of kichler included in the acquisition price with the revised version?

273

add(add(add(const_2, 100), 166), 5)

masco corporation notes to consolidated financial statements ( continued ) c . acquisitions on march 9 , 2018 , we acquired substantially all of the net assets of the l.d . kichler co . ( "kichler" ) , a leader in decorative residential and light commercial lighting products , ceiling fans and led lighting systems . this business expands our product offerings to our customers . the results of this acquisition for the period from the acquisition date are included in the consolidated financial statements and are reported in the decorative architectural products segment . we recorded $ 346 million of net sales as a result of this acquisition during 2018 . the purchase price , net of $ 2 million cash acquired , consisted of $ 549 million paid with cash on hand . since the acquisition , we have revised the allocation of the purchase price to identifiable assets and liabilities based on analysis of information as of the acquisition date that has been made available through december 31 , 2018 . the allocation will continue to be updated through the measurement period , if necessary . the preliminary allocation of the fair value of the acquisition of kichler is summarized in the following table , in millions. .

the goodwill acquired , which is generally tax deductible , is related primarily to the operational and financial synergies we expect to derive from combining kichler's operations into our business , as well as the assembled workforce . the other intangible assets acquired consist of $ 59 million of indefinite-lived intangible assets , which is related to trademarks , and $ 181 million of definite-lived intangible assets . the definite-lived intangible assets consist of $ 145 million related to customer relationships , which is being amortized on a straight-line basis over 20 years , and $ 36 million of other definite-lived intangible assets , which is being amortized over a weighted average amortization period of three years . in the fourth quarter of 2017 , we acquired mercury plastics , inc. , a plastics processor and manufacturer of water handling systems for appliance and faucet applications , for approximately $ 89 million in cash . this business is included in the plumbing products segment . this acquisition enhances our ability to develop faucet technology and provides continuity of supply of quality faucet components . in connection with this acquisition , we recognized $ 38 million of goodwill , which is tax deductible , and is related primarily to the expected synergies from combining the operations into our business. .

| | | initial | revised | |---:|:---------------------------|:-----------|:-----------| | 0 | receivables | $ 101 | $ 100 | | 1 | inventories | 173 | 166 | | 2 | prepaid expenses and other | 5 | 5 | | 3 | property and equipment | 33 | 33 | | 4 | goodwill | 46 | 64 | | 5 | other intangible assets | 243 | 240 | | 6 | accounts payable | -24 ( 24 ) | -24 ( 24 ) | | 7 | accrued liabilities | -25 ( 25 ) | -30 ( 30 ) | | 8 | other liabilities | -4 ( 4 ) | -5 ( 5 ) | | 9 | total | $ 548 | $ 549 |

masco corporation notes to consolidated financial statements ( continued ) c . acquisitions on march 9 , 2018 , we acquired substantially all of the net assets of the l.d . kichler co . ( "kichler" ) , a leader in decorative residential and light commercial lighting products , ceiling fans and led lighting systems . this business expands our product offerings to our customers . the results of this acquisition for the period from the acquisition date are included in the consolidated financial statements and are reported in the decorative architectural products segment . we recorded $ 346 million of net sales as a result of this acquisition during 2018 . the purchase price , net of $ 2 million cash acquired , consisted of $ 549 million paid with cash on hand . since the acquisition , we have revised the allocation of the purchase price to identifiable assets and liabilities based on analysis of information as of the acquisition date that has been made available through december 31 , 2018 . the allocation will continue to be updated through the measurement period , if necessary . the preliminary allocation of the fair value of the acquisition of kichler is summarized in the following table , in millions. ._| | | initial | revised | |---:|:---------------------------|:-----------|:-----------| | 0 | receivables | $ 101 | $ 100 | | 1 | inventories | 173 | 166 | | 2 | prepaid expenses and other | 5 | 5 | | 3 | property and equipment | 33 | 33 | | 4 | goodwill | 46 | 64 | | 5 | other intangible assets | 243 | 240 | | 6 | accounts payable | -24 ( 24 ) | -24 ( 24 ) | | 7 | accrued liabilities | -25 ( 25 ) | -30 ( 30 ) | | 8 | other liabilities | -4 ( 4 ) | -5 ( 5 ) | | 9 | total | $ 548 | $ 549 |_the goodwill acquired , which is generally tax deductible , is related primarily to the operational and financial synergies we expect to derive from combining kichler's operations into our business , as well as the assembled workforce . the other intangible assets acquired consist of $ 59 million of indefinite-lived intangible assets , which is related to trademarks , and $ 181 million of definite-lived intangible assets . the definite-lived intangible assets consist of $ 145 million related to customer relationships , which is being amortized on a straight-line basis over 20 years , and $ 36 million of other definite-lived intangible assets , which is being amortized over a weighted average amortization period of three years . in the fourth quarter of 2017 , we acquired mercury plastics , inc. , a plastics processor and manufacturer of water handling systems for appliance and faucet applications , for approximately $ 89 million in cash . this business is included in the plumbing products segment . this acquisition enhances our ability to develop faucet technology and provides continuity of supply of quality faucet components . in connection with this acquisition , we recognized $ 38 million of goodwill , which is tax deductible , and is related primarily to the expected synergies from combining the operations into our business. .

2,018

60

MAS

Masco

Industrials

Building Products

Livonia, Michigan

1981-06-30

62,996

1929

null

finqa721

what was the change in weighted-average shares for diluted eps from 2015 to 2016 , in millions?

2

subtract(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: .

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 2015 to 2016 , in millions?

2

subtract(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: .

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

finqa722

in 2008 what was the percent of the total capital risk based capital components and assets that was tier 2 capital

26.32%

divide(48616, 184720)

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

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

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

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

2,008

85

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

in 2008 what was the percent of the total capital risk based capital components and assets that was tier 2 capital

26.32%

divide(48616, 184720)

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

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

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

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

2,008

85

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa723

based on the information provided what is the ratio of the post retirement benefit obligation to the service and interest one-point percentage increase

9.81

divide(72238, 7367)

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

.

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

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

2,013

132

AWK

American Water Works

Utilities

Water Utilities

Camden, New Jersey

2016-03-04

1,410,636

1886

based on the information provided what is the ratio of the post retirement benefit obligation to the service and interest one-point percentage increase

9.81

divide(72238, 7367)

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

.

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

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

2,013

132

AWK

American Water Works

Utilities

Water Utilities

Camden, New Jersey

2016-03-04

1,410,636

1886

null

finqa724

considering the second quarter of 2017 , what is the average sale price per share of the company 2019s common stock?

25.20

divide(add(28.65, 21.76), const_2)

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . the company 2019s common stock is listed on the new york stock exchange . prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) . as a result of the reverse stock split , every three shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share . the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares . the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 . on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation . the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders . the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date . the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation . see disposition of retained shares in note c to the consolidated financial statements in part ii item 8 of this form 10-k . the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 . the prices listed below for those dates prior to november 1 , 2016 reflect stock trading prices of alcoa inc . prior to the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to the company 2019s post-separation prices. .

the number of holders of record of common stock was approximately 12271 as of february 16 , 2018. .

| | quarter | 2017 high | 2017 low | 2017 dividend | 2017 high | 2017 low | dividend | |---:|:--------------------------------------------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | first | $ 30.69 | $ 18.64 | $ 0.06 | $ 30.66 | $ 18.42 | $ 0.09 | | 1 | second | 28.65 | 21.76 | 0.06 | 34.50 | 26.34 | 0.09 | | 2 | third | 26.84 | 22.67 | 0.06 | 32.91 | 27.09 | 0.09 | | 3 | fourth ( separation occurred on november 1 2016 ) | 27.85 | 22.74 | 0.06 | 32.10 | 16.75 | 0.09 | | 4 | year | $ 30.69 | $ 18.64 | $ 0.24 | $ 34.50 | $ 16.75 | $ 0.36 |

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . the company 2019s common stock is listed on the new york stock exchange . prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) . as a result of the reverse stock split , every three shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share . the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares . the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 . on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation . the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders . the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date . the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation . see disposition of retained shares in note c to the consolidated financial statements in part ii item 8 of this form 10-k . the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 . the prices listed below for those dates prior to november 1 , 2016 reflect stock trading prices of alcoa inc . prior to the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to the company 2019s post-separation prices. ._| | quarter | 2017 high | 2017 low | 2017 dividend | 2017 high | 2017 low | dividend | |---:|:--------------------------------------------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | first | $ 30.69 | $ 18.64 | $ 0.06 | $ 30.66 | $ 18.42 | $ 0.09 | | 1 | second | 28.65 | 21.76 | 0.06 | 34.50 | 26.34 | 0.09 | | 2 | third | 26.84 | 22.67 | 0.06 | 32.91 | 27.09 | 0.09 | | 3 | fourth ( separation occurred on november 1 2016 ) | 27.85 | 22.74 | 0.06 | 32.10 | 16.75 | 0.09 | | 4 | year | $ 30.69 | $ 18.64 | $ 0.24 | $ 34.50 | $ 16.75 | $ 0.36 |_the number of holders of record of common stock was approximately 12271 as of february 16 , 2018. .

2,017

41

HWM

Howmet Aerospace

Industrials

Aerospace & Defense

Pittsburgh, Pennsylvania

2016-10-21

4,281

1888

considering the second quarter of 2017 , what is the average sale price per share of the company 2019s common stock?

25.20

divide(add(28.65, 21.76), const_2)

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . the company 2019s common stock is listed on the new york stock exchange . prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) . as a result of the reverse stock split , every three shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share . the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares . the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 . on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation . the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders . the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date . the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation . see disposition of retained shares in note c to the consolidated financial statements in part ii item 8 of this form 10-k . the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 . the prices listed below for those dates prior to november 1 , 2016 reflect stock trading prices of alcoa inc . prior to the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to the company 2019s post-separation prices. .

the number of holders of record of common stock was approximately 12271 as of february 16 , 2018. .

| | quarter | 2017 high | 2017 low | 2017 dividend | 2017 high | 2017 low | dividend | |---:|:--------------------------------------------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | first | $ 30.69 | $ 18.64 | $ 0.06 | $ 30.66 | $ 18.42 | $ 0.09 | | 1 | second | 28.65 | 21.76 | 0.06 | 34.50 | 26.34 | 0.09 | | 2 | third | 26.84 | 22.67 | 0.06 | 32.91 | 27.09 | 0.09 | | 3 | fourth ( separation occurred on november 1 2016 ) | 27.85 | 22.74 | 0.06 | 32.10 | 16.75 | 0.09 | | 4 | year | $ 30.69 | $ 18.64 | $ 0.24 | $ 34.50 | $ 16.75 | $ 0.36 |

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . the company 2019s common stock is listed on the new york stock exchange . prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) . as a result of the reverse stock split , every three shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share . the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares . the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 . on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation . the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders . the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date . the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation . see disposition of retained shares in note c to the consolidated financial statements in part ii item 8 of this form 10-k . the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 . the prices listed below for those dates prior to november 1 , 2016 reflect stock trading prices of alcoa inc . prior to the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to the company 2019s post-separation prices. ._| | quarter | 2017 high | 2017 low | 2017 dividend | 2017 high | 2017 low | dividend | |---:|:--------------------------------------------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | first | $ 30.69 | $ 18.64 | $ 0.06 | $ 30.66 | $ 18.42 | $ 0.09 | | 1 | second | 28.65 | 21.76 | 0.06 | 34.50 | 26.34 | 0.09 | | 2 | third | 26.84 | 22.67 | 0.06 | 32.91 | 27.09 | 0.09 | | 3 | fourth ( separation occurred on november 1 2016 ) | 27.85 | 22.74 | 0.06 | 32.10 | 16.75 | 0.09 | | 4 | year | $ 30.69 | $ 18.64 | $ 0.24 | $ 34.50 | $ 16.75 | $ 0.36 |_the number of holders of record of common stock was approximately 12271 as of february 16 , 2018. .

2,017

41

HWM

Howmet Aerospace

Industrials

Aerospace & Defense

Pittsburgh, Pennsylvania

2016-10-21

4,281

1888

null

finqa725

what percentage of december 31 , 2007 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were due to lease obligations for the year of 2008?

7%

divide(136, 2089)

settlements , and the expiration of statutes of limi- tation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 365 million during the next twelve months , with no significant impact on earnings or cash tax payments . while the company believes that it is adequately accrued for possible audit adjust- ments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates . the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits . excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before minority interest . the company recorded an income tax provision for 2006 of $ 1.9 billion , consisting of a $ 1.6 billion deferred tax provision ( principally reflecting deferred taxes on the 2006 transformation plan forestland sales ) and a $ 300 million current tax provision . the provision also includes an $ 11 million provision related to a special tax adjustment . excluding the impact of special items , the tax provision was $ 272 million , or 29% ( 29 % ) of pre-tax earnings before minority interest . the company recorded an income tax benefit for 2005 of $ 407 million , including a $ 454 million net tax benefit related to a special tax adjustment , consisting of a tax benefit of $ 627 million resulting from an agreement reached with the u.s . internal revenue service concerning the 1997 through 2000 u.s . federal income tax audit , a $ 142 million charge for deferred taxes related to earnings repatriations under the american jobs creation act of 2004 , and $ 31 million of other tax charges . excluding the impact of special items , the tax provision was $ 83 million , or 20% ( 20 % ) of pre-tax earnings before minority interest . international paper has non-u.s . net operating loss carryforwards of approximately $ 352 million that expire as follows : 2008 through 2017 2014 $ 14 million and indefinite carryforwards of $ 338 million . interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approximately $ 258 million that expire as follows : 2008 through 2017 2014$ 83 million and 2018 through 2027 2014$ 175 million . international paper also has federal , non-u.s . and state tax credit carryforwards that expire as follows : 2008 through 2017 2014 $ 67 million , 2018 through 2027 2014 $ 92 million , and indefinite carryforwards 2014 $ 316 million . further , international paper has state capital loss carryfor- wards that expire as follows : 2008 through 2017 2014 $ 9 million . deferred income taxes are not provided for tempo- rary differences of approximately $ 3.7 billion , $ 2.7 billion and $ 2.4 billion as of december 31 , 2007 , 2006 and 2005 , respectively , representing earnings of non-u.s . subsidiaries intended to be permanently reinvested . computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable . note 10 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments . unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , wood chips , raw materials , energy and services , including fiber supply agreements to purchase pulpwood that were entered into con- currently with the 2006 transformation plan forest- land sales ( see note 7 ) . at december 31 , 2007 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2008 2009 2010 2011 2012 thereafter .

( a ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales . rent expense was $ 168 million , $ 217 million and $ 216 million for 2007 , 2006 and 2005 , respectively . international paper entered into an agreement in 2000 to guarantee , for a fee , an unsecured con- tractual credit agreement between a financial institution and an unrelated third-party customer . in the fourth quarter of 2006 , the customer cancelled the agreement and paid the company a fee of $ 11 million , which is included in cost of products sold in the accompanying consolidated statement of oper- ations . the company has no future obligations under this agreement. .

| | in millions | 2008 | 2009 | 2010 | 2011 | 2012 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 136 | $ 116 | $ 101 | $ 84 | $ 67 | $ 92 | | 1 | purchase obligations ( a ) | 1953 | 294 | 261 | 235 | 212 | 1480 | | 2 | total | $ 2089 | $ 410 | $ 362 | $ 319 | $ 279 | $ 1572 |

settlements , and the expiration of statutes of limi- tation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 365 million during the next twelve months , with no significant impact on earnings or cash tax payments . while the company believes that it is adequately accrued for possible audit adjust- ments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates . the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits . excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before minority interest . the company recorded an income tax provision for 2006 of $ 1.9 billion , consisting of a $ 1.6 billion deferred tax provision ( principally reflecting deferred taxes on the 2006 transformation plan forestland sales ) and a $ 300 million current tax provision . the provision also includes an $ 11 million provision related to a special tax adjustment . excluding the impact of special items , the tax provision was $ 272 million , or 29% ( 29 % ) of pre-tax earnings before minority interest . the company recorded an income tax benefit for 2005 of $ 407 million , including a $ 454 million net tax benefit related to a special tax adjustment , consisting of a tax benefit of $ 627 million resulting from an agreement reached with the u.s . internal revenue service concerning the 1997 through 2000 u.s . federal income tax audit , a $ 142 million charge for deferred taxes related to earnings repatriations under the american jobs creation act of 2004 , and $ 31 million of other tax charges . excluding the impact of special items , the tax provision was $ 83 million , or 20% ( 20 % ) of pre-tax earnings before minority interest . international paper has non-u.s . net operating loss carryforwards of approximately $ 352 million that expire as follows : 2008 through 2017 2014 $ 14 million and indefinite carryforwards of $ 338 million . interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approximately $ 258 million that expire as follows : 2008 through 2017 2014$ 83 million and 2018 through 2027 2014$ 175 million . international paper also has federal , non-u.s . and state tax credit carryforwards that expire as follows : 2008 through 2017 2014 $ 67 million , 2018 through 2027 2014 $ 92 million , and indefinite carryforwards 2014 $ 316 million . further , international paper has state capital loss carryfor- wards that expire as follows : 2008 through 2017 2014 $ 9 million . deferred income taxes are not provided for tempo- rary differences of approximately $ 3.7 billion , $ 2.7 billion and $ 2.4 billion as of december 31 , 2007 , 2006 and 2005 , respectively , representing earnings of non-u.s . subsidiaries intended to be permanently reinvested . computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable . note 10 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments . unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , wood chips , raw materials , energy and services , including fiber supply agreements to purchase pulpwood that were entered into con- currently with the 2006 transformation plan forest- land sales ( see note 7 ) . at december 31 , 2007 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2008 2009 2010 2011 2012 thereafter ._| | in millions | 2008 | 2009 | 2010 | 2011 | 2012 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 136 | $ 116 | $ 101 | $ 84 | $ 67 | $ 92 | | 1 | purchase obligations ( a ) | 1953 | 294 | 261 | 235 | 212 | 1480 | | 2 | total | $ 2089 | $ 410 | $ 362 | $ 319 | $ 279 | $ 1572 |_( a ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales . rent expense was $ 168 million , $ 217 million and $ 216 million for 2007 , 2006 and 2005 , respectively . international paper entered into an agreement in 2000 to guarantee , for a fee , an unsecured con- tractual credit agreement between a financial institution and an unrelated third-party customer . in the fourth quarter of 2006 , the customer cancelled the agreement and paid the company a fee of $ 11 million , which is included in cost of products sold in the accompanying consolidated statement of oper- ations . the company has no future obligations under this agreement. .

2,007

75

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

what percentage of december 31 , 2007 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were due to lease obligations for the year of 2008?

7%

divide(136, 2089)

settlements , and the expiration of statutes of limi- tation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 365 million during the next twelve months , with no significant impact on earnings or cash tax payments . while the company believes that it is adequately accrued for possible audit adjust- ments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates . the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits . excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before minority interest . the company recorded an income tax provision for 2006 of $ 1.9 billion , consisting of a $ 1.6 billion deferred tax provision ( principally reflecting deferred taxes on the 2006 transformation plan forestland sales ) and a $ 300 million current tax provision . the provision also includes an $ 11 million provision related to a special tax adjustment . excluding the impact of special items , the tax provision was $ 272 million , or 29% ( 29 % ) of pre-tax earnings before minority interest . the company recorded an income tax benefit for 2005 of $ 407 million , including a $ 454 million net tax benefit related to a special tax adjustment , consisting of a tax benefit of $ 627 million resulting from an agreement reached with the u.s . internal revenue service concerning the 1997 through 2000 u.s . federal income tax audit , a $ 142 million charge for deferred taxes related to earnings repatriations under the american jobs creation act of 2004 , and $ 31 million of other tax charges . excluding the impact of special items , the tax provision was $ 83 million , or 20% ( 20 % ) of pre-tax earnings before minority interest . international paper has non-u.s . net operating loss carryforwards of approximately $ 352 million that expire as follows : 2008 through 2017 2014 $ 14 million and indefinite carryforwards of $ 338 million . interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approximately $ 258 million that expire as follows : 2008 through 2017 2014$ 83 million and 2018 through 2027 2014$ 175 million . international paper also has federal , non-u.s . and state tax credit carryforwards that expire as follows : 2008 through 2017 2014 $ 67 million , 2018 through 2027 2014 $ 92 million , and indefinite carryforwards 2014 $ 316 million . further , international paper has state capital loss carryfor- wards that expire as follows : 2008 through 2017 2014 $ 9 million . deferred income taxes are not provided for tempo- rary differences of approximately $ 3.7 billion , $ 2.7 billion and $ 2.4 billion as of december 31 , 2007 , 2006 and 2005 , respectively , representing earnings of non-u.s . subsidiaries intended to be permanently reinvested . computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable . note 10 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments . unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , wood chips , raw materials , energy and services , including fiber supply agreements to purchase pulpwood that were entered into con- currently with the 2006 transformation plan forest- land sales ( see note 7 ) . at december 31 , 2007 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2008 2009 2010 2011 2012 thereafter .

( a ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales . rent expense was $ 168 million , $ 217 million and $ 216 million for 2007 , 2006 and 2005 , respectively . international paper entered into an agreement in 2000 to guarantee , for a fee , an unsecured con- tractual credit agreement between a financial institution and an unrelated third-party customer . in the fourth quarter of 2006 , the customer cancelled the agreement and paid the company a fee of $ 11 million , which is included in cost of products sold in the accompanying consolidated statement of oper- ations . the company has no future obligations under this agreement. .

| | in millions | 2008 | 2009 | 2010 | 2011 | 2012 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 136 | $ 116 | $ 101 | $ 84 | $ 67 | $ 92 | | 1 | purchase obligations ( a ) | 1953 | 294 | 261 | 235 | 212 | 1480 | | 2 | total | $ 2089 | $ 410 | $ 362 | $ 319 | $ 279 | $ 1572 |

settlements , and the expiration of statutes of limi- tation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 365 million during the next twelve months , with no significant impact on earnings or cash tax payments . while the company believes that it is adequately accrued for possible audit adjust- ments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates . the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits . excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before minority interest . the company recorded an income tax provision for 2006 of $ 1.9 billion , consisting of a $ 1.6 billion deferred tax provision ( principally reflecting deferred taxes on the 2006 transformation plan forestland sales ) and a $ 300 million current tax provision . the provision also includes an $ 11 million provision related to a special tax adjustment . excluding the impact of special items , the tax provision was $ 272 million , or 29% ( 29 % ) of pre-tax earnings before minority interest . the company recorded an income tax benefit for 2005 of $ 407 million , including a $ 454 million net tax benefit related to a special tax adjustment , consisting of a tax benefit of $ 627 million resulting from an agreement reached with the u.s . internal revenue service concerning the 1997 through 2000 u.s . federal income tax audit , a $ 142 million charge for deferred taxes related to earnings repatriations under the american jobs creation act of 2004 , and $ 31 million of other tax charges . excluding the impact of special items , the tax provision was $ 83 million , or 20% ( 20 % ) of pre-tax earnings before minority interest . international paper has non-u.s . net operating loss carryforwards of approximately $ 352 million that expire as follows : 2008 through 2017 2014 $ 14 million and indefinite carryforwards of $ 338 million . interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approximately $ 258 million that expire as follows : 2008 through 2017 2014$ 83 million and 2018 through 2027 2014$ 175 million . international paper also has federal , non-u.s . and state tax credit carryforwards that expire as follows : 2008 through 2017 2014 $ 67 million , 2018 through 2027 2014 $ 92 million , and indefinite carryforwards 2014 $ 316 million . further , international paper has state capital loss carryfor- wards that expire as follows : 2008 through 2017 2014 $ 9 million . deferred income taxes are not provided for tempo- rary differences of approximately $ 3.7 billion , $ 2.7 billion and $ 2.4 billion as of december 31 , 2007 , 2006 and 2005 , respectively , representing earnings of non-u.s . subsidiaries intended to be permanently reinvested . computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable . note 10 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments . unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , wood chips , raw materials , energy and services , including fiber supply agreements to purchase pulpwood that were entered into con- currently with the 2006 transformation plan forest- land sales ( see note 7 ) . at december 31 , 2007 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2008 2009 2010 2011 2012 thereafter ._| | in millions | 2008 | 2009 | 2010 | 2011 | 2012 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 136 | $ 116 | $ 101 | $ 84 | $ 67 | $ 92 | | 1 | purchase obligations ( a ) | 1953 | 294 | 261 | 235 | 212 | 1480 | | 2 | total | $ 2089 | $ 410 | $ 362 | $ 319 | $ 279 | $ 1572 |_( a ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales . rent expense was $ 168 million , $ 217 million and $ 216 million for 2007 , 2006 and 2005 , respectively . international paper entered into an agreement in 2000 to guarantee , for a fee , an unsecured con- tractual credit agreement between a financial institution and an unrelated third-party customer . in the fourth quarter of 2006 , the customer cancelled the agreement and paid the company a fee of $ 11 million , which is included in cost of products sold in the accompanying consolidated statement of oper- ations . the company has no future obligations under this agreement. .

2,007

75

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa726

what percentage of industrial packaging sales where represented by european industrial packaging net sales in 2006?

20%

divide(multiply(const_1, const_1000), 4925)

tissue pulp due to strong market demand , partic- ularly from asia . average sales price realizations improved significantly in 2007 , principally reflecting higher average prices for softwood , hardwood and fluff pulp . operating earnings in 2007 were $ 104 mil- lion compared with $ 48 million in 2006 and $ 37 mil- lion in 2005 . the benefits from higher sales price realizations were partially offset by increased input costs for energy , chemicals and freight . entering the first quarter of 2008 , demand for market pulp remains strong , and average sales price realiza- tions should increase slightly . however , input costs for energy , chemicals and freight are expected to be higher , and increased spending is anticipated for planned mill maintenance outages . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing effi- ciency and product mix . industrial packaging net sales for 2007 increased 6% ( 6 % ) to $ 5.2 billion compared with $ 4.9 bil- lion in 2006 , and 13% ( 13 % ) compared with $ 4.6 billion in 2005 . operating profits in 2007 were 26% ( 26 % ) higher than in 2006 and more than double 2005 earnings . bene- fits from improved price realizations ( $ 147 million ) , sales volume increases net of increased lack of order downtime ( $ 3 million ) , a more favorable mix ( $ 31 million ) , strong mill and converting operations ( $ 33 million ) and other costs ( $ 47 million ) were partially offset by the effects of higher raw material costs ( $ 76 million ) and higher freight costs ( $ 18 million ) . in addition , a gain of $ 13 million was recognized in 2006 related to a sale of property in spain and costs of $ 52 million were incurred in 2007 related to the conversion of the paper machine at pensacola to production of lightweight linerboard . the segment took 165000 tons of downtime in 2007 which included 16000 tons of market-related downtime compared with 135000 tons of downtime in 2006 of which none was market-related . industrial packaging in millions 2007 2006 2005 .

north american industrial packaging net sales for 2007 were $ 3.9 billion , compared with $ 3.7 billion in 2006 and $ 3.6 billion in 2005 . operating profits in 2007 were $ 407 million , up from $ 327 mil- lion in 2006 and $ 170 million in 2005 . containerboard shipments were higher in 2007 compared with 2006 , including production from the paper machine at pensacola that was converted to lightweight linerboard during 2007 . average sales price realizations were significantly higher than in 2006 reflecting price increases announced early in 2006 and in the third quarter of 2007 . margins improved reflecting stronger export demand . manu- facturing performance was strong , although costs associated with planned mill maintenance outages were higher due to timing of outages . raw material costs for wood , energy , chemicals and recycled fiber increased significantly . operating results for 2007 were also unfavorably impacted by $ 52 million of costs associated with the conversion and startup of the pensacola paper machine . u.s . converting sales volumes were slightly lower in 2007 compared with 2006 reflecting softer customer box demand . earnings improvement in 2007 bene- fited from the realization of box price increases announced in early 2006 and late 2007 . favorable manufacturing operations and higher sales prices for waste fiber more than offset significantly higher raw material and freight costs . looking ahead to the first quarter of 2008 , sales volumes are expected to increase slightly , and results should benefit from a full-quarter impact of the price increases announced in the third quarter of 2007 . however , additional mill maintenance outages are planned for the first quarter , and freight and input costs are expected to rise , particularly for wood and energy . manufacturing operations should be favorable compared with the fourth quarter . european industrial packaging net sales for 2007 were $ 1.1 billion , up from $ 1.0 billion in 2006 and $ 880 million in 2005 . sales volumes were about flat as early stronger demand in the industrial segment weakened in the second half of the year . operating profits in 2007 were $ 88 million compared with $ 69 million in 2006 and $ 53 million in 2005 . sales margins improved reflecting increased sales prices for boxes . conversion costs were favorable as the result of manufacturing improvement programs . entering the first quarter of 2008 , sales volumes should be strong seasonally across all regions as the winter fruit and vegetable season continues . profit margins , however , are expected to be somewhat lower. .

| | in millions | 2007 | 2006 | 2005 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 5245 | $ 4925 | $ 4625 | | 1 | operating profit | $ 501 | $ 399 | $ 219 |

tissue pulp due to strong market demand , partic- ularly from asia . average sales price realizations improved significantly in 2007 , principally reflecting higher average prices for softwood , hardwood and fluff pulp . operating earnings in 2007 were $ 104 mil- lion compared with $ 48 million in 2006 and $ 37 mil- lion in 2005 . the benefits from higher sales price realizations were partially offset by increased input costs for energy , chemicals and freight . entering the first quarter of 2008 , demand for market pulp remains strong , and average sales price realiza- tions should increase slightly . however , input costs for energy , chemicals and freight are expected to be higher , and increased spending is anticipated for planned mill maintenance outages . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing effi- ciency and product mix . industrial packaging net sales for 2007 increased 6% ( 6 % ) to $ 5.2 billion compared with $ 4.9 bil- lion in 2006 , and 13% ( 13 % ) compared with $ 4.6 billion in 2005 . operating profits in 2007 were 26% ( 26 % ) higher than in 2006 and more than double 2005 earnings . bene- fits from improved price realizations ( $ 147 million ) , sales volume increases net of increased lack of order downtime ( $ 3 million ) , a more favorable mix ( $ 31 million ) , strong mill and converting operations ( $ 33 million ) and other costs ( $ 47 million ) were partially offset by the effects of higher raw material costs ( $ 76 million ) and higher freight costs ( $ 18 million ) . in addition , a gain of $ 13 million was recognized in 2006 related to a sale of property in spain and costs of $ 52 million were incurred in 2007 related to the conversion of the paper machine at pensacola to production of lightweight linerboard . the segment took 165000 tons of downtime in 2007 which included 16000 tons of market-related downtime compared with 135000 tons of downtime in 2006 of which none was market-related . industrial packaging in millions 2007 2006 2005 ._| | in millions | 2007 | 2006 | 2005 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 5245 | $ 4925 | $ 4625 | | 1 | operating profit | $ 501 | $ 399 | $ 219 |_north american industrial packaging net sales for 2007 were $ 3.9 billion , compared with $ 3.7 billion in 2006 and $ 3.6 billion in 2005 . operating profits in 2007 were $ 407 million , up from $ 327 mil- lion in 2006 and $ 170 million in 2005 . containerboard shipments were higher in 2007 compared with 2006 , including production from the paper machine at pensacola that was converted to lightweight linerboard during 2007 . average sales price realizations were significantly higher than in 2006 reflecting price increases announced early in 2006 and in the third quarter of 2007 . margins improved reflecting stronger export demand . manu- facturing performance was strong , although costs associated with planned mill maintenance outages were higher due to timing of outages . raw material costs for wood , energy , chemicals and recycled fiber increased significantly . operating results for 2007 were also unfavorably impacted by $ 52 million of costs associated with the conversion and startup of the pensacola paper machine . u.s . converting sales volumes were slightly lower in 2007 compared with 2006 reflecting softer customer box demand . earnings improvement in 2007 bene- fited from the realization of box price increases announced in early 2006 and late 2007 . favorable manufacturing operations and higher sales prices for waste fiber more than offset significantly higher raw material and freight costs . looking ahead to the first quarter of 2008 , sales volumes are expected to increase slightly , and results should benefit from a full-quarter impact of the price increases announced in the third quarter of 2007 . however , additional mill maintenance outages are planned for the first quarter , and freight and input costs are expected to rise , particularly for wood and energy . manufacturing operations should be favorable compared with the fourth quarter . european industrial packaging net sales for 2007 were $ 1.1 billion , up from $ 1.0 billion in 2006 and $ 880 million in 2005 . sales volumes were about flat as early stronger demand in the industrial segment weakened in the second half of the year . operating profits in 2007 were $ 88 million compared with $ 69 million in 2006 and $ 53 million in 2005 . sales margins improved reflecting increased sales prices for boxes . conversion costs were favorable as the result of manufacturing improvement programs . entering the first quarter of 2008 , sales volumes should be strong seasonally across all regions as the winter fruit and vegetable season continues . profit margins , however , are expected to be somewhat lower. .

2,007

31

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

what percentage of industrial packaging sales where represented by european industrial packaging net sales in 2006?

20%

divide(multiply(const_1, const_1000), 4925)

tissue pulp due to strong market demand , partic- ularly from asia . average sales price realizations improved significantly in 2007 , principally reflecting higher average prices for softwood , hardwood and fluff pulp . operating earnings in 2007 were $ 104 mil- lion compared with $ 48 million in 2006 and $ 37 mil- lion in 2005 . the benefits from higher sales price realizations were partially offset by increased input costs for energy , chemicals and freight . entering the first quarter of 2008 , demand for market pulp remains strong , and average sales price realiza- tions should increase slightly . however , input costs for energy , chemicals and freight are expected to be higher , and increased spending is anticipated for planned mill maintenance outages . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing effi- ciency and product mix . industrial packaging net sales for 2007 increased 6% ( 6 % ) to $ 5.2 billion compared with $ 4.9 bil- lion in 2006 , and 13% ( 13 % ) compared with $ 4.6 billion in 2005 . operating profits in 2007 were 26% ( 26 % ) higher than in 2006 and more than double 2005 earnings . bene- fits from improved price realizations ( $ 147 million ) , sales volume increases net of increased lack of order downtime ( $ 3 million ) , a more favorable mix ( $ 31 million ) , strong mill and converting operations ( $ 33 million ) and other costs ( $ 47 million ) were partially offset by the effects of higher raw material costs ( $ 76 million ) and higher freight costs ( $ 18 million ) . in addition , a gain of $ 13 million was recognized in 2006 related to a sale of property in spain and costs of $ 52 million were incurred in 2007 related to the conversion of the paper machine at pensacola to production of lightweight linerboard . the segment took 165000 tons of downtime in 2007 which included 16000 tons of market-related downtime compared with 135000 tons of downtime in 2006 of which none was market-related . industrial packaging in millions 2007 2006 2005 .

north american industrial packaging net sales for 2007 were $ 3.9 billion , compared with $ 3.7 billion in 2006 and $ 3.6 billion in 2005 . operating profits in 2007 were $ 407 million , up from $ 327 mil- lion in 2006 and $ 170 million in 2005 . containerboard shipments were higher in 2007 compared with 2006 , including production from the paper machine at pensacola that was converted to lightweight linerboard during 2007 . average sales price realizations were significantly higher than in 2006 reflecting price increases announced early in 2006 and in the third quarter of 2007 . margins improved reflecting stronger export demand . manu- facturing performance was strong , although costs associated with planned mill maintenance outages were higher due to timing of outages . raw material costs for wood , energy , chemicals and recycled fiber increased significantly . operating results for 2007 were also unfavorably impacted by $ 52 million of costs associated with the conversion and startup of the pensacola paper machine . u.s . converting sales volumes were slightly lower in 2007 compared with 2006 reflecting softer customer box demand . earnings improvement in 2007 bene- fited from the realization of box price increases announced in early 2006 and late 2007 . favorable manufacturing operations and higher sales prices for waste fiber more than offset significantly higher raw material and freight costs . looking ahead to the first quarter of 2008 , sales volumes are expected to increase slightly , and results should benefit from a full-quarter impact of the price increases announced in the third quarter of 2007 . however , additional mill maintenance outages are planned for the first quarter , and freight and input costs are expected to rise , particularly for wood and energy . manufacturing operations should be favorable compared with the fourth quarter . european industrial packaging net sales for 2007 were $ 1.1 billion , up from $ 1.0 billion in 2006 and $ 880 million in 2005 . sales volumes were about flat as early stronger demand in the industrial segment weakened in the second half of the year . operating profits in 2007 were $ 88 million compared with $ 69 million in 2006 and $ 53 million in 2005 . sales margins improved reflecting increased sales prices for boxes . conversion costs were favorable as the result of manufacturing improvement programs . entering the first quarter of 2008 , sales volumes should be strong seasonally across all regions as the winter fruit and vegetable season continues . profit margins , however , are expected to be somewhat lower. .

| | in millions | 2007 | 2006 | 2005 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 5245 | $ 4925 | $ 4625 | | 1 | operating profit | $ 501 | $ 399 | $ 219 |

tissue pulp due to strong market demand , partic- ularly from asia . average sales price realizations improved significantly in 2007 , principally reflecting higher average prices for softwood , hardwood and fluff pulp . operating earnings in 2007 were $ 104 mil- lion compared with $ 48 million in 2006 and $ 37 mil- lion in 2005 . the benefits from higher sales price realizations were partially offset by increased input costs for energy , chemicals and freight . entering the first quarter of 2008 , demand for market pulp remains strong , and average sales price realiza- tions should increase slightly . however , input costs for energy , chemicals and freight are expected to be higher , and increased spending is anticipated for planned mill maintenance outages . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing effi- ciency and product mix . industrial packaging net sales for 2007 increased 6% ( 6 % ) to $ 5.2 billion compared with $ 4.9 bil- lion in 2006 , and 13% ( 13 % ) compared with $ 4.6 billion in 2005 . operating profits in 2007 were 26% ( 26 % ) higher than in 2006 and more than double 2005 earnings . bene- fits from improved price realizations ( $ 147 million ) , sales volume increases net of increased lack of order downtime ( $ 3 million ) , a more favorable mix ( $ 31 million ) , strong mill and converting operations ( $ 33 million ) and other costs ( $ 47 million ) were partially offset by the effects of higher raw material costs ( $ 76 million ) and higher freight costs ( $ 18 million ) . in addition , a gain of $ 13 million was recognized in 2006 related to a sale of property in spain and costs of $ 52 million were incurred in 2007 related to the conversion of the paper machine at pensacola to production of lightweight linerboard . the segment took 165000 tons of downtime in 2007 which included 16000 tons of market-related downtime compared with 135000 tons of downtime in 2006 of which none was market-related . industrial packaging in millions 2007 2006 2005 ._| | in millions | 2007 | 2006 | 2005 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 5245 | $ 4925 | $ 4625 | | 1 | operating profit | $ 501 | $ 399 | $ 219 |_north american industrial packaging net sales for 2007 were $ 3.9 billion , compared with $ 3.7 billion in 2006 and $ 3.6 billion in 2005 . operating profits in 2007 were $ 407 million , up from $ 327 mil- lion in 2006 and $ 170 million in 2005 . containerboard shipments were higher in 2007 compared with 2006 , including production from the paper machine at pensacola that was converted to lightweight linerboard during 2007 . average sales price realizations were significantly higher than in 2006 reflecting price increases announced early in 2006 and in the third quarter of 2007 . margins improved reflecting stronger export demand . manu- facturing performance was strong , although costs associated with planned mill maintenance outages were higher due to timing of outages . raw material costs for wood , energy , chemicals and recycled fiber increased significantly . operating results for 2007 were also unfavorably impacted by $ 52 million of costs associated with the conversion and startup of the pensacola paper machine . u.s . converting sales volumes were slightly lower in 2007 compared with 2006 reflecting softer customer box demand . earnings improvement in 2007 bene- fited from the realization of box price increases announced in early 2006 and late 2007 . favorable manufacturing operations and higher sales prices for waste fiber more than offset significantly higher raw material and freight costs . looking ahead to the first quarter of 2008 , sales volumes are expected to increase slightly , and results should benefit from a full-quarter impact of the price increases announced in the third quarter of 2007 . however , additional mill maintenance outages are planned for the first quarter , and freight and input costs are expected to rise , particularly for wood and energy . manufacturing operations should be favorable compared with the fourth quarter . european industrial packaging net sales for 2007 were $ 1.1 billion , up from $ 1.0 billion in 2006 and $ 880 million in 2005 . sales volumes were about flat as early stronger demand in the industrial segment weakened in the second half of the year . operating profits in 2007 were $ 88 million compared with $ 69 million in 2006 and $ 53 million in 2005 . sales margins improved reflecting increased sales prices for boxes . conversion costs were favorable as the result of manufacturing improvement programs . entering the first quarter of 2008 , sales volumes should be strong seasonally across all regions as the winter fruit and vegetable season continues . profit margins , however , are expected to be somewhat lower. .

2,007

31

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa727

what is the growth rate in sales from 2013 to 2014?

22.2%

divide(subtract(divide(1.4, 16), divide(1.3, 18)), divide(1.3, 18))

backlog applied manufactures systems to meet demand represented by order backlog and customer commitments . backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months . backlog by reportable segment as of october 26 , 2014 and october 27 , 2013 was as follows : 2014 2013 ( in millions , except percentages ) .

applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders . customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties . delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations . manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems . applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites . applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products . although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible . accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers . applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers . research , development and engineering applied 2019s long-term growth strategy requires continued development of new products , including products that enable expansion into new markets . the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle . applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements . product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china . in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india and singapore . process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel . applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.4 billion ( 16 percent of net sales ) in fiscal 2014 , $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , and $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 . applied has spent an average of 13 percent of net sales in rd&e over the last five years . in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. .

| | | 2014 | 2013 | | ( in millions except percentages ) | |---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------| | 0 | silicon systems group | $ 1400 | 48% ( 48 % ) | $ 1295 | 55% ( 55 % ) | | 1 | applied global services | 775 | 27% ( 27 % ) | 591 | 25% ( 25 % ) | | 2 | display | 593 | 20% ( 20 % ) | 361 | 15% ( 15 % ) | | 3 | energy and environmental solutions | 149 | 5% ( 5 % ) | 125 | 5% ( 5 % ) | | 4 | total | $ 2917 | 100% ( 100 % ) | $ 2372 | 100% ( 100 % ) |

backlog applied manufactures systems to meet demand represented by order backlog and customer commitments . backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months . backlog by reportable segment as of october 26 , 2014 and october 27 , 2013 was as follows : 2014 2013 ( in millions , except percentages ) ._| | | 2014 | 2013 | | ( in millions except percentages ) | |---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------| | 0 | silicon systems group | $ 1400 | 48% ( 48 % ) | $ 1295 | 55% ( 55 % ) | | 1 | applied global services | 775 | 27% ( 27 % ) | 591 | 25% ( 25 % ) | | 2 | display | 593 | 20% ( 20 % ) | 361 | 15% ( 15 % ) | | 3 | energy and environmental solutions | 149 | 5% ( 5 % ) | 125 | 5% ( 5 % ) | | 4 | total | $ 2917 | 100% ( 100 % ) | $ 2372 | 100% ( 100 % ) |_applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders . customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties . delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations . manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems . applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites . applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products . although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible . accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers . applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers . research , development and engineering applied 2019s long-term growth strategy requires continued development of new products , including products that enable expansion into new markets . the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle . applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements . product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china . in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india and singapore . process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel . applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.4 billion ( 16 percent of net sales ) in fiscal 2014 , $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , and $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 . applied has spent an average of 13 percent of net sales in rd&e over the last five years . in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. .

2,014

18

AMAT

Applied Materials

Information Technology

Semiconductor Materials & Equipment

Santa Clara, California

1995-03-16

6,951

1967

what is the growth rate in sales from 2013 to 2014?

22.2%

divide(subtract(divide(1.4, 16), divide(1.3, 18)), divide(1.3, 18))

backlog applied manufactures systems to meet demand represented by order backlog and customer commitments . backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months . backlog by reportable segment as of october 26 , 2014 and october 27 , 2013 was as follows : 2014 2013 ( in millions , except percentages ) .

applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders . customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties . delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations . manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems . applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites . applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products . although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible . accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers . applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers . research , development and engineering applied 2019s long-term growth strategy requires continued development of new products , including products that enable expansion into new markets . the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle . applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements . product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china . in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india and singapore . process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel . applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.4 billion ( 16 percent of net sales ) in fiscal 2014 , $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , and $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 . applied has spent an average of 13 percent of net sales in rd&e over the last five years . in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. .

| | | 2014 | 2013 | | ( in millions except percentages ) | |---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------| | 0 | silicon systems group | $ 1400 | 48% ( 48 % ) | $ 1295 | 55% ( 55 % ) | | 1 | applied global services | 775 | 27% ( 27 % ) | 591 | 25% ( 25 % ) | | 2 | display | 593 | 20% ( 20 % ) | 361 | 15% ( 15 % ) | | 3 | energy and environmental solutions | 149 | 5% ( 5 % ) | 125 | 5% ( 5 % ) | | 4 | total | $ 2917 | 100% ( 100 % ) | $ 2372 | 100% ( 100 % ) |

backlog applied manufactures systems to meet demand represented by order backlog and customer commitments . backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months . backlog by reportable segment as of october 26 , 2014 and october 27 , 2013 was as follows : 2014 2013 ( in millions , except percentages ) ._| | | 2014 | 2013 | | ( in millions except percentages ) | |---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------| | 0 | silicon systems group | $ 1400 | 48% ( 48 % ) | $ 1295 | 55% ( 55 % ) | | 1 | applied global services | 775 | 27% ( 27 % ) | 591 | 25% ( 25 % ) | | 2 | display | 593 | 20% ( 20 % ) | 361 | 15% ( 15 % ) | | 3 | energy and environmental solutions | 149 | 5% ( 5 % ) | 125 | 5% ( 5 % ) | | 4 | total | $ 2917 | 100% ( 100 % ) | $ 2372 | 100% ( 100 % ) |_applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders . customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties . delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations . manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems . applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites . applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products . although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible . accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers . applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers . research , development and engineering applied 2019s long-term growth strategy requires continued development of new products , including products that enable expansion into new markets . the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle . applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements . product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china . in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india and singapore . process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel . applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.4 billion ( 16 percent of net sales ) in fiscal 2014 , $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , and $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 . applied has spent an average of 13 percent of net sales in rd&e over the last five years . in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. .

2,014

18

AMAT

Applied Materials

Information Technology

Semiconductor Materials & Equipment

Santa Clara, California

1995-03-16

6,951

1967

null

finqa728

what is the growth rate in the price of shares from the highest value during the quarter ended december 31 , 2010 and the closing price on february 11 , 2011?

6.8%

divide(subtract(56.73, 53.14), 53.14)

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

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

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

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

2,010

34

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

what is the growth rate in the price of shares from the highest value during the quarter ended december 31 , 2010 and the closing price on february 11 , 2011?

6.8%

divide(subtract(56.73, 53.14), 53.14)

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

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

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

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

2,010

34

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

null

finqa729

what was the cumulative total return on the s & p 500 for the five year period?

136.98

subtract(236.98, 100.00)

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

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

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

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

2,014

30

JKHY

Jack Henry & Associates

Financials

Transaction & Payment Processing Services

Monett, Missouri

2018-11-13

779,152

1976

what was the cumulative total return on the s & p 500 for the five year period?

136.98

subtract(236.98, 100.00)

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

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

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

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

2,014

30

JKHY

Jack Henry & Associates

Financials

Transaction & Payment Processing Services

Monett, Missouri

2018-11-13

779,152

1976

null

finqa730

what was the greatest gross margin in millions for the three year period?

2259

table_max(gross margin, none)

net sales of the retail segment grew to $ 1.185 billion during 2004 from $ 621 million and $ 283 million , in 2003 and 2002 , respectively . the increases in net sales during both 2004 and 2003 reflect the impact of new store openings for each fiscal year , including the opening of 21 new stores in 2004 and 25 new stores in 2003 . an increase in average revenue per store also contributed to the segment 2019s strong sales in fiscal 2004 . with an average of 76 stores open during 2004 , the retail segment achieved annualized revenue per store of approximately $ 15.6 million , as compared to $ 11.5 million in 2003 with a 54 store average and $ 10.2 million in 2002 with a 28 store average . as measured by the company 2019s operating segment reporting , the retail segment reported profit of $ 39 million during fiscal 2004 as compared to losses of $ 5 million and $ 22 million during 2003 and 2002 , respectively . this improvement is primarily attributable to the segment 2019s year-over-year increase in average quarterly revenue per store , the impact of opening new stores , and the segment 2019s year-over-year increase in net sales , which resulted in higher leverage on occupancy , depreciation and other fixed costs . expansion of the retail segment has required and will continue to require a substantial investment in fixed assets and related infrastructure , operating lease commitments , personnel , and other operating expenses . capital expenditures associated with the retail segment were $ 104 million in fiscal 2004 , bringing the total capital expenditures since inception of the retail segment to approximately $ 394 million . as of september 25 , 2004 , the retail segment had approximately 2100 employees and had outstanding operating lease commitments associated with retail store space and related facilities of approximately $ 436 million . the company would incur substantial costs should it choose to terminate its retail segment or close individual stores . such costs could adversely affect the company 2019s results of operations and financial condition . gross margin gross margin for the three fiscal years ended september 25 , 2004 are as follows ( in millions , except gross margin percentages ) : .

gross margin declined in fiscal 2004 to 27.3% ( 27.3 % ) of net sales from 27.5% ( 27.5 % ) of net sales in 2003 . the company 2019s gross margin during fiscal 2004 declined due to an increase in mix towards lower margin ipod and ibook sales , pricing actions on certain power macintosh g5 models that were transitioned during the beginning of 2004 , higher warranty costs on certain portable macintosh products , and higher freight and duty costs during fiscal 2004 . these unfavorable factors were partially offset by an increase in direct sales and a 39% ( 39 % ) year-over-year increase in higher margin software sales . the company anticipates that its gross margin and the gross margin of the overall personal computer and consumer electronics industries will remain under pressure throughout fiscal 2005 in light of price competition , especially for the ipod product line . the company also expects to continue to incur air freight charges , which negatively impact gross margins on the imac and other products during the first quarter of 2005 and possibly beyond . the foregoing statements regarding the company 2019s expected gross margin during 2005 , general demand for personal computers , anticipated air freight charges , and future economic conditions are forward- looking . there can be no assurance that current gross margins will be maintained or targeted gross margin levels will be achieved . in general , gross margins and margins on individual products , including ipods , will remain under significant downward pressure due to a variety of factors , including continued industry wide .

| | | 2004 | 2003 | 2002 | |---:|:------------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 8279 | $ 6207 | $ 5742 | | 1 | cost of sales | 6020 | 4499 | 4139 | | 2 | gross margin | $ 2259 | $ 1708 | $ 1603 | | 3 | gross margin percentage | 27.3% ( 27.3 % ) | 27.5% ( 27.5 % ) | 27.9% ( 27.9 % ) |

net sales of the retail segment grew to $ 1.185 billion during 2004 from $ 621 million and $ 283 million , in 2003 and 2002 , respectively . the increases in net sales during both 2004 and 2003 reflect the impact of new store openings for each fiscal year , including the opening of 21 new stores in 2004 and 25 new stores in 2003 . an increase in average revenue per store also contributed to the segment 2019s strong sales in fiscal 2004 . with an average of 76 stores open during 2004 , the retail segment achieved annualized revenue per store of approximately $ 15.6 million , as compared to $ 11.5 million in 2003 with a 54 store average and $ 10.2 million in 2002 with a 28 store average . as measured by the company 2019s operating segment reporting , the retail segment reported profit of $ 39 million during fiscal 2004 as compared to losses of $ 5 million and $ 22 million during 2003 and 2002 , respectively . this improvement is primarily attributable to the segment 2019s year-over-year increase in average quarterly revenue per store , the impact of opening new stores , and the segment 2019s year-over-year increase in net sales , which resulted in higher leverage on occupancy , depreciation and other fixed costs . expansion of the retail segment has required and will continue to require a substantial investment in fixed assets and related infrastructure , operating lease commitments , personnel , and other operating expenses . capital expenditures associated with the retail segment were $ 104 million in fiscal 2004 , bringing the total capital expenditures since inception of the retail segment to approximately $ 394 million . as of september 25 , 2004 , the retail segment had approximately 2100 employees and had outstanding operating lease commitments associated with retail store space and related facilities of approximately $ 436 million . the company would incur substantial costs should it choose to terminate its retail segment or close individual stores . such costs could adversely affect the company 2019s results of operations and financial condition . gross margin gross margin for the three fiscal years ended september 25 , 2004 are as follows ( in millions , except gross margin percentages ) : ._| | | 2004 | 2003 | 2002 | |---:|:------------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 8279 | $ 6207 | $ 5742 | | 1 | cost of sales | 6020 | 4499 | 4139 | | 2 | gross margin | $ 2259 | $ 1708 | $ 1603 | | 3 | gross margin percentage | 27.3% ( 27.3 % ) | 27.5% ( 27.5 % ) | 27.9% ( 27.9 % ) |_gross margin declined in fiscal 2004 to 27.3% ( 27.3 % ) of net sales from 27.5% ( 27.5 % ) of net sales in 2003 . the company 2019s gross margin during fiscal 2004 declined due to an increase in mix towards lower margin ipod and ibook sales , pricing actions on certain power macintosh g5 models that were transitioned during the beginning of 2004 , higher warranty costs on certain portable macintosh products , and higher freight and duty costs during fiscal 2004 . these unfavorable factors were partially offset by an increase in direct sales and a 39% ( 39 % ) year-over-year increase in higher margin software sales . the company anticipates that its gross margin and the gross margin of the overall personal computer and consumer electronics industries will remain under pressure throughout fiscal 2005 in light of price competition , especially for the ipod product line . the company also expects to continue to incur air freight charges , which negatively impact gross margins on the imac and other products during the first quarter of 2005 and possibly beyond . the foregoing statements regarding the company 2019s expected gross margin during 2005 , general demand for personal computers , anticipated air freight charges , and future economic conditions are forward- looking . there can be no assurance that current gross margins will be maintained or targeted gross margin levels will be achieved . in general , gross margins and margins on individual products , including ipods , will remain under significant downward pressure due to a variety of factors , including continued industry wide .

2,004

36

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Cupertino, California

1982-11-30

320,193

1977

what was the greatest gross margin in millions for the three year period?

2259

table_max(gross margin, none)

net sales of the retail segment grew to $ 1.185 billion during 2004 from $ 621 million and $ 283 million , in 2003 and 2002 , respectively . the increases in net sales during both 2004 and 2003 reflect the impact of new store openings for each fiscal year , including the opening of 21 new stores in 2004 and 25 new stores in 2003 . an increase in average revenue per store also contributed to the segment 2019s strong sales in fiscal 2004 . with an average of 76 stores open during 2004 , the retail segment achieved annualized revenue per store of approximately $ 15.6 million , as compared to $ 11.5 million in 2003 with a 54 store average and $ 10.2 million in 2002 with a 28 store average . as measured by the company 2019s operating segment reporting , the retail segment reported profit of $ 39 million during fiscal 2004 as compared to losses of $ 5 million and $ 22 million during 2003 and 2002 , respectively . this improvement is primarily attributable to the segment 2019s year-over-year increase in average quarterly revenue per store , the impact of opening new stores , and the segment 2019s year-over-year increase in net sales , which resulted in higher leverage on occupancy , depreciation and other fixed costs . expansion of the retail segment has required and will continue to require a substantial investment in fixed assets and related infrastructure , operating lease commitments , personnel , and other operating expenses . capital expenditures associated with the retail segment were $ 104 million in fiscal 2004 , bringing the total capital expenditures since inception of the retail segment to approximately $ 394 million . as of september 25 , 2004 , the retail segment had approximately 2100 employees and had outstanding operating lease commitments associated with retail store space and related facilities of approximately $ 436 million . the company would incur substantial costs should it choose to terminate its retail segment or close individual stores . such costs could adversely affect the company 2019s results of operations and financial condition . gross margin gross margin for the three fiscal years ended september 25 , 2004 are as follows ( in millions , except gross margin percentages ) : .

gross margin declined in fiscal 2004 to 27.3% ( 27.3 % ) of net sales from 27.5% ( 27.5 % ) of net sales in 2003 . the company 2019s gross margin during fiscal 2004 declined due to an increase in mix towards lower margin ipod and ibook sales , pricing actions on certain power macintosh g5 models that were transitioned during the beginning of 2004 , higher warranty costs on certain portable macintosh products , and higher freight and duty costs during fiscal 2004 . these unfavorable factors were partially offset by an increase in direct sales and a 39% ( 39 % ) year-over-year increase in higher margin software sales . the company anticipates that its gross margin and the gross margin of the overall personal computer and consumer electronics industries will remain under pressure throughout fiscal 2005 in light of price competition , especially for the ipod product line . the company also expects to continue to incur air freight charges , which negatively impact gross margins on the imac and other products during the first quarter of 2005 and possibly beyond . the foregoing statements regarding the company 2019s expected gross margin during 2005 , general demand for personal computers , anticipated air freight charges , and future economic conditions are forward- looking . there can be no assurance that current gross margins will be maintained or targeted gross margin levels will be achieved . in general , gross margins and margins on individual products , including ipods , will remain under significant downward pressure due to a variety of factors , including continued industry wide .

| | | 2004 | 2003 | 2002 | |---:|:------------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 8279 | $ 6207 | $ 5742 | | 1 | cost of sales | 6020 | 4499 | 4139 | | 2 | gross margin | $ 2259 | $ 1708 | $ 1603 | | 3 | gross margin percentage | 27.3% ( 27.3 % ) | 27.5% ( 27.5 % ) | 27.9% ( 27.9 % ) |

net sales of the retail segment grew to $ 1.185 billion during 2004 from $ 621 million and $ 283 million , in 2003 and 2002 , respectively . the increases in net sales during both 2004 and 2003 reflect the impact of new store openings for each fiscal year , including the opening of 21 new stores in 2004 and 25 new stores in 2003 . an increase in average revenue per store also contributed to the segment 2019s strong sales in fiscal 2004 . with an average of 76 stores open during 2004 , the retail segment achieved annualized revenue per store of approximately $ 15.6 million , as compared to $ 11.5 million in 2003 with a 54 store average and $ 10.2 million in 2002 with a 28 store average . as measured by the company 2019s operating segment reporting , the retail segment reported profit of $ 39 million during fiscal 2004 as compared to losses of $ 5 million and $ 22 million during 2003 and 2002 , respectively . this improvement is primarily attributable to the segment 2019s year-over-year increase in average quarterly revenue per store , the impact of opening new stores , and the segment 2019s year-over-year increase in net sales , which resulted in higher leverage on occupancy , depreciation and other fixed costs . expansion of the retail segment has required and will continue to require a substantial investment in fixed assets and related infrastructure , operating lease commitments , personnel , and other operating expenses . capital expenditures associated with the retail segment were $ 104 million in fiscal 2004 , bringing the total capital expenditures since inception of the retail segment to approximately $ 394 million . as of september 25 , 2004 , the retail segment had approximately 2100 employees and had outstanding operating lease commitments associated with retail store space and related facilities of approximately $ 436 million . the company would incur substantial costs should it choose to terminate its retail segment or close individual stores . such costs could adversely affect the company 2019s results of operations and financial condition . gross margin gross margin for the three fiscal years ended september 25 , 2004 are as follows ( in millions , except gross margin percentages ) : ._| | | 2004 | 2003 | 2002 | |---:|:------------------------|:-----------------|:-----------------|:-----------------| | 0 | net sales | $ 8279 | $ 6207 | $ 5742 | | 1 | cost of sales | 6020 | 4499 | 4139 | | 2 | gross margin | $ 2259 | $ 1708 | $ 1603 | | 3 | gross margin percentage | 27.3% ( 27.3 % ) | 27.5% ( 27.5 % ) | 27.9% ( 27.9 % ) |_gross margin declined in fiscal 2004 to 27.3% ( 27.3 % ) of net sales from 27.5% ( 27.5 % ) of net sales in 2003 . the company 2019s gross margin during fiscal 2004 declined due to an increase in mix towards lower margin ipod and ibook sales , pricing actions on certain power macintosh g5 models that were transitioned during the beginning of 2004 , higher warranty costs on certain portable macintosh products , and higher freight and duty costs during fiscal 2004 . these unfavorable factors were partially offset by an increase in direct sales and a 39% ( 39 % ) year-over-year increase in higher margin software sales . the company anticipates that its gross margin and the gross margin of the overall personal computer and consumer electronics industries will remain under pressure throughout fiscal 2005 in light of price competition , especially for the ipod product line . the company also expects to continue to incur air freight charges , which negatively impact gross margins on the imac and other products during the first quarter of 2005 and possibly beyond . the foregoing statements regarding the company 2019s expected gross margin during 2005 , general demand for personal computers , anticipated air freight charges , and future economic conditions are forward- looking . there can be no assurance that current gross margins will be maintained or targeted gross margin levels will be achieved . in general , gross margins and margins on individual products , including ipods , will remain under significant downward pressure due to a variety of factors , including continued industry wide .

2,004

36

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Cupertino, California

1982-11-30

320,193

1977

null

finqa731

what percentage of total commercial mortgages were at fair value?

71.1%

divide(add(1050, 1401), add(1301, 2148))

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

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

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

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

2,009

41

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

what percentage of total commercial mortgages were at fair value?

71.1%

divide(add(1050, 1401), add(1301, 2148))

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

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

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

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

2,009

41

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

null

finqa732

what was the sum of the notes entergy issued to nypa with seven and eight annual payment installments

916

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

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

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

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

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

2,002

86

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what was the sum of the notes entergy issued to nypa with seven and eight annual payment installments

916

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

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

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

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

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

2,002

86

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa733

what was the change in millions of trade receivables sold from 2014 to 2015?

768

subtract(888, 120)

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

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

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

2,015

85

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

what was the change in millions of trade receivables sold from 2014 to 2015?

768

subtract(888, 120)

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

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

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

2,015

85

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

null

finqa734

what was the percent of the total purchase price for the purchase of a portfolio of five industrial buildings , in seattle , virginia and houston that was allocated to in-service real estate assets

73.7%

multiply(66.1, 89.7)

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

purchase price , net of assumed liabilities $ 713202 .

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

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

2,007

59

DRE

Duke Realty Corporation

Real Estate

Industrial REITs

Indianapolis, IN

2004-01-01

783,280

1972

what was the percent of the total purchase price for the purchase of a portfolio of five industrial buildings , in seattle , virginia and houston that was allocated to in-service real estate assets

73.7%

multiply(66.1, 89.7)

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

finqa735

contract generation revenues were what in millions in 2001?

2506

divide(827, 33%)

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

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

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

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

2,001

44

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

contract generation revenues were what in millions in 2001?

2506

divide(827, 33%)

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

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

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

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

2,001

44

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

null

finqa736

what is the percentage increase in total stock-based compensation expense from 2009 to 2010?

5.7%

divide(subtract(221, 209), 209)

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

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

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

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

2,010

115

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

what is the percentage increase in total stock-based compensation expense from 2009 to 2010?

5.7%

divide(subtract(221, 209), 209)

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

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

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

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

2,010

115

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

null

finqa737

what is the percent change in net revenue from 2015 to 2016?

8.04%

divide(subtract(1666, 1542), 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 is the percent change in net revenue from 2015 to 2016?

8.04%

divide(subtract(1666, 1542), 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

finqa738

what is the percentage change in the unamortized debt issuance costs associated with its credit facilities from 2016 to 2017?

37.5%

divide(subtract(11, 8), 8)

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

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

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

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

2,017

104

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

what is the percentage change in the unamortized debt issuance costs associated with its credit facilities from 2016 to 2017?

37.5%

divide(subtract(11, 8), 8)

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

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

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

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

2,017

104

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

null

finqa739

what is the percent change in annual long-term debt maturities from 2018 to 2019?

7.04%

divide(subtract(822690, 768588), 768588)

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term debt . ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2015 , for the next five years are as follows : amount ( in thousands ) .

in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

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

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term debt . ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2015 , for the next five years are as follows : amount ( in thousands ) ._| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2016 | $ 204079 | | 1 | 2017 | $ 766451 | | 2 | 2018 | $ 822690 | | 3 | 2019 | $ 768588 | | 4 | 2020 | $ 1631181 |_in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

2,015

131

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what is the percent change in annual long-term debt maturities from 2018 to 2019?

7.04%

divide(subtract(822690, 768588), 768588)

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term debt . ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2015 , for the next five years are as follows : amount ( in thousands ) .

in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

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

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term debt . ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 109 million at entergy louisiana and $ 34 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 35 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2015 , for the next five years are as follows : amount ( in thousands ) ._| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2016 | $ 204079 | | 1 | 2017 | $ 766451 | | 2 | 2018 | $ 822690 | | 3 | 2019 | $ 768588 | | 4 | 2020 | $ 1631181 |_in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . with the planned shutdown of fitzpatrick at the end of its current fuel cycle , entergy reduced this liability by $ 26.4 million in 2015 pursuant to the terms of the purchase agreement . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to: .

2,015

131

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa740

what percent of total operating income was emea in 2015?

1%

divide(3122, 408547)

2022 net revenues in our connected fitness operating segment increased $ 34.2 million to $ 53.4 million in 2015 from $ 19.2 million in 2014 primarily due to revenues generated from our two connected fitness acquisitions in 2015 and growth in our existing connected fitness business . operating income ( loss ) by segment is summarized below: .

the increase in total operating income was driven by the following : 2022 operating income in our north america operating segment increased $ 88.6 million to $ 461.0 million in 2015 from $ 372.4 million in 2014 primarily due to the items discussed above in the consolidated results of operations . 2022 operating income in our emea operating segment increased $ 14.9 million to $ 3.1 million in 2015 from a loss of $ 11.8 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations . 2022 operating income in our asia-pacific operating segment increased $ 14.5 million to $ 36.4 million in 2015 from $ 21.9 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations . 2022 operating loss in our latin america operating segment increased $ 15.2 million to $ 30.6 million in 2015 from $ 15.4 million in 2014 primarily due to increased investments to support growth in the region and the economic challenges in brazil during the period . this increase in operating loss was offset by sales growth discussed above . 2022 operating loss in our connected fitness segment increased $ 48.2 million to $ 61.3 million in 2015 from $ 13.1 million in 2014 primarily due to investments to support growth in our connected fitness business , including the impact of our two connected fitness acquisitions in 2015 . these acquisitions contributed $ 23.6 million to the operating loss for the connected fitness segment in 2015 . seasonality historically , we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year , driven primarily by increased sales volume of our products during the fall selling season , including our higher priced cold weather products , along with a larger proportion of higher margin direct to consumer sales . seasonality could have an impact on the timing of accruals if the sales in the last two quarters of the year do not materialize . the level of our working capital generally reflects the seasonality and growth in our business . we generally expect inventory , accounts payable and certain accrued expenses to be higher in the second and third quarters in preparation for the fall selling season. .

| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | year ended december 31 , $ change | year ended december 31 , % ( % ) change | |---:|:-----------------------|:--------------------------------|:--------------------------------|:------------------------------------|:-------------------------------------------| | 0 | north america | $ 460961 | $ 372347 | $ 88614 | 23.8% ( 23.8 % ) | | 1 | emea | 3122 | -11763 ( 11763 ) | 14885 | 126.5 | | 2 | asia-pacific | 36358 | 21858 | 14500 | 66.3 | | 3 | latin america | -30593 ( 30593 ) | -15423 ( 15423 ) | -15170 ( 15170 ) | -98.4 ( 98.4 ) | | 4 | connected fitness | -61301 ( 61301 ) | -13064 ( 13064 ) | -48237 ( 48237 ) | -369.2 ( 369.2 ) | | 5 | total operating income | $ 408547 | $ 353955 | $ 54592 | 15.4% ( 15.4 % ) |

2022 net revenues in our connected fitness operating segment increased $ 34.2 million to $ 53.4 million in 2015 from $ 19.2 million in 2014 primarily due to revenues generated from our two connected fitness acquisitions in 2015 and growth in our existing connected fitness business . operating income ( loss ) by segment is summarized below: ._| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | year ended december 31 , $ change | year ended december 31 , % ( % ) change | |---:|:-----------------------|:--------------------------------|:--------------------------------|:------------------------------------|:-------------------------------------------| | 0 | north america | $ 460961 | $ 372347 | $ 88614 | 23.8% ( 23.8 % ) | | 1 | emea | 3122 | -11763 ( 11763 ) | 14885 | 126.5 | | 2 | asia-pacific | 36358 | 21858 | 14500 | 66.3 | | 3 | latin america | -30593 ( 30593 ) | -15423 ( 15423 ) | -15170 ( 15170 ) | -98.4 ( 98.4 ) | | 4 | connected fitness | -61301 ( 61301 ) | -13064 ( 13064 ) | -48237 ( 48237 ) | -369.2 ( 369.2 ) | | 5 | total operating income | $ 408547 | $ 353955 | $ 54592 | 15.4% ( 15.4 % ) |_the increase in total operating income was driven by the following : 2022 operating income in our north america operating segment increased $ 88.6 million to $ 461.0 million in 2015 from $ 372.4 million in 2014 primarily due to the items discussed above in the consolidated results of operations . 2022 operating income in our emea operating segment increased $ 14.9 million to $ 3.1 million in 2015 from a loss of $ 11.8 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations . 2022 operating income in our asia-pacific operating segment increased $ 14.5 million to $ 36.4 million in 2015 from $ 21.9 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations . 2022 operating loss in our latin america operating segment increased $ 15.2 million to $ 30.6 million in 2015 from $ 15.4 million in 2014 primarily due to increased investments to support growth in the region and the economic challenges in brazil during the period . this increase in operating loss was offset by sales growth discussed above . 2022 operating loss in our connected fitness segment increased $ 48.2 million to $ 61.3 million in 2015 from $ 13.1 million in 2014 primarily due to investments to support growth in our connected fitness business , including the impact of our two connected fitness acquisitions in 2015 . these acquisitions contributed $ 23.6 million to the operating loss for the connected fitness segment in 2015 . seasonality historically , we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year , driven primarily by increased sales volume of our products during the fall selling season , including our higher priced cold weather products , along with a larger proportion of higher margin direct to consumer sales . seasonality could have an impact on the timing of accruals if the sales in the last two quarters of the year do not materialize . the level of our working capital generally reflects the seasonality and growth in our business . we generally expect inventory , accounts payable and certain accrued expenses to be higher in the second and third quarters in preparation for the fall selling season. .

2,016

52

UAA

Under Armour, Inc.

Consumer Discretionary

Apparel, Accessories, & Luxury

Baltimore, MD

2016-01-01

1,336,917

1996

what percent of total operating income was emea in 2015?

1%

divide(3122, 408547)

2022 net revenues in our connected fitness operating segment increased $ 34.2 million to $ 53.4 million in 2015 from $ 19.2 million in 2014 primarily due to revenues generated from our two connected fitness acquisitions in 2015 and growth in our existing connected fitness business . operating income ( loss ) by segment is summarized below: .

the increase in total operating income was driven by the following : 2022 operating income in our north america operating segment increased $ 88.6 million to $ 461.0 million in 2015 from $ 372.4 million in 2014 primarily due to the items discussed above in the consolidated results of operations . 2022 operating income in our emea operating segment increased $ 14.9 million to $ 3.1 million in 2015 from a loss of $ 11.8 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations . 2022 operating income in our asia-pacific operating segment increased $ 14.5 million to $ 36.4 million in 2015 from $ 21.9 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations . 2022 operating loss in our latin america operating segment increased $ 15.2 million to $ 30.6 million in 2015 from $ 15.4 million in 2014 primarily due to increased investments to support growth in the region and the economic challenges in brazil during the period . this increase in operating loss was offset by sales growth discussed above . 2022 operating loss in our connected fitness segment increased $ 48.2 million to $ 61.3 million in 2015 from $ 13.1 million in 2014 primarily due to investments to support growth in our connected fitness business , including the impact of our two connected fitness acquisitions in 2015 . these acquisitions contributed $ 23.6 million to the operating loss for the connected fitness segment in 2015 . seasonality historically , we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year , driven primarily by increased sales volume of our products during the fall selling season , including our higher priced cold weather products , along with a larger proportion of higher margin direct to consumer sales . seasonality could have an impact on the timing of accruals if the sales in the last two quarters of the year do not materialize . the level of our working capital generally reflects the seasonality and growth in our business . we generally expect inventory , accounts payable and certain accrued expenses to be higher in the second and third quarters in preparation for the fall selling season. .

| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | year ended december 31 , $ change | year ended december 31 , % ( % ) change | |---:|:-----------------------|:--------------------------------|:--------------------------------|:------------------------------------|:-------------------------------------------| | 0 | north america | $ 460961 | $ 372347 | $ 88614 | 23.8% ( 23.8 % ) | | 1 | emea | 3122 | -11763 ( 11763 ) | 14885 | 126.5 | | 2 | asia-pacific | 36358 | 21858 | 14500 | 66.3 | | 3 | latin america | -30593 ( 30593 ) | -15423 ( 15423 ) | -15170 ( 15170 ) | -98.4 ( 98.4 ) | | 4 | connected fitness | -61301 ( 61301 ) | -13064 ( 13064 ) | -48237 ( 48237 ) | -369.2 ( 369.2 ) | | 5 | total operating income | $ 408547 | $ 353955 | $ 54592 | 15.4% ( 15.4 % ) |

2022 net revenues in our connected fitness operating segment increased $ 34.2 million to $ 53.4 million in 2015 from $ 19.2 million in 2014 primarily due to revenues generated from our two connected fitness acquisitions in 2015 and growth in our existing connected fitness business . operating income ( loss ) by segment is summarized below: ._| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | year ended december 31 , $ change | year ended december 31 , % ( % ) change | |---:|:-----------------------|:--------------------------------|:--------------------------------|:------------------------------------|:-------------------------------------------| | 0 | north america | $ 460961 | $ 372347 | $ 88614 | 23.8% ( 23.8 % ) | | 1 | emea | 3122 | -11763 ( 11763 ) | 14885 | 126.5 | | 2 | asia-pacific | 36358 | 21858 | 14500 | 66.3 | | 3 | latin america | -30593 ( 30593 ) | -15423 ( 15423 ) | -15170 ( 15170 ) | -98.4 ( 98.4 ) | | 4 | connected fitness | -61301 ( 61301 ) | -13064 ( 13064 ) | -48237 ( 48237 ) | -369.2 ( 369.2 ) | | 5 | total operating income | $ 408547 | $ 353955 | $ 54592 | 15.4% ( 15.4 % ) |_the increase in total operating income was driven by the following : 2022 operating income in our north america operating segment increased $ 88.6 million to $ 461.0 million in 2015 from $ 372.4 million in 2014 primarily due to the items discussed above in the consolidated results of operations . 2022 operating income in our emea operating segment increased $ 14.9 million to $ 3.1 million in 2015 from a loss of $ 11.8 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations . 2022 operating income in our asia-pacific operating segment increased $ 14.5 million to $ 36.4 million in 2015 from $ 21.9 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations . 2022 operating loss in our latin america operating segment increased $ 15.2 million to $ 30.6 million in 2015 from $ 15.4 million in 2014 primarily due to increased investments to support growth in the region and the economic challenges in brazil during the period . this increase in operating loss was offset by sales growth discussed above . 2022 operating loss in our connected fitness segment increased $ 48.2 million to $ 61.3 million in 2015 from $ 13.1 million in 2014 primarily due to investments to support growth in our connected fitness business , including the impact of our two connected fitness acquisitions in 2015 . these acquisitions contributed $ 23.6 million to the operating loss for the connected fitness segment in 2015 . seasonality historically , we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year , driven primarily by increased sales volume of our products during the fall selling season , including our higher priced cold weather products , along with a larger proportion of higher margin direct to consumer sales . seasonality could have an impact on the timing of accruals if the sales in the last two quarters of the year do not materialize . the level of our working capital generally reflects the seasonality and growth in our business . we generally expect inventory , accounts payable and certain accrued expenses to be higher in the second and third quarters in preparation for the fall selling season. .

2,016

52

UAA

Under Armour, Inc.

Consumer Discretionary

Apparel, Accessories, & Luxury

Baltimore, MD

2016-01-01

1,336,917

1996

null

finqa741

what is the total cash outflow for the repurchase of shares in the last three months of 2008?

243574

subtract(47022, 5.18)

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

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

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

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

2,008

21

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

what is the total cash outflow for the repurchase of shares in the last three months of 2008?

243574

subtract(47022, 5.18)

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

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

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

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

2,008

21

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

null

finqa742

what was the total five year change in the nareit all equity index?

32

subtract(132, 100)

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

.

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

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

2,012

84

VNO

Vornado Realty Trust

Real Estate

Real Estate Investment Trusts

New York, NY

2001-01-01

899,689

1982

what was the total five year change in the nareit all equity index?

32

subtract(132, 100)

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

.

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

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

2,012

84

VNO

Vornado Realty Trust

Real Estate

Real Estate Investment Trusts

New York, NY

2001-01-01

899,689

1982

null

finqa743

what was the ratio of the net income to the revenues in 2010

0.44%

divide(2.4, 540.2)

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

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

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

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

2,011

376

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what was the ratio of the net income to the revenues in 2010

0.44%

divide(2.4, 540.2)

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

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

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

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

2,011

376

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa744

what was the average investment income ( loss ) net 2013 to 2015

317.7

divide(add(add(576, add(81, 296)), const_3), const_2)

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 was the average investment income ( loss ) net 2013 to 2015

317.7

divide(add(add(576, add(81, 296)), const_3), const_2)

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

finqa745

what was the change in net sales in millions in 2007 in billions

0.3

subtract(5.2, 4.9)

tissue pulp due to strong market demand , partic- ularly from asia . average sales price realizations improved significantly in 2007 , principally reflecting higher average prices for softwood , hardwood and fluff pulp . operating earnings in 2007 were $ 104 mil- lion compared with $ 48 million in 2006 and $ 37 mil- lion in 2005 . the benefits from higher sales price realizations were partially offset by increased input costs for energy , chemicals and freight . entering the first quarter of 2008 , demand for market pulp remains strong , and average sales price realiza- tions should increase slightly . however , input costs for energy , chemicals and freight are expected to be higher , and increased spending is anticipated for planned mill maintenance outages . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing effi- ciency and product mix . industrial packaging net sales for 2007 increased 6% ( 6 % ) to $ 5.2 billion compared with $ 4.9 bil- lion in 2006 , and 13% ( 13 % ) compared with $ 4.6 billion in 2005 . operating profits in 2007 were 26% ( 26 % ) higher than in 2006 and more than double 2005 earnings . bene- fits from improved price realizations ( $ 147 million ) , sales volume increases net of increased lack of order downtime ( $ 3 million ) , a more favorable mix ( $ 31 million ) , strong mill and converting operations ( $ 33 million ) and other costs ( $ 47 million ) were partially offset by the effects of higher raw material costs ( $ 76 million ) and higher freight costs ( $ 18 million ) . in addition , a gain of $ 13 million was recognized in 2006 related to a sale of property in spain and costs of $ 52 million were incurred in 2007 related to the conversion of the paper machine at pensacola to production of lightweight linerboard . the segment took 165000 tons of downtime in 2007 which included 16000 tons of market-related downtime compared with 135000 tons of downtime in 2006 of which none was market-related . industrial packaging in millions 2007 2006 2005 .

north american industrial packaging net sales for 2007 were $ 3.9 billion , compared with $ 3.7 billion in 2006 and $ 3.6 billion in 2005 . operating profits in 2007 were $ 407 million , up from $ 327 mil- lion in 2006 and $ 170 million in 2005 . containerboard shipments were higher in 2007 compared with 2006 , including production from the paper machine at pensacola that was converted to lightweight linerboard during 2007 . average sales price realizations were significantly higher than in 2006 reflecting price increases announced early in 2006 and in the third quarter of 2007 . margins improved reflecting stronger export demand . manu- facturing performance was strong , although costs associated with planned mill maintenance outages were higher due to timing of outages . raw material costs for wood , energy , chemicals and recycled fiber increased significantly . operating results for 2007 were also unfavorably impacted by $ 52 million of costs associated with the conversion and startup of the pensacola paper machine . u.s . converting sales volumes were slightly lower in 2007 compared with 2006 reflecting softer customer box demand . earnings improvement in 2007 bene- fited from the realization of box price increases announced in early 2006 and late 2007 . favorable manufacturing operations and higher sales prices for waste fiber more than offset significantly higher raw material and freight costs . looking ahead to the first quarter of 2008 , sales volumes are expected to increase slightly , and results should benefit from a full-quarter impact of the price increases announced in the third quarter of 2007 . however , additional mill maintenance outages are planned for the first quarter , and freight and input costs are expected to rise , particularly for wood and energy . manufacturing operations should be favorable compared with the fourth quarter . european industrial packaging net sales for 2007 were $ 1.1 billion , up from $ 1.0 billion in 2006 and $ 880 million in 2005 . sales volumes were about flat as early stronger demand in the industrial segment weakened in the second half of the year . operating profits in 2007 were $ 88 million compared with $ 69 million in 2006 and $ 53 million in 2005 . sales margins improved reflecting increased sales prices for boxes . conversion costs were favorable as the result of manufacturing improvement programs . entering the first quarter of 2008 , sales volumes should be strong seasonally across all regions as the winter fruit and vegetable season continues . profit margins , however , are expected to be somewhat lower. .

| | in millions | 2007 | 2006 | 2005 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 5245 | $ 4925 | $ 4625 | | 1 | operating profit | $ 501 | $ 399 | $ 219 |

tissue pulp due to strong market demand , partic- ularly from asia . average sales price realizations improved significantly in 2007 , principally reflecting higher average prices for softwood , hardwood and fluff pulp . operating earnings in 2007 were $ 104 mil- lion compared with $ 48 million in 2006 and $ 37 mil- lion in 2005 . the benefits from higher sales price realizations were partially offset by increased input costs for energy , chemicals and freight . entering the first quarter of 2008 , demand for market pulp remains strong , and average sales price realiza- tions should increase slightly . however , input costs for energy , chemicals and freight are expected to be higher , and increased spending is anticipated for planned mill maintenance outages . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing effi- ciency and product mix . industrial packaging net sales for 2007 increased 6% ( 6 % ) to $ 5.2 billion compared with $ 4.9 bil- lion in 2006 , and 13% ( 13 % ) compared with $ 4.6 billion in 2005 . operating profits in 2007 were 26% ( 26 % ) higher than in 2006 and more than double 2005 earnings . bene- fits from improved price realizations ( $ 147 million ) , sales volume increases net of increased lack of order downtime ( $ 3 million ) , a more favorable mix ( $ 31 million ) , strong mill and converting operations ( $ 33 million ) and other costs ( $ 47 million ) were partially offset by the effects of higher raw material costs ( $ 76 million ) and higher freight costs ( $ 18 million ) . in addition , a gain of $ 13 million was recognized in 2006 related to a sale of property in spain and costs of $ 52 million were incurred in 2007 related to the conversion of the paper machine at pensacola to production of lightweight linerboard . the segment took 165000 tons of downtime in 2007 which included 16000 tons of market-related downtime compared with 135000 tons of downtime in 2006 of which none was market-related . industrial packaging in millions 2007 2006 2005 ._| | in millions | 2007 | 2006 | 2005 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 5245 | $ 4925 | $ 4625 | | 1 | operating profit | $ 501 | $ 399 | $ 219 |_north american industrial packaging net sales for 2007 were $ 3.9 billion , compared with $ 3.7 billion in 2006 and $ 3.6 billion in 2005 . operating profits in 2007 were $ 407 million , up from $ 327 mil- lion in 2006 and $ 170 million in 2005 . containerboard shipments were higher in 2007 compared with 2006 , including production from the paper machine at pensacola that was converted to lightweight linerboard during 2007 . average sales price realizations were significantly higher than in 2006 reflecting price increases announced early in 2006 and in the third quarter of 2007 . margins improved reflecting stronger export demand . manu- facturing performance was strong , although costs associated with planned mill maintenance outages were higher due to timing of outages . raw material costs for wood , energy , chemicals and recycled fiber increased significantly . operating results for 2007 were also unfavorably impacted by $ 52 million of costs associated with the conversion and startup of the pensacola paper machine . u.s . converting sales volumes were slightly lower in 2007 compared with 2006 reflecting softer customer box demand . earnings improvement in 2007 bene- fited from the realization of box price increases announced in early 2006 and late 2007 . favorable manufacturing operations and higher sales prices for waste fiber more than offset significantly higher raw material and freight costs . looking ahead to the first quarter of 2008 , sales volumes are expected to increase slightly , and results should benefit from a full-quarter impact of the price increases announced in the third quarter of 2007 . however , additional mill maintenance outages are planned for the first quarter , and freight and input costs are expected to rise , particularly for wood and energy . manufacturing operations should be favorable compared with the fourth quarter . european industrial packaging net sales for 2007 were $ 1.1 billion , up from $ 1.0 billion in 2006 and $ 880 million in 2005 . sales volumes were about flat as early stronger demand in the industrial segment weakened in the second half of the year . operating profits in 2007 were $ 88 million compared with $ 69 million in 2006 and $ 53 million in 2005 . sales margins improved reflecting increased sales prices for boxes . conversion costs were favorable as the result of manufacturing improvement programs . entering the first quarter of 2008 , sales volumes should be strong seasonally across all regions as the winter fruit and vegetable season continues . profit margins , however , are expected to be somewhat lower. .

2,007

31

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

what was the change in net sales in millions in 2007 in billions

0.3

subtract(5.2, 4.9)

tissue pulp due to strong market demand , partic- ularly from asia . average sales price realizations improved significantly in 2007 , principally reflecting higher average prices for softwood , hardwood and fluff pulp . operating earnings in 2007 were $ 104 mil- lion compared with $ 48 million in 2006 and $ 37 mil- lion in 2005 . the benefits from higher sales price realizations were partially offset by increased input costs for energy , chemicals and freight . entering the first quarter of 2008 , demand for market pulp remains strong , and average sales price realiza- tions should increase slightly . however , input costs for energy , chemicals and freight are expected to be higher , and increased spending is anticipated for planned mill maintenance outages . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing effi- ciency and product mix . industrial packaging net sales for 2007 increased 6% ( 6 % ) to $ 5.2 billion compared with $ 4.9 bil- lion in 2006 , and 13% ( 13 % ) compared with $ 4.6 billion in 2005 . operating profits in 2007 were 26% ( 26 % ) higher than in 2006 and more than double 2005 earnings . bene- fits from improved price realizations ( $ 147 million ) , sales volume increases net of increased lack of order downtime ( $ 3 million ) , a more favorable mix ( $ 31 million ) , strong mill and converting operations ( $ 33 million ) and other costs ( $ 47 million ) were partially offset by the effects of higher raw material costs ( $ 76 million ) and higher freight costs ( $ 18 million ) . in addition , a gain of $ 13 million was recognized in 2006 related to a sale of property in spain and costs of $ 52 million were incurred in 2007 related to the conversion of the paper machine at pensacola to production of lightweight linerboard . the segment took 165000 tons of downtime in 2007 which included 16000 tons of market-related downtime compared with 135000 tons of downtime in 2006 of which none was market-related . industrial packaging in millions 2007 2006 2005 .

north american industrial packaging net sales for 2007 were $ 3.9 billion , compared with $ 3.7 billion in 2006 and $ 3.6 billion in 2005 . operating profits in 2007 were $ 407 million , up from $ 327 mil- lion in 2006 and $ 170 million in 2005 . containerboard shipments were higher in 2007 compared with 2006 , including production from the paper machine at pensacola that was converted to lightweight linerboard during 2007 . average sales price realizations were significantly higher than in 2006 reflecting price increases announced early in 2006 and in the third quarter of 2007 . margins improved reflecting stronger export demand . manu- facturing performance was strong , although costs associated with planned mill maintenance outages were higher due to timing of outages . raw material costs for wood , energy , chemicals and recycled fiber increased significantly . operating results for 2007 were also unfavorably impacted by $ 52 million of costs associated with the conversion and startup of the pensacola paper machine . u.s . converting sales volumes were slightly lower in 2007 compared with 2006 reflecting softer customer box demand . earnings improvement in 2007 bene- fited from the realization of box price increases announced in early 2006 and late 2007 . favorable manufacturing operations and higher sales prices for waste fiber more than offset significantly higher raw material and freight costs . looking ahead to the first quarter of 2008 , sales volumes are expected to increase slightly , and results should benefit from a full-quarter impact of the price increases announced in the third quarter of 2007 . however , additional mill maintenance outages are planned for the first quarter , and freight and input costs are expected to rise , particularly for wood and energy . manufacturing operations should be favorable compared with the fourth quarter . european industrial packaging net sales for 2007 were $ 1.1 billion , up from $ 1.0 billion in 2006 and $ 880 million in 2005 . sales volumes were about flat as early stronger demand in the industrial segment weakened in the second half of the year . operating profits in 2007 were $ 88 million compared with $ 69 million in 2006 and $ 53 million in 2005 . sales margins improved reflecting increased sales prices for boxes . conversion costs were favorable as the result of manufacturing improvement programs . entering the first quarter of 2008 , sales volumes should be strong seasonally across all regions as the winter fruit and vegetable season continues . profit margins , however , are expected to be somewhat lower. .

| | in millions | 2007 | 2006 | 2005 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 5245 | $ 4925 | $ 4625 | | 1 | operating profit | $ 501 | $ 399 | $ 219 |

tissue pulp due to strong market demand , partic- ularly from asia . average sales price realizations improved significantly in 2007 , principally reflecting higher average prices for softwood , hardwood and fluff pulp . operating earnings in 2007 were $ 104 mil- lion compared with $ 48 million in 2006 and $ 37 mil- lion in 2005 . the benefits from higher sales price realizations were partially offset by increased input costs for energy , chemicals and freight . entering the first quarter of 2008 , demand for market pulp remains strong , and average sales price realiza- tions should increase slightly . however , input costs for energy , chemicals and freight are expected to be higher , and increased spending is anticipated for planned mill maintenance outages . industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing effi- ciency and product mix . industrial packaging net sales for 2007 increased 6% ( 6 % ) to $ 5.2 billion compared with $ 4.9 bil- lion in 2006 , and 13% ( 13 % ) compared with $ 4.6 billion in 2005 . operating profits in 2007 were 26% ( 26 % ) higher than in 2006 and more than double 2005 earnings . bene- fits from improved price realizations ( $ 147 million ) , sales volume increases net of increased lack of order downtime ( $ 3 million ) , a more favorable mix ( $ 31 million ) , strong mill and converting operations ( $ 33 million ) and other costs ( $ 47 million ) were partially offset by the effects of higher raw material costs ( $ 76 million ) and higher freight costs ( $ 18 million ) . in addition , a gain of $ 13 million was recognized in 2006 related to a sale of property in spain and costs of $ 52 million were incurred in 2007 related to the conversion of the paper machine at pensacola to production of lightweight linerboard . the segment took 165000 tons of downtime in 2007 which included 16000 tons of market-related downtime compared with 135000 tons of downtime in 2006 of which none was market-related . industrial packaging in millions 2007 2006 2005 ._| | in millions | 2007 | 2006 | 2005 | |---:|:-----------------|:-------|:-------|:-------| | 0 | sales | $ 5245 | $ 4925 | $ 4625 | | 1 | operating profit | $ 501 | $ 399 | $ 219 |_north american industrial packaging net sales for 2007 were $ 3.9 billion , compared with $ 3.7 billion in 2006 and $ 3.6 billion in 2005 . operating profits in 2007 were $ 407 million , up from $ 327 mil- lion in 2006 and $ 170 million in 2005 . containerboard shipments were higher in 2007 compared with 2006 , including production from the paper machine at pensacola that was converted to lightweight linerboard during 2007 . average sales price realizations were significantly higher than in 2006 reflecting price increases announced early in 2006 and in the third quarter of 2007 . margins improved reflecting stronger export demand . manu- facturing performance was strong , although costs associated with planned mill maintenance outages were higher due to timing of outages . raw material costs for wood , energy , chemicals and recycled fiber increased significantly . operating results for 2007 were also unfavorably impacted by $ 52 million of costs associated with the conversion and startup of the pensacola paper machine . u.s . converting sales volumes were slightly lower in 2007 compared with 2006 reflecting softer customer box demand . earnings improvement in 2007 bene- fited from the realization of box price increases announced in early 2006 and late 2007 . favorable manufacturing operations and higher sales prices for waste fiber more than offset significantly higher raw material and freight costs . looking ahead to the first quarter of 2008 , sales volumes are expected to increase slightly , and results should benefit from a full-quarter impact of the price increases announced in the third quarter of 2007 . however , additional mill maintenance outages are planned for the first quarter , and freight and input costs are expected to rise , particularly for wood and energy . manufacturing operations should be favorable compared with the fourth quarter . european industrial packaging net sales for 2007 were $ 1.1 billion , up from $ 1.0 billion in 2006 and $ 880 million in 2005 . sales volumes were about flat as early stronger demand in the industrial segment weakened in the second half of the year . operating profits in 2007 were $ 88 million compared with $ 69 million in 2006 and $ 53 million in 2005 . sales margins improved reflecting increased sales prices for boxes . conversion costs were favorable as the result of manufacturing improvement programs . entering the first quarter of 2008 , sales volumes should be strong seasonally across all regions as the winter fruit and vegetable season continues . profit margins , however , are expected to be somewhat lower. .

2,007

31

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa746

what was the percentage change in fuel surcharge program freight revenue from 2012 to 2013?

0%

divide(subtract(2.6, 2.6), 2.6)

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

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

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

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

2,014

25

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percentage change in fuel surcharge program freight revenue from 2012 to 2013?

0%

divide(subtract(2.6, 2.6), 2.6)

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

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

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

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

2,014

25

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa747

what was the percentage change in cash capital investments in track from 2004 to 2005?

11%

divide(subtract(1472, 1328), 1328)

the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 . millions of dollars 2006 2005 2004 .

in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases . these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies . we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity . we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 . we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 . for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively . the increases in 2006 and 2005 were driven by higher net income . the ratio of earnings to fixed charges was computed on a consolidated basis . earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes . fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges . see exhibit 12 for the calculation of the ratio of earnings to fixed charges . financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) . the facilities are designated for general corporate purposes and support the issuance of commercial paper . neither of the facilities were drawn on in 2006 . commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers . these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings . the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio . at december 31 , 2006 , we were in compliance with these covenants . the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral . in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 . neither of these lines of credit were used as of december 31 , 2006 . we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines . dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 . we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 . dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities . retained earnings available .

| | millions of dollars | 2006 | 2005 | 2004 | |---:|:-----------------------------------|:-------|:-------|:-------| | 0 | track | $ 1487 | $ 1472 | $ 1328 | | 1 | capacity and commercial facilities | 510 | 509 | 347 | | 2 | locomotives and freight cars | 135 | 98 | 125 | | 3 | other | 110 | 90 | 76 | | 4 | total | $ 2242 | $ 2169 | $ 1876 |

the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 . millions of dollars 2006 2005 2004 ._| | millions of dollars | 2006 | 2005 | 2004 | |---:|:-----------------------------------|:-------|:-------|:-------| | 0 | track | $ 1487 | $ 1472 | $ 1328 | | 1 | capacity and commercial facilities | 510 | 509 | 347 | | 2 | locomotives and freight cars | 135 | 98 | 125 | | 3 | other | 110 | 90 | 76 | | 4 | total | $ 2242 | $ 2169 | $ 1876 |_in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases . these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies . we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity . we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 . we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 . for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively . the increases in 2006 and 2005 were driven by higher net income . the ratio of earnings to fixed charges was computed on a consolidated basis . earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes . fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges . see exhibit 12 for the calculation of the ratio of earnings to fixed charges . financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) . the facilities are designated for general corporate purposes and support the issuance of commercial paper . neither of the facilities were drawn on in 2006 . commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers . these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings . the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio . at december 31 , 2006 , we were in compliance with these covenants . the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral . in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 . neither of these lines of credit were used as of december 31 , 2006 . we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines . dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 . we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 . dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities . retained earnings available .

2,006

37

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percentage change in cash capital investments in track from 2004 to 2005?

11%

divide(subtract(1472, 1328), 1328)

the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 . millions of dollars 2006 2005 2004 .

in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases . these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies . we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity . we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 . we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 . for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively . the increases in 2006 and 2005 were driven by higher net income . the ratio of earnings to fixed charges was computed on a consolidated basis . earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes . fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges . see exhibit 12 for the calculation of the ratio of earnings to fixed charges . financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) . the facilities are designated for general corporate purposes and support the issuance of commercial paper . neither of the facilities were drawn on in 2006 . commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers . these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings . the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio . at december 31 , 2006 , we were in compliance with these covenants . the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral . in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 . neither of these lines of credit were used as of december 31 , 2006 . we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines . dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 . we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 . dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities . retained earnings available .

| | millions of dollars | 2006 | 2005 | 2004 | |---:|:-----------------------------------|:-------|:-------|:-------| | 0 | track | $ 1487 | $ 1472 | $ 1328 | | 1 | capacity and commercial facilities | 510 | 509 | 347 | | 2 | locomotives and freight cars | 135 | 98 | 125 | | 3 | other | 110 | 90 | 76 | | 4 | total | $ 2242 | $ 2169 | $ 1876 |

the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 . millions of dollars 2006 2005 2004 ._| | millions of dollars | 2006 | 2005 | 2004 | |---:|:-----------------------------------|:-------|:-------|:-------| | 0 | track | $ 1487 | $ 1472 | $ 1328 | | 1 | capacity and commercial facilities | 510 | 509 | 347 | | 2 | locomotives and freight cars | 135 | 98 | 125 | | 3 | other | 110 | 90 | 76 | | 4 | total | $ 2242 | $ 2169 | $ 1876 |_in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases . these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies . we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity . we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 . we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 . for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively . the increases in 2006 and 2005 were driven by higher net income . the ratio of earnings to fixed charges was computed on a consolidated basis . earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes . fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges . see exhibit 12 for the calculation of the ratio of earnings to fixed charges . financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) . the facilities are designated for general corporate purposes and support the issuance of commercial paper . neither of the facilities were drawn on in 2006 . commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers . these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings . the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio . at december 31 , 2006 , we were in compliance with these covenants . the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral . in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 . neither of these lines of credit were used as of december 31 , 2006 . we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines . dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 . we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 . dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities . retained earnings available .

2,006

37

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa748

what was the percentage change in cash provided by operating activities from 2012 to 2013?

11%

divide(subtract(6823, 6161), 6161)

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

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

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

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

2,014

35

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percentage change in cash provided by operating activities from 2012 to 2013?

11%

divide(subtract(6823, 6161), 6161)

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

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

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

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

2,014

35

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa749

what portion of contractual obligations is expected to be paid within 12 months?

48.8%

divide(4619, 9457)

purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter . additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland . our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year . cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan . capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects . our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products . factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold . exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future . we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months . we continue to review our long-term cash needs on a regular basis . currently , we have no debt outstanding . contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods . payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 .

( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials . we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million . in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock . in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock . in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment . on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock . this contingent payment will result in an increase to the carrying value of goodwill . in june 2008 , we amended the lease for our facility in danvers , massachusetts . the amendment extended the lease from february 28 , 2010 to february 28 , 2016 . the lease continues to be accounted for as an operating lease . the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. .

| | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years | |---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------| | 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 | | 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 | | 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 |

purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter . additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland . our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year . cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan . capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects . our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products . factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold . exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future . we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months . we continue to review our long-term cash needs on a regular basis . currently , we have no debt outstanding . contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods . payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 ._| | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years | |---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------| | 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 | | 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 | | 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 |_( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials . we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million . in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock . in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock . in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment . on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock . this contingent payment will result in an increase to the carrying value of goodwill . in june 2008 , we amended the lease for our facility in danvers , massachusetts . the amendment extended the lease from february 28 , 2010 to february 28 , 2016 . the lease continues to be accounted for as an operating lease . the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. .

2,009

56

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

what portion of contractual obligations is expected to be paid within 12 months?

48.8%

divide(4619, 9457)

purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter . additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland . our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year . cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan . capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects . our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products . factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold . exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future . we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months . we continue to review our long-term cash needs on a regular basis . currently , we have no debt outstanding . contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods . payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 .

( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials . we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million . in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock . in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock . in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment . on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock . this contingent payment will result in an increase to the carrying value of goodwill . in june 2008 , we amended the lease for our facility in danvers , massachusetts . the amendment extended the lease from february 28 , 2010 to february 28 , 2016 . the lease continues to be accounted for as an operating lease . the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. .

| | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years | |---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------| | 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 | | 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 | | 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 |

purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter . additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland . our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year . cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan . capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects . our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products . factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold . exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future . we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months . we continue to review our long-term cash needs on a regular basis . currently , we have no debt outstanding . contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods . payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 ._| | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years | |---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------| | 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 | | 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 | | 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 |_( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials . we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million . in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock . in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock . in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment . on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock . this contingent payment will result in an increase to the carrying value of goodwill . in june 2008 , we amended the lease for our facility in danvers , massachusetts . the amendment extended the lease from february 28 , 2010 to february 28 , 2016 . the lease continues to be accounted for as an operating lease . the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. .

2,009

56

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

null

finqa750

what portion of the maximum exposure to loss from vies is related to guarantees in 2018?

29.3%

divide(210, 716)

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

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

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

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

2,017

85

CAT

Caterpillar Inc.

Industrials

Construction Machinery & Heavy Transportation Equipment

Irving, Texas

1957-03-04

18,230

1925

what portion of the maximum exposure to loss from vies is related to guarantees in 2018?

29.3%

divide(210, 716)

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

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

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

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

2,017

85

CAT

Caterpillar Inc.

Industrials

Construction Machinery & Heavy Transportation Equipment

Irving, Texas

1957-03-04

18,230

1925

null

finqa751

what was the average annual creation of new stores for aap from 2008 to 2012?

101 stores created per year

divide(add(116, 109), const_2)

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

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

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

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

2,012

12

AAP

Advance Auto Parts, Inc.

Consumer Discretionary

Specialty Retail

Raleigh, NC

2015-01-01

1,158,449

1932

what was the average annual creation of new stores for aap from 2008 to 2012?

101 stores created per year

divide(add(116, 109), const_2)

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

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

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

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

2,012

12

AAP

Advance Auto Parts, Inc.

Consumer Discretionary

Specialty Retail

Raleigh, NC

2015-01-01

1,158,449

1932

null

finqa752

what was the percentage change in total expense for repairs and maintenance from 2013 to 2014?

4%

divide(subtract(2.4, 2.3), 2.3)

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 change in total expense for repairs and maintenance from 2013 to 2014?

4%

divide(subtract(2.4, 2.3), 2.3)

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

finqa753

what was the percentage change in free cash flow from 2013 to 2014?

-27%

divide(subtract(1504, 2085), 2085)

to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .

2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability . f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels . we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions . the strong u.s . dollar and historic low commodity prices could also drive continued volatility . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise . over the longer term , we expect the overall u.s . economy to continue to improve at a modest pace , with some markets outperforming others. .

| | millions | 2015 | 2014 | 2013 | |---:|:--------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) | | 3 | free cash flow | $ 524 | $ 1504 | $ 2085 |

to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : ._| | millions | 2015 | 2014 | 2013 | |---:|:--------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) | | 3 | free cash flow | $ 524 | $ 1504 | $ 2085 |_2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability . f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels . we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions . the strong u.s . dollar and historic low commodity prices could also drive continued volatility . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise . over the longer term , we expect the overall u.s . economy to continue to improve at a modest pace , with some markets outperforming others. .

2,015

24

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percentage change in free cash flow from 2013 to 2014?

-27%

divide(subtract(1504, 2085), 2085)

to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .

2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability . f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels . we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions . the strong u.s . dollar and historic low commodity prices could also drive continued volatility . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise . over the longer term , we expect the overall u.s . economy to continue to improve at a modest pace , with some markets outperforming others. .

| | millions | 2015 | 2014 | 2013 | |---:|:--------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) | | 3 | free cash flow | $ 524 | $ 1504 | $ 2085 |

to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : ._| | millions | 2015 | 2014 | 2013 | |---:|:--------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) | | 3 | free cash flow | $ 524 | $ 1504 | $ 2085 |_2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability . f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels . we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions . the strong u.s . dollar and historic low commodity prices could also drive continued volatility . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise . over the longer term , we expect the overall u.s . economy to continue to improve at a modest pace , with some markets outperforming others. .

2,015

24

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa754

what is the average cost of interest , in millions , for 2016-2018?

74.33

divide(add(add(90, 61), 72), 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 is the average cost of interest , in millions , for 2016-2018?

74.33

divide(add(add(90, 61), 72), 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

finqa755

at december 31 , 2012 , what was the percent of the total future minimum commitments under existing non-cancelable operating leases that was due in 2014

14.11%

divide(136, 964)

at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: .

( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business . rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively . guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters . where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction . environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) . many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources . while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties . remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable . international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 . one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta . during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study . in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million . the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy . in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed . in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded . in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment . it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred . in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 . other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements . the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan . the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st . regis . the company is a successor in interest to st . regis . international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site . accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site . also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site . the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs . the suit alleges that a mill , during the time it was allegedly owned and operated by st . regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling . also named as defendants in the suit are ncr corporation and weyerhaeuser company . in mid-2011 , the suit was .

| | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 | | 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 | | 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 |

at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: ._| | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 | | 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 | | 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 |_( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business . rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively . guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters . where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction . environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) . many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources . while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties . remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable . international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 . one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta . during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study . in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million . the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy . in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed . in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded . in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment . it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred . in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 . other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements . the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan . the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st . regis . the company is a successor in interest to st . regis . international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site . accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site . also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site . the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs . the suit alleges that a mill , during the time it was allegedly owned and operated by st . regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling . also named as defendants in the suit are ncr corporation and weyerhaeuser company . in mid-2011 , the suit was .

2,012

93

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

at december 31 , 2012 , what was the percent of the total future minimum commitments under existing non-cancelable operating leases that was due in 2014

14.11%

divide(136, 964)

at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: .

( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business . rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively . guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters . where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction . environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) . many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources . while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties . remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable . international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 . one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta . during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study . in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million . the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy . in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed . in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded . in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment . it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred . in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 . other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements . the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan . the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st . regis . the company is a successor in interest to st . regis . international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site . accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site . also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site . the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs . the suit alleges that a mill , during the time it was allegedly owned and operated by st . regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling . also named as defendants in the suit are ncr corporation and weyerhaeuser company . in mid-2011 , the suit was .

| | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 | | 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 | | 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 |

at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: ._| | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 | | 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 | | 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 |_( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business . rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively . guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters . where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction . environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) . many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources . while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties . remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable . international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 . one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta . during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study . in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million . the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy . in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed . in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded . in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment . it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred . in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 . other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements . the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan . the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st . regis . the company is a successor in interest to st . regis . international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site . accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site . also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site . the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs . the suit alleges that a mill , during the time it was allegedly owned and operated by st . regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling . also named as defendants in the suit are ncr corporation and weyerhaeuser company . in mid-2011 , the suit was .

2,012

93

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa756

what is the total net pension cost from 2016-2018 , in millions?

388

add(add(137, 138), 113)

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 is the total net pension cost from 2016-2018 , in millions?

388

add(add(137, 138), 113)

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

finqa757

what was royalty income as a percentage of total other income in 2009?

30%

divide(45, 150)

notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s . income taxes have been provided on undistributed earnings of non- u.s . subsidiaries because they are deemed to be reinvested for an indefinite period of time . the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively . the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively . the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively . the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively . the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively . 18 . employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s . employees . the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations . for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation . for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement . the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 . the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession . effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature . this included the union represented employees in accordance with their collective bargaining agreements . on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees . compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively . a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan . as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively . 19 . other earnings ( millions ) 2011 2010 2009 .

total $ 177 $ 180 $ 150 20 . stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return . all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc . amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 . shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 . total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively . the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively . stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc . stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan . under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted . the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years . upon exercise of a stock option , shares of company stock are issued from treasury stock . the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k .

| | ( millions ) | 2011 | 2010 | 2009 | |---:|:-------------------------------------------------------------------|:-------|:-------|:---------| | 0 | royalty income | 55 | 58 | 45 | | 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) | | 2 | gain on sale of assets | 12 | 8 | 36 | | 3 | other | 73 | 69 | 74 | | 4 | total | $ 177 | $ 180 | $ 150 |

notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s . income taxes have been provided on undistributed earnings of non- u.s . subsidiaries because they are deemed to be reinvested for an indefinite period of time . the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively . the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively . the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively . the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively . the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively . 18 . employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s . employees . the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations . for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation . for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement . the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 . the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession . effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature . this included the union represented employees in accordance with their collective bargaining agreements . on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees . compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively . a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan . as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively . 19 . other earnings ( millions ) 2011 2010 2009 ._| | ( millions ) | 2011 | 2010 | 2009 | |---:|:-------------------------------------------------------------------|:-------|:-------|:---------| | 0 | royalty income | 55 | 58 | 45 | | 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) | | 2 | gain on sale of assets | 12 | 8 | 36 | | 3 | other | 73 | 69 | 74 | | 4 | total | $ 177 | $ 180 | $ 150 |_total $ 177 $ 180 $ 150 20 . stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return . all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc . amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 . shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 . total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively . the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively . stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc . stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan . under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted . the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years . upon exercise of a stock option , shares of company stock are issued from treasury stock . the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k .

2,011

70

PPG

PPG Industries

Materials

Specialty Chemicals

Pittsburgh, Pennsylvania

1957-03-04

79,879

1883

what was royalty income as a percentage of total other income in 2009?

30%

divide(45, 150)

notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s . income taxes have been provided on undistributed earnings of non- u.s . subsidiaries because they are deemed to be reinvested for an indefinite period of time . the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively . the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively . the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively . the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively . the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively . 18 . employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s . employees . the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations . for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation . for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement . the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 . the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession . effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature . this included the union represented employees in accordance with their collective bargaining agreements . on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees . compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively . a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan . as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively . 19 . other earnings ( millions ) 2011 2010 2009 .

total $ 177 $ 180 $ 150 20 . stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return . all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc . amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 . shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 . total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively . the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively . stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc . stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan . under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted . the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years . upon exercise of a stock option , shares of company stock are issued from treasury stock . the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k .

| | ( millions ) | 2011 | 2010 | 2009 | |---:|:-------------------------------------------------------------------|:-------|:-------|:---------| | 0 | royalty income | 55 | 58 | 45 | | 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) | | 2 | gain on sale of assets | 12 | 8 | 36 | | 3 | other | 73 | 69 | 74 | | 4 | total | $ 177 | $ 180 | $ 150 |

notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s . income taxes have been provided on undistributed earnings of non- u.s . subsidiaries because they are deemed to be reinvested for an indefinite period of time . the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively . the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively . the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively . the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively . the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively . 18 . employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s . employees . the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations . for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation . for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement . the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 . the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession . effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature . this included the union represented employees in accordance with their collective bargaining agreements . on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees . compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively . a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan . as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively . 19 . other earnings ( millions ) 2011 2010 2009 ._| | ( millions ) | 2011 | 2010 | 2009 | |---:|:-------------------------------------------------------------------|:-------|:-------|:---------| | 0 | royalty income | 55 | 58 | 45 | | 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) | | 2 | gain on sale of assets | 12 | 8 | 36 | | 3 | other | 73 | 69 | 74 | | 4 | total | $ 177 | $ 180 | $ 150 |_total $ 177 $ 180 $ 150 20 . stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return . all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc . amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 . shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 . total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively . the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively . stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc . stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan . under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted . the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years . upon exercise of a stock option , shares of company stock are issued from treasury stock . the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k .

2,011

70

PPG

PPG Industries

Materials

Specialty Chemicals

Pittsburgh, Pennsylvania

1957-03-04

79,879

1883

null

finqa758

what percentage of total future minimum lease payments are due in 2008?

28%

divide(1371, 4819)

abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) ( 7 ) commitments and contingencies the company applies the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to its agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which the company is a guarantor . product warranties 2014the company routinely accrues for estimated future warranty costs on its product sales at the time of sale . the ab5000 and bvs products are subject to rigorous regulation and quality standards . operating results could be adversely effected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products . the indemnifications contained within sales contracts usually do not include limits on the claims . the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only . as of march 31 , 2006 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts , with terms through fiscal 2010 . the danvers lease may be extended , at the company 2019s option , for two successive additional periods of five years each with monthly rent charges to be determined based on then current fair rental values . the company 2019s lease for its aachen location expires in august 2008 unless an option to extend for an additional four years is exercised by the company . in december 2005 we closed our office facility in the netherlands , recording a charge of approximately $ 58000 for the remaining lease term . total rent expense under these leases , included in the accompanying consolidated statements of operations approximated $ 821000 , $ 824000 and $ 1262000 for the fiscal years ended march 31 , 2004 , 2005 and 2006 , respectively . future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2006 are approximately as follows ( in thousands ) : fiscal year ending march 31 , operating leases .

from time-to-time , the company is involved in legal and administrative proceedings and claims of various types . while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , is not expected to have a material adverse effect on the company 2019s financial position , cash flow and results . on may 15 , 2006 richard a . nazarian , as selling stockholder representative , filed a demand for arbitration ( subsequently amended ) with the boston office of the american arbitration association .

| | fiscal year ending march 31, | operating leases | |---:|:------------------------------------|:-------------------| | 0 | 2007 | 1703 | | 1 | 2008 | 1371 | | 2 | 2009 | 1035 | | 3 | 2010 | 710 | | 4 | total future minimum lease payments | $ 4819 |

abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) ( 7 ) commitments and contingencies the company applies the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to its agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which the company is a guarantor . product warranties 2014the company routinely accrues for estimated future warranty costs on its product sales at the time of sale . the ab5000 and bvs products are subject to rigorous regulation and quality standards . operating results could be adversely effected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products . the indemnifications contained within sales contracts usually do not include limits on the claims . the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only . as of march 31 , 2006 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts , with terms through fiscal 2010 . the danvers lease may be extended , at the company 2019s option , for two successive additional periods of five years each with monthly rent charges to be determined based on then current fair rental values . the company 2019s lease for its aachen location expires in august 2008 unless an option to extend for an additional four years is exercised by the company . in december 2005 we closed our office facility in the netherlands , recording a charge of approximately $ 58000 for the remaining lease term . total rent expense under these leases , included in the accompanying consolidated statements of operations approximated $ 821000 , $ 824000 and $ 1262000 for the fiscal years ended march 31 , 2004 , 2005 and 2006 , respectively . future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2006 are approximately as follows ( in thousands ) : fiscal year ending march 31 , operating leases ._| | fiscal year ending march 31, | operating leases | |---:|:------------------------------------|:-------------------| | 0 | 2007 | 1703 | | 1 | 2008 | 1371 | | 2 | 2009 | 1035 | | 3 | 2010 | 710 | | 4 | total future minimum lease payments | $ 4819 |_from time-to-time , the company is involved in legal and administrative proceedings and claims of various types . while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , is not expected to have a material adverse effect on the company 2019s financial position , cash flow and results . on may 15 , 2006 richard a . nazarian , as selling stockholder representative , filed a demand for arbitration ( subsequently amended ) with the boston office of the american arbitration association .

2,006

75

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

what percentage of total future minimum lease payments are due in 2008?

28%

divide(1371, 4819)

abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) ( 7 ) commitments and contingencies the company applies the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to its agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which the company is a guarantor . product warranties 2014the company routinely accrues for estimated future warranty costs on its product sales at the time of sale . the ab5000 and bvs products are subject to rigorous regulation and quality standards . operating results could be adversely effected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products . the indemnifications contained within sales contracts usually do not include limits on the claims . the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only . as of march 31 , 2006 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts , with terms through fiscal 2010 . the danvers lease may be extended , at the company 2019s option , for two successive additional periods of five years each with monthly rent charges to be determined based on then current fair rental values . the company 2019s lease for its aachen location expires in august 2008 unless an option to extend for an additional four years is exercised by the company . in december 2005 we closed our office facility in the netherlands , recording a charge of approximately $ 58000 for the remaining lease term . total rent expense under these leases , included in the accompanying consolidated statements of operations approximated $ 821000 , $ 824000 and $ 1262000 for the fiscal years ended march 31 , 2004 , 2005 and 2006 , respectively . future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2006 are approximately as follows ( in thousands ) : fiscal year ending march 31 , operating leases .

from time-to-time , the company is involved in legal and administrative proceedings and claims of various types . while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , is not expected to have a material adverse effect on the company 2019s financial position , cash flow and results . on may 15 , 2006 richard a . nazarian , as selling stockholder representative , filed a demand for arbitration ( subsequently amended ) with the boston office of the american arbitration association .

| | fiscal year ending march 31, | operating leases | |---:|:------------------------------------|:-------------------| | 0 | 2007 | 1703 | | 1 | 2008 | 1371 | | 2 | 2009 | 1035 | | 3 | 2010 | 710 | | 4 | total future minimum lease payments | $ 4819 |

abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) ( 7 ) commitments and contingencies the company applies the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to its agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which the company is a guarantor . product warranties 2014the company routinely accrues for estimated future warranty costs on its product sales at the time of sale . the ab5000 and bvs products are subject to rigorous regulation and quality standards . operating results could be adversely effected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products . the indemnifications contained within sales contracts usually do not include limits on the claims . the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only . as of march 31 , 2006 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts , with terms through fiscal 2010 . the danvers lease may be extended , at the company 2019s option , for two successive additional periods of five years each with monthly rent charges to be determined based on then current fair rental values . the company 2019s lease for its aachen location expires in august 2008 unless an option to extend for an additional four years is exercised by the company . in december 2005 we closed our office facility in the netherlands , recording a charge of approximately $ 58000 for the remaining lease term . total rent expense under these leases , included in the accompanying consolidated statements of operations approximated $ 821000 , $ 824000 and $ 1262000 for the fiscal years ended march 31 , 2004 , 2005 and 2006 , respectively . future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2006 are approximately as follows ( in thousands ) : fiscal year ending march 31 , operating leases ._| | fiscal year ending march 31, | operating leases | |---:|:------------------------------------|:-------------------| | 0 | 2007 | 1703 | | 1 | 2008 | 1371 | | 2 | 2009 | 1035 | | 3 | 2010 | 710 | | 4 | total future minimum lease payments | $ 4819 |_from time-to-time , the company is involved in legal and administrative proceedings and claims of various types . while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , is not expected to have a material adverse effect on the company 2019s financial position , cash flow and results . on may 15 , 2006 richard a . nazarian , as selling stockholder representative , filed a demand for arbitration ( subsequently amended ) with the boston office of the american arbitration association .

2,006

75

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

null

finqa759

what percentage of total accounts payable and other current liabilities was accrued casualty costs at december 31 , 2010?

12%

divide(325, 2713)

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

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

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

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

2,011

76

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what percentage of total accounts payable and other current liabilities was accrued casualty costs at december 31 , 2010?

12%

divide(325, 2713)

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

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

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

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

2,011

76

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa760

what is the total contingent payments to impella 2019s former shareholders if all targets are achieved?

16750000

add(add(5583333, 5583333), 5583334)

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

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

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

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

2,009

88

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

what is the total contingent payments to impella 2019s former shareholders if all targets are achieved?

16750000

add(add(5583333, 5583333), 5583334)

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

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

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

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

2,009

88

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

null

finqa761

what was the average rent expense from 2010 to 2012 \\n

215.33

divide(add(add(210, add(231, 205)), const_3), const_2)

at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: .

( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business . rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively . guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters . where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction . environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) . many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources . while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties . remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable . international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 . one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta . during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study . in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million . the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy . in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed . in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded . in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment . it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred . in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 . other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements . the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan . the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st . regis . the company is a successor in interest to st . regis . international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site . accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site . also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site . the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs . the suit alleges that a mill , during the time it was allegedly owned and operated by st . regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling . also named as defendants in the suit are ncr corporation and weyerhaeuser company . in mid-2011 , the suit was .

| | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 | | 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 | | 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 |

at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: ._| | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 | | 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 | | 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 |_( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business . rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively . guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters . where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction . environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) . many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources . while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties . remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable . international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 . one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta . during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study . in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million . the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy . in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed . in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded . in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment . it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred . in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 . other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements . the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan . the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st . regis . the company is a successor in interest to st . regis . international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site . accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site . also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site . the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs . the suit alleges that a mill , during the time it was allegedly owned and operated by st . regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling . also named as defendants in the suit are ncr corporation and weyerhaeuser company . in mid-2011 , the suit was .

2,012

93

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

what was the average rent expense from 2010 to 2012 \\n

215.33

divide(add(add(210, add(231, 205)), const_3), const_2)

at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: .

( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business . rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively . guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters . where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction . environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) . many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources . while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties . remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable . international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 . one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta . during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study . in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million . the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy . in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed . in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded . in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment . it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred . in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 . other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements . the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan . the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st . regis . the company is a successor in interest to st . regis . international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site . accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site . also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site . the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs . the suit alleges that a mill , during the time it was allegedly owned and operated by st . regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling . also named as defendants in the suit are ncr corporation and weyerhaeuser company . in mid-2011 , the suit was .

| | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 | | 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 | | 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 |

at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: ._| | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 | | 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 | | 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 |_( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business . rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively . guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters . where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction . environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) . many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources . while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties . remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable . international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 . one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta . during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study . in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million . the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy . in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed . in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded . in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment . it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred . in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 . other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements . the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan . the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st . regis . the company is a successor in interest to st . regis . international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site . accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site . also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site . the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs . the suit alleges that a mill , during the time it was allegedly owned and operated by st . regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling . also named as defendants in the suit are ncr corporation and weyerhaeuser company . in mid-2011 , the suit was .

2,012

93

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa762

what portion of operating lease commitments is expected to be paid within 12 months?

21.6%

divide(2313, 10690)

purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter . additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland . our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year . cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan . capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects . our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products . factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold . exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future . we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months . we continue to review our long-term cash needs on a regular basis . currently , we have no debt outstanding . contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods . payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 .

( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials . we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million . in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock . in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock . in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment . on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock . this contingent payment will result in an increase to the carrying value of goodwill . in june 2008 , we amended the lease for our facility in danvers , massachusetts . the amendment extended the lease from february 28 , 2010 to february 28 , 2016 . the lease continues to be accounted for as an operating lease . the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. .

| | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years | |---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------| | 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 | | 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 | | 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 |

purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter . additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland . our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year . cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan . capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects . our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products . factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold . exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future . we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months . we continue to review our long-term cash needs on a regular basis . currently , we have no debt outstanding . contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods . payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 ._| | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years | |---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------| | 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 | | 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 | | 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 |_( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials . we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million . in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock . in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock . in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment . on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock . this contingent payment will result in an increase to the carrying value of goodwill . in june 2008 , we amended the lease for our facility in danvers , massachusetts . the amendment extended the lease from february 28 , 2010 to february 28 , 2016 . the lease continues to be accounted for as an operating lease . the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. .

2,009

56

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

what portion of operating lease commitments is expected to be paid within 12 months?

21.6%

divide(2313, 10690)

purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter . additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland . our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year . cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan . capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects . our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products . factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold . exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future . we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months . we continue to review our long-term cash needs on a regular basis . currently , we have no debt outstanding . contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods . payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 .

( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials . we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million . in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock . in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock . in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment . on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock . this contingent payment will result in an increase to the carrying value of goodwill . in june 2008 , we amended the lease for our facility in danvers , massachusetts . the amendment extended the lease from february 28 , 2010 to february 28 , 2016 . the lease continues to be accounted for as an operating lease . the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. .

| | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years | |---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------| | 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 | | 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 | | 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 |

purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter . additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland . our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year . cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan . capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects . our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products . factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold . exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future . we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months . we continue to review our long-term cash needs on a regular basis . currently , we have no debt outstanding . contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods . payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 ._| | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years | |---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------| | 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 | | 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 | | 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 |_( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials . we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million . in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock . in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock . in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment . on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock . this contingent payment will result in an increase to the carrying value of goodwill . in june 2008 , we amended the lease for our facility in danvers , massachusetts . the amendment extended the lease from february 28 , 2010 to february 28 , 2016 . the lease continues to be accounted for as an operating lease . the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. .

2,009

56

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

null

finqa763

what percentage of total debt is due in 2011?

7%

divide(550, 7680)

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

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

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

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

2,007

65

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what percentage of total debt is due in 2011?

7%

divide(550, 7680)

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

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

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

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

2,007

65

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa764

what portion of the compensation expense in 2017 is relates to the acceleration of equity awards upon termination of employment at baker hughes?

40.5%

divide(15, 37)

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

.

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

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

2,017

103

BKR

Baker Hughes

Energy

Oil & Gas Equipment & Services

Houston, Texas

2017-07-07

1,701,605

2017

what portion of the compensation expense in 2017 is relates to the acceleration of equity awards upon termination of employment at baker hughes?

40.5%

divide(15, 37)

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

.

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

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

2,017

103

BKR

Baker Hughes

Energy

Oil & Gas Equipment & Services

Houston, Texas

2017-07-07

1,701,605

2017

null

finqa765

what was royalty income as a percentage of total other income in 2011?

31%

divide(55, 177)

notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s . income taxes have been provided on undistributed earnings of non- u.s . subsidiaries because they are deemed to be reinvested for an indefinite period of time . the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively . the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively . the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively . the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively . the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively . 18 . employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s . employees . the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations . for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation . for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement . the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 . the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession . effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature . this included the union represented employees in accordance with their collective bargaining agreements . on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees . compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively . a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan . as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively . 19 . other earnings ( millions ) 2011 2010 2009 .

total $ 177 $ 180 $ 150 20 . stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return . all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc . amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 . shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 . total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively . the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively . stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc . stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan . under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted . the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years . upon exercise of a stock option , shares of company stock are issued from treasury stock . the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k .

| | ( millions ) | 2011 | 2010 | 2009 | |---:|:-------------------------------------------------------------------|:-------|:-------|:---------| | 0 | royalty income | 55 | 58 | 45 | | 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) | | 2 | gain on sale of assets | 12 | 8 | 36 | | 3 | other | 73 | 69 | 74 | | 4 | total | $ 177 | $ 180 | $ 150 |

notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s . income taxes have been provided on undistributed earnings of non- u.s . subsidiaries because they are deemed to be reinvested for an indefinite period of time . the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively . the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively . the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively . the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively . the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively . 18 . employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s . employees . the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations . for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation . for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement . the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 . the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession . effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature . this included the union represented employees in accordance with their collective bargaining agreements . on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees . compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively . a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan . as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively . 19 . other earnings ( millions ) 2011 2010 2009 ._| | ( millions ) | 2011 | 2010 | 2009 | |---:|:-------------------------------------------------------------------|:-------|:-------|:---------| | 0 | royalty income | 55 | 58 | 45 | | 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) | | 2 | gain on sale of assets | 12 | 8 | 36 | | 3 | other | 73 | 69 | 74 | | 4 | total | $ 177 | $ 180 | $ 150 |_total $ 177 $ 180 $ 150 20 . stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return . all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc . amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 . shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 . total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively . the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively . stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc . stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan . under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted . the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years . upon exercise of a stock option , shares of company stock are issued from treasury stock . the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k .

2,011

70

PPG

PPG Industries

Materials

Specialty Chemicals

Pittsburgh, Pennsylvania

1957-03-04

79,879

1883

what was royalty income as a percentage of total other income in 2011?

31%

divide(55, 177)

notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s . income taxes have been provided on undistributed earnings of non- u.s . subsidiaries because they are deemed to be reinvested for an indefinite period of time . the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively . the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively . the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively . the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively . the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively . 18 . employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s . employees . the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations . for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation . for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement . the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 . the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession . effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature . this included the union represented employees in accordance with their collective bargaining agreements . on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees . compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively . a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan . as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively . 19 . other earnings ( millions ) 2011 2010 2009 .

total $ 177 $ 180 $ 150 20 . stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return . all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc . amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 . shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 . total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively . the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively . stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc . stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan . under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted . the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years . upon exercise of a stock option , shares of company stock are issued from treasury stock . the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k .

| | ( millions ) | 2011 | 2010 | 2009 | |---:|:-------------------------------------------------------------------|:-------|:-------|:---------| | 0 | royalty income | 55 | 58 | 45 | | 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) | | 2 | gain on sale of assets | 12 | 8 | 36 | | 3 | other | 73 | 69 | 74 | | 4 | total | $ 177 | $ 180 | $ 150 |

notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s . income taxes have been provided on undistributed earnings of non- u.s . subsidiaries because they are deemed to be reinvested for an indefinite period of time . the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively . the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively . the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively . the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively . the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively . 18 . employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s . employees . the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations . for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation . for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement . the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 . the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession . effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature . this included the union represented employees in accordance with their collective bargaining agreements . on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees . compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively . a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan . as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively . 19 . other earnings ( millions ) 2011 2010 2009 ._| | ( millions ) | 2011 | 2010 | 2009 | |---:|:-------------------------------------------------------------------|:-------|:-------|:---------| | 0 | royalty income | 55 | 58 | 45 | | 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) | | 2 | gain on sale of assets | 12 | 8 | 36 | | 3 | other | 73 | 69 | 74 | | 4 | total | $ 177 | $ 180 | $ 150 |_total $ 177 $ 180 $ 150 20 . stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return . all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc . amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 . shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 . total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively . the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively . stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc . stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan . under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted . the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years . upon exercise of a stock option , shares of company stock are issued from treasury stock . the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k .

2,011

70

PPG

PPG Industries

Materials

Specialty Chemicals

Pittsburgh, Pennsylvania

1957-03-04

79,879

1883

null

finqa766

what portion of the maximum exposure to loss from vies is related to guarantees in 2017?

62.9%

divide(259, 412)

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

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

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

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

2,017

85

CAT

Caterpillar Inc.

Industrials

Construction Machinery & Heavy Transportation Equipment

Irving, Texas

1957-03-04

18,230

1925

what portion of the maximum exposure to loss from vies is related to guarantees in 2017?

62.9%

divide(259, 412)

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

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

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

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

2,017

85

CAT

Caterpillar Inc.

Industrials

Construction Machinery & Heavy Transportation Equipment

Irving, Texas

1957-03-04

18,230

1925

null

finqa767

considering the years 2008 and 2009 , what is the variation observed in the operating profit , in millions?

416

subtract(433, 17)

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

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

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

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

2,009

37

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

considering the years 2008 and 2009 , what is the variation observed in the operating profit , in millions?

416

subtract(433, 17)

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

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

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

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

2,009

37

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa768

what percentage of total freight revenues was automotive in 2013?

9%

divide(2077, 21963)

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

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

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

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

2,013

54

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what percentage of total freight revenues was automotive in 2013?

9%

divide(2077, 21963)

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

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

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

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

2,013

54

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa769

what was the average industry segment operating profits from 2003 to 2005

1899

divide(add(add(1734, add(1923, 2040)), const_3), const_2)

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

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

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

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

2,005

19

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

what was the average industry segment operating profits from 2003 to 2005

1899

divide(add(add(1734, add(1923, 2040)), const_3), const_2)

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

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

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

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

2,005

19

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa770

what was the difference in billions of sold receivables from 2007 to 2008?

1.7

subtract(17.8, 16.1)

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

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

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

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

2,008

79

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the difference in billions of sold receivables from 2007 to 2008?

1.7

subtract(17.8, 16.1)

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

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

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

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

2,008

79

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa771

what portion of tax benefit would affect the effective tax rate if recognized as of december 31 , 2011?

64.8%

divide(226, 349)

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

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

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

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

2,012

160

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

what portion of tax benefit would affect the effective tax rate if recognized as of december 31 , 2011?

64.8%

divide(226, 349)

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

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

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

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

2,012

160

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa772

at december 31 , 2007 , what was the percent of the total future minimum commitments under existing non-cancelable operat- ing leases for purchase obligations

72.1%

divide(261, 362)

settlements , and the expiration of statutes of limi- tation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 365 million during the next twelve months , with no significant impact on earnings or cash tax payments . while the company believes that it is adequately accrued for possible audit adjust- ments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates . the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits . excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before minority interest . the company recorded an income tax provision for 2006 of $ 1.9 billion , consisting of a $ 1.6 billion deferred tax provision ( principally reflecting deferred taxes on the 2006 transformation plan forestland sales ) and a $ 300 million current tax provision . the provision also includes an $ 11 million provision related to a special tax adjustment . excluding the impact of special items , the tax provision was $ 272 million , or 29% ( 29 % ) of pre-tax earnings before minority interest . the company recorded an income tax benefit for 2005 of $ 407 million , including a $ 454 million net tax benefit related to a special tax adjustment , consisting of a tax benefit of $ 627 million resulting from an agreement reached with the u.s . internal revenue service concerning the 1997 through 2000 u.s . federal income tax audit , a $ 142 million charge for deferred taxes related to earnings repatriations under the american jobs creation act of 2004 , and $ 31 million of other tax charges . excluding the impact of special items , the tax provision was $ 83 million , or 20% ( 20 % ) of pre-tax earnings before minority interest . international paper has non-u.s . net operating loss carryforwards of approximately $ 352 million that expire as follows : 2008 through 2017 2014 $ 14 million and indefinite carryforwards of $ 338 million . interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approximately $ 258 million that expire as follows : 2008 through 2017 2014$ 83 million and 2018 through 2027 2014$ 175 million . international paper also has federal , non-u.s . and state tax credit carryforwards that expire as follows : 2008 through 2017 2014 $ 67 million , 2018 through 2027 2014 $ 92 million , and indefinite carryforwards 2014 $ 316 million . further , international paper has state capital loss carryfor- wards that expire as follows : 2008 through 2017 2014 $ 9 million . deferred income taxes are not provided for tempo- rary differences of approximately $ 3.7 billion , $ 2.7 billion and $ 2.4 billion as of december 31 , 2007 , 2006 and 2005 , respectively , representing earnings of non-u.s . subsidiaries intended to be permanently reinvested . computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable . note 10 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments . unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , wood chips , raw materials , energy and services , including fiber supply agreements to purchase pulpwood that were entered into con- currently with the 2006 transformation plan forest- land sales ( see note 7 ) . at december 31 , 2007 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2008 2009 2010 2011 2012 thereafter .

( a ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales . rent expense was $ 168 million , $ 217 million and $ 216 million for 2007 , 2006 and 2005 , respectively . international paper entered into an agreement in 2000 to guarantee , for a fee , an unsecured con- tractual credit agreement between a financial institution and an unrelated third-party customer . in the fourth quarter of 2006 , the customer cancelled the agreement and paid the company a fee of $ 11 million , which is included in cost of products sold in the accompanying consolidated statement of oper- ations . the company has no future obligations under this agreement. .

| | in millions | 2008 | 2009 | 2010 | 2011 | 2012 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 136 | $ 116 | $ 101 | $ 84 | $ 67 | $ 92 | | 1 | purchase obligations ( a ) | 1953 | 294 | 261 | 235 | 212 | 1480 | | 2 | total | $ 2089 | $ 410 | $ 362 | $ 319 | $ 279 | $ 1572 |

settlements , and the expiration of statutes of limi- tation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 365 million during the next twelve months , with no significant impact on earnings or cash tax payments . while the company believes that it is adequately accrued for possible audit adjust- ments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates . the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits . excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before minority interest . the company recorded an income tax provision for 2006 of $ 1.9 billion , consisting of a $ 1.6 billion deferred tax provision ( principally reflecting deferred taxes on the 2006 transformation plan forestland sales ) and a $ 300 million current tax provision . the provision also includes an $ 11 million provision related to a special tax adjustment . excluding the impact of special items , the tax provision was $ 272 million , or 29% ( 29 % ) of pre-tax earnings before minority interest . the company recorded an income tax benefit for 2005 of $ 407 million , including a $ 454 million net tax benefit related to a special tax adjustment , consisting of a tax benefit of $ 627 million resulting from an agreement reached with the u.s . internal revenue service concerning the 1997 through 2000 u.s . federal income tax audit , a $ 142 million charge for deferred taxes related to earnings repatriations under the american jobs creation act of 2004 , and $ 31 million of other tax charges . excluding the impact of special items , the tax provision was $ 83 million , or 20% ( 20 % ) of pre-tax earnings before minority interest . international paper has non-u.s . net operating loss carryforwards of approximately $ 352 million that expire as follows : 2008 through 2017 2014 $ 14 million and indefinite carryforwards of $ 338 million . interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approximately $ 258 million that expire as follows : 2008 through 2017 2014$ 83 million and 2018 through 2027 2014$ 175 million . international paper also has federal , non-u.s . and state tax credit carryforwards that expire as follows : 2008 through 2017 2014 $ 67 million , 2018 through 2027 2014 $ 92 million , and indefinite carryforwards 2014 $ 316 million . further , international paper has state capital loss carryfor- wards that expire as follows : 2008 through 2017 2014 $ 9 million . deferred income taxes are not provided for tempo- rary differences of approximately $ 3.7 billion , $ 2.7 billion and $ 2.4 billion as of december 31 , 2007 , 2006 and 2005 , respectively , representing earnings of non-u.s . subsidiaries intended to be permanently reinvested . computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable . note 10 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments . unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , wood chips , raw materials , energy and services , including fiber supply agreements to purchase pulpwood that were entered into con- currently with the 2006 transformation plan forest- land sales ( see note 7 ) . at december 31 , 2007 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2008 2009 2010 2011 2012 thereafter ._| | in millions | 2008 | 2009 | 2010 | 2011 | 2012 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 136 | $ 116 | $ 101 | $ 84 | $ 67 | $ 92 | | 1 | purchase obligations ( a ) | 1953 | 294 | 261 | 235 | 212 | 1480 | | 2 | total | $ 2089 | $ 410 | $ 362 | $ 319 | $ 279 | $ 1572 |_( a ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales . rent expense was $ 168 million , $ 217 million and $ 216 million for 2007 , 2006 and 2005 , respectively . international paper entered into an agreement in 2000 to guarantee , for a fee , an unsecured con- tractual credit agreement between a financial institution and an unrelated third-party customer . in the fourth quarter of 2006 , the customer cancelled the agreement and paid the company a fee of $ 11 million , which is included in cost of products sold in the accompanying consolidated statement of oper- ations . the company has no future obligations under this agreement. .

2,007

75

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

at december 31 , 2007 , what was the percent of the total future minimum commitments under existing non-cancelable operat- ing leases for purchase obligations

72.1%

divide(261, 362)

settlements , and the expiration of statutes of limi- tation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 365 million during the next twelve months , with no significant impact on earnings or cash tax payments . while the company believes that it is adequately accrued for possible audit adjust- ments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates . the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits . excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before minority interest . the company recorded an income tax provision for 2006 of $ 1.9 billion , consisting of a $ 1.6 billion deferred tax provision ( principally reflecting deferred taxes on the 2006 transformation plan forestland sales ) and a $ 300 million current tax provision . the provision also includes an $ 11 million provision related to a special tax adjustment . excluding the impact of special items , the tax provision was $ 272 million , or 29% ( 29 % ) of pre-tax earnings before minority interest . the company recorded an income tax benefit for 2005 of $ 407 million , including a $ 454 million net tax benefit related to a special tax adjustment , consisting of a tax benefit of $ 627 million resulting from an agreement reached with the u.s . internal revenue service concerning the 1997 through 2000 u.s . federal income tax audit , a $ 142 million charge for deferred taxes related to earnings repatriations under the american jobs creation act of 2004 , and $ 31 million of other tax charges . excluding the impact of special items , the tax provision was $ 83 million , or 20% ( 20 % ) of pre-tax earnings before minority interest . international paper has non-u.s . net operating loss carryforwards of approximately $ 352 million that expire as follows : 2008 through 2017 2014 $ 14 million and indefinite carryforwards of $ 338 million . interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approximately $ 258 million that expire as follows : 2008 through 2017 2014$ 83 million and 2018 through 2027 2014$ 175 million . international paper also has federal , non-u.s . and state tax credit carryforwards that expire as follows : 2008 through 2017 2014 $ 67 million , 2018 through 2027 2014 $ 92 million , and indefinite carryforwards 2014 $ 316 million . further , international paper has state capital loss carryfor- wards that expire as follows : 2008 through 2017 2014 $ 9 million . deferred income taxes are not provided for tempo- rary differences of approximately $ 3.7 billion , $ 2.7 billion and $ 2.4 billion as of december 31 , 2007 , 2006 and 2005 , respectively , representing earnings of non-u.s . subsidiaries intended to be permanently reinvested . computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable . note 10 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments . unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , wood chips , raw materials , energy and services , including fiber supply agreements to purchase pulpwood that were entered into con- currently with the 2006 transformation plan forest- land sales ( see note 7 ) . at december 31 , 2007 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2008 2009 2010 2011 2012 thereafter .

( a ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales . rent expense was $ 168 million , $ 217 million and $ 216 million for 2007 , 2006 and 2005 , respectively . international paper entered into an agreement in 2000 to guarantee , for a fee , an unsecured con- tractual credit agreement between a financial institution and an unrelated third-party customer . in the fourth quarter of 2006 , the customer cancelled the agreement and paid the company a fee of $ 11 million , which is included in cost of products sold in the accompanying consolidated statement of oper- ations . the company has no future obligations under this agreement. .

| | in millions | 2008 | 2009 | 2010 | 2011 | 2012 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 136 | $ 116 | $ 101 | $ 84 | $ 67 | $ 92 | | 1 | purchase obligations ( a ) | 1953 | 294 | 261 | 235 | 212 | 1480 | | 2 | total | $ 2089 | $ 410 | $ 362 | $ 319 | $ 279 | $ 1572 |

settlements , and the expiration of statutes of limi- tation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 365 million during the next twelve months , with no significant impact on earnings or cash tax payments . while the company believes that it is adequately accrued for possible audit adjust- ments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates . the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits . excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before minority interest . the company recorded an income tax provision for 2006 of $ 1.9 billion , consisting of a $ 1.6 billion deferred tax provision ( principally reflecting deferred taxes on the 2006 transformation plan forestland sales ) and a $ 300 million current tax provision . the provision also includes an $ 11 million provision related to a special tax adjustment . excluding the impact of special items , the tax provision was $ 272 million , or 29% ( 29 % ) of pre-tax earnings before minority interest . the company recorded an income tax benefit for 2005 of $ 407 million , including a $ 454 million net tax benefit related to a special tax adjustment , consisting of a tax benefit of $ 627 million resulting from an agreement reached with the u.s . internal revenue service concerning the 1997 through 2000 u.s . federal income tax audit , a $ 142 million charge for deferred taxes related to earnings repatriations under the american jobs creation act of 2004 , and $ 31 million of other tax charges . excluding the impact of special items , the tax provision was $ 83 million , or 20% ( 20 % ) of pre-tax earnings before minority interest . international paper has non-u.s . net operating loss carryforwards of approximately $ 352 million that expire as follows : 2008 through 2017 2014 $ 14 million and indefinite carryforwards of $ 338 million . interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approximately $ 258 million that expire as follows : 2008 through 2017 2014$ 83 million and 2018 through 2027 2014$ 175 million . international paper also has federal , non-u.s . and state tax credit carryforwards that expire as follows : 2008 through 2017 2014 $ 67 million , 2018 through 2027 2014 $ 92 million , and indefinite carryforwards 2014 $ 316 million . further , international paper has state capital loss carryfor- wards that expire as follows : 2008 through 2017 2014 $ 9 million . deferred income taxes are not provided for tempo- rary differences of approximately $ 3.7 billion , $ 2.7 billion and $ 2.4 billion as of december 31 , 2007 , 2006 and 2005 , respectively , representing earnings of non-u.s . subsidiaries intended to be permanently reinvested . computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable . note 10 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments . unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , wood chips , raw materials , energy and services , including fiber supply agreements to purchase pulpwood that were entered into con- currently with the 2006 transformation plan forest- land sales ( see note 7 ) . at december 31 , 2007 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2008 2009 2010 2011 2012 thereafter ._| | in millions | 2008 | 2009 | 2010 | 2011 | 2012 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | lease obligations | $ 136 | $ 116 | $ 101 | $ 84 | $ 67 | $ 92 | | 1 | purchase obligations ( a ) | 1953 | 294 | 261 | 235 | 212 | 1480 | | 2 | total | $ 2089 | $ 410 | $ 362 | $ 319 | $ 279 | $ 1572 |_( a ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales . rent expense was $ 168 million , $ 217 million and $ 216 million for 2007 , 2006 and 2005 , respectively . international paper entered into an agreement in 2000 to guarantee , for a fee , an unsecured con- tractual credit agreement between a financial institution and an unrelated third-party customer . in the fourth quarter of 2006 , the customer cancelled the agreement and paid the company a fee of $ 11 million , which is included in cost of products sold in the accompanying consolidated statement of oper- ations . the company has no future obligations under this agreement. .

2,007

75

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa773

what was the percentage change in equipment rents payable from 2007 to 2008?

-10%

divide(subtract(93, 103), 103)

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 track structure expansion ( capacity projects ) and replacement ( program projects ) , which is typically performed by our employees . approximately 13% ( 13 % ) of our full-time equivalent employees are dedicated to the construction of capital assets . costs that are directly attributable or overhead costs that relate directly to capital projects 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 . these costs are allocated using appropriate statistical bases . the capitalization of indirect costs is consistent with fasb statement no . 67 , accounting for costs and initial rental operations of real estate projects . 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 . 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 . 10 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions of dollars 2008 2007 .

11 . fair value measurements during the first quarter of 2008 , we fully adopted fasb statement no . 157 , fair value measurements ( fas 157 ) . fas 157 established a framework for measuring fair value and expanded disclosures about fair value measurements . the adoption of fas 157 had no impact on our financial position or results of operations . fas 157 applies to all assets and liabilities that are measured and reported on a fair value basis . this enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values . the statement requires that each asset and liability carried at fair value be classified into one of the following categories : level 1 : quoted market prices in active markets for identical assets or liabilities . level 2 : observable market based inputs or unobservable inputs that are corroborated by market data . level 3 : unobservable inputs that are not corroborated by market data. .

| | millions of dollars | dec . 31 2008 | dec . 31 2007 | |---:|:-----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 629 | $ 732 | | 1 | accrued wages and vacation | 367 | 394 | | 2 | accrued casualty costs | 390 | 371 | | 3 | income and other taxes | 207 | 343 | | 4 | dividends and interest | 328 | 284 | | 5 | equipment rents payable | 93 | 103 | | 6 | other | 546 | 675 | | 7 | total accounts payable and other current liabilities | $ 2560 | $ 2902 |

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 track structure expansion ( capacity projects ) and replacement ( program projects ) , which is typically performed by our employees . approximately 13% ( 13 % ) of our full-time equivalent employees are dedicated to the construction of capital assets . costs that are directly attributable or overhead costs that relate directly to capital projects 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 . these costs are allocated using appropriate statistical bases . the capitalization of indirect costs is consistent with fasb statement no . 67 , accounting for costs and initial rental operations of real estate projects . 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 . 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 . 10 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions of dollars 2008 2007 ._| | millions of dollars | dec . 31 2008 | dec . 31 2007 | |---:|:-----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 629 | $ 732 | | 1 | accrued wages and vacation | 367 | 394 | | 2 | accrued casualty costs | 390 | 371 | | 3 | income and other taxes | 207 | 343 | | 4 | dividends and interest | 328 | 284 | | 5 | equipment rents payable | 93 | 103 | | 6 | other | 546 | 675 | | 7 | total accounts payable and other current liabilities | $ 2560 | $ 2902 |_11 . fair value measurements during the first quarter of 2008 , we fully adopted fasb statement no . 157 , fair value measurements ( fas 157 ) . fas 157 established a framework for measuring fair value and expanded disclosures about fair value measurements . the adoption of fas 157 had no impact on our financial position or results of operations . fas 157 applies to all assets and liabilities that are measured and reported on a fair value basis . this enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values . the statement requires that each asset and liability carried at fair value be classified into one of the following categories : level 1 : quoted market prices in active markets for identical assets or liabilities . level 2 : observable market based inputs or unobservable inputs that are corroborated by market data . level 3 : unobservable inputs that are not corroborated by market data. .

2,008

77

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percentage change in equipment rents payable from 2007 to 2008?

-10%

divide(subtract(93, 103), 103)

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 track structure expansion ( capacity projects ) and replacement ( program projects ) , which is typically performed by our employees . approximately 13% ( 13 % ) of our full-time equivalent employees are dedicated to the construction of capital assets . costs that are directly attributable or overhead costs that relate directly to capital projects 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 . these costs are allocated using appropriate statistical bases . the capitalization of indirect costs is consistent with fasb statement no . 67 , accounting for costs and initial rental operations of real estate projects . 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 . 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 . 10 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions of dollars 2008 2007 .

11 . fair value measurements during the first quarter of 2008 , we fully adopted fasb statement no . 157 , fair value measurements ( fas 157 ) . fas 157 established a framework for measuring fair value and expanded disclosures about fair value measurements . the adoption of fas 157 had no impact on our financial position or results of operations . fas 157 applies to all assets and liabilities that are measured and reported on a fair value basis . this enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values . the statement requires that each asset and liability carried at fair value be classified into one of the following categories : level 1 : quoted market prices in active markets for identical assets or liabilities . level 2 : observable market based inputs or unobservable inputs that are corroborated by market data . level 3 : unobservable inputs that are not corroborated by market data. .

| | millions of dollars | dec . 31 2008 | dec . 31 2007 | |---:|:-----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 629 | $ 732 | | 1 | accrued wages and vacation | 367 | 394 | | 2 | accrued casualty costs | 390 | 371 | | 3 | income and other taxes | 207 | 343 | | 4 | dividends and interest | 328 | 284 | | 5 | equipment rents payable | 93 | 103 | | 6 | other | 546 | 675 | | 7 | total accounts payable and other current liabilities | $ 2560 | $ 2902 |

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 track structure expansion ( capacity projects ) and replacement ( program projects ) , which is typically performed by our employees . approximately 13% ( 13 % ) of our full-time equivalent employees are dedicated to the construction of capital assets . costs that are directly attributable or overhead costs that relate directly to capital projects 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 . these costs are allocated using appropriate statistical bases . the capitalization of indirect costs is consistent with fasb statement no . 67 , accounting for costs and initial rental operations of real estate projects . 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 . 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 . 10 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions of dollars 2008 2007 ._| | millions of dollars | dec . 31 2008 | dec . 31 2007 | |---:|:-----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 629 | $ 732 | | 1 | accrued wages and vacation | 367 | 394 | | 2 | accrued casualty costs | 390 | 371 | | 3 | income and other taxes | 207 | 343 | | 4 | dividends and interest | 328 | 284 | | 5 | equipment rents payable | 93 | 103 | | 6 | other | 546 | 675 | | 7 | total accounts payable and other current liabilities | $ 2560 | $ 2902 |_11 . fair value measurements during the first quarter of 2008 , we fully adopted fasb statement no . 157 , fair value measurements ( fas 157 ) . fas 157 established a framework for measuring fair value and expanded disclosures about fair value measurements . the adoption of fas 157 had no impact on our financial position or results of operations . fas 157 applies to all assets and liabilities that are measured and reported on a fair value basis . this enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values . the statement requires that each asset and liability carried at fair value be classified into one of the following categories : level 1 : quoted market prices in active markets for identical assets or liabilities . level 2 : observable market based inputs or unobservable inputs that are corroborated by market data . level 3 : unobservable inputs that are not corroborated by market data. .

2,008

77

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa774

what was the percentage change in total expense for repairs and maintenance from 2012 to 2013?

10%

divide(subtract(2.3, 2.1), 2.1)

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 change in total expense for repairs and maintenance from 2012 to 2013?

10%

divide(subtract(2.3, 2.1), 2.1)

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

finqa775

what is the growth rate in based rent for hudson yards , new york facility in the second period?

13.7%

divide(subtract(58, 51), 51)

used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2043 . future minimum commitments under these operating leases are as follows : ( in millions ) .

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

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

used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2043 . future minimum commitments under these operating leases are as follows : ( in millions ) ._| | year | amount | |---:|:-----------|:---------| | 0 | 2018 | 141 | | 1 | 2019 | 132 | | 2 | 2020 | 126 | | 3 | 2021 | 118 | | 4 | 2022 | 109 | | 5 | thereafter | 1580 | | 6 | total | $ 2206 |_in may 2017 , the company entered into an agreement with 50 hymc owner llc , for the lease of approximately 847000 square feet of office space located at 50 hudson yards , new york , new york . the term of the lease is twenty years from the date that rental payments begin , expected to occur in may 2023 , with the option to renew for a specified term . the lease requires annual base rental payments of approximately $ 51 million per year during the first five years of the lease term , increasing every five years to $ 58 million , $ 66 million and $ 74 million per year ( or approximately $ 1.2 billion in base rent over its twenty-year term ) . this lease is classified as an operating lease and , as such , is not recorded as a liability on the consolidated statements of financial condition . rent expense and certain office equipment expense under lease agreements amounted to $ 132 million , $ 134 million and $ 136 million in 2017 , 2016 and 2015 , respectively . investment commitments . at december 31 , 2017 , the company had $ 298 million of various capital commitments to fund sponsored investment funds , including consolidated vies . these funds include private equity funds , real assets funds , and opportunistic funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company that are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments related to business acquisitions . in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products . the fair value of the remaining aggregate contingent payments at december 31 , 2017 totaled $ 236 million , including $ 128 million related to the first reserve transaction , and is included in other liabilities on the consolidated statements of financial condition. .

2,017

122

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

what is the growth rate in based rent for hudson yards , new york facility in the second period?

13.7%

divide(subtract(58, 51), 51)

used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2043 . future minimum commitments under these operating leases are as follows : ( in millions ) .

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

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

used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2043 . future minimum commitments under these operating leases are as follows : ( in millions ) ._| | year | amount | |---:|:-----------|:---------| | 0 | 2018 | 141 | | 1 | 2019 | 132 | | 2 | 2020 | 126 | | 3 | 2021 | 118 | | 4 | 2022 | 109 | | 5 | thereafter | 1580 | | 6 | total | $ 2206 |_in may 2017 , the company entered into an agreement with 50 hymc owner llc , for the lease of approximately 847000 square feet of office space located at 50 hudson yards , new york , new york . the term of the lease is twenty years from the date that rental payments begin , expected to occur in may 2023 , with the option to renew for a specified term . the lease requires annual base rental payments of approximately $ 51 million per year during the first five years of the lease term , increasing every five years to $ 58 million , $ 66 million and $ 74 million per year ( or approximately $ 1.2 billion in base rent over its twenty-year term ) . this lease is classified as an operating lease and , as such , is not recorded as a liability on the consolidated statements of financial condition . rent expense and certain office equipment expense under lease agreements amounted to $ 132 million , $ 134 million and $ 136 million in 2017 , 2016 and 2015 , respectively . investment commitments . at december 31 , 2017 , the company had $ 298 million of various capital commitments to fund sponsored investment funds , including consolidated vies . these funds include private equity funds , real assets funds , and opportunistic funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company that are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments related to business acquisitions . in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products . the fair value of the remaining aggregate contingent payments at december 31 , 2017 totaled $ 236 million , including $ 128 million related to the first reserve transaction , and is included in other liabilities on the consolidated statements of financial condition. .

2,017

122

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa776

what was the percentage change in cash provided by operating activities from 2014 to 2015?

-1%

divide(subtract(7344, 7385), 7385)

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

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

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

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

2,015

35

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percentage change in cash provided by operating activities from 2014 to 2015?

-1%

divide(subtract(7344, 7385), 7385)

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

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

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

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

2,015

35

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa777

what was the percentage change in fuel surcharge program freight revenue from 2013 to 2014?

8%

divide(subtract(2.8, 2.6), 2.6)

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

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

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

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

2,014

25

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percentage change in fuel surcharge program freight revenue from 2013 to 2014?

8%

divide(subtract(2.8, 2.6), 2.6)

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

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

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

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

2,014

25

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa778

what is the average value for sales?

3090

table_average(sales, none)

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

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

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

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

2,009

37

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

what is the average value for sales?

3090

table_average(sales, none)

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

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

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

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

2,009

37

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa779

what portion of the last payment for the final milestone was paid through the issuance of common stock?

67.7%

divide(subtract(divide(5583334, const_1000000), 1.8), divide(5583334, const_1000000))

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

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

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

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

2,009

88

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

what portion of the last payment for the final milestone was paid through the issuance of common stock?

67.7%

divide(subtract(divide(5583334, const_1000000), 1.8), divide(5583334, const_1000000))

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

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

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

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

2,009

88

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

null

finqa780

what portion of total future obligations is related to operating lease obligations as of march 31 , 2007?

54.4%

divide(7669, 14090)

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

we have no long-term debt , capital leases or material commitments at march 31 , 2007 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding a contingent payment in the amount of $ 5.6 million made on january 30 , 2007 in the form of common stock , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella , and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . we may make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to fda approvals in the amount of up to $ 11.2 million . these contingent payments may be made in a combination of cash or stock under circumstances described in the purchase agreement . if any contingent payments are made , they will result in an increase to the carrying value of goodwill . we apply the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to our agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which we are a guarantor . we enter into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions . under these provisions we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities . these indemnification provisions generally survive termination of the underlying agreement . the maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited . we have never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements . as a result , the estimated fair value of these agreements is minimal . accordingly , we have no liabilities recorded for these agreements as of march 31 , 2007 . clinical study agreements 2013 in our clinical study agreements , we have agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to use of our devices in accordance with the clinical study agreement , the protocol for the device and our instructions . the indemnification provisions contained within our clinical study agreements do not generally include limits on the claims . we have never incurred any material costs related to the indemnification provisions contained in our clinical study agreements . product warranties 2014we routinely accrue for estimated future warranty costs on our product sales at the time of shipment . all of our products are subject to rigorous regulation and quality standards . while we engage in extensive product quality programs and processes , including monitoring and evaluating the quality of our component suppliers , our warranty obligations are affected by product failure rates . our operating results could be adversely affected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , we indemnify customers against possible claims of patent infringement caused by our products . the indemnifications contained within sales contracts usually do not include limits on the claims . we have never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only. .

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

contractual obligations and commercial commitments the following table ( in thousands ) summarizes our contractual obligations at march 31 , 2007 and the effects such obligations are expected to have on our liquidity and cash flows in future periods. ._| | contractual obligations | payments due by fiscal year total | payments due by fiscal year less than 1 year | payments due by fiscal year 1-3 years | payments due by fiscal year 3-5 years | payments due by fiscal year more than 5 years | |---:|:----------------------------|:------------------------------------|:-----------------------------------------------|:----------------------------------------|:----------------------------------------|:------------------------------------------------| | 0 | operating lease obligations | $ 7669 | $ 1960 | $ 3441 | $ 1652 | $ 616 | | 1 | purchase obligations | 6421 | 6421 | 2014 | 2014 | 2014 | | 2 | total obligations | $ 14090 | $ 8381 | $ 3441 | $ 1652 | $ 616 |_we have no long-term debt , capital leases or material commitments at march 31 , 2007 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding a contingent payment in the amount of $ 5.6 million made on january 30 , 2007 in the form of common stock , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella , and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . we may make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to fda approvals in the amount of up to $ 11.2 million . these contingent payments may be made in a combination of cash or stock under circumstances described in the purchase agreement . if any contingent payments are made , they will result in an increase to the carrying value of goodwill . we apply the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to our agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which we are a guarantor . we enter into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions . under these provisions we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities . these indemnification provisions generally survive termination of the underlying agreement . the maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited . we have never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements . as a result , the estimated fair value of these agreements is minimal . accordingly , we have no liabilities recorded for these agreements as of march 31 , 2007 . clinical study agreements 2013 in our clinical study agreements , we have agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to use of our devices in accordance with the clinical study agreement , the protocol for the device and our instructions . the indemnification provisions contained within our clinical study agreements do not generally include limits on the claims . we have never incurred any material costs related to the indemnification provisions contained in our clinical study agreements . product warranties 2014we routinely accrue for estimated future warranty costs on our product sales at the time of shipment . all of our products are subject to rigorous regulation and quality standards . while we engage in extensive product quality programs and processes , including monitoring and evaluating the quality of our component suppliers , our warranty obligations are affected by product failure rates . our operating results could be adversely affected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , we indemnify customers against possible claims of patent infringement caused by our products . the indemnifications contained within sales contracts usually do not include limits on the claims . we have never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only. .

2,007

52

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

what portion of total future obligations is related to operating lease obligations as of march 31 , 2007?

54.4%

divide(7669, 14090)

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

we have no long-term debt , capital leases or material commitments at march 31 , 2007 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding a contingent payment in the amount of $ 5.6 million made on january 30 , 2007 in the form of common stock , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella , and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . we may make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to fda approvals in the amount of up to $ 11.2 million . these contingent payments may be made in a combination of cash or stock under circumstances described in the purchase agreement . if any contingent payments are made , they will result in an increase to the carrying value of goodwill . we apply the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to our agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which we are a guarantor . we enter into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions . under these provisions we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities . these indemnification provisions generally survive termination of the underlying agreement . the maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited . we have never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements . as a result , the estimated fair value of these agreements is minimal . accordingly , we have no liabilities recorded for these agreements as of march 31 , 2007 . clinical study agreements 2013 in our clinical study agreements , we have agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to use of our devices in accordance with the clinical study agreement , the protocol for the device and our instructions . the indemnification provisions contained within our clinical study agreements do not generally include limits on the claims . we have never incurred any material costs related to the indemnification provisions contained in our clinical study agreements . product warranties 2014we routinely accrue for estimated future warranty costs on our product sales at the time of shipment . all of our products are subject to rigorous regulation and quality standards . while we engage in extensive product quality programs and processes , including monitoring and evaluating the quality of our component suppliers , our warranty obligations are affected by product failure rates . our operating results could be adversely affected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , we indemnify customers against possible claims of patent infringement caused by our products . the indemnifications contained within sales contracts usually do not include limits on the claims . we have never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only. .

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

contractual obligations and commercial commitments the following table ( in thousands ) summarizes our contractual obligations at march 31 , 2007 and the effects such obligations are expected to have on our liquidity and cash flows in future periods. ._| | contractual obligations | payments due by fiscal year total | payments due by fiscal year less than 1 year | payments due by fiscal year 1-3 years | payments due by fiscal year 3-5 years | payments due by fiscal year more than 5 years | |---:|:----------------------------|:------------------------------------|:-----------------------------------------------|:----------------------------------------|:----------------------------------------|:------------------------------------------------| | 0 | operating lease obligations | $ 7669 | $ 1960 | $ 3441 | $ 1652 | $ 616 | | 1 | purchase obligations | 6421 | 6421 | 2014 | 2014 | 2014 | | 2 | total obligations | $ 14090 | $ 8381 | $ 3441 | $ 1652 | $ 616 |_we have no long-term debt , capital leases or material commitments at march 31 , 2007 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding a contingent payment in the amount of $ 5.6 million made on january 30 , 2007 in the form of common stock , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella , and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . we may make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to fda approvals in the amount of up to $ 11.2 million . these contingent payments may be made in a combination of cash or stock under circumstances described in the purchase agreement . if any contingent payments are made , they will result in an increase to the carrying value of goodwill . we apply the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to our agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . the following is a description of arrangements in which we are a guarantor . we enter into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions . under these provisions we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities . these indemnification provisions generally survive termination of the underlying agreement . the maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited . we have never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements . as a result , the estimated fair value of these agreements is minimal . accordingly , we have no liabilities recorded for these agreements as of march 31 , 2007 . clinical study agreements 2013 in our clinical study agreements , we have agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to use of our devices in accordance with the clinical study agreement , the protocol for the device and our instructions . the indemnification provisions contained within our clinical study agreements do not generally include limits on the claims . we have never incurred any material costs related to the indemnification provisions contained in our clinical study agreements . product warranties 2014we routinely accrue for estimated future warranty costs on our product sales at the time of shipment . all of our products are subject to rigorous regulation and quality standards . while we engage in extensive product quality programs and processes , including monitoring and evaluating the quality of our component suppliers , our warranty obligations are affected by product failure rates . our operating results could be adversely affected if the actual cost of product failures exceeds the estimated warranty provision . patent indemnifications 2014in many sales transactions , we indemnify customers against possible claims of patent infringement caused by our products . the indemnifications contained within sales contracts usually do not include limits on the claims . we have never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only. .

2,007

52

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

null

finqa781

what was the percentage change in free cash flow from 2014 to 2015?

-65%

divide(subtract(524, 1504), 1504)

to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .

2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability . f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels . we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions . the strong u.s . dollar and historic low commodity prices could also drive continued volatility . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise . over the longer term , we expect the overall u.s . economy to continue to improve at a modest pace , with some markets outperforming others. .

| | millions | 2015 | 2014 | 2013 | |---:|:--------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) | | 3 | free cash flow | $ 524 | $ 1504 | $ 2085 |

to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : ._| | millions | 2015 | 2014 | 2013 | |---:|:--------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) | | 3 | free cash flow | $ 524 | $ 1504 | $ 2085 |_2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability . f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels . we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions . the strong u.s . dollar and historic low commodity prices could also drive continued volatility . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise . over the longer term , we expect the overall u.s . economy to continue to improve at a modest pace , with some markets outperforming others. .

2,015

24

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percentage change in free cash flow from 2014 to 2015?

-65%

divide(subtract(524, 1504), 1504)

to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .

2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability . f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels . we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions . the strong u.s . dollar and historic low commodity prices could also drive continued volatility . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise . over the longer term , we expect the overall u.s . economy to continue to improve at a modest pace , with some markets outperforming others. .

| | millions | 2015 | 2014 | 2013 | |---:|:--------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) | | 3 | free cash flow | $ 524 | $ 1504 | $ 2085 |

to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : ._| | millions | 2015 | 2014 | 2013 | |---:|:--------------------------------------|:---------------|:---------------|:---------------| | 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 | | 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) | | 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) | | 3 | free cash flow | $ 524 | $ 1504 | $ 2085 |_2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability . f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels . we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions . the strong u.s . dollar and historic low commodity prices could also drive continued volatility . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise . over the longer term , we expect the overall u.s . economy to continue to improve at a modest pace , with some markets outperforming others. .

2,015

24

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa782

what portion of total long-term borrowings is due in the next 24 months?

15.2%

divide(750, 4950)

credit facility , which was amended in 2013 and 2012 . in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 . the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) . the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 . the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities . at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility . commercial paper program . on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion . blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 . in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion . the cp program is currently supported by the 2014 credit facility . at december 31 , 2014 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value .

long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes . the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes . at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest .

| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 | | 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 | | 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 | | 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 | | 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 | | 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 | | 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 |

credit facility , which was amended in 2013 and 2012 . in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 . the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) . the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 . the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities . at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility . commercial paper program . on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion . blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 . in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion . the cp program is currently supported by the 2014 credit facility . at december 31 , 2014 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value ._| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 | | 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 | | 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 | | 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 | | 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 | | 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 | | 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 |_long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes . the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes . at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest .

2,014

119

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

what portion of total long-term borrowings is due in the next 24 months?

15.2%

divide(750, 4950)

credit facility , which was amended in 2013 and 2012 . in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 . the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) . the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 . the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities . at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility . commercial paper program . on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion . blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 . in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion . the cp program is currently supported by the 2014 credit facility . at december 31 , 2014 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value .

long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes . the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes . at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest .

| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 | | 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 | | 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 | | 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 | | 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 | | 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 | | 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 |

credit facility , which was amended in 2013 and 2012 . in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 . the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) . the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 . the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities . at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility . commercial paper program . on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion . blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 . in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion . the cp program is currently supported by the 2014 credit facility . at december 31 , 2014 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value ._| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 | | 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 | | 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 | | 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 | | 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 | | 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 | | 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 |_long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes . the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes . at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest .

2,014

119

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa783

in 2010 what was the sum of the future minimum lease commitments due in 2014

12.1%

divide(37660, 310643)

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

in 2010 what was the sum of the future minimum lease commitments due in 2014

12.1%

divide(37660, 310643)

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

finqa784

what percentage of total number of shares purchased were purchased in october ?

10%

divide(379488, 3915795)

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

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

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

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

2,011

21

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what percentage of total number of shares purchased were purchased in october ?

10%

divide(379488, 3915795)

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

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

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

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

2,011

21

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa785

what is the growth rate in total shipment volume from 2011 to 2012?

3.9%

divide(subtract(763.3, 734.6), 734.6)

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

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

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

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

2,012

44

MO

Altria

Consumer Staples

Tobacco

Richmond, Virginia

1957-03-04

764,180

1985

what is the growth rate in total shipment volume from 2011 to 2012?

3.9%

divide(subtract(763.3, 734.6), 734.6)

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

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

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

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

2,012

44

MO

Altria

Consumer Staples

Tobacco

Richmond, Virginia

1957-03-04

764,180

1985

null

finqa786

what was the change in the warranty reserve in 2017 in thousands

3517

subtract(23151, 19634)

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

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

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

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

2,018

83

LKQ

LKQ Corporation

Consumer Discretionary

Distributors

Chicago, Illinois

2016-05-23

1,065,696

1998

what was the change in the warranty reserve in 2017 in thousands

3517

subtract(23151, 19634)

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

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

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

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

2,018

83

LKQ

LKQ Corporation

Consumer Discretionary

Distributors

Chicago, Illinois

2016-05-23

1,065,696

1998

null

finqa787

what portion of the fixed income is related to americas?

87.9%

divide(121640, 138425)

retail and hnw investors ( excluding investments in ishares ) retail / hnw long-term aum by asset class & client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total .

blackrock serves retail and hnw investors globally through separate accounts , open-end and closed-end funds , unit trusts and private investment funds . at december 31 , 2012 , long-term assets managed for retail and hnw investors totaled $ 403.5 billion , up 11% ( 11 % ) , or $ 40.1 billion , versus year-end 2011 . during the year , net inflows of $ 11.6 billion in long-term products were augmented by market valuation improvements of $ 28.3 billion . retail and hnw investors are served principally through intermediaries , including broker-dealers , banks , trust companies , insurance companies and independent financial advisors . clients invest primarily in mutual funds , which totaled $ 322.4 billion , or 80% ( 80 % ) , of retail and hnw long-term aum at year-end , with the remainder invested in private investment funds and separately managed accounts . the product mix is well diversified , with 41% ( 41 % ) of long-term aum in equities , 34% ( 34 % ) in fixed income , 23% ( 23 % ) in multi-asset class and 2% ( 2 % ) in alternatives . the vast majority ( 98% ( 98 % ) ) of long-term aum is invested in active products , although this is partially inflated by the fact that ishares is shown separately , since we do not identify all of the underlying investors . the client base is also diversified geographically , with 74% ( 74 % ) of long-term aum managed for investors based in the americas , 19% ( 19 % ) in emea and 7% ( 7 % ) in asia-pacific at year- end 2012 . 2022 u.s . retail and hnw long-term inflows of $ 9.8 billion were driven by strong demand for u.s . sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity . in 2012 , we broadened the distribution of alternatives funds to bring higher alpha , institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance , raising close to $ 0.8 billion of assets . u.s . retail alternatives aum crossed the $ 5.0 billion threshold in 2012 . the year also included the launch of the blackrock municipal target term trust ( 201cbtt 201d ) with $ 2.1 billion of assets raised , making it the largest municipal fund ever launched and the largest overall industry offering since 2007 . we are the leading u.s . manager by aum of separately managed accounts , the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2 . 2022 international retail net inflows of $ 1.8 billion in 2012 were driven by fixed income net inflows of $ 5.2 billion . investor demand remained distinctly risk-off in 2012 , largely driven by macro political and economic instability and continued trends toward de-risking . equity net outflows of $ 2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets . our international retail and hnw offerings include our luxembourg cross-border fund families , blackrock global funds ( 201cbgf 201d ) , blackrock strategic funds with $ 83.1 billion and $ 2.4 billion of aum at year-end 2012 , respectively , and a range of retail funds in the united kingdom . bgf contained 67 funds registered in 35 jurisdictions at year-end 2012 . over 60% ( 60 % ) of the funds were rated by s&p . in 2012 , we were ranked as the third largest cross border fund provider3 . in the united kingdom , we ranked among the five largest fund managers3 , and are known for our innovative product offerings , especially within natural resources , european equity , asian equity and equity income . global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements . 2 simfund , cerulli 3 lipper feri .

| | ( dollar amounts in millions ) | americas | emea | asia-pacific | total | |---:|:---------------------------------|:-----------|:--------|:---------------|:---------| | 0 | equity | $ 94805 | $ 53140 | $ 16803 | $ 164748 | | 1 | fixed income | 121640 | 11444 | 5341 | 138425 | | 2 | multi-asset class | 76714 | 9538 | 4374 | 90626 | | 3 | alternatives | 4865 | 3577 | 1243 | 9685 | | 4 | long-term retail/hnw | $ 298024 | $ 77699 | $ 27761 | $ 403484 |

retail and hnw investors ( excluding investments in ishares ) retail / hnw long-term aum by asset class & client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total ._| | ( dollar amounts in millions ) | americas | emea | asia-pacific | total | |---:|:---------------------------------|:-----------|:--------|:---------------|:---------| | 0 | equity | $ 94805 | $ 53140 | $ 16803 | $ 164748 | | 1 | fixed income | 121640 | 11444 | 5341 | 138425 | | 2 | multi-asset class | 76714 | 9538 | 4374 | 90626 | | 3 | alternatives | 4865 | 3577 | 1243 | 9685 | | 4 | long-term retail/hnw | $ 298024 | $ 77699 | $ 27761 | $ 403484 |_blackrock serves retail and hnw investors globally through separate accounts , open-end and closed-end funds , unit trusts and private investment funds . at december 31 , 2012 , long-term assets managed for retail and hnw investors totaled $ 403.5 billion , up 11% ( 11 % ) , or $ 40.1 billion , versus year-end 2011 . during the year , net inflows of $ 11.6 billion in long-term products were augmented by market valuation improvements of $ 28.3 billion . retail and hnw investors are served principally through intermediaries , including broker-dealers , banks , trust companies , insurance companies and independent financial advisors . clients invest primarily in mutual funds , which totaled $ 322.4 billion , or 80% ( 80 % ) , of retail and hnw long-term aum at year-end , with the remainder invested in private investment funds and separately managed accounts . the product mix is well diversified , with 41% ( 41 % ) of long-term aum in equities , 34% ( 34 % ) in fixed income , 23% ( 23 % ) in multi-asset class and 2% ( 2 % ) in alternatives . the vast majority ( 98% ( 98 % ) ) of long-term aum is invested in active products , although this is partially inflated by the fact that ishares is shown separately , since we do not identify all of the underlying investors . the client base is also diversified geographically , with 74% ( 74 % ) of long-term aum managed for investors based in the americas , 19% ( 19 % ) in emea and 7% ( 7 % ) in asia-pacific at year- end 2012 . 2022 u.s . retail and hnw long-term inflows of $ 9.8 billion were driven by strong demand for u.s . sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity . in 2012 , we broadened the distribution of alternatives funds to bring higher alpha , institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance , raising close to $ 0.8 billion of assets . u.s . retail alternatives aum crossed the $ 5.0 billion threshold in 2012 . the year also included the launch of the blackrock municipal target term trust ( 201cbtt 201d ) with $ 2.1 billion of assets raised , making it the largest municipal fund ever launched and the largest overall industry offering since 2007 . we are the leading u.s . manager by aum of separately managed accounts , the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2 . 2022 international retail net inflows of $ 1.8 billion in 2012 were driven by fixed income net inflows of $ 5.2 billion . investor demand remained distinctly risk-off in 2012 , largely driven by macro political and economic instability and continued trends toward de-risking . equity net outflows of $ 2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets . our international retail and hnw offerings include our luxembourg cross-border fund families , blackrock global funds ( 201cbgf 201d ) , blackrock strategic funds with $ 83.1 billion and $ 2.4 billion of aum at year-end 2012 , respectively , and a range of retail funds in the united kingdom . bgf contained 67 funds registered in 35 jurisdictions at year-end 2012 . over 60% ( 60 % ) of the funds were rated by s&p . in 2012 , we were ranked as the third largest cross border fund provider3 . in the united kingdom , we ranked among the five largest fund managers3 , and are known for our innovative product offerings , especially within natural resources , european equity , asian equity and equity income . global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements . 2 simfund , cerulli 3 lipper feri .

2,012

37

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

what portion of the fixed income is related to americas?

87.9%

divide(121640, 138425)

retail and hnw investors ( excluding investments in ishares ) retail / hnw long-term aum by asset class & client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total .

blackrock serves retail and hnw investors globally through separate accounts , open-end and closed-end funds , unit trusts and private investment funds . at december 31 , 2012 , long-term assets managed for retail and hnw investors totaled $ 403.5 billion , up 11% ( 11 % ) , or $ 40.1 billion , versus year-end 2011 . during the year , net inflows of $ 11.6 billion in long-term products were augmented by market valuation improvements of $ 28.3 billion . retail and hnw investors are served principally through intermediaries , including broker-dealers , banks , trust companies , insurance companies and independent financial advisors . clients invest primarily in mutual funds , which totaled $ 322.4 billion , or 80% ( 80 % ) , of retail and hnw long-term aum at year-end , with the remainder invested in private investment funds and separately managed accounts . the product mix is well diversified , with 41% ( 41 % ) of long-term aum in equities , 34% ( 34 % ) in fixed income , 23% ( 23 % ) in multi-asset class and 2% ( 2 % ) in alternatives . the vast majority ( 98% ( 98 % ) ) of long-term aum is invested in active products , although this is partially inflated by the fact that ishares is shown separately , since we do not identify all of the underlying investors . the client base is also diversified geographically , with 74% ( 74 % ) of long-term aum managed for investors based in the americas , 19% ( 19 % ) in emea and 7% ( 7 % ) in asia-pacific at year- end 2012 . 2022 u.s . retail and hnw long-term inflows of $ 9.8 billion were driven by strong demand for u.s . sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity . in 2012 , we broadened the distribution of alternatives funds to bring higher alpha , institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance , raising close to $ 0.8 billion of assets . u.s . retail alternatives aum crossed the $ 5.0 billion threshold in 2012 . the year also included the launch of the blackrock municipal target term trust ( 201cbtt 201d ) with $ 2.1 billion of assets raised , making it the largest municipal fund ever launched and the largest overall industry offering since 2007 . we are the leading u.s . manager by aum of separately managed accounts , the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2 . 2022 international retail net inflows of $ 1.8 billion in 2012 were driven by fixed income net inflows of $ 5.2 billion . investor demand remained distinctly risk-off in 2012 , largely driven by macro political and economic instability and continued trends toward de-risking . equity net outflows of $ 2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets . our international retail and hnw offerings include our luxembourg cross-border fund families , blackrock global funds ( 201cbgf 201d ) , blackrock strategic funds with $ 83.1 billion and $ 2.4 billion of aum at year-end 2012 , respectively , and a range of retail funds in the united kingdom . bgf contained 67 funds registered in 35 jurisdictions at year-end 2012 . over 60% ( 60 % ) of the funds were rated by s&p . in 2012 , we were ranked as the third largest cross border fund provider3 . in the united kingdom , we ranked among the five largest fund managers3 , and are known for our innovative product offerings , especially within natural resources , european equity , asian equity and equity income . global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements . 2 simfund , cerulli 3 lipper feri .

| | ( dollar amounts in millions ) | americas | emea | asia-pacific | total | |---:|:---------------------------------|:-----------|:--------|:---------------|:---------| | 0 | equity | $ 94805 | $ 53140 | $ 16803 | $ 164748 | | 1 | fixed income | 121640 | 11444 | 5341 | 138425 | | 2 | multi-asset class | 76714 | 9538 | 4374 | 90626 | | 3 | alternatives | 4865 | 3577 | 1243 | 9685 | | 4 | long-term retail/hnw | $ 298024 | $ 77699 | $ 27761 | $ 403484 |

retail and hnw investors ( excluding investments in ishares ) retail / hnw long-term aum by asset class & client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total ._| | ( dollar amounts in millions ) | americas | emea | asia-pacific | total | |---:|:---------------------------------|:-----------|:--------|:---------------|:---------| | 0 | equity | $ 94805 | $ 53140 | $ 16803 | $ 164748 | | 1 | fixed income | 121640 | 11444 | 5341 | 138425 | | 2 | multi-asset class | 76714 | 9538 | 4374 | 90626 | | 3 | alternatives | 4865 | 3577 | 1243 | 9685 | | 4 | long-term retail/hnw | $ 298024 | $ 77699 | $ 27761 | $ 403484 |_blackrock serves retail and hnw investors globally through separate accounts , open-end and closed-end funds , unit trusts and private investment funds . at december 31 , 2012 , long-term assets managed for retail and hnw investors totaled $ 403.5 billion , up 11% ( 11 % ) , or $ 40.1 billion , versus year-end 2011 . during the year , net inflows of $ 11.6 billion in long-term products were augmented by market valuation improvements of $ 28.3 billion . retail and hnw investors are served principally through intermediaries , including broker-dealers , banks , trust companies , insurance companies and independent financial advisors . clients invest primarily in mutual funds , which totaled $ 322.4 billion , or 80% ( 80 % ) , of retail and hnw long-term aum at year-end , with the remainder invested in private investment funds and separately managed accounts . the product mix is well diversified , with 41% ( 41 % ) of long-term aum in equities , 34% ( 34 % ) in fixed income , 23% ( 23 % ) in multi-asset class and 2% ( 2 % ) in alternatives . the vast majority ( 98% ( 98 % ) ) of long-term aum is invested in active products , although this is partially inflated by the fact that ishares is shown separately , since we do not identify all of the underlying investors . the client base is also diversified geographically , with 74% ( 74 % ) of long-term aum managed for investors based in the americas , 19% ( 19 % ) in emea and 7% ( 7 % ) in asia-pacific at year- end 2012 . 2022 u.s . retail and hnw long-term inflows of $ 9.8 billion were driven by strong demand for u.s . sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity . in 2012 , we broadened the distribution of alternatives funds to bring higher alpha , institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance , raising close to $ 0.8 billion of assets . u.s . retail alternatives aum crossed the $ 5.0 billion threshold in 2012 . the year also included the launch of the blackrock municipal target term trust ( 201cbtt 201d ) with $ 2.1 billion of assets raised , making it the largest municipal fund ever launched and the largest overall industry offering since 2007 . we are the leading u.s . manager by aum of separately managed accounts , the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2 . 2022 international retail net inflows of $ 1.8 billion in 2012 were driven by fixed income net inflows of $ 5.2 billion . investor demand remained distinctly risk-off in 2012 , largely driven by macro political and economic instability and continued trends toward de-risking . equity net outflows of $ 2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets . our international retail and hnw offerings include our luxembourg cross-border fund families , blackrock global funds ( 201cbgf 201d ) , blackrock strategic funds with $ 83.1 billion and $ 2.4 billion of aum at year-end 2012 , respectively , and a range of retail funds in the united kingdom . bgf contained 67 funds registered in 35 jurisdictions at year-end 2012 . over 60% ( 60 % ) of the funds were rated by s&p . in 2012 , we were ranked as the third largest cross border fund provider3 . in the united kingdom , we ranked among the five largest fund managers3 , and are known for our innovative product offerings , especially within natural resources , european equity , asian equity and equity income . global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements . 2 simfund , cerulli 3 lipper feri .

2,012

37

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa788

what is the annual interest expense related to '2022 notes' , in millions?

25.3

multiply(750, 3.375%)

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

what is the annual interest expense related to '2022 notes' , in millions?

25.3

multiply(750, 3.375%)

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

finqa789

what was the cumulative lease payments to the employee who became an officer of the company following his business acquisition from 2008 to 2010

2.8

add(add(0.9, 0.9), 1.0)

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 cumulative lease payments to the employee who became an officer of the company following his business acquisition from 2008 to 2010

2.8

add(add(0.9, 0.9), 1.0)

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

finqa790

what is the lowest return for the first month of the investment?

-10.73%

subtract(89.27, const_100)

stock performance graph * $ 100 invested on 11/17/11 in our stock or 10/31/11 in the relevant index , including reinvestment of dividends . fiscal year ending december 31 , 2014 . ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana holding corp. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , fuel systems solutions inc. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , johnson controls inc. , lkq corp. , lear corp. , meritor inc. , remy international inc. , standard motor products inc. , stoneridge inc. , superior industries international , trw automotive holdings corp. , tenneco inc. , tesla motors inc. , the goodyear tire & rubber co. , tower international inc. , visteon corp. , and wabco holdings inc . company index november 17 , december 31 , december 31 , december 31 , december 31 .

dividends on february 26 , 2013 , the board of directors approved the initiation of dividend payments on the company's ordinary shares . the board of directors declared a regular quarterly cash dividend of $ 0.17 per ordinary share that was paid in each quarter of 2013 . in january 2014 , the board of directors increased the quarterly dividend rate to $ 0.25 per ordinary share , which was paid in each quarter of 2014 . in addition , in january 2015 , the board of directors declared a regular quarterly cash dividend of $ 0.25 per ordinary share , payable on february 27 , 2015 to shareholders of record at the close of business on february 18 , 2015. .

| | company index | november 17 2011 | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014 | |---:|:-------------------------------------|:-------------------|:-------------------|:-------------------|:-------------------|:-------------------| | 0 | delphi automotive plc ( 1 ) | $ 100.00 | $ 100.98 | $ 179.33 | $ 285.81 | $ 350.82 | | 1 | s&p 500 ( 2 ) | 100.00 | 100.80 | 116.93 | 154.80 | 175.99 | | 2 | automotive supplier peer group ( 3 ) | 100.00 | 89.27 | 110.41 | 166.46 | 178.05 |

stock performance graph * $ 100 invested on 11/17/11 in our stock or 10/31/11 in the relevant index , including reinvestment of dividends . fiscal year ending december 31 , 2014 . ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana holding corp. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , fuel systems solutions inc. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , johnson controls inc. , lkq corp. , lear corp. , meritor inc. , remy international inc. , standard motor products inc. , stoneridge inc. , superior industries international , trw automotive holdings corp. , tenneco inc. , tesla motors inc. , the goodyear tire & rubber co. , tower international inc. , visteon corp. , and wabco holdings inc . company index november 17 , december 31 , december 31 , december 31 , december 31 ._| | company index | november 17 2011 | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014 | |---:|:-------------------------------------|:-------------------|:-------------------|:-------------------|:-------------------|:-------------------| | 0 | delphi automotive plc ( 1 ) | $ 100.00 | $ 100.98 | $ 179.33 | $ 285.81 | $ 350.82 | | 1 | s&p 500 ( 2 ) | 100.00 | 100.80 | 116.93 | 154.80 | 175.99 | | 2 | automotive supplier peer group ( 3 ) | 100.00 | 89.27 | 110.41 | 166.46 | 178.05 |_dividends on february 26 , 2013 , the board of directors approved the initiation of dividend payments on the company's ordinary shares . the board of directors declared a regular quarterly cash dividend of $ 0.17 per ordinary share that was paid in each quarter of 2013 . in january 2014 , the board of directors increased the quarterly dividend rate to $ 0.25 per ordinary share , which was paid in each quarter of 2014 . in addition , in january 2015 , the board of directors declared a regular quarterly cash dividend of $ 0.25 per ordinary share , payable on february 27 , 2015 to shareholders of record at the close of business on february 18 , 2015. .

2,014

49

APTV

Aptiv

Consumer Discretionary

Automotive Parts & Equipment

Dublin, Ireland

2012-12-24

1,521,332

1994

what is the lowest return for the first month of the investment?

-10.73%

subtract(89.27, const_100)

stock performance graph * $ 100 invested on 11/17/11 in our stock or 10/31/11 in the relevant index , including reinvestment of dividends . fiscal year ending december 31 , 2014 . ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana holding corp. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , fuel systems solutions inc. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , johnson controls inc. , lkq corp. , lear corp. , meritor inc. , remy international inc. , standard motor products inc. , stoneridge inc. , superior industries international , trw automotive holdings corp. , tenneco inc. , tesla motors inc. , the goodyear tire & rubber co. , tower international inc. , visteon corp. , and wabco holdings inc . company index november 17 , december 31 , december 31 , december 31 , december 31 .

dividends on february 26 , 2013 , the board of directors approved the initiation of dividend payments on the company's ordinary shares . the board of directors declared a regular quarterly cash dividend of $ 0.17 per ordinary share that was paid in each quarter of 2013 . in january 2014 , the board of directors increased the quarterly dividend rate to $ 0.25 per ordinary share , which was paid in each quarter of 2014 . in addition , in january 2015 , the board of directors declared a regular quarterly cash dividend of $ 0.25 per ordinary share , payable on february 27 , 2015 to shareholders of record at the close of business on february 18 , 2015. .

| | company index | november 17 2011 | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014 | |---:|:-------------------------------------|:-------------------|:-------------------|:-------------------|:-------------------|:-------------------| | 0 | delphi automotive plc ( 1 ) | $ 100.00 | $ 100.98 | $ 179.33 | $ 285.81 | $ 350.82 | | 1 | s&p 500 ( 2 ) | 100.00 | 100.80 | 116.93 | 154.80 | 175.99 | | 2 | automotive supplier peer group ( 3 ) | 100.00 | 89.27 | 110.41 | 166.46 | 178.05 |

stock performance graph * $ 100 invested on 11/17/11 in our stock or 10/31/11 in the relevant index , including reinvestment of dividends . fiscal year ending december 31 , 2014 . ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana holding corp. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , fuel systems solutions inc. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , johnson controls inc. , lkq corp. , lear corp. , meritor inc. , remy international inc. , standard motor products inc. , stoneridge inc. , superior industries international , trw automotive holdings corp. , tenneco inc. , tesla motors inc. , the goodyear tire & rubber co. , tower international inc. , visteon corp. , and wabco holdings inc . company index november 17 , december 31 , december 31 , december 31 , december 31 ._| | company index | november 17 2011 | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014 | |---:|:-------------------------------------|:-------------------|:-------------------|:-------------------|:-------------------|:-------------------| | 0 | delphi automotive plc ( 1 ) | $ 100.00 | $ 100.98 | $ 179.33 | $ 285.81 | $ 350.82 | | 1 | s&p 500 ( 2 ) | 100.00 | 100.80 | 116.93 | 154.80 | 175.99 | | 2 | automotive supplier peer group ( 3 ) | 100.00 | 89.27 | 110.41 | 166.46 | 178.05 |_dividends on february 26 , 2013 , the board of directors approved the initiation of dividend payments on the company's ordinary shares . the board of directors declared a regular quarterly cash dividend of $ 0.17 per ordinary share that was paid in each quarter of 2013 . in january 2014 , the board of directors increased the quarterly dividend rate to $ 0.25 per ordinary share , which was paid in each quarter of 2014 . in addition , in january 2015 , the board of directors declared a regular quarterly cash dividend of $ 0.25 per ordinary share , payable on february 27 , 2015 to shareholders of record at the close of business on february 18 , 2015. .

2,014

49

APTV

Aptiv

Consumer Discretionary

Automotive Parts & Equipment

Dublin, Ireland

2012-12-24

1,521,332

1994

null

finqa791

what was the percent f the purchase obligations in 2006 set aside for the contract for the purchase of pulpwood , logs and wood chips

73.5%

divide(2.4, 3264)

contractual obligations for future payments under existing debt and lease commitments and purchase obli- gations at december 31 , 2005 , were as follows : in millions 2006 2007 2008 2009 2010 thereafter .

( a ) the 2006 amount includes $ 2.4 billion for contracts made in the ordinary course of business to purchase pulpwood , logs and wood chips . the majority of our other purchase obligations are take-or-pay or purchase commitments made in the ordinary course of business related to raw material purchases and energy contracts . other significant items include purchase obligations related to contracted services . transformation plan in july 2005 , the company announced a plan to focus its business portfolio on two key global platform businesses : uncoated papers ( including distribution ) and packaging . the plan also focuses on improving shareholder return through mill realignments in those two businesses , additional cost improvements and exploring strategic options for other businesses , includ- ing possible sale or spin-off . in connection with this process , in the third quarter of 2005 , the company completed the sale of its 50.5% ( 50.5 % ) interest in carter holt harvey limited . other businesses currently under re- view include : 2022 the coated and supercalendered papers busi- ness , including the coated groundwood mill and associated assets in brazil , 2022 the beverage packaging business , including the pine bluff , arkansas mill , 2022 the kraft papers business , including the roa- noke rapids , north carolina mill , 2022 arizona chemical , 2022 the wood products business , and 2022 segments or potentially all of the company 2019s 6.5 million acres of u.s . forestlands . consistent with this evaluation process , the com- pany has distributed bid package information for some of these businesses . the exact timing of this evaluation process will vary by business ; however , it is anticipated that decisions will be made for some of these businesses during 2006 . while the exact use of any proceeds from potential future sales is dependent upon various factors affecting future cash flows , such as the amount of any proceeds received and changes in market conditions , input costs and capital spending , the company remains committed to using its free cash flow in 2006 to pay down debt , to return value to shareholders , and for se- lective high-return investments . critical accounting policies the preparation of financial statements in con- formity with generally accepted accounting principles in the united states requires international paper to estab- lish accounting policies and to make estimates that af- fect both the amounts and timing of the recording of assets , liabilities , revenues and expenses . some of these estimates require judgments about matters that are in- herently uncertain . accounting policies whose application may have a significant effect on the reported results of operations and financial position of international paper , and that can require judgments by management that affect their application , include sfas no . 5 , 201caccounting for contingencies , 201d sfas no . 144 , 201caccounting for the impairment or disposal of long-lived assets , 201d sfas no . 142 , 201cgoodwill and other intangible assets , 201d sfas no . 87 , 201cemployers 2019 accounting for pensions , 201d sfas no . 106 , 201cemployers 2019 accounting for postretirement benefits other than pensions , 201d as amended by sfas nos . 132 and 132r , 201cemployers 2019 disclosures about pension and other postretirement benefits , 201d and sfas no . 109 , 201caccounting for income taxes . 201d the following is a discussion of the impact of these accounting policies on international paper : contingent liabilities . accruals for contingent li- abilities , including legal and environmental matters , are recorded when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated . liabilities accrued for legal matters require judgments regarding projected outcomes and range of loss based on historical experience and recommendations of legal counsel . additionally , as dis- cussed in note 10 of the notes to consolidated finan- cial statements in item 8 . financial statements and supplementary data , reserves for projected future claims settlements relating to exterior siding and roofing prod- ucts previously manufactured by masonite require judgments regarding projections of future claims rates and amounts . international paper utilizes an in- dependent third party consultant to assist in developing these estimates . liabilities for environmental matters require evaluations of relevant environmental regu- lations and estimates of future remediation alternatives and costs . international paper determines these esti- mates after a detailed evaluation of each site . impairment of long-lived assets and goodwill . an impairment of a long-lived asset exists when the asset 2019s carrying amount exceeds its fair value , and is recorded when the carrying amount is not recoverable through future operations . a goodwill impairment exists when the carrying amount of goodwill exceeds its fair value . assessments of possible impairments of long-lived assets and goodwill are made when events or changes in cir- cumstances indicate that the carrying value of the asset .

| | in millions | 2006 | 2007 | 2008 | 2009 | 2010 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | total debt | $ 1181 | $ 570 | $ 308 | $ 2330 | $ 1534 | $ 6281 | | 1 | lease obligations | 172 | 144 | 119 | 76 | 63 | 138 | | 2 | purchase obligations ( a ) | 3264 | 393 | 280 | 240 | 204 | 1238 | | 3 | total | $ 4617 | $ 1107 | $ 707 | $ 2646 | $ 1801 | $ 7657 |

contractual obligations for future payments under existing debt and lease commitments and purchase obli- gations at december 31 , 2005 , were as follows : in millions 2006 2007 2008 2009 2010 thereafter ._| | in millions | 2006 | 2007 | 2008 | 2009 | 2010 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | total debt | $ 1181 | $ 570 | $ 308 | $ 2330 | $ 1534 | $ 6281 | | 1 | lease obligations | 172 | 144 | 119 | 76 | 63 | 138 | | 2 | purchase obligations ( a ) | 3264 | 393 | 280 | 240 | 204 | 1238 | | 3 | total | $ 4617 | $ 1107 | $ 707 | $ 2646 | $ 1801 | $ 7657 |_( a ) the 2006 amount includes $ 2.4 billion for contracts made in the ordinary course of business to purchase pulpwood , logs and wood chips . the majority of our other purchase obligations are take-or-pay or purchase commitments made in the ordinary course of business related to raw material purchases and energy contracts . other significant items include purchase obligations related to contracted services . transformation plan in july 2005 , the company announced a plan to focus its business portfolio on two key global platform businesses : uncoated papers ( including distribution ) and packaging . the plan also focuses on improving shareholder return through mill realignments in those two businesses , additional cost improvements and exploring strategic options for other businesses , includ- ing possible sale or spin-off . in connection with this process , in the third quarter of 2005 , the company completed the sale of its 50.5% ( 50.5 % ) interest in carter holt harvey limited . other businesses currently under re- view include : 2022 the coated and supercalendered papers busi- ness , including the coated groundwood mill and associated assets in brazil , 2022 the beverage packaging business , including the pine bluff , arkansas mill , 2022 the kraft papers business , including the roa- noke rapids , north carolina mill , 2022 arizona chemical , 2022 the wood products business , and 2022 segments or potentially all of the company 2019s 6.5 million acres of u.s . forestlands . consistent with this evaluation process , the com- pany has distributed bid package information for some of these businesses . the exact timing of this evaluation process will vary by business ; however , it is anticipated that decisions will be made for some of these businesses during 2006 . while the exact use of any proceeds from potential future sales is dependent upon various factors affecting future cash flows , such as the amount of any proceeds received and changes in market conditions , input costs and capital spending , the company remains committed to using its free cash flow in 2006 to pay down debt , to return value to shareholders , and for se- lective high-return investments . critical accounting policies the preparation of financial statements in con- formity with generally accepted accounting principles in the united states requires international paper to estab- lish accounting policies and to make estimates that af- fect both the amounts and timing of the recording of assets , liabilities , revenues and expenses . some of these estimates require judgments about matters that are in- herently uncertain . accounting policies whose application may have a significant effect on the reported results of operations and financial position of international paper , and that can require judgments by management that affect their application , include sfas no . 5 , 201caccounting for contingencies , 201d sfas no . 144 , 201caccounting for the impairment or disposal of long-lived assets , 201d sfas no . 142 , 201cgoodwill and other intangible assets , 201d sfas no . 87 , 201cemployers 2019 accounting for pensions , 201d sfas no . 106 , 201cemployers 2019 accounting for postretirement benefits other than pensions , 201d as amended by sfas nos . 132 and 132r , 201cemployers 2019 disclosures about pension and other postretirement benefits , 201d and sfas no . 109 , 201caccounting for income taxes . 201d the following is a discussion of the impact of these accounting policies on international paper : contingent liabilities . accruals for contingent li- abilities , including legal and environmental matters , are recorded when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated . liabilities accrued for legal matters require judgments regarding projected outcomes and range of loss based on historical experience and recommendations of legal counsel . additionally , as dis- cussed in note 10 of the notes to consolidated finan- cial statements in item 8 . financial statements and supplementary data , reserves for projected future claims settlements relating to exterior siding and roofing prod- ucts previously manufactured by masonite require judgments regarding projections of future claims rates and amounts . international paper utilizes an in- dependent third party consultant to assist in developing these estimates . liabilities for environmental matters require evaluations of relevant environmental regu- lations and estimates of future remediation alternatives and costs . international paper determines these esti- mates after a detailed evaluation of each site . impairment of long-lived assets and goodwill . an impairment of a long-lived asset exists when the asset 2019s carrying amount exceeds its fair value , and is recorded when the carrying amount is not recoverable through future operations . a goodwill impairment exists when the carrying amount of goodwill exceeds its fair value . assessments of possible impairments of long-lived assets and goodwill are made when events or changes in cir- cumstances indicate that the carrying value of the asset .

2,005

35

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

what was the percent f the purchase obligations in 2006 set aside for the contract for the purchase of pulpwood , logs and wood chips

73.5%

divide(2.4, 3264)

contractual obligations for future payments under existing debt and lease commitments and purchase obli- gations at december 31 , 2005 , were as follows : in millions 2006 2007 2008 2009 2010 thereafter .

( a ) the 2006 amount includes $ 2.4 billion for contracts made in the ordinary course of business to purchase pulpwood , logs and wood chips . the majority of our other purchase obligations are take-or-pay or purchase commitments made in the ordinary course of business related to raw material purchases and energy contracts . other significant items include purchase obligations related to contracted services . transformation plan in july 2005 , the company announced a plan to focus its business portfolio on two key global platform businesses : uncoated papers ( including distribution ) and packaging . the plan also focuses on improving shareholder return through mill realignments in those two businesses , additional cost improvements and exploring strategic options for other businesses , includ- ing possible sale or spin-off . in connection with this process , in the third quarter of 2005 , the company completed the sale of its 50.5% ( 50.5 % ) interest in carter holt harvey limited . other businesses currently under re- view include : 2022 the coated and supercalendered papers busi- ness , including the coated groundwood mill and associated assets in brazil , 2022 the beverage packaging business , including the pine bluff , arkansas mill , 2022 the kraft papers business , including the roa- noke rapids , north carolina mill , 2022 arizona chemical , 2022 the wood products business , and 2022 segments or potentially all of the company 2019s 6.5 million acres of u.s . forestlands . consistent with this evaluation process , the com- pany has distributed bid package information for some of these businesses . the exact timing of this evaluation process will vary by business ; however , it is anticipated that decisions will be made for some of these businesses during 2006 . while the exact use of any proceeds from potential future sales is dependent upon various factors affecting future cash flows , such as the amount of any proceeds received and changes in market conditions , input costs and capital spending , the company remains committed to using its free cash flow in 2006 to pay down debt , to return value to shareholders , and for se- lective high-return investments . critical accounting policies the preparation of financial statements in con- formity with generally accepted accounting principles in the united states requires international paper to estab- lish accounting policies and to make estimates that af- fect both the amounts and timing of the recording of assets , liabilities , revenues and expenses . some of these estimates require judgments about matters that are in- herently uncertain . accounting policies whose application may have a significant effect on the reported results of operations and financial position of international paper , and that can require judgments by management that affect their application , include sfas no . 5 , 201caccounting for contingencies , 201d sfas no . 144 , 201caccounting for the impairment or disposal of long-lived assets , 201d sfas no . 142 , 201cgoodwill and other intangible assets , 201d sfas no . 87 , 201cemployers 2019 accounting for pensions , 201d sfas no . 106 , 201cemployers 2019 accounting for postretirement benefits other than pensions , 201d as amended by sfas nos . 132 and 132r , 201cemployers 2019 disclosures about pension and other postretirement benefits , 201d and sfas no . 109 , 201caccounting for income taxes . 201d the following is a discussion of the impact of these accounting policies on international paper : contingent liabilities . accruals for contingent li- abilities , including legal and environmental matters , are recorded when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated . liabilities accrued for legal matters require judgments regarding projected outcomes and range of loss based on historical experience and recommendations of legal counsel . additionally , as dis- cussed in note 10 of the notes to consolidated finan- cial statements in item 8 . financial statements and supplementary data , reserves for projected future claims settlements relating to exterior siding and roofing prod- ucts previously manufactured by masonite require judgments regarding projections of future claims rates and amounts . international paper utilizes an in- dependent third party consultant to assist in developing these estimates . liabilities for environmental matters require evaluations of relevant environmental regu- lations and estimates of future remediation alternatives and costs . international paper determines these esti- mates after a detailed evaluation of each site . impairment of long-lived assets and goodwill . an impairment of a long-lived asset exists when the asset 2019s carrying amount exceeds its fair value , and is recorded when the carrying amount is not recoverable through future operations . a goodwill impairment exists when the carrying amount of goodwill exceeds its fair value . assessments of possible impairments of long-lived assets and goodwill are made when events or changes in cir- cumstances indicate that the carrying value of the asset .

| | in millions | 2006 | 2007 | 2008 | 2009 | 2010 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | total debt | $ 1181 | $ 570 | $ 308 | $ 2330 | $ 1534 | $ 6281 | | 1 | lease obligations | 172 | 144 | 119 | 76 | 63 | 138 | | 2 | purchase obligations ( a ) | 3264 | 393 | 280 | 240 | 204 | 1238 | | 3 | total | $ 4617 | $ 1107 | $ 707 | $ 2646 | $ 1801 | $ 7657 |

contractual obligations for future payments under existing debt and lease commitments and purchase obli- gations at december 31 , 2005 , were as follows : in millions 2006 2007 2008 2009 2010 thereafter ._| | in millions | 2006 | 2007 | 2008 | 2009 | 2010 | thereafter | |---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------| | 0 | total debt | $ 1181 | $ 570 | $ 308 | $ 2330 | $ 1534 | $ 6281 | | 1 | lease obligations | 172 | 144 | 119 | 76 | 63 | 138 | | 2 | purchase obligations ( a ) | 3264 | 393 | 280 | 240 | 204 | 1238 | | 3 | total | $ 4617 | $ 1107 | $ 707 | $ 2646 | $ 1801 | $ 7657 |_( a ) the 2006 amount includes $ 2.4 billion for contracts made in the ordinary course of business to purchase pulpwood , logs and wood chips . the majority of our other purchase obligations are take-or-pay or purchase commitments made in the ordinary course of business related to raw material purchases and energy contracts . other significant items include purchase obligations related to contracted services . transformation plan in july 2005 , the company announced a plan to focus its business portfolio on two key global platform businesses : uncoated papers ( including distribution ) and packaging . the plan also focuses on improving shareholder return through mill realignments in those two businesses , additional cost improvements and exploring strategic options for other businesses , includ- ing possible sale or spin-off . in connection with this process , in the third quarter of 2005 , the company completed the sale of its 50.5% ( 50.5 % ) interest in carter holt harvey limited . other businesses currently under re- view include : 2022 the coated and supercalendered papers busi- ness , including the coated groundwood mill and associated assets in brazil , 2022 the beverage packaging business , including the pine bluff , arkansas mill , 2022 the kraft papers business , including the roa- noke rapids , north carolina mill , 2022 arizona chemical , 2022 the wood products business , and 2022 segments or potentially all of the company 2019s 6.5 million acres of u.s . forestlands . consistent with this evaluation process , the com- pany has distributed bid package information for some of these businesses . the exact timing of this evaluation process will vary by business ; however , it is anticipated that decisions will be made for some of these businesses during 2006 . while the exact use of any proceeds from potential future sales is dependent upon various factors affecting future cash flows , such as the amount of any proceeds received and changes in market conditions , input costs and capital spending , the company remains committed to using its free cash flow in 2006 to pay down debt , to return value to shareholders , and for se- lective high-return investments . critical accounting policies the preparation of financial statements in con- formity with generally accepted accounting principles in the united states requires international paper to estab- lish accounting policies and to make estimates that af- fect both the amounts and timing of the recording of assets , liabilities , revenues and expenses . some of these estimates require judgments about matters that are in- herently uncertain . accounting policies whose application may have a significant effect on the reported results of operations and financial position of international paper , and that can require judgments by management that affect their application , include sfas no . 5 , 201caccounting for contingencies , 201d sfas no . 144 , 201caccounting for the impairment or disposal of long-lived assets , 201d sfas no . 142 , 201cgoodwill and other intangible assets , 201d sfas no . 87 , 201cemployers 2019 accounting for pensions , 201d sfas no . 106 , 201cemployers 2019 accounting for postretirement benefits other than pensions , 201d as amended by sfas nos . 132 and 132r , 201cemployers 2019 disclosures about pension and other postretirement benefits , 201d and sfas no . 109 , 201caccounting for income taxes . 201d the following is a discussion of the impact of these accounting policies on international paper : contingent liabilities . accruals for contingent li- abilities , including legal and environmental matters , are recorded when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated . liabilities accrued for legal matters require judgments regarding projected outcomes and range of loss based on historical experience and recommendations of legal counsel . additionally , as dis- cussed in note 10 of the notes to consolidated finan- cial statements in item 8 . financial statements and supplementary data , reserves for projected future claims settlements relating to exterior siding and roofing prod- ucts previously manufactured by masonite require judgments regarding projections of future claims rates and amounts . international paper utilizes an in- dependent third party consultant to assist in developing these estimates . liabilities for environmental matters require evaluations of relevant environmental regu- lations and estimates of future remediation alternatives and costs . international paper determines these esti- mates after a detailed evaluation of each site . impairment of long-lived assets and goodwill . an impairment of a long-lived asset exists when the asset 2019s carrying amount exceeds its fair value , and is recorded when the carrying amount is not recoverable through future operations . a goodwill impairment exists when the carrying amount of goodwill exceeds its fair value . assessments of possible impairments of long-lived assets and goodwill are made when events or changes in cir- cumstances indicate that the carrying value of the asset .

2,005

35

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa792

what portion of total long-term borrowings is due in the next 36 months?

29.3%

divide(add(750, 700), 4950)

credit facility , which was amended in 2013 and 2012 . in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 . the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) . the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 . the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities . at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility . commercial paper program . on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion . blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 . in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion . the cp program is currently supported by the 2014 credit facility . at december 31 , 2014 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value .

long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes . the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes . at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest .

| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 | | 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 | | 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 | | 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 | | 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 | | 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 | | 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 |

credit facility , which was amended in 2013 and 2012 . in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 . the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) . the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 . the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities . at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility . commercial paper program . on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion . blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 . in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion . the cp program is currently supported by the 2014 credit facility . at december 31 , 2014 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value ._| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 | | 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 | | 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 | | 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 | | 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 | | 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 | | 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 |_long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes . the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes . at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest .

2,014

119

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

what portion of total long-term borrowings is due in the next 36 months?

29.3%

divide(add(750, 700), 4950)

credit facility , which was amended in 2013 and 2012 . in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 . the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) . the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 . the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities . at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility . commercial paper program . on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion . blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 . in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion . the cp program is currently supported by the 2014 credit facility . at december 31 , 2014 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value .

long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes . the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes . at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest .

| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 | | 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 | | 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 | | 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 | | 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 | | 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 | | 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 |

credit facility , which was amended in 2013 and 2012 . in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 . the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) . the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 . the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities . at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility . commercial paper program . on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion . blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 . in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion . the cp program is currently supported by the 2014 credit facility . at december 31 , 2014 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value ._| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value | |---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------| | 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 | | 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 | | 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 | | 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 | | 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 | | 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 | | 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 |_long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes . the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes . at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2015 and 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes . the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes . at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . ( 201cmerrill lynch 201d ) . interest .

2,014

119

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa793

what was the net change in the number of environmental sites from 2011 to 2012?

-1

subtract(284, 285)

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

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

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

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

2,013

44

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the net change in the number of environmental sites from 2011 to 2012?

-1

subtract(284, 285)

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

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

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

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

2,013

44

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa794

what was the percentage change in cash provided by operating activities from 2013 to 2014?

8%

divide(subtract(7385, 6823), 6823)

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

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

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

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

2,014

35

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percentage change in cash provided by operating activities from 2013 to 2014?

8%

divide(subtract(7385, 6823), 6823)

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

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

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

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

2,014

35

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa795

what percentage of total number of shares purchased were purchased in december?

46%

divide(1787343, 3915795)

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

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

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

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

2,011

21

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what percentage of total number of shares purchased were purchased in december?

46%

divide(1787343, 3915795)

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

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

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

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

2,011

21

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa796

what are the pre tax gains recognized in other comprehensive income in 2015?

29

add(19, 11)

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .

long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value ._| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |_long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

2,016

119

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

what are the pre tax gains recognized in other comprehensive income in 2015?

29

add(19, 11)

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .

long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |

$ 239 million , respectively , at december 31 , 2015 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) . the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary . 12 . borrowings short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2016 . the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities . at december 31 , 2016 , the company had no amount outstanding under the 2016 credit facility . commercial paper program . the company can issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion . the commercial paper program is currently supported by the 2016 credit facility . at december 31 , 2016 , blackrock had no cp notes outstanding . long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value ._| | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value | |---:|:----------------------------------|:-----------------|:-----------------------------------------------|:-----------------|:-------------| | 0 | 6.25% ( 6.25 % ) notes due 2017 | $ 700 | $ 2014 | $ 700 | $ 724 | | 1 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -3 ( 3 ) | 997 | 1086 | | 2 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -4 ( 4 ) | 746 | 808 | | 3 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 775 | | 4 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1030 | | 5 | 1.25% ( 1.25 % ) notes due 2025 | 738 | -6 ( 6 ) | 732 | 742 | | 6 | total long-term borrowings | $ 4938 | $ -23 ( 23 ) | $ 4915 | $ 5165 |_long-term borrowings at december 31 , 2015 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2025 notes . in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) . the notes are listed on the new york stock exchange . the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness . interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year . the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes . upon conversion to u.s . dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations . gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively . no hedge ineffectiveness was recognized during 2016 . 2024 notes . in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) . the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 . interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year . the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes . 2022 notes . in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) . net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes . interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 . the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the 201cmake- whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of .

2,016

119

BLK

BlackRock

Financials

Asset Management & Custody Banks

New York City, New York

2011-04-04

2,012,383

1988

null

finqa797

what is the variation observed between the tangible and intangible assets , in millions?

5.5

subtract(14.0, 8.5)

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 is the variation observed between the tangible and intangible assets , in millions?

5.5

subtract(14.0, 8.5)

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

finqa798

what was the percentage change in accrued wages and vacation from 2007 to 2008?

-7%

divide(subtract(367, 394), 394)

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 track structure expansion ( capacity projects ) and replacement ( program projects ) , which is typically performed by our employees . approximately 13% ( 13 % ) of our full-time equivalent employees are dedicated to the construction of capital assets . costs that are directly attributable or overhead costs that relate directly to capital projects 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 . these costs are allocated using appropriate statistical bases . the capitalization of indirect costs is consistent with fasb statement no . 67 , accounting for costs and initial rental operations of real estate projects . 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 . 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 . 10 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions of dollars 2008 2007 .

11 . fair value measurements during the first quarter of 2008 , we fully adopted fasb statement no . 157 , fair value measurements ( fas 157 ) . fas 157 established a framework for measuring fair value and expanded disclosures about fair value measurements . the adoption of fas 157 had no impact on our financial position or results of operations . fas 157 applies to all assets and liabilities that are measured and reported on a fair value basis . this enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values . the statement requires that each asset and liability carried at fair value be classified into one of the following categories : level 1 : quoted market prices in active markets for identical assets or liabilities . level 2 : observable market based inputs or unobservable inputs that are corroborated by market data . level 3 : unobservable inputs that are not corroborated by market data. .

| | millions of dollars | dec . 31 2008 | dec . 31 2007 | |---:|:-----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 629 | $ 732 | | 1 | accrued wages and vacation | 367 | 394 | | 2 | accrued casualty costs | 390 | 371 | | 3 | income and other taxes | 207 | 343 | | 4 | dividends and interest | 328 | 284 | | 5 | equipment rents payable | 93 | 103 | | 6 | other | 546 | 675 | | 7 | total accounts payable and other current liabilities | $ 2560 | $ 2902 |

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 track structure expansion ( capacity projects ) and replacement ( program projects ) , which is typically performed by our employees . approximately 13% ( 13 % ) of our full-time equivalent employees are dedicated to the construction of capital assets . costs that are directly attributable or overhead costs that relate directly to capital projects 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 . these costs are allocated using appropriate statistical bases . the capitalization of indirect costs is consistent with fasb statement no . 67 , accounting for costs and initial rental operations of real estate projects . 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 . 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 . 10 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions of dollars 2008 2007 ._| | millions of dollars | dec . 31 2008 | dec . 31 2007 | |---:|:-----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 629 | $ 732 | | 1 | accrued wages and vacation | 367 | 394 | | 2 | accrued casualty costs | 390 | 371 | | 3 | income and other taxes | 207 | 343 | | 4 | dividends and interest | 328 | 284 | | 5 | equipment rents payable | 93 | 103 | | 6 | other | 546 | 675 | | 7 | total accounts payable and other current liabilities | $ 2560 | $ 2902 |_11 . fair value measurements during the first quarter of 2008 , we fully adopted fasb statement no . 157 , fair value measurements ( fas 157 ) . fas 157 established a framework for measuring fair value and expanded disclosures about fair value measurements . the adoption of fas 157 had no impact on our financial position or results of operations . fas 157 applies to all assets and liabilities that are measured and reported on a fair value basis . this enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values . the statement requires that each asset and liability carried at fair value be classified into one of the following categories : level 1 : quoted market prices in active markets for identical assets or liabilities . level 2 : observable market based inputs or unobservable inputs that are corroborated by market data . level 3 : unobservable inputs that are not corroborated by market data. .

2,008

77

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

what was the percentage change in accrued wages and vacation from 2007 to 2008?

-7%

divide(subtract(367, 394), 394)

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 track structure expansion ( capacity projects ) and replacement ( program projects ) , which is typically performed by our employees . approximately 13% ( 13 % ) of our full-time equivalent employees are dedicated to the construction of capital assets . costs that are directly attributable or overhead costs that relate directly to capital projects 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 . these costs are allocated using appropriate statistical bases . the capitalization of indirect costs is consistent with fasb statement no . 67 , accounting for costs and initial rental operations of real estate projects . 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 . 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 . 10 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions of dollars 2008 2007 .

11 . fair value measurements during the first quarter of 2008 , we fully adopted fasb statement no . 157 , fair value measurements ( fas 157 ) . fas 157 established a framework for measuring fair value and expanded disclosures about fair value measurements . the adoption of fas 157 had no impact on our financial position or results of operations . fas 157 applies to all assets and liabilities that are measured and reported on a fair value basis . this enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values . the statement requires that each asset and liability carried at fair value be classified into one of the following categories : level 1 : quoted market prices in active markets for identical assets or liabilities . level 2 : observable market based inputs or unobservable inputs that are corroborated by market data . level 3 : unobservable inputs that are not corroborated by market data. .

| | millions of dollars | dec . 31 2008 | dec . 31 2007 | |---:|:-----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 629 | $ 732 | | 1 | accrued wages and vacation | 367 | 394 | | 2 | accrued casualty costs | 390 | 371 | | 3 | income and other taxes | 207 | 343 | | 4 | dividends and interest | 328 | 284 | | 5 | equipment rents payable | 93 | 103 | | 6 | other | 546 | 675 | | 7 | total accounts payable and other current liabilities | $ 2560 | $ 2902 |

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 track structure expansion ( capacity projects ) and replacement ( program projects ) , which is typically performed by our employees . approximately 13% ( 13 % ) of our full-time equivalent employees are dedicated to the construction of capital assets . costs that are directly attributable or overhead costs that relate directly to capital projects 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 . these costs are allocated using appropriate statistical bases . the capitalization of indirect costs is consistent with fasb statement no . 67 , accounting for costs and initial rental operations of real estate projects . 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 . 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 . 10 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions of dollars 2008 2007 ._| | millions of dollars | dec . 31 2008 | dec . 31 2007 | |---:|:-----------------------------------------------------|:----------------|:----------------| | 0 | accounts payable | $ 629 | $ 732 | | 1 | accrued wages and vacation | 367 | 394 | | 2 | accrued casualty costs | 390 | 371 | | 3 | income and other taxes | 207 | 343 | | 4 | dividends and interest | 328 | 284 | | 5 | equipment rents payable | 93 | 103 | | 6 | other | 546 | 675 | | 7 | total accounts payable and other current liabilities | $ 2560 | $ 2902 |_11 . fair value measurements during the first quarter of 2008 , we fully adopted fasb statement no . 157 , fair value measurements ( fas 157 ) . fas 157 established a framework for measuring fair value and expanded disclosures about fair value measurements . the adoption of fas 157 had no impact on our financial position or results of operations . fas 157 applies to all assets and liabilities that are measured and reported on a fair value basis . this enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values . the statement requires that each asset and liability carried at fair value be classified into one of the following categories : level 1 : quoted market prices in active markets for identical assets or liabilities . level 2 : observable market based inputs or unobservable inputs that are corroborated by market data . level 3 : unobservable inputs that are not corroborated by market data. .

2,008

77

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa799

compared to the lowest stock price , how much did advanced auto parts outperform the overall market?

71.8%

subtract(divide(subtract(201.18, 97.26), 97.26), divide(subtract(88.67, 65.70), 65.70))

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

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

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

2,011

28

AAP

Advance Auto Parts, Inc.

Consumer Discretionary

Specialty Retail

Raleigh, NC

2015-01-01

1,158,449

1932

compared to the lowest stock price , how much did advanced auto parts outperform the overall market?

71.8%

subtract(divide(subtract(201.18, 97.26), 97.26), divide(subtract(88.67, 65.70), 65.70))

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

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

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

2,011

28

AAP

Advance Auto Parts, Inc.

Consumer Discretionary

Specialty Retail

Raleigh, NC

2015-01-01

1,158,449

1932

null