[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what portion of tax benefit would affect the effective tax rate if recognized as of december 31 , 2011?

Pre-table text:
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 .

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

Post-table text:
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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

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

Pre-table text:
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 .

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

Post-table text:
( 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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what was the percentage change in equipment rents payable from 2007 to 2008?

Pre-table text:
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 .

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

Post-table text:
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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what percentage of total contractual obligations come from after five years?

Pre-table text:
contractual obligations the company's significant contractual obligations as of december 31 , 2013 are summarized below: .

Table:
( in thousands )	payments due by period total	payments due by period within 1 year	payments due by period 2 2013 3 years	payments due by period 4 2013 5 years	payments due by period after 5 years
global headquarters operating leases ( 1 )	$ 68389	$ 1429	$ 8556	$ 8556	$ 49848
other operating leases ( 2 )	35890	11401	12045	5249	7195
unconditional purchase obligations ( 3 )	3860	2872	988	2014	2014
obligations related to uncertain tax positions including interest and penalties ( 4 )	933	933	2014	2014	2014
other long-term obligations ( 5 )	35463	11140	17457	3780	3086
total contractual obligations	$ 144535	$ 27775	$ 39046	$ 17585	$ 60129

Post-table text:
( 1 ) on september 14 , 2012 , the company entered into a lease agreement for a to-be-built office facility in canonsburg , pennsylvania , which will serve as the company's new headquarters .
the lease was effective as of september 14 , 2012 , but because the premises are under construction , the company will not be obligated to pay rent until january 1 , 2015 .
the term of the lease is 183 months , beginning on the date the company takes possession of the facility .
the company shall have a one-time right to terminate the lease effective upon the last day of the tenth full year following the date of possession ( anticipated to be december 31 , 2025 ) , by providing the landlord with at least 18 months' prior written notice of such termination .
the company's lease for its existing headquarters expires on december 31 , 2014 .
( 2 ) other operating leases primarily include noncancellable lease commitments for the company 2019s other domestic and international offices as well as certain operating equipment .
( 3 ) unconditional purchase obligations primarily include software licenses and long-term purchase contracts for network , communication and office maintenance services , which are unrecorded as of december 31 , 2013 .
( 4 ) the company has $ 17.9 million of unrecognized tax benefits , including estimated interest and penalties , that have been recorded as liabilities in accordance with income tax accounting guidance for which the company is uncertain as to if or when such amounts may be settled .
as a result , such amounts are excluded from the table above .
( 5 ) primarily includes deferred compensation of $ 20.0 million ( including estimated imputed interest of $ 250000 within 1 year , $ 580000 within 2-3 years and $ 90000 within 4-5 years ) , contingent consideration of $ 8.0 million ( including estimated imputed interest of $ 360000 within 1 year and $ 740000 within 2-3 years ) and pension obligations of $ 5.4 million for certain foreign locations of the company .
table of contents .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what was the percentage change in total expense for repairs and maintenance from 2012 to 2013?

Pre-table text:
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 .

Table:
millions	dec . 31 2014	dec . 312013
accounts payable	$ 877	$ 803
dividends payable	438	356
income and other taxes payable	412	491
accrued wages and vacation	409	385
accrued casualty costs	249	207
interest payable	178	169
equipment rents payable	100	96
other	640	579
total accounts payable and othercurrent liabilities	$ 3303	$ 3086

Post-table text:
.

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what is the growth rate in based rent for hudson yards , new york facility in the second period?

Pre-table text:
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 ) .

Table:
year	amount
2018	141
2019	132
2020	126
2021	118
2022	109
thereafter	1580
total	$ 2206

Post-table text:
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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what was the percentage change in cash provided by operating activities from 2014 to 2015?

Pre-table text:
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 .

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

Post-table text:
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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what was the percentage change in fuel surcharge program freight revenue from 2013 to 2014?

Pre-table text:
results of operations operating revenues millions 2014 2013 2012 % (  % ) change 2014 v 2013 % (  % ) change 2013 v 2012 .

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

Post-table text:
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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what is the average value for sales?

Pre-table text:
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 .

Table:
in millions	2009	2008	2007
sales	$ 3060	$ 3195	$ 3015
operating profit	433	17	112

Post-table text:
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 .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what percentage of total contractual obligations comes from global headquarters operating leases?

Pre-table text:
contractual obligations the company's significant contractual obligations as of december 31 , 2013 are summarized below: .

Table:
( in thousands )	payments due by period total	payments due by period within 1 year	payments due by period 2 2013 3 years	payments due by period 4 2013 5 years	payments due by period after 5 years
global headquarters operating leases ( 1 )	$ 68389	$ 1429	$ 8556	$ 8556	$ 49848
other operating leases ( 2 )	35890	11401	12045	5249	7195
unconditional purchase obligations ( 3 )	3860	2872	988	2014	2014
obligations related to uncertain tax positions including interest and penalties ( 4 )	933	933	2014	2014	2014
other long-term obligations ( 5 )	35463	11140	17457	3780	3086
total contractual obligations	$ 144535	$ 27775	$ 39046	$ 17585	$ 60129

Post-table text:
( 1 ) on september 14 , 2012 , the company entered into a lease agreement for a to-be-built office facility in canonsburg , pennsylvania , which will serve as the company's new headquarters .
the lease was effective as of september 14 , 2012 , but because the premises are under construction , the company will not be obligated to pay rent until january 1 , 2015 .
the term of the lease is 183 months , beginning on the date the company takes possession of the facility .
the company shall have a one-time right to terminate the lease effective upon the last day of the tenth full year following the date of possession ( anticipated to be december 31 , 2025 ) , by providing the landlord with at least 18 months' prior written notice of such termination .
the company's lease for its existing headquarters expires on december 31 , 2014 .
( 2 ) other operating leases primarily include noncancellable lease commitments for the company 2019s other domestic and international offices as well as certain operating equipment .
( 3 ) unconditional purchase obligations primarily include software licenses and long-term purchase contracts for network , communication and office maintenance services , which are unrecorded as of december 31 , 2013 .
( 4 ) the company has $ 17.9 million of unrecognized tax benefits , including estimated interest and penalties , that have been recorded as liabilities in accordance with income tax accounting guidance for which the company is uncertain as to if or when such amounts may be settled .
as a result , such amounts are excluded from the table above .
( 5 ) primarily includes deferred compensation of $ 20.0 million ( including estimated imputed interest of $ 250000 within 1 year , $ 580000 within 2-3 years and $ 90000 within 4-5 years ) , contingent consideration of $ 8.0 million ( including estimated imputed interest of $ 360000 within 1 year and $ 740000 within 2-3 years ) and pension obligations of $ 5.4 million for certain foreign locations of the company .
table of contents .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what portion of the last payment for the final milestone was paid through the issuance of common stock?

Pre-table text:
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: .

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

Post-table text:
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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what portion of total future obligations is related to operating lease obligations as of march 31 , 2007?

Pre-table text:
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. .

Table:
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
operating lease obligations	$ 7669	$ 1960	$ 3441	$ 1652	$ 616
purchase obligations	6421	6421	2014	2014	2014
total obligations	$ 14090	$ 8381	$ 3441	$ 1652	$ 616

Post-table text:
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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what was the percentage change in free cash flow from 2014 to 2015?

Pre-table text:
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 ) : .

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

Post-table text:
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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what portion of total long-term borrowings is due in the next 24 months?

Pre-table text:
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 .

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

Post-table text:
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 .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
in 2010 what was the sum of the future minimum lease commitments due in 2014

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

Table:
2011	$ 62465
2012	54236
2013	47860
2014	37660
2015	28622
thereafter	79800
future minimum lease payments	$ 310643

Post-table text:
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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what percentage of total number of shares purchased were purchased in october ?

Pre-table text:
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] .

Table:
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]
oct . 1 through oct . 31	379488	87.46	371639	31370427
nov . 1 through nov . 30	1748964	98.41	1733877	29636550
dec . 1 through dec . 31	1787343	100.26	1780142	27856408
total	3915795	$ 98.19	3885658	n/a

Post-table text:
[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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what is the growth rate in total shipment volume from 2011 to 2012?

Pre-table text:
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 .

Table:
( 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
copenhagen	392.5	354.2	327.5
skoal	288.4	286.8	274.4
copenhagenandskoal	680.9	641.0	601.9
other	82.4	93.6	122.5
total smokeless products	763.3	734.6	724.4

Post-table text:
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 .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what was the change in the warranty reserve in 2017 in thousands

Pre-table text:
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 ) : .

Table:
balance as of january 1 2017	$ 19634
warranty expense	38608
warranty claims	-35091 ( 35091 )
balance as of december 31 2017	23151
warranty expense	43682
warranty claims	-43571 ( 43571 )
balance as of december 31 2018	$ 23262

Post-table text:
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. .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}


[System] You are solving numerical reasoning over financial reports. Use only the provided question, pre-table text, table, and post-table text. Return ONLY a JSON object with exactly one key: "program_tokens". The value must be a list of FinQA DSL program tokens ending with "EOF". Do not return the final answer directly and do not include extra text.

[User]
Question:
what portion of the fixed income is related to americas?

Pre-table text:
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 .

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

Post-table text:
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 .

Allowed operations:
add, subtract, multiply, divide, greater, exp, table_max, table_min, table_sum, table_average

Return JSON only in this form:
{"program_tokens": ["divide(", "9413", "20.01", ")", "EOF"]}