[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:
without the commercial banking segment , what would 2005 operating income have been reduced to , in us$ m?

Pre-table text:
segment results 2013 operating basis ( a ) ( b ) ( table continued from previous page ) year ended december 31 , operating earnings return on common equity 2013 goodwill ( c ) .

Table:
year ended december 31 , ( in millions except ratios )	year ended december 31 , 2005	year ended december 31 , 2004	year ended december 31 , change	2005	2004
investment bank	$ 3658	$ 2948	24% ( 24 % )	18% ( 18 % )	17% ( 17 % )
retail financial services	3427	2199	56	26	24
card services	1907	1274	50	16	17
commercial banking	1007	608	66	30	29
treasury & securities services	1037	440	136	55	17
asset & wealth management	1216	681	79	51	17
corporate	-1731 ( 1731 )	61	nm	nm	nm
total	$ 10521	$ 8211	28% ( 28 % )	17% ( 17 % )	16% ( 16 % )

Post-table text:
jpmorgan chase & co .
/ 2005 annual report 35 and are retained in corporate .
these retained expenses include parent company costs that would not be incurred if the segments were stand-alone businesses ; adjustments to align certain corporate staff , technology and operations allocations with market prices ; and other one-time items not aligned with the business segments .
during 2005 , the firm refined cost allocation methodologies related to certain corporate functions , technology and operations expenses in order to improve transparency , consistency and accountability with regard to costs allocated across business segments .
prior periods have not been revised to reflect these new cost allocation methodologies .
capital allocation each business segment is allocated capital by taking into consideration stand- alone peer comparisons , economic risk measures and regulatory capital requirements .
the amount of capital assigned to each business is referred to as equity .
at the time of the merger , goodwill , as well as the associated capital , was allocated solely to corporate .
effective january 2006 , the firm expects to refine its methodology for allocating capital to the business segments to include any goodwill associated with line of business-directed acquisitions since the merger .
u.s .
gaap requires the allocation of goodwill to the business segments for impairment testing ( see critical accounting estimates used by the firm and note 15 on pages 81 2013 83 and 114 2013116 , respectively , of this annual report ) .
see the capital management section on page 56 of this annual report for a discussion of the equity framework .
credit reimbursement tss reimburses the ib for credit portfolio exposures the ib manages on behalf of clients the segments share .
at the time of the merger , the reimbursement methodology was revised to be based upon pre-tax earnings , net of the cost of capital related to those exposures .
prior to the merger , the credit reimbursement was based upon pre-tax earnings , plus the allocated capital associated with the shared clients .
tax-equivalent adjustments segment and firm results reflect revenues on a tax-equivalent basis for segment reporting purposes .
refer to explanation and reconciliation of the firm 2019s non-gaap financial measures on page 31 of this annual report for additional details .
description of business segment reporting methodology results of the business segments are intended to reflect each segment as if it were essentially a stand-alone business .
the management reporting process that derives these results allocates income and expense using market-based methodologies .
effective with the merger on july 1 , 2004 , several of the allocation methodologies were revised , as noted below .
as prior periods have not been revised to reflect these new methodologies , they are not comparable to the presentation of periods beginning with the third quarter of 2004 .
further , the firm continues to assess the assumptions , methodologies and reporting reclassifications used for segment reporting , and further refinements may be implemented in future periods .
revenue sharing when business segments join efforts to sell products and services to the firm 2019s clients , the participating business segments agree to share revenues from those transactions .
these revenue-sharing agreements were revised on the merger date to provide consistency across the lines of business .
funds transfer pricing funds transfer pricing ( 201cftp 201d ) is used to allocate interest income and expense to each business and transfer the primary interest rate risk exposures to corporate .
the allocation process is unique to each business and considers the interest rate risk , liquidity risk and regulatory requirements of its stand- alone peers .
business segments may retain certain interest rate exposures , subject to management approval , that would be expected in the normal operation of a similar peer business .
in the third quarter of 2004 , ftp was revised to conform the policies of the combined firms .
expense allocation where business segments use services provided by support units within the firm , the costs of those support units are allocated to the business segments .
those expenses are allocated based upon their actual cost , or the lower of actual cost or market cost , as well as upon usage of the services provided .
effective with the third quarter of 2004 , the cost allocation methodologies of the heritage firms were aligned to provide consistency across the business segments .
in addition , expenses related to certain corporate functions , technology and operations ceased to be allocated to the business segments .

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 difference in total return percentage beteween e*trade financial corporation and the s&p 500 index for the five years ended 12/14?

Pre-table text:
the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor ( "s&p" ) 500 index and the dow jones us financials index during the period from december 31 , 2009 through december 31 , 2014. .

Table:
	12/09	12/10	12/11	12/12	12/13	12/14
e*trade financial corporation	100.00	90.91	45.23	50.85	111.59	137.81
s&p 500 index	100.00	115.06	117.49	136.30	180.44	205.14
dow jones us financials index	100.00	112.72	98.24	124.62	167.26	191.67

Post-table text:
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:
if there were a 100bp rise in rates , how much more would the impact be on earnings in 2009 vs . 2008?\\n

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

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

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

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 average expected life of the options for the three year period?

Pre-table text:
stock-based awards under the plan stock options 2013 marathon grants stock options under the 2007 plan and previously granted options under the 2003 plan .
marathon 2019s stock options represent the right to purchase shares of common stock at the fair market value of the common stock on the date of grant .
through 2004 , certain stock options were granted under the 2003 plan with a tandem stock appreciation right , which allows the recipient to instead elect to receive cash and/or common stock equal to the excess of the fair market value of shares of common stock , as determined in accordance with the 2003 plan , over the option price of the shares .
in general , stock options granted under the 2007 plan and the 2003 plan vest ratably over a three-year period and have a maximum term of ten years from the date they are granted .
stock appreciation rights 2013 prior to 2005 , marathon granted sars under the 2003 plan .
no stock appreciation rights have been granted under the 2007 plan .
similar to stock options , stock appreciation rights represent the right to receive a payment equal to the excess of the fair market value of shares of common stock on the date the right is exercised over the grant price .
under the 2003 plan , certain sars were granted as stock-settled sars and others were granted in tandem with stock options .
in general , sars granted under the 2003 plan vest ratably over a three-year period and have a maximum term of ten years from the date they are granted .
stock-based performance awards 2013 prior to 2005 , marathon granted stock-based performance awards under the 2003 plan .
no stock-based performance awards have been granted under the 2007 plan .
beginning in 2005 , marathon discontinued granting stock-based performance awards and instead now grants cash-settled performance units to officers .
all stock-based performance awards granted under the 2003 plan have either vested or been forfeited .
as a result , there are no outstanding stock-based performance awards .
restricted stock 2013 marathon grants restricted stock and restricted stock units under the 2007 plan and previously granted such awards under the 2003 plan .
in 2005 , the compensation committee began granting time-based restricted stock to certain u.s.-based officers of marathon and its consolidated subsidiaries as part of their annual long-term incentive package .
the restricted stock awards to officers vest three years from the date of grant , contingent on the recipient 2019s continued employment .
marathon also grants restricted stock to certain non-officer employees and restricted stock units to certain international employees ( 201crestricted stock awards 201d ) , based on their performance within certain guidelines and for retention purposes .
the restricted stock awards to non-officers generally vest in one-third increments over a three-year period , contingent on the recipient 2019s continued employment .
prior to vesting , all restricted stock recipients have the right to vote such stock and receive dividends thereon .
the non-vested shares are not transferable and are held by marathon 2019s transfer agent .
common stock units 2013 marathon maintains an equity compensation program for its non-employee directors under the 2007 plan and previously maintained such a program under the 2003 plan .
all non-employee directors other than the chairman receive annual grants of common stock units , and they are required to hold those units until they leave the board of directors .
when dividends are paid on marathon common stock , directors receive dividend equivalents in the form of additional common stock units .
stock-based compensation expense 2013 total employee stock-based compensation expense was $ 80 million , $ 83 million and $ 111 million in 2007 , 2006 and 2005 .
the total related income tax benefits were $ 29 million , $ 31 million and $ 39 million .
in 2007 and 2006 , cash received upon exercise of stock option awards was $ 27 million and $ 50 million .
tax benefits realized for deductions during 2007 and 2006 that were in excess of the stock-based compensation expense recorded for options exercised and other stock-based awards vested during the period totaled $ 30 million and $ 36 million .
cash settlements of stock option awards totaled $ 1 million and $ 3 million in 2007 and 2006 .
stock option awards granted 2013 during 2007 , 2006 and 2005 , marathon granted stock option awards to both officer and non-officer employees .
the weighted average grant date fair value of these awards was based on the following black-scholes assumptions: .

Table:
	2007	2006	2005
weighted average exercise price per share	$ 60.94	$ 37.84	$ 25.14
expected annual dividends per share	$ 0.96	$ 0.80	$ 0.66
expected life in years	5.0	5.1	5.5
expected volatility	27% ( 27 % )	28% ( 28 % )	28% ( 28 % )
risk-free interest rate	4.1% ( 4.1 % )	5.0% ( 5.0 % )	3.8% ( 3.8 % )
weighted average grant date fair value of stock option awards granted	$ 17.24	$ 10.19	$ 6.15

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"]}

table_average(
expected life in years
)
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 long-term retail/hnw in americas as a percentage of the total long-term retail/hnw?

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"]}


[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:
does the company spend more on advertising in 2012 than on research and development?

Pre-table text:
38 2013 ppg annual report and form 10-k notes to the consolidated financial statements 1 .
summary of significant accounting policies principles of consolidation the accompanying consolidated financial statements include the accounts of ppg industries , inc .
( 201cppg 201d or the 201ccompany 201d ) and all subsidiaries , both u.s .
and non-u.s. , that it controls .
ppg owns more than 50% ( 50 % ) of the voting stock of most of the subsidiaries that it controls .
for those consolidated subsidiaries in which the company 2019s ownership is less than 100% ( 100 % ) , the outside shareholders 2019 interests are shown as noncontrolling interests .
investments in companies in which ppg owns 20% ( 20 % ) to 50% ( 50 % ) of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting .
as a result , ppg 2019s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statement of income and ppg 2019s share of these companies 2019 shareholders 2019 equity is included in "investments" in the accompanying consolidated balance sheet .
transactions between ppg and its subsidiaries are eliminated in consolidation .
use of estimates in the preparation of financial statements the preparation of financial statements in conformity with u.s .
generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements , as well as the reported amounts of income and expenses during the reporting period .
such estimates also include the fair value of assets acquired and liabilities assumed as a result of allocations of purchase price of business combinations consummated .
actual outcomes could differ from those estimates .
revenue recognition the company recognizes revenue when the earnings process is complete .
revenue from sales is recognized by all operating segments when goods are shipped and title to inventory and risk of loss passes to the customer or when services have been rendered .
shipping and handling costs amounts billed to customers for shipping and handling are reported in 201cnet sales 201d in the accompanying consolidated statement of income .
shipping and handling costs incurred by the company for the delivery of goods to customers are included in 201ccost of sales , exclusive of depreciation and amortization 201d in the accompanying consolidated statement of income .
selling , general and administrative costs amounts presented as 201cselling , general and administrative 201d in the accompanying consolidated statement of income are comprised of selling , customer service , distribution and advertising costs , as well as the costs of providing corporate- wide functional support in such areas as finance , law , human resources and planning .
distribution costs pertain to the movement and storage of finished goods inventory at company- owned and leased warehouses , terminals and other distribution facilities .
advertising costs advertising costs are expensed in the year incurred and totaled $ 345 million , $ 288 million and $ 245 million in 2013 , 2012 and 2011 , respectively .
research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred .
the following are the research and development costs for the years ended december 31: .

Table:
( millions )	2013	2012	2011
research and development 2013 total	$ 505	$ 468	$ 443
less depreciation on research facilities	17	15	15
research and development net	$ 488	$ 453	$ 428

Post-table text:
legal costs legal costs are expensed as incurred .
legal costs incurred by ppg include legal costs associated with acquisition and divestiture transactions , general litigation , environmental regulation compliance , patent and trademark protection and other general corporate purposes .
foreign currency translation the functional currency of most significant non-u.s .
operations is their local currency .
assets and liabilities of those operations are translated into u.s .
dollars using year-end exchange rates ; income and expenses are translated using the average exchange rates for the reporting period .
unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss , a separate component of shareholders 2019 equity .
cash equivalents cash equivalents are highly liquid investments ( valued at cost , which approximates fair value ) acquired with an original maturity of three months or less .
short-term investments short-term investments are highly liquid , high credit quality investments ( valued at cost plus accrued interest ) that have stated maturities of greater than three months to one year .
the purchases and sales of these investments are classified as investing activities in the consolidated statement of cash flows .
marketable equity securities the company 2019s investment in marketable equity securities is recorded at fair market value and reported in 201cother current assets 201d and 201cinvestments 201d in the accompanying consolidated balance sheet with changes in fair market value recorded in income for those securities designated as trading securities and in other comprehensive income , net of tax , for those designated as available for sale securities. .

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 annual interest expense for entergy louisiana incurred from the series first mortgage bonds due september 2018 , in millions?

Pre-table text:
entergy louisiana , llc management's financial discussion and analysis entergy's utility supply plan initiative will continue to seek to transform its generation portfolio with new or repowered generation resources .
opportunities resulting from the supply plan initiative , including new projects or the exploration of alternative financing sources , could result in increases or decreases in the capital expenditure estimates given above .
the estimated capital expenditures are subject to periodic review and modification and may vary based on the ongoing effects of regulatory constraints , environmental compliance , market volatility , economic trends , business restructuring , and the ability to access capital .
management provides more information on long- term debt and preferred stock maturities in notes 5 and 6 to the financial statements .
sources of capital entergy louisiana's sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt or preferred membership interest issuances ; and bank financing under new and existing facilities .
entergy louisiana may refinance or redeem debt and preferred membership interests prior to maturity , to the extent market conditions and interest and distribution rates are favorable .
all debt and common and preferred membership interest issuances by entergy louisiana require prior regulatory approval .
preferred membership interest and debt issuances are also subject to issuance tests set forth in corporate charters , bond indentures , and other agreements .
entergy louisiana has sufficient capacity under these tests to meet its foreseeable capital needs .
entergy louisiana's receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: .

Table:
2008	2007	2006	2005
( in thousands )	( in thousands )	( in thousands )	( in thousands )
$ 61236	( $ 2791 )	( $ 54041 )	( $ 68677 )

Post-table text:
see note 4 to the financial statements for a description of the money pool .
entergy louisiana has a credit facility in the amount of $ 200 million scheduled to expire in august 2012 .
no borrowings were outstanding under the credit facility as of december 31 , 2008 .
in april 2008 , entergy louisiana repurchased , prior to maturity , $ 60 million of auction rate governmental bonds , which are being held for possible remarketing at a later date .
in august 2008 , entergy louisiana issued $ 300 million of 6.50% ( 6.50 % ) series first mortgage bonds due september 2018 .
the net proceeds of the issuance will be used for capital expenditures , working capital needs , and general corporate purposes .
prior to their application , the remaining net proceeds may be invested in temporary cash investments or the entergy system money pool .
hurricane rita and hurricane katrina in august and september 2005 , hurricane katrina and hurricane rita , along with extensive flooding that resulted from levee breaks in and around entergy louisiana's service territory , caused catastrophic damage .
the storms and flooding resulted in widespread power outages ; significant damage to distribution , transmission , and generation infrastructure ; and the temporary loss of sales and customers due to mandatory evacuations and destruction of homes and businesses due to wind , rain , and extended periods of flooding .
entergy pursued a broad range of initiatives to recover storm restoration and business continuity costs and incremental losses .
initiatives included obtaining reimbursement of certain costs covered by insurance and pursuing recovery through existing or new rate mechanisms regulated by the ferc and local regulatory bodies , in combination with securitization. .

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 2008 what was the carrying amount reported on the consolidated balance sheet to aggregate unpaid principal balance in excess of fair value of the trading assets

Pre-table text:
the notional amount of these unfunded letters of credit was $ 1.4 billion as of december 31 , 2008 and december 31 , 2007 .
the amount funded was insignificant with no amounts 90 days or more past due or on a non-accrual status at december 31 , 2008 and december 31 , 2007 .
these items have been classified appropriately in trading account assets or trading account liabilities on the consolidated balance sheet .
changes in fair value of these items are classified in principal transactions in the company 2019s consolidated statement of income .
other items for which the fair-value option was selected in accordance with sfas 159 the company has elected the fair-value option for the following eligible items , which did not affect opening retained earnings : 2022 certain credit products ; 2022 certain investments in private equity and real estate ventures and certain equity-method investments ; 2022 certain structured liabilities ; 2022 certain non-structured liabilities ; and 2022 certain mortgage loans certain credit products citigroup has elected the fair-value option for certain originated and purchased loans , including certain unfunded loan products , such as guarantees and letters of credit , executed by citigroup 2019s trading businesses .
none of these credit products is a highly leveraged financing commitment .
significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term , or transactions where the economic risks are hedged with derivative instruments such as purchased credit default swaps or total return swaps where the company pays the total return on the underlying loans to a third party .
citigroup has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications .
fair value was not elected for most lending transactions across the company , including where those management objectives would not be met .
the following table provides information about certain credit products carried at fair value: .

Table:
in millions of dollars	2008 trading assets	2008 loans	2008 trading assets	loans
carrying amount reported on the consolidated balance sheet	$ 16254	$ 2315	$ 26020	$ 3038
aggregate unpaid principal balance in excess of fair value	$ 6501	$ 3	$ 899	$ -5 ( 5 )
balance on non-accrual loans or loans more than 90 days past due	$ 77	$ 1113	$ 186	$ 1292
aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue	$ 190	$ -4 ( 4 )	$ 68	$ 2014

Post-table text:
in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively .
changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income .
related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications .
the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively .
certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation .
the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value .
the fair-value option brings consistency in the accounting and evaluation of certain of these investments .
as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value .
these investments are classified as investments on citigroup 2019s consolidated balance sheet .
citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method .
the company elected fair-value accounting to reduce operational and accounting complexity .
since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting .
thus , this fair-value election had no impact on opening retained earnings .
these investments are classified as other assets on citigroup 2019s consolidated balance sheet .
changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income .
certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) .
the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .
these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form .
for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 .
the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .
related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement .
certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

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

Pre-table text:
transaction and commercial issues in many of our businesses .
these skills are a valuable resource as we monitor regulatory and tariff schemes to determine our capital budgeting needs and integrate acquisitions .
the company expects to realize cost reduction and performance improvement benefits in both earnings and cash flows ; however , there can be no assurance that the reductions and improvements will continue and our inability to sustain the reductions and improvements may result in less than expected earnings and cash flows in 2004 and beyond .
asset sales during 2003 , we continued the initiative to sell all or part of certain of the company 2019s subsidiaries .
this initiative was designed to decrease the company 2019s dependence on access to capital markets and improve the strength of our balance sheet by reducing financial leverage and improving liquidity .
the following chart details the asset sales that were closed during 2003 .
sales proceeds project name date completed ( in millions ) location .

Table:
project name	date completed	sales proceeds ( in millions )	location
cilcorp/medina valley	january 2003	$ 495	united states
aes ecogen/aes mt . stuart	january 2003	$ 59	australia
mountainview	march 2003	$ 30	united states
kelvin	march 2003	$ 29	south africa
songas	april 2003	$ 94	tanzania
aes barry limited	july 2003	a340/$ 62	united kingdom
aes haripur private ltd/aes meghnaghat ltd	december 2003	$ 145	bangladesh
aes mtkvari/aes khrami/aes telasi	august 2003	$ 23	republic of georgia
medway power limited/aes medway operations limited	november 2003	a347/$ 78	united kingdom
aes oasis limited	december 2003	$ 150	pakistan/oman

Post-table text:
the company continues to evaluate its portfolio and business performance and may decide to dispose of additional businesses in the future .
however given the improvements in our liquidity there will be a lower emphasis placed on asset sales in the future for purposes of improving liquidity and strengthening the balance sheet .
for any sales that happen in the future , there can be no guarantee that the proceeds from such sale transactions will cover the entire investment in the subsidiaries .
depending on which businesses are eventually sold , the entire or partial sale of any business may change the current financial characteristics of the company 2019s portfolio and results of operations .
furthermore future sales may impact the amount of recurring earnings and cash flows the company would expect to achieve .
subsidiary restructuring during 2003 , we completed and initiated restructuring transactions for several of our south american businesses .
the efforts are focused on improving the businesses long-term prospects for generating acceptable returns on invested capital or extending short-term debt maturities .
businesses impacted include eletropaulo , tiete , uruguaiana and sul in brazil and gener in chile .
brazil eletropaulo .
aes has owned an interest in eletropaulo since april 1998 , when the company was privatized .
in february 2002 aes acquired a controlling interest in the business and as a consequence started to consolidate it .
aes financed a significant portion of the acquisition of eletropaulo , including both common and preferred shares , through loans and deferred purchase price financing arrangements provided by the brazilian national development bank 2014 ( 2018 2018bndes 2019 2019 ) , and its wholly-owned subsidiary , bndes participac 0327o 0303es s.a .
( 2018 2018bndespar 2019 2019 ) , to aes 2019s subsidiaries , aes elpa s.a .
( 2018 2018aes elpa 2019 2019 ) and aes transgas empreendimentos , s.a .
( 2018 2018aes transgas 2019 2019 ) . .

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:
goodwill was what percent of the mondavi acquisition?\\n

Pre-table text:
c o n s t e l l a t i o n b r a n d s , i n c .
baroness philippine de rothschild announced an agree- ment to maintain equal ownership of opus one .
opus one produces fine wines at its napa valley winery .
the acquisition of robert mondavi supports the com- pany 2019s strategy of strengthening the breadth of its portfolio across price segments to capitalize on the overall growth in the premium , super-premium and fine wine categories .
the company believes that the acquired robert mondavi brand names have strong brand recognition globally .
the vast majority of sales from these brands are generated in the united states .
the company is leveraging the robert mondavi brands in the united states through its selling , marketing and distribution infrastructure .
the company also intends to further expand distribution for the robert mondavi brands in europe through its constellation europe infrastructure .
the robert mondavi acquisition supports the com- pany 2019s strategy of growth and breadth across categories and geographies , and strengthens its competitive position in its core markets .
the robert mondavi acquisition provides the company with a greater presence in the growing premium , super-premium and fine wine sectors within the united states and the ability to capitalize on the broader geographic distribution in strategic international markets .
in particular , the company believes there are growth opportunities for premium , super-premium and fine wines in the united kingdom and other 201cnew world 201d wine markets .
total con- sideration paid in cash to the robert mondavi shareholders was $ 1030.7 million .
additionally , the company incurred direct acquisition costs of $ 12.0 million .
the purchase price was financed with borrowings under the company 2019s 2004 credit agreement ( as defined in note 9 ) .
in accordance with the purchase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition .
the purchase price was based primarily on the estimated future operating results of the robert mondavi business , including the factors described above , as well as an estimated benefit from operating cost synergies .
the results of operations of the robert mondavi busi- ness are reported in the constellation wines segment and have been included in the consolidated statements of income since the acquisition date .
the following table summarizes the fair values of the assets acquired and liabilities assumed in the robert mondavi acquisition at the date of acquisition , as adjusted for the final appraisal : ( in thousands ) .

Table:
current assets	$ 513782
property plant and equipment	438140
other assets	124450
trademarks	138000
goodwill	634203
total assets acquired	1848575
current liabilities	310919
long-term liabilities	494995
total liabilities assumed	805914
net assets acquired	$ 1042661

Post-table text:
the trademarks are not subject to amortization .
none of the goodwill is expected to be deductible for tax purposes .
following the robert mondavi acquisition , the company sold certain of the acquired vineyard properties and related assets , investments accounted for under the equity method , and other winery properties and related assets , during the years ended february 28 , 2006 , and february 28 , 2005 .
the company realized net proceeds of $ 170.8 million from the sale of these assets during the year ended february 28 , 2006 .
amounts realized during the year ended february 28 , 2005 , were not material .
no gain or loss has been recognized upon the sale of these assets .
hardy acquisition 2013 on march 27 , 2003 , the company acquired control of brl hardy limited , now known as hardy wine company limited ( 201chardy 201d ) , and on april 9 , 2003 , the company completed its acquisition of all of hardy 2019s outstanding capital stock .
as a result of the acquisi- tion of hardy , the company also acquired the remaining 50% ( 50 % ) ownership of pacific wine partners llc ( 201cpwp 201d ) , the joint venture the company established with hardy in july 2001 .
the acquisition of hardy along with the remaining interest in pwp is referred to together as the 201chardy acquisition . 201d through this acquisition , the company acquired one of australia 2019s largest wine producers with interests in wineries and vineyards in most of australia 2019s major wine regions as well as new zealand and the united states and hardy 2019s marketing and sales operations in the united kingdom .
in october 2005 , pwp was merged into another subsidiary of the company .
total consideration paid in cash and class a common stock to the hardy shareholders was $ 1137.4 million .
additionally , the company recorded direct acquisition costs of $ 17.2 million .
the acquisition date for accounting pur- poses is march 27 , 2003 .
the company has recorded a $ 1.6 million reduction in the purchase price to reflect imputed interest between the accounting acquisition date and the final payment of consideration .
this charge is included as interest expense in the consolidated statement of income for the year ended february 29 , 2004 .
the cash portion of the purchase price paid to the hardy shareholders and optionholders ( $ 1060.2 million ) was financed with $ 660.2 million of borrowings under the company 2019s then existing credit agreement and $ 400.0 million of borrowings under the company 2019s then existing bridge loan agreement .
addi- tionally , the company issued 6577826 shares of the com- pany 2019s class a common stock , which were valued at $ 77.2 million based on the simple average of the closing market price of the company 2019s class a common stock beginning two days before and ending two days after april 4 , 2003 , the day the hardy shareholders elected the form of consid- eration they wished to receive .
the purchase price was based primarily on a discounted cash flow analysis that contemplated , among other things , the value of a broader geographic distribution in strategic international markets and a presence in the important australian winemaking regions .
the company and hardy have complementary businesses that share a common growth orientation and operating philosophy .
the hardy acquisition supports the company 2019s strategy of growth and breadth across categories .

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 total return of the jpmorgan chase & co . stock over the above refernced five year period?

Pre-table text:
jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co .
( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index .
the s&p 500 index is a commonly referenced u.s .
equity benchmark consisting of leading companies from different economic sectors .
the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s .
and is composed of 24 leading national money center and regional banks and thrifts .
the s&p financial index is an index of 85 financial companies , all of which are components of the s&p 500 .
the firm is a component of all three industry indices .
the following table and graph assume simultaneous investments of $ 100 on december 31 , 2009 , in jpmorgan chase common stock and in each of the above indices .
the comparison assumes that all dividends are reinvested .
december 31 , ( in dollars ) 2009 2010 2011 2012 2013 2014 .

Table:
december 31 ( in dollars )	2009	2010	2011	2012	2013	2014
jpmorgan chase	$ 100.00	$ 102.30	$ 81.87	$ 111.49	$ 152.42	$ 167.48
kbw bank index	100.00	123.36	94.75	125.91	173.45	189.69
s&p financial index	100.00	112.13	93.00	119.73	162.34	186.98
s&p 500 index	100.00	115.06	117.48	136.27	180.39	205.07

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 percentage of long-term debt is due after 2021?

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

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

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

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 overall growth of the s&p 500 index from 2010 to 2015

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

Table:
	2010	2011	2012	2013	2014	2015
loews common stock	100.0	97.37	106.04	126.23	110.59	101.72
s&p 500 index	100.0	102.11	118.45	156.82	178.29	180.75
loews peer group ( a )	100.0	101.59	115.19	145.12	152.84	144.70

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

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 total acquisition price of suros is dedicated to goodwill?

Pre-table text:
hologic , inc .
notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) acquisition and the adjustments did not have a material impact on the company 2019s financial position or results of operation .
there have no other material changes to the purchase price allocation as disclosed in the company 2019s form 10-k for the year ended september 30 , 2006 .
as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued .
it was determined that only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values .
customer relationship represents r2 2019s strong active customer base , dominant market position and strong partnership with several large companies .
trade name represents the r2 product names that the company intends to continue to use .
order backlog consists of customer orders for which revenue has not yet been recognized .
developed technology and know how represents currently marketable purchased products that the company continues to resell as well as utilize to enhance and incorporate into the company 2019s existing products .
the estimated $ 10200 of purchase price allocated to in-process research and development projects primarily related to r2 2019s digital cad products .
the projects added direct digital algorithm capabilities as well as a new platform technology to analyze images and breast density measurement .
the projects were substantially completed as planned in fiscal 2007 .
the deferred income tax asset relates to the tax effect of acquired net operating loss carry forwards that the company believes are realizable partially offset by acquired identifiable intangible assets , and fair value adjustments to acquired inventory as such amounts are not deductible for tax purposes .
acquisition of suros surgical systems , inc .
on july 27 , 2006 , the company completed the acquisition of suros surgical systems , inc .
( suros ) , pursuant to an agreement and plan of merger dated april 17 , 2006 .
the results of operations for suros have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment .
suros , located in indianapolis , indiana , develops , manufactures and sells minimally invasive interventional breast biopsy technology and products for biopsy , tissue removal and biopsy site marking .
the initial aggregate purchase price for suros of approximately $ 248100 ( subject to adjustment ) consisted of 2300 shares of hologic common stock valued at $ 106500 , cash paid of $ 139000 , and approximately $ 2600 for acquisition related fees and expenses .
the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no .
99-12 , determination of the measurement date for the market price of acquirer securities issued in a purchase business combination .
the components and allocation of the purchase price , consists of the following approximate amounts: .

Table:
net tangible assets acquired as of july 27 2006	$ 11800
in-process research and development	4900
developed technology and know how	46000
customer relationship	17900
trade name	5800
deferred income taxes	-21300 ( 21300 )
goodwill	202000
estimated purchase price	$ 267100

Post-table text:
the acquisition also provides for a two-year earn out .
the earn-out is payable in two annual cash installments equal to the incremental revenue growth in suros 2019 business in the two years following the closing. .

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 cumulative return for lkq corporation for the five years ended 12/31/2016?

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

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

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

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 percent of the total common stock plans are related to the vertex purchase plan?

Pre-table text:
rights each holder of a share of outstanding common stock also holds one share purchase right ( a "right" ) for each share of common stock .
each right entitles the holder to purchase from the company one half of one-hundredth of a share of series a junior participating preferred stock , $ 0.01 par value ( the "junior preferred shares" ) , of the company at a price of $ 135 per one half of one-hundredth of a junior preferred share ( the "purchase price" ) .
the rights are not exercisable until the earlier of acquisition by a person or group of 15% ( 15 % ) or more of the outstanding common stock ( an "acquiring person" ) or the announcement of an intention to make or commencement of a tender offer or exchange offer , the consummation of which would result in the beneficial ownership by a person or group of 15% ( 15 % ) or more of the outstanding common stock .
in the event that any person or group becomes an acquiring person , each holder of a right other than the acquiring person will thereafter have the right to receive upon exercise that number of shares of common stock having a market value of two times the purchase price and , in the event that the company is acquired in a business combination transaction or 50% ( 50 % ) or more of its assets are sold , each holder of a right will thereafter have the right to receive upon exercise that number of shares of common stock of the acquiring company which at the time of the transaction will have a market value of two times the purchase price .
under certain specified circumstances , the board of directors of the company may cause the rights ( other than rights owned by such person or group ) to be exchanged , in whole or in part , for common stock or junior preferred shares , at an exchange rate of one share of common stock per right or one half of one-hundredth of a junior preferred share per right .
at any time prior to the acquisition by a person or group of beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock , the board of directors of the company may redeem the rights in whole at a price of $ 0.01 per right .
common stock reserved for future issuance at december 31 , 2003 , the company has reserved shares of common stock for future issuance under all equity compensation plans as follows ( shares in thousands ) : p .
significant revenue arrangements the company has formed strategic collaborations with major pharmaceutical companies in the areas of drug discovery , development , and commercialization .
research and development agreements provide the company with financial support and other valuable resources for research programs and development of clinical drug candidates , product development and marketing and sales of products .
collaborative research and development agreements in the company's collaborative research , development and commercialization programs the company seeks to discover , develop and commercialize major pharmaceutical products in conjunction with and supported by the company's collaborators .
collaborative research and development arrangements provide research funding over an initial contract period with renewal and termination options that vary by agreement .
the agreements also include milestone payments based on the achievement or the occurrence of a designated event .
the agreements may also contain development reimbursement provisions , royalty rights or profit sharing rights and manufacturing options .
the terms of each agreement vary .
the company has entered into significant research and development collaborations with large pharmaceutical companies .
p .
significant revenue arrangements novartis in may 2000 , the company and novartis pharma ag ( "novartis" ) entered into an agreement to collaborate on the discovery , development and commercialization of small molecule drugs directed at targets in the kinase protein family .
under the agreement , novartis agreed to pay the company an up-front payment of $ 15000000 made upon signing of the agreement , up to $ 200000000 in product research funding over six .

Table:
common stock under stock and option plans	21829
common stock under the vertex purchase plan	249
common stock under the vertex 401 ( k ) plan	125
total	22203

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:
based upon outstanding balances at december 31 , 2011 what was the percent of the principal and interest product of the combined products

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

Table:
in millions	interest only product	principal and interest product
2012	$ 904	$ 266
2013	1211	331
2014	2043	598
2015	1988	820
2016 and thereafter	6961	5601
total ( a )	$ 13107	$ 7616

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

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:
for miscellaneous receivables and other assets , what was the percentage that represented assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012?

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

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

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

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 of the afs investment securities during the years 2016-2018?

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

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

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

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"]}