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-0.00051 | Context:synopsys , inc . notes to consolidated financial statements 2014continued acquired identifiable intangible assets of $ 107.3 million , resulting in total goodwill of $ 257.6 million . identifiable intangible assets are being amortized over three to eight years . acquisition-related costs directly attributable to the business combination were $ 6.6 million for fiscal 2012 and were expensed as incurred in the consolidated statements of operations . these costs consisted primarily of employee separation costs and professional services . acquisition of magma design automation , inc . ( magma ) on february 22 , 2012 , the company acquired magma , a chip design software provider , at a per- share price of $ 7.35 . additionally , the company assumed unvested restricted stock units ( rsus ) and stock options , collectively called 201cequity awards . 201d the aggregate purchase price was approximately $ 550.2 million . this acquisition enables the company to more rapidly meet the needs of leading-edge semiconductor designers for more sophisticated design tools . the company allocated the total purchase consideration of $ 550.2 million ( including $ 6.8 million related to equity awards assumed ) to the assets acquired and liabilities assumed based on their respective fair values at the acquisition date , including acquired identifiable intangible assets of $ 184.3 million , resulting in total goodwill of $ 316.3 million . identifiable intangible assets are being amortized over three to ten years . acquisition-related costs directly attributable to the business combination totaling $ 33.5 million for fiscal 2012 were expensed as incurred in the consolidated statements of operations and consist primarily of employee separation costs , contract terminations , professional services , and facilities closure costs . other fiscal 2012 acquisitions during fiscal 2012 , the company acquired five other companies , including emulation & verification engineering , s.a . ( eve ) , for cash and allocated the total purchase consideration of $ 213.2 million to the assets acquired and liabilities assumed based on their respective fair values , resulting in total goodwill of $ 118.1 million . acquired identifiable intangible assets totaling $ 73.3 million were valued using appropriate valuation methods such as income or cost methods and are being amortized over their respective useful lives ranging from one to eight years . during fiscal 2012 , acquisition-related costs totaling $ 6.8 million were expensed as incurred in the consolidated statements of operations . fiscal 2011 acquisitions during fiscal 2011 , the company completed two acquisitions for cash and allocated the total purchase consideration of $ 37.4 million to the assets and liabilities acquired based on their respective fair values at the acquisition date resulting in goodwill of $ 30.6 million . acquired identifiable intangible assets of $ 9.3 million are being amortized over two to ten years . note 4 . goodwill and intangible assets goodwill: .
||( in thousands )|
|balance at october 31 2011|$ 1289286|
|additions|687195|
|other adjustments ( 1 )|506|
|balance at october 31 2012|$ 1976987|
|additions|2014|
|other adjustments ( 1 )|-1016 ( 1016 )|
|balance at october 31 2013|$ 1975971|
.
Question: what is the percentual decrease observed in the balance between 2012 and 2013?\\n | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.04961 | Context:long-term product offerings include active and index strategies . our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile . we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction . in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index . index strategies include both our non-etf index products and ishares etfs . although many clients use both active and index strategies , the application of these strategies may differ . for example , clients may use index products to gain exposure to a market or asset class , or may use a combination of index strategies to target active returns . in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates . this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings . equity year-end 2016 equity aum totaled $ 2.657 trillion , reflecting net inflows of $ 51.4 billion . net inflows included $ 74.9 billion into ishares , driven by net inflows into the core ranges and broad developed and emerging market equities . ishares net inflows were partially offset by active and non-etf index net outflows of $ 20.2 billion and $ 3.3 billion , respectively . blackrock 2019s effective fee rates fluctuate due to changes in aum mix . approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s . equity strategies . accordingly , fluctuations in international equity markets , which may not consistently move in tandem with u.s . markets , have a greater impact on blackrock 2019s effective equity fee rates and revenues . fixed income fixed income aum ended 2016 at $ 1.572 trillion , reflecting net inflows of $ 120.0 billion . in 2016 , active net inflows of $ 16.6 billion were diversified across fixed income offerings , and included strong inflows from insurance clients . fixed income ishares net inflows of $ 59.9 billion were led by flows into the core ranges , emerging market , high yield and corporate bond funds . non-etf index net inflows of $ 43.4 billion were driven by demand for liability-driven investment solutions . multi-asset blackrock 2019s multi-asset team manages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities . investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays . component changes in multi-asset aum for 2016 are presented below . ( in millions ) december 31 , net inflows ( outflows ) market change impact december 31 .
|( in millions )|december 312015|net inflows ( outflows )|marketchange|fx impact|december 312016|
|asset allocation and balanced|$ 185836|$ -10332 ( 10332 )|$ 6705|$ -5534 ( 5534 )|$ 176675|
|target date/risk|125664|13500|10189|79|149432|
|fiduciary|64433|998|5585|-2621 ( 2621 )|68395|
|futureadvisor ( 1 )|403|61|41|2014|505|
|total|$ 376336|$ 4227|$ 22520|$ -8076 ( 8076 )|$ 395007|
( 1 ) the futureadvisor amount does not include aum that was held in ishares holdings . multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $ 13.2 billion of net inflows coming from institutional clients . defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 11.3 billion to institutional multi-asset net inflows in 2016 , primarily into target date and target risk product offerings . retail net outflows of $ 9.4 billion were primarily due to outflows from world allocation strategies . the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 45% ( 45 % ) of multi-asset aum at year-end . these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget . in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions . flagship products in this category include our global allocation and multi-asset income fund families . 2022 target date and target risk products grew 11% ( 11 % ) organically in 2016 , with net inflows of $ 13.5 billion . institutional investors represented 94% ( 94 % ) of target date and target risk aum , with defined contribution plans accounting for 88% ( 88 % ) of aum . flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings . lifepath products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing . 2022 fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain blackrock to assume responsibility for some or all aspects of plan management . these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives. .
Question: what is the percentage change in total multi-asset aum during 2016? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.14569 | Context:notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d . 1 . nature of operations operations and segmentation 2013 we are a class i railroad that operates in the united states . we have 32094 route miles , linking pacific coast and gulf coast ports with the midwest and eastern united states gateways and providing several corridors to key mexican gateways . we serve the western two- thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico . export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders . the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment . although revenues are analyzed by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network . the following table provides revenue by commodity group : millions of dollars 2009 2008 2007 .
|millions of dollars|2009|2008|2007|
|agricultural|$ 2666|$ 3174|$ 2605|
|automotive|854|1344|1458|
|chemicals|2102|2494|2287|
|energy|3118|3810|3134|
|industrial products|2147|3273|3077|
|intermodal|2486|3023|2925|
|total freight revenues|$ 13373|$ 17118|$ 15486|
|other revenues|770|852|797|
|total operating revenues|$ 14143|$ 17970|$ 16283|
although our revenues are principally derived from customers domiciled in the united states , the ultimate points of origination or destination for some products transported are outside the united states . basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the united states of america ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) . subsequent events evaluation 2013 we evaluated the effects of all subsequent events through february 5 , 2010 , the date of this report , which is concurrent with the date we file this report with the u.s . securities and exchange commission ( sec ) . 2 . significant accounting policies change in accounting principle 2013 we have historically accounted for rail grinding costs as a capital asset . beginning in the first quarter of 2010 , we will change our accounting policy for rail grinding costs .
Question: what percent of total freight revenues was the chemicals group in 2008? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.02015 | Context:income tax expense .
|( in millions )|gaap 2017|gaap 2016|gaap 2015|gaap 2017|gaap 2016|2015|
|operating income ( 1 )|$ 5272|$ 4570|$ 4664|$ 5287|$ 4674|$ 4695|
|total nonoperating income ( expense ) ( 1 ) ( 2 )|-32 ( 32 )|-108 ( 108 )|-69 ( 69 )|-32 ( 32 )|-108 ( 108 )|-70 ( 70 )|
|income before income taxes ( 2 )|$ 5240|$ 4462|$ 4595|$ 5255|$ 4566|$ 4625|
|income tax expense ( 3 )|$ 270|$ 1290|$ 1250|$ 1539|$ 1352|$ 1312|
|effective tax rate ( 3 )|5.2% ( 5.2 % )|28.9% ( 28.9 % )|27.2% ( 27.2 % )|29.3% ( 29.3 % )|29.6% ( 29.6 % )|28.4% ( 28.4 % )|
operating income ( 1 ) $ 5272 $ 4570 $ 4664 $ 5287 $ 4674 $ 4695 total nonoperating income ( expense ) ( 1 ) ( 2 ) ( 32 ) ( 108 ) ( 69 ) ( 32 ) ( 108 ) ( 70 ) income before income taxes ( 2 ) $ 5240 $ 4462 $ 4595 $ 5255 $ 4566 $ 4625 income tax expense ( 3 ) $ 270 $ 1290 $ 1250 $ 1539 $ 1352 $ 1312 effective tax rate ( 3 ) 5.2% ( 5.2 % ) 28.9% ( 28.9 % ) 27.2% ( 27.2 % ) 29.3% ( 29.3 % ) 29.6% ( 29.6 % ) 28.4% ( 28.4 % ) ( 1 ) see non-gaap financial measures for further information on and reconciliation of as adjusted items . ( 2 ) net of net income ( loss ) attributable to nci . ( 3 ) gaap income tax expense and effective tax rate for 2017 reflects $ 1.2 billion of a net tax benefit related to the 2017 tax act . the company 2019s tax rate is affected by tax rates in foreign jurisdictions and the relative amount of income earned in those jurisdictions , which the company expects to be fairly consistent in the near term . the significant foreign jurisdictions that have lower statutory tax rates than the u.s . federal statutory rate of 35% ( 35 % ) include the united kingdom , channel islands , ireland and netherlands . 2017 . income tax expense ( gaap ) reflected : 2022 the following amounts related to the 2017 tax act : 2022 $ 106 million tax expense related to the revaluation of certain deferred income tax assets ; 2022 $ 1758 million noncash tax benefit related to the revaluation of certain deferred income tax liabilities ; 2022 $ 477 million tax expense related to the mandatory deemed repatriation of undistributed foreign earnings and profits . 2022 a noncash expense of $ 16 million , primarily associated with the revaluation of certain deferred income tax liabilities as a result of domestic state and local tax changes ; and 2022 $ 173 million discrete tax benefits , primarily related to stock-based compensation awards , including $ 151 million related to the adoption of new accounting guidance related to stock-based compensation awards . see note 2 , significant accounting policies , for further information . the as adjusted effective tax rate of 29.3% ( 29.3 % ) for 2017 excluded the noncash deferred tax revaluation benefit of $ 1758 million and noncash expense of $ 16 million mentioned above as it will not have a cash flow impact and to ensure comparability among periods presented . in addition , the deemed repatriation tax expense of $ 477 million has been excluded from the as adjusted results due to the one-time nature and to ensure comparability among periods presented . 2016 . income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 30 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 65 million of nonrecurring items , including the resolution of certain outstanding tax matters . the as adjusted effective tax rate of 29.6% ( 29.6 % ) for 2016 excluded the net noncash benefit of $ 30 million mentioned above as it will not have a cash flow impact and to ensure comparability among periods presented . 2015 . income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 54 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 75 million of nonrecurring items , primarily due to the realization of losses from changes in the company 2019s organizational tax structure and the resolution of certain outstanding tax matters . the as adjusted effective tax rate of 28.4% ( 28.4 % ) for 2015 excluded the net noncash benefit of $ 54 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented . balance sheet overview as adjusted balance sheet the following table presents a reconciliation of the consolidated statement of financial condition presented on a gaap basis to the consolidated statement of financial condition , excluding the impact of separate account assets and separate account collateral held under securities lending agreements ( directly related to lending separate account securities ) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment funds , including consolidated vies . the company presents the as adjusted balance sheet as additional information to enable investors to exclude certain assets that have equal and offsetting liabilities or noncontrolling interests that ultimately do not have an impact on stockholders 2019 equity or cash flows . management views the as adjusted balance sheet , which contains non-gaap financial measures , as an economic presentation of the company 2019s total assets and liabilities ; however , it does not advocate that investors consider such non-gaap financial measures in isolation from , or as a substitute for , financial information prepared in accordance with gaap . separate account assets and liabilities and separate account collateral held under securities lending agreements separate account assets are maintained by blackrock life limited , a wholly owned subsidiary of the company that is a registered life insurance company in the united kingdom , and represent segregated assets held for purposes of funding individual and group pension contracts . the .
Question: what is the growth rate in operating income from 2015 to 2016? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.17749 | Context:notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d . 1 . nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s . our network includes 31868 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s . gateways and providing several corridors to key mexican gateways . we own 26020 miles and operate on the remainder pursuant to trackage rights or leases . we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico . export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders . the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment . although we provide and review revenue by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network . the following table provides freight revenue by commodity group : millions 2012 2011 2010 .
|millions|2012|2011|2010|
|agricultural|$ 3280|$ 3324|$ 3018|
|automotive|1807|1510|1271|
|chemicals|3238|2815|2425|
|coal|3912|4084|3489|
|industrial products|3494|3166|2639|
|intermodal|3955|3609|3227|
|total freight revenues|$ 19686|$ 18508|$ 16069|
|other revenues|1240|1049|896|
|total operatingrevenues|$ 20926|$ 19557|$ 16965|
although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s . each of our commodity groups includes revenue from shipments to and from mexico . included in the above table are revenues from our mexico business which amounted to $ 1.9 billion in 2012 , $ 1.8 billion in 2011 , and $ 1.6 billion in 2010 . basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s . ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) . 2 . significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries . investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting . all intercompany transactions are eliminated . we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements . cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less . accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts . the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions . receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .
Question: what percentage of total freight revenues was the industrial products commodity group in 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.00551 | Context:sources of blackrock 2019s operating cash primarily include investment advisory , administration fees and securities lending revenue , performance fees , revenue from blackrock solutions and advisory products and services , other revenue and distribution fees . blackrock uses its cash to pay all operating expense , interest and principal on borrowings , income taxes , dividends on blackrock 2019s capital stock , repurchases of the company 2019s stock , capital expenditures and purchases of co-investments and seed investments . for details of the company 2019s gaap cash flows from operating , investing and financing activities , see the consolidated statements of cash flows contained in part ii , item 8 of this filing . cash flows from operating activities , excluding the impact of consolidated sponsored investment funds , primarily include the receipt of investment advisory and administration fees , securities lending revenue and performance fees offset by the payment of operating expenses incurred in the normal course of business , including year-end incentive compensation accrued for in the prior year . cash outflows from investing activities , excluding the impact of consolidated sponsored investment funds , for 2016 were $ 58 million and primarily reflected $ 384 million of investment purchases , $ 119 million of purchases of property and equipment and $ 30 million related to an acquisition , partially offset by $ 441 million of net proceeds from sales and maturities of certain investments . cash outflows from financing activities , excluding the impact of consolidated sponsored investment funds , for 2016 were $ 2831 million , primarily resulting from $ 1.4 billion of share repurchases , including $ 1.1 billion in open market- transactions and $ 274 million of employee tax withholdings related to employee stock transactions and $ 1.5 billion of cash dividend payments , partially offset by $ 82 million of excess tax benefits from vested stock-based compensation awards . the company manages its financial condition and funding to maintain appropriate liquidity for the business . liquidity resources at december 31 , 2016 and 2015 were as follows : ( in millions ) december 31 , december 31 , cash and cash equivalents ( 1 ) $ 6091 $ 6083 cash and cash equivalents held by consolidated vres ( 2 ) ( 53 ) ( 100 ) .
|( in millions )|december 31 2016|december 31 2015|
|cash and cash equivalents ( 1 )|$ 6091|$ 6083|
|cash and cash equivalents held by consolidated vres ( 2 )|-53 ( 53 )|-100 ( 100 )|
|subtotal|6038|5983|
|credit facility 2014 undrawn|4000|4000|
|total liquidity resources ( 3 )|$ 10038|$ 9983|
total liquidity resources ( 3 ) $ 10038 $ 9983 ( 1 ) the percentage of cash and cash equivalents held by the company 2019s u.s . subsidiaries was approximately 50% ( 50 % ) at both december 31 , 2016 and 2015 . see net capital requirements herein for more information on net capital requirements in certain regulated subsidiaries . ( 2 ) the company cannot readily access such cash to use in its operating activities . ( 3 ) amounts do not reflect year-end incentive compensation accruals of approximately $ 1.3 billion and $ 1.5 billion for 2016 and 2015 , respectively , which were paid in the first quarter of the following year . total liquidity resources increased $ 55 million during 2016 , primarily reflecting cash flows from operating activities , partially offset by cash payments of 2015 year-end incentive awards , share repurchases of $ 1.4 billion and cash dividend payments of $ 1.5 billion . a significant portion of the company 2019s $ 2414 million of total investments , as adjusted , is illiquid in nature and , as such , cannot be readily convertible to cash . share repurchases . the company repurchased 3.3 million common shares in open market-transactions under its share repurchase program for $ 1.1 billion during 2016 . at december 31 , 2016 , there were 3 million shares still authorized to be repurchased . in january 2017 , the board of directors approved an increase in the shares that may be repurchased under the company 2019s existing share repurchase program to allow for the repurchase of an additional 6 million shares for a total up to 9 million shares of blackrock common stock . net capital requirements . the company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions , which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions . as a result , such subsidiaries of the company may be restricted in their ability to transfer cash between different jurisdictions and to their parents . additionally , transfers of cash between international jurisdictions , including repatriation to the united states , may have adverse tax consequences that could discourage such transfers . blackrock institutional trust company , n.a . ( 201cbtc 201d ) is chartered as a national bank that does not accept client deposits and whose powers are limited to trust and other fiduciary activities . btc provides investment management services , including investment advisory and securities lending agency services , to institutional investors and other clients . btc is subject to regulatory capital and liquid asset requirements administered by the office of the comptroller of the currency . at december 31 , 2016 and 2015 , the company was required to maintain approximately $ 1.4 billion and $ 1.1 billion , respectively , in net capital in certain regulated subsidiaries , including btc , entities regulated by the financial conduct authority and prudential regulation authority in the united kingdom , and the company 2019s broker-dealers . the company was in compliance with all applicable regulatory net capital requirements . undistributed earnings of foreign subsidiaries . as of december 31 , 2016 , the company has not provided for u.s . federal and state income taxes on approximately $ 5.3 billion of undistributed earnings of its foreign subsidiaries . such earnings are considered indefinitely reinvested outside the united states . the company 2019s current plans do not demonstrate a need to repatriate these funds . short-term borrowings 2016 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) . the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to .
Question: what is the percentage change in total liquidity resources from 2015 to 2016? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
107.2 | Context:accounts receivable , net october 31 , 2006 october 31 , 2005 dollar change change .
|october 31 2006|october 31 2005|dollar change|% ( % ) change|
|( dollars in millions )|( dollars in millions )|||
|$ 122.6|$ 100.2|$ 22.4|22% ( 22 % )|
the increase in accounts receivable was primarily due to the increased billings during the fiscal year ended october 31 , 2006 . days sales outstanding ( dso ) was 39 days at october 31 , 2006 and 36 days at october 31 , 2005 . our accounts receivable and dso are primarily driven by our billing and collections activities . net working capital working capital is comprised of current assets less current liabilities , as shown on our balance sheet . as of october 31 , 2006 , our working capital was $ 23.4 million , compared to $ 130.6 million as of october 31 , 2005 . the decrease in net working capital of $ 107.2 million was primarily due to ( 1 ) a decrease of $ 73.7 million in cash and cash equivalents ; ( 2 ) a decrease of current deferred tax assets of $ 83.2 million , primarily due to a tax accounting method change ; ( 3 ) a decrease in income taxes receivable of $ 5.8 million ; ( 4 ) an increase in income taxes payable of $ 21.5 million ; ( 5 ) an increase in deferred revenue of $ 29.9 million ; and ( 6 ) a net increase of $ 2.8 million in accounts payable and other liabilities which included a reclassification of debt of $ 7.5 million from long term to short term debt . this decrease was partially offset by ( 1 ) an increase in short-term investments of $ 59.9 million ; ( 2 ) an increase in prepaid and other assets of $ 27.4 million , which includes land of $ 23.4 million reclassified from property plant and equipment to asset held for sale within prepaid expense and other assets on our consolidated balance sheet ; and ( 3 ) an increase in accounts receivable of $ 22.4 million . other commitments 2014revolving credit facility on october 20 , 2006 , we entered into a five-year , $ 300.0 million senior unsecured revolving credit facility providing for loans to synopsys and certain of its foreign subsidiaries . the facility replaces our previous $ 250.0 million senior unsecured credit facility , which was terminated effective october 20 , 2006 . the amount of the facility may be increased by up to an additional $ 150.0 million through the fourth year of the facility . the facility contains financial covenants requiring us to maintain a minimum leverage ratio and specified levels of cash , as well as other non-financial covenants . the facility terminates on october 20 , 2011 . borrowings under the facility bear interest at the greater of the administrative agent 2019s prime rate or the federal funds rate plus 0.50% ( 0.50 % ) ; however , we have the option to pay interest based on the outstanding amount at eurodollar rates plus a spread between 0.50% ( 0.50 % ) and 0.70% ( 0.70 % ) based on a pricing grid tied to a financial covenant . in addition , commitment fees are payable on the facility at rates between 0.125% ( 0.125 % ) and 0.175% ( 0.175 % ) per year based on a pricing grid tied to a financial covenant . as of october 31 , 2006 we had no outstanding borrowings under this credit facility and were in compliance with all the covenants . we believe that our current cash , cash equivalents , short-term investments , cash generated from operations , and available credit under our credit facility will satisfy our business requirements for at least the next twelve months. .
Question: considering the years 2005-2006 , what is the variation observed in the working capital , in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.11595 | Context:the redemptions resulted in an early extinguishment charge of $ 5 million . on march 22 , 2010 , we redeemed $ 175 million of our 6.5% ( 6.5 % ) notes due april 15 , 2012 . the redemption resulted in an early extinguishment charge of $ 16 million in the first quarter of 2010 . on november 1 , 2010 , we redeemed all $ 400 million of our outstanding 6.65% ( 6.65 % ) notes due january 15 , 2011 . the redemption resulted in a $ 5 million early extinguishment charge . receivables securitization facility 2013 as of december 31 , 2011 and 2010 , we have recorded $ 100 million as secured debt under our receivables securitization facility . ( see further discussion of our receivables securitization facility in note 10 ) . 15 . variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) . these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities , including our headquarters building ) and have no other activities , assets or liabilities outside of the lease transactions . within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices . depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant . we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry . as such , we have no control over activities that could materially impact the fair value of the leased assets . we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies . additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vie 2019s . the future minimum lease payments associated with the vie leases totaled $ 3.9 billion as of december 31 , 2011 . 16 . leases we lease certain locomotives , freight cars , and other property . the consolidated statement of financial position as of december 31 , 2011 and 2010 included $ 2458 million , net of $ 915 million of accumulated depreciation , and $ 2520 million , net of $ 901 million of accumulated depreciation , respectively , for properties held under capital leases . a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income . future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2011 , were as follows : millions operating leases capital leases .
|millions|operatingleases|capitalleases|
|2012|$ 525|$ 297|
|2013|489|269|
|2014|415|276|
|2015|372|276|
|2016|347|262|
|later years|2380|1179|
|total minimum leasepayments|$ 4528|$ 2559|
|amount representing interest|n/a|-685 ( 685 )|
|present value of minimum leasepayments|n/a|$ 1874|
the majority of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 637 million in 2011 , $ 624 million in 2010 , and $ 686 million in 2009 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant. .
Question: what percent of total minimum operating lease payments are due in 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.32812 | Context:llc 201d ) , that will focus on the deployment of a nationwide 4g wire- less network . we , together with the other members of the investor group , have invested $ 3.2 billion in clearwire llc . our portion of the investment was $ 1.05 billion . as a result of our investment , we received ownership units ( 201cownership units 201d ) of clearwire llc and class b stock ( 201cvoting stock 201d ) of clearwire corporation , the pub- licly traded holding company that controls clearwire llc . the voting stock has voting rights equal to those of the publicly traded class a stock of clearwire corporation , but has only minimal economic rights . we hold our economic rights through the owner- ship units , which have limited voting rights . one ownership unit combined with one share of voting stock are exchangeable into one share of clearwire corporation 2019s publicly traded class a stock . at closing , we received 52.5 million ownership units and 52.5 million shares of voting stock , which represents an approx- imate 7% ( 7 % ) ownership interest on a fully diluted basis . during the first quarter of 2009 , the purchase price per share is expected to be adjusted based on the trading prices of clearwire corporation 2019s publicly traded class a stock . after the post-closing adjustment , we anticipate that we will have an approximate 8% ( 8 % ) ownership interest on a fully diluted basis . in connection with the clearwire transaction , we entered into an agreement with sprint that allows us to offer wireless services utilizing certain of sprint 2019s existing wireless networks and an agreement with clearwire llc that allows us to offer wireless serv- ices utilizing clearwire 2019s next generation wireless broadband network . we allocated a portion of our $ 1.05 billion investment to the related agreements . we will account for our investment under the equity method and record our share of net income or loss one quarter in arrears . clearwire llc is expected to incur losses in the early years of operation , which under the equity method of accounting , will be reflected in our future operating results and reduce the cost basis of our investment . we evaluated our investment at december 31 , 2008 to determine if an other than temporary decline in fair value below our cost basis had occurred . the primary input in estimating the fair value of our investment was the quoted market value of clearwire publicly traded class a shares at december 31 , 2008 , which declined significantly from the date of our initial agreement in may 2008 . as a result of the severe decline in the quoted market value , we recognized an impairment in other income ( expense ) of $ 600 million to adjust our cost basis in our investment to its esti- mated fair value . in the future , our evaluation of other than temporary declines in fair value of our investment will include a comparison of actual operating results and updated forecasts to the projected discounted cash flows that were used in making our initial investment decision , other impairment indicators , such as changes in competition or technology , as well as a comparison to the value that would be obtained by exchanging our investment into clearwire corporation 2019s publicly traded class a shares . cost method airtouch communications , inc . we hold two series of preferred stock of airtouch communica- tions , inc . ( 201cairtouch 201d ) , a subsidiary of vodafone , which are redeemable in april 2020 . as of december 31 , 2008 and 2007 , the airtouch preferred stock was recorded at $ 1.479 billion and $ 1.465 billion , respectively . as of december 31 , 2008 , the estimated fair value of the airtouch preferred stock was $ 1.357 billion , which is below our carrying amount . the recent decline in fair value is attributable to changes in interest rates . we have determined this decline to be temporary . the factors considered were the length of time and the extent to which the market value has been less than cost , the credit rating of airtouch , and our intent and ability to retain the investment for a period of time sufficient to allow for recovery . specifically , we expect to hold the two series of airtouch preferred stock until their redemption in 2020 . the dividend and redemption activity of the airtouch preferred stock determines the dividend and redemption payments asso- ciated with substantially all of the preferred shares issued by one of our consolidated subsidiaries , which is a vie . the subsidiary has three series of preferred stock outstanding with an aggregate redemption value of $ 1.750 billion . substantially all of the preferred shares are redeemable in april 2020 at a redemption value of $ 1.650 billion . as of december 31 , 2008 and 2007 , the two redeemable series of subsidiary preferred shares were recorded at $ 1.468 billion and $ 1.465 billion , respectively , and those amounts are included in other noncurrent liabilities . the one nonredeemable series of subsidiary preferred shares was recorded at $ 100 million as of both december 31 , 2008 and 2007 and those amounts are included in minority interest on our consolidated balance sheet . investment income ( loss ) , net .
|year ended december 31 ( in millions )|2008|2007|2006|
|gains on sales and exchanges of investments net|$ 8|$ 151|$ 733|
|investment impairment losses|-28 ( 28 )|-4 ( 4 )|-4 ( 4 )|
|unrealized gains ( losses ) on trading securities and hedged items|-1117 ( 1117 )|315|339|
|mark to market adjustments on derivatives related to trading securities and hedged items|1120|-188 ( 188 )|-238 ( 238 )|
|mark to market adjustments on derivatives|57|160|-18 ( 18 )|
|interest and dividend income|149|199|212|
|other|-100 ( 100 )|-32 ( 32 )|-34 ( 34 )|
|investment income ( loss ) net|$ 89|$ 601|$ 990|
55 comcast 2008 annual report on form 10-k .
Question: what was the percent of our investment in clearwire compared to other investors | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
1.19361 | Context:advance auto parts , inc . schedule ii - valuation and qualifying accounts ( in thousands ) allowance for doubtful accounts receivable : balance at beginning of period charges to expenses deductions balance at end of period january 3 , 2015 $ 13295 $ 17182 $ ( 14325 ) ( 1 ) $ 16152 january 2 , 2016 16152 22067 ( 12461 ) ( 1 ) 25758 december 31 , 2016 25758 24597 ( 21191 ) ( 1 ) 29164 ( 1 ) accounts written off during the period . these amounts did not impact the company 2019s statement of operations for any year presented . note : other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report. .
|allowance for doubtful accounts receivable:|balance atbeginningof period|charges toexpenses|deductions||balance atend ofperiod|
|january 3 2015|$ 13295|$ 17182|$ -14325 ( 14325 )|-1 ( 1 )|$ 16152|
|january 2 2016|16152|22067|-12461 ( 12461 )|-1 ( 1 )|25758|
|december 31 2016|25758|24597|-21191 ( 21191 )|-1 ( 1 )|29164|
advance auto parts , inc . schedule ii - valuation and qualifying accounts ( in thousands ) allowance for doubtful accounts receivable : balance at beginning of period charges to expenses deductions balance at end of period january 3 , 2015 $ 13295 $ 17182 $ ( 14325 ) ( 1 ) $ 16152 january 2 , 2016 16152 22067 ( 12461 ) ( 1 ) 25758 december 31 , 2016 25758 24597 ( 21191 ) ( 1 ) 29164 ( 1 ) accounts written off during the period . these amounts did not impact the company 2019s statement of operations for any year presented . note : other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report. .
Question: what percentage did the allowance for doubtful accounts receivables increase from the beginning of 2015 to the end of 2016? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
147169971.06 | Context:the following table discloses purchases of shares of valero 2019s common stock made by us or on our behalf during the fourth quarter of period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) .
|period|total numberof sharespurchased|averageprice paidper share|total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a )|total number ofshares purchased aspart of publiclyannounced plans orprograms|approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b )|
|october 2014|3180678|$ 46.27|302005|2878673|$ 1.8 billion|
|november 2014|2001273|$ 50.32|119047|1882226|$ 1.7 billion|
|december 2014|5120398|$ 48.56|2624|5117774|$ 1.5 billion|
|total|10302349|$ 48.20|423676|9878673|$ 1.5 billion|
( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2014 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans , and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans . ( b ) on february 28 , 2008 , we announced that our board of directors approved a $ 3 billion common stock purchase program . this $ 3 billion program has no expiration date. .
Question: what was the value of all the shares purchased in october? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
5399.0 | Context:item 7 . management 2019s discussion and analysis of financial condition and results of operations executive summary international paper 2019s operating results in 2006 bene- fited from strong gains in pricing and sales volumes and lower operating costs . our average paper and packaging prices in 2006 increased faster than our costs for the first time in four years . the improve- ment in sales volumes reflects increased uncoated papers , corrugated box , coated paperboard and european papers shipments , as well as improved revenues from our xpedx distribution business . our manufacturing operations also made solid cost reduction improvements . lower interest expense , reflecting debt repayments in 2005 and 2006 , was also a positive factor . together , these improvements more than offset the effects of continued high raw material and distribution costs , lower real estate sales , higher net corporate expenses and lower con- tributions from businesses and forestlands divested during 2006 . looking forward to 2007 , we expect seasonally higher sales volumes in the first quarter . average paper price realizations should continue to improve as we implement previously announced price increases in europe and brazil . input costs for energy , fiber and chemicals are expected to be mixed , although slightly higher in the first quarter . operating results will benefit from the recently completed international paper/sun paperboard joint ventures in china and the addition of the luiz anto- nio paper mill to our operations in brazil . however , primarily as a result of lower real estate sales in the first quarter , we anticipate earnings from continuing operations will be somewhat lower than in the 2006 fourth quarter . significant steps were also taken in 2006 in the execution of the company 2019s transformation plan . we completed the sales of our u.s . and brazilian coated papers businesses and 5.6 million acres of u.s . forestlands , and announced definitive sale agreements for our kraft papers , beverage pack- aging and arizona chemical businesses and a majority of our wood products business , all expected to close during 2007 . through december 31 , 2006 , we have received approximately $ 9.7 billion of the estimated proceeds from divest- itures announced under this plan of approximately $ 11.3 billion , with the balance to be received as the remaining divestitures are completed in the first half of 2007 . we have strengthened our balance sheet by reducing debt by $ 6.2 billion , and returned value to our shareholders by repurchasing 39.7 million shares of our common stock for approximately $ 1.4 billion . we made a $ 1.0 billion voluntary contribution to our u.s . qualified pension fund . we have identified selective reinvestment opportunities totaling approx- imately $ 2.0 billion , including opportunities in china , brazil and russia . finally , we remain focused on our three-year $ 1.2 billion target for non-price profit- ability improvements , with $ 330 million realized during 2006 . while more remains to be done in 2007 , we have made substantial progress toward achiev- ing the objectives announced at the outset of the plan in july 2005 . results of operations industry segment operating profits are used by inter- national paper 2019s management to measure the earn- ings performance of its businesses . management believes that this measure allows a better under- standing of trends in costs , operating efficiencies , prices and volumes . industry segment operating profits are defined as earnings before taxes and minority interest , interest expense , corporate items and corporate special items . industry segment oper- ating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net income or any other operating measure prescribed by accounting principles generally accepted in the united states . international paper operates in six segments : print- ing papers , industrial packaging , consumer pack- aging , distribution , forest products and specialty businesses and other . the following table shows the components of net earnings ( loss ) for each of the last three years : in millions 2006 2005 2004 .
|in millions|2006|2005|2004|
|industry segment operating profits|$ 2074|$ 1622|$ 1703|
|corporate items net|-746 ( 746 )|-607 ( 607 )|-477 ( 477 )|
|corporate special items*|2373|-134 ( 134 )|-141 ( 141 )|
|interest expense net|-521 ( 521 )|-595 ( 595 )|-712 ( 712 )|
|minority interest|-9 ( 9 )|-9 ( 9 )|-21 ( 21 )|
|income tax ( provision ) benefit|-1889 ( 1889 )|407|-114 ( 114 )|
|discontinued operations|-232 ( 232 )|416|-273 ( 273 )|
|net earnings ( loss )|$ 1050|$ 1100|$ -35 ( 35 )|
* corporate special items include gains on transformation plan forestland sales , goodwill impairment charges , restructuring and other charges , net losses on sales and impairments of businesses , insurance recoveries and reversals of reserves no longer required. .
Question: what was the average industry segment operating profits from 2004 to 2006 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.71608 | Context:revenue from other sources includes scrap sales , bulk sales to mechanical remanufacturers , and sales of aluminum ingots and sows . foreign currency translation for our foreign operations , the local currency is the functional currency . assets and liabilities are translated into u.s . dollars at the period-ending exchange rate . statements of income amounts are translated to u.s . dollars using average exchange rates during the period . translation gains and losses are reported as a component of accumulated other comprehensive income ( loss ) in stockholders 2019 equity . gains and losses from foreign currency transactions are included in current earnings . recent accounting pronouncements on january 1 , 2011 , we will adopt financial accounting standards board accounting standards update 2010-29 , 201cdisclosure of supplementary pro forma information for business combinations , 201d which clarifies the disclosure requirements for pro forma financial information related to a material business combination or a series of immaterial business combinations that are material in the aggregate . the guidance clarified that the pro forma disclosures are prepared assuming the business combination occurred at the start of the prior annual reporting period . additionally , a narrative description of the nature and amount of material , non-recurring pro forma adjustments would be required . as this newly issued accounting standard only requires enhanced disclosure , the adoption of this standard will not impact our financial position or results of operations . note 3 . discontinued operations on october 1 , 2009 , we sold to schnitzer steel industries , inc . ( 201cssi 201d ) four self service retail facilities in oregon and washington and certain business assets related to two self service facilities in northern california and a self service facility in portland , oregon for $ 17.5 million , net of cash sold . we recognized a gain on the sale of approximately $ 2.5 million , net of tax , in our fourth quarter 2009 results . goodwill totaling $ 9.9 million was included in the cost basis of net assets disposed when determining the gain on sale . in the fourth quarter of 2009 , we closed the two self service facilities in northern california and converted the self service operation in portland to a wholesale recycling business . on january 15 , 2010 , we also sold to ssi two self service retail facilities in dallas , texas for $ 12.0 million . we recognized a gain on the sale of approximately $ 1.7 million , net of tax , in our first quarter 2010 results . goodwill totaling $ 6.7 million was included in the cost basis of net assets disposed when determining the gain on the self service facilities that we sold or closed are reported as discontinued operations for all periods presented . we reported these facilities in discontinued operations because the cash flows derived from the facilities were eliminated as a result of the sales or closures , and we will not have continuing involvement in these facilities . a summary of the assets and liabilities applicable to discontinued operations included in the consolidated balance sheets as of december 31 , 2010 and 2009 is as follows ( in thousands ) : december 31 , december 31 .
||december 31 2010|december 31 2009|
|inventory|$ 2014|$ 1152|
|other current assets|2014|307|
|property and equipment net|2014|1553|
|goodwill|2014|6708|
|total assets|$ 2014|$ 9720|
|accounts payable and accrued liabilities|$ 2744|$ 3832|
|total liabilities|$ 2744|$ 3832|
.
Question: what was the ratio of the accounts payable and accrued liabilities in 2010 compared to 2009 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.11247 | Context:long-term product offerings include alpha-seeking active and index strategies . our alpha-seeking active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile , and leverage fundamental research and quantitative models to drive portfolio construction . in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index . index strategies include both our non-etf index products and ishares etfs . although many clients use both alpha-seeking active and index strategies , the application of these strategies may differ . for example , clients may use index products to gain exposure to a market or asset class , or may use a combination of index strategies to target active returns . in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates . net flows in institutional index products generally have a small impact on blackrock 2019s revenues and earnings . equity year-end 2017 equity aum totaled $ 3.372 trillion , reflecting net inflows of $ 130.1 billion . net inflows included $ 174.4 billion into ishares etfs , driven by net inflows into core funds and broad developed and emerging market equities , partially offset by non-etf index and active net outflows of $ 25.7 billion and $ 18.5 billion , respectively . blackrock 2019s effective fee rates fluctuate due to changes in aum mix . approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s . equity strategies . accordingly , fluctuations in international equity markets , which may not consistently move in tandem with u.s . markets , have a greater impact on blackrock 2019s equity revenues and effective fee rate . fixed income fixed income aum ended 2017 at $ 1.855 trillion , reflecting net inflows of $ 178.8 billion . in 2017 , active net inflows of $ 21.5 billion were diversified across fixed income offerings , and included strong inflows into municipal , unconstrained and total return bond funds . ishares etfs net inflows of $ 67.5 billion were led by flows into core , corporate and treasury bond funds . non-etf index net inflows of $ 89.8 billion were driven by demand for liability-driven investment solutions . multi-asset blackrock 2019s multi-asset team manages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities . investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays . component changes in multi-asset aum for 2017 are presented below . ( in millions ) december 31 , net inflows ( outflows ) market change impact december 31 .
|( in millions )|december 312016|net inflows ( outflows )|marketchange|fximpact|december 312017|
|asset allocation and balanced|$ 176675|$ -2502 ( 2502 )|$ 17387|$ 4985|$ 196545|
|target date/risk|149432|23925|24532|1577|199466|
|fiduciary|68395|-1047 ( 1047 )|7522|8819|83689|
|futureadvisor ( 1 )|505|-46 ( 46 )|119|2014|578|
|total|$ 395007|$ 20330|$ 49560|$ 15381|$ 480278|
( 1 ) futureadvisor amounts do not include aum held in ishares etfs . multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $ 18.9 billion of net inflows coming from institutional clients . defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 20.8 billion to institutional multi-asset net inflows in 2017 , primarily into target date and target risk product offerings . retail net inflows of $ 1.1 billion reflected demand for our multi-asset income fund family , which raised $ 5.8 billion in 2017 . the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 41% ( 41 % ) of multi-asset aum at year-end . these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget . in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions . flagship products in this category include our global allocation and multi-asset income fund families . 2022 target date and target risk products grew 16% ( 16 % ) organically in 2017 , with net inflows of $ 23.9 billion . institutional investors represented 93% ( 93 % ) of target date and target risk aum , with defined contribution plans accounting for 87% ( 87 % ) of aum . flows were driven by defined contribution investments in our lifepath offerings . lifepath products utilize a proprietary active asset allocation overlay model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing . underlying investments are primarily index products . 2022 fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain blackrock to assume responsibility for some or all aspects of investment management . these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives. .
Question: what is the percentage change in the balance of asset allocation from 2016 to 2017? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
36.0 | Context:notes to the consolidated financial statements related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2010 , 2009 and 2008 was $ 1 million , $ ( 16 ) million and $ 30 million , respectively . 19 . employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s . employees . the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations . for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation . for those participants whose employment is covered by a collective bargaining agreement , the level of company- matching contribution , if any , is determined by the collective bargaining agreement . the company-matching contribution was 100% ( 100 % ) for 2008 and for the first two months of 2009 . the company- matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession . effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) contributed for most employees eligible for the company-matching contribution feature . this would have included the bargained employees in accordance with their collective bargaining agreements . on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) contributed by these eligible employees . compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2010 , 2009 and 2008 totaled $ 9 million , $ 7 million and $ 42 million , respectively . a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan . as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 24 million , $ 28 million and $ 29 million for 2010 , 2009 and 2008 , respectively . 20 . other earnings ( millions ) 2010 2009 2008 .
|( millions )|2010|2009|2008|
|interest income|$ 34|$ 28|$ 26|
|royalty income|58|45|52|
|share of net earnings ( loss ) of equity affiliates ( see note 6 )|45|-5 ( 5 )|3|
|gain on sale of assets|8|36|23|
|other|69|74|61|
|total|$ 214|$ 178|$ 165|
total $ 214 $ 178 $ 165 21 . stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return . all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc . omnibus incentive plan ( 201cppg omnibus plan 201d ) . shares available for future grants under the ppg omnibus plan were 4.1 million as of december 31 , 2010 . total stock-based compensation cost was $ 52 million , $ 34 million and $ 33 million in 2010 , 2009 and 2008 , respectively . the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 18 million , $ 12 million and $ 12 million in 2010 , 2009 and 2008 , respectively . stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc . stock plan ( 201cppg stock plan 201d ) and the ppg omnibus plan . under the ppg omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted . the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years . upon exercise of a stock option , shares of company stock are issued from treasury stock . the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that allows an optionee to exercise options and satisfy the option price by certifying ownership of mature shares of ppg common stock with equivalent market value . the fair value of stock options issued to employees is measured on the date of grant and is recognized as expense over the requisite service period . ppg estimates the fair value of stock options using the black-scholes option pricing model . the risk-free interest rate is determined by using the u.s . treasury yield curve at the date of the grant and using a maturity equal to the expected life of the option . the expected life of options is calculated using the average of the vesting term and the maximum term , as prescribed by accounting guidance on the use of the simplified method for determining the expected term of an employee share option . this method is used as the vesting term of stock options was changed to three years in 2004 and , as a result , the historical exercise data does not provide a reasonable basis upon which to estimate the expected life of options . the expected dividend yield and volatility are based on historical stock prices and dividend amounts over past time periods equal in length to the expected life of the options . 66 2010 ppg annual report and form 10-k .
Question: what was the change in millions of total other earnings from 2009 to 2010? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
1628.0 | Context:for fiscal year 2005 , the effective tax rate includes the impact of $ 11.6 million tax expense associated with repatriation of approximately $ 185.0 million of foreign earnings under the provisions of the american jobs creation act of 2004 . for fiscal year 2004 , the effective tax rate reflects the tax benefit derived from higher earnings in low-tax jurisdictions . during fiscal year 2006 , primarily due to a tax accounting method change , there was a decrease of $ 83.2 million in the current deferred tax assets , and a corresponding increase in non-current deferred tax assets . in the third quarter of fiscal year 2006 , we changed our tax accounting method on our tax return for fiscal year 2005 with respect to the current portion of deferred revenue to follow the recognition of revenue under u.s . generally accepted accounting principles . this accounting method change , as well as other adjustments made to our taxable income upon the filing of the fiscal year 2005 tax return , resulted in an increase in our operating loss ( nol ) carryforwards . in may 2006 , the tax increase prevention and reconciliation act of 2005 was enacted , which provides a three-year exception to current u.s . taxation of certain foreign intercompany income . this provision will first apply to synopsys in fiscal year 2007 . management estimates that had such provisions been applied for fiscal 2006 , our income tax expense would have been reduced by approximately $ 3 million . in december 2006 , the tax relief and health care act of 2006 was enacted , which retroactively extended the research and development credit from january 1 , 2006 . as a result , we will record an expected increase in our fiscal 2006 research and development credit of between $ 1.5 million and $ 1.8 million in the first quarter of fiscal 2007 . revision of prior year financial statements . as part of our remediation of the material weakness in internal control over financial reporting identified in fiscal 2005 relating to accounting for income taxes we implemented additional internal control and review procedures . through such procedures , in the fourth quarter of fiscal 2006 , we identified four errors totaling $ 8.2 million which affected our income tax provision in fiscal years 2001 through 2005 . we concluded that these errors were not material to any prior year financial statements . although the errors are not material to prior periods , we elected to revise prior year financial statements to correct such errors . the fiscal periods in which the errors originated , and the resulting change in provision ( benefit ) for income taxes for each year , are reflected in the following table : year ended october 31 ( in thousands ) .
|2001|2002|2003|2004|2005|
|$ 205|$ 1833|$ 5303|$ -748 ( 748 )|$ 1636|
the errors were as follows : ( 1 ) synopsys inadvertently provided a $ 1.4 million tax benefit for the write- off of goodwill relating to an acquisition in fiscal 2002 ; ( 2 ) synopsys did not accrue interest and penalties for certain foreign tax contingency items in the amount of $ 3.2 million ; ( 3 ) synopsys made certain computational errors relating to foreign dividends of $ 2.3 million ; and ( 4 ) synopsys did not record a valuation allowance relating to certain state tax credits of $ 1.3 million . as result of this revision , non-current deferred tax assets decreased by $ 8.1 million and current taxes payable increased by $ 0.2 million . retained earnings decreased by $ 8.2 million and additional paid in capital decreased by $ 0.1 million . see item 9a . controls and procedures for a further discussion of our remediation of the material weakness . tax effects of stock awards . in november 2005 , fasb issued a staff position ( fsp ) on fas 123 ( r ) -3 , transition election related to accounting for the tax effects of share-based payment awards . effective upon issuance , this fsp describes an alternative transition method for calculating the tax effects of share-based compensation pursuant to sfas 123 ( r ) . the alternative transition method includes simplified methods to establish the beginning balance of the additional paid-in capital pool ( apic pool ) related to the tax effects of employee stock based compensation , and to determine the subsequent impact on the apic pool and the statement of cash flows of the tax effects of employee share-based compensation .
Question: what is the variation observed in the resulting change in provision for income taxes caused by errors during 2002 and 2001? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.43137 | Context:will no longer be significant contributors to business operating results , while expenses should also decline significantly reflecting the reduced level of operations . operating earnings will primarily consist of retail forestland and real estate sales of remaining acreage . specialty businesses and other the specialty businesses and other segment includes the results of the arizona chemical business and certain divested businesses whose results are included in this segment for periods prior to their sale or closure . this segment 2019s 2006 net sales increased 2% ( 2 % ) from 2005 , but declined 17% ( 17 % ) from 2004 . operating profits in 2006 were up substantially from both 2005 and 2004 . the decline in sales compared with 2004 principally reflects declining contributions from businesses sold or closed . specialty businesses and other in millions 2006 2005 2004 .
|in millions|2006|2005|2004|
|sales|$ 935|$ 915|$ 1120|
|operating profit|$ 61|$ 4|$ 38|
arizona chemical sales were $ 769 million in 2006 , compared with $ 692 million in 2005 and $ 672 million in 2004 . sales volumes declined in 2006 compared with 2005 , but average sales price realiza- tions in 2006 were higher in both the united states and europe . operating earnings in 2006 were sig- nificantly higher than in 2005 and more than 49% ( 49 % ) higher than in 2004 . the increase over 2005 reflects the impact of the higher average sales price realiza- tions and lower manufacturing costs , partially offset by higher prices for crude tall oil ( cto ) . earnings for 2005 also included a $ 13 million charge related to a plant shutdown in norway . other businesses in this operating segment include operations that have been sold , closed or held for sale , primarily the polyrey business in france and , in prior years , the european distribution business . sales for these businesses were approximately $ 166 million in 2006 , compared with $ 223 million in 2005 and $ 448 million in 2004 . in december 2006 , the company entered into a definitive agreement to sell the arizona chemical business , expected to close in the first quarter of liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operat- ing cash flow , which is highly sensitive to changes in the pricing and demand for our major products . while changes in key cash operating costs , such as energy and raw material costs , do have an effect on operating cash generation , we believe that our strong focus on cost controls has improved our cash flow generation over an operating cycle . as part of the continuing focus on improving our return on investment , we have focused our capital spending on improving our key paper and packaging businesses both globally and in north america . spending levels have been kept below the level of depreciation and amortization charges for each of the last three years , and we anticipate spending will again be slightly below depreciation and amor- tization in 2007 . financing activities in 2006 have been focused on the transformation plan objective of strengthening the balance sheet through repayment of debt , resulting in a net reduction in 2006 of $ 5.2 billion following a $ 1.7 billion net reduction in 2005 . additionally , we made a $ 1.0 billion voluntary cash contribution to our u.s . qualified pension plan in december 2006 to begin satisfying projected long-term funding requirements and to lower future pension expense . our liquidity position continues to be strong , with approximately $ 3.0 billion of committed liquidity to cover future short-term cash flow requirements not met by operating cash flows . management believes it is important for interna- tional paper to maintain an investment-grade credit rating to facilitate access to capital markets on favorable terms . at december 31 , 2006 , the com- pany held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) from standard & poor 2019s and moody 2019s investor services , respectively . cash provided by operations cash provided by continuing operations totaled $ 1.0 billion for 2006 , compared with $ 1.2 billion for 2005 and $ 1.7 billion in 2004 . the 2006 amount is net of a $ 1.0 billion voluntary cash pension plan contribution made in the fourth quarter of 2006 . the major components of cash provided by continuing oper- ations are earnings from continuing operations .
Question: what was the average cash provided by the continuing operations from 2004 to 2006 in billions | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.11563 | Context:the following table presents a rollforward of the severance and other costs for approximately 1650 employees included in the 2010 restructuring charg- in millions severance and other .
|in millions|severance and other|
|opening balance ( recorded first quarter 2010 )|$ 20|
|additions and adjustments|26|
|cash charges in 2010|-32 ( 32 )|
|cash charges in 2011|-8 ( 8 )|
|cash charges in 2012|-4 ( 4 )|
|balance december 31 2012|$ 2|
as of december 31 , 2012 , 1638 employees had left the company under these programs . cellulosic bio-fuel tax credit in a memorandum dated june 28 , 2010 , the irs concluded that black liquor would qualify for the cellulosic bio-fuel tax credit of $ 1.01 per gallon pro- duced in 2009 . on october 15 , 2010 , the irs ruled that companies may qualify in the same year for the $ 0.50 per gallon alternative fuel mixture credit and the $ 1.01 cellulosic bio-fuel tax credit for 2009 , but not for the same gallons of fuel produced and con- sumed . to the extent a taxpayer changes its position and uses the $ 1.01 credit , it must re-pay the refunds they received as alternative fuel mixture credits attributable to the gallons converted to the cellulosic bio-fuel credit . the repayment of this refund must include interest . one important difference between the two credits is that the $ 1.01 credit must be credited against a company 2019s federal tax liability , and the credit may be carried forward through 2015 . in contrast , the $ 0.50 credit is refundable in cash . also , the cellulosic bio- fuel credit is required to be included in federal tax- able income . the company filed an application with the irs on november 18 , 2010 , to receive the required registra- tion code to become a registered cellulosic bio-fuel producer . the company received its registration code on february 28 , 2011 . the company has evaluated the optimal use of the two credits with respect to gallons produced in 2009 . considerations include uncertainty around future federal taxable income , the taxability of the alter- native fuel mixture credit , future liquidity and uses of cash such as , but not limited to , acquisitions , debt repayments and voluntary pension contributions versus repayment of alternative fuel mixture credits with interest . at the present time , the company does not intend to convert any gallons under the alter- native fuel mixture credit to gallons under the cellulosic bio-fuel credit . on july 19 , 2011 the com- pany filed an amended 2009 tax return claiming alternative fuel mixture tax credits as non-taxable income . if that amended position is not upheld , the company will re-evaluate its position with regard to alternative fuel mixture gallons produced in 2009 . during 2009 , the company produced 64 million gal- lons of black liquor that were not eligible for the alternative fuel mixture credit . the company claimed these gallons for the cellulosic bio-fuel credit by amending the company 2019s 2009 tax return . the impact of this amendment was included in the company 2019s 2010 fourth quarter income tax provision ( benefit ) , resulting in a $ 40 million net credit to tax expense . temple-inland , inc . also recognized an income tax benefit of $ 83 million in 2010 related to cellulosic bio-fuel credits . as is the case with other tax credits , taxpayer claims are subject to possible future review by the irs which has the authority to propose adjustments to the amounts claimed , or credits received . note 5 acquisitions and joint ventures acquisitions 2013 : on january 3 , 2013 , international paper completed the acquisition ( effective date of acquis- ition on january 1 , 2013 ) of the shares of its joint venture partner , sabanci holding , in the turkish corrugated packaging company , olmuksa interna- tional paper sabanci ambalaj sanayi ve ticaret a.s . ( olmuksa ) , for a purchase price of $ 56 million . the acquired shares represent 43.7% ( 43.7 % ) of olmuksa 2019s shares , and prior to this acquisition , international paper already held a 43.7% ( 43.7 % ) equity interest in olmuk- sa . thus , international paper now owns 87.4% ( 87.4 % ) of olmuksa 2019s outstanding and issued shares . the company has not completed the valuation of assets acquired and liabilities assumed ; however , the company anticipates providing a preliminary pur- chase price allocation in its 2013 first quarter form 10-q filing . because the transaction resulted in international paper becoming the majority shareholder , owning 87.4% ( 87.4 % ) of olmuksa 2019s shares , its completion triggered a mandatory call for tender of the remaining public shares . also as a result of international paper taking majority control of the entity , olmuksa 2019s financial results will be consolidated with our industrial pack- aging segment beginning with the effective date international paper obtained majority control of the entity on january 1 , 2013 . pro forma information related to the acquisition of olmuksa has not been included as it does not have a material effect on the company 2019s consolidated results of operations . 2012 : on february 13 , 2012 , international paper com- pleted the acquisition of temple-inland , inc . ( temple- inland ) . international paper acquired all of the outstanding common stock of temple-inland for $ 32.00 per share in cash , totaling approximately $ 3.7 billion .
Question: what was the total approximate number of shares international paper acquired of the outstanding common stock of temple-inland | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.14 | Context:the following table details the effect on net income and earnings per share had compensation expense for all of our stock-based awards , including stock options , been recorded in the year ended december 31 , 2005 based on the fair value method under fasb statement no . 123 , accounting for stock-based compensation . pro forma stock-based compensation expense millions of dollars , except per share amounts 2005 .
|pro forma stock-based compensation expensemillions of dollars except per share amounts|2005|
|net income as reported|$ 1026|
|stock-based employee compensation expense reported in net income net of tax|13|
|total stock-based employee compensation expense determined under fair value 2013based method for allawards net of tax [a]|-50 ( 50 )|
|pro forma net income|$ 989|
|earnings per share 2013 basic as reported|$ 3.89|
|earnings per share 2013 basic pro forma|$ 3.75|
|earnings per share 2013 diluted as reported|$ 3.85|
|earnings per share 2013 diluted pro forma|$ 3.71|
[a] stock options for executives granted in 2003 and 2002 included a reload feature . this reload feature allowed executives to exercise their options using shares of union pacific corporation common stock that they already owned and obtain a new grant of options in the amount of the shares used for exercise plus any shares withheld for tax purposes . the reload feature of these option grants could only be exercised if the price of our common stock increased at least 20% ( 20 % ) from the price at the time of the reload grant . during the year ended december 31 , 2005 , reload option grants represented $ 19 million of the pro forma expense noted above . there were no reload option grants during 2007 and 2006 as stock options exercised after january 1 , 2006 are not eligible for the reload feature . earnings per share 2013 basic earnings per share are calculated on the weighted-average number of common shares outstanding during each period . diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive . use of estimates 2013 our consolidated financial statements include estimates and assumptions regarding certain assets , liabilities , revenue , and expenses and the disclosure of certain contingent assets and liabilities . actual future results may differ from such estimates . income taxes 2013 as required under fasb statement no . 109 , accounting for income taxes , we account for income taxes by recording taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our financial statements or tax returns . these expected future tax consequences are measured based on provisions of tax law as currently enacted ; the effects of future changes in tax laws are not anticipated . future tax law changes , such as a change in the corporate tax rate , could have a material impact on our financial condition or results of operations . when appropriate , we record a valuation allowance against deferred tax assets to offset future tax benefits that may not be realized . in determining whether a valuation allowance is appropriate , we consider whether it is more likely than not that all or some portion of our deferred tax assets will not be realized , based on management 2019s judgments regarding the best available evidence about future events . when we have claimed tax benefits that may be challenged by a tax authority , these uncertain tax positions are accounted for under fasb interpretation no . 48 , accounting for uncertainty in income taxes , an interpretation of fasb statement no . 109 ( fin 48 ) . we adopted fin 48 beginning january 1 , 2007 . prior to 2007 , income tax contingencies were accounted for under fasb statement no . 5 , accounting for contingencies . under fin 48 , we recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities . the amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement . a liability for 201cunrecognized tax benefits 201d is .
Question: what was the difference between earnings per share 2013 diluted as reported and earnings per share 2013 diluted pro forma ? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
901.0 | Context:liquidity and capital resources as of december 31 , 2011 , our principal sources of liquidity included cash , cash equivalents , our receivables securitization facility , and our revolving credit facility , as well as the availability of commercial paper and other sources of financing through the capital markets . we had $ 1.8 billion of committed credit available under our credit facility , with no borrowings outstanding as of december 31 , 2011 . we did not make any borrowings under this facility during 2011 . the value of the outstanding undivided interest held by investors under the receivables securitization facility was $ 100 million as of december 31 , 2011 , and is included in our consolidated statements of financial position as debt due after one year . the receivables securitization facility obligates us to maintain an investment grade bond rating . if our bond rating were to deteriorate , it could have an adverse impact on our liquidity . access to commercial paper as well as other capital market financings is dependent on market conditions . deterioration of our operating results or financial condition due to internal or external factors could negatively impact our ability to access capital markets as a source of liquidity . access to liquidity through the capital markets is also dependent on our financial stability . we expect that we will continue to have access to liquidity by issuing bonds to public or private investors based on our assessment of the current condition of the credit markets . at december 31 , 2011 and 2010 , we had a working capital surplus . this reflects a strong cash position , which provides enhanced liquidity in an uncertain economic environment . in addition , we believe we have adequate access to capital markets to meet cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . cash flows millions 2011 2010 2009 .
|cash flowsmillions|2011|2010|2009|
|cash provided by operating activities|$ 5873|$ 4105|$ 3204|
|cash used in investing activities|-3119 ( 3119 )|-2488 ( 2488 )|-2145 ( 2145 )|
|cash used in financing activities|-2623 ( 2623 )|-2381 ( 2381 )|-458 ( 458 )|
|net change in cash and cashequivalents|$ 131|$ -764 ( 764 )|$ 601|
operating activities higher net income and lower cash income tax payments in 2011 increased cash provided by operating activities compared to 2010 . the tax relief , unemployment insurance reauthorization , and job creation act of 2010 , enacted in december 2010 , provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 , and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012 . as a result of the act , the company deferred a substantial portion of its 2011 income tax expense . this deferral decreased 2011 income tax payments , thereby contributing to the positive operating cash flow . in future years , however , additional cash will be used to pay income taxes that were previously deferred . in addition , the adoption of a new accounting standard in january of 2010 changed the accounting treatment for our receivables securitization facility from a sale of undivided interests ( recorded as an operating activity ) to a secured borrowing ( recorded as a financing activity ) , which decreased cash provided by operating activities by $ 400 million in 2010 . higher net income in 2010 increased cash provided by operating activities compared to 2009 . investing activities higher capital investments partially offset by higher proceeds from asset sales in 2011 drove the increase in cash used in investing activities compared to 2010 . higher capital investments and lower proceeds from asset sales in 2010 drove the increase in cash used in investing activities compared to 2009. .
Question: what was the change in cash provided by operating activities from 2009 to 2010 , in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.27913 | Context:we have not capitalized any stock-based compensation costs during the years ended december 31 , 2018 , 2017 , and as of december 31 , 2018 , unrecognized compensation expense related to unvested rsus is expected to be recognized as follows ( in thousands ) : .
||rsus|
|2019|$ 15166|
|2020|9715|
|2021|6315|
|2022|3458|
|2023|150|
|total unrecognized compensation expense|$ 34804|
stock-based compensation expense related to these awards will be different to the extent that forfeitures are realized. .
Question: in 2018 what was the percent of the total unrecognized compensation expense due in 2020 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
1.45792 | Context:abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 . stock award plans and stock-based compensation ( continued ) restricted stock and restricted stock units the following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ) .
||number of shares ( in thousands )|weighted average grant date fair value ( per share )|
|restricted stock and restricted stock units at beginning of year|407|$ 9.84|
|granted|607|18.13|
|vested|-134 ( 134 )|10.88|
|forfeited|-9 ( 9 )|13.72|
|restricted stock and restricted stock units at end of year|871|$ 15.76|
the remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units , including performance-based awards , as of march 31 , 2012 was $ 7.1 million and the weighted-average period over which this cost will be recognized is 2.2 years . the weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended march 31 , 2012 , 2011 , and 2010 was $ 18.13 , $ 10.00 and $ 7.67 per share , respectively . the total fair value of restricted stock and restricted stock units vested in fiscal years 2012 , 2011 , and 2010 was $ 1.5 million , $ 1.0 million and $ 0.4 million , respectively . performance-based awards included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2012 , 2011 and 2010 that vest subject to certain performance-based criteria . in june 2010 , 311000 shares of restricted stock and a performance-based award for the potential issuance of 45000 shares of common stock were issued to certain executive officers and members of senior management of the company , all of which would vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the company . during the year ended march 31 , 2011 , the company determined that it met the prescribed performance targets and a portion of these shares and stock options vested . the remaining shares will vest upon satisfaction of prescribed service conditions by the award recipients . during the three months ended june 30 , 2011 , the company determined that it should have been using the graded vesting method instead of the straight-line method to expense stock-based compensation for the performance-based awards issued in june 2010 . this resulted in additional stock based compensation expense of approximately $ 0.6 million being recorded during the three months ended june 30 , 2011 that should have been recorded during the year ended march 31 , 2011 . the company believes that the amount is not material to its march 31 , 2011 consolidated financial statements and therefore recorded the adjustment in the quarter ended june 30 , 2011 . during the three months ended june 30 , 2011 , performance-based awards of restricted stock units for the potential issuance of 284000 shares of common stock were issued to certain executive officers and members of the senior management , all of which would vest upon achievement of prescribed service milestones by the award recipients and revenue performance milestones by the company . as of march 31 , 2012 , the company determined that it met the prescribed targets for 184000 shares underlying these awards and it believes it is probable that the prescribed performance targets will be met for the remaining 100000 shares , and the compensation expense is being recognized accordingly . during the year ended march 31 , 2012 , the company has recorded $ 3.3 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved . the remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3.6 million based on the company 2019s current assessment of probability of achieving the performance milestones . the weighted-average period over which this cost will be recognized is 2.1 years. .
Question: what is the total value of vested shares during the fiscal year ended march 31 , 2012 , in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.08212 | Context:on the credit rating of the company and a $ 200 million term loan with an interest rate of libor plus a margin of 175 basis points , both with maturity dates in 2017 . the proceeds from these borrowings were used , along with available cash , to fund the acquisition of temple- inland . during 2012 , international paper fully repaid the $ 1.2 billion term loan . international paper utilizes interest rate swaps to change the mix of fixed and variable rate debt and manage interest expense . at december 31 , 2012 , international paper had interest rate swaps with a total notional amount of $ 150 million and maturities in 2013 ( see note 14 derivatives and hedging activities on pages 70 through 74 of item 8 . financial statements and supplementary data ) . during 2012 , existing swaps and the amortization of deferred gains on previously terminated swaps decreased the weighted average cost of debt from 6.8% ( 6.8 % ) to an effective rate of 6.6% ( 6.6 % ) . the inclusion of the offsetting interest income from short- term investments reduced this effective rate to 6.2% ( 6.2 % ) . other financing activities during 2012 included the issuance of approximately 1.9 million shares of treasury stock , net of restricted stock withholding , and 1.0 million shares of common stock for various incentive plans , including stock options exercises that generated approximately $ 108 million of cash . payment of restricted stock withholding taxes totaled $ 35 million . off-balance sheet variable interest entities information concerning off-balance sheet variable interest entities is set forth in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 of item 8 . financial statements and supplementary data for discussion . liquidity and capital resources outlook for 2015 capital expenditures and long-term debt international paper expects to be able to meet projected capital expenditures , service existing debt and meet working capital and dividend requirements during 2015 through current cash balances and cash from operations . additionally , the company has existing credit facilities totaling $ 2.0 billion of which nothing has been used . the company was in compliance with all its debt covenants at december 31 , 2014 . the company 2019s financial covenants require the maintenance of a minimum net worth of $ 9 billion and a total debt-to- capital ratio of less than 60% ( 60 % ) . net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges . the calculation also excludes accumulated other comprehensive income/ loss and nonrecourse financial liabilities of special purpose entities . the total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth . at december 31 , 2014 , international paper 2019s net worth was $ 14.0 billion , and the total-debt- to-capital ratio was 40% ( 40 % ) . the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows . funding decisions will be guided by our capital structure planning objectives . the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense . the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors . maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy . at december 31 , 2014 , the company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( stable outlook ) by s&p and moody 2019s , respectively . contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2014 , were as follows: .
|in millions|2015|2016|2017|2018|2019|thereafter|
|maturities of long-term debt ( a )|$ 742|$ 543|$ 71|$ 1229|$ 605|$ 6184|
|debt obligations with right of offset ( b )|2014|5202|2014|2014|2014|2014|
|lease obligations|142|106|84|63|45|91|
|purchase obligations ( c )|3266|761|583|463|422|1690|
|total ( d )|$ 4150|$ 6612|$ 738|$ 1755|$ 1072|$ 7965|
( a ) total debt includes scheduled principal payments only . ( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to effect , a legal right to offset these obligations with investments held in the entities . accordingly , in its consolidated balance sheet at december 31 , 2014 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.3 billion of debt obligations held by the entities ( see note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 . financial statements and supplementary data ) . ( c ) includes $ 2.3 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business . ( d ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 119 million . as discussed in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 . financial statements and supplementary data , in connection with the 2006 international paper installment sale of forestlands , we received $ 4.8 billion of installment notes ( or timber notes ) , which we contributed to certain non- consolidated borrower entities . the installment notes mature in august 2016 ( unless extended ) . the deferred .
Question: in 2016 what was the percent of the maturities of long-term debt to the total contractual obligations for future payments under existing debt and lease commitments | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
2.625 | Context:( c ) the cash payments are interest payments on the associated debt obligations discussed above . after formation of the 2015 financing entities , the payments represent interest paid on nonrecourse financial liabilities of special purpose entities . in connection with the acquisition of temple-inland in february 2012 , two special purpose entities became wholly-owned subsidiaries of international paper . the use of the two wholly-owned special purpose entities discussed below preserved the tax deferral that resulted from the 2007 temple-inland timberlands sales . the company recognized an $ 840 million deferred tax liability in connection with the 2007 sales , which will be settled with the maturity of the notes in in october 2007 , temple-inland sold 1.55 million acres of timberland for $ 2.38 billion . the total consideration consisted almost entirely of notes due in 2027 issued by the buyer of the timberland , which temple-inland contributed to two wholly-owned , bankruptcy-remote special purpose entities . the notes are shown in financial assets of special purpose entities in the accompanying consolidated balance sheet and are supported by $ 2.38 billion of irrevocable letters of credit issued by three banks , which are required to maintain minimum credit ratings on their long-term debt . in the third quarter of 2012 , international paper completed its preliminary analysis of the acquisition date fair value of the notes and determined it to be $ 2.09 billion . as of december 31 , 2015 and 2014 , the fair value of the notes was $ 2.10 billion and $ 2.27 billion , respectively . these notes are classified as level 2 within the fair value hierarchy , which is further defined in note 14 . in december 2007 , temple-inland's two wholly-owned special purpose entities borrowed $ 2.14 billion shown in nonrecourse financial liabilities of special purpose entities . the loans are repayable in 2027 and are secured only by the $ 2.38 billion of notes and the irrevocable letters of credit securing the notes and are nonrecourse to us . the loan agreements provide that if a credit rating of any of the banks issuing the letters of credit is downgraded below the specified threshold , the letters of credit issued by that bank must be replaced within 30 days with letters of credit from another qualifying financial institution . in the third quarter of 2012 , international paper completed its preliminary analysis of the acquisition date fair value of the borrowings and determined it to be $ 2.03 billion . as of december 31 , 2015 and 2014 , the fair value of this debt was $ 1.97 billion and $ 2.16 billion , respectively . this debt is classified as level 2 within the fair value hierarchy , which is further defined in note 14 . activity between the company and the 2007 financing entities was as follows: .
|in millions|2015|2014|2013|
|revenue ( a )|$ 27|$ 26|$ 27|
|expense ( b )|27|25|29|
|cash receipts ( c )|7|7|8|
|cash payments ( d )|18|18|21|
( a ) the revenue is included in interest expense , net in the accompanying consolidated statement of operations and includes approximately $ 19 million , $ 19 million and $ 19 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively , of accretion income for the amortization of the purchase accounting adjustment on the financial assets of special purpose entities . ( b ) the expense is included in interest expense , net in the accompanying consolidated statement of operations and includes approximately $ 7 million , $ 7 million and $ 7 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively , of accretion expense for the amortization of the purchase accounting adjustment on the nonrecourse financial liabilities of special purpose entities . ( c ) the cash receipts are interest received on the financial assets of special purpose entities . ( d ) the cash payments are interest paid on nonrecourse financial liabilities of special purpose entities . note 13 debt and lines of credit in 2015 , international paper issued $ 700 million of 3.80% ( 3.80 % ) senior unsecured notes with a maturity date in 2026 , $ 600 million of 5.00% ( 5.00 % ) senior unsecured notes with a maturity date in 2035 , and $ 700 million of 5.15% ( 5.15 % ) senior unsecured notes with a maturity date in 2046 . the proceeds from this borrowing were used to repay approximately $ 1.0 billion of notes with interest rates ranging from 4.75% ( 4.75 % ) to 9.38% ( 9.38 % ) and original maturities from 2018 to 2022 , along with $ 211 million of cash premiums associated with the debt repayments . additionally , the proceeds from this borrowing were used to make a $ 750 million voluntary cash contribution to the company's pension plan . pre-tax early debt retirement costs of $ 207 million related to the debt repayments , including the $ 211 million of cash premiums , are included in restructuring and other charges in the accompanying consolidated statement of operations for the twelve months ended december 31 , 2015 . during the second quarter of 2014 , international paper issued $ 800 million of 3.65% ( 3.65 % ) senior unsecured notes with a maturity date in 2024 and $ 800 million of 4.80% ( 4.80 % ) senior unsecured notes with a maturity date in 2044 . the proceeds from this borrowing were used to repay approximately $ 960 million of notes with interest rates ranging from 7.95% ( 7.95 % ) to 9.38% ( 9.38 % ) and original maturities from 2018 to 2019 . pre-tax early debt retirement costs of $ 262 million related to these debt repayments , including $ 258 million of cash premiums , are included in restructuring and other charges in the accompanying consolidated statement of operations for the twelve months ended december 31 , 2014. .
Question: based on the activity between the company and the 2007 financing entities what was the ratio of the cash payments to the cash receipts in 2013 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-691.0 | Context:2018 ppg annual report and form 10-k 59 other acquisitions in 2018 , 2017 , and 2016 , the company completed several smaller business acquisitions . the total consideration paid for these acquisitions , net of cash acquired , debt assumed and other post closing adjustments , was $ 108 million , $ 74 million and $ 43 million , respectively . in january 2018 , ppg acquired procoatings , a leading architectural paint and coatings wholesaler located in the netherlands . procoatings , established in 2001 , distributes a large portfolio of well-known professional paint brands through its network of 23 multi-brand stores . the company employs nearly 100 people . the results of this business since the date of acquisition have been reported within the architectural coatings americas and asia pacific business within the performance coatings reportable segment . in january 2017 , ppg acquired certain assets of automotive refinish coatings company futian xinshi ( 201cfutian 201d ) , based in the guangdong province of china . futian distributes its products in china through a network of more than 200 distributors . in january 2017 , ppg completed the acquisition of deutek s.a. , a leading romanian paint and architectural coatings manufacturer , from the emerging europe accession fund . deutek , established in 1993 , manufactures and markets a large portfolio of well-known professional and consumer paint brands , including oskar and danke! . the company 2019s products are sold in more than 120 do-it-yourself stores and 3500 independent retail outlets in romania . divestitures glass segment in 2017 , ppg completed a multi-year strategic shift in the company's business portfolio , resulting in the exit of all glass operations which consisted of the global fiber glass business , ppg's ownership interest in two asian fiber glass joint ventures and the flat glass business . accordingly , the results of operations , including the gains on the divestitures , and cash flows have been recast as discontinued operations for all periods presented . ppg now has two reportable business segments . the net sales and income from discontinued operations related to the former glass segment for the three years ended december 31 , 2018 , 2017 , and 2016 were as follows: .
|( $ in millions )|2018|2017|2016|
|net sales|$ 2014|$ 217|$ 908|
|income from operations|$ 21|$ 30|$ 111|
|net gains on the divestitures of businesses|2014|343|421|
|income tax expense|5|140|202|
|income from discontinued operations net of tax|$ 16|$ 233|$ 330|
during 2018 , ppg released $ 13 million of previously recorded accruals and contingencies established in conjunction with the divestitures of businesses within the former glass segment as a result of completed actions , new information and updated estimates . also during 2018 , ppg made a final payment of $ 20 million to vitro s.a.b . de c.v related to the transfer of certain pension obligations upon the sale of the former flat glass business . north american fiber glass business on september 1 , 2017 , ppg completed the sale of its north american fiber glass business to nippon electric glass co . ltd . ( 201cneg 201d ) . cash proceeds from the sale were $ 541 million , resulting in a pre-tax gain of $ 343 million , net of certain accruals and contingencies established in conjunction with the divestiture . ppg 2019s fiber glass operations included manufacturing facilities in chester , south carolina , and lexington and shelby , north carolina ; and administrative and research-and-development operations in shelby and in harmar , pennsylvania , near pittsburgh . the business , which employed more than 1000 people and had net sales of approximately $ 350 million in 2016 , supplies the transportation , energy , infrastructure and consumer markets . flat glass business in october 2016 , ppg completed the sale of its flat glass manufacturing and glass coatings operations to vitro s.a.b . de c.v . ppg received approximately $ 740 million in cash proceeds and recorded a pre-tax gain of $ 421 million on the sale . under the terms of the agreement , ppg divested its entire flat glass manufacturing and glass coatings operations , including production sites located in fresno , california ; salem , oregon ; carlisle , pennsylvania ; and wichita falls , texas ; four distribution/fabrication facilities located across canada ; and a research-and-development center located in harmar , pennsylvania . ppg 2019s flat glass business included approximately 1200 employees . the business manufactures glass that is fabricated into products used primarily in commercial and residential construction . notes to the consolidated financial statements .
Question: what was the change in net sales for the discontinued operations related to the former glass segment from 2016 to 2017 in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
320.5 | Context:deferred tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions deferred income tax assets , deferred charges and other assets , other accrued liabilities and deferred income taxes . the decrease in 2009 in deferred tax assets principally relates to the tax impact of changes in recorded qualified pension liabilities , minimum tax credit utilization and an increase in the valuation allowance . the decrease in deferred income tax liabilities principally relates to less tax depreciation taken on the company 2019s assets purchased in 2009 . the valuation allowance for deferred tax assets as of december 31 , 2008 was $ 72 million . the net change in the total valuation allowance for the year ended december 31 , 2009 , was an increase of $ 274 million . the increase of $ 274 million consists primarily of : ( 1 ) $ 211 million related to the company 2019s french operations , including a valuation allowance of $ 55 million against net deferred tax assets from current year operations and $ 156 million recorded in the second quarter of 2009 for the establishment of a valuation allowance against previously recorded deferred tax assets , ( 2 ) $ 10 million for net deferred tax assets arising from the company 2019s united king- dom current year operations , and ( 3 ) $ 47 million related to a reduction of previously recorded u.s . state deferred tax assets , including $ 15 million recorded in the fourth quarter of 2009 for louisiana recycling credits . the effect on the company 2019s effec- tive tax rate of the aforementioned $ 211 million and $ 10 million is included in the line item 201ctax rate and permanent differences on non-u.s . earnings . 201d international paper adopted the provisions of new guidance under asc 740 , 201cincome taxes , 201d on jan- uary 1 , 2007 related to uncertain tax positions . as a result of the implementation of this new guidance , the company recorded a charge to the beginning balance of retained earnings of $ 94 million , which was accounted for as a reduction to the january 1 , 2007 balance of retained earnings . a reconciliation of the beginning and ending amount of unrecognized tax benefits for the year ending december 31 , 2009 and 2008 is as follows : in millions 2009 2008 2007 .
|in millions|2009|2008|2007|
|balance at january 1|$ -435 ( 435 )|$ -794 ( 794 )|-919 ( 919 )|
|additions based on tax positions related to current year|-28 ( 28 )|-14 ( 14 )|-12 ( 12 )|
|additions for tax positions of prior years|-82 ( 82 )|-66 ( 66 )|-30 ( 30 )|
|reductions for tax positions of prior years|72|67|74|
|settlements|174|352|112|
|expiration of statutes of limitations|2|3|5|
|currency translation adjustment|-11 ( 11 )|17|-24 ( 24 )|
|balance at december 31|$ -308 ( 308 )|$ -435 ( 435 )|$ -794 ( 794 )|
included in the balance at december 31 , 2009 and 2008 are $ 56 million and $ 9 million , respectively , for tax positions for which the ultimate benefits are highly certain , but for which there is uncertainty about the timing of such benefits . however , except for the possible effect of any penalties , any dis- allowance that would change the timing of these benefits would not affect the annual effective tax rate , but would accelerate the payment of cash to the taxing authority to an earlier period . the company accrues interest on unrecognized tax benefits as a component of interest expense . penal- ties , if incurred , are recognized as a component of income tax expense . the company had approx- imately $ 95 million and $ 74 million accrued for the payment of estimated interest and penalties asso- ciated with unrecognized tax benefits at december 31 , 2009 and 2008 , respectively . the major jurisdictions where the company files income tax returns are the united states , brazil , france , poland and russia . generally , tax years 2002 through 2009 remain open and subject to examina- tion by the relevant tax authorities . the company is typically engaged in various tax examinations at any given time , both in the united states and overseas . currently , the company is engaged in discussions with the u.s . internal revenue service regarding the examination of tax years 2006 and 2007 . as a result of these discussions , other pending tax audit settle- ments , and the expiration of statutes of limitation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 125 million during the next twelve months . during 2009 , unrecognized tax benefits decreased by $ 127 million . while the company believes that it is adequately accrued for possible audit adjustments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates . the company 2019s 2009 income tax provision of $ 469 million included $ 279 million related to special items and other charges , consisting of a $ 534 million tax benefit related to restructuring and other charges , a $ 650 million tax expense for the alternative fuel mixture credit , and $ 163 million of tax-related adjustments including a $ 156 million tax expense to establish a valuation allowance for net operating loss carryforwards in france , a $ 26 million tax benefit for the effective settlement of federal tax audits , a $ 15 million tax expense to establish a valuation allow- ance for louisiana recycling credits , and $ 18 million of other income tax adjustments . excluding the impact of special items , the tax provision was .
Question: based on the review of the unrecognized tax benefits what was the average settlement amount from 2007 to 2009 in millions | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.04618 | Context:challenging investment environment with $ 15.0 billion , or 95% ( 95 % ) , of net inflows coming from institutional clients , with the remaining $ 0.8 billion , or 5% ( 5 % ) , generated by retail and hnw clients . defined contribution plans of institutional clients remained a significant driver of flows . this client group added $ 13.1 billion of net new business in 2012 . during the year , americas net inflows of $ 18.5 billion were partially offset by net outflows of $ 2.6 billion collectively from emea and asia-pacific clients . the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 52% ( 52 % ) , or $ 140.2 billion , of multi-asset class aum at year-end , up $ 14.1 billion , with growth in aum driven by net new business of $ 1.6 billion and $ 12.4 billion in market and foreign exchange gains . these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget . in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions . 2022 target date and target risk products ended the year at $ 69.9 billion , up $ 20.8 billion , or 42% ( 42 % ) , since december 31 , 2011 . growth in aum was driven by net new business of $ 14.5 billion , a year-over-year organic growth rate of 30% ( 30 % ) . institutional investors represented 90% ( 90 % ) of target date and target risk aum , with defined contribution plans accounting for over 80% ( 80 % ) of aum . the remaining 10% ( 10 % ) of target date and target risk aum consisted of retail client investments . flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings , which are qualified investment options under the pension protection act of 2006 . these products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing . 2022 fiduciary management services accounted for 22% ( 22 % ) , or $ 57.7 billion , of multi-asset aum at december 31 , 2012 and increased $ 7.7 billion during the year due to market and foreign exchange gains . these are complex mandates in which pension plan sponsors retain blackrock to assume responsibility for some or all aspects of plan management . these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives . alternatives component changes in alternatives aum ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .
|( dollar amounts in millions )|12/31/2011|net new business|net acquired|market /fx app ( dep )|12/31/2012|
|core|$ 63647|$ -3922 ( 3922 )|$ 6166|$ 2476|$ 68367|
|currency and commodities|41301|-1547 ( 1547 )|860|814|41428|
|alternatives|$ 104948|$ -5469 ( 5469 )|$ 7026|$ 3290|$ 109795|
alternatives aum totaled $ 109.8 billion at year-end 2012 , up $ 4.8 billion , or 5% ( 5 % ) , reflecting $ 3.3 billion in portfolio valuation gains and $ 7.0 billion in new assets related to the acquisitions of srpep , which deepened our alternatives footprint in the european and asian markets , and claymore . core alternative outflows of $ 3.9 billion were driven almost exclusively by return of capital to clients . currency net outflows of $ 5.0 billion were partially offset by net inflows of $ 3.5 billion into ishares commodity funds . we continued to make significant investments in our alternatives platform as demonstrated by our acquisition of srpep , successful closes on the renewable power initiative and our build out of an alternatives retail platform , which now stands at nearly $ 10.0 billion in aum . we believe that as alternatives become more conventional and investors adapt their asset allocation strategies to best meet their investment objectives , they will further increase their use of alternative investments to complement core holdings . institutional investors represented 69% ( 69 % ) , or $ 75.8 billion , of alternatives aum with retail and hnw investors comprising an additional 9% ( 9 % ) , or $ 9.7 billion , at year-end 2012 . ishares commodity products accounted for the remaining $ 24.3 billion , or 22% ( 22 % ) , of aum at year-end . alternative clients are geographically diversified with 56% ( 56 % ) , 26% ( 26 % ) , and 18% ( 18 % ) of clients located in the americas , emea and asia-pacific , respectively . the blackrock alternative investors ( 201cbai 201d ) group coordinates our alternative investment efforts , including .
Question: what is the percentage change in the balance of alternative assets from 2011 to 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.54248 | Context:58 2018 ppg annual report and 10-k the crown group on october 2 , 2017 , ppg acquired the crown group ( 201ccrown 201d ) , a u.s.-based coatings application services business , which is reported as part of ppg's industrial coatings reportable segment . crown is one of the leading component and product finishers in north america . crown applies coatings to customers 2019 manufactured parts and assembled products at 11 u.s . sites . most of crown 2019s facilities , which also provide assembly , warehousing and sequencing services , are located at customer facilities or positioned near customer manufacturing sites . the company serves manufacturers in the automotive , agriculture , construction , heavy truck and alternative energy industries . the pro-forma impact on ppg's sales and results of operations , including the pro forma effect of events that are directly attributable to the acquisition , was not significant . the results of this business since the date of acquisition have been reported within the industrial coatings business within the industrial coatings reportable segment . taiwan chlorine industries taiwan chlorine industries ( 201ctci 201d ) was established in 1986 as a joint venture between ppg and china petrochemical development corporation ( 201ccpdc 201d ) to produce chlorine-based products in taiwan , at which time ppg owned 60 percent of the venture . in conjunction with the 2013 separation of its commodity chemicals business , ppg conveyed to axiall corporation ( "axiall" ) its 60% ( 60 % ) ownership interest in tci . under ppg 2019s agreement with cpdc , if certain post-closing conditions were not met following the three year anniversary of the separation , cpdc had the option to sell its 40% ( 40 % ) ownership interest in tci to axiall for $ 100 million . in turn , axiall had a right to designate ppg as its designee to purchase the 40% ( 40 % ) ownership interest of cpdc . in april 2016 , axiall announced that cpdc had decided to sell its ownership interest in tci to axiall . in june 2016 , axiall formally designated ppg to purchase the 40% ( 40 % ) ownership interest in tci . in august 2016 , westlake chemical corporation acquired axiall , which became a wholly-owned subsidiary of westlake . in april 2017 , ppg finalized its purchase of cpdc 2019s 40% ( 40 % ) ownership interest in tci . the difference between the acquisition date fair value and the purchase price of ppg 2019s 40% ( 40 % ) ownership interest in tci has been recorded as a loss in discontinued operations during the year-ended december 31 , 2017 . ppg 2019s ownership in tci is accounted for as an equity method investment and the related equity earnings are reported within other income in the consolidated statement of income and in legacy in note 20 , 201creportable business segment information . 201d metokote corporation in july 2016 , ppg completed the acquisition of metokote corporation ( "metokote" ) , a u.s.-based coatings application services business . metokote applies coatings to customers' manufactured parts and assembled products . it operates on- site coatings services within several customer manufacturing locations , as well as at regional service centers , located throughout the u.s. , canada , mexico , the united kingdom , germany , hungary and the czech republic . customers ship parts to metokote ae service centers where they are treated to enhance paint adhesion and painted with electrocoat , powder or liquid coatings technologies . coated parts are then shipped to the customer 2019s next stage of assembly . metokote coats an average of more than 1.5 million parts per day . the following table summarizes the estimated fair value of assets acquired and liabilities assumed as reflected in the final purchase price allocation for metokote . ( $ in millions ) .
|current assets|$ 38|
|property plant and equipment|73|
|identifiable intangible assets with finite lives|86|
|goodwill|166|
|deferred income taxes ( a )|-12 ( 12 )|
|total assets|$ 351|
|current liabilities|-23 ( 23 )|
|other long-term liabilities|-22 ( 22 )|
|total liabilities|( $ 45 )|
|total purchase price net of cash acquired|$ 306|
( a ) the net deferred income tax liability is included in assets due to the company's tax jurisdictional netting . the pro-forma impact on ppg's sales and results of operations , including the pro forma effect of events that are directly attributable to the acquisition , was not significant . while calculating this impact , no cost savings or operating synergies that may result from the acquisition were included . the results of this business since the date of acquisition have been reported within the industrial coatings business within the industrial coatings reportable segment . notes to the consolidated financial statements .
Question: what percent of the total purchase price net of cash acquired was goodwill? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.04094 | Context:table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) cash flow hedges cash flow hedges are used to hedge price volatility in certain forecasted feedstock and refined product purchases , refined product sales , and natural gas purchases . the objective of our cash flow hedges is to lock in the price of forecasted feedstock , product or natural gas purchases or refined product sales at existing market prices that we deem favorable . as of december 31 , 2011 , we had the following outstanding commodity derivative instruments that were entered into to hedge forecasted purchases or sales of crude oil and refined products . the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) . notional contract volumes by year of maturity derivative instrument 2012 .
|derivative instrument|notional contract volumes by year of maturity 2012|
|crude oil and refined products:||
|swaps 2013 long|5961|
|swaps 2013 short|5961|
|futures 2013 long|38201|
|futures 2013 short|36637|
|physical contracts 2013 short|1564|
.
Question: what is the ratio of short physical contracts to long futures notional contracts? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.24217 | Context:five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2009 and that all dividends were reinvested . the information below is historical in nature and is not necessarily indicative of future performance . purchases of equity securities 2013 during 2014 , we repurchased 33035204 shares of our common stock at an average price of $ 100.24 . the following table presents common stock repurchases during each month for the fourth quarter of 2014 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] .
|period|total number ofsharespurchased[a]|averageprice paidpershare|total number of sharespurchased as part of apublicly announcedplan or program [b]|maximum number ofshares that may yetbe purchased under the planor program [b]|
|oct . 1 through oct . 31|3087549|$ 107.59|3075000|92618000|
|nov . 1 through nov . 30|1877330|119.84|1875000|90743000|
|dec . 1 through dec . 31|2787108|116.54|2786400|87956600|
|total|7751987|$ 113.77|7736400|n/a|
[a] total number of shares purchased during the quarter includes approximately 15587 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .
Question: what percentage of total number of shares purchased were purchased in november? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
20664.0 | Context:advance auto parts , inc . and subsidiaries notes to consolidated financial statements 2013 ( continued ) december 30 , 2006 , december 31 , 2005 and january 1 , 2005 ( in thousands , except per share data ) 8 . inventories , net inventories are stated at the lower of cost or market , cost being determined using the last-in , first-out ( "lifo" ) method for approximately 93% ( 93 % ) of inventories at both december 30 , 2006 and december 31 , 2005 . under the lifo method , the company 2019s cost of sales reflects the costs of the most currently purchased inventories while the inventory carrying balance represents the costs relating to prices paid in prior years . the company 2019s costs to acquire inventory have been generally decreasing in recent years as a result of its significant growth . accordingly , the cost to replace inventory is less than the lifo balances carried for similar product . as a result of the lifo method and the ability to obtain lower product costs , the company recorded a reduction to cost of sales of $ 9978 for fiscal year ended 2006 , an increase in cost of sales of $ 526 for fiscal year ended 2005 and a reduction to cost of sales of $ 11212 for fiscal year ended 2004 . the remaining inventories are comprised of product cores , which consist of the non-consumable portion of certain parts and batteries and are valued under the first-in , first-out ( "fifo" ) method . core values are included as part of our merchandise costs and are either passed on to the customer or returned to the vendor . additionally , these products are not subject to the frequent cost changes like our other merchandise inventory , thus , there is no material difference from applying either the lifo or fifo valuation methods . the company capitalizes certain purchasing and warehousing costs into inventory . purchasing and warehousing costs included in inventory , at fifo , at december 30 , 2006 and december 31 , 2005 , were $ 95576 and $ 92833 , respectively . inventories consist of the following : december 30 , december 31 , 2006 2005 .
||december 30 2006|december 31 2005|
|inventories at fifo net|$ 1380573|$ 1294310|
|adjustments to state inventories at lifo|82767|72789|
|inventories at lifo net|$ 1463340|$ 1367099|
replacement cost approximated fifo cost at december 30 , 2006 and december 31 , 2005 . inventory quantities are tracked through a perpetual inventory system . the company uses a cycle counting program in all distribution centers , parts delivered quickly warehouses , or pdqs , local area warehouses , or laws , and retail stores to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory . the company establishes reserves for estimated shrink based on historical accuracy and effectiveness of the cycle counting program . the company also establishes reserves for potentially excess and obsolete inventories based on current inventory levels and the historical analysis of product sales and current market conditions . the nature of the company 2019s inventory is such that the risk of obsolescence is minimal and excess inventory has historically been returned to the company 2019s vendors for credit . the company provides reserves when less than full credit is expected from a vendor or when liquidating product will result in retail prices below recorded costs . the company 2019s reserves against inventory for these matters were $ 31376 and $ 22825 at december 30 , 2006 and december 31 , 2005 , respectively . 9 . property and equipment : property and equipment are stated at cost , less accumulated depreciation . expenditures for maintenance and repairs are charged directly to expense when incurred ; major improvements are capitalized . when items are sold or retired , the related cost and accumulated depreciation are removed from the accounts , with any gain or loss reflected in the consolidated statements of operations . depreciation of land improvements , buildings , furniture , fixtures and equipment , and vehicles is provided over the estimated useful lives , which range from 2 to 40 years , of the respective assets using the straight-line method. .
Question: what was the total decrease of cost of sales due to the adoption of the lifo method | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.30857 | Context:operating expenses millions 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 .
|millions|2010|2009|2008|% ( % ) change 2010 v 2009|% ( % ) change2009 v 2008|
|compensation and benefits|$ 4314|$ 4063|$ 4457|6% ( 6 % )|( 9 ) % ( % )|
|fuel|2486|1763|3983|41|-56 ( 56 )|
|purchased services and materials|1836|1644|1928|12|-15 ( 15 )|
|depreciation|1487|1427|1366|4|4|
|equipment and other rents|1142|1180|1326|-3 ( 3 )|-11 ( 11 )|
|other|719|687|840|5|-18 ( 18 )|
|total|$ 11984|$ 10764|$ 13900|11% ( 11 % )|( 23 ) % ( % )|
operating expenses increased $ 1.2 billion in 2010 versus 2009 . our fuel price per gallon increased 31% ( 31 % ) during the year , accounting for $ 566 million of the increase . wage and benefit inflation , depreciation , volume-related costs , and property taxes also contributed to higher expenses during 2010 compared to 2009 . cost savings from productivity improvements and better resource utilization partially offset these increases . operating expenses decreased $ 3.1 billion in 2009 versus 2008 . our fuel price per gallon declined 44% ( 44 % ) during 2009 , decreasing operating expenses by $ 1.3 billion compared to 2008 . cost savings from lower volume , productivity improvements , and better resource utilization also decreased operating expenses in 2009 . in addition , lower casualty expense resulting primarily from improving trends in safety performance decreased operating expenses in 2009 . conversely , wage and benefit inflation partially offset these reductions . compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs . general wage and benefit inflation increased costs by approximately $ 190 million in 2010 compared to 2009 . volume- related expenses and higher equity and incentive compensation also drove costs up during the year . workforce levels declined 1% ( 1 % ) in 2010 compared to 2009 as network efficiencies and ongoing productivity initiatives enabled us to effectively handle the 13% ( 13 % ) increase in volume levels with fewer employees . lower volume and productivity initiatives led to a 10% ( 10 % ) decline in our workforce in 2009 compared to 2008 , saving $ 516 million during the year . conversely , general wage and benefit inflation increased expenses , partially offsetting these savings . fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment . higher diesel fuel prices , which averaged $ 2.29 per gallon ( including taxes and transportation costs ) in 2010 compared to $ 1.75 per gallon in 2009 , increased expenses by $ 566 million . volume , as measured by gross ton-miles , increased 10% ( 10 % ) in 2010 versus 2009 , driving fuel expense up by $ 166 million . conversely , the use of newer , more fuel efficient locomotives , our fuel conservation programs and efficient network operations drove a 3% ( 3 % ) improvement in our fuel consumption rate in 2010 , resulting in $ 40 million of cost savings versus 2009 at the 2009 average fuel price . lower diesel fuel prices , which averaged $ 1.75 per gallon ( including taxes and transportation costs ) in 2009 compared to $ 3.15 per gallon in 2008 , reduced expenses by $ 1.3 billion in 2009 . volume , as measured by gross ton-miles , decreased 17% ( 17 % ) in 2009 , lowering expenses by $ 664 million compared to 2008 . our fuel consumption rate improved 4% ( 4 % ) in 2009 , resulting in $ 147 million of cost savings versus 2008 at the 2008 average fuel price . the consumption rate savings versus 2008 using the lower 2009 fuel price was $ 68 million . newer , more fuel efficient locomotives , reflecting locomotive acquisitions in recent years and the impact of a smaller fleet due to storage of some of our older locomotives ; increased use of 2010 operating expenses .
Question: what was the percentage increase for diesel fuel prices from 2009 to 2010? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.03636 | Context:the following table details the effect on net income and earnings per share had compensation expense for all of our stock-based awards , including stock options , been recorded in the year ended december 31 , 2005 based on the fair value method under fasb statement no . 123 , accounting for stock-based compensation . pro forma stock-based compensation expense millions of dollars , except per share amounts 2005 .
|pro forma stock-based compensation expensemillions of dollars except per share amounts|2005|
|net income as reported|$ 1026|
|stock-based employee compensation expense reported in net income net of tax|13|
|total stock-based employee compensation expense determined under fair value 2013based method for allawards net of tax [a]|-50 ( 50 )|
|pro forma net income|$ 989|
|earnings per share 2013 basic as reported|$ 3.89|
|earnings per share 2013 basic pro forma|$ 3.75|
|earnings per share 2013 diluted as reported|$ 3.85|
|earnings per share 2013 diluted pro forma|$ 3.71|
[a] stock options for executives granted in 2003 and 2002 included a reload feature . this reload feature allowed executives to exercise their options using shares of union pacific corporation common stock that they already owned and obtain a new grant of options in the amount of the shares used for exercise plus any shares withheld for tax purposes . the reload feature of these option grants could only be exercised if the price of our common stock increased at least 20% ( 20 % ) from the price at the time of the reload grant . during the year ended december 31 , 2005 , reload option grants represented $ 19 million of the pro forma expense noted above . there were no reload option grants during 2007 and 2006 as stock options exercised after january 1 , 2006 are not eligible for the reload feature . earnings per share 2013 basic earnings per share are calculated on the weighted-average number of common shares outstanding during each period . diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive . use of estimates 2013 our consolidated financial statements include estimates and assumptions regarding certain assets , liabilities , revenue , and expenses and the disclosure of certain contingent assets and liabilities . actual future results may differ from such estimates . income taxes 2013 as required under fasb statement no . 109 , accounting for income taxes , we account for income taxes by recording taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our financial statements or tax returns . these expected future tax consequences are measured based on provisions of tax law as currently enacted ; the effects of future changes in tax laws are not anticipated . future tax law changes , such as a change in the corporate tax rate , could have a material impact on our financial condition or results of operations . when appropriate , we record a valuation allowance against deferred tax assets to offset future tax benefits that may not be realized . in determining whether a valuation allowance is appropriate , we consider whether it is more likely than not that all or some portion of our deferred tax assets will not be realized , based on management 2019s judgments regarding the best available evidence about future events . when we have claimed tax benefits that may be challenged by a tax authority , these uncertain tax positions are accounted for under fasb interpretation no . 48 , accounting for uncertainty in income taxes , an interpretation of fasb statement no . 109 ( fin 48 ) . we adopted fin 48 beginning january 1 , 2007 . prior to 2007 , income tax contingencies were accounted for under fasb statement no . 5 , accounting for contingencies . under fin 48 , we recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities . the amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement . a liability for 201cunrecognized tax benefits 201d is .
Question: what was the percentage difference between earnings per share 2013 diluted as reported and earnings per share 2013 diluted pro forma ? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
1.04367 | Context:nbcuniversal media , llc following the close of the redemption transaction , comcast owns 96% ( 96 % ) of nbcuniversal holdings 2019 common units and nbcuniversal enterprise owns the remaining 4% ( 4 % ) . nbcuniversal enterprise is now a consolidated subsidiary of comcast , but we do not have any ownership interests in nbcuniversal enterprise . nbcuni- versal enterprise also owns all of nbcuniversal holdings 2019 preferred units with a $ 9.4 billion aggregate liquidation preference . nbcuniversal holdings is required to make quarterly payments to nbcuniversal enterprise at an initial rate of 8.25% ( 8.25 % ) per annum on the $ 9.4 billion aggregate liquidation preference of the preferred units . on march 1 , 2018 , and thereafter on every fifth anniversary of such date , this rate will reset to 7.44% ( 7.44 % ) plus the yield on actively traded united states treasury securities having a 5 year maturity . nbcuni- versal holdings has the right to redeem all of the preferred units during the 30 day period beginning on march 1 , 2018 , and nbcuniversal enterprise has the right to cause nbcuniversal holdings to redeem 15% ( 15 % ) of its preferred units during the 30 day period beginning on march 19 , 2020 . the price and units in a redemption initiated by either party will be based on the liquidation preference plus accrued but unpaid divi- dends and adjusted , in the case of an exercise of nbcuniversal enterprise 2019s right , to the extent the equity value of nbcuniversal holdings is less than the liquidation preference . our cash flows are , and will continue to be , the primary source of funding for the required payments and for any future redemption of the nbcuni- versal holdings preferred units . note 5 : related party transactions in the ordinary course of our business , we enter into transactions with comcast . we generate revenue from comcast primarily from the distribution of our cable network programming and , to a lesser extent , the sale of advertising and our owned programming , and we incur expenses primarily related to advertising and various support services provided by comcast to us . in 2013 , as part of the comcast cash management process , we and comcast entered into revolving credit agreements under which we can borrow up to $ 3 billion from comcast and comcast can borrow up to $ 3 bil- lion from us . amounts owed by us to comcast under the revolving credit agreement , including accrued interest , are presented under the caption 201cnote payable to comcast 201d in our consolidated balance sheet . the revolving credit agreements bear interest at floating rates equal to the interest rate under the comcast and comcast cable communications , llc revolving credit facility ( the 201ccomcast revolving credit facility 201d ) . the interest rate on the comcast revolving credit facility consists of a base rate plus a borrowing margin that is determined based on comcast 2019s credit rating . as of december 31 , 2015 , the borrowing margin for london interbank offered rate-based borrowings was 1.00% ( 1.00 % ) . in addition , comcast is the counterparty to one of our contractual obligations . as of both december 31 , 2015 and 2014 , the carrying value of the liability associated with this contractual obligation was $ 383 million . the following tables present transactions with comcast and its consolidated subsidiaries that are included in our consolidated financial statements . consolidated balance sheet .
|december 31 ( in millions )|2015|2014|
|transactions with comcast and consolidated subsidiaries|||
|receivables net|$ 239|$ 229|
|accounts payable and accrued expenses related to trade creditors|$ 68|$ 47|
|accrued expenses and other current liabilities|$ 51|$ 8|
|note payable to comcast|$ 1750|$ 865|
|other noncurrent liabilities|$ 383|$ 383|
155 comcast 2015 annual report on form 10-k .
Question: what was the change in the receivables net from 2014 to 2015 in millions | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-535.0 | Context:f0b7 free cash flow 2013 cash generated by operating activities totaled $ 6.2 billion , reduced by $ 3.6 billion for cash used in investing activities and a 37% ( 37 % ) increase in dividends paid , yielding free cash flow of $ 1.4 billion . free cash flow is defined as cash provided by operating activities ( adjusted for the reclassification of our receivables securitization facility ) , less cash used in investing activities and dividends paid . free cash flow is not considered a financial measure under accounting principles generally accepted in the u.s . ( gaap ) by sec regulation g and item 10 of sec regulation s-k and may not be defined and calculated by other companies in the same manner . we believe free cash flow is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financings . free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2012 2011 2010 .
|millions|2012|2011|2010|
|cash provided by operating activities|$ 6161|$ 5873|$ 4105|
|receivables securitization facility [a]|-|-|400|
|cash provided by operating activities adjusted for the receivables securitizationfacility|6161|5873|4505|
|cash used in investing activities|-3633 ( 3633 )|-3119 ( 3119 )|-2488 ( 2488 )|
|dividends paid|-1146 ( 1146 )|-837 ( 837 )|-602 ( 602 )|
|free cash flow|$ 1382|$ 1917|$ 1415|
[a] effective january 1 , 2010 , a new accounting standard required us to account for receivables transferred under our receivables securitization facility as secured borrowings in our consolidated statements of financial position and as financing activities in our consolidated statements of cash flows . the receivables securitization facility is included in our free cash flow calculation to adjust cash provided by operating activities as though our receivables securitization facility had been accounted for under the new accounting standard for all periods presented . 2013 outlook f0b7 safety 2013 operating a safe railroad benefits our employees , our customers , our shareholders , and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture throughout our operations , which allows us to identify and implement best practices for employee and operational safety . derailment prevention and the reduction of grade crossing incidents are critical aspects of our safety programs . we will continue our efforts to increase rail defect detection ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , various industry programs and local community activities across our network . f0b7 network operations 2013 we will continue focusing on our six critical initiatives to improve safety , service and productivity during 2013 . we are seeing solid contributions from reducing variability , continuous improvements , and standard work . resource agility allows us to respond quickly to changing market conditions and network disruptions from weather or other events . the railroad continues to benefit from capital investments that allow us to build capacity for growth and harden our infrastructure to reduce failure . f0b7 fuel prices 2013 uncertainty about the economy makes projections of fuel prices difficult . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . to reduce the impact of fuel price on earnings , we will continue seeking cost recovery from our customers through our fuel surcharge programs and expanding our fuel conservation efforts . f0b7 capital plan 2013 in 2013 , we plan to make total capital investments of approximately $ 3.6 billion , including expenditures for positive train control ( ptc ) , which may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) .
Question: what was the change in free cash flow from 2011 to 2012 , in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.18182 | Context:f0b7 financial expectations 2013 we are cautious about the economic environment , but , assuming that industrial production grows approximately 3% ( 3 % ) as projected , volume should exceed 2013 levels . even with no volume growth , we expect earnings to exceed 2013 earnings , generated by core pricing gains , on-going network improvements and productivity initiatives . we expect that free cash flow for 2014 will be lower than 2013 as higher cash from operations will be more than offset by additional cash of approximately $ 400 million that will be used to pay income taxes that were previously deferred through bonus depreciation , increased capital spend and higher dividend payments . results of operations operating revenues millions 2013 2012 2011 % ( % ) change 2013 v 2012 % ( % ) change 2012 v 2011 .
|millions|2013|2012|2011|% ( % ) change 2013 v 2012|% ( % ) change 2012 v 2011|
|freight revenues|$ 20684|$ 19686|$ 18508|5% ( 5 % )|6% ( 6 % )|
|other revenues|1279|1240|1049|3|18|
|total|$ 21963|$ 20926|$ 19557|5% ( 5 % )|7% ( 7 % )|
we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and arc . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from five of our six commodity groups increased during 2013 compared to 2012 . revenue from agricultural products was down slightly compared to 2012 . arc increased 5% ( 5 % ) , driven by core pricing gains , shifts in business mix and an automotive logistics management arrangement . volume was essentially flat year over year as growth in automotives , frac sand , crude oil and domestic intermodal offset declines in coal , international intermodal and grain shipments . freight revenues from four of our six commodity groups increased during 2012 compared to 2011 . revenues from coal and agricultural products declined during the year . our franchise diversity allowed us to take advantage of growth from shale-related markets ( crude oil , frac sand and pipe ) and strong automotive manufacturing , which offset volume declines from coal and agricultural products . arc increased 7% ( 7 % ) , driven by core pricing gains and higher fuel cost recoveries . improved fuel recovery provisions and higher fuel prices , including the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) , combined to increase revenues from fuel surcharges . our fuel surcharge programs generated freight revenues of $ 2.6 billion , $ 2.6 billion , and $ 2.2 billion in 2013 , 2012 , and 2011 , respectively . fuel surcharge in 2013 was essentially flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) . rising fuel prices and more shipments subject to fuel surcharges drove the increase from 2011 to 2012 . in 2013 , other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services . in 2012 , other revenues increased from 2011 due primarily to higher revenues at our subsidiaries that broker intermodal and automotive services . assessorial revenues also increased in 2012 due to container revenue related to an increase in intermodal shipments. .
Question: what was the percentage change in fuel surcharge revenues from 2011 to 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
2.54545 | Context:credit and therefore was not the primary beneficiary at december 31 , 2014 . the company 2019s maximum exposure to loss at december 31 , 2014 equaled the principal amount of the timber notes ; however , an analysis performed by the company concluded the likelihood of this exposure was remote . during the third quarter of 2015 , we initiated a series of actions in order to extend the 2006 monetization structure and maintain the long-term nature of the $ 1.4 billion deferred tax liability . first , international paper acquired the class a interests in the investor entities from a third party for $ 198 million in cash . as a result , international paper became the owner of all of the class a and class b interests in the entities and became the primary beneficiary of the entities . the assets and liabilities of the entities , primarily consisting of the timber notes and third party bank loans , were recorded at fair value as of the acquisition date of the class a interests . subsequent to purchasing the class a interests in the investor entities , international paper restructured the entities , which resulted in the formation of wholly- owned , bankruptcy-remote special purpose entities ( the 2015 financing entities ) . as part of the restructuring , the timber notes held by the borrower entities , subject to the third party bank loans , were contributed to the 2015 financing entities along with approximately $ 150 million in international paper debt obligations , approximately $ 600 million in cash and approximately $ 130 million in demand loans from international paper , and certain entities were liquidated . as a result of these transactions , international paper began consolidating the 2015 financing entities during the third quarter of 2015 . also , during the third quarter of 2015 , the 2015 financing entities used $ 630 million in cash to pay down a portion of the third party bank loans and refinanced approximately $ 4.2 billion of those loans on nonrecourse terms ( the 2015 refinance loans ) . during the fourth quarter of 2015 , international paper extended the maturity date on the timber notes for an additional five years . the timber notes are shown in financial assets of special purpose entities on the accompanying consolidated balance sheet and mature in august 2021 unless extended for an additional five years . these notes are supported by approximately $ 4.8 billion of irrevocable letters of credit . in addition , the company extinguished the 2015 refinance loans scheduled to mature in may 2016 and entered into new nonrecourse third party bank loans totaling approximately $ 4.2 billion ( the extension loans ) . provisions of loan agreements related to approximately $ 1.1 billion of the extension loans require the bank issuing letters of credit supporting the timber notes pledged as collateral to maintain a credit rating at or above a specified threshold . in the event the credit rating of the letter of credit bank is downgraded below the specified threshold , the letters of credit must be replaced within 60 days with letters of credit from a qualifying financial institution . the extension loans are shown in nonrecourse financial liabilities of special purpose entities on the accompanying consolidated balance sheet and mature in the fourth quarter of 2020 . the extinguishment of the 2015 refinance loans of approximately $ 4.2 billion and the issuance of the extension loans of approximately $ 4.2 billion are shown as part of reductions of debt and issuances of debt , respectively , in the financing activities of the consolidated statement of cash flows . the extension loans are nonrecourse to the company , and are secured by approximately $ 4.8 billion of timber notes , the irrevocable letters of credit supporting the timber notes and approximately $ 150 million of international paper debt obligations . the $ 150 million of international paper debt obligations are eliminated in the consolidation of the 2015 financing entities and are not reflected in the company 2019s consolidated balance sheet . the purchase of the class a interests and subsequent restructuring described above facilitated the refinancing and extensions of the third party bank loans on nonrecourse terms . the transactions described in these paragraphs result in continued long-term classification of the $ 1.4 billion deferred tax liability recognized in connection with the 2006 forestlands as of december 31 , 2015 , the fair value of the timber notes and extension loans is $ 4.68 billion and $ 4.28 billion , respectively . the timber notes and extension loans are classified as level 2 within the fair value hierarchy , which is further defined in note 14 . activity between the company and the 2015 financing entities ( the entities prior to the purchase of the class a interest discussed above ) was as follows: .
|in millions|2015|2014|2013|
|revenue ( a )|$ 43|$ 38|$ 45|
|expense ( a )|81|72|79|
|cash receipts ( b )|21|22|33|
|cash payments ( c )|71|73|84|
( a ) the net expense related to the company 2019s interest in the entities is included in the accompanying consolidated statement of operations , as international paper has and intends to effect its legal right to offset as discussed above . after formation of the 2015 financing entities , the revenue and expense are included in interest expense , net in the accompanying consolidated statement of operations . ( b ) the cash receipts are equity distributions from the entities to international paper prior to the formation of the 2015 financing entities . after formation of the 2015 financing entities , cash receipts are interest received on the financial assets of special purpose entities. .
Question: based on the review of the activity between the company and the 2015 financing entities what was the ratio of the cash payments to cash receipts in 2013 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.63689 | Context:average age ( yrs. ) highway revenue equipment owned leased total .
|highway revenue equipment|owned|leased|total|averageage ( yrs. )|
|containers|26629|28306|54935|7.1|
|chassis|15182|25951|41133|8.9|
|total highway revenue equipment|41811|54257|96068|n/a|
capital expenditures our rail network requires significant annual capital investments for replacement , improvement , and expansion . these investments enhance safety , support the transportation needs of our customers , and improve our operational efficiency . additionally , we add new locomotives and freight cars to our fleet to replace older , less efficient equipment , to support growth and customer demand , and to reduce our impact on the environment through the acquisition of more fuel-efficient and low-emission locomotives . 2014 capital program 2013 during 2014 , our capital program totaled $ 4.1 billion . ( see the cash capital expenditures table in management 2019s discussion and analysis of financial condition and results of operations 2013 liquidity and capital resources 2013 financial condition , item 7. ) 2015 capital plan 2013 in 2015 , we expect our capital plan to be approximately $ 4.3 billion , which will include expenditures for ptc of approximately $ 450 million and may include non-cash investments . we may revise our 2015 capital plan if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see discussion of our 2015 capital plan in management 2019s discussion and analysis of financial condition and results of operations 2013 2015 outlook , item 7. ) equipment encumbrances 2013 equipment with a carrying value of approximately $ 2.8 billion and $ 2.9 billion at december 31 , 2014 , and 2013 , respectively served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire or refinance such railroad equipment . as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds . as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion . in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds . environmental matters 2013 certain of our properties are subject to federal , state , and local laws and regulations governing the protection of the environment . ( see discussion of environmental issues in business 2013 governmental and environmental regulation , item 1 , and management 2019s discussion and analysis of financial condition and results of operations 2013 critical accounting policies 2013 environmental , item 7. ) item 3 . legal proceedings from time to time , we are involved in legal proceedings , claims , and litigation that occur in connection with our business . we routinely assess our liabilities and contingencies in connection with these matters based upon the latest available information and , when necessary , we seek input from our third-party advisors when making these assessments . consistent with sec rules and requirements , we describe below material pending legal proceedings ( other than ordinary routine litigation incidental to our business ) , material proceedings known to be contemplated by governmental authorities , other proceedings arising under federal , state , or local environmental laws and regulations ( including governmental proceedings involving potential fines , penalties , or other monetary sanctions in excess of $ 100000 ) , and such other pending matters that we may determine to be appropriate. .
Question: what percentage of owned total highway revenue equipment is containers? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.09103 | Context:note 3 . business combinations purchase combinations . during the fiscal years presented , the company made a number of purchase acquisitions . for each acquisition , the excess of the purchase price over the estimated value of the net tangible assets acquired was allocated to various intangible assets , consisting primarily of developed technology , customer and contract-related assets and goodwill . the values assigned to developed technologies related to each acquisition were based upon future discounted cash flows related to the existing products 2019 projected income streams . goodwill , representing the excess of the purchase consideration over the fair value of tangible and identifiable intangible assets acquired in the acquisitions , will not to be amortized . goodwill is not deductible for tax purposes . the amounts allocated to purchased in-process research and developments were determined through established valuation techniques in the high-technology industry and were expensed upon acquisition because technological feasibility had not been established and no future alternative uses existed . the consolidated financial statements include the operating results of each business from the date of acquisition . the company does not consider these acquisitions to be material to its results of operations and is therefore not presenting pro forma statements of operations for the fiscal years ended october 31 , 2006 , 2005 and 2004 . fiscal 2006 acquisitions sigma-c software ag ( sigma-c ) the company acquired sigma-c on august 16 , 2006 in an all-cash transaction . reasons for the acquisition . sigma-c provides simulation software that allows semiconductor manufacturers and their suppliers to develop and optimize process sequences for optical lithography , e-beam lithography and next-generation lithography technologies . the company believes the acquisition will enable a tighter integration between design and manufacturing tools , allowing the company 2019s customers to perform more accurate design layout analysis with 3d lithography simulation and better understand issues that affect ic wafer yields . purchase price . the company paid $ 20.5 million in cash for the outstanding shares and shareholder notes of which $ 2.05 million was deposited with an escrow agent and will be paid per the escrow agreement . the company believes that the escrow amount will be paid . the total purchase consideration consisted of: .
||( in thousands )|
|cash paid|$ 20500|
|acquisition-related costs|2053|
|total purchase price|$ 22553|
acquisition-related costs of $ 2.1 million consist primarily of legal , tax and accounting fees , estimated facilities closure costs and employee termination costs . as of october 31 , 2006 , the company had paid $ 0.9 million of the acquisition-related costs . the $ 1.2 million balance remaining at october 31 , 2006 primarily consists of legal , tax and accounting fees , estimated facilities closure costs and employee termination costs . assets acquired . the company performed a preliminary valuation and allocated the total purchase consideration to assets and liabilities . the company acquired $ 6.0 million of intangible assets consisting of $ 3.9 million in existing technology , $ 1.9 million in customer relationships and $ 0.2 million in trade names to be amortized over five years . the company also acquired assets of $ 3.9 million and assumed liabilities of $ 5.1 million as result of this transaction . goodwill , representing the excess of the purchase price over the .
Question: what is the percentage of the acquisition-related costs among the total purchase price? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
21.41 | Context:the graph below compares expeditors international of washington , inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index and the nasdaq industrial transportation index ( nqusb2770t ) . the graph assumes that the value of the investment in our common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on 12/31/2013 and tracks it through 12/31/2018 . total return assumes reinvestment of dividends in each of the indices indicated . comparison of 5-year cumulative total return among expeditors international of washington , inc. , the s&p 500 index and the nasdaq industrial transportation index. .
||12/13|12/14|12/15|12/16|12/17|12/18|
|expeditors international of washington inc .|$ 100.00|$ 100.81|$ 101.92|$ 119.68|$ 146.19|$ 153.88|
|standard and poor's 500 index|100.00|111.39|110.58|121.13|144.65|135.63|
|nasdaq industrial transportation ( nqusb2770t )|100.00|121.41|93.55|120.89|154.19|140.25|
the stock price performance included in this graph is not necessarily indicative of future stock price performance. .
Question: what is the highest return rate for the first year of the investment? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.08571 | Context:contribution incurred in 2013 and foreign currency remeasurement , partially offset by the $ 50 million reduction of an indemnification asset . as adjusted . expense , as adjusted , increased $ 362 million , or 6% ( 6 % ) , to $ 6518 million in 2014 from $ 6156 million in 2013 . the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits and direct fund expense . amounts related to the reduction of the indemnification asset and the charitable contribution have been excluded from as adjusted results . 2013 compared with 2012 gaap . expense increased $ 510 million , or 9% ( 9 % ) , from 2012 , primarily reflecting higher revenue-related expense and the $ 124 million expense related to the charitable contribution . employee compensation and benefits expense increased $ 273 million , or 8% ( 8 % ) , to $ 3560 million in 2013 from $ 3287 million in 2012 , reflecting higher headcount and higher incentive compensation driven by higher operating income , including higher performance fees . employees at december 31 , 2013 totaled approximately 11400 compared with approximately 10500 at december 31 , 2012 . distribution and servicing costs totaled $ 353 million in 2013 compared with $ 364 million in 2012 . these costs included payments to bank of america/merrill lynch under a global distribution agreement and payments to pnc , as well as other third parties , primarily associated with the distribution and servicing of client investments in certain blackrock products . distribution and servicing costs for 2013 and 2012 included $ 184 million and $ 195 million , respectively , attributable to bank of america/merrill lynch . direct fund expense increased $ 66 million , reflecting higher average aum , primarily related to ishares , where blackrock pays certain nonadvisory expense of the funds . general and administration expense increased $ 181 million , largely driven by the $ 124 million expense related to the charitable contribution , higher marketing and promotional costs and various lease exit costs . the full year 2012 included a one-time $ 30 million contribution to stifs . as adjusted . expense , as adjusted , increased $ 393 million , or 7% ( 7 % ) , to $ 6156 million in 2013 from $ 5763 million in 2012 . the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits , direct fund expense and general and administration expense . nonoperating results nonoperating income ( expense ) , less net income ( loss ) attributable to nci for 2014 , 2013 and 2012 was as follows : ( in millions ) 2014 2013 2012 nonoperating income ( expense ) , gaap basis $ ( 79 ) $ 116 $ ( 54 ) less : net income ( loss ) attributable to nci ( 1 ) ( 30 ) 19 ( 18 ) nonoperating income ( expense ) ( 2 ) ( 49 ) 97 ( 36 ) gain related to the charitable contribution 2014 ( 80 ) 2014 compensation expense related to ( appreciation ) depreciation on deferred compensation plans ( 7 ) ( 10 ) ( 6 ) nonoperating income ( expense ) , as adjusted ( 2 ) $ ( 56 ) $ 7 $ ( 42 ) ( 1 ) amounts included losses of $ 41 million and $ 38 million attributable to consolidated variable interest entities ( 201cvies 201d ) for 2014 and 2012 , respectively . during 2013 , the company did not record any nonoperating income ( loss ) or net income ( loss ) attributable to vies on the consolidated statements of income . ( 2 ) net of net income ( loss ) attributable to nci. .
|( in millions )|2014|2013|2012|
|nonoperating income ( expense ) gaap basis|$ -79 ( 79 )|$ 116|$ -54 ( 54 )|
|less : net income ( loss ) attributableto nci ( 1 )|-30 ( 30 )|19|-18 ( 18 )|
|nonoperating income ( expense ) ( 2 )|-49 ( 49 )|97|-36 ( 36 )|
|gain related to the charitable contribution|2014|-80 ( 80 )|2014|
|compensation expense related to ( appreciation ) depreciation on deferred compensation plans|-7 ( 7 )|-10 ( 10 )|-6 ( 6 )|
|nonoperating income ( expense ) asadjusted ( 2 )|$ -56 ( 56 )|$ 7|$ -42 ( 42 )|
contribution incurred in 2013 and foreign currency remeasurement , partially offset by the $ 50 million reduction of an indemnification asset . as adjusted . expense , as adjusted , increased $ 362 million , or 6% ( 6 % ) , to $ 6518 million in 2014 from $ 6156 million in 2013 . the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits and direct fund expense . amounts related to the reduction of the indemnification asset and the charitable contribution have been excluded from as adjusted results . 2013 compared with 2012 gaap . expense increased $ 510 million , or 9% ( 9 % ) , from 2012 , primarily reflecting higher revenue-related expense and the $ 124 million expense related to the charitable contribution . employee compensation and benefits expense increased $ 273 million , or 8% ( 8 % ) , to $ 3560 million in 2013 from $ 3287 million in 2012 , reflecting higher headcount and higher incentive compensation driven by higher operating income , including higher performance fees . employees at december 31 , 2013 totaled approximately 11400 compared with approximately 10500 at december 31 , 2012 . distribution and servicing costs totaled $ 353 million in 2013 compared with $ 364 million in 2012 . these costs included payments to bank of america/merrill lynch under a global distribution agreement and payments to pnc , as well as other third parties , primarily associated with the distribution and servicing of client investments in certain blackrock products . distribution and servicing costs for 2013 and 2012 included $ 184 million and $ 195 million , respectively , attributable to bank of america/merrill lynch . direct fund expense increased $ 66 million , reflecting higher average aum , primarily related to ishares , where blackrock pays certain nonadvisory expense of the funds . general and administration expense increased $ 181 million , largely driven by the $ 124 million expense related to the charitable contribution , higher marketing and promotional costs and various lease exit costs . the full year 2012 included a one-time $ 30 million contribution to stifs . as adjusted . expense , as adjusted , increased $ 393 million , or 7% ( 7 % ) , to $ 6156 million in 2013 from $ 5763 million in 2012 . the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits , direct fund expense and general and administration expense . nonoperating results nonoperating income ( expense ) , less net income ( loss ) attributable to nci for 2014 , 2013 and 2012 was as follows : ( in millions ) 2014 2013 2012 nonoperating income ( expense ) , gaap basis $ ( 79 ) $ 116 $ ( 54 ) less : net income ( loss ) attributable to nci ( 1 ) ( 30 ) 19 ( 18 ) nonoperating income ( expense ) ( 2 ) ( 49 ) 97 ( 36 ) gain related to the charitable contribution 2014 ( 80 ) 2014 compensation expense related to ( appreciation ) depreciation on deferred compensation plans ( 7 ) ( 10 ) ( 6 ) nonoperating income ( expense ) , as adjusted ( 2 ) $ ( 56 ) $ 7 $ ( 42 ) ( 1 ) amounts included losses of $ 41 million and $ 38 million attributable to consolidated variable interest entities ( 201cvies 201d ) for 2014 and 2012 , respectively . during 2013 , the company did not record any nonoperating income ( loss ) or net income ( loss ) attributable to vies on the consolidated statements of income . ( 2 ) net of net income ( loss ) attributable to nci. .
Question: what is the growth rate in employee headcount from 2012 to 2013? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.02344 | Context:10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .
||2017|2016|2015|
|smokeable products|85.8% ( 85.8 % )|86.2% ( 86.2 % )|87.4% ( 87.4 % )|
|smokeless products|13.2|13.1|12.8|
|wine|1.5|1.8|1.8|
|all other|-0.5 ( 0.5 )|-1.1 ( 1.1 )|-2.0 ( 2.0 )|
|total|100.0% ( 100.0 % )|100.0% ( 100.0 % )|100.0% ( 100.0 % )|
for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 . narrative description of business portions of the information called for by this item are included in operating results by business segment in item 7 . management 2019s discussion and analysis of financial condition and results of operations of this annual report on form 10-k ( 201citem 7 201d ) . tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton , nu mark and nat sherman . altria group distribution company provides sales and distribution services to altria group , inc . 2019s tobacco operating companies . the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products , consisting of cigarettes manufactured and sold by pm usa and nat sherman , machine- made large cigars and pipe tobacco manufactured and sold by middleton and premium cigars sold by nat sherman ; smokeless tobacco products manufactured and sold by usstc ; and innovative tobacco products , including e-vapor products manufactured and sold by nu mark . cigarettes : pm usa is the largest cigarette company in the united states . marlboro , the principal cigarette brand of pm usa , has been the largest-selling cigarette brand in the united states for over 40 years . nat sherman sells substantially all of its super premium cigarettes in the united states . total smokeable products segment 2019s cigarettes shipment volume in the united states was 116.6 billion units in 2017 , a decrease of 5.1% ( 5.1 % ) from cigars : middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco . middleton contracts with a third-party importer to supply a majority of its cigars and sells substantially all of its cigars to customers in the united states . black & mild is the principal cigar brand of middleton . nat sherman sources all of its cigars from third-party suppliers and sells substantially all of its cigars to customers in the united states . total smokeable products segment 2019s cigars shipment volume was approximately 1.5 billion units in 2017 , an increase of 9.9% ( 9.9 % ) from 2016 . smokeless tobacco products : usstc is the leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products . the smokeless products segment includes the premium brands , copenhagen and skoal , and value brands , red seal and husky . substantially all of the smokeless tobacco products are manufactured and sold to customers in the united states . total smokeless products segment 2019s shipment volume was 841.3 million units in 2017 , a decrease of 1.4% ( 1.4 % ) from 2016 . innovative tobacco products : nu mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products . in addition , nu mark sources the production of its e-vapor products through overseas contract manufacturing arrangements . in 2013 , nu mark introduced markten e-vapor products . in april 2014 , nu mark acquired the e-vapor business of green smoke , inc . and its affiliates ( 201cgreen smoke 201d ) , which began selling e-vapor products in 2009 . in 2017 , altria group , inc . 2019s subsidiaries purchased certain intellectual property related to innovative tobacco products . in december 2013 , altria group , inc . 2019s subsidiaries entered into a series of agreements with philip morris international inc . ( 201cpmi 201d ) pursuant to which altria group , inc . 2019s subsidiaries provide an exclusive license to pmi to sell nu mark 2019s e-vapor products outside the united states , and pmi 2019s subsidiaries provide an exclusive license to altria group , inc . 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in the united states . further , in july 2015 , altria group , inc . announced the expansion of its strategic framework with pmi to include a joint research , development and technology-sharing agreement . under this agreement , altria group , inc . 2019s subsidiaries and pmi will collaborate to develop e-vapor products for commercialization in the united states by altria group , inc . 2019s subsidiaries and in markets outside the united states by pmi . this agreement also provides for exclusive technology cross licenses , technical information sharing and cooperation on scientific assessment , regulatory engagement and approval related to e-vapor products . in the fourth quarter of 2016 , pmi submitted a modified risk tobacco product ( 201cmrtp 201d ) application for an electronically heated tobacco product with the united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products and filed its corresponding pre-market tobacco product application in the first quarter of 2017 . upon regulatory authorization by the fda , altria group , inc . 2019s subsidiaries will have an exclusive license to sell this heated tobacco product in the united states . distribution , competition and raw materials : altria group , inc . 2019s tobacco subsidiaries sell their tobacco products principally to wholesalers ( including distributors ) , large retail organizations , including chain stores , and the armed services . the market for tobacco products is highly competitive , characterized by brand recognition and loyalty , with product quality , taste , price , product innovation , marketing , packaging and distribution constituting the significant methods of competition . promotional activities include , in certain instances and where permitted by law , allowances , the distribution of incentive items , price promotions , product promotions , coupons and other discounts. .
Question: what is the percentage change in the weight of smokeless products in operating income from 2015 to 2016? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.2497 | Context:to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .
|millions|2016|2015|2014|
|cash provided by operating activities|$ 7525|$ 7344|$ 7385|
|cash used in investing activities|-3393 ( 3393 )|-4476 ( 4476 )|-4249 ( 4249 )|
|dividends paid|-1879 ( 1879 )|-2344 ( 2344 )|-1632 ( 1632 )|
|free cash flow|$ 2253|$ 524|$ 1504|
2017 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , training and employee engagement , quality control , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . f0b7 network operations 2013 in 2017 , we will continue to align resources with customer demand , maintain an efficient network , and ensure surge capability with our assets . f0b7 fuel prices 2013 fuel price projections for crude oil and natural gas continue to fluctuate in the current environment . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s . domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail increases or decreases in fuel price by approximately two months . continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices could likely have a negative impact on other commodities such as coal and domestic drilling-related shipments . f0b7 capital plan 2013 in 2017 , we expect our capital plan to be approximately $ 3.1 billion , including expenditures for ptc , approximately 60 locomotives scheduled to be delivered , and intermodal containers and chassis , and freight cars . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels . we expect volume to grow in the low single digit range in 2017 compared to 2016 , but it will depend on the overall economy and market conditions . one of the more significant uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise . over the longer term , we expect the overall u.s . economy to continue to improve at a modest pace , with some markets outperforming others. .
Question: what was the percentage of dividends paid to cash provided by operating activities in 2016? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.1403 | Context:the company further presents total net 201ceconomic 201d investment exposure , net of deferred compensation investments and hedged investments , to reflect another gauge for investors as the economic impact of investments held pursuant to deferred compensation arrangements is substantially offset by a change in compensation expense and the impact of hedged investments is substantially mitigated by total return swap hedges . carried interest capital allocations are excluded as there is no impact to blackrock 2019s stockholders 2019 equity until such amounts are realized as performance fees . finally , the company 2019s regulatory investment in federal reserve bank stock , which is not subject to market or interest rate risk , is excluded from the company 2019s net economic investment exposure . ( dollar amounts in millions ) december 31 , december 31 .
|( dollar amounts in millions )|december 31 2012|december 31 2011|
|total investments gaap|$ 1750|$ 1631|
|investments held by consolidated sponsored investmentfunds ( 1 )|-524 ( 524 )|-587 ( 587 )|
|net exposure to consolidated investment funds|430|475|
|total investments as adjusted|1656|1519|
|federal reserve bank stock ( 2 )|-89 ( 89 )|-328 ( 328 )|
|carried interest|-85 ( 85 )|-21 ( 21 )|
|deferred compensation investments|-62 ( 62 )|-65 ( 65 )|
|hedged investments|-209 ( 209 )|-43 ( 43 )|
|total 201ceconomic 201d investment exposure|$ 1211|$ 1062|
total 201ceconomic 201d investment exposure . . . $ 1211 $ 1062 ( 1 ) at december 31 , 2012 and december 31 , 2011 , approximately $ 524 million and $ 587 million , respectively , of blackrock 2019s total gaap investments were maintained in sponsored investment funds that were deemed to be controlled by blackrock in accordance with gaap , and , therefore , are consolidated even though blackrock may not economically own a majority of such funds . ( 2 ) the decrease of $ 239 million related to a lower holding requirement of federal reserve bank stock held by blackrock institutional trust company , n.a . ( 201cbtc 201d ) . total investments , as adjusted , at december 31 , 2012 increased $ 137 million from december 31 , 2011 , resulting from $ 765 million of purchases/capital contributions , $ 185 million from positive market valuations and earnings from equity method investments , and $ 64 million from net additional carried interest capital allocations , partially offset by $ 742 million of sales/maturities and $ 135 million of distributions representing return of capital and return on investments. .
Question: what is the percentage change in the balance of total 201ceconomic 201d investment exposure from 2011 to 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.16505 | Context:the activity related to the restructuring liability for 2004 is as follows ( in thousands ) : non-operating items interest income increased $ 1.7 million to $ 12.0 million in 2005 from $ 10.3 million in 2004 . the increase was mainly the result of higher returns on invested funds . interest expense decreased $ 1.0 million , or 5% ( 5 % ) , to $ 17.3 million in 2005 from $ 18.3 million in 2004 as a result of the exchange of newly issued stock for a portion of our outstanding convertible debt in the second half of 2005 . in addition , as a result of the issuance during 2005 of common stock in exchange for convertible subordinated notes , we recorded a non- cash charge of $ 48.2 million . this charge related to the incremental shares issued in the transactions over the number of shares that would have been issued upon the conversion of the notes under their original terms . liquidity and capital resources we have incurred operating losses since our inception and historically have financed our operations principally through public and private offerings of our equity and debt securities , strategic collaborative agreements that include research and/or development funding , development milestones and royalties on the sales of products , investment income and proceeds from the issuance of stock under our employee benefit programs . at december 31 , 2006 , we had cash , cash equivalents and marketable securities of $ 761.8 million , which was an increase of $ 354.2 million from $ 407.5 million at december 31 , 2005 . the increase was primarily a result of : 2022 $ 313.7 million in net proceeds from our september 2006 public offering of common stock ; 2022 $ 165.0 million from an up-front payment we received in connection with signing the janssen agreement ; 2022 $ 52.4 million from the issuance of common stock under our employee benefit plans ; and 2022 $ 30.0 million from the sale of shares of altus pharmaceuticals inc . common stock and warrants to purchase altus common stock . these cash inflows were partially offset by the significant cash expenditures we made in 2006 related to research and development expenses and sales , general and administrative expenses . capital expenditures for property and equipment during 2006 were $ 32.4 million . at december 31 , 2006 , we had $ 42.1 million in aggregate principal amount of the 2007 notes and $ 59.6 million in aggregate principal amount of the 2011 notes outstanding . the 2007 notes are due in september 2007 and are convertible into common stock at the option of the holder at a price equal to $ 92.26 per share , subject to adjustment under certain circumstances . in february 2007 , we announced that we will redeem our 2011 notes on march 5 , 2007 . the 2011 notes are convertible into shares of our common stock at the option of the holder at a price equal to $ 14.94 per share . we expect the holders of the 2011 notes will elect to convert their notes into stock , in which case we will issue approximately 4.0 million . we will be required to repay any 2011 notes that are not converted at the rate of $ 1003.19 per $ 1000 principal amount , which includes principal and interest that will accrue to the redemption date . liability as of december 31 , payments in 2004 cash received from sublease , net of operating costs in 2004 additional charge in liability as of december 31 , lease restructuring liability and other operating lease liability $ 69526 $ ( 31550 ) $ 293 $ 17574 $ 55843 .
||liability as of december 31 2003|cash payments in 2004|cash received from sublease net of operating costs in 2004|additional charge in 2004|liability as of december 31 2004|
|lease restructuring liability and other operating lease liability|$ 69526|$ -31550 ( 31550 )|$ 293|$ 17574|$ 55843|
the activity related to the restructuring liability for 2004 is as follows ( in thousands ) : non-operating items interest income increased $ 1.7 million to $ 12.0 million in 2005 from $ 10.3 million in 2004 . the increase was mainly the result of higher returns on invested funds . interest expense decreased $ 1.0 million , or 5% ( 5 % ) , to $ 17.3 million in 2005 from $ 18.3 million in 2004 as a result of the exchange of newly issued stock for a portion of our outstanding convertible debt in the second half of 2005 . in addition , as a result of the issuance during 2005 of common stock in exchange for convertible subordinated notes , we recorded a non- cash charge of $ 48.2 million . this charge related to the incremental shares issued in the transactions over the number of shares that would have been issued upon the conversion of the notes under their original terms . liquidity and capital resources we have incurred operating losses since our inception and historically have financed our operations principally through public and private offerings of our equity and debt securities , strategic collaborative agreements that include research and/or development funding , development milestones and royalties on the sales of products , investment income and proceeds from the issuance of stock under our employee benefit programs . at december 31 , 2006 , we had cash , cash equivalents and marketable securities of $ 761.8 million , which was an increase of $ 354.2 million from $ 407.5 million at december 31 , 2005 . the increase was primarily a result of : 2022 $ 313.7 million in net proceeds from our september 2006 public offering of common stock ; 2022 $ 165.0 million from an up-front payment we received in connection with signing the janssen agreement ; 2022 $ 52.4 million from the issuance of common stock under our employee benefit plans ; and 2022 $ 30.0 million from the sale of shares of altus pharmaceuticals inc . common stock and warrants to purchase altus common stock . these cash inflows were partially offset by the significant cash expenditures we made in 2006 related to research and development expenses and sales , general and administrative expenses . capital expenditures for property and equipment during 2006 were $ 32.4 million . at december 31 , 2006 , we had $ 42.1 million in aggregate principal amount of the 2007 notes and $ 59.6 million in aggregate principal amount of the 2011 notes outstanding . the 2007 notes are due in september 2007 and are convertible into common stock at the option of the holder at a price equal to $ 92.26 per share , subject to adjustment under certain circumstances . in february 2007 , we announced that we will redeem our 2011 notes on march 5 , 2007 . the 2011 notes are convertible into shares of our common stock at the option of the holder at a price equal to $ 14.94 per share . we expect the holders of the 2011 notes will elect to convert their notes into stock , in which case we will issue approximately 4.0 million . we will be required to repay any 2011 notes that are not converted at the rate of $ 1003.19 per $ 1000 principal amount , which includes principal and interest that will accrue to the redemption date . liability as of december 31 , payments in 2004 cash received from sublease , net of operating costs in 2004 additional charge in liability as of december 31 , lease restructuring liability and other operating lease liability $ 69526 $ ( 31550 ) $ 293 $ 17574 $ 55843 .
Question: what is the percent of the in the non operating income associated with interest income in 2005 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
26.0 | Context:on either a straight-line or accelerated basis . amortization expense for intangibles was approximately $ 4.2 million , $ 4.1 million and $ 4.1 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively . estimated annual amortization expense of the december 31 , 2010 balance for the years ended december 31 , 2011 through 2015 is approximately $ 4.8 million . impairment of long-lived assets long-lived assets are reviewed for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable . if such review indicates that the carrying amount of long- lived assets is not recoverable , the carrying amount of such assets is reduced to fair value . during the year ended december 31 , 2010 , we recognized impairment charges on certain long-lived assets during the normal course of business of $ 1.3 million . there were no adjustments to the carrying value of long-lived assets of continuing operations during the years ended december 31 , 2009 or 2008 . fair value of financial instruments our debt is reflected on the balance sheet at cost . based on market conditions as of december 31 , 2010 , the fair value of our term loans ( see note 5 , 201clong-term obligations 201d ) reasonably approximated the carrying value of $ 590 million . at december 31 , 2009 , the fair value of our term loans at $ 570 million was below the carrying value of $ 596 million because our interest rate margins were below the rate available in the market . we estimated the fair value of our term loans by calculating the upfront cash payment a market participant would require to assume our obligations . the upfront cash payment , excluding any issuance costs , is the amount that a market participant would be able to lend at december 31 , 2010 and 2009 to an entity with a credit rating similar to ours and achieve sufficient cash inflows to cover the scheduled cash outflows under our term loans . the carrying amounts of our cash and equivalents , net trade receivables and accounts payable approximate fair value . we apply the market and income approaches to value our financial assets and liabilities , which include the cash surrender value of life insurance , deferred compensation liabilities and interest rate swaps . required fair value disclosures are included in note 7 , 201cfair value measurements . 201d product warranties some of our salvage mechanical products are sold with a standard six-month warranty against defects . additionally , some of our remanufactured engines are sold with a standard three-year warranty against defects . we record the estimated warranty costs at the time of sale using historical warranty claim information to project future warranty claims activity and related expenses . the changes in the warranty reserve are as follows ( in thousands ) : .
|balance as of january 1 2009|$ 540|
|warranty expense|5033|
|warranty claims|-4969 ( 4969 )|
|balance as of december 31 2009|604|
|warranty expense|9351|
|warranty claims|-8882 ( 8882 )|
|business acquisitions|990|
|balance as of december 31 2010|$ 2063|
self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program . we purchase certain stop-loss insurance to limit our liability exposure . we also self-insure a portion of .
Question: at december 31 , 2009 what was the difference between the fair value of our term loans to their carrying value in millions | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
3061.0 | Context:item 7 . management 2019s discussion and analysis of financial condition and results of operations executive summary international paper 2019s operating results in 2007 bene- fited from significantly higher paper and packaging price realizations . sales volumes were slightly high- er , with growth in overseas markets partially offset by lower volumes in north america as we continued to balance our production with our customers 2019 demand . operationally , our pulp and paper and containerboard mills ran very well in 2007 . however , input costs for wood , energy and transportation costs were all well above 2006 levels . in our forest products business , earnings decreased 31% ( 31 % ) reflect- ing a sharp decline in harvest income and a smaller drop in forestland and real estate sales , both reflect- ing our forestland divestitures in 2006 . interest expense decreased over 40% ( 40 % ) , principally due to lower debt balances and interest rates from debt repayments and refinancings . looking forward to the first quarter of 2008 , we expect demand for north american printing papers and packaging to remain steady . however , if the economic downturn in 2008 is greater than expected , this could have a negative impact on sales volumes and earnings . some slight increases in paper and packaging price realizations are expected as we implement our announced price increases . however , first quarter earnings will reflect increased planned maintenance expenses and continued escalation of wood , energy and transportation costs . as a result , excluding the impact of projected reduced earnings from land sales and the addition of equity earnings contributions from our recent investment in ilim holding s.a . in russia , we expect 2008 first-quarter earnings to be lower than in the 2007 fourth quarter . results of operations industry segment operating profits are used by inter- national paper 2019s management to measure the earn- ings performance of its businesses . management believes that this measure allows a better under- standing of trends in costs , operating efficiencies , prices and volumes . industry segment operating profits are defined as earnings before taxes and minority interest , interest expense , corporate items and corporate special items . industry segment oper- ating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net earn- ings or any other operating measure prescribed by accounting principles generally accepted in the united states . international paper operates in six segments : print- ing papers , industrial packaging , consumer pack- aging , distribution , forest products , and specialty businesses and other . the following table shows the components of net earnings for each of the last three years : in millions 2007 2006 2005 .
|in millions|2007|2006|2005|
|industry segment operating profits|$ 2423|$ 2074|$ 1622|
|corporate items net|-732 ( 732 )|-746 ( 746 )|-607 ( 607 )|
|corporate special items*|241|2373|-134 ( 134 )|
|interest expense net|-297 ( 297 )|-521 ( 521 )|-595 ( 595 )|
|minority interest|-5 ( 5 )|-9 ( 9 )|-9 ( 9 )|
|income tax benefit ( provision )|-415 ( 415 )|-1889 ( 1889 )|407|
|discontinued operations|-47 ( 47 )|-232 ( 232 )|416|
|net earnings|$ 1168|$ 1050|$ 1100|
* corporate special items include restructuring and other charg- es , net ( gains ) losses on sales and impairments of businesses , gains on transformation plan forestland sales , goodwill impairment charges , insurance recoveries and reversals of reserves no longer required . industry segment operating profits of $ 2.4 billion were $ 349 million higher in 2007 than in 2006 due principally to the benefits from higher average price realizations ( $ 461 million ) , the net impact of cost reduction initiatives , improved operating perform- ance and a more favorable mix of products sold ( $ 304 million ) , higher sales volumes ( $ 17 million ) , lower special item costs ( $ 115 million ) and other items ( $ 4 million ) . these benefits more than offset the impacts of higher energy , raw material and freight costs ( $ 205 million ) , higher costs for planned mill maintenance outages ( $ 48 million ) , lower earn- ings from land sales ( $ 101 million ) , costs at the pensacola mill associated with the conversion of a machine to the production of linerboard ( $ 52 million ) and reduced earnings due to net acquisitions and divestitures ( $ 146 million ) . segment operating profit ( in millions ) $ 2074 ( $ 205 ) ( $ 48 ) $ 17 ( $ 244 ) $ 2423$ 4 ( $ 52 ) ( $ 101 ) $ 461 $ 1000 $ 1500 $ 2000 $ 2500 $ 3000 .
Question: what was the average industry segment operating profits from 2005 to 2007 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-486.0 | Context:item 7 . management 2019s discussion and analysis of financial condition and results of operations executive summary international paper company reported net sales of $ 23.4 billion in 2009 , compared with $ 24.8 billion in 2008 and $ 21.9 billion in 2007 . net earnings totaled $ 663 million in 2009 , including $ 1.4 billion of alter- native fuel mixture credits and $ 853 million of charges to restructure ongoing businesses , com- pared with a loss of $ 1.3 billion in 2008 , which included a $ 1.8 billion goodwill impairment charge . net earnings in 2007 totaled $ 1.2 billion . the company performed well in 2009 considering the magnitude of the challenges it faced , both domestically and around the world . despite weak global economic conditions , the company generated record cash flow from operations , enabling us to reduce long-term debt by $ 3.1 billion while increas- ing cash balances by approximately $ 800 million . also during 2009 , the company incurred 3.6 million tons of downtime , including 1.1 million tons asso- ciated with the shutdown of production capacity in our north american mill system to continue to match our production to our customers 2019 needs . these actions should result in higher operating rates , lower fixed costs and lower payroll costs in 2010 and beyond . furthermore , the realization of integration synergies in our u.s . industrial packaging business and overhead reduction initiatives across the com- pany position international paper to benefit from a lower cost profile in future years . as 2010 begins , we expect that first-quarter oper- ations will continue to be challenging . in addition to being a seasonally slow quarter for many of our businesses , poor harvesting weather conditions in the u.s . south and increasing competition for lim- ited supplies of recycled fiber are expected to lead to further increases in fiber costs for our u.s . mills . planned maintenance outage expenses will also be higher than in the 2009 fourth quarter . however , we have announced product price increases for our major global manufacturing businesses , and while these actions may not have a significant effect on first-quarter results , we believe that the benefits beginning in the second quarter will be significant . additionally , we expect to benefit from the capacity management , cost reduction and integration synergy actions taken during 2009 . as a result , the company remains positive about projected operating results in 2010 , with improved earnings versus 2009 expected in all major businesses . we will continue to focus on aggressive cost management and strong cash flow generation as 2010 progresses . results of operations industry segment operating profits are used by inter- national paper 2019s management to measure the earn- ings performance of its businesses . management believes that this measure allows a better under- standing of trends in costs , operating efficiencies , prices and volumes . industry segment operating profits are defined as earnings before taxes , equity earnings , noncontrolling interests , interest expense , corporate items and corporate special items . industry segment operating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net income or any other operating measure prescribed by accounting principles gen- erally accepted in the united states . international paper operates in six segments : industrial packaging , printing papers , consumer packaging , distribution , forest products , and spe- cialty businesses and other . the following table shows the components of net earnings ( loss ) attributable to international paper company for each of the last three years : in millions 2009 2008 2007 .
|in millions|2009|2008|2007|
|industry segment operating profits|$ 2360|$ 1393|$ 1897|
|corporate items net|-181 ( 181 )|-103 ( 103 )|-206 ( 206 )|
|corporate special items*|-334 ( 334 )|-1949 ( 1949 )|241|
|interest expense net|-669 ( 669 )|-492 ( 492 )|-297 ( 297 )|
|noncontrolling interests|5|-5 ( 5 )|-5 ( 5 )|
|income tax provision|-469 ( 469 )|-162 ( 162 )|-415 ( 415 )|
|equity ( loss ) earnings|-49 ( 49 )|49|2013|
|discontinued operations|2013|-13 ( 13 )|-47 ( 47 )|
|net earnings ( loss ) attributable to international paper company|$ 663|$ -1282 ( 1282 )|$ 1168|
net earnings ( loss ) attributable to international paper company $ 663 $ ( 1282 ) $ 1168 * corporate special items include restructuring and other charg- es , goodwill impairment charges , gains on transformation plan forestland sales and net losses ( gains ) on sales and impairments of businesses . industry segment operating profits of $ 2.4 billion were $ 967 million higher in 2009 than in 2008 . oper- ating profits benefited from lower energy and raw material costs ( $ 447 million ) , lower distribution costs ( $ 142 million ) , favorable manufacturing operating costs ( $ 481 million ) , incremental earnings from the cbpr business acquired in the third quarter of 2008 ( $ 202 million ) , and other items ( $ 35 million ) , offset by lower average sales price realizations ( $ 444 million ) , lower sales volumes and increased lack-of-order downtime ( $ 684 million ) , unfavorable .
Question: what is the average value of interest expense net , in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
97.497 | Context:bhge 2018 form 10-k | 107 part iii item 10 . directors , executive officers and corporate governance information regarding our code of conduct , the spirit and the letter , and code of ethical conduct certificates for our principal executive officer , principal financial officer and principal accounting officer are described in item 1 . business of this annual report . information concerning our directors is set forth in the sections entitled "proposal no . 1 , election of directors - board nominees for directors" and "corporate governance - committees of the board" in our definitive proxy statement for the 2019 annual meeting of stockholders to be filed with the sec pursuant to the exchange act within 120 days of the end of our fiscal year on december 31 , 2018 ( proxy statement ) , which sections are incorporated herein by reference . for information regarding our executive officers , see "item 1 . business - executive officers of baker hughes" in this annual report on form 10-k . additional information regarding compliance by directors and executive officers with section 16 ( a ) of the exchange act is set forth under the section entitled "section 16 ( a ) beneficial ownership reporting compliance" in our proxy statement , which section is incorporated herein by reference . item 11 . executive compensation information for this item is set forth in the following sections of our proxy statement , which sections are incorporated herein by reference : "compensation discussion and analysis" "director compensation" "compensation committee interlocks and insider participation" and "compensation committee report." item 12 . security ownership of certain beneficial owners and management and related stockholder matters information concerning security ownership of certain beneficial owners and our management is set forth in the sections entitled "stock ownership of certain beneficial owners" and 201cstock ownership of section 16 ( a ) director and executive officers 201d in our proxy statement , which sections are incorporated herein by reference . we permit our employees , officers and directors to enter into written trading plans complying with rule 10b5-1 under the exchange act . rule 10b5-1 provides criteria under which such an individual may establish a prearranged plan to buy or sell a specified number of shares of a company's stock over a set period of time . any such plan must be entered into in good faith at a time when the individual is not in possession of material , nonpublic information . if an individual establishes a plan satisfying the requirements of rule 10b5-1 , such individual's subsequent receipt of material , nonpublic information will not prevent transactions under the plan from being executed . certain of our officers have advised us that they have and may enter into stock sales plans for the sale of shares of our class a common stock which are intended to comply with the requirements of rule 10b5-1 of the exchange act . in addition , the company has and may in the future enter into repurchases of our class a common stock under a plan that complies with rule 10b5-1 or rule 10b-18 of the exchange act . equity compensation plan information the information in the following table is presented as of december 31 , 2018 with respect to shares of our class a common stock that may be issued under our lti plan which has been approved by our stockholders ( in millions , except per share prices ) . equity compensation plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in the first column ) .
|equity compensation plancategory|number ofsecurities to beissued uponexercise ofoutstandingoptions warrantsand rights|weighted averageexercise price ofoutstandingoptions warrantsand rights|number of securitiesremaining availablefor future issuanceunder equitycompensation plans ( excluding securitiesreflected in the firstcolumn )|
|stockholder-approved plans|2.7|$ 36.11|46.2|
|nonstockholder-approved plans|2014|2014|2014|
|subtotal ( except for weighted average exercise price )|2.7|36.11|46.2|
|employee stock purchase plan|2014|2014|15.0|
|total|2.7|$ 36.11|61.2|
.
Question: what is the total value of the number of securities approved by stockholders , in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-34.0 | Context:eastman notes to the audited consolidated financial statements accumulated other comprehensive income ( loss ) ( dollars in millions ) cumulative translation adjustment unfunded additional minimum pension liability unrecognized loss and prior service cost , net of unrealized gains ( losses ) on cash flow hedges unrealized losses on investments accumulated comprehensive income ( loss ) balance at december 31 , 2004 155 ( 248 ) -- ( 8 ) ( 2 ) ( 103 ) .
|( dollars in millions )|cumulative translation adjustment$|unfundedadditionalminimum pension liability$|unrecognized loss and prior service cost net of taxes$|unrealized gains ( losses ) on cash flow hedges$|unrealized losses on investments$|accumulated other comprehensive income ( loss ) $|
|balance at december 31 2004|155|-248 ( 248 )|--|-8 ( 8 )|-2 ( 2 )|-103 ( 103 )|
|period change|-94 ( 94 )|-7 ( 7 )|--|3|1|-97 ( 97 )|
|balance at december 31 2005|61|-255 ( 255 )|--|-5 ( 5 )|-1 ( 1 )|-200 ( 200 )|
|period change|60|48|--|-1 ( 1 )|--|107|
|pre-sfas no . 158 balance at december 31 2006|121|-207 ( 207 )|--|-6 ( 6 )|-1 ( 1 )|-93 ( 93 )|
|adjustments to apply sfas no . 158|--|207|-288 ( 288 )|--|--|-81 ( 81 )|
|balance at december 31 2006|121|--|-288 ( 288 )|-6 ( 6 )|-1 ( 1 )|-174 ( 174 )|
pre-sfas no . 158 balance at december 31 , 2006 121 ( 207 ) -- ( 6 ) ( 1 ) ( 93 ) adjustments to apply sfas no . 158 -- 207 ( 288 ) -- -- ( 81 ) balance at december 31 , 2006 121 -- ( 288 ) ( 6 ) ( 1 ) ( 174 ) except for cumulative translation adjustment , amounts of other comprehensive income ( loss ) are presented net of applicable taxes . because cumulative translation adjustment is considered a component of permanently invested , unremitted earnings of subsidiaries outside the united states , no taxes are provided on such amounts . 15 . share-based compensation plans and awards 2002 omnibus long-term compensation plan eastman's 2002 omnibus long-term compensation plan provides for grants to employees of nonqualified stock options , incentive stock options , tandem and freestanding stock appreciation rights ( 201csar 2019s 201d ) , performance shares and various other stock and stock-based awards . the 2002 omnibus plan provides that options can be granted through may 2 , 2007 , for the purchase of eastman common stock at an option price not less than 100 percent of the per share fair market value on the date of the stock option's grant . there is a maximum of 7.5 million shares of common stock available for option grants and other awards during the term of the 2002 omnibus plan . director long-term compensation plan eastman's 2002 director long-term compensation plan provides for grants of nonqualified stock options and restricted shares to nonemployee members of the board of directors . shares of restricted stock are granted upon the first day of the directors' initial term of service and nonqualified stock options and shares of restricted stock are granted each year following the annual meeting of stockholders . the 2002 director plan provides that options can be granted through the later of may 1 , 2007 , or the date of the annual meeting of stockholders in 2007 for the purchase of eastman common stock at an option price not less than the stock's fair market value on the date of the grant. .
Question: what was the sum of the cumulative translation adjustments from 2004 to 2006 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.45443 | Context:97% ( 97 % ) of its carrying value . the columbia fund is being liquidated with distributions to us occurring and expected to be fully liquidated during calendar 2008 . since december 2007 , we have received disbursements of approximately $ 20.7 million from the columbia fund . our operating activities during the year ended march 31 , 2008 used cash of $ 28.9 million as compared to $ 19.8 million during the same period in the prior year . our fiscal 2008 net loss of $ 40.9 million was the primary cause of our cash use from operations , attributed to increased investments in our global distribution as we continue to drive initiatives to increase recovery awareness as well as our investments in research and development to broaden our circulatory care product portfolio . in addition , our inventories used cash of $ 11.1 million during fiscal 2008 , reflecting our inventory build-up to support anticipated increases in global demand for our products and our accounts receivable also increased as a result of higher sales volume resulting in a use of cash of $ 2.8 million in fiscal 2008 . these decreases in cash were partially offset by an increase in accounts payable and accrued expenses of $ 5.6 million , non-cash adjustments of $ 5.4 million related to stock-based compensation expense , $ 6.1 million of depreciation and amortization and $ 5.0 million for the change in fair value of worldheart note receivable and warrant . our investing activities during the year ended march 31 , 2008 used cash of $ 40.9 million as compared to cash provided by investing activities of $ 15.1 million during the year ended march 31 , 2007 . cash used by investment activities for fiscal 2008 consisted primarily of $ 49.3 million for the recharacterization of the columbia fund to short-term marketable securities , $ 17.1 million for the purchase of short-term marketable securities , $ 3.8 million related to expenditures for property and equipment and $ 5.0 million for note receivable advanced to worldheart . these amounts were offset by $ 34.5 million of proceeds from short-term marketable securities . in june 2008 , we received 510 ( k ) clearance of our impella 2.5 , triggering an obligation to pay $ 5.6 million of contingent payments in accordance with the may 2005 acquisition of impella . these contingent payments may be made , at our option , with cash , or stock or by a combination of cash or stock under circumstances described in the purchase agreement . it is our intent to satisfy this contingent payment through the issuance of shares of our common stock . our financing activities during the year ended march 31 , 2008 provided cash of $ 2.1 million as compared to cash provided by financing activities of $ 66.6 million during the same period in the prior year . cash provided by financing activities for fiscal 2008 is comprised primarily of $ 2.8 million attributable to the exercise of stock options , $ 0.9 million related to the proceeds from the issuance of common stock , $ 0.3 million related to proceeds from the employee stock purchase plan , partially offset by $ 1.9 million related to the repurchase of warrants . the $ 64.5 million decrease compared to the prior year is primarily due to $ 63.6 million raised from the public offering in fiscal 2007 . we disbursed approximately $ 2.2 million of cash for the warrant repurchase and settlement of certain litigation . capital expenditures for fiscal 2009 are estimated to be approximately $ 3.0 to $ 6.0 million . contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2008 and the effects such obligations are expected to have on our liquidity and cash flows in future periods . payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 .
|contractual obligations|payments due by fiscal year ( in $ 000 2019s ) total|payments due by fiscal year ( in $ 000 2019s ) less than 1 year|payments due by fiscal year ( in $ 000 2019s ) 1-3 years|payments due by fiscal year ( in $ 000 2019s ) 3-5 years|payments due by fiscal year ( in $ 000 2019s ) more than 5 years|
|operating lease commitments|$ 7754|$ 2544|$ 3507|$ 1703|$ 2014|
|contractual obligations|9309|7473|1836|2014|2014|
|total obligations|$ 17063|$ 10017|$ 5343|$ 1703|$ 2014|
we have no long-term debt , capital leases or other material commitments , for open purchase orders and clinical trial agreements at march 31 , 2008 other than those shown in the table above . in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany . the aggregate purchase price excluding a contingent payment in the amount of $ 5.6 million made on january 30 , 2007 in the form of common stock , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services . we may make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to fda approvals in the amount of up to $ 11.2 million . in june 2008 we received 510 ( k ) clearance of our impella 2.5 , triggering an obligation to pay $ 5.6 million of contingent payments . these contingent payments may be made , at our option , with cash , or stock or by a combination of cash or stock under circumstances described in the purchase agreement , except that approximately $ 1.8 million of these contingent payments must be made in cash . the payment of any contingent payments will result in an increase to the carrying value of goodwill . we apply the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation .
Question: what portion of total obligations is related to operating lease commitments as of march 31 , 2008? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
12.1 | Context:kimco realty corporation and subsidiaries notes to consolidated financial statements , continued during 2012 , the albertsons joint venture distributed $ 50.3 million of which the company received $ 6.9 million , which was recognized as income from cash received in excess of the company 2019s investment , before income tax , and is included in equity in income from other real estate investments , net on the company 2019s consolidated statements of income . in january 2015 , the company invested an additional $ 85.3 million of new equity in the company 2019s albertsons joint venture to facilitate the acquisition of safeway inc . by the cerberus lead consortium . as a result , kimco now holds a 9.8% ( 9.8 % ) ownership interest in the combined company which operates 2230 stores across 34 states . leveraged lease - during june 2002 , the company acquired a 90% ( 90 % ) equity participation interest in an existing leveraged lease of 30 properties . the properties are leased under a long-term bond-type net lease whose primary term expires in 2016 , with the lessee having certain renewal option rights . the company 2019s cash equity investment was $ 4.0 million . this equity investment is reported as a net investment in leveraged lease in accordance with the fasb 2019s lease guidance . as of december 31 , 2014 , 19 of these properties were sold , whereby the proceeds from the sales were used to pay down $ 32.3 million in mortgage debt and the remaining 11 properties remain encumbered by third-party non-recourse debt of $ 11.2 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease . as an equity participant in the leveraged lease , the company has no recourse obligation for principal or interest payments on the debt , which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease . accordingly , this obligation has been offset against the related net rental receivable under the lease . at december 31 , 2014 and 2013 , the company 2019s net investment in the leveraged lease consisted of the following ( in millions ) : .
||2014|2013|
|remaining net rentals|$ 8.3|$ 15.9|
|estimated unguaranteed residual value|30.3|30.3|
|non-recourse mortgage debt|-10.1 ( 10.1 )|-16.1 ( 16.1 )|
|unearned and deferred income|-12.9 ( 12.9 )|-19.9 ( 19.9 )|
|net investment in leveraged lease|$ 15.6|$ 10.2|
9 . variable interest entities : consolidated ground-up development projects included within the company 2019s ground-up development projects at december 31 , 2014 , is an entity that is a vie , for which the company is the primary beneficiary . this entity was established to develop real estate property to hold as a long-term investment . the company 2019s involvement with this entity is through its majority ownership and management of the property . this entity was deemed a vie primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support . the initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period . the company determined that it was the primary beneficiary of this vie as a result of its controlling financial interest . at december 31 , 2014 , total assets of this ground-up development vie were $ 77.7 million and total liabilities were $ 0.1 million . the classification of these assets is primarily within real estate under development in the company 2019s consolidated balance sheets and the classifications of liabilities are primarily within accounts payable and accrued expenses on the company 2019s consolidated balance sheets . substantially all of the projected development costs to be funded for this ground-up development vie , aggregating $ 32.8 million , will be funded with capital contributions from the company and by the outside partners , when contractually obligated . the company has not provided financial support to this vie that it was not previously contractually required to provide. .
Question: what is the average net rentals for 2013-2014 , in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
131.2 | Context:kimco realty corporation and subsidiaries job title kimco realty ar revision 6 serial date / time tuesday , april 03 , 2007 /10:32 pm job number 142704 type current page no . 65 operator pm2 <12345678> at december 31 , 2006 and 2005 , the company 2019s net invest- ment in the leveraged lease consisted of the following ( in mil- lions ) : .
||2006|2005|
|remaining net rentals|$ 62.3|$ 68.9|
|estimated unguaranteed residual value|40.5|43.8|
|non-recourse mortgage debt|-48.4 ( 48.4 )|-52.8 ( 52.8 )|
|unearned and deferred income|-50.7 ( 50.7 )|-55.9 ( 55.9 )|
|net investment in leveraged lease|$ 3.7|$ 4.0|
9 . mortgages and other financing receivables : during january 2006 , the company provided approximately $ 16.0 million as its share of a $ 50.0 million junior participation in a $ 700.0 million first mortgage loan , in connection with a private investment firm 2019s acquisition of a retailer . this loan participation bore interest at libor plus 7.75% ( 7.75 % ) per annum and had a two-year term with a one-year extension option and was collateralized by certain real estate interests of the retailer . during june 2006 , the borrower elected to pre-pay the outstanding loan balance of approximately $ 16.0 million in full satisfaction of this loan . additionally , during january 2006 , the company provided approximately $ 5.2 million as its share of an $ 11.5 million term loan to a real estate developer for the acquisition of a 59 acre land parcel located in san antonio , tx . this loan is interest only at a fixed rate of 11.0% ( 11.0 % ) for a term of two years payable monthly and collateralized by a first mortgage on the subject property . as of december 31 , 2006 , the outstanding balance on this loan was approximately $ 5.2 million . during february 2006 , the company committed to provide a one year $ 17.2 million credit facility at a fixed rate of 8.0% ( 8.0 % ) for a term of nine months and 9.0% ( 9.0 % ) for the remaining term to a real estate investor for the recapitalization of a discount and entertain- ment mall that it currently owns . during 2006 , this facility was fully paid and was terminated . during april 2006 , the company provided two separate mortgages aggregating $ 14.5 million on a property owned by a real estate investor . proceeds were used to payoff the existing first mortgage , buyout the existing partner and for redevelopment of the property . the mortgages bear interest at 8.0% ( 8.0 % ) per annum and mature in 2008 and 2013 . these mortgages are collateralized by the subject property . as of december 31 , 2006 , the aggregate outstanding balance on these mortgages was approximately $ 15.0 million , including $ 0.5 million of accrued interest . during may 2006 , the company provided a cad $ 23.5 million collateralized credit facility at a fixed rate of 8.5% ( 8.5 % ) per annum for a term of two years to a real estate company for the execution of its property acquisitions program . the credit facility is guaranteed by the real estate company . the company was issued 9811 units , valued at approximately usd $ 0.1 million , and warrants to purchase up to 0.1 million shares of the real estate company as a loan origination fee . during august 2006 , the company increased the credit facility to cad $ 45.0 million and received an additional 9811 units , valued at approximately usd $ 0.1 million , and warrants to purchase up to 0.1 million shares of the real estate company . as of december 31 , 2006 , the outstand- ing balance on this credit facility was approximately cad $ 3.6 million ( approximately usd $ 3.1 million ) . during september 2005 , a newly formed joint venture , in which the company had an 80% ( 80 % ) interest , acquired a 90% ( 90 % ) interest in a $ 48.4 million mortgage receivable for a purchase price of approximately $ 34.2 million . this loan bore interest at a rate of three-month libor plus 2.75% ( 2.75 % ) per annum and was scheduled to mature on january 12 , 2010 . a 626-room hotel located in lake buena vista , fl collateralized the loan . the company had determined that this joint venture entity was a vie and had further determined that the company was the primary benefici- ary of this vie and had therefore consolidated it for financial reporting purposes . during march 2006 , the joint venture acquired the remaining 10% ( 10 % ) of this mortgage receivable for a purchase price of approximately $ 3.8 million . during june 2006 , the joint venture accepted a pre-payment of approximately $ 45.2 million from the borrower as full satisfaction of this loan . during august 2006 , the company provided $ 8.8 million as its share of a $ 13.2 million 12-month term loan to a retailer for general corporate purposes . this loan bears interest at a fixed rate of 12.50% ( 12.50 % ) with interest payable monthly and a balloon payment for the principal balance at maturity . the loan is collateralized by the underlying real estate of the retailer . additionally , the company funded $ 13.3 million as its share of a $ 20.0 million revolving debtor-in-possession facility to this retailer . the facility bears interest at libor plus 3.00% ( 3.00 % ) and has an unused line fee of 0.375% ( 0.375 % ) . this credit facility is collateralized by a first priority lien on all the retailer 2019s assets . as of december 31 , 2006 , the compa- ny 2019s share of the outstanding balance on this loan and credit facility was approximately $ 7.6 million and $ 4.9 million , respec- tively . during september 2006 , the company provided a mxp 57.3 million ( approximately usd $ 5.3 million ) loan to an owner of an operating property in mexico . the loan , which is collateralized by the property , bears interest at 12.0% ( 12.0 % ) per annum and matures in 2016 . the company is entitled to a participation feature of 25% ( 25 % ) of annual cash flows after debt service and 20% ( 20 % ) of the gain on sale of the property . as of december 31 , 2006 , the outstand- ing balance on this loan was approximately mxp 57.8 million ( approximately usd $ 5.3 million ) . during november 2006 , the company committed to provide a mxp 124.8 million ( approximately usd $ 11.5 million ) loan to an owner of a land parcel in acapulco , mexico . the loan , which is collateralized with an operating property owned by the bor- rower , bears interest at 10% ( 10 % ) per annum and matures in 2016 . the company is entitled to a participation feature of 20% ( 20 % ) of excess cash flows and gains on sale of the property . as of decem- ber 31 , 2006 , the outstanding balance on this loan was mxp 12.8 million ( approximately usd $ 1.2 million ) . .
Question: from 2005-2006 , what was the total amount of remaining net rentals , in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.06406 | Context:asian industrial packaging net sales for 2007 were $ 265 million compared with $ 180 million in 2006 . in 2005 , net sales were $ 105 million sub- sequent to international paper 2019s acquisition of a majority interest in this business in august 2005 . operating profits totaled $ 6 million in 2007 and $ 3 million in 2006 , compared with a loss of $ 4 million in consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity . in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . consumer packaging net sales increased 12% ( 12 % ) compared with 2006 and 24% ( 24 % ) compared with 2005 . operating profits rose 15% ( 15 % ) from 2006 and 24% ( 24 % ) from 2005 levels . benefits from improved average sales price realizations ( $ 52 million ) , higher sales volumes for u.s . and european coated paperboard ( $ 9 million ) , favorable mill operations ( $ 14 million ) and contributions from international paper & sun cartonboard co. , ltd . acquired in 2006 ( $ 16 million ) , were partially offset by higher raw material and energy costs ( $ 53 million ) , an unfavorable mix of products sold ( $ 4 million ) , increased freight costs ( $ 5 million ) and other costs ( $ 3 million ) . consumer packaging in millions 2007 2006 2005 .
|in millions|2007|2006|2005|
|sales|$ 3015|$ 2685|$ 2435|
|operating profit|$ 198|$ 172|$ 160|
north american consumer packaging net sales were $ 2.4 billion in both 2007 and 2006 com- pared with $ 2.2 billion in 2005 . operating earnings of $ 143 million in 2007 improved from $ 129 million in 2006 and $ 121 million in 2005 . coated paperboard sales volumes increased in 2007 compared with 2006 , particularly for folding carton board , reflecting improved demand . average sales price realizations substantially improved in 2007 for both folding carton board and cup stock . the impact of the higher sales prices combined with improved manufacturing performance at our mills more than offset the negative effects of higher wood and energy costs . foodservice sales volumes were slightly higher in 2007 than in 2006 . average sales prices were also higher reflecting the realization of price increases implemented to recover raw material cost increases . in addition , a more favorable mix of hot cups and food containers led to higher average margins . raw material costs for bleached board and polystyrene were higher than in 2006 , but these increases were partially offset by improved manufacturing costs reflecting increased productivity and reduced waste . shorewood sales volumes in 2007 declined from 2006 levels due to weak demand in the home enter- tainment , tobacco and display markets , although demand was stronger in the consumer products segment . sales margins declined from 2006 reflect- ing a less favorable mix of products sold . raw material costs were higher for bleached board , but this impact was more than offset by improved manufacturing operations and lower operating costs . charges to restructure operations also impacted 2007 results . entering 2008 , coated paperboard sales volumes are expected to be about even with the fourth quarter of 2007 , while average sales price realizations are expected to slightly improve . earnings should bene- fit from fewer planned mill maintenance outages compared with the 2007 fourth quarter . however , costs for wood , polyethylene and energy are expected to be higher . foodservice results are expected to benefit from increased sales volumes and higher sales price realizations . shorewood sales volumes for the first quarter 2008 are expected to seasonally decline , but this negative impact should be partially offset by benefits from cost improve- ments associated with prior-year restructuring actions . european consumer packaging net sales in 2007 were $ 280 million compared with $ 230 million in 2006 and $ 190 million in 2005 . sales volumes in 2007 were higher than in 2006 reflecting stronger market demand and improved productivity at our kwidzyn mill . average sales price realizations also improved in 2007 . operating earnings in 2007 of $ 37 million declined from $ 41 million in 2006 and $ 39 million in 2005 . the additional contribution from higher net sales was more than offset by higher input costs for wood , energy and freight . entering 2008 , sales volumes and prices are expected to be comparable to the fourth quarter . machine performance and sales mix are expected to improve ; however , wood costs are expected to be higher , especially in russia due to strong demand ahead of tariff increases , and energy costs are anticipated to be seasonally higher. .
Question: what was the consumer packaging profit margin in 2006 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.13568 | Context:item 1b . unresolved staff comments item 2 . properties we employ a variety of assets in the management and operation of our rail business . our rail network covers 23 states in the western two-thirds of the u.s . our rail network includes 32084 route miles . we own 26064 miles and operate on the remainder pursuant to trackage rights or leases . the following table describes track miles at december 31 , 2015 and 2014. .
||2015|2014|
|route|32084|31974|
|other main line|7012|6943|
|passing lines and turnouts|3235|3197|
|switching and classification yard lines|9108|9058|
|total miles|51439|51172|
headquarters building we own our headquarters building in omaha , nebraska . the facility has 1.2 million square feet of space for approximately 4000 employees. .
Question: what percentage of total miles were other main line in 2014? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.13183 | Context:sources of blackrock 2019s operating cash primarily include investment advisory , administration fees and securities lending revenue , performance fees , revenue from technology and risk management services , advisory and other revenue and distribution fees . blackrock uses its cash to pay all operating expense , interest and principal on borrowings , income taxes , dividends on blackrock 2019s capital stock , repurchases of the company 2019s stock , capital expenditures and purchases of co-investments and seed investments . for details of the company 2019s gaap cash flows from operating , investing and financing activities , see the consolidated statements of cash flows contained in part ii , item 8 of this filing . cash flows from operating activities , excluding the impact of consolidated sponsored investment funds , primarily include the receipt of investment advisory and administration fees , securities lending revenue and performance fees offset by the payment of operating expenses incurred in the normal course of business , including year-end incentive compensation accrued for in the prior year . cash outflows from investing activities , excluding the impact of consolidated sponsored investment funds , for 2017 were $ 517 million and primarily reflected $ 497 million of investment purchases , $ 155 million of purchases of property and equipment , $ 73 million related to the first reserve transaction and $ 29 million related to the cachematrix transaction , partially offset by $ 205 million of net proceeds from sales and maturities of certain investments . cash outflows from financing activities , excluding the impact of consolidated sponsored investment funds , for 2017 were $ 3094 million , primarily resulting from $ 1.4 billion of share repurchases , including $ 1.1 billion in open market- transactions and $ 321 million of employee tax withholdings related to employee stock transactions , $ 1.7 billion of cash dividend payments and $ 700 million of repayments of long- term borrowings , partially offset by $ 697 million of proceeds from issuance of long-term borrowings . the company manages its financial condition and funding to maintain appropriate liquidity for the business . liquidity resources at december 31 , 2017 and 2016 were as follows : ( in millions ) december 31 , december 31 , cash and cash equivalents ( 1 ) $ 6894 $ 6091 cash and cash equivalents held by consolidated vres ( 2 ) ( 63 ) ( 53 ) .
|( in millions )|december 31 2017|december 31 2016|
|cash and cash equivalents ( 1 )|$ 6894|$ 6091|
|cash and cash equivalents held by consolidated vres ( 2 )|-63 ( 63 )|-53 ( 53 )|
|subtotal|6831|6038|
|credit facility 2014 undrawn|4000|4000|
|total liquidity resources ( 3 )|$ 10831|$ 10038|
total liquidity resources ( 3 ) $ 10831 $ 10038 ( 1 ) the percentage of cash and cash equivalents held by the company 2019s u.s . subsidiaries was approximately 40% ( 40 % ) and 50% ( 50 % ) at december 31 , 2017 and 2016 , respectively . see net capital requirements herein for more information on net capital requirements in certain regulated subsidiaries . ( 2 ) the company cannot readily access such cash to use in its operating activities . ( 3 ) amounts do not reflect a reduction for year-end incentive compensation accruals of approximately $ 1.5 billion and $ 1.3 billion for 2017 and 2016 , respectively , which are paid in the first quarter of the following year . total liquidity resources increased $ 793 million during 2017 , primarily reflecting cash flows from operating activities , partially offset by cash payments of 2016 year-end incentive awards , share repurchases of $ 1.4 billion and cash dividend payments of $ 1.7 billion . a significant portion of the company 2019s $ 3154 million of total investments , as adjusted , is illiquid in nature and , as such , cannot be readily convertible to cash . share repurchases . the company repurchased 2.6 million common shares in open market transactions under the share repurchase program for approximately $ 1.1 billion during 2017 . at december 31 , 2017 , there were 6.4 million shares still authorized to be repurchased . net capital requirements . the company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions , which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions . as a result , such subsidiaries of the company may be restricted in their ability to transfer cash between different jurisdictions and to their parents . additionally , transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers . blackrock institutional trust company , n.a . ( 201cbtc 201d ) is chartered as a national bank that does not accept client deposits and whose powers are limited to trust and other fiduciary activities . btc provides investment management services , including investment advisory and securities lending agency services , to institutional clients . btc is subject to regulatory capital and liquid asset requirements administered by the office of the comptroller of the currency . at december 31 , 2017 and 2016 , the company was required to maintain approximately $ 1.8 billion and $ 1.4 billion , respectively , in net capital in certain regulated subsidiaries , including btc , entities regulated by the financial conduct authority and prudential regulation authority in the united kingdom , and the company 2019s broker-dealers . the company was in compliance with all applicable regulatory net capital requirements . undistributed earnings of foreign subsidiaries . as a result of the 2017 tax act and the one-time mandatory deemed repatriation tax on untaxed accumulated foreign earnings , a provisional amount of u.s . income taxes was provided on the undistributed foreign earnings . the financial statement basis in excess of tax basis of its foreign subsidiaries remains indefinitely reinvested in foreign operations . the company will continue to evaluate its capital management plans throughout 2018 . short-term borrowings 2017 revolving credit facility . the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2017 to extend the maturity date to april 2022 ( the 201c2017 credit facility 201d ) . the 2017 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2017 credit facility to an aggregate principal amount not to exceed $ 5.0 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2017 credit facility requires the company .
Question: what is the growth rate in the balance of cash and cash equivalents in 2017? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
551.5 | Context:foodservice sales volumes increased in 2012 compared with 2011 . average sales margins were higher reflecting the realization of sales price increases for the pass-through of earlier cost increases . raw material costs for board and resins were lower . operating costs and distribution costs were both higher . the u.s . shorewood business was sold december 31 , 2011 and the non-u.s . business was sold in january looking ahead to the first quarter of 2013 , coated paperboard sales volumes are expected to increase slightly from the fourth quarter of 2012 . average sales price realizations are expected to be slightly lower , but margins should benefit from a more favorable product mix . input costs are expected to be higher for energy and wood . no planned main- tenance outages are scheduled in the first quarter . in january 2013 the company announced the perma- nent shutdown of a coated paperboard machine at the augusta mill with an annual capacity of 140000 tons . foodservice sales volumes are expected to increase . average sales margins are expected to decrease due to the realization of sales price decreases effective with our january contract open- ers . input costs for board and resin are expected to be lower and operating costs are also expected to decrease . european consumer packaging net sales in 2012 were $ 380 million compared with $ 375 million in 2011 and $ 345 million in 2010 . operating profits in 2012 were $ 99 million compared with $ 93 million in 2011 and $ 76 million in 2010 . sales volumes in 2012 increased from 2011 . average sales price realizations were higher in russian markets , but were lower in european markets . input costs decreased , primarily for wood , and planned maintenance downtime costs were lower in 2012 than in 2011 . looking forward to the first quarter of 2013 , sales volumes are expected to decrease in both europe and russia . average sales price realizations are expected to be higher in russia , but be more than offset by decreases in europe . input costs are expected to increase for wood and chemicals . no maintenance outages are scheduled for the first quarter . asian consumer packaging net sales were $ 830 million in 2012 compared with $ 855 million in 2011 and $ 705 million in 2010 . operating profits in 2012 were $ 4 million compared with $ 35 million in 2011 and $ 34 million in 2010 . sales volumes increased in 2012 compared with 2011 partially due to the start-up of a new coated paperboard machine . average sales price realizations were significantly lower , but were partially offset by lower input costs for purchased pulp . start-up costs for a new coated paperboard machine adversely impacted operating profits in 2012 . in the first quarter of 2013 , sales volumes are expected to increase slightly . average sales price realizations for folding carton board and bristols board are expected to be lower reflecting increased competitive pressures and seasonally weaker market demand . input costs should be higher for pulp and chemicals . however , costs related to the ramp-up of the new coated paperboard machine should be lower . distribution xpedx , our distribution business , is one of north america 2019s leading business-to-business distributors to manufacturers , facility managers and printers , providing customized solutions that are designed to improve efficiency , reduce costs and deliver results . customer demand is generally sensitive to changes in economic conditions and consumer behavior , along with segment specific activity including corpo- rate advertising and promotional spending , government spending and domestic manufacturing activity . distribution 2019s margins are relatively stable across an economic cycle . providing customers with the best choice for value in both products and supply chain services is a key competitive factor . addition- ally , efficient customer service , cost-effective logis- tics and focused working capital management are key factors in this segment 2019s profitability . distribution .
|in millions|2012|2011|2010|
|sales|$ 6040|$ 6630|$ 6735|
|operating profit|22|34|78|
distr ibut ion 2019s 2012 annual sales decreased 9% ( 9 % ) from 2011 , and decreased 10% ( 10 % ) from 2010 . operating profits in 2012 were $ 22 million ( $ 71 million exclud- ing reorganization costs ) compared with $ 34 million ( $ 86 million excluding reorganization costs ) in 2011 and $ 78 million in 2010 . annual sales of printing papers and graphic arts supplies and equipment totaled $ 3.5 billion in 2012 compared with $ 4.0 billion in 2011 and $ 4.2 billion in 2010 , reflecting declining demand and the exiting of unprofitable businesses . trade margins as a percent of sales for printing papers were relatively even with both 2011 and 2010 . revenue from packaging prod- ucts was flat at $ 1.6 billion in both 2012 and 2011 and up slightly compared to $ 1.5 billion in 2010 . pack- aging margins increased in 2012 from both 2011 and 2010 , reflecting the successful execution of strategic sourcing initiatives . facility supplies annual revenue was $ 0.9 billion in 2012 , down compared to $ 1.0 bil- lion in 2011 and 2010 . operating profits in 2012 included $ 49 million of reorganization costs for severance , professional services and asset write-downs compared with $ 52 .
Question: what was the average annual european consumer packaging net sales from 2010 to 2012 in millions | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.21478 | Context:the second largest closed-end fund manager and a top- ten manager by aum and 2013 net flows of long-term open-end mutual funds1 . in 2013 , we were also the leading manager by net flows for long-dated fixed income mutual funds1 . 2022 we have fully integrated our legacy retail and ishares retail distribution teams to create a unified client-facing presence . as retail clients increasingly use blackrock 2019s capabilities in combination 2014 active , alternative and passive 2014 it is a strategic priority for blackrock to coherently deliver these capabilities through one integrated team . 2022 international retail long-term net inflows of $ 17.5 billion , representing 15% ( 15 % ) organic growth , were positive across major regions and diversified across asset classes . equity net inflows of $ 6.4 billion were driven by strong demand for our top-performing european equities franchise as investor risk appetite for the sector improved . multi-asset class and fixed income products each generated net inflows of $ 4.8 billion , as investors looked to manage duration and volatility in their portfolios . in 2013 , we were ranked as the third largest cross border fund provider2 . in the united kingdom , we ranked among the five largest fund managers2 . ishares .
|( in millions )|component changes in aum 2014 ishares 12/31/2012|component changes in aum 2014 ishares net new business|component changes in aum 2014 ishares acquisition ( 1 )|component changes in aum 2014 ishares market / fx|component changes in aum 2014 ishares 12/31/2013|
|equity|$ 534648|$ 74119|$ 13021|$ 96347|$ 718135|
|fixed income|192852|-7450 ( 7450 )|1294|-7861 ( 7861 )|178835|
|multi-asset class|869|355|2014|86|1310|
|alternatives ( 2 )|24337|-3053 ( 3053 )|1645|-6837 ( 6837 )|16092|
|total ishares|$ 752706|$ 63971|$ 15960|$ 81735|$ 914372|
alternatives ( 2 ) 24337 ( 3053 ) 1645 ( 6837 ) 16092 total ishares $ 752706 $ 63971 $ 15960 $ 81735 $ 914372 ( 1 ) amounts represent $ 16.0 billion of aum acquired in the credit suisse etf acquisition in july 2013 . ( 2 ) amounts include commodity ishares . ishares is the leading etf provider in the world , with $ 914.4 billion of aum at december 31 , 2013 , and was the top asset gatherer globally in 20133 with $ 64.0 billion of net inflows for an organic growth rate of 8% ( 8 % ) . equity net inflows of $ 74.1 billion were driven by flows into funds with broad developed market exposures , partially offset by outflows from emerging markets products . ishares fixed income experienced net outflows of $ 7.5 billion , as the continued low interest rate environment led many liquidity-oriented investors to sell long-duration assets , which made up the majority of the ishares fixed income suite . in 2013 , we launched several funds to meet demand from clients seeking protection in a rising interest rate environment by offering an expanded product set that includes four new u.s . funds , including short-duration versions of our flagship high yield and investment grade credit products , and short maturity and liquidity income funds . ishares alternatives had $ 3.1 billion of net outflows predominantly out of commodities . ishares represented 23% ( 23 % ) of long-term aum at december 31 , 2013 and 35% ( 35 % ) of long-term base fees for ishares offers the most diverse product set in the industry with 703 etfs at year-end 2013 , and serves the broadest client base , covering more than 25 countries on five continents . during 2013 , ishares continued its dual commitment to innovation and responsible product structuring by introducing 42 new etfs , acquiring credit suisse 2019s 58 etfs in europe and entering into a critical new strategic alliance with fidelity investments to deliver fidelity 2019s more than 10 million clients increased access to ishares products , tools and support . our alliance with fidelity investments and a successful full first year for the core series have deeply expanded our presence and offerings among buy-and-hold investors . our broad product range offers investors a precise , transparent and low-cost way to tap market returns and gain access to a full range of asset classes and global markets that have been difficult or expensive for many investors to access until now , as well as the liquidity required to make adjustments to their exposures quickly and cost-efficiently . 2022 u.s . ishares aum ended at $ 655.6 billion with $ 41.4 billion of net inflows driven by strong demand for developed markets equities and short-duration fixed income . during the fourth quarter of 2012 , we debuted the core series in the united states , designed to provide the essential building blocks for buy-and-hold investors to use in constructing the core of their portfolio . the core series demonstrated solid results in its first full year , raising $ 20.0 billion in net inflows , primarily in u.s . equities . in the united states , ishares maintained its position as the largest etf provider , with 39% ( 39 % ) share of aum3 . 2022 international ishares aum ended at $ 258.8 billion with robust net new business of $ 22.6 billion led by demand for european and japanese equities , as well as a diverse range of fixed income products . at year-end 2013 , ishares was the largest european etf provider with 48% ( 48 % ) of aum3 . 1 simfund 2 lipper feri 3 blackrock ; bloomberg .
Question: what is the percentage change in the balance of total ishares in 2013 compare to 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
1747.0 | Context:mill in the fourth quarter of 2008 . this compares with 635000 tons of total downtime in 2008 of which 305000 tons were lack-of-order downtime . printing papers in millions 2009 2008 2007 .
|in millions|2009|2008|2007|
|sales|$ 5680|$ 6810|$ 6530|
|operating profit|1091|474|839|
north american printing papers net sales in 2009 were $ 2.8 billion compared with $ 3.4 billion in 2008 and $ 3.5 billion in 2007 . operating earnings in 2009 were $ 746 million ( $ 307 million excluding alter- native fuel mixture credits and plant closure costs ) compared with $ 405 million ( $ 435 million excluding shutdown costs for a paper machine ) in 2008 and $ 415 million in 2007 . sales volumes decreased sig- nificantly in 2009 compared with 2008 reflecting weak customer demand and reduced production capacity resulting from the shutdown of a paper machine at the franklin mill in december 2008 and the conversion of the bastrop mill to pulp production in june 2008 . average sales price realizations were lower reflecting slight declines for uncoated freesheet paper in domestic markets and significant declines in export markets . margins were also unfavorably affected by a higher proportion of shipments to lower-margin export markets . input costs , however , were favorable due to lower wood and chemical costs and sig- nificantly lower energy costs . freight costs were also lower . planned maintenance downtime costs in 2009 were comparable with 2008 . operating costs were favorable , reflecting cost control efforts and strong machine performance . lack-of-order downtime increased to 525000 tons in 2009 , including 120000 tons related to the shutdown of a paper machine at our franklin mill in the 2008 fourth quarter , from 135000 tons in 2008 . operating earnings in 2009 included $ 671 million of alternative fuel mixture cred- its , $ 223 million of costs associated with the shutdown of our franklin mill and $ 9 million of other shutdown costs , while operating earnings in 2008 included $ 30 million of costs for the shutdown of a paper machine at our franklin mill . looking ahead to 2010 , first-quarter sales volumes are expected to increase slightly from fourth-quarter 2009 levels . average sales price realizations should be higher , reflecting the full-quarter impact of sales price increases announced in the fourth quarter for converting and envelope grades of uncoated free- sheet paper and an increase in prices to export markets . however , input costs for wood , energy and chemicals are expected to continue to increase . planned maintenance downtime costs should be lower and operating costs should be favorable . brazil ian papers net sales for 2009 of $ 960 mil- lion increased from $ 950 million in 2008 and $ 850 million in 2007 . operating profits for 2009 were $ 112 million compared with $ 186 million in 2008 and $ 174 million in 2007 . sales volumes increased in 2009 compared with 2008 for both paper and pulp reflect- ing higher export shipments . average sales price realizations were lower due to strong competitive pressures in the brazilian domestic market in the second half of the year , lower export prices and unfavorable foreign exchange rates . margins were unfavorably affected by a higher proportion of lower margin export sales . input costs for wood and chem- icals were favorable , but these benefits were partially offset by higher energy costs . planned maintenance downtime costs were lower , and operating costs were also favorable . earnings in 2009 were adversely impacted by unfavorable foreign exchange effects . entering 2010 , sales volumes are expected to be seasonally lower compared with the fourth quarter of 2009 . profit margins are expected to be slightly higher reflecting a more favorable geographic sales mix and improving sales price realizations in export markets , partially offset by higher planned main- tenance outage costs . european papers net sales in 2009 were $ 1.3 bil- lion compared with $ 1.7 billion in 2008 and $ 1.5 bil- lion in 2007 . operating profits in 2009 of $ 92 million ( $ 115 million excluding expenses associated with the closure of the inverurie mill ) compared with $ 39 mil- lion ( $ 146 million excluding a charge to reduce the carrying value of the fixed assets at the inverurie , scotland mill to their estimated realizable value ) in 2008 and $ 171 million in 2007 . sales volumes in 2009 were lower than in 2008 primarily due to reduced sales of uncoated freesheet paper following the closure of the inverurie mill in 2009 . average sales price realizations decreased significantly in 2009 across most of western europe , but margins increased in poland and russia reflecting the effect of local currency devaluations . input costs were favorable as lower wood costs , particularly in russia , were only partially offset by higher energy costs in poland and higher chemical costs . planned main- tenance downtime costs were higher in 2009 than in 2008 , while manufacturing operating costs were lower . operating profits in 2009 also reflect favorable foreign exchange impacts . looking ahead to 2010 , sales volumes are expected to decline from strong 2009 fourth-quarter levels despite solid customer demand . average sales price realizations are expected to increase over the quar- ter , primarily in eastern europe , as price increases .
Question: what is the variation observed in the value of operating expenses and other costs concerning the activities during 2008 and 2009? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
6.87209 | Context:management believes it is important for interna- tional paper to maintain an investment-grade credit rat- ing to facilitate access to capital markets on favorable terms . at december 31 , 2005 , the company held long- term credit ratings of bbb ( negative outlook ) and baa3 ( stable outlook ) from standard & poor 2019s and moody 2019s investor services , respectively . cash provided by operations cash provided by continuing operations totaled $ 1.5 billion for 2005 , compared with $ 2.1 billion in 2004 and $ 1.5 billion in 2003 . the major components of cash provided by continuing operations are earnings from continuing operations adjusted for non-cash in- come and expense items and changes in working capital . earnings from continuing operations adjusted for non-cash items declined by $ 83 million in 2005 versus 2004 . this compared with an increase of $ 612 million for 2004 over 2003 . working capital , representing international paper 2019s investments in accounts receivable and inventory less accounts payable and accrued liabilities , was $ 2.6 billion at december 31 , 2005 . cash used for working capital components increased by $ 591 million in 2005 , com- pared with a $ 86 million increase in 2004 and an $ 11 million increase in 2003 . the increase in 2005 was principally due to a decline in accrued liabilities at de- cember 31 , 2005 . investment activities capital spending from continuing operations was $ 1.2 billion in 2005 , or 84% ( 84 % ) of depreciation and amor- tization , comparable to the $ 1.2 billion , or 87% ( 87 % ) of depreciation and amortization in 2004 , and $ 1.0 billion , or 74% ( 74 % ) of depreciation and amortization in 2003 . the following table presents capital spending from continuing operations by each of our business segments for the years ended december 31 , 2005 , 2004 and 2003 . in millions 2005 2004 2003 .
|in millions|2005|2004|2003|
|printing papers|$ 658|$ 590|$ 482|
|industrial packaging|187|179|165|
|consumer packaging|131|205|128|
|distribution|9|5|12|
|forest products|121|126|121|
|specialty businesses and other|31|39|31|
|subtotal|1137|1144|939|
|corporate and other|18|32|54|
|total from continuing operations|$ 1155|$ 1176|$ 993|
we expect capital expenditures in 2006 to be about $ 1.2 billion , or about 80% ( 80 % ) of depreciation and amor- tization . we will continue to focus our future capital spending on improving our key platform businesses in north america and on investments in geographic areas with strong growth opportunities . acquisitions in october 2005 , international paper acquired ap- proximately 65% ( 65 % ) of compagnie marocaine des cartons et des papiers ( cmcp ) , a leading moroccan corrugated packaging company , for approximately $ 80 million in cash plus assumed debt of approximately $ 40 million . in august 2005 , pursuant to an existing agreement , international paper purchased a 50% ( 50 % ) third-party interest in ippm ( subsequently renamed international paper distribution limited ) for $ 46 million to facilitate possi- ble further growth in asian markets . in 2001 , interna- tional paper had acquired a 25% ( 25 % ) interest in this business . the accompanying consolidated balance sheet as of december 31 , 2005 includes preliminary estimates of the fair values of the assets and liabilities acquired , including approximately $ 50 million of goodwill . in july 2004 , international paper acquired box usa holdings , inc . ( box usa ) for approximately $ 400 million , including the assumption of approximately $ 197 million of debt , of which approximately $ 193 mil- lion was repaid by july 31 , 2004 . each of the above acquisitions was accounted for using the purchase method . the operating results of these acquisitions have been included in the con- solidated statement of operations from the dates of ac- quisition . financing activities 2005 : financing activities during 2005 included debt issuances of $ 1.0 billion and retirements of $ 2.7 billion , for a net debt and preferred securities reduction of $ 1.7 billion . in november and december 2005 , international paper investments ( luxembourg ) s.ar.l. , a wholly- owned subsidiary of international paper , issued $ 700 million of long-term debt with an initial interest rate of libor plus 40 basis points that can vary depending upon the credit rating of the company , and a maturity date in november 2010 . additionally , the subsidiary borrowed $ 70 million under a bank credit agreement with an initial interest rate of libor plus 40 basis points that can vary depending upon the credit rating of the company , and a maturity date in november 2006 . in december 2005 , international paper used pro- ceeds from the above borrowings , and from the sale of chh in the third quarter of 2005 , to repay approx- imately $ 190 million of notes with coupon rates ranging from 3.8% ( 3.8 % ) to 10% ( 10 % ) and original maturities from 2008 to 2029 . the remaining proceeds from the borrowings and the chh sale will be used for further debt reductions in the first quarter of 2006. .
Question: what was the ratio of the increase in the cash used for the working capital from 2004 to 2005 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.0493 | Context:future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , which commenced november 24 , 2011 , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 2017 notes . in september 2007 , the company issued $ 700 million in aggregate principal amount of 6.25% ( 6.25 % ) senior unsecured and unsubordinated notes maturing on september 15 , 2017 ( the 201c2017 notes 201d ) . a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund-of-funds business of quellos and the remainder was used for general corporate purposes . interest is payable semi-annually in arrears on march 15 and september 15 of each year , or approximately $ 44 million per year . the 2017 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2017 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 . future minimum commitments under these operating leases are as follows : ( in millions ) .
|year|amount|
|2017|142|
|2018|135|
|2019|125|
|2020|120|
|2021|112|
|thereafter|404|
|total|$ 1038|
rent expense and certain office equipment expense under lease agreements amounted to $ 134 million , $ 136 million and $ 132 million in 2016 , 2015 and 2014 , respectively . investment commitments . at december 31 , 2016 , the company had $ 192 million of various capital commitments to fund sponsored investment funds , including consolidated vies . these funds include private equity funds , real assets funds , and opportunistic funds . this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds . in addition to the capital commitments of $ 192 million , the company had approximately $ 12 million of contingent commitments for certain funds which have investment periods that have expired . generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment . these unfunded commitments are not recorded on the consolidated statements of financial condition . these commitments do not include potential future commitments approved by the company that are not yet legally binding . the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients . contingencies contingent payments related to business acquisitions . in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products . the fair value of the remaining aggregate contingent payments at december 31 , 2016 totaled $ 115 million and is included in other liabilities on the consolidated statement of financial condition . other contingent payments . the company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $ 17 million between the company and counterparty . see note 7 , derivatives and hedging , for further discussion . legal proceedings . from time to time , blackrock receives subpoenas or other requests for information from various u.s . federal , state governmental and domestic and international regulatory authorities in connection with .
Question: what is the expected percentage change in rent expense and certain office equipment expense from 2017 to 2018? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
3.31818 | Context:also during 2006 , the entities acquired approximately $ 4.8 billion of international paper debt obligations for cash , resulting in a total of approximately $ 5.2 billion of international paper debt obligations held by the entities at december 31 , 2006 . the various agreements entered into in connection with these transactions provide that international paper has , and intends to effect , a legal right to offset its obligation under these debt instruments with its investments in the entities . accordingly , for financial reporting purposes , international paper has offset approximately $ 5.2 billion of class b interests in the entities against $ 5.3 billion of international paper debt obligations held by these entities at december 31 , 2014 and 2013 . despite the offset treatment , these remain debt obligations of international paper . remaining borrowings of $ 50 million and $ 67 million at december 31 , 2014 and 2013 , respectively , are included in floating rate notes due 2014 2013 2019 in the summary of long-term debt in note 13 . additional debt related to the above transaction of $ 107 million and $ 79 million is included in short-term notes in the summary of long-term debt in note 13 at december 31 , 2014 and 2013 . the use of the above entities facilitated the monetization of the credit enhanced timber notes in a cost effective manner by increasing the borrowing capacity and lowering the interest rate , while providing for the offset accounting treatment described above . additionally , the monetization structure preserved the tax deferral that resulted from the 2006 forestlands sales . the company recognized a $ 1.4 billion deferred tax liability in connection with the 2006 forestlands sale , which will be settled with the maturity of the timber notes in the third quarter of 2016 ( unless extended ) . during 2011 and 2012 , the credit ratings for two letter of credit banks that support $ 1.5 billion of timber notes were downgraded below the specified threshold . these letters of credit were successfully replaced by other qualifying institutions . fees of $ 10 million were incurred during 2012 in connection with these replacements . during 2012 , an additional letter of credit bank that supports $ 707 million of timber notes was downgraded below the specified threshold . in december 2012 , the company and the third-party managing member agreed to a continuing replacement waiver for these letters of credit , terminable upon 30 days notice . activity between the company and the entities was as follows: .
|in millions|2014|2013|2012|
|revenue ( loss ) ( a )|$ 38|$ 45|$ 49|
|expense ( a )|72|79|90|
|cash receipts ( b )|22|33|36|
|cash payments ( c )|73|84|87|
( a ) the net expense related to the company 2019s interest in the entities is included in interest expense , net in the accompanying consolidated statement of operations , as international paper has and intends to effect its legal right to offset as discussed above . ( b ) the cash receipts are equity distributions from the entities to international paper . ( c ) the semi-annual payments are related to interest on the associated debt obligations discussed above . based on an analysis of the entities discussed above under guidance that considers the potential magnitude of the variability in the structures and which party has a controlling financial interest , international paper determined that it is not the primary beneficiary of the entities , and therefore , should not consolidate its investments in these entities . it was also determined that the source of variability in the structure is the value of the timber notes , the assets most significantly impacting the structure 2019s economic performance . the credit quality of the timber notes is supported by irrevocable letters of credit obtained by third-party buyers which are 100% ( 100 % ) cash collateralized . international paper analyzed which party has control over the economic performance of each entity , and concluded international paper does not have control over significant decisions surrounding the timber notes and letters of credit and therefore is not the primary beneficiary . the company 2019s maximum exposure to loss equals the value of the timber notes ; however , an analysis performed by the company concluded the likelihood of this exposure is remote . international paper also held variable interests in financing entities that were used to monetize long-term notes received from the sale of forestlands in 2002 . international paper transferred notes ( the monetized notes , with an original maturity of 10 years from inception ) and cash of approximately $ 500 million to these entities in exchange for preferred interests , and accounted for the transfers as a sale of the notes with no associated gain or loss . in the same period , the entities acquired approximately $ 500 million of international paper debt obligations for cash . international paper has no obligation to make any further capital contributions to these entities and did not provide any financial support that was not previously contractually required during the years ended december 31 , 2014 , 2013 or 2012 . during 2012 , $ 252 million of the 2002 monetized notes matured . cash receipts upon maturity were used to pay the associated debt obligations . effective june 1 , 2012 , international paper liquidated its interest in the 2002 financing entities . in connection with the acquisition of temple-inland in february 2012 , two special purpose entities became wholly-owned subsidiaries of international paper. .
Question: in the review of the activity between the company and the entities what was the ratio of the cash payments to the cash receipts | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.16952 | Context:management 2019s discussion and analysis of financial condition and results of operations comcast corporation and subsidiaries28 comcast corporation and subsidiaries the exchangeable notes varies based upon the fair market value of the security to which it is indexed . the exchangeable notes are collateralized by our investments in cablevision , microsoft and vodafone , respectively . the comcast exchangeable notes are collateralized by our class a special common stock held in treasury . we have settled and intend in the future to settle all of the comcast exchangeable notes using cash . during 2004 and 2003 , we settled an aggregate of $ 847 million face amount and $ 638 million face amount , respectively , of our obligations relating to our notes exchangeable into comcast stock by delivering cash to the counterparty upon maturity of the instruments , and the equity collar agreements related to the underlying shares expired or were settled . during 2004 and 2003 , we settled $ 2.359 billion face amount and $ 1.213 billion face amount , respectively , of our obligations relating to our exchangeable notes by delivering the underlying shares of common stock to the counterparty upon maturity of the investments . as of december 31 , 2004 , our debt includes an aggregate of $ 1.699 billion of exchangeable notes , including $ 1.645 billion within current portion of long-term debt . as of december 31 , 2004 , the securities we hold collateralizing the exchangeable notes were sufficient to substantially satisfy the debt obligations associated with the outstanding exchangeable notes . stock repurchases . during 2004 , under our board-authorized , $ 2 billion share repurchase program , we repurchased 46.9 million shares of our class a special common stock for $ 1.328 billion . we expect such repurchases to continue from time to time in the open market or in private transactions , subject to market conditions . refer to notes 8 and 10 to our consolidated financial statements for a discussion of our financing activities . investing activities net cash used in investing activities from continuing operations was $ 4.512 billion for the year ended december 31 , 2004 , and consists primarily of capital expenditures of $ 3.660 billion , additions to intangible and other noncurrent assets of $ 628 million and the acquisition of techtv for approximately $ 300 million . capital expenditures . our most significant recurring investing activity has been and is expected to continue to be capital expendi- tures . the following table illustrates the capital expenditures we incurred in our cable segment during 2004 and expect to incur in 2005 ( dollars in millions ) : .
||2004|2005|
|deployment of cable modems digital converters and new service offerings|$ 2106|$ 2300|
|upgrading of cable systems|902|200|
|recurring capital projects|614|500|
|total cable segment capital expenditures|$ 3622|$ 3000|
the amount of our capital expenditures for 2005 and for subsequent years will depend on numerous factors , some of which are beyond our control , including competition , changes in technology and the timing and rate of deployment of new services . additions to intangibles . additions to intangibles during 2004 primarily relate to our investment in a $ 250 million long-term strategic license agreement with gemstar , multiple dwelling unit contracts of approximately $ 133 million and other licenses and software intangibles of approximately $ 168 million . investments . proceeds from sales , settlements and restructurings of investments totaled $ 228 million during 2004 , related to the sales of our non-strategic investments , including our 20% ( 20 % ) interest in dhc ventures , llc ( discovery health channel ) for approximately $ 149 million . we consider investments that we determine to be non-strategic , highly-valued , or both to be a source of liquidity . we consider our investment in $ 1.5 billion in time warner common-equivalent preferred stock to be an anticipated source of liquidity . we do not have any significant contractual funding commitments with respect to any of our investments . refer to notes 6 and 7 to our consolidated financial statements for a discussion of our investments and our intangible assets , respectively . off-balance sheet arrangements we do not have any significant off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition , results of operations , liquidity , capital expenditures or capital resources. .
Question: what was the percent of the total capital expenditures we incurred in our cable segment in 2004 for recurring capital projects | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.01199 | Context:latin american investments during 2009 , the company acquired a land parcel located in rio clara , brazil through a newly formed consolidated joint venture in which the company has a 70% ( 70 % ) controlling ownership interest for a purchase price of 3.3 million brazilian reals ( approximately usd $ 1.5 million ) . this parcel will be developed into a 48000 square foot retail shopping center . additionally , during 2009 , the company acquired a land parcel located in san luis potosi , mexico , through an unconsolidated joint venture in which the company has a noncontrolling interest , for an aggregate purchase price of approximately $ 0.8 million . the company recognized equity in income from its unconsolidated mexican investments in real estate joint ventures of approximately $ 7.0 million , $ 17.1 million , and $ 5.2 million during 2009 , 2008 and 2007 , respectively . the company recognized equity in income from its unconsolidated chilean investments in real estate joint ventures of approximately $ 0.4 million , $ 0.2 and $ 0.1 million during 2009 , 2008 and 2007 , respectively . the company 2019s revenues from its consolidated mexican subsidiaries aggregated approximately $ 23.4 million , $ 20.3 million , $ 8.5 million during 2009 , 2008 and 2007 , respectively . the company 2019s revenues from its consolidated brazilian subsidiaries aggregated approximately $ 1.5 million and $ 0.4 million during 2009 and 2008 , respectively . the company 2019s revenues from its consolidated chilean subsidiaries aggregated less than $ 100000 during 2009 and 2008 , respectively . mortgages and other financing receivables during 2009 , the company provided financing to five borrowers for an aggregate amount of approximately $ 8.3 million . during 2009 , the company received an aggregate of approximately $ 40.4 million which fully paid down the outstanding balance on four mortgage receivables . as of december 31 , 2009 , the company had 37 loans with total commitments of up to $ 178.9 million , of which approximately $ 131.3 million has been funded . availability under the company 2019s revolving credit facilities are expected to be sufficient to fund these remaining commitments . ( see note 10 of the notes to consolidated financial statements included in this annual report on form 10-k. ) asset impairments on a continuous basis , management assesses whether there are any indicators , including property operating performance and general market conditions , that the value of the company 2019s assets ( including any related amortizable intangible assets or liabilities ) may be impaired . to the extent impairment has occurred , the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset . during 2009 , economic conditions had continued to experience volatility resulting in further declines in the real estate and equity markets . year over year increases in capitalization rates , discount rates and vacancies as well as the deterioration of real estate market fundamentals , negatively impacted net operating income and leasing which further contributed to declines in real estate markets in general . as a result of the volatility and declining market conditions described above , as well as the company 2019s strategy in relation to certain of its non-retail assets , the company recognized non-cash impairment charges during 2009 , aggregating approximately $ 175.1 million , before income tax benefit of approximately $ 22.5 million and noncontrolling interests of approximately $ 1.2 million . details of these non-cash impairment charges are as follows ( in millions ) : .
|impairment of property carrying values|$ 50.0|
|real estate under development|2.1|
|investments in other real estate investments|49.2|
|marketable securities and other investments|30.1|
|investments in real estate joint ventures|43.7|
|total impairment charges|$ 175.1|
( see notes 2 , 6 , 8 , 9 , 10 and 11 of the notes to consolidated financial statements included in this annual report on form 10-k. ) .
Question: what percentage of non-cash impairment charges came from real estate under development? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.4 | Context:other corporate special items in addition , other pre-tax corporate special items totaling $ 30 million , $ 0 million and $ 8 million were recorded in 2018 , 2017 and 2016 , respectively . details of these charges were as follows : other corporate items .
|in millions|2018|2017|2016|
|smurfit-kappa acquisition proposal costs|$ 12|$ 2014|$ 2014|
|environmental remediation reserve adjustment|9|2014|2014|
|legal settlement|9|2014|2014|
|write-off of certain regulatory pre-engineering costs|2014|2014|8|
|total|$ 30|$ 2014|$ 8|
impairments of goodwill no goodwill impairment charges were recorded in 2018 , 2017 or 2016 . net losses on sales and impairments of businesses net losses on sales and impairments of businesses included in special items totaled a pre-tax loss of $ 122 million in 2018 related to the impairment of an intangible asset and fixed assets in the brazil packaging business , a pre-tax loss of $ 9 million in 2017 related to the write down of the long-lived assets of the company's asia foodservice business to fair value and a pre-tax loss of $ 70 million related to severance and the impairment of the ip asia packaging business in 2016 . see note 8 divestitures and impairments on pages 54 and 55 of item 8 . financial statements and supplementary data for further discussion . description of business segments international paper 2019s business segments discussed below are consistent with the internal structure used to manage these businesses . all segments are differentiated on a common product , common customer basis consistent with the business segmentation generally used in the forest products industry . industrial packaging international paper is the largest manufacturer of containerboard in the united states . our u.s . production capacity is over 13 million tons annually . our products include linerboard , medium , whitetop , recycled linerboard , recycled medium and saturating kraft . about 80% ( 80 % ) of our production is converted into corrugated boxes and other packaging by our 179 north american container plants . additionally , we recycle approximately one million tons of occ and mixed and white paper through our 18 recycling plants . our container plants are supported by regional design centers , which offer total packaging solutions and supply chain initiatives . in emea , our operations include one recycled fiber containerboard mill in morocco , a recycled containerboard mill in spain and 26 container plants in france , italy , spain , morocco and turkey . in brazil , our operations include three containerboard mills and four box plants . international paper also produces high quality coated paperboard for a variety of packaging end uses with 428000 tons of annual capacity at our mills in poland and russia . global cellulose fibers our cellulose fibers product portfolio includes fluff , market and specialty pulps . international paper is the largest producer of fluff pulp which is used to make absorbent hygiene products like baby diapers , feminine care , adult incontinence and other non-woven products . our market pulp is used for tissue and paper products . we continue to invest in exploring new innovative uses for our products , such as our specialty pulps , which are used for non-absorbent end uses including textiles , filtration , construction material , paints and coatings , reinforced plastics and more . our products are made in the united states , canada , france , poland , and russia and are sold around the world . international paper facilities have annual dried pulp capacity of about 4 million metric tons . printing papers international paper is one of the world 2019s largest producers of printing and writing papers . the primary product in this segment is uncoated papers . this business produces papers for use in copiers , desktop and laser printers and digital imaging . end-use applications include advertising and promotional materials such as brochures , pamphlets , greeting cards , books , annual reports and direct mail . uncoated papers also produces a variety of grades that are converted by our customers into envelopes , tablets , business forms and file folders . uncoated papers are sold under private label and international paper brand names that include hammermill , springhill , williamsburg , postmark , accent , great white , chamex , ballet , rey , pol , and svetocopy . the mills producing uncoated papers are located in the united states , france , poland , russia , brazil and india . the mills have uncoated paper production capacity of over 4 million tons annually . brazilian operations function through international paper do brasil , ltda , which owns or manages approximately 329000 acres of forestlands in brazil. .
Question: what is the percentage of smurfit-kappa acquisition proposal costs among the total other corporate special items in addition in 2018? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.34094 | Context:direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies . additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase options are not considered to be potentially significant to the vies . the future minimum lease payments associated with the vie leases totaled $ 3.0 billion as of december 31 , 2014 . 17 . leases we lease certain locomotives , freight cars , and other property . the consolidated statements of financial position as of december 31 , 2014 and 2013 included $ 2454 million , net of $ 1210 million of accumulated depreciation , and $ 2486 million , net of $ 1092 million of accumulated depreciation , respectively , for properties held under capital leases . a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income . future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2014 , were as follows : millions operating leases capital leases .
|millions|operatingleases|capitalleases|
|2015|$ 508|$ 253|
|2016|484|249|
|2017|429|246|
|2018|356|224|
|2019|323|210|
|later years|1625|745|
|total minimum leasepayments|$ 3725|$ 1927|
|amount representing interest|n/a|-407 ( 407 )|
|present value of minimum leasepayments|n/a|$ 1520|
approximately 95% ( 95 % ) of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 593 million in 2014 , $ 618 million in 2013 , and $ 631 million in 2012 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant . 18 . commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries . we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated , we have recorded a liability . we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters . personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year . we use an actuarial analysis to measure the expense and liability , including unasserted claims . the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents . under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements . we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work . our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments . approximately 93% ( 93 % ) of the recorded liability is related to asserted claims and approximately 7% ( 7 % ) is related to unasserted claims at december 31 , 2014 . because of the uncertainty .
Question: what percentage of total minimum lease payments are capital leases? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.533 | Context:bhge 2017 form 10-k | 29 the rig counts are summarized in the table below as averages for each of the periods indicated. .
||2017|2016|2015|
|north america|1082|642|1178|
|international|948|956|1168|
|worldwide|2030|1598|2346|
2017 compared to 2016 overall the rig count was 2030 in 2017 , an increase of 27% ( 27 % ) as compared to 2016 due primarily to north american activity . the rig count in north america increased 69% ( 69 % ) in 2017 compared to 2016 . internationally , the rig count decreased 1% ( 1 % ) in 2017 as compared to the same period last year . within north america , the increase was primarily driven by the land rig count , which was up 72% ( 72 % ) , partially offset by a decrease in the offshore rig count of 16% ( 16 % ) . internationally , the rig count decrease was driven primarily by decreases in latin america of 7% ( 7 % ) , the europe region and africa region , which were down by 4% ( 4 % ) and 2% ( 2 % ) , respectively , partially offset by the asia-pacific region , which was up 8% ( 8 % ) . 2016 compared to 2015 overall the rig count was 1598 in 2016 , a decrease of 32% ( 32 % ) as compared to 2015 due primarily to north american activity . the rig count in north america decreased 46% ( 46 % ) in 2016 compared to 2015 . internationally , the rig count decreased 18% ( 18 % ) in 2016 compared to 2015 . within north america , the decrease was primarily driven by a 44% ( 44 % ) decline in oil-directed rigs . the natural gas- directed rig count in north america declined 50% ( 50 % ) in 2016 as natural gas well productivity improved . internationally , the rig count decrease was driven primarily by decreases in latin america , which was down 38% ( 38 % ) , the africa region , which was down 20% ( 20 % ) , and the europe region and asia-pacific region , which were down 18% ( 18 % ) and 15% ( 15 % ) , respectively . key performance indicators ( millions ) product services and backlog of product services our consolidated and combined statement of income ( loss ) displays sales and costs of sales in accordance with sec regulations under which "goods" is required to include all sales of tangible products and "services" must include all other sales , including other service activities . for the amounts shown below , we distinguish between "equipment" and "product services" , where product services refer to sales under product services agreements , including sales of both goods ( such as spare parts and equipment upgrades ) and related services ( such as monitoring , maintenance and repairs ) , which is an important part of its operations . we refer to "product services" simply as "services" within the business environment section of management's discussion and analysis . backlog is defined as unfilled customer orders for products and services believed to be firm . for product services , an amount is included for the expected life of the contract. .
Question: what portion of the rig counts is related to north america in 2017? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-1.0 | Context:18 2018 ppg annual report and 10-k research and development .
|( $ in millions )|2018|2017|2016|
|research and development costs including depreciation of research facilities ( a )|$ 464|$ 472|$ 473|
|% ( % ) of annual net sales|3.0% ( 3.0 % )|3.2% ( 3.2 % )|3.3% ( 3.3 % )|
( a ) prior year amounts have been recast for the adoption of accounting standards update no . 2017-07 , "improving the presentation of net periodic pension cost and net periodic postretirement benefit cost . 201d see note 1 within item 8 of this form 10-k for additional information . technology innovation has been a hallmark of ppg 2019s success throughout its history . the company seeks to optimize its investment in research and development to create new products to drive profitable growth . we align our product development with the macro trends in the markets we serve and leverage core technology platforms to develop products for unmet market needs . our history of successful technology introductions is based on a commitment to an efficient and effective innovation process and disciplined portfolio management . we have obtained government funding for a small portion of the company 2019s research efforts , and we will continue to pursue government funding where appropriate . ppg owns and operates several facilities to conduct research and development for new and improved products and processes . in addition to the company 2019s centralized principal research and development centers ( see item 2 . 201cproperties 201d of this form 10-k ) , operating segments manage their development through centers of excellence . as part of our ongoing efforts to manage our formulations and raw material costs effectively , we operate a global competitive sourcing laboratory in china . because of the company 2019s broad array of products and customers , ppg is not materially dependent upon any single technology platform . raw materials and energy the effective management of raw materials and energy is important to ppg 2019s continued success . ppg uses a wide variety of complex raw materials that serve as the building blocks of our manufactured products that provide broad ranging , high performance solutions to our customers . the company 2019s most significant raw materials are epoxy and other resins , titanium dioxide and other pigments , and solvents in the coatings businesses and sand and soda ash for the specialty coatings and materials business . coatings raw materials include both organic , primarily petroleum-derived , materials and inorganic materials , including titanium dioxide . these raw materials represent ppg 2019s single largest production cost component . most of the raw materials and energy used in production are purchased from outside sources , and the company has made , and plans to continue to make , supply arrangements to meet our planned operating requirements for the future . supply of critical raw materials and energy is managed by establishing contracts with multiple sources , and identifying alternative materials or technology whenever possible . our products use both petroleum-derived and bio-based materials as part of a product renewal strategy . while prices for these raw materials typically fluctuate with energy prices and global supply and demand , such fluctuations are impacted by the fact that the manufacture of our raw materials is several steps downstream from crude oil and natural gas . the company is continuing its aggressive sourcing initiatives to broaden our supply of high quality raw materials . these initiatives include qualifying multiple and local sources of supply , including suppliers from asia and other lower cost regions of the world , adding on-site resin production at certain manufacturing locations and a reduction in the amount of titanium dioxide used in our product formulations . we are subject to existing and evolving standards relating to the registration of chemicals which could potentially impact the availability and viability of some of the raw materials we use in our production processes . our ongoing , global product stewardship efforts are directed at maintaining our compliance with these standards . ppg has joined a global initiative to eliminate child labor from the mica industry , and the company is continuing to take steps , including audits of our suppliers , to ensure compliance with ppg 2019s zero-tolerance policy against the use of child labor in their supply chains . changes to chemical registration regulations have been proposed or implemented in the eu and many other countries , including china , canada , the united states ( u.s. ) , brazil , mexico and korea . because implementation of many of these programs has not been finalized , the financial impact cannot be estimated at this time . we anticipate that the number of chemical registration regulations will continue to increase globally , and we have implemented programs to track and comply with these regulations . given the recent volatility in certain energy-based input costs and foreign currencies , the company is not able to predict with certainty the 2019 full year impact of related changes in raw material pricing versus 2018 ; however , ppg currently expects overall coatings raw material costs to increase a low-single-digit percentage in the first half of 2019 , with impacts varied by region and commodity . further , given the distribution nature of many of our businesses , logistics and distribution costs are sizable , as are wages and benefits but to a lesser degree . ppg typically experiences fluctuating prices for energy and raw materials driven by various factors , including changes in supplier feedstock costs and inventories , global industry activity levels , foreign currency exchange rates , government regulation , and global supply and demand factors . in aggregate , average .
Question: what was the change in millions of research and development costs including depreciation of research facilities from 2016 to 2017? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-44.0 | Context:74 2013 ppg annual report and form 10-k 22 . separation and merger transaction on january 28 , 2013 , the company completed the previously announced separation of its commodity chemicals business and merger of its wholly-owned subsidiary , eagle spinco inc. , with a subsidiary of georgia gulf corporation in a tax ef ficient reverse morris trust transaction ( the 201ctransaction 201d ) . pursuant to the merger , eagle spinco , the entity holding ppg's former commodity chemicals business , became a wholly-owned subsidiary of georgia gulf . the closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions . the combined company formed by uniting georgia gulf with ppg's former commodity chemicals business is named axiall corporation ( 201caxiall 201d ) . ppg holds no ownership interest in axiall . ppg received the necessary ruling from the internal revenue service and as a result this transaction was generally tax free to ppg and its shareholders in the united states and canada . under the terms of the exchange offer , 35249104 shares of eagle spinco common stock were available for distribution in exchange for shares of ppg common stock accepted in the offer . following the merger , each share of eagle spinco common stock automatically converted into the right to receive one share of axiall corporation common stock . accordingly , ppg shareholders who tendered their shares of ppg common stock as part of this offer received 3.2562 shares of axiall common stock for each share of ppg common stock accepted for exchange . ppg was able to accept the maximum of 10825227 shares of ppg common stock for exchange in the offer , and thereby , reduced its outstanding shares by approximately 7% ( 7 % ) . the completion of this exchange offer was a non-cash financing transaction , which resulted in an increase in "treasury stock" at a cost of $ 1.561 billion based on the ppg closing stock price on january 25 , 2013 . under the terms of the transaction , ppg received $ 900 million of cash and 35.2 million shares of axiall common stock ( market value of $ 1.8 billion on january 25 , 2013 ) which was distributed to ppg shareholders by the exchange offer as described above . in addition , ppg received $ 67 million in cash for a preliminary post-closing working capital adjustment under the terms of the transaction agreements . the net assets transferred to axiall included $ 27 million of cash on the books of the business transferred . in the transaction , ppg transferred environmental remediation liabilities , defined benefit pension plan assets and liabilities and other post-employment benefit liabilities related to the commodity chemicals business to axiall . during the first quarter of 2013 , ppg recorded a gain of $ 2.2 billion on the transaction reflecting the excess of the sum of the cash proceeds received and the cost ( closing stock price on january 25 , 2013 ) of the ppg shares tendered and accepted in the exchange for the 35.2 million shares of axiall common stock over the net book value of the net assets of ppg's former commodity chemicals business . the transaction resulted in a net partial settlement loss of $ 33 million associated with the spin out and termination of defined benefit pension liabilities and the transfer of other post-retirement benefit liabilities under the terms of the transaction . the company also incurred $ 14 million of pretax expense , primarily for professional services related to the transaction in 2013 as well as approximately $ 2 million of net expense related to certain retained obligations and post-closing adjustments under the terms of the transaction agreements . the net gain on the transaction includes these related losses and expenses . the results of operations and cash flows of ppg's former commodity chemicals business for january 2013 and the net gain on the transaction are reported as results from discontinued operations for the year -ended december 31 , 2013 . in prior periods presented , the results of operations and cash flows of ppg's former commodity chemicals business have been reclassified from continuing operations and presented as results from discontinued operations . ppg will provide axiall with certain transition services for up to 24 months following the closing date of the transaction . these services include logistics , purchasing , finance , information technology , human resources , tax and payroll processing . the net sales and income before income taxes of the commodity chemicals business that have been reclassified and reported as discontinued operations are presented in the table below: .
|millions|year-ended 2013|year-ended 2012|year-ended 2011|
|net sales|$ 108|$ 1688|$ 1732|
|income from operations before income tax|$ 2014|$ 345|$ 376|
|net gain from separation and merger of commodity chemicals business|2192|2014|2014|
|income tax expense|-5 ( 5 )|117|126|
|income from discontinued operations net of tax|$ 2197|$ 228|$ 250|
|less : net income attributable to non-controlling interests discontinued operations|$ 2014|$ -13 ( 13 )|$ -13 ( 13 )|
|net income from discontinued operations ( attributable to ppg )|$ 2197|$ 215|$ 237|
income from discontinued operations , net of tax $ 2197 $ 228 $ 250 less : net income attributable to non- controlling interests , discontinued operations $ 2014 $ ( 13 ) $ ( 13 ) net income from discontinued operations ( attributable to ppg ) $ 2197 $ 215 $ 237 during 2012 , $ 21 million of business separation costs are included within "income from discontinued operations , net." notes to the consolidated financial statements .
Question: what was the change in millions of net sales for the commodity chemicals business that has been reclassified and reported as discontinued operations from 2011 to 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
1564.0 | Context:table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) cash flow hedges cash flow hedges are used to hedge price volatility in certain forecasted feedstock and refined product purchases , refined product sales , and natural gas purchases . the objective of our cash flow hedges is to lock in the price of forecasted feedstock , product or natural gas purchases or refined product sales at existing market prices that we deem favorable . as of december 31 , 2011 , we had the following outstanding commodity derivative instruments that were entered into to hedge forecasted purchases or sales of crude oil and refined products . the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) . notional contract volumes by year of maturity derivative instrument 2012 .
|derivative instrument|notional contract volumes by year of maturity 2012|
|crude oil and refined products:||
|swaps 2013 long|5961|
|swaps 2013 short|5961|
|futures 2013 long|38201|
|futures 2013 short|36637|
|physical contracts 2013 short|1564|
.
Question: how many more long future notional contracts mature by 2012 than short futures? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.20238 | Context:notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d . 1 . nature of operations and significant accounting policies operations and segmentation 2013 we are a class i railroad that operates in the united states . we have 32012 route miles , linking pacific coast and gulf coast ports with the midwest and eastern united states gateways and providing several corridors to key mexican gateways . we serve the western two- thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico . export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders . the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment . although revenues are analyzed by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network . the following table provides revenue by commodity group : millions of dollars 2008 2007 2006 .
|millions of dollars|2008|2007|2006|
|agricultural|$ 3174|$ 2605|$ 2385|
|automotive|1344|1458|1427|
|chemicals|2494|2287|2084|
|energy|3810|3134|2949|
|industrial products|3273|3077|3135|
|intermodal|3023|2925|2811|
|total freight revenues|$ 17118|$ 15486|$ 14791|
|other revenues|852|797|787|
|total operating revenues|$ 17970|$ 16283|$ 15578|
basis of presentation 2013 certain prior year amounts have been reclassified to conform to the current period financial statement presentation . the reclassifications include reporting freight revenues instead of commodity revenues . the amounts reclassified from freight revenues to other revenues totaled $ 30 million and $ 71 million for the years ended december 31 , 2007 , and december 31 , 2006 , respectively . in addition , we modified our operating expense categories to report fuel used in railroad operations as a stand-alone category , to combine purchased services and materials into one line , and to reclassify certain other expenses among operating expense categories . these reclassifications had no impact on previously reported operating revenues , total operating expenses , operating income or net income . significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries . investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting . all significant intercompany transactions are eliminated . the corporation evaluates its less than majority-owned investments for consolidation .
Question: what percentage of total freight revenues were energy in 2007? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
18.2 | Context:kimco realty corporation and subsidiaries notes to consolidated financial statements , continued investment in retail store leases 2014 the company has interests in various retail store leases relating to the anchor store premises in neighborhood and community shopping centers . these premises have been sublet to retailers who lease the stores pursuant to net lease agreements . income from the investment in these retail store leases during the years ended december 31 , 2010 , 2009 and 2008 , was approximately $ 1.6 million , $ 0.8 million and $ 2.7 million , respectively . these amounts represent sublease revenues during the years ended december 31 , 2010 , 2009 and 2008 , of approximately $ 5.9 million , $ 5.2 million and $ 7.1 million , respectively , less related expenses of $ 4.3 million , $ 4.4 million and $ 4.4 million , respectively . the company 2019s future minimum revenues under the terms of all non-cancelable tenant subleases and future minimum obligations through the remaining terms of its retail store leases , assuming no new or renegotiated leases are executed for such premises , for future years are as follows ( in millions ) : 2011 , $ 5.2 and $ 3.4 ; 2012 , $ 4.1 and $ 2.6 ; 2013 , $ 3.8 and $ 2.3 ; 2014 , $ 2.9 and $ 1.7 ; 2015 , $ 2.1 and $ 1.3 , and thereafter , $ 2.8 and $ 1.6 , respectively . leveraged lease 2014 during june 2002 , the company acquired a 90% ( 90 % ) equity participation interest in an existing leveraged lease of 30 properties . the properties are leased under a long-term bond-type net lease whose primary term expires in 2016 , with the lessee having certain renewal option rights . the company 2019s cash equity investment was approximately $ 4.0 million . this equity investment is reported as a net investment in leveraged lease in accordance with the fasb 2019s lease guidance . as of december 31 , 2010 , 18 of these properties were sold , whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $ 31.2 million and the remaining 12 properties were encumbered by third-party non-recourse debt of approximately $ 33.4 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease . as an equity participant in the leveraged lease , the company has no recourse obligation for principal or interest payments on the debt , which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease . accordingly , this obligation has been offset against the related net rental receivable under the lease . at december 31 , 2010 and 2009 , the company 2019s net investment in the leveraged lease consisted of the following ( in millions ) : .
||2010|2009|
|remaining net rentals|$ 37.6|$ 44.1|
|estimated unguaranteed residual value|31.7|31.7|
|non-recourse mortgage debt|-30.1 ( 30.1 )|-34.5 ( 34.5 )|
|unearned and deferred income|-34.2 ( 34.2 )|-37.0 ( 37.0 )|
|net investment in leveraged lease|$ 5.0|$ 4.3|
10 . variable interest entities : consolidated operating properties 2014 included within the company 2019s consolidated operating properties at december 31 , 2010 are four consolidated entities that are vies and for which the company is the primary beneficiary . all of these entities have been established to own and operate real estate property . the company 2019s involvement with these entities is through its majority ownership of the properties . these entities were deemed vies primarily based on the fact that the voting rights of the equity investors are not proportional to their obligation to absorb expected losses or receive the expected residual returns of the entity and substantially all of the entity 2019s activities are conducted on behalf of the investor which has disproportionately fewer voting rights . the company determined that it was the primary beneficiary of these vies as a result of its controlling financial interest . during 2010 , the company sold two consolidated vie 2019s which the company was the primary beneficiary. .
Question: what is the total sublease revenue , in millions , from 2008-2010? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.25044 | Context:contractual obligations the company's significant contractual obligations as of december 31 , 2014 are summarized below: .
|( in thousands )|payments due by period total|payments due by period within 1 year|payments due by period 2 2013 3 years|payments due by period 4 2013 5 years|payments due by period after 5 years|
|global headquarters operating lease ( 1 )|$ 49415|$ 4278|$ 8556|$ 8556|$ 28025|
|other operating leases ( 2 )|29838|10397|12100|4603|2738|
|unconditional purchase obligations ( 3 )|9821|5259|4562|2014|2014|
|obligations related to uncertain tax positions including interest and penalties ( 4 )|209|209|2014|2014|2014|
|other long-term obligations ( 5 )|29861|9206|13378|3611|3666|
|total contractual obligations|$ 119144|$ 29349|$ 38596|$ 16770|$ 34429|
( 1 ) on september 14 , 2012 , the company entered into a lease agreement for 186000 square feet of rentable space located in an office facility in canonsburg , pennsylvania , which serves as the company's new headquarters . the lease was effective as of september 14 , 2012 , but because the leased premises were under construction , the company was not obligated to pay rent until three months following the date that the leased premises were delivered to ansys , which occurred on october 1 , 2014 . the term of the lease is 183 months , beginning on october 1 , 2014 . the company shall have a one-time right to terminate the lease effective upon the last day of the tenth full year following the date of possession ( december 31 , 2024 ) , by providing the landlord with at least 18 months' prior written notice of such termination . the company's lease for its prior headquarters expired on december 31 , 2014 . ( 2 ) other operating leases primarily include noncancellable lease commitments for the company 2019s other domestic and international offices as well as certain operating equipment . ( 3 ) unconditional purchase obligations primarily include software licenses and long-term purchase contracts for network , communication and office maintenance services , which are unrecorded as of december 31 , 2014 . ( 4 ) the company has $ 17.3 million of unrecognized tax benefits , including estimated interest and penalties , that have been recorded as liabilities in accordance with income tax accounting guidance for which the company is uncertain as to if or when such amounts may be settled . as a result , such amounts are excluded from the table above . ( 5 ) other long-term obligations primarily include deferred compensation of $ 18.5 million ( including estimated imputed interest of $ 300000 within 1 year , $ 450000 within 2-3 years and $ 90000 within 4-5 years ) , pension obligations of $ 6.3 million for certain foreign locations of the company and contingent consideration of $ 2.8 million ( including estimated imputed interest of $ 270000 within 1 year and $ 390000 within 2-3 years ) . table of contents .
Question: what percentage of total contractual obligations come from other operating leases? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.14587 | Context:a lump sum buyout cost of approximately $ 1.1 million . total rent expense under these leases , included in the accompanying consolidated statements of operations , was approximately $ 893000 , $ 856000 and $ 823000 for the fiscal years ended march 31 , 2001 , 2002 and 2003 , respectively . during the fiscal year ended march 31 , 2000 , the company entered into 36-month operating leases totaling approximately $ 644000 for the lease of office furniture . these leases ended in fiscal year 2003 and at the company 2019s option the furniture was purchased at its fair market value . rental expense recorded for these leases during the fiscal years ended march 31 , 2001 , 2002 and 2003 was approximately $ 215000 , $ 215000 and $ 127000 respectively . during fiscal 2000 , the company entered into a 36-month capital lease for computer equipment and software for approximately $ 221000 . this lease ended in fiscal year 2003 and at the company 2019s option these assets were purchased at the stipulated buyout price . future minimum lease payments under all non-cancelable operating leases as of march 31 , 2003 are approximately as follows ( in thousands ) : .
|year ending march 31,|operating leases|
|2004|$ 781|
|2005|776|
|2006|776|
|2007|769|
|2008|772|
|thereafter|1480|
|total future minimum lease payments|$ 5354|
from time to time , the company is involved in legal and administrative proceedings and claims of various types . while any litigation contains an element of uncertainty , management , in consultation with the company 2019s general counsel , presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , will not have a material adverse effect on the company . 7 . stock option and purchase plans all stock options granted by the company under the below-described plans were granted at the fair value of the underlying common stock at the date of grant . outstanding stock options , if not exercised , expire 10 years from the date of grant . the 1992 combination stock option plan ( the combination plan ) , as amended , was adopted in september 1992 as a combination and restatement of the company 2019s then outstanding incentive stock option plan and nonqualified plan . a total of 2670859 options were awarded from the combination plan during its ten-year restatement term that ended on may 1 , 2002 . as of march 31 , 2003 , 1286042 of these options remain outstanding and eligible for future exercise . these options are held by company employees and generally become exercisable ratably over five years . the 1998 equity incentive plan , ( the equity incentive plan ) , was adopted by the company in august 1998 . the equity incentive plan provides for grants of options to key employees , directors , advisors and consultants as either incentive stock options or nonqualified stock options as determined by the company 2019s board of directors . a maximum of 1000000 shares of common stock may be awarded under this plan . options granted under the equity incentive plan are exercisable at such times and subject to such terms as the board of directors may specify at the time of each stock option grant . options outstanding under the equity incentive plan have vesting periods of 3 to 5 years from the date of grant . the 2000 stock incentive plan , ( the 2000 plan ) , was adopted by the company in august 2000 . the 2000 plan provides for grants of options to key employees , directors , advisors and consultants to the company or its subsidiaries as either incentive or nonqualified stock options as determined by the company 2019s board of directors . up to 1400000 shares of common stock may be awarded under the 2000 plan and are exercisable at such times and subject to such terms as the board of directors may specify at the time of each stock option grant . options outstanding under the 2000 plan generally vested 4 years from the date of grant . the company has a nonqualified stock option plan for non-employee directors ( the directors 2019 plan ) . the directors 2019 plan , as amended , was adopted in july 1989 and provides for grants of options to purchase shares of the company 2019s common stock to non-employee directors of the company . up to 400000 shares of common stock may be awarded under the directors 2019 plan . options outstanding under the directors 2019 plan have vesting periods of 1 to 5 years from the date of grant . notes to consolidated financial statements ( continued ) march 31 , 2003 page 25 .
Question: what portion of total future minimum lease payments is due in the next 12 months? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.02101 | Context:notes to the consolidated financial statements 40 2016 ppg annual report and form 10-k 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 201cinvestments 201d 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 resulting from the allocation of the purchase price related to business combinations consummated . actual outcomes could differ from those estimates . revenue recognition the company recognizes revenue when the earnings process is complete . revenue 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 and other distribution facilities . advertising costs advertising costs are expensed as incurred and totaled $ 322 million , $ 324 million and $ 297 million in 2016 , 2015 and 2014 , respectively . research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred. .
|( $ in millions )|2016|2015|2014|
|research and development 2013 total|$ 487|$ 494|$ 499|
|less depreciation on research facilities|21|18|16|
|research and development net|$ 466|$ 476|$ 483|
legal costs legal costs , primarily include costs associated with acquisition and divestiture transactions , general litigation , environmental regulation compliance , patent and trademark protection and other general corporate purposes , are charged to expense as incurred . 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. .
Question: what was the percentage change in research and development net from 2015 to 2016? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.17872 | Context:item 2 . properties we employ a variety of assets in the management and operation of our rail business . our rail network covers 23 states in the western two-thirds of the u.s . our rail network includes 31838 route miles . we own 26009 miles and operate on the remainder pursuant to trackage rights or leases . the following table describes track miles at december 31 , 2013 and 2012 . 2013 2012 .
||2013|2012|
|route|31838|31868|
|other main line|6766|6715|
|passing lines and turnouts|3167|3124|
|switching and classification yard lines|9090|9046|
|total miles|50861|50753|
headquarters building we maintain our headquarters in omaha , nebraska . the facility has 1.2 million square feet of space for approximately 4000 employees and is subject to a financing arrangement . harriman dispatching center the harriman dispatching center ( hdc ) , located in omaha , nebraska , is our primary dispatching facility . it is linked to regional dispatching and locomotive management facilities at various locations along our .
Question: what percentage of total miles of track were switching and classification yard lines in 2013? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.10799 | Context:the redemptions resulted in an early extinguishment charge of $ 5 million . on march 22 , 2010 , we redeemed $ 175 million of our 6.5% ( 6.5 % ) notes due april 15 , 2012 . the redemption resulted in an early extinguishment charge of $ 16 million in the first quarter of 2010 . on november 1 , 2010 , we redeemed all $ 400 million of our outstanding 6.65% ( 6.65 % ) notes due january 15 , 2011 . the redemption resulted in a $ 5 million early extinguishment charge . receivables securitization facility 2013 as of december 31 , 2011 and 2010 , we have recorded $ 100 million as secured debt under our receivables securitization facility . ( see further discussion of our receivables securitization facility in note 10 ) . 15 . variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) . these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities , including our headquarters building ) and have no other activities , assets or liabilities outside of the lease transactions . within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices . depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant . we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry . as such , we have no control over activities that could materially impact the fair value of the leased assets . we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies . additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vie 2019s . the future minimum lease payments associated with the vie leases totaled $ 3.9 billion as of december 31 , 2011 . 16 . leases we lease certain locomotives , freight cars , and other property . the consolidated statement of financial position as of december 31 , 2011 and 2010 included $ 2458 million , net of $ 915 million of accumulated depreciation , and $ 2520 million , net of $ 901 million of accumulated depreciation , respectively , for properties held under capital leases . a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income . future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2011 , were as follows : millions operating leases capital leases .
|millions|operatingleases|capitalleases|
|2012|$ 525|$ 297|
|2013|489|269|
|2014|415|276|
|2015|372|276|
|2016|347|262|
|later years|2380|1179|
|total minimum leasepayments|$ 4528|$ 2559|
|amount representing interest|n/a|-685 ( 685 )|
|present value of minimum leasepayments|n/a|$ 1874|
the majority of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 637 million in 2011 , $ 624 million in 2010 , and $ 686 million in 2009 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant. .
Question: what percent of total minimum operating lease payments are due in 2013? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
58.0 | Context:maintenance and contract expenses incurred by our subsidiaries for external transportation services ) ; materials used to maintain the railroad 2019s lines , structures , and equipment ; costs of operating facilities jointly used by uprr and other railroads ; transportation and lodging for train crew employees ; trucking and contracting costs for intermodal containers ; leased automobile maintenance expenses ; and tools and supplies . expenses for contract services increased $ 103 million in 2012 versus 2011 , primarily due to increased demand for transportation services purchased by our logistics subsidiaries for their customers and additional costs for repair and maintenance of locomotives and freight cars . expenses for contract services increased $ 106 million in 2011 versus 2010 , driven by volume-related external transportation services incurred by our subsidiaries , and various other types of contractual services , including flood-related repairs , mitigation and improvements . volume-related crew transportation and lodging costs , as well as expenses associated with jointly owned operating facilities , also increased costs compared to 2010 . in addition , an increase in locomotive maintenance materials used to prepare a portion of our locomotive fleet for return to active service due to increased volume and additional capacity for weather related issues and warranty expirations increased expenses in 2011 . depreciation 2013 the majority of depreciation relates to road property , including rail , ties , ballast , and other track material . a higher depreciable asset base , reflecting ongoing capital spending , increased depreciation expense in 2012 compared to 2011 . a higher depreciable asset base , reflecting ongoing capital spending , increased depreciation expense in 2011 compared to 2010 . higher depreciation rates for rail and other track material also contributed to the increase . the higher rates , which became effective january 1 , 2011 , resulted primarily from increased track usage ( based on higher gross ton-miles in 2010 ) . equipment and other rents 2013 equipment and other rents expense primarily includes rental expense that the railroad pays for freight cars owned by other railroads or private companies ; freight car , intermodal , and locomotive leases ; and office and other rent expenses . increased automotive and intermodal shipments , partially offset by improved car-cycle times , drove an increase in our short-term freight car rental expense in 2012 . conversely , lower locomotive lease expense partially offset the higher freight car rental expense . costs increased in 2011 versus 2010 as higher short-term freight car rental expense and container lease expense offset lower freight car and locomotive lease expense . other 2013 other expenses include personal injury , freight and property damage , destruction of equipment , insurance , environmental , bad debt , state and local taxes , utilities , telephone and cellular , employee travel , computer software , and other general expenses . other costs in 2012 were slightly higher than 2011 primarily due to higher property taxes . despite continual improvement in our safety experience and lower estimated annual costs , personal injury expense increased in 2012 compared to 2011 , as the liability reduction resulting from historical claim experience was less than the reduction in 2011 . higher property taxes , casualty costs associated with destroyed equipment , damaged freight and property and environmental costs increased other costs in 2011 compared to 2010 . a one-time payment of $ 45 million in the first quarter of 2010 related to a transaction with csxi and continued improvement in our safety performance and lower estimated liability for personal injury , which reduced our personal injury expense year-over-year , partially offset increases in other costs . non-operating items millions 2012 2011 2010 % ( % ) change 2012 v 2011 % ( % ) change 2011 v 2010 .
|millions|2012|2011|2010|% ( % ) change 2012 v 2011|% ( % ) change 2011 v 2010|
|other income|$ 108|$ 112|$ 54|( 4 ) % ( % )|107% ( 107 % )|
|interest expense|-535 ( 535 )|-572 ( 572 )|-602 ( 602 )|-6 ( 6 )|-5 ( 5 )|
|income taxes|-2375 ( 2375 )|-1972 ( 1972 )|-1653 ( 1653 )|20% ( 20 % )|19% ( 19 % )|
other income 2013 other income decreased in 2012 versus 2011 due to lower gains from real estate sales and higher environmental costs associated with non-operating properties , partially offset by an interest payment from a tax refund. .
Question: what was the change in other income from 2010 to 2011 in millions? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.8091 | Context:performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s . companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period . the performance graph assumes the investment of $ 100 on march 31 , 2010 in our common stock , the nasdaq composite index ( u.s . companies ) and the peer group index , and the reinvestment of any and all dividends. .
||3/31/2010|3/31/2011|3/31/2012|3/31/2013|3/31/2014|3/31/2015|
|abiomed inc|100|140.79|215.02|180.91|252.33|693.60|
|nasdaq composite index|100|115.98|128.93|136.26|175.11|204.38|
|nasdaq medical equipment sic code 3840-3849|100|108.31|115.05|105.56|123.18|118.95|
this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing . transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .
Question: what is the roi of an investment in abiomed inc from march 2010 to march 2013? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
8.51735 | Context:17 . leases we lease certain locomotives , freight cars , and other property . the consolidated statements of financial position as of december 31 , 2016 , and 2015 included $ 1997 million , net of $ 1121 million of accumulated depreciation , and $ 2273 million , net of $ 1189 million of accumulated depreciation , respectively , for properties held under capital leases . a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income . future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2016 , were as follows : millions operating leases capital leases .
|millions|operatingleases|capitalleases|
|2017|$ 461|$ 221|
|2018|390|193|
|2019|348|179|
|2020|285|187|
|2021|245|158|
|later years|1314|417|
|total minimum lease payments|$ 3043|$ 1355|
|amount representing interest|n/a|-250 ( 250 )|
|present value of minimum lease payments|n/a|$ 1105|
approximately 96% ( 96 % ) of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 535 million in 2016 , $ 590 million in 2015 , and $ 593 million in 2014 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant . 18 . commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries . we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity . to the extent possible , we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated . we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters . personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year . we use an actuarial analysis to measure the expense and liability , including unasserted claims . the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents . under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements . we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work . our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments . approximately 94% ( 94 % ) of the recorded liability is related to asserted claims and approximately 6% ( 6 % ) is related to unasserted claims at december 31 , 2016 . because of the uncertainty surrounding the ultimate outcome of personal injury claims , it is reasonably possible that future costs to settle these claims may range from approximately $ 290 million to $ 317 million . we record an accrual at the low end of the range as no amount of loss within the range is more probable than any other . estimates can vary over time due to evolving trends in litigation. .
Question: what is the percentage decrease from the approximate maximum of personal injury claims to the approximate minimum of personal injury claims? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-13683.0 | Context:the activity related to the restructuring liability for 2004 is as follows ( in thousands ) : non-operating items interest income increased $ 1.7 million to $ 12.0 million in 2005 from $ 10.3 million in 2004 . the increase was mainly the result of higher returns on invested funds . interest expense decreased $ 1.0 million , or 5% ( 5 % ) , to $ 17.3 million in 2005 from $ 18.3 million in 2004 as a result of the exchange of newly issued stock for a portion of our outstanding convertible debt in the second half of 2005 . in addition , as a result of the issuance during 2005 of common stock in exchange for convertible subordinated notes , we recorded a non- cash charge of $ 48.2 million . this charge related to the incremental shares issued in the transactions over the number of shares that would have been issued upon the conversion of the notes under their original terms . liquidity and capital resources we have incurred operating losses since our inception and historically have financed our operations principally through public and private offerings of our equity and debt securities , strategic collaborative agreements that include research and/or development funding , development milestones and royalties on the sales of products , investment income and proceeds from the issuance of stock under our employee benefit programs . at december 31 , 2006 , we had cash , cash equivalents and marketable securities of $ 761.8 million , which was an increase of $ 354.2 million from $ 407.5 million at december 31 , 2005 . the increase was primarily a result of : 2022 $ 313.7 million in net proceeds from our september 2006 public offering of common stock ; 2022 $ 165.0 million from an up-front payment we received in connection with signing the janssen agreement ; 2022 $ 52.4 million from the issuance of common stock under our employee benefit plans ; and 2022 $ 30.0 million from the sale of shares of altus pharmaceuticals inc . common stock and warrants to purchase altus common stock . these cash inflows were partially offset by the significant cash expenditures we made in 2006 related to research and development expenses and sales , general and administrative expenses . capital expenditures for property and equipment during 2006 were $ 32.4 million . at december 31 , 2006 , we had $ 42.1 million in aggregate principal amount of the 2007 notes and $ 59.6 million in aggregate principal amount of the 2011 notes outstanding . the 2007 notes are due in september 2007 and are convertible into common stock at the option of the holder at a price equal to $ 92.26 per share , subject to adjustment under certain circumstances . in february 2007 , we announced that we will redeem our 2011 notes on march 5 , 2007 . the 2011 notes are convertible into shares of our common stock at the option of the holder at a price equal to $ 14.94 per share . we expect the holders of the 2011 notes will elect to convert their notes into stock , in which case we will issue approximately 4.0 million . we will be required to repay any 2011 notes that are not converted at the rate of $ 1003.19 per $ 1000 principal amount , which includes principal and interest that will accrue to the redemption date . liability as of december 31 , payments in 2004 cash received from sublease , net of operating costs in 2004 additional charge in liability as of december 31 , lease restructuring liability and other operating lease liability $ 69526 $ ( 31550 ) $ 293 $ 17574 $ 55843 .
||liability as of december 31 2003|cash payments in 2004|cash received from sublease net of operating costs in 2004|additional charge in 2004|liability as of december 31 2004|
|lease restructuring liability and other operating lease liability|$ 69526|$ -31550 ( 31550 )|$ 293|$ 17574|$ 55843|
the activity related to the restructuring liability for 2004 is as follows ( in thousands ) : non-operating items interest income increased $ 1.7 million to $ 12.0 million in 2005 from $ 10.3 million in 2004 . the increase was mainly the result of higher returns on invested funds . interest expense decreased $ 1.0 million , or 5% ( 5 % ) , to $ 17.3 million in 2005 from $ 18.3 million in 2004 as a result of the exchange of newly issued stock for a portion of our outstanding convertible debt in the second half of 2005 . in addition , as a result of the issuance during 2005 of common stock in exchange for convertible subordinated notes , we recorded a non- cash charge of $ 48.2 million . this charge related to the incremental shares issued in the transactions over the number of shares that would have been issued upon the conversion of the notes under their original terms . liquidity and capital resources we have incurred operating losses since our inception and historically have financed our operations principally through public and private offerings of our equity and debt securities , strategic collaborative agreements that include research and/or development funding , development milestones and royalties on the sales of products , investment income and proceeds from the issuance of stock under our employee benefit programs . at december 31 , 2006 , we had cash , cash equivalents and marketable securities of $ 761.8 million , which was an increase of $ 354.2 million from $ 407.5 million at december 31 , 2005 . the increase was primarily a result of : 2022 $ 313.7 million in net proceeds from our september 2006 public offering of common stock ; 2022 $ 165.0 million from an up-front payment we received in connection with signing the janssen agreement ; 2022 $ 52.4 million from the issuance of common stock under our employee benefit plans ; and 2022 $ 30.0 million from the sale of shares of altus pharmaceuticals inc . common stock and warrants to purchase altus common stock . these cash inflows were partially offset by the significant cash expenditures we made in 2006 related to research and development expenses and sales , general and administrative expenses . capital expenditures for property and equipment during 2006 were $ 32.4 million . at december 31 , 2006 , we had $ 42.1 million in aggregate principal amount of the 2007 notes and $ 59.6 million in aggregate principal amount of the 2011 notes outstanding . the 2007 notes are due in september 2007 and are convertible into common stock at the option of the holder at a price equal to $ 92.26 per share , subject to adjustment under certain circumstances . in february 2007 , we announced that we will redeem our 2011 notes on march 5 , 2007 . the 2011 notes are convertible into shares of our common stock at the option of the holder at a price equal to $ 14.94 per share . we expect the holders of the 2011 notes will elect to convert their notes into stock , in which case we will issue approximately 4.0 million . we will be required to repay any 2011 notes that are not converted at the rate of $ 1003.19 per $ 1000 principal amount , which includes principal and interest that will accrue to the redemption date . liability as of december 31 , payments in 2004 cash received from sublease , net of operating costs in 2004 additional charge in liability as of december 31 , lease restructuring liability and other operating lease liability $ 69526 $ ( 31550 ) $ 293 $ 17574 $ 55843 .
Question: what was the change in the lease restructuring liability and other operating lease liability in 2004 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.43845 | Context:other operating and administrative expenses increased slightly in 2015 due to increased expenses asso- ciated with our larger film slate . other operating and administrative expenses increased in 2014 primarily due to the inclusion of fandango , which was previously presented in our cable networks segment . advertising , marketing and promotion expenses advertising , marketing and promotion expenses consist primarily of expenses associated with advertising for our theatrical releases and the marketing of our films on dvd and in digital formats . we incur significant marketing expenses before and throughout the release of a film in movie theaters . as a result , we typically incur losses on a film prior to and during the film 2019s exhibition in movie theaters and may not realize profits , if any , until the film generates home entertainment and content licensing revenue . the costs associated with producing and marketing films have generally increased in recent years and may continue to increase in the future . advertising , marketing and promotion expenses increased in 2015 primarily due to higher promotional costs associated with our larger 2015 film slate and increased advertising expenses for fandango . advertising , marketing and promotion expenses decreased in 2014 primarily due to fewer major film releases compared to theme parks segment results of operations year ended december 31 ( in millions ) 2015 2014 2013 % ( % ) change 2014 to 2015 % ( % ) change 2013 to 2014 .
|year ended december 31 ( in millions )|2015|2014|2013|% ( % ) change 2014 to 2015|% ( % ) change 2013 to 2014|
|revenue|$ 3339|$ 2623|$ 2235|27.3% ( 27.3 % )|17.3% ( 17.3 % )|
|operating costs and expenses|1875|1527|1292|22.8|18.1|
|operating income before depreciation and amortization|$ 1464|$ 1096|$ 943|33.5% ( 33.5 % )|16.3% ( 16.3 % )|
operating income before depreciation and amortization $ 1464 $ 1096 $ 943 33.5% ( 33.5 % ) 16.3% ( 16.3 % ) theme parks segment 2013 revenue in 2015 , our theme parks segment revenue was generated primarily from ticket sales and guest spending at our universal theme parks in orlando , florida and hollywood , california , as well as from licensing and other fees . in november 2015 , nbcuniversal acquired a 51% ( 51 % ) interest in universal studios japan . guest spending includes in-park spending on food , beverages and merchandise . guest attendance at our theme parks and guest spending depend heavily on the general environment for travel and tourism , including consumer spend- ing on travel and other recreational activities . licensing and other fees relate primarily to our agreements with third parties that own and operate the universal studios singapore theme park , as well as from the universal studios japan theme park , to license the right to use the universal studios brand name and other intellectual property . theme parks segment revenue increased in 2015 and 2014 primarily due to increases in guest attendance and increases in guest spending at our orlando and hollywood theme parks . the increase in 2015 was pri- marily due to the continued success of our attractions , including the wizarding world of harry potter 2122 2014 diagon alley 2122 in orlando and the fast & furious 2122 2014 supercharged 2122 studio tour and the simpson 2019s springfield attraction in hollywood , both of which opened in 2015 . in addition , theme parks segment revenue in 2015 includes $ 169 million of revenue attributable to universal studios japan for the period from november 13 , 2015 to december 31 , 2015 . the increase in 2014 was primarily due to new attractions , such as the wizarding world of harry potter 2122 2014 diagon alley 2122 in orlando , which opened in july 2014 , and despicable me : minion mayhem in hollywood . 59 comcast 2015 annual report on form 10-k .
Question: in 2015 what was the profit margin before before depreciation and amortization | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
4.61692 | Context:table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) commodity price risk we are exposed to market risks related to the volatility in the price of crude oil , refined products ( primarily gasoline and distillate ) , grain ( primarily corn ) , and natural gas used in our operations . to reduce the impact of price volatility on our results of operations and cash flows , we use commodity derivative instruments , including futures , swaps , and options . we use the futures markets for the available liquidity , which provides greater flexibility in transacting our hedging and trading operations . we use swaps primarily to manage our price exposure . our positions in commodity derivative instruments are monitored and managed on a daily basis by a risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors . for risk management purposes , we use fair value hedges , cash flow hedges , and economic hedges . in addition to the use of derivative instruments to manage commodity price risk , we also enter into certain commodity derivative instruments for trading purposes . our objective for entering into each type of hedge or trading derivative is described below . fair value hedges fair value hedges are used to hedge price volatility in certain refining inventories and firm commitments to purchase inventories . the level of activity for our fair value hedges is based on the level of our operating inventories , and generally represents the amount by which our inventories differ from our previous year-end lifo inventory levels . as of december 31 , 2012 , we had the following outstanding commodity derivative instruments that were entered into to hedge crude oil and refined product inventories and commodity derivative instruments related to the physical purchase of crude oil and refined products at a fixed price . the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) . notional contract volumes by year of maturity derivative instrument 2013 .
|derivative instrument|notionalcontractvolumes byyear ofmaturity 2013|
|crude oil and refined products:||
|futures 2013 long|1052|
|futures 2013 short|4857|
|physical contracts - long|3805|
.
Question: what percentage increase would in long futures would need to occur to double the short futures? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.08245 | Context:value , which may be maturity , the company does not consider these investments to be other-than-temporarily impaired as of december 31 , 2005 and 2004 . gross realized gains and losses for 2005 were $ 15000 and $ 75000 , respectively . gross realized gains and losses for 2004 were $ 628000 and $ 205000 , respectively . gross realized gains for 2003 were $ 1249000 . there were no gross realized losses for 2003 . maturities stated are effective maturities . f . restricted cash at december 31 , 2005 and 2004 , the company held $ 41482000 and $ 49847000 , respectively , in restricted cash . at december 31 , 2005 and 2004 the balance was held in deposit with certain banks predominantly to collateralize conditional stand-by letters of credit in the names of the company's landlords pursuant to certain operating lease agreements . g . property and equipment property and equipment consist of the following at december 31 ( in thousands ) : depreciation expense for the years ended december 31 , 2005 , 2004 and 2003 was $ 26307000 , $ 28353000 and $ 27988000 respectively . in 2005 and 2004 , the company wrote off certain assets that were fully depreciated and no longer utilized . there was no effect on the company's net property and equipment . additionally , the company wrote off or sold certain assets that were not fully depreciated . the net loss on disposal of those assets was $ 344000 for 2005 and $ 43000 for 2004 . h . investments in accordance with the company's policy , as outlined in note b , "accounting policies" the company assessed its investment in altus pharmaceuticals , inc . ( "altus" ) , which it accounts for using the cost method , and determined that there had not been any adjustments to the fair values of that investment which would indicate a decrease in its fair value below the carrying value that would require the company to write down the investment basis of the asset , as of december 31 , 2005 and december 31 , 2004 . the company's cost basis carrying value in its outstanding equity and warrants of altus was $ 18863000 at december 31 , 2005 and 2004. .
||2005|2004|
|furniture and equipment|$ 98387|$ 90893|
|leasehold improvements|66318|65294|
|computers|18971|18421|
|software|18683|16411|
|total property and equipment gross|202359|191019|
|less accumulated depreciation and amortization|147826|126794|
|total property and equipment net|$ 54533|$ 64225|
.
Question: what was the percentage increase in the carrying vale of the furniture and equipment from 2004 to 2005 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
2.60192 | Context:liquidity and capital resources the following table summarizes liquidity data as of the dates indicated ( in thousands ) : december 31 , december 31 .
||december 31 2016|december 31 2015|
|cash and equivalents|$ 227400|$ 87397|
|total debt ( 1 )|3365687|1599695|
|current maturities ( 2 )|68414|57494|
|capacity under credit facilities ( 3 )|2550000|1947000|
|availability under credit facilities ( 3 )|1019112|1337653|
|total liquidity ( cash and equivalents plus availability on credit facilities )|1246512|1425050|
total debt ( 1 ) 3365687 1599695 current maturities ( 2 ) 68414 57494 capacity under credit facilities ( 3 ) 2550000 1947000 availability under credit facilities ( 3 ) 1019112 1337653 total liquidity ( cash and equivalents plus availability on credit facilities ) 1246512 1425050 ( 1 ) debt amounts reflect the gross values to be repaid ( excluding debt issuance costs of $ 23.9 million and $ 15.0 million as of december 31 , 2016 and 2015 , respectively ) . ( 2 ) debt amounts reflect the gross values to be repaid ( excluding debt issuance costs of $ 2.3 million and $ 1.5 million as of december 31 , 2016 and 2015 , respectively ) . ( 3 ) includes our revolving credit facilities , our receivables securitization facility , and letters of credit . we assess our liquidity in terms of our ability to fund our operations and provide for expansion through both internal development and acquisitions . our primary sources of liquidity are cash flows from operations and our credit facilities . we utilize our cash flows from operations to fund working capital and capital expenditures , with the excess amounts going towards funding acquisitions or paying down outstanding debt . as we have pursued acquisitions as part of our growth strategy , our cash flows from operations have not always been sufficient to cover our investing activities . to fund our acquisitions , we have accessed various forms of debt financing , including revolving credit facilities , senior notes , and a receivables securitization facility . as of december 31 , 2016 , we had debt outstanding and additional available sources of financing , as follows : 2022 senior secured credit facilities maturing in january 2021 , composed of term loans totaling $ 750 million ( $ 732.7 million outstanding at december 31 , 2016 ) and $ 2.45 billion in revolving credit ( $ 1.36 billion outstanding at december 31 , 2016 ) , bearing interest at variable rates ( although a portion of this debt is hedged through interest rate swap contracts ) reduced by $ 72.7 million of amounts outstanding under letters of credit 2022 senior notes totaling $ 600 million , maturing in may 2023 and bearing interest at a 4.75% ( 4.75 % ) fixed rate 2022 euro notes totaling $ 526 million ( 20ac500 million ) , maturing in april 2024 and bearing interest at a 3.875% ( 3.875 % ) fixed rate 2022 receivables securitization facility with availability up to $ 100 million ( $ 100 million outstanding as of december 31 , 2016 ) , maturing in november 2019 and bearing interest at variable commercial paper from time to time , we may undertake financing transactions to increase our available liquidity , such as our january 2016 amendment to our senior secured credit facilities , the issuance of 20ac500 million of euro notes in april 2016 , and the november 2016 amendment to our receivables securitization facility . the rhiag acquisition was the catalyst for the april issuance of 20ac500 million of euro notes . given that rhiag is a long term asset , we considered alternative financing options and decided to fund a portion of this acquisition through the issuance of long term notes . additionally , the interest rates on rhiag's acquired debt ranged between 6.45% ( 6.45 % ) and 7.25% ( 7.25 % ) . with the issuance of the 20ac500 million of senior notes at a rate of 3.875% ( 3.875 % ) , we were able to replace rhiag's borrowings with long term financing at favorable rates . this refinancing also provides financial flexibility to execute our long-term growth strategy by freeing up availability under our revolver . if we see an attractive acquisition opportunity , we have the ability to use our revolver to move quickly and have certainty of funding . as of december 31 , 2016 , we had approximately $ 1.02 billion available under our credit facilities . combined with approximately $ 227.4 million of cash and equivalents at december 31 , 2016 , we had approximately $ 1.25 billion in available liquidity , a decrease of $ 178.5 million from our available liquidity as of december 31 , 2015 . we expect to use the proceeds from the sale of pgw's glass manufacturing business to pay down borrowings under our revolving credit facilities , which would increase our available liquidity by approximately $ 310 million when the transaction closes. .
Question: based on the review of the liquidity and capital resources what was the ratio of the cash and equivalents in 2016 compared to 2015 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.13632 | Context:item 1b . unresolved staff comments item 2 . properties we employ a variety of assets in the management and operation of our rail business . our rail network covers 23 states in the western two-thirds of the u.s . our rail network includes 32084 route miles . we own 26064 miles and operate on the remainder pursuant to trackage rights or leases . the following table describes track miles at december 31 , 2015 and 2014. .
||2015|2014|
|route|32084|31974|
|other main line|7012|6943|
|passing lines and turnouts|3235|3197|
|switching and classification yard lines|9108|9058|
|total miles|51439|51172|
headquarters building we own our headquarters building in omaha , nebraska . the facility has 1.2 million square feet of space for approximately 4000 employees. .
Question: what percentage of total miles were other main line in 2015? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.24039 | Context:stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor 2019s 500 index and the standard & poor 2019s retail index . the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on december 31 , 2011 , and that any dividends have been reinvested . the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock . comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p retail index company/index december 31 , december 29 , december 28 , january 3 , january 2 , december 31 .
|company/index|december 31 2011|december 29 2012|december 28 2013|january 3 2015|january 2 2016|december 31 2016|
|advance auto parts|$ 100.00|$ 102.87|$ 158.46|$ 228.88|$ 217.49|$ 244.64|
|s&p 500 index|100.00|114.07|152.98|174.56|177.01|198.18|
|s&p retail index|100.00|122.23|178.55|196.06|245.31|256.69|
.
Question: from january 3 2015 to december 31 , how much greater was the return for s&p retail index than for advance auto parts ? ( in a percentage ) | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.19488 | Context:notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d . 1 . nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s . our network includes 32122 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s . gateways and providing several corridors to key mexican gateways . we own 26042 miles and operate on the remainder pursuant to trackage rights or leases . we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico . export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders . the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment . although we provide and analyze revenue by commodity group , we treat the financial results of the railroad as one segment due to the integrated nature of our rail network . the following table provides freight revenue by commodity group: .
|millions|2017|2016|2015|
|agricultural products|$ 3685|$ 3625|$ 3581|
|automotive|1998|2000|2154|
|chemicals|3596|3474|3543|
|coal|2645|2440|3237|
|industrial products|4078|3348|3808|
|intermodal|3835|3714|4074|
|total freight revenues|$ 19837|$ 18601|$ 20397|
|other revenues|1403|1340|1416|
|total operating revenues|$ 21240|$ 19941|$ 21813|
although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products we transport are outside the u.s . each of our commodity groups includes revenue from shipments to and from mexico . included in the above table are freight revenues from our mexico business which amounted to $ 2.3 billion in 2017 , $ 2.2 billion in 2016 , and $ 2.2 billion in 2015 . basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s . ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) . 2 . significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries . investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting . all intercompany transactions are eliminated . we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements . cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less . accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts . the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions . receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .
Question: what percentage of total freight revenues was the agricultural commodity group in 2016? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.49206 | Context:average highway revenue equipment owned leased total age ( yrs. ) .
|highway revenue equipment|owned|leased|total|average age ( yrs. )|
|containers|33633|25998|59631|8.0|
|chassis|22086|26837|48923|9.6|
|total highway revenue equipment|55719|52835|108554|n/a|
capital expenditures our rail network requires significant annual capital investments for replacement , improvement , and expansion . these investments enhance safety , support the transportation needs of our customers , and improve our operational efficiency . additionally , we add new locomotives and freight cars to our fleet to replace older , less efficient equipment , to support growth and customer demand , and to reduce our impact on the environment through the acquisition of more fuel-efficient and low-emission locomotives . 2015 capital program 2013 during 2015 , our capital program totaled $ 4.3 billion . ( see the cash capital expenditures table in management 2019s discussion and analysis of financial condition and results of operations 2013 liquidity and capital resources , item 7. ) 2016 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , which will include expenditures for ptc of approximately $ 375 million and may include non-cash investments . we may revise our 2016 capital plan if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see discussion of our 2016 capital plan in management 2019s discussion and analysis of financial condition and results of operations 2013 2016 outlook , item 7. ) equipment encumbrances 2013 equipment with a carrying value of approximately $ 2.6 billion and $ 2.8 billion at december 31 , 2015 , and 2014 , respectively served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire or refinance such railroad equipment . as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds . as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion . in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds . environmental matters 2013 certain of our properties are subject to federal , state , and local laws and regulations governing the protection of the environment . ( see discussion of environmental issues in business 2013 governmental and environmental regulation , item 1 , and management 2019s discussion and analysis of financial condition and results of operations 2013 critical accounting policies 2013 environmental , item 7. ) item 3 . legal proceedings from time to time , we are involved in legal proceedings , claims , and litigation that occur in connection with our business . we routinely assess our liabilities and contingencies in connection with these matters based upon the latest available information and , when necessary , we seek input from our third-party advisors when making these assessments . consistent with sec rules and requirements , we describe below material pending legal proceedings ( other than ordinary routine litigation incidental to our business ) , material proceedings known to be contemplated by governmental authorities , other proceedings arising under federal , state , or local environmental laws and regulations ( including governmental proceedings involving potential fines , penalties , or other monetary sanctions in excess of $ 100000 ) , and such other pending matters that we may determine to be appropriate. .
Question: what percentage of total highway revenue equipment leased is containers? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
1.73333 | Context:kimco realty corporation and subsidiaries notes to consolidated financial statements , continued investment in retail store leases 2014 the company has interests in various retail store leases relating to the anchor store premises in neighborhood and community shopping centers . these premises have been sublet to retailers who lease the stores pursuant to net lease agreements . income from the investment in these retail store leases during the years ended december 31 , 2010 , 2009 and 2008 , was approximately $ 1.6 million , $ 0.8 million and $ 2.7 million , respectively . these amounts represent sublease revenues during the years ended december 31 , 2010 , 2009 and 2008 , of approximately $ 5.9 million , $ 5.2 million and $ 7.1 million , respectively , less related expenses of $ 4.3 million , $ 4.4 million and $ 4.4 million , respectively . the company 2019s future minimum revenues under the terms of all non-cancelable tenant subleases and future minimum obligations through the remaining terms of its retail store leases , assuming no new or renegotiated leases are executed for such premises , for future years are as follows ( in millions ) : 2011 , $ 5.2 and $ 3.4 ; 2012 , $ 4.1 and $ 2.6 ; 2013 , $ 3.8 and $ 2.3 ; 2014 , $ 2.9 and $ 1.7 ; 2015 , $ 2.1 and $ 1.3 , and thereafter , $ 2.8 and $ 1.6 , respectively . leveraged lease 2014 during june 2002 , the company acquired a 90% ( 90 % ) equity participation interest in an existing leveraged lease of 30 properties . the properties are leased under a long-term bond-type net lease whose primary term expires in 2016 , with the lessee having certain renewal option rights . the company 2019s cash equity investment was approximately $ 4.0 million . this equity investment is reported as a net investment in leveraged lease in accordance with the fasb 2019s lease guidance . as of december 31 , 2010 , 18 of these properties were sold , whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $ 31.2 million and the remaining 12 properties were encumbered by third-party non-recourse debt of approximately $ 33.4 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease . as an equity participant in the leveraged lease , the company has no recourse obligation for principal or interest payments on the debt , which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease . accordingly , this obligation has been offset against the related net rental receivable under the lease . at december 31 , 2010 and 2009 , the company 2019s net investment in the leveraged lease consisted of the following ( in millions ) : .
||2010|2009|
|remaining net rentals|$ 37.6|$ 44.1|
|estimated unguaranteed residual value|31.7|31.7|
|non-recourse mortgage debt|-30.1 ( 30.1 )|-34.5 ( 34.5 )|
|unearned and deferred income|-34.2 ( 34.2 )|-37.0 ( 37.0 )|
|net investment in leveraged lease|$ 5.0|$ 4.3|
10 . variable interest entities : consolidated operating properties 2014 included within the company 2019s consolidated operating properties at december 31 , 2010 are four consolidated entities that are vies and for which the company is the primary beneficiary . all of these entities have been established to own and operate real estate property . the company 2019s involvement with these entities is through its majority ownership of the properties . these entities were deemed vies primarily based on the fact that the voting rights of the equity investors are not proportional to their obligation to absorb expected losses or receive the expected residual returns of the entity and substantially all of the entity 2019s activities are conducted on behalf of the investor which has disproportionately fewer voting rights . the company determined that it was the primary beneficiary of these vies as a result of its controlling financial interest . during 2010 , the company sold two consolidated vie 2019s which the company was the primary beneficiary. .
Question: as of dec 31 , 2010 , what was the average sale price , in millions , for the properties that were sold? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-427.0 | Context:a wholly-owned subsidiary of the company is a registered life insurance company that maintains separate account assets , representing segregated funds held for purposes of funding individual and group pension contracts , and equal and offsetting separate account liabilities . at decem - ber 31 , 2008 and 2007 , the level 3 separate account assets were approximately $ 4 and $ 12 , respectively . the changes in level 3 assets primarily relate to purchases , sales and gains/ ( losses ) . the net investment income and net gains and losses attributable to separate account assets accrue directly to the contract owner and are not reported as non-operating income ( expense ) on the consolidated statements of income . level 3 assets , which includes equity method investments or consolidated investments of real estate funds , private equity funds and funds of private equity funds are valued based upon valuations received from internal as well as third party fund managers . fair valuations at the underlying funds are based on a combination of methods which may include third-party independent appraisals and discounted cash flow techniques . direct investments in private equity companies held by funds of private equity funds are valued based on an assessment of each under - lying investment , incorporating evaluation of additional significant third party financing , changes in valuations of comparable peer companies and the business environment of the companies , among other factors . see note 2 for further detail on the fair value policies by the underlying funds . changes in level 3 assets measured at fair value on a recurring basis for the year ended december 31 , 2008 .
||investments|other assets|
|december 31 2007|$ 1240|$ 2014|
|realized and unrealized gains / ( losses ) net|-409 ( 409 )|-16 ( 16 )|
|purchases sales other settlements and issuances net|11|2|
|net transfers in and/or out of level 3|-29 ( 29 )|78|
|december 31 2008|$ 813|$ 64|
|total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets stillheld at the reporting date|$ -366 ( 366 )|$ -17 ( 17 )|
total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets still held at the reporting date $ ( 366 ) $ ( 17 ) realized and unrealized gains and losses recorded for level 3 assets are reported in non-operating income ( expense ) on the consolidated statements of income . non-controlling interest expense is recorded for consoli- dated investments to reflect the portion of gains and losses not attributable to the company . the company transfers assets in and/or out of level 3 as significant inputs , including performance attributes , used for the fair value measurement become observable . 6 . variable interest entities in the normal course of business , the company is the manager of various types of sponsored investment vehicles , including collateralized debt obligations and sponsored investment funds , that may be considered vies . the company receives management fees or other incen- tive related fees for its services and may from time to time own equity or debt securities or enter into derivatives with the vehicles , each of which are considered variable inter- ests . the company engages in these variable interests principally to address client needs through the launch of such investment vehicles . the vies are primarily financed via capital contributed by equity and debt holders . the company 2019s involvement in financing the operations of the vies is limited to its equity interests , unfunded capital commitments for certain sponsored investment funds and its capital support agreements for two enhanced cash funds . the primary beneficiary of a vie is the party that absorbs a majority of the entity 2019s expected losses , receives a major - ity of the entity 2019s expected residual returns or both as a result of holding variable interests . in order to determine whether the company is the primary beneficiary of a vie , management must make significant estimates and assumptions of probable future cash flows and assign probabilities to different cash flow scenarios . assumptions made in such analyses include , but are not limited to , market prices of securities , market interest rates , poten- tial credit defaults on individual securities or default rates on a portfolio of securities , gain realization , liquidity or marketability of certain securities , discount rates and the probability of certain other outcomes . vies in which blackrock is the primary beneficiary at december 31 , 2008 , the company was the primary beneficiary of three vies , which resulted in consolidation of three sponsored investment funds ( including two cash management funds and one private equity fund of funds ) . creditors of the vies do not have recourse to the credit of the company . during 2008 , the company determined it became the primary beneficiary of two enhanced cash management funds as a result of concluding that under various cash 177528_txt_59_96:layout 1 3/26/09 10:32 pm page 73 .
Question: what is the net change in the balance of level 3 investments assets during 2008? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.11233 | Context:2018 a0form 10-k18 item 7 . management 2019s discussion and analysis of financial condition and results of operations . this management 2019s discussion and analysis of financial condition and results of operations should be read in conjunction with our discussion of cautionary statements and significant risks to the company 2019s business under item 1a . risk factors of the 2018 form a010-k . overview our sales and revenues for 2018 were $ 54.722 billion , a 20 a0percent increase from 2017 sales and revenues of $ 45.462 a0billion . the increase was primarily due to higher sales volume , mostly due to improved demand across all regions and across the three primary segments . profit per share for 2018 was $ 10.26 , compared to profit per share of $ 1.26 in 2017 . profit was $ 6.147 billion in 2018 , compared with $ 754 million in 2017 . the increase was primarily due to lower tax expense , higher sales volume , decreased restructuring costs and improved price realization . the increase was partially offset by higher manufacturing costs and selling , general and administrative ( sg&a ) and research and development ( r&d ) expenses and lower profit from the financial products segment . fourth-quarter 2018 sales and revenues were $ 14.342 billion , up $ 1.446 billion , or 11 percent , from $ 12.896 billion in the fourth quarter of 2017 . fourth-quarter 2018 profit was $ 1.78 per share , compared with a loss of $ 2.18 per share in the fourth quarter of 2017 . fourth-quarter 2018 profit was $ 1.048 billion , compared with a loss of $ 1.299 billion in 2017 . highlights for 2018 include : zz sales and revenues in 2018 were $ 54.722 billion , up 20 a0percent from 2017 . sales improved in all regions and across the three primary segments . zz operating profit as a percent of sales and revenues was 15.2 a0percent in 2018 , compared with 9.8 percent in 2017 . adjusted operating profit margin was 15.9 percent in 2018 , compared with 12.5 percent in 2017 . zz profit was $ 10.26 per share for 2018 , and excluding the items in the table below , adjusted profit per share was $ 11.22 . for 2017 profit was $ 1.26 per share , and excluding the items in the table below , adjusted profit per share was $ 6.88 . zz in order for our results to be more meaningful to our readers , we have separately quantified the impact of several significant items: .
|( millions of dollars )|full year 2018 profit before taxes|full year 2018 profitper share|full year 2018 profit before taxes|profitper share|
|profit|$ 7822|$ 10.26|$ 4082|$ 1.26|
|restructuring costs|386|0.50|1256|1.68|
|mark-to-market losses|495|0.64|301|0.26|
|deferred tax valuation allowance adjustments|2014|-0.01 ( 0.01 )|2014|-0.18 ( 0.18 )|
|u.s . tax reform impact|2014|-0.17 ( 0.17 )|2014|3.95|
|gain on sale of equity investment|2014|2014|-85 ( 85 )|-0.09 ( 0.09 )|
|adjusted profit|$ 8703|$ 11.22|$ 5554|$ 6.88|
zz machinery , energy & transportation ( me&t ) operating cash flow for 2018 was about $ 6.3 billion , more than sufficient to cover capital expenditures and dividends . me&t operating cash flow for 2017 was about $ 5.5 billion . restructuring costs in recent years , we have incurred substantial restructuring costs to achieve a flexible and competitive cost structure . during 2018 , we incurred $ 386 million of restructuring costs related to restructuring actions across the company . during 2017 , we incurred $ 1.256 billion of restructuring costs with about half related to the closure of the facility in gosselies , belgium , and the remainder related to other restructuring actions across the company . although we expect restructuring to continue as part of ongoing business activities , restructuring costs should be lower in 2019 than 2018 . notes : zz glossary of terms included on pages 33-34 ; first occurrence of terms shown in bold italics . zz information on non-gaap financial measures is included on pages 42-43. .
Question: what is the profit margin in 2018? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.74013 | Context:depending upon our senior unsecured debt ratings . the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio . at december 31 , 2006 , we were in compliance with these covenants . the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral . in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 . neither of these lines of credit were used as of december 31 , 2006 . we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines . dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under the credit facilities referred to above . the amount of retained earnings available for dividends was $ 7.8 billion and $ 6.2 billion at december 31 , 2006 and 2005 , respectively . we do not expect that these restrictions will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity . we declared dividends of $ 323 million in 2006 and $ 316 million in 2005 . shelf registration statement 2013 under a current shelf registration statement , we may issue any combination of debt securities , preferred stock , common stock , or warrants for debt securities or preferred stock in one or more offerings . at december 31 , 2006 , we had $ 500 million remaining for issuance under the current shelf registration statement . we have no immediate plans to issue any securities ; however , we routinely consider and evaluate opportunities to replace existing debt or access capital through issuances of debt securities under this shelf registration , and , therefore , we may issue debt securities at any time . 6 . leases we lease certain locomotives , freight cars , and other property . future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2006 were as follows : millions of dollars operating leases capital leases .
|millions of dollars|operatingleases|capital leases|
|2007|$ 624|$ 180|
|2008|546|173|
|2009|498|168|
|2010|456|148|
|2011|419|157|
|later years|2914|1090|
|total minimum lease payments|$ 5457|$ 1916|
|amount representing interest|n/a|-680 ( 680 )|
|present value of minimum lease payments|n/a|$ 1236|
rent expense for operating leases with terms exceeding one month was $ 798 million in 2006 , $ 728 million in 2005 , and $ 651 million in 2004 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant. .
Question: what percentage of total minimum lease payments are operating leases as of december 31 , 2006? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.15112 | Context:operating expenses millions 2012 2011 2010 % ( % ) change 2012 v 2011 % ( % ) change 2011 v 2010 .
|millions|2012|2011|2010|% ( % ) change 2012 v 2011|% ( % ) change 2011 v 2010|
|compensation and benefits|$ 4685|$ 4681|$ 4314|-% ( - % )|9% ( 9 % )|
|fuel|3608|3581|2486|1|44|
|purchased services and materials|2143|2005|1836|7|9|
|depreciation|1760|1617|1487|9|9|
|equipment and other rents|1197|1167|1142|3|2|
|other|788|782|719|1|9|
|total|$ 14181|$ 13833|$ 11984|3% ( 3 % )|15% ( 15 % )|
operating expenses increased $ 348 million in 2012 versus 2011 . depreciation , wage and benefit inflation , higher fuel prices and volume- related trucking services purchased by our logistics subsidiaries , contributed to higher expenses during the year . efficiency gains , volume related fuel savings ( 2% ( 2 % ) fewer gallons of fuel consumed ) and $ 38 million of weather related expenses in 2011 , which favorably affects the comparison , partially offset the cost increase . operating expenses increased $ 1.8 billion in 2011 versus 2010 . our fuel price per gallon rose 36% ( 36 % ) during 2011 , accounting for $ 922 million of the increase . wage and benefit inflation , volume-related costs , depreciation , and property taxes also contributed to higher expenses . expenses increased $ 20 million for costs related to the flooding in the midwest and $ 18 million due to the impact of severe heat and drought in the south , primarily texas . cost savings from productivity improvements and better resource utilization partially offset these increases . a $ 45 million one-time payment relating to a transaction with csx intermodal , inc ( csxi ) increased operating expenses during the first quarter of 2010 , which favorably affects the comparison of operating expenses in 2011 to those in 2010 . compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs . expenses in 2012 were essentially flat versus 2011 as operational improvements and cost reductions offset general wage and benefit inflation and higher pension and other postretirement benefits . in addition , weather related costs increased these expenses in 2011 . a combination of general wage and benefit inflation , volume-related expenses , higher training costs associated with new hires , additional crew costs due to speed restrictions caused by the midwest flooding and heat and drought in the south , and higher pension expense drove the increase during 2011 compared to 2010 . fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment . higher locomotive diesel fuel prices , which averaged $ 3.22 per gallon ( including taxes and transportation costs ) in 2012 , compared to $ 3.12 in 2011 , increased expenses by $ 105 million . volume , as measured by gross ton-miles , decreased 2% ( 2 % ) in 2012 versus 2011 , driving expense down . the fuel consumption rate was flat year-over-year . higher locomotive diesel fuel prices , which averaged $ 3.12 ( including taxes and transportation costs ) in 2011 , compared to $ 2.29 per gallon in 2010 , increased expenses by $ 922 million . in addition , higher gasoline prices for highway and non-highway vehicles also increased year-over-year . volume , as measured by gross ton-miles , increased 5% ( 5 % ) in 2011 versus 2010 , driving expense up by $ 122 million . purchased services and materials 2013 expense for purchased services and materials includes the costs of services purchased from outside contractors and other service providers ( including equipment 2012 operating expenses .
Question: what percentage of total operating expenses was purchased services and materials in 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.3626 | Context:performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s . companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period . the performance graph assumes the investment of $ 100 on march 31 , 2010 in our common stock , the nasdaq composite index ( u.s . companies ) and the peer group index , and the reinvestment of any and all dividends. .
||3/31/2010|3/31/2011|3/31/2012|3/31/2013|3/31/2014|3/31/2015|
|abiomed inc|100|140.79|215.02|180.91|252.33|693.60|
|nasdaq composite index|100|115.98|128.93|136.26|175.11|204.38|
|nasdaq medical equipment sic code 3840-3849|100|108.31|115.05|105.56|123.18|118.95|
this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing . transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .
Question: what is the roi of an investment in nasdaq composite index from march 2010 to march 2013? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.09187 | Context:14 . leases we lease certain locomotives , freight cars , and other property . the consolidated statement of financial position as of december 31 , 2009 and 2008 included $ 2754 million , net of $ 927 million of accumulated depreciation , and $ 2024 million , net of $ 869 million of accumulated depreciation , respectively , for properties held under capital leases . a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income . future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2009 were as follows : millions of dollars operating leases capital leases .
|millions of dollars|operatingleases|capital leases|
|2010|$ 576|$ 290|
|2011|570|292|
|2012|488|247|
|2013|425|256|
|2014|352|267|
|later years|2901|1623|
|total minimum lease payments|$ 5312|$ 2975|
|amount representing interest|n/a|-914 ( 914 )|
|present value of minimum lease payments|n/a|$ 2061|
the majority of capital lease payments relate to locomotives . rent expense for operating leases with terms exceeding one month was $ 686 million in 2009 , $ 747 million in 2008 , and $ 810 million in 2007 . when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term . contingent rentals and sub-rentals are not significant . 15 . commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries . we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated , we have recorded a liability . we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters . personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year . we use third-party actuaries to assist us in measuring the expense and liability , including unasserted claims . the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents . under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements . we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at .
Question: what percent of total minimum operating lease payments are due in 2012? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
2.32493 | Context:kimco realty corporation and subsidiaries notes to consolidated financial statements , continued uncertain tax positions : the company is subject to income tax in certain jurisdictions outside the u.s. , principally canada and mexico . the statute of limitations on assessment of tax varies from three to seven years depending on the jurisdiction and tax issue . tax returns filed in each jurisdiction are subject to examination by local tax authorities . the company is currently under audit by the canadian revenue agency , mexican tax authority and the u.s . internal revenue service ( 201cirs 201d ) . in october 2011 , the irs issued a notice of proposed adjustment , which proposes pursuant to section 482 of the code , to disallow a capital loss claimed by krs on the disposition of common shares of valad property ltd. , an australian publicly listed company . because the adjustment is being made pursuant to section 482 of the code , the irs believes it can assert a 100 percent 201cpenalty 201d tax pursuant to section 857 ( b ) ( 7 ) of the code and disallow the capital loss deduction . the notice of proposed adjustment indicates the irs 2019 intention to impose the 100 percent 201cpenalty 201d tax on the company in the amount of $ 40.9 million and disallowing the capital loss claimed by krs . the company and its outside counsel have considered the irs 2019 assessment and believe that there is sufficient documentation establishing a valid business purpose for the transfer , including recent case history showing support for similar positions . accordingly , the company strongly disagrees with the irs 2019 position on the application of section 482 of the code to the disposition of the shares , the imposition of the 100 percent penalty tax and the simultaneous assertion of the penalty tax and disallowance of the capital loss deduction . the company received a notice of proposed assessment and filed a written protest and requested an irs appeals office conference . an appeals hearing was attended by management and its attorneys , the irs compliance group and an irs appeals officer in november , 2014 , at which time irs compliance presented arguments in support of their position , as noted herein . management and its attorneys presented rebuttal arguments in support of its position . the matter is currently under consideration by the appeals officer . the company intends to vigorously defend its position in this matter and believes it will prevail . resolutions of these audits are not expected to have a material effect on the company 2019s financial statements . during 2013 , the company early adopted asu 2013-11 prospectively and reclassified a portion of its reserve for uncertain tax positions . the reserve for uncertain tax positions included amounts related to the company 2019s canadian operations . the company has unrecognized tax benefits reported as deferred tax assets and are available to settle adjustments made with respect to the company 2019s uncertain tax positions in canada . the company reduced its reserve for uncertain tax positions by $ 12.3 million associated with its canadian operations and reduced its deferred tax assets in accordance with asu 2013-11 . the company does not believe that the total amount of unrecognized tax benefits as of december 31 , 2014 , will significantly increase or decrease within the next 12 months . as of december 31 , 2014 , the company 2019s canadian uncertain tax positions , which reduce its deferred tax assets , aggregated $ 10.4 million . the liability for uncertain tax benefits principally consists of estimated foreign , federal and state income tax liabilities in years for which the statute of limitations is open . open years range from 2008 through 2014 and vary by jurisdiction and issue . the aggregate changes in the balance of unrecognized tax benefits for the years ended december 31 , 2014 and 2013 were as follows ( in thousands ) : .
||201 4|2013|
|balance beginning of year|$ 4590|$ 16890|
|increases for tax positions related to current year|59|15|
|reduction due to adoption of asu 2013-11 ( a )|-|-12315 ( 12315 )|
|balance end of year|$ 4649|$ 4590|
( a ) this amount was reclassified against the related deferred tax asset relating to the company 2019s early adoption of asu 2013-11 as discussed above. .
Question: what is the proportion of dollars at the beginning of both combined years to dollars at end of both combined years? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
0.09836 | Context:part i item 1 . business . general development of business general : altria group , inc . is a holding company incorporated in the commonwealth of virginia in 1985 . at december 31 , 2014 , altria group , inc . 2019s wholly-owned subsidiaries included philip morris usa inc . ( 201cpm usa 201d ) , which is engaged predominantly in the manufacture and sale of cigarettes in the united states ; john middleton co . ( 201cmiddleton 201d ) , which is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco , and is a wholly- owned subsidiary of pm usa ; and ust llc ( 201cust 201d ) , which through its wholly-owned subsidiaries , including u.s . smokeless tobacco company llc ( 201cusstc 201d ) and ste . michelle wine estates ltd . ( 201cste . michelle 201d ) , is engaged in the manufacture and sale of smokeless tobacco products and wine . altria group , inc . 2019s other operating companies included nu mark llc ( 201cnu mark 201d ) , a wholly-owned subsidiary that is engaged in the manufacture and sale of innovative tobacco products , and philip morris capital corporation ( 201cpmcc 201d ) , a wholly-owned subsidiary that maintains a portfolio of finance assets , substantially all of which are leveraged leases . other altria group , inc . wholly-owned subsidiaries included altria group distribution company , which provides sales , distribution and consumer engagement services to certain altria group , inc . operating subsidiaries , and altria client services inc. , which provides various support services , such as legal , regulatory , finance , human resources and external affairs , to altria group , inc . and its subsidiaries . at december 31 , 2014 , altria group , inc . also held approximately 27% ( 27 % ) of the economic and voting interest of sabmiller plc ( 201csabmiller 201d ) , which altria group , inc . accounts for under the equity method of accounting . source of funds : because altria group , inc . is a holding company , its access to the operating cash flows of its wholly- owned subsidiaries consists of cash received from the payment of dividends and distributions , and the payment of interest on intercompany loans by its subsidiaries . at december 31 , 2014 , altria group , inc . 2019s principal wholly-owned subsidiaries were not limited by long-term debt or other agreements in their ability to pay cash dividends or make other distributions with respect to their equity interests . in addition , altria group , inc . receives cash dividends on its interest in sabmiller if and when sabmiller pays such dividends . financial information about segments altria group , inc . 2019s reportable segments are smokeable products , smokeless products and wine . the financial services and the innovative tobacco products businesses are included in an all other category due to the continued reduction of the lease portfolio of pmcc and the relative financial contribution of altria group , inc . 2019s innovative tobacco products businesses to altria group , inc . 2019s consolidated results . altria group , inc . 2019s chief operating decision maker reviews operating companies income to evaluate the performance of , and allocate resources to , the segments . operating companies income for the segments is defined as operating income before amortization of intangibles and general corporate expenses . interest and other debt expense , net , and provision for income taxes are centrally managed at the corporate level and , accordingly , such items are not presented by segment since they are excluded from the measure of segment profitability reviewed by altria group , inc . 2019s chief operating decision maker . net revenues and operating companies income ( together with a reconciliation to earnings before income taxes ) attributable to each such segment for each of the last three years are set forth in note 15 . segment reporting to the consolidated financial statements in item 8 . financial statements and supplementary data of this annual report on form 10-k ( 201citem 8 201d ) . information about total assets by segment is not disclosed because such information is not reported to or used by altria group , inc . 2019s chief operating decision maker . segment goodwill and other intangible assets , net , are disclosed in note 4 . goodwill and other intangible assets , net to the consolidated financial statements in item 8 ( 201cnote 4 201d ) . the accounting policies of the segments are the same as those described in note 2 . summary of significant accounting policies to the consolidated financial statements in item 8 ( 201cnote 2 201d ) . the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .
||2014|2013|2012|
|smokeable products|87.2% ( 87.2 % )|84.5% ( 84.5 % )|83.7% ( 83.7 % )|
|smokeless products|13.4|12.2|12.5|
|wine|1.7|1.4|1.4|
|all other|-2.3 ( 2.3 )|1.9|2.4|
|total|100.0% ( 100.0 % )|100.0% ( 100.0 % )|100.0% ( 100.0 % )|
for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 . segment reporting to the consolidated financial statements in item 8 ( 201cnote 15 201d ) . narrative description of business portions of the information called for by this item are included in item 7 . management 2019s discussion and analysis of financial condition and results of operations - operating results by business segment of this annual report on form 10-k . tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton and nu mark . altria group distribution company provides sales , distribution and consumer engagement services to altria group , inc . 2019s tobacco operating companies . the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products comprised of cigarettes manufactured and sold by pm usa and machine-made large altria_mdc_2014form10k_nolinks_crops.pdf 3 2/25/15 5:56 pm .
Question: how did the percentage of operating income related to smokeless product change from 2013 to 2014 relative the total operating income? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
-0.09756 | Context:asian industrial packaging net sales for 2007 were $ 265 million compared with $ 180 million in 2006 . in 2005 , net sales were $ 105 million sub- sequent to international paper 2019s acquisition of a majority interest in this business in august 2005 . operating profits totaled $ 6 million in 2007 and $ 3 million in 2006 , compared with a loss of $ 4 million in consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity . in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . consumer packaging net sales increased 12% ( 12 % ) compared with 2006 and 24% ( 24 % ) compared with 2005 . operating profits rose 15% ( 15 % ) from 2006 and 24% ( 24 % ) from 2005 levels . benefits from improved average sales price realizations ( $ 52 million ) , higher sales volumes for u.s . and european coated paperboard ( $ 9 million ) , favorable mill operations ( $ 14 million ) and contributions from international paper & sun cartonboard co. , ltd . acquired in 2006 ( $ 16 million ) , were partially offset by higher raw material and energy costs ( $ 53 million ) , an unfavorable mix of products sold ( $ 4 million ) , increased freight costs ( $ 5 million ) and other costs ( $ 3 million ) . consumer packaging in millions 2007 2006 2005 .
|in millions|2007|2006|2005|
|sales|$ 3015|$ 2685|$ 2435|
|operating profit|$ 198|$ 172|$ 160|
north american consumer packaging net sales were $ 2.4 billion in both 2007 and 2006 com- pared with $ 2.2 billion in 2005 . operating earnings of $ 143 million in 2007 improved from $ 129 million in 2006 and $ 121 million in 2005 . coated paperboard sales volumes increased in 2007 compared with 2006 , particularly for folding carton board , reflecting improved demand . average sales price realizations substantially improved in 2007 for both folding carton board and cup stock . the impact of the higher sales prices combined with improved manufacturing performance at our mills more than offset the negative effects of higher wood and energy costs . foodservice sales volumes were slightly higher in 2007 than in 2006 . average sales prices were also higher reflecting the realization of price increases implemented to recover raw material cost increases . in addition , a more favorable mix of hot cups and food containers led to higher average margins . raw material costs for bleached board and polystyrene were higher than in 2006 , but these increases were partially offset by improved manufacturing costs reflecting increased productivity and reduced waste . shorewood sales volumes in 2007 declined from 2006 levels due to weak demand in the home enter- tainment , tobacco and display markets , although demand was stronger in the consumer products segment . sales margins declined from 2006 reflect- ing a less favorable mix of products sold . raw material costs were higher for bleached board , but this impact was more than offset by improved manufacturing operations and lower operating costs . charges to restructure operations also impacted 2007 results . entering 2008 , coated paperboard sales volumes are expected to be about even with the fourth quarter of 2007 , while average sales price realizations are expected to slightly improve . earnings should bene- fit from fewer planned mill maintenance outages compared with the 2007 fourth quarter . however , costs for wood , polyethylene and energy are expected to be higher . foodservice results are expected to benefit from increased sales volumes and higher sales price realizations . shorewood sales volumes for the first quarter 2008 are expected to seasonally decline , but this negative impact should be partially offset by benefits from cost improve- ments associated with prior-year restructuring actions . european consumer packaging net sales in 2007 were $ 280 million compared with $ 230 million in 2006 and $ 190 million in 2005 . sales volumes in 2007 were higher than in 2006 reflecting stronger market demand and improved productivity at our kwidzyn mill . average sales price realizations also improved in 2007 . operating earnings in 2007 of $ 37 million declined from $ 41 million in 2006 and $ 39 million in 2005 . the additional contribution from higher net sales was more than offset by higher input costs for wood , energy and freight . entering 2008 , sales volumes and prices are expected to be comparable to the fourth quarter . machine performance and sales mix are expected to improve ; however , wood costs are expected to be higher , especially in russia due to strong demand ahead of tariff increases , and energy costs are anticipated to be seasonally higher. .
Question: what was the percentage decline in the operating earnings in 2007 of $ 37 million declined from $ 41 | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |
801.33333 | Context:mill in the fourth quarter of 2008 . this compares with 635000 tons of total downtime in 2008 of which 305000 tons were lack-of-order downtime . printing papers in millions 2009 2008 2007 .
|in millions|2009|2008|2007|
|sales|$ 5680|$ 6810|$ 6530|
|operating profit|1091|474|839|
north american printing papers net sales in 2009 were $ 2.8 billion compared with $ 3.4 billion in 2008 and $ 3.5 billion in 2007 . operating earnings in 2009 were $ 746 million ( $ 307 million excluding alter- native fuel mixture credits and plant closure costs ) compared with $ 405 million ( $ 435 million excluding shutdown costs for a paper machine ) in 2008 and $ 415 million in 2007 . sales volumes decreased sig- nificantly in 2009 compared with 2008 reflecting weak customer demand and reduced production capacity resulting from the shutdown of a paper machine at the franklin mill in december 2008 and the conversion of the bastrop mill to pulp production in june 2008 . average sales price realizations were lower reflecting slight declines for uncoated freesheet paper in domestic markets and significant declines in export markets . margins were also unfavorably affected by a higher proportion of shipments to lower-margin export markets . input costs , however , were favorable due to lower wood and chemical costs and sig- nificantly lower energy costs . freight costs were also lower . planned maintenance downtime costs in 2009 were comparable with 2008 . operating costs were favorable , reflecting cost control efforts and strong machine performance . lack-of-order downtime increased to 525000 tons in 2009 , including 120000 tons related to the shutdown of a paper machine at our franklin mill in the 2008 fourth quarter , from 135000 tons in 2008 . operating earnings in 2009 included $ 671 million of alternative fuel mixture cred- its , $ 223 million of costs associated with the shutdown of our franklin mill and $ 9 million of other shutdown costs , while operating earnings in 2008 included $ 30 million of costs for the shutdown of a paper machine at our franklin mill . looking ahead to 2010 , first-quarter sales volumes are expected to increase slightly from fourth-quarter 2009 levels . average sales price realizations should be higher , reflecting the full-quarter impact of sales price increases announced in the fourth quarter for converting and envelope grades of uncoated free- sheet paper and an increase in prices to export markets . however , input costs for wood , energy and chemicals are expected to continue to increase . planned maintenance downtime costs should be lower and operating costs should be favorable . brazil ian papers net sales for 2009 of $ 960 mil- lion increased from $ 950 million in 2008 and $ 850 million in 2007 . operating profits for 2009 were $ 112 million compared with $ 186 million in 2008 and $ 174 million in 2007 . sales volumes increased in 2009 compared with 2008 for both paper and pulp reflect- ing higher export shipments . average sales price realizations were lower due to strong competitive pressures in the brazilian domestic market in the second half of the year , lower export prices and unfavorable foreign exchange rates . margins were unfavorably affected by a higher proportion of lower margin export sales . input costs for wood and chem- icals were favorable , but these benefits were partially offset by higher energy costs . planned maintenance downtime costs were lower , and operating costs were also favorable . earnings in 2009 were adversely impacted by unfavorable foreign exchange effects . entering 2010 , sales volumes are expected to be seasonally lower compared with the fourth quarter of 2009 . profit margins are expected to be slightly higher reflecting a more favorable geographic sales mix and improving sales price realizations in export markets , partially offset by higher planned main- tenance outage costs . european papers net sales in 2009 were $ 1.3 bil- lion compared with $ 1.7 billion in 2008 and $ 1.5 bil- lion in 2007 . operating profits in 2009 of $ 92 million ( $ 115 million excluding expenses associated with the closure of the inverurie mill ) compared with $ 39 mil- lion ( $ 146 million excluding a charge to reduce the carrying value of the fixed assets at the inverurie , scotland mill to their estimated realizable value ) in 2008 and $ 171 million in 2007 . sales volumes in 2009 were lower than in 2008 primarily due to reduced sales of uncoated freesheet paper following the closure of the inverurie mill in 2009 . average sales price realizations decreased significantly in 2009 across most of western europe , but margins increased in poland and russia reflecting the effect of local currency devaluations . input costs were favorable as lower wood costs , particularly in russia , were only partially offset by higher energy costs in poland and higher chemical costs . planned main- tenance downtime costs were higher in 2009 than in 2008 , while manufacturing operating costs were lower . operating profits in 2009 also reflect favorable foreign exchange impacts . looking ahead to 2010 , sales volumes are expected to decline from strong 2009 fourth-quarter levels despite solid customer demand . average sales price realizations are expected to increase over the quar- ter , primarily in eastern europe , as price increases .
Question: what is the average operating profit? | Please answer the given financial question based on the context.At the end of your response provide the finale answer in this format Answer: |