Q,C,A "['what is the expected volatility in 2007 divided by that in 2008?', 'what is that value minus 1?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: .
1200820072006
2weighted average fair value of options granted$ 18.47$ 33.81$ 20.01
3expected volatility0.38450.36770.3534
4dividend yield3.75% ( 3.75 % )0.76% ( 0.76 % )1.00% ( 1.00 % )
5expected life of options in years6.06.06.3
6risk-free interest rate2% ( 2 % )4% ( 4 % )5% ( 5 % )
the black-scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable . in addition , option valuation models require the input of highly subjective assumptions , including the expected stock price volatility . because the company 2019s employee stock options have characteristics significantly different from those of traded options , and because changes in the subjective input assumptions can materially affect the fair value estimate , in management 2019s opinion , the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options . the fair value of the rsus was determined based on the market value at the date of grant . the total fair value of awards vested during 2008 , 2007 , and 2006 was $ 35384 , $ 17840 , and $ 9413 , respectively . the total stock based compensation expense calculated using the black-scholes option valuation model in 2008 , 2007 , and 2006 was $ 38872 , $ 22164 , and $ 11913 , respectively.the aggregate intrinsic values of options outstanding and exercisable at december 27 , 2008 were $ 8.2 million and $ 8.2 million , respectively . the aggregate intrinsic value of options exercised during the year ended december 27 , 2008 was $ 0.6 million . aggregate intrinsic value represents the positive difference between the company 2019s closing stock price on the last trading day of the fiscal period , which was $ 19.39 on december 27 , 2008 , and the exercise price multiplied by the number of options exercised . as of december 27 , 2008 , there was $ 141.7 million of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under the stock compensation plans . that cost is expected to be recognized over a period of five years . employee stock purchase plan the shareholders also adopted an employee stock purchase plan ( espp ) . up to 2000000 shares of common stock have been reserved for the espp . shares will be offered to employees at a price equal to the lesser of 85% ( 85 % ) of the fair market value of the stock on the date of purchase or 85% ( 85 % ) of the fair market value on the enrollment date . the espp is intended to qualify as an 201cemployee stock purchase plan 201d under section 423 of the internal revenue code . during 2008 , 2007 , and 2006 , 362902 , 120230 , and 124693 shares , respectively were purchased under the plan for a total purchase price of $ 8782 , $ 5730 , and $ 3569 , respectively . at december 27 , 2008 , approximately 663679 shares were available for future issuance . 10 . earnings per share the following table sets forth the computation of basic and diluted net income per share: .","['1.04569', '0.04569']" "['what is 2017 north american printing paper sales by 1000?', 'what is that divided by 2007 sales?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: customer demand . this compared with 555000 tons of total downtime in 2006 of which 150000 tons related to lack-of-orders . printing papers in millions 2007 2006 2005 .
1in millions200720062005
2sales$ 6530$ 6700$ 6980
3operating profit$ 1101$ 636$ 434
north american printing papers net sales in 2007 were $ 3.5 billion compared with $ 4.4 billion in 2006 ( $ 3.5 billion excluding the coated and super- calendered papers business ) and $ 4.8 billion in 2005 ( $ 3.2 billion excluding the coated and super- calendered papers business ) . sales volumes decreased in 2007 versus 2006 partially due to reduced production capacity resulting from the conversion of the paper machine at the pensacola mill to the production of lightweight linerboard for our industrial packaging segment . average sales price realizations increased significantly , reflecting benefits from price increases announced throughout 2007 . lack-of-order downtime declined to 27000 tons in 2007 from 40000 tons in 2006 . operating earnings of $ 537 million in 2007 increased from $ 482 million in 2006 ( $ 407 million excluding the coated and supercalendered papers business ) and $ 175 million in 2005 ( $ 74 million excluding the coated and supercalendered papers business ) . the benefits from improved average sales price realizations more than offset the effects of higher input costs for wood , energy , and freight . mill operations were favorable compared with the prior year due to current-year improvements in machine performance and energy conservation efforts . sales volumes for the first quarter of 2008 are expected to increase slightly , and the mix of prod- ucts sold to improve . demand for printing papers in north america was steady as the quarter began . price increases for cut-size paper and roll stock have been announced that are expected to be effective principally late in the first quarter . planned mill maintenance outage costs should be about the same as in the fourth quarter ; however , raw material costs are expected to continue to increase , primarily for wood and energy . brazil ian papers net sales for 2007 of $ 850 mil- lion were higher than the $ 495 million in 2006 and the $ 465 million in 2005 . compared with 2006 , aver- age sales price realizations improved reflecting price increases for uncoated freesheet paper realized dur- ing the second half of 2006 and the first half of 2007 . excluding the impact of the luiz antonio acquisition , sales volumes increased primarily for cut size and offset paper . operating profits for 2007 of $ 246 mil- lion were up from $ 122 million in 2006 and $ 134 mil- lion in 2005 as the benefits from higher sales prices and favorable manufacturing costs were only parti- ally offset by higher input costs . contributions from the luiz antonio acquisition increased net sales by approximately $ 350 million and earnings by approx- imately $ 80 million in 2007 . entering 2008 , sales volumes for uncoated freesheet paper and pulp should be seasonally lower . average price realizations should be essentially flat , but mar- gins are expected to reflect a less favorable product mix . energy costs , primarily for hydroelectric power , are expected to increase significantly reflecting a lack of rainfall in brazil in the latter part of 2007 . european papers net sales in 2007 were $ 1.5 bil- lion compared with $ 1.3 billion in 2006 and $ 1.2 bil- lion in 2005 . sales volumes in 2007 were higher than in 2006 at our eastern european mills reflecting stronger market demand and improved efficiencies , but lower in western europe reflecting the closure of the marasquel mill in 2006 . average sales price real- izations increased significantly in 2007 in both east- ern and western european markets . operating profits of $ 214 million in 2007 increased from a loss of $ 16 million in 2006 and earnings of $ 88 million in 2005 . the loss in 2006 reflects the impact of a $ 128 million impairment charge to reduce the carrying value of the fixed assets at the saillat , france mill . excluding this charge , the improvement in 2007 compared with 2006 reflects the contribution from higher net sales , partially offset by higher input costs for wood , energy and freight . looking ahead to the first quarter of 2008 , sales volumes are expected to be stable in western europe , but seasonally weaker in eastern europe and russia . average price realizations are expected to remain about flat . wood costs are expected to increase , especially in russia due to strong demand ahead of tariff increases , and energy costs are anticipated to be seasonally higher . asian printing papers net sales were approx- imately $ 20 million in 2007 , compared with $ 15 mil- lion in 2006 and $ 10 million in 2005 . operating earnings increased slightly in 2007 , but were close to breakeven in all periods . u.s . market pulp sales in 2007 totaled $ 655 mil- lion compared with $ 510 million and $ 525 million in 2006 and 2005 , respectively . sales volumes in 2007 were up from 2006 levels , primarily for paper and .","['3500.0', '0.53599']" "['for the three month period ended december 29, 2018, what was the average number of shares purchased per month?', 'and only in december, what was the number of shares purchased?', 'what was the average price paid for each of those shares?', 'what was, then, the full value of those december shares?', 'and how much is that in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: issuer purchases of equity securities in january 2017 , our board of directors authorized the repurchase of shares of our common stock with a value of up to $ 525 million in the aggregate . as of december 29 , 2018 , $ 175 million remained available under this authorization . in february 2019 , our board of directors authorized the additional repurchase of shares of our common stock with a value of up to $ 500.0 million in the aggregate . the actual timing and amount of repurchases are subject to business and market conditions , corporate and regulatory requirements , stock price , acquisition opportunities and other factors . the following table presents repurchases made under our current authorization and shares surrendered by employees to satisfy income tax withholding obligations during the three months ended december 29 , 2018 : period total number of shares purchased ( 1 ) average price paid per share ( 2 ) total number of shares purchased as part of publicly announced plan or program maximum dollar value of shares authorized for repurchase under publicly announced plan or program ( 1 ) ( in millions ) september 30 , 2018 2013 november 3 , 2018 543900 $ 42.64 495543 $ 254 november 4 , 2018 2013 december 1 , 2018 650048 $ 44.49 623692 $ 226 december 2 , 2018 2013 december 29 , 2018 1327657 $ 42.61 1203690 $ 175 .
1periodtotal numberof sharespurchased ( 1 )averageprice paidper share ( 2 )total number ofshares purchasedas part ofpublicly announcedplan or programmaximum dollarvalue of sharesauthorized for repurchase underpublicly announcedplan or program ( 1 ) ( in millions )
2september 30 2018 2013 november 3 2018543900$ 42.64495543$ 254
3november 4 2018 2013 december 1 2018650048$ 44.49623692$ 226
4december 2 2018 2013 december 29 20181327657$ 42.611203690$ 175
5total2521605$ 43.102322925
( 1 ) shares purchased that were not part of our publicly announced repurchase programs represent employee surrender of shares of restricted stock to satisfy employee income tax withholding obligations due upon vesting , and do not reduce the dollar value that may yet be purchased under our publicly announced repurchase programs . ( 2 ) the weighted average price paid per share of common stock does not include the cost of commissions. .","['840535.0', '1327657.0', '42.61', '56571464.77', '56.57146']" "['what is the net change in total wholesale credit-related assets from 2012 to 2013?', 'what is the total wholesale credit-related assets in 2012?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis 130 jpmorgan chase & co./2013 annual report wholesale credit portfolio the wholesale credit environment remained favorable throughout 2013 driving an increase in commercial client activity . discipline in underwriting across all areas of lending continues to remain a key point of focus , consistent with evolving market conditions and the firm 2019s risk management activities . the wholesale portfolio is actively managed , in part by conducting ongoing , in-depth reviews of credit quality and of industry , product and client concentrations . during the year , wholesale criticized assets and nonperforming assets decreased from higher levels experienced in 2012 , including a reduction in nonaccrual loans by 39% ( 39 % ) . as of december 31 , 2013 , wholesale exposure ( primarily cib , cb and am ) increased by $ 13.7 billion from december 31 , 2012 , primarily driven by increases of $ 11.4 billion in lending-related commitments and $ 8.4 billion in loans reflecting increased client activity primarily in cb and am . these increases were partially offset by a $ 9.2 billion decrease in derivative receivables . derivative receivables decreased predominantly due to reductions in interest rate derivatives driven by an increase in interest rates and reductions in commodity derivatives due to market movements . the decreases were partially offset by an increase in equity derivatives driven by a rise in equity markets . wholesale credit portfolio december 31 , credit exposure nonperforming ( d ) .
1december 31 , ( in millions )december 31 , 2013december 31 , 201220132012
2loans retained$ 308263$ 306222$ 821$ 1434
3loans held-for-sale1129044062618
4loans at fair value ( a )20112555197265
5loans 2013 reported32156431318310441717
6derivative receivables6575974983415239
7receivables from customers and other ( b )267442364820142014
8total wholesale credit-related assets41406741181414591956
9lending-related commitments446232434814206355
10total wholesale credit exposure$ 860299$ 846628$ 1665$ 2311
11credit portfolio management derivatives notional net ( c )$ -27996 ( 27996 )$ -27447 ( 27447 )$ -5 ( 5 )$ -25 ( 25 )
12liquid securities and other cash collateral held against derivatives-14435 ( 14435 )-15201 ( 15201 )nana
receivables from customers and other ( b ) 26744 23648 2014 2014 total wholesale credit- related assets 414067 411814 1459 1956 lending-related commitments 446232 434814 206 355 total wholesale credit exposure $ 860299 $ 846628 $ 1665 $ 2311 credit portfolio management derivatives notional , net ( c ) $ ( 27996 ) $ ( 27447 ) $ ( 5 ) $ ( 25 ) liquid securities and other cash collateral held against derivatives ( 14435 ) ( 15201 ) na na ( a ) during 2013 , certain loans that resulted from restructurings that were previously classified as performing were reclassified as nonperforming loans . prior periods were revised to conform with the current presentation . ( b ) receivables from customers and other primarily includes margin loans to prime and retail brokerage customers ; these are classified in accrued interest and accounts receivable on the consolidated balance sheets . ( c ) represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures ; these derivatives do not qualify for hedge accounting under u.s . gaap . excludes the synthetic credit portfolio . for additional information , see credit derivatives on pages 137 2013138 , and note 6 on pages 220 2013233 of this annual report . ( d ) excludes assets acquired in loan satisfactions. .","['2253.0', '411814.0', '0.00547']" "['what was the net revenue in 2008?', 'and in 2007?', 'what was the change in net revenue between the two years?', 'and the growth rate in net revenue in 2008?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy louisiana , llc management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2008 to 2007 . amount ( in millions ) .
1amount ( in millions )
22007 net revenue$ 991.1
3retail electric price-17.1 ( 17.1 )
4purchased power capacity-12.0 ( 12.0 )
5net wholesale revenue-7.4 ( 7.4 )
6other4.6
72008 net revenue$ 959.2
the retail electric price variance is primarily due to the cessation of the interim storm recovery through the formula rate plan upon the act 55 financing of storm costs and a credit passed on to customers as a result of the act 55 storm cost financing , partially offset by increases in the formula rate plan effective october 2007 . refer to ""hurricane rita and hurricane katrina"" and ""state and local rate regulation"" below for a discussion of the interim recovery of storm costs , the act 55 storm cost financing , and the formula rate plan filing . the purchased power capacity variance is due to the amortization of deferred capacity costs effective september 2007 as a result of the formula rate plan filing in may 2007 . purchased power capacity costs are offset in base revenues due to a base rate increase implemented to recover incremental deferred and ongoing purchased power capacity charges . see ""state and local rate regulation"" below for a discussion of the formula rate plan filing . the net wholesale revenue variance is primarily due to provisions recorded for potential rate refunds related to the treatment of interruptible load in pricing entergy system affiliate sales . gross operating revenue and , fuel and purchased power expenses gross operating revenues increased primarily due to an increase of $ 364.7 million in fuel cost recovery revenues due to higher fuel rates offset by decreased usage . the increase was partially offset by a decrease of $ 56.8 million in gross wholesale revenue due to a decrease in system agreement rough production cost equalization credits . fuel and purchased power expenses increased primarily due to increases in the average market prices of natural gas and purchased power , partially offset by a decrease in the recovery from customers of deferred fuel costs. .","['959.2', '991.1', '-31.9', '-0.03219']" "['what is the capital spending amount in 2007?', 'what about in 2006?', 'what is the difference among these years?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: page 30 of 94 are included in capital spending amounts . another example is the company 2019s decision in 2007 to contribute an additional $ 44.5 million ( $ 27.3 million ) to its pension plans as part of its overall debt reduction plan . based on this , our consolidated free cash flow is summarized as follows: .
1( $ in millions )200720062005
2cash flows from operating activities$ 673.0$ 401.4$ 558.8
3incremental pension funding net of tax27.320132013
4capital spending-308.5 ( 308.5 )-279.6 ( 279.6 )-291.7 ( 291.7 )
5proceeds for replacement of fire-damaged assets48.661.32013
6free cash flow$ 440.4$ 183.1$ 267.1
based on information currently available , we estimate cash flows from operating activities for 2008 to be approximately $ 650 million , capital spending to be approximately $ 350 million and free cash flow to be in the $ 300 million range . capital spending of $ 259.9 million ( net of $ 48.6 million in insurance recoveries ) in 2007 was below depreciation and amortization expense of $ 281 million . we continue to invest capital in our best performing operations , including projects to increase custom can capabilities , improve beverage can and end making productivity and add more beverage can capacity in europe , as well as expenditures in the aerospace and technologies segment . of the $ 350 million of planned capital spending for 2008 , approximately $ 180 million will be spent on top-line sales growth projects . debt facilities and refinancing interest-bearing debt at december 31 , 2007 , decreased $ 93.1 million to $ 2358.6 million from $ 2451.7 million at december 31 , 2006 . the 2007 debt decrease from 2006 was primarily attributed to debt payments offset by higher foreign exchange rates . at december 31 , 2007 , $ 705 million was available under the company 2019s multi-currency revolving credit facilities . the company also had $ 345 million of short-term uncommitted credit facilities available at the end of the year , of which $ 49.7 million was outstanding . on october 13 , 2005 , ball refinanced its senior secured credit facilities and during the third and fourth quarters of 2005 , ball redeemed its 7.75% ( 7.75 % ) senior notes due august 2006 primarily through the drawdown of funds under the new credit facilities . the refinancing and redemption resulted in a pretax debt refinancing charge of $ 19.3 million ( $ 12.3 million after tax ) to reflect the call premium associated with the senior notes and the write off of unamortized debt issuance costs . the company has a receivables sales agreement that provides for the ongoing , revolving sale of a designated pool of trade accounts receivable of ball 2019s north american packaging operations , up to $ 250 million . the agreement qualifies as off-balance sheet financing under the provisions of statement of financial accounting standards ( sfas ) no . 140 , as amended by sfas no . 156 . net funds received from the sale of the accounts receivable totaled $ 170 million and $ 201.3 million at december 31 , 2007 and 2006 , respectively , and are reflected as a reduction of accounts receivable in the consolidated balance sheets . the company was not in default of any loan agreement at december 31 , 2007 , and has met all payment obligations . the u.s . note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividends , investments , financial ratios , guarantees and the incurrence of additional indebtedness . additional details about the company 2019s receivables sales agreement and debt are available in notes 7 and 13 , respectively , accompanying the consolidated financial statements within item 8 of this report. .","['308.5', '279.6', '28.9', '0.10336']" "['what was the amount reclassified to earnings from accumulated other comprehensive income to pension and post retirement expense pre-tax?', 'and what was it, after-tax?', 'what was, then, the change caused by the tax?', 'and how much does this change represent in relation to that after-tax amount?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: in september 2006 , the fasb issued sfas no . 158 , 201cemployers 2019 accounting for defined benefit pension and other postretirement plans , an amendment of fasb statements no . 87 , 88 , 106 and 132 ( r ) . 201d this standard eliminated the requirement for a 201cminimum pension liability adjustment 201d that was previously required under sfas no . 87 and required employers to recognize the underfunded or overfunded status of a defined benefit plan as an asset or liability in its statement of financial position . in 2006 , as a result of the implementation of sfas no . 158 , the company recognized an after-tax decrease in accumulated other comprehensive income of $ 1.187 billion and $ 513 million for the u.s . and international pension benefit plans , respectively , and $ 218 million for the postretirement health care and life insurance benefit plan . see note 11 for additional detail . reclassification adjustments are made to avoid double counting in comprehensive income items that are also recorded as part of net income . in 2007 , as disclosed in the net periodic benefit cost table in note 11 , $ 198 million pre-tax ( $ 123 million after-tax ) were reclassified to earnings from accumulated other comprehensive income to pension and postretirement expense in the income statement . these pension and postretirement expense amounts are shown in the table in note 11 as amortization of transition ( asset ) obligation , amortization of prior service cost ( benefit ) and amortization of net actuarial ( gain ) loss . other reclassification adjustments ( except for cash flow hedging instruments adjustments provided in note 12 ) were not material . no tax provision has been made for the translation of foreign currency financial statements into u.s . dollars . note 7 . supplemental cash flow information .
1( millions )200720062005
2cash income tax payments$ 1999$ 1842$ 1277
3cash interest payments16211979
4capitalized interest251612
individual amounts in the consolidated statement of cash flows exclude the impacts of acquisitions , divestitures and exchange rate impacts , which are presented separately . 201cother 2013 net 201d in the consolidated statement of cash flows within operating activities in 2007 and 2006 includes changes in liabilities related to 3m 2019s restructuring actions ( note 4 ) and in 2005 includes the non-cash impact of adopting fin 47 ( $ 35 million cumulative effect of accounting change ) . transactions related to investing and financing activities with significant non-cash components are as follows : in 2007 , 3m purchased certain assets of diamond productions , inc . for approximately 150 thousand shares of 3m common stock , which has a market value of approximately $ 13 million at the acquisition 2019s measurement date . liabilities assumed from acquisitions are provided in the tables in note 2. .","['198.0', '123.0', '75.0', '0.60976']" "['what was the change in the stock price performance for hum from 2011 to 2012?', 'and how much did this change represent, in percentage, in relation to that price performance in 2011?', 'and considering only the first year of the investment for all the stocks shown in the chart, what was the biggest price performance in 2011?', 'what was the change in that performance since 2010?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change . in addition , under the terms of the merger agreement , we have agreed with aetna to coordinate the declaration and payment of dividends so that our stockholders do not fail to receive a quarterly dividend around the time of the closing of the merger . on october 29 , 2015 , the board declared a cash dividend of $ 0.29 per share that was paid on january 29 , 2016 to stockholders of record on december 30 , 2015 , for an aggregate amount of $ 43 million . stock total return performance the following graph compares our total return to stockholders with the returns of the standard & poor 2019s composite 500 index ( 201cs&p 500 201d ) and the dow jones us select health care providers index ( 201cpeer group 201d ) for the five years ended december 31 , 2015 . the graph assumes an investment of $ 100 in each of our common stock , the s&p 500 , and the peer group on december 31 , 2010 , and that dividends were reinvested when paid. .
112/31/201012/31/201112/31/201212/31/201312/31/201412/31/2015
2hum$ 100$ 162$ 128$ 195$ 274$ 343
3s&p 500$ 100$ 102$ 118$ 157$ 178$ 181
4peer group$ 100$ 110$ 129$ 177$ 226$ 239
the stock price performance included in this graph is not necessarily indicative of future stock price performance. .","['0.79012', '0.00488', '162.0', '62.0']" "['of how many years is the period of the lease for pilgrim?', 'and of how many years is the one for fitzpatrick?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part i item 1 entergy corporation , utility operating companies , and system energy entergy wholesale commodities during 2010 entergy integrated its non-utility nuclear and its non-nuclear wholesale assets businesses into a new organization called entergy wholesale commodities . entergy wholesale commodities includes the ownership and operation of six nuclear power plants , five of which are located in the northeast united states , with the sixth located in michigan , and is primarily focused on selling electric power produced by those plants to wholesale customers . entergy wholesale commodities 2019 revenues are primarily derived from sales of energy and generation capacity from these plants . entergy wholesale commodities also provides operations and management services , including decommissioning services , to nuclear power plants owned by other utilities in the united states . entergy wholesale commodities also includes the ownership of , or participation in joint ventures that own , non-nuclear power plants and the sale to wholesale customers of the electric power produced by these plants . property nuclear generating stations entergy wholesale commodities includes the ownership of the following nuclear power plants : power plant market service acquired location capacity- reactor type license expiration .
1power plantmarketinserviceyearacquiredlocationcapacity-reactor typelicenseexpirationdate
2pilgrimis0-ne1972july 1999plymouth ma688 mw - boiling water2012
3fitzpatricknyiso1975nov . 2000oswego ny838 mw - boiling water2034
4indian point 3nyiso1976nov . 2000buchanan ny1041 mw - pressurized water2015
5indian point 2nyiso1974sept . 2001buchanan ny1028 mw - pressurized water2013
6vermont yankeeis0-ne1972july 2002vernon vt605 mw - boiling water2032
7palisadesmiso1971apr . 2007south haven mi811 mw - pressurized water2031
entergy wholesale commodities also includes the ownership of two non-operating nuclear facilities , big rock point in michigan and indian point 1 in new york that were acquired when entergy purchased the palisades and indian point 2 nuclear plants , respectively . these facilities are in various stages of the decommissioning process . the nrc operating license for vermont yankee was to expire in march 2012 . in march 2011 the nrc renewed vermont yankee 2019s operating license for an additional 20 years , as a result of which the license now expires in 2032 . for additional discussion regarding the continued operation of the vermont yankee plant , see 201cimpairment of long-lived assets 201d in note 1 to the financial statements . the operating licenses for pilgrim , indian point 2 , and indian point 3 expire between 2012 and 2015 . under federal law , nuclear power plants may continue to operate beyond their license expiration dates while their renewal applications are pending nrc approval . various parties have expressed opposition to renewal of the licenses . with respect to the pilgrim license renewal , the atomic safety and licensing board ( aslb ) of the nrc , after issuing an order denying a new hearing request , terminated its proceeding on pilgrim 2019s license renewal application . with the aslb process concluded the proceeding , including appeals of certain aslb decisions , is now before the nrc . in april 2007 , entergy submitted an application to the nrc to renew the operating licenses for indian point 2 and 3 for an additional 20 years . the aslb has admitted 21 contentions raised by the state of new york or other parties , which were combined into 16 discrete issues . two of the issues have been resolved , leaving 14 issues that are currently subject to aslb hearings . in july 2011 , the aslb granted the state of new york 2019s motion for summary disposition of an admitted contention challenging the adequacy of a section of indian point 2019s environmental analysis as incorporated in the fseis ( discussed below ) . that section provided cost estimates for severe accident mitigation alternatives ( samas ) , which are hardware and procedural changes that could be .","['13.0', '34.0']" "['what was the total of net earnings in 2015?', 'and what was it in 2014?', 'what was, then, the change over the year?', 'and how much does this change represent in relation to the net earnings in 2014, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the income approach indicates value for an asset or liability based on the present value of cash flow projected to be generated over the remaining economic life of the asset or liability being measured . both the amount and the duration of the cash flows are considered from a market participant perspective . our estimates of market participant net cash flows considered historical and projected pricing , remaining developmental effort , operational performance including company- specific synergies , aftermarket retention , product life cycles , material and labor pricing , and other relevant customer , contractual and market factors . where appropriate , the net cash flows are adjusted to reflect the uncertainties associated with the underlying assumptions , as well as the risk profile of the net cash flows utilized in the valuation . the adjusted future cash flows are then discounted to present value using an appropriate discount rate . projected cash flow is discounted at a required rate of return that reflects the relative risk of achieving the cash flows and the time value of money . the market approach is a valuation technique that uses prices and other relevant information generated by market transactions involving identical or comparable assets , liabilities , or a group of assets and liabilities . valuation techniques consistent with the market approach often use market multiples derived from a set of comparables . the cost approach , which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility , was used , as appropriate , for property , plant and equipment . the cost to replace a given asset reflects the estimated reproduction or replacement cost , less an allowance for loss in value due to depreciation . the purchase price allocation resulted in the recognition of $ 2.8 billion of goodwill , all of which is expected to be amortizable for tax purposes . substantially all of the goodwill was assigned to our rms business . the goodwill recognized is attributable to expected revenue synergies generated by the integration of our products and technologies with those of sikorsky , costs synergies resulting from the consolidation or elimination of certain functions , and intangible assets that do not qualify for separate recognition , such as the assembled workforce of sikorsky . determining the fair value of assets acquired and liabilities assumed requires the exercise of significant judgments , including the amount and timing of expected future cash flows , long-term growth rates and discount rates . the cash flows employed in the dcf analyses are based on our best estimate of future sales , earnings and cash flows after considering factors such as general market conditions , customer budgets , existing firm orders , expected future orders , contracts with suppliers , labor agreements , changes in working capital , long term business plans and recent operating performance . use of different estimates and judgments could yield different results . impact to 2015 financial results sikorsky 2019s 2015 financial results have been included in our consolidated financial results only for the period from the november 6 , 2015 acquisition date through december 31 , 2015 . as a result , our consolidated financial results for the year ended december 31 , 2015 do not reflect a full year of sikorsky 2019s results . from the november 6 , 2015 acquisition date through december 31 , 2015 , sikorsky generated net sales of approximately $ 400 million and operating loss of approximately $ 45 million , inclusive of intangible amortization and adjustments required to account for the acquisition . we incurred approximately $ 38 million of non-recoverable transaction costs associated with the sikorsky acquisition in 2015 that were expensed as incurred . these costs are included in other income , net on our consolidated statements of earnings . we also incurred approximately $ 48 million in costs associated with issuing the $ 7.0 billion november 2015 notes used to repay all outstanding borrowings under the 364-day facility used to finance the acquisition . the financing costs were recorded as a reduction of debt and will be amortized to interest expense over the term of the related debt . supplemental pro forma financial information ( unaudited ) the following table presents summarized unaudited pro forma financial information as if sikorsky had been included in our financial results for the entire years in 2015 and 2014 ( in millions ) : .
120152014
2net sales$ 45366$ 47369
3net earnings35343475
4basic earnings per common share11.3910.97
5diluted earnings per common share11.2310.78
the unaudited supplemental pro forma financial data above has been calculated after applying our accounting policies and adjusting the historical results of sikorsky with pro forma adjustments , net of tax , that assume the acquisition occurred on january 1 , 2014 . significant pro forma adjustments include the recognition of additional amortization expense related to acquired intangible assets and additional interest expense related to the short-term debt used to finance the acquisition . these .","['3534.0', '3475.0', '59.0', '0.01698']" "['what was the value of maturities in 2009?', 'what was the value of maturities in 2008?', 'what is the net change in maturities?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: ventas , inc . notes to consolidated financial statements 2014 ( continued ) applicable indenture . the issuers may also redeem the 2015 senior notes , in whole at any time or in part from time to time , on or after june 1 , 2010 at varying redemption prices set forth in the applicable indenture , plus accrued and unpaid interest thereon to the redemption date . in addition , at any time prior to june 1 , 2008 , the issuers may redeem up to 35% ( 35 % ) of the aggregate principal amount of either or both of the 2010 senior notes and 2015 senior notes with the net cash proceeds from certain equity offerings at redemption prices equal to 106.750% ( 106.750 % ) and 107.125% ( 107.125 % ) , respectively , of the principal amount thereof , plus , in each case , accrued and unpaid interest thereon to the redemption date . the issuers may redeem the 2014 senior notes , in whole at any time or in part from time to time , ( i ) prior to october 15 , 2009 at a redemption price equal to 100% ( 100 % ) of the principal amount thereof , plus a make-whole premium as described in the applicable indenture and ( ii ) on or after october 15 , 2009 at varying redemption prices set forth in the applicable indenture , plus , in each case , accrued and unpaid interest thereon to the redemption date . the issuers may redeem the 2009 senior notes and the 2012 senior notes , in whole at any time or in part from time to time , at a redemption price equal to 100% ( 100 % ) of the principal amount thereof , plus accrued and unpaid interest thereon to the redemption date and a make-whole premium as described in the applicable indenture . if we experience certain kinds of changes of control , the issuers must make an offer to repurchase the senior notes , in whole or in part , at a purchase price in cash equal to 101% ( 101 % ) of the principal amount of the senior notes , plus any accrued and unpaid interest to the date of purchase ; provided , however , that in the event moody 2019s and s&p have confirmed their ratings at ba3 or higher and bb- or higher on the senior notes and certain other conditions are met , this repurchase obligation will not apply . mortgages at december 31 , 2007 , we had outstanding 121 mortgage loans totaling $ 1.57 billion that are collateralized by the underlying assets of the properties . outstanding principal balances on these loans ranged from $ 0.4 million to $ 59.4 million as of december 31 , 2007 . the loans generally bear interest at fixed rates ranging from 5.4% ( 5.4 % ) to 8.5% ( 8.5 % ) per annum , except for 15 loans with outstanding principal balances ranging from $ 0.4 million to $ 32.0 million , which bear interest at the lender 2019s variable rates ranging from 3.4% ( 3.4 % ) to 7.3% ( 7.3 % ) per annum as of december 31 , 2007 . at december 31 , 2007 , the weighted average annual rate on fixed rate debt was 6.5% ( 6.5 % ) and the weighted average annual rate on the variable rate debt was 6.1% ( 6.1 % ) . the loans had a weighted average maturity of 7.0 years as of december 31 , 2007 . sunrise 2019s portion of total debt was $ 157.1 million as of december 31 , scheduled maturities of borrowing arrangements and other provisions as of december 31 , 2007 , our indebtedness had the following maturities ( in thousands ) : .
12008$ 193101
22009605762
32010282138
42011303191
52012527221
6thereafter1436263
7total maturities3347676
8unamortized fair value adjustment19669
9unamortized commission fees and discounts-6846 ( 6846 )
10senior notes payable and other debt$ 3360499
.","['605762.0', '193101.0', '412661.0', '2.13702']" "['what was the stockholders 2019 equity derivative as of december 2006?', 'and what was it in january of that same year?', 'what was, then, the change over the year?', 'what was the stockholders 2019 equity derivative as of january 2006?', 'and how much does this change represent in relation to this january equity derivative, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the fair value of the interest agreements at december 31 , 2007 and december 31 , 2006 was $ 3 million and $ 1 million , respectively . the company is exposed to credit loss in the event of nonperformance by the counterparties to its swap contracts . the company minimizes its credit risk on these transactions by only dealing with leading , creditworthy financial institutions and does not anticipate nonperformance . in addition , the contracts are distributed among several financial institutions , all of whom presently have investment grade credit ratings , thus minimizing credit risk concentration . stockholders 2019 equity derivative instruments activity , net of tax , included in non-owner changes to equity within the consolidated statements of stockholders 2019 equity for the years ended december 31 , 2007 and 2006 is as follows: .
1200720062005
2balance at january 1$ 16$ 2$ -272 ( 272 )
3increase ( decrease ) in fair value-6 ( 6 )7528
4reclassifications to earnings-10 ( 10 )-61 ( 61 )246
5balance at december 31$ 2014$ 16$ 2
net investment in foreign operations hedge at december 31 , 2007 and 2006 , the company did not have any hedges of foreign currency exposure of net investments in foreign operations . investments hedge during the first quarter of 2006 , the company entered into a zero-cost collar derivative ( the 201csprint nextel derivative 201d ) to protect itself economically against price fluctuations in its 37.6 million shares of sprint nextel corporation ( 201csprint nextel 201d ) non-voting common stock . during the second quarter of 2006 , as a result of sprint nextel 2019s spin-off of embarq corporation through a dividend to sprint nextel shareholders , the company received approximately 1.9 million shares of embarq corporation . the floor and ceiling prices of the sprint nextel derivative were adjusted accordingly . the sprint nextel derivative was not designated as a hedge under the provisions of sfas no . 133 , 201caccounting for derivative instruments and hedging activities . 201d accordingly , to reflect the change in fair value of the sprint nextel derivative , the company recorded a net gain of $ 99 million for the year ended december 31 , 2006 , included in other income ( expense ) in the company 2019s consolidated statements of operations . in december 2006 , the sprint nextel derivative was terminated and settled in cash and the 37.6 million shares of sprint nextel were converted to common shares and sold . the company received aggregate cash proceeds of approximately $ 820 million from the settlement of the sprint nextel derivative and the subsequent sale of the 37.6 million sprint nextel shares . the company recognized a loss of $ 126 million in connection with the sale of the remaining shares of sprint nextel common stock . as described above , the company recorded a net gain of $ 99 million in connection with the sprint nextel derivative . prior to the merger of sprint corporation ( 201csprint 201d ) and nextel communications , inc . ( 201cnextel 201d ) , the company had entered into variable share forward purchase agreements ( the 201cvariable forwards 201d ) to hedge its nextel common stock . the company did not designate the variable forwards as a hedge of the sprint nextel shares received as a result of the merger . accordingly , the company recorded $ 51 million of gains for the year ended december 31 , 2005 reflecting the change in value of the variable forwards . the variable forwards were settled during the fourth quarter of 2005 . fair value of financial instruments the company 2019s financial instruments include cash equivalents , sigma fund investments , short-term investments , accounts receivable , long-term finance receivables , accounts payable , accrued liabilities , derivatives and other financing commitments . the company 2019s sigma fund and investment portfolios and derivatives are recorded in the company 2019s consolidated balance sheets at fair value . all other financial instruments , with the exception of long-term debt , are carried at cost , which is not materially different than the instruments 2019 fair values. .","['16.0', '2.0', '14.0', '2.0', '7.0']" "['what was the percentage rent in 2002, in thousands?', 'and what was it in 2001?', 'what was, then, the total percentage rent in both years combined, in thousands?', 'and in the subsequent year of 2002, what was the total of future noncancelable minimum rent amounts for 2004 and 2005, also in thousands?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: vornado realty trust 77 cash flows the company expects to contribute $ 959000 to the plans in 2004 . 11 . leases as lessor : the company leases space to tenants under operating leases . most of the leases provide for the payment of fixed base rentals payable monthly in advance . shopping center leases provide for the pass-through to tenants of real estate taxes , insurance and maintenance . office building leases generally require the tenants to reimburse the company for operating costs and real estate taxes above their base year costs . shopping center leases also provide for the payment by the lessee of additional rent based on a percentage of the tenants 2019 sales . as of december 31 , 2003 , future base rental revenue under non-cancelable operating leases , excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options , is as follows : ( amounts in thousands ) year ending december 31: .
12004$ 1084934
22005968162
32006846345
42007770228
52008608267
6thereafter3423083
these amounts do not include rentals based on tenants 2019 sales . these percentage rents approximated $ 3662000 , $ 1832000 , and $ 2157000 , for the years ended december 31 , 2003 , 2002 , and 2001 . except for the u.s . government , which accounted for 12.7% ( 12.7 % ) of the company 2019s revenue , none of the company 2019s tenants represented more than 10% ( 10 % ) of total revenues for the year ended december 31 , 2003 . former bradlees locations property rentals for the year ended december 31 , 2003 , include $ 5000000 of additional rent which , effective december 31 , 2002 , was re-allocated to the former bradlees locations in marlton , turnersville , bensalem and broomall and is payable by stop & shop , pursuant to the master agreement and guaranty , dated may 1 , 1992 . this amount is in addition to all other rent guaranteed by stop & shop for the former bradlees locations . on january 8 , 2003 , stop & shop filed a complaint with the united states district court claiming the company has no right to reallocate and therefore continue to collect the $ 5000000 of annual rent from stop & shop because of the expiration of the east brunswick , jersey city , middletown , union and woodbridge leases to which the $ 5000000 of additional rent was previously allocated . the company believes the additional rent provision of the guaranty expires at the earliest in 2012 and will vigorously oppose stop & shop 2019s complaint . in february 2003 , koninklijke ahold nv , parent of stop & shop , announced that it overstated its 2002 and 2001 earnings by at least $ 500 million and is under investigation by the u.s . justice department and securities and exchange commission . the company cannot predict what effect , if any , this situation may have on stop & shop 2019s ability to satisfy its obligation under the bradlees guarantees and rent for existing stop & shop leases aggregating approximately $ 10.5 million per annum . notes to consolidated financial statements sr-176_fin_l02p53_82v1.qxd 4/8/04 2:42 pm page 77 .","['1832000.0', '2157000.0', '3989000.0', '2053096.0']" "['what is the net change in the lcr from 2014 to 2016?', 'what percentage change does this represent?', 'what is the net outflows\tin 2016?', 'what about in 2015?', 'what is the net change in net outflows?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: liquidity monitoring and measurement stress testing liquidity stress testing is performed for each of citi 2019s major entities , operating subsidiaries and/or countries . stress testing and scenario analyses are intended to quantify the potential impact of a liquidity event on the balance sheet and liquidity position , and to identify viable funding alternatives that can be utilized . these scenarios include assumptions about significant changes in key funding sources , market triggers ( such as credit ratings ) , potential uses of funding and political and economic conditions in certain countries . these conditions include expected and stressed market conditions as well as company- specific events . liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over a variety of time horizons ( overnight , one week , two weeks , one month , three months , one year ) and over a variety of stressed conditions . liquidity limits are set accordingly . to monitor the liquidity of an entity , these stress tests and potential mismatches are calculated with varying frequencies , with several tests performed daily . given the range of potential stresses , citi maintains a series of contingency funding plans on a consolidated basis and for individual entities . these plans specify a wide range of readily available actions for a variety of adverse market conditions or idiosyncratic stresses . short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal measures that citi has developed for a 30-day stress scenario , citi also monitors its liquidity by reference to the lcr , as calculated pursuant to the u.s . lcr rules . generally , the lcr is designed to ensure that banks maintain an adequate level of hqla to meet liquidity needs under an acute 30-day stress scenario . the lcr is calculated by dividing hqla by estimated net outflows over a stressed 30-day period , with the net outflows determined by applying prescribed outflow factors to various categories of liabilities , such as deposits , unsecured and secured wholesale borrowings , unused lending commitments and derivatives- related exposures , partially offset by inflows from assets maturing within 30 days . banks are required to calculate an add-on to address potential maturity mismatches between contractual cash outflows and inflows within the 30-day period in determining the total amount of net outflows . the minimum lcr requirement is 100% ( 100 % ) , effective january 2017 . in december 2016 , the federal reserve board adopted final rules which require additional disclosures relating to the lcr of large financial institutions , including citi . among other things , the final rules require citi to disclose components of its average hqla , lcr and inflows and outflows each quarter . in addition , the final rules require disclosure of citi 2019s calculation of the maturity mismatch add-on as well as other qualitative disclosures . the effective date for these disclosures is april 1 , 2017 . the table below sets forth the components of citi 2019s lcr calculation and hqla in excess of net outflows for the periods indicated : in billions of dollars dec . 31 , sept . 30 , dec . 31 .
1in billions of dollarsdec . 31 2016sept . 30 2016dec . 31 2015
2hqla$ 403.7$ 403.8$ 389.2
3net outflows332.5335.3344.4
4lcr121% ( 121 % )120% ( 120 % )113% ( 113 % )
5hqla in excess of net outflows$ 71.3$ 68.5$ 44.8
note : amounts set forth in the table above are presented on an average basis . as set forth in the table above , citi 2019s lcr increased both year-over-year and sequentially . the increase year-over-year was driven by both an increase in hqla and a reduction in net outflows . sequentially , the increase was driven by a slight reduction in net outflows , as hqla remained largely unchanged . long-term liquidity measurement : net stable funding ratio ( nsfr ) in the second quarter of 2016 , the federal reserve board , the fdic and the occ issued a proposed rule to implement the basel iii nsfr requirement . the u.s.-proposed nsfr is largely consistent with the basel committee 2019s final nsfr rules . in general , the nsfr assesses the availability of a bank 2019s stable funding against a required level . a bank 2019s available stable funding would include portions of equity , deposits and long-term debt , while its required stable funding would be based on the liquidity characteristics of its assets , derivatives and commitments . standardized weightings would be required to be applied to the various asset and liabilities classes . the ratio of available stable funding to required stable funding would be required to be greater than 100% ( 100 % ) . while citi believes that it is compliant with the proposed u.s . nsfr rules as of december 31 , 2016 , it will need to evaluate any final version of the rules , which are expected to be released during 2017 . the proposed rules would require full implementation of the u.s . nsfr beginning january 1 , 2018. .","['8.0', '0.0708', '332.5', '344.4', '-11.9']" "['what was the net value change in the deferred compensation and deferred benefit liability balance between 2017 and 2018?', 'what was the deferred compensation and deferred benefit liability balance in 2017?', 'what was the net value change in the deferred compensation and deferred benefit liability balance between 2017 and 2018 divided by 213.2?', 'what is that value time 100?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) the estimated future benefit payments expected to be paid are presented below . domestic pension plan foreign pension plans domestic postretirement benefit plan .
1yearsdomesticpension planforeignpension plansdomestic postretirementbenefit plan
22019$ 14.5$ 21.7$ 3.0
320208.818.72.8
420218.019.82.6
520228.320.92.4
620237.821.82.2
72024 - 202836.7117.29.8
the estimated future payments for our domestic postretirement benefit plan are net of any estimated u.s . federal subsidies expected to be received under the medicare prescription drug , improvement and modernization act of 2003 , which total no more than $ 0.3 in any individual year . savings plans we sponsor defined contribution plans ( the 201csavings plans 201d ) that cover substantially all domestic employees . the savings plans permit participants to make contributions on a pre-tax and/or after-tax basis and allow participants to choose among various investment alternatives . we match a portion of participant contributions based upon their years of service . amounts expensed for the savings plans for 2018 , 2017 and 2016 were $ 52.6 , $ 47.2 and $ 47.0 , respectively . expenses include a discretionary company contribution of $ 6.7 , $ 3.6 and $ 6.1 offset by participant forfeitures of $ 5.8 , $ 4.6 and $ 4.4 in 2018 , 2017 and 2016 , respectively . in addition , we maintain defined contribution plans in various foreign countries and contributed $ 51.3 , $ 47.4 and $ 44.5 to these plans in 2018 , 2017 and 2016 , respectively . deferred compensation and benefit arrangements we have deferred compensation and benefit arrangements which ( i ) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation or ( ii ) require us to contribute an amount to the participant 2019s account . these arrangements may provide participants with the amounts deferred plus interest upon attaining certain conditions , such as completing a certain number of years of service , attaining a certain age or upon retirement or termination . as of december 31 , 2018 and 2017 , the deferred compensation and deferred benefit liability balance was $ 196.2 and $ 213.2 , respectively . amounts expensed for deferred compensation and benefit arrangements in 2018 , 2017 and 2016 were $ 10.0 , $ 18.5 and $ 18.5 , respectively . we have purchased life insurance policies on participants 2019 lives to assist in the funding of the related deferred compensation and deferred benefit liabilities . as of december 31 , 2018 and 2017 , the cash surrender value of these policies was $ 177.3 and $ 177.4 , respectively . long-term disability plan we have a long-term disability plan which provides income replacement benefits to eligible participants who are unable to perform their job duties or any job related to his or her education , training or experience . as all income replacement benefits are fully insured , no related obligation is required as of december 31 , 2018 and 2017 . in addition to income replacement benefits , plan participants may remain covered for certain health and life insurance benefits up to normal retirement age , and accordingly , we have recorded an obligation of $ 5.9 and $ 8.4 as of december 31 , 2018 and 2017 , respectively. .","['17.0', '213.2', '0.07974', '7.97373']" "['what was the weighted average useful life for purchased technology, in years?', 'and what was it for customer contracts and relationships, also in years?', 'what was, then, the total of years in weighted average useful life for both of those intangible assets?', 'and what is the average between them?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents adobe inc . notes to consolidated financial statements ( continued ) goodwill , purchased intangibles and other long-lived assets goodwill is assigned to one or more reporting segments on the date of acquisition . we review our goodwill for impairment annually during our second quarter of each fiscal year and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of any one of our reporting units below its respective carrying amount . in performing our goodwill impairment test , we first perform a qualitative assessment , which requires that we consider events or circumstances including macroeconomic conditions , industry and market considerations , cost factors , overall financial performance , changes in management or key personnel , changes in strategy , changes in customers , changes in the composition or carrying amount of a reporting segment 2019s net assets and changes in our stock price . if , after assessing the totality of events or circumstances , we determine that it is more likely than not that the fair values of our reporting segments are greater than the carrying amounts , then the quantitative goodwill impairment test is not performed . if the qualitative assessment indicates that the quantitative analysis should be performed , we then evaluate goodwill for impairment by comparing the fair value of each of our reporting segments to its carrying value , including the associated goodwill . to determine the fair values , we use the equal weighting of the market approach based on comparable publicly traded companies in similar lines of businesses and the income approach based on estimated discounted future cash flows . our cash flow assumptions consider historical and forecasted revenue , operating costs and other relevant factors . we completed our annual goodwill impairment test in the second quarter of fiscal 2018 . we determined , after performing a qualitative review of each reporting segment , that it is more likely than not that the fair value of each of our reporting segments substantially exceeds the respective carrying amounts . accordingly , there was no indication of impairment and the quantitative goodwill impairment test was not performed . we did not identify any events or changes in circumstances since the performance of our annual goodwill impairment test that would require us to perform another goodwill impairment test during the fiscal year . we amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists . we continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets , including our intangible assets may not be recoverable . when such events or changes in circumstances occur , we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows . if the future undiscounted cash flows are less than the carrying amount of these assets , we recognize an impairment loss based on any excess of the carrying amount over the fair value of the assets . we did not recognize any intangible asset impairment charges in fiscal 2018 , 2017 or 2016 . during fiscal 2018 , our intangible assets were amortized over their estimated useful lives ranging from 1 to 14 years . amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed or on a straight-line basis when the consumption pattern is not apparent . the weighted average useful lives of our intangible assets were as follows : weighted average useful life ( years ) .
1weighted averageuseful life ( years )
2purchased technology6
3customer contracts and relationships9
4trademarks9
5acquired rights to use technology10
6backlog2
7other intangibles4
income taxes we use the asset and liability method of accounting for income taxes . under this method , income tax expense is recognized for the amount of taxes payable or refundable for the current year . in addition , deferred tax assets and liabilities are recognized for expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities , and for operating losses and tax credit carryforwards . we record a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. .","['6.0', '9.0', '15.0', '7.5']" "['what was the gross profit in 2010?', 'and what was it in 2009?', 'what was, then, the change over the year?', 'what was the gross profit in 2009?', 'and how much does that change represent in relation to this 2009 gross profit, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: year ended december 31 , 2010 compared to year ended december 31 , 2009 net revenues increased $ 207.5 million , or 24.2% ( 24.2 % ) , to $ 1063.9 million in 2010 from $ 856.4 million in 2009 . net revenues by product category are summarized below: .
1( in thousands )year ended december 31 , 2010year ended december 31 , 2009year ended december 31 , $ changeyear ended december 31 , % ( % ) change
2apparel$ 853493$ 651779$ 20171430.9% ( 30.9 % )
3footwear127175136224-9049 ( 9049 )-6.6 ( 6.6 )
4accessories4388235077880525.1
5total net sales102455082308020147024.5
6license revenues3937733331604618.1
7total net revenues$ 1063927$ 856411$ 20751624.2% ( 24.2 % )
net sales increased $ 201.5 million , or 24.5% ( 24.5 % ) , to $ 1024.6 million in 2010 from $ 823.1 million in 2009 as noted in the table above . the increase in net sales primarily reflects : 2022 $ 88.9 million , or 56.8% ( 56.8 % ) , increase in direct to consumer sales , which includes 19 additional stores in 2010 ; and 2022 unit growth driven by increased distribution and new offerings in multiple product categories , most significantly in our training , base layer , mountain , golf and underwear categories ; partially offset by 2022 $ 9.0 million decrease in footwear sales driven primarily by a decline in running and training footwear sales . license revenues increased $ 6.1 million , or 18.1% ( 18.1 % ) , to $ 39.4 million in 2010 from $ 33.3 million in 2009 . this increase in license revenues was primarily a result of increased sales by our licensees due to increased distribution and continued unit volume growth . we have developed our own headwear and bags , and beginning in 2011 , these products are being sold by us rather than by one of our licensees . gross profit increased $ 120.4 million to $ 530.5 million in 2010 from $ 410.1 million in 2009 . gross profit as a percentage of net revenues , or gross margin , increased 200 basis points to 49.9% ( 49.9 % ) in 2010 compared to 47.9% ( 47.9 % ) in 2009 . the increase in gross margin percentage was primarily driven by the following : 2022 approximate 100 basis point increase driven by increased direct to consumer higher margin sales ; 2022 approximate 50 basis point increase driven by decreased sales markdowns and returns , primarily due to improved sell-through rates at retail ; and 2022 approximate 50 basis point increase driven primarily by liquidation sales and related inventory reserve reversals . the current year period benefited from reversals of inventory reserves established in the prior year relative to certain cleated footwear , sport specific apparel and gloves . these products have historically been more difficult to liquidate at favorable prices . selling , general and administrative expenses increased $ 93.3 million to $ 418.2 million in 2010 from $ 324.9 million in 2009 . as a percentage of net revenues , selling , general and administrative expenses increased to 39.3% ( 39.3 % ) in 2010 from 37.9% ( 37.9 % ) in 2009 . these changes were primarily attributable to the following : 2022 marketing costs increased $ 19.3 million to $ 128.2 million in 2010 from $ 108.9 million in 2009 primarily due to an increase in sponsorship of events and collegiate and professional teams and athletes , increased television and digital campaign costs , including media campaigns for specific customers and additional personnel costs . in addition , we incurred increased expenses for our performance incentive plan as compared to the prior year . as a percentage of net revenues , marketing costs decreased to 12.0% ( 12.0 % ) in 2010 from 12.7% ( 12.7 % ) in 2009 primarily due to decreased marketing costs for specific customers. .","['530.5', '120.4', '410.1', '120.4', '3.40615']" "['what was the net cash from operating and investing activities in 2016?', 'and the amount used for financing activities for that year?', 'so what was the final amount of cash and cash equivalents?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: liquidity and capital resources we maintained a strong financial position throughout 2018 and as of 30 september 2018 our consolidated balance sheet included cash and cash items of $ 2791.3 . we continue to have consistent access to commercial paper markets , and cash flows from operating and financing activities are expected to meet liquidity needs for the foreseeable future . as of 30 september 2018 , we had $ 995.1 of foreign cash and cash items compared to a total amount of cash and cash items of $ 2791.3 . as a result of the tax act , we currently do not expect that a significant portion of the earnings of our foreign subsidiaries and affiliates will be subject to u.s . income tax upon subsequent repatriation to the united states . depending on the country in which the subsidiaries and affiliates reside , the repatriation of these earnings may be subject to foreign withholding and other taxes . however , since we have significant current investment plans outside the u.s. , it is our intent to permanently reinvest the majority of our foreign cash and cash items that would be subject to additional taxes outside the u.s . refer to note 22 , income taxes , for additional information . our cash flows from operating , investing , and financing activities from continuing operations , as reflected in the consolidated statements of cash flows , are summarized in the following table: .
1cash provided by ( used for )201820172016
2operating activities$ 2554.7$ 2534.1$ 2258.8
3investing activities-1649.1 ( 1649.1 )-1417.7 ( 1417.7 )-864.8 ( 864.8 )
4financing activities-1359.8 ( 1359.8 )-2040.9 ( 2040.9 )-860.2 ( 860.2 )
operating activities for the year ended 2018 , cash provided by operating activities was $ 2554.7 . income from continuing operations of $ 1455.6 was adjusted for items including depreciation and amortization , deferred income taxes , impacts from the tax act , undistributed earnings of unconsolidated affiliates , share-based compensation , and noncurrent capital lease receivables . other adjustments of $ 131.6 include a $ 54.9 net impact from the remeasurement of intercompany transactions . the related hedging instruments that eliminate the earnings impact are included as a working capital adjustment in other receivables or payables and accrued liabilities . in addition , other adjustments were impacted by cash received from the early termination of a cross currency swap of $ 54.4 , as well as the excess of pension expense over pension contributions of $ 23.5 . the working capital accounts were a use of cash of $ 265.4 , primarily driven by payables and accrued liabilities , inventories , and trade receivables , partially offset by other receivables . the use of cash in payables and accrued liabilities of $ 277.7 includes a decrease in customer advances of $ 145.7 primarily related to sale of equipment activity and $ 67.1 for maturities of forward exchange contracts that hedged foreign currency exposures . the use of cash in inventories primarily resulted from the purchase of helium molecules . in addition , inventories reflect the noncash impact of our change in accounting for u.s . inventories from lifo to fifo . the source of cash from other receivables of $ 123.6 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures for the year ended 2017 , cash provided by operating activities was $ 2534.1 . income from continuing operations of $ 1134.4 included a goodwill and intangible asset impairment charge of $ 162.1 , an equity method investment impairment charge of $ 79.5 , and a write-down of long-lived assets associated with restructuring of $ 69.2 . refer to note 5 , cost reduction and asset actions ; note 8 , summarized financial information of equity affiliates ; note 10 , goodwill ; and note 11 , intangible assets , of the consolidated financial statements for additional information on these charges . other adjustments of $ 165.4 included changes in uncertain tax positions and the fair value of foreign exchange contracts that hedge intercompany loans as well as pension contributions and expense . the working capital accounts were a source of cash of $ 48.0 that were primarily driven by payables and accrued liabilities and other receivables , partially offset by other working capital and trade receivables . the increase in payables and accrued liabilities of $ 163.8 was primarily due to timing differences related to payables and accrued liabilities and an increase in customer advances of $ 52.8 primarily related to sale of equipment activity . the source of cash from other receivables of $ 124.7 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures . other working capital was a use of cash of $ 154.0 , primarily driven by payments for income taxes . trade receivables was a use of cash of $ 73.6 which is primarily due to timing differences. .","['1394.0', '860.2', '533.8']" "['what was the net change in unrecognized tax benefits from 2011 to 2012, in millions?', 'and what percentage does this change represent in relation to those tax benefits in 2011?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: skyworks solutions , inc . notes to consolidated financial statements 2014 ( continued ) maintained a valuation allowance of $ 47.0 million . this valuation allowance is comprised of $ 33.6 million related to u.s . state tax credits , of which $ 3.6 million are state tax credits acquired from aati in fiscal year 2012 , and $ 13.4 million related to foreign deferred tax assets . if these benefits are recognized in a future period the valuation allowance on deferred tax assets will be reversed and up to a $ 46.6 million income tax benefit , and up to a $ 0.4 million reduction to goodwill may be recognized . the company will need to generate $ 209.0 million of future united states federal taxable income to utilize our united states deferred tax assets as of september 28 , 2012 . deferred tax assets are recognized for foreign operations when management believes it is more likely than not that the deferred tax assets will be recovered during the carry forward period . the company will continue to assess its valuation allowance in future periods . as of september 28 , 2012 , the company has united states federal net operating loss carry forwards of approximately $ 74.3 million , including $ 29.5 million related to the acquisition of sige , which will expire at various dates through 2030 and $ 28.1 million related to the acquisition of aati , which will expire at various dates through 2031 . the utilization of these net operating losses is subject to certain annual limitations as required under internal revenue code section 382 and similar state income tax provisions . the company also has united states federal income tax credit carry forwards of $ 37.8 million , of which $ 30.4 million of federal income tax credit carry forwards have not been recorded as a deferred tax asset . the company also has state income tax credit carry forwards of $ 33.6 million , for which the company has provided a valuation allowance . the united states federal tax credits expire at various dates through 2032 . the state tax credits relate primarily to california research tax credits which can be carried forward indefinitely . the company has continued to expand its operations and increase its investments in numerous international jurisdictions . these activities will increase the company 2019s earnings attributable to foreign jurisdictions . as of september 28 , 2012 , no provision has been made for united states federal , state , or additional foreign income taxes related to approximately $ 371.5 million of undistributed earnings of foreign subsidiaries which have been or are intended to be permanently reinvested . it is not practicable to determine the united states federal income tax liability , if any , which would be payable if such earnings were not permanently reinvested . the company 2019s gross unrecognized tax benefits totaled $ 52.4 million and $ 32.1 million as of september 28 , 2012 and september 30 , 2011 , respectively . of the total unrecognized tax benefits at september 28 , 2012 , $ 38.8 million would impact the effective tax rate , if recognized . the remaining unrecognized tax benefits would not impact the effective tax rate , if recognized , due to the company 2019s valuation allowance and certain positions which were required to be capitalized . there are no positions which the company anticipates could change within the next twelve months . a reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows ( in thousands ) : unrecognized tax benefits .
1unrecognized tax benefits
2balance at september 30 2011$ 32136
3increases based on positions related to prior years9004
4increases based on positions related to current year11265
5decreases relating to settlements with taxing authorities2014
6decreases relating to lapses of applicable statutes of limitations-25 ( 25 )
7balance at september 28 2012$ 52380
page 114 annual report .","['20.3', '0.62995']" "['what was the change in value of management fees earned from 2015 to 2016?', 'what is the change divided by the 2015 value?', 'what is that shown as a percent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: .
1contractual obligationspayments due by period ( in thousands ) totalpayments due by period ( in thousands ) 2017payments due by period ( in thousands ) 2018payments due by period ( in thousands ) 2019payments due by period ( in thousands ) 2020payments due by period ( in thousands ) 2021payments due by period ( in thousands ) thereafter
2long-term debt ( 1 )$ 3508789$ 203244$ 409257$ 366456$ 461309$ 329339$ 1739184
3line of credit ( 2 )561272650265026504817720142014
4share of unconsolidated joint ventures' debt ( 3 )91235244428466573711598123641754
5ground leases311120107455721575857935822277281
6development and construction backlog costs ( 4 )344700331553131472014201420142014
7other433577502734258014326390614480
8total contractual obligations$ 4355328$ 558138$ 466583$ 386402$ 531203$ 340303$ 2072699
( 1 ) our long-term debt consists of both secured and unsecured debt and includes both principal and interest . interest payments for variable rate debt were calculated using the interest rates as of december 31 , 2016 . repayment of our $ 250.0 million variable rate term note , which has a contractual maturity date in january 2019 , is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension , which we may exercise at our discretion . ( 2 ) our unsecured line of credit has a contractual maturity date in january 2019 , but is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension , which we may exercise at our discretion . interest payments for our unsecured line of credit were calculated using the most recent stated interest rate that was in effect.ff ( 3 ) our share of unconsolidated joint venture debt includes both principal and interest . interest expense for variable rate debt was calculated using the interest rate at december 31 , 2016 . ( 4 ) represents estimated remaining costs on the completion of owned development projects and third-party construction projects . related party y transactionstt we provide property and asset management , leasing , construction and other tenant-related services to ww unconsolidated companies in which we have equity interests . for the years ended december 31 , 2016 , 2015 and 2014 we earned management fees of $ 4.5 million , $ 6.8 million and $ 8.5 million , leasing fees of $ 2.4 million , $ 3.0 million and $ 3.4 million and construction and development fees of $ 8.0 million , $ 6.1 million and $ 5.8 million , respectively , from these companies , prior to elimination of our ownership percentage . yy we recorded these fees based ww on contractual terms that approximate market rates for these types of services and have eliminated our ownership percentages of these fees in the consolidated financial statements . commitments and contingenciesg the partnership has guaranteed the repayment of $ 32.9 million of economic development bonds issued by various municipalities in connection with certain commercial developments . we will be required to make payments under ww our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond ff debt service . management does not believe that it is probable that we will be required to make any significant payments in satisfaction of these guarantees . the partnership also has guaranteed the repayment of an unsecured loan of one of our unconsolidated subsidiaries . at december 31 , 2016 , the maximum guarantee exposure for this loan was approximately $ 52.1 million . we lease certain land positions with terms extending toww march 2114 , with a total future payment obligation of $ 311.1 million . the payments on these ground leases , which are classified as operating leases , are not material in any individual year . in addition to ground leases , we are party to other operating leases as part of conducting our business , including leases of office space from third parties , with a total future payment obligation of ff $ 43.4 million at december 31 , 2016 . no future payments on these leases are material in any individual year . we are subject to various legal proceedings and claims that arise in the ordinary course of business . in the opinion ww of management , the amount of any ultimate liability with respect to these actions is not expected to materially affect ff our consolidated financial statements or results of operations . we own certain parcels of land that are subject to special property tax assessments levied by quasi municipalww entities . to the extent that such special assessments are fixed and determinable , the discounted value of the fulltt .","['2.3', '0.51111', '51.11111']" "['what was the change in the performance of the citi common stock from 2010 to 2015?', 'and how much does this change represent in relation to that performance in 2010, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: performance graph comparison of five-year cumulative total return the following graph and table compare the cumulative total return on citi 2019s common stock , which is listed on the nyse under the ticker symbol 201cc 201d and held by 81805 common stockholders of record as of january 31 , 2016 , with the cumulative total return of the s&p 500 index and the s&p financial index over the five-year period through december 31 , 2015 . the graph and table assume that $ 100 was invested on december 31 , 2010 in citi 2019s common stock , the s&p 500 index and the s&p financial index , and that all dividends were reinvested . comparison of five-year cumulative total return for the years ended date citi s&p 500 financials .
1datecitis&p 500s&p financials
231-dec-2010100.00100.00100.00
330-dec-201155.67102.1182.94
431-dec-201283.81118.45106.84
531-dec-2013110.49156.82144.90
631-dec-2014114.83178.28166.93
731-dec-2015110.14180.75164.39
.","['10.14', '0.1014']" "['what was the total basic net income for 2001 and 2002?', 'and including 2000?', 'so what was the average of this value over these years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: d u k e r e a l t y c o r p o r a t i o n 2 8 2 0 0 2 a n n u a l r e p o r t notes to consolidated financial statements the company recognizes income on long-term construction contracts where the company serves as a general contractor on the percentage of completion method . using this method , profits are recorded on the basis of the company 2019s estimates of the percentage of completion of individual contracts , commencing when progress reaches a point where experience is sufficient to estimate final results with reasonable accuracy . that portion of the estimated earnings is accrued on the basis of the company 2019s estimates of the percentage of completion based on contract expenditures incurred and work performed . property sales gains from sales of depreciated property are recognized in accordance with statement of financial accounting standards ( 201csfas 201d ) no . 66 , and are included in earnings from sales of land and depreciable property dispositions , net of impairment adjustment , in the statement of operations if identified as held for sale prior to adoption of sfas 144 and in discontinued operations if identified as held for sale after adoption of sfas 144 . gains or losses from the sale of property which is considered held for sale in dclp are recognized in accordance with sfas 66 and are included in construction management and development activity income in the statement of operations . net income per common share basic net income per common share is computed by dividing net income available for common shares by the weighted average number of common shares outstanding for the period . diluted net income per share is computed by dividing the sum of net income available for common shares and minority interest in earnings of unitholders , by the sum of the weighted average number of common shares and units outstanding and dilutive potential common shares for the period . the following table reconciles the components of basic and diluted net income per share ( in thousands ) : the series d convertible preferred stock and the series g convertible preferred limited partner units were anti-dilutive for the years ended december 31 , 2002 , 2001 and 2000 ; therefore , no conversion to common shares is included in weighted dilutive potential common shares . in september 2002 , the company redeemed the series g convertible preferred units at their par value of $ 35.0 million . a joint venture partner in one of the company 2019s unconsolidated companies has the option to convert a portion of its ownership to company common shares ( see discussion in investments in unconsolidated companies section ) . the effect of the option on earnings per share was dilutive for the year ended december 31 , 2001 ; therefore , conversion to common shares is included in weighted dilutive potential common shares . federal income taxes the company has elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code . to qualify as a reit , the company must meet a number of organizational and operational requirements , including a requirement that it currently distribute at least 90% ( 90 % ) of its taxable income to its stockholders . management intends to continue to adhere to these requirements and to maintain the company 2019s reit status . as a reit , the company is entitled to a tax deduction for some or all of the dividends it pays to its shareholders . accordingly , the company generally will not be subject to federal income taxes as long as it distributes an amount equal to or in excess of its taxable income currently to its stockholders . a reit generally is subject to federal income taxes on any taxable income that is not currently distributed to its shareholders . if the company fails to qualify as a reit in any taxable year , it will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years . reit qualification reduces , but does not eliminate , the amount of state and local taxes paid by the company . in addition , the company 2019s financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes . as a reit , the company may also be subject to certain federal excise taxes if it engages in certain types of transactions. .
1200220012000
2basic net income available for common shares$ 161272$ 229967$ 212958
3joint venture partner convertible ownership net income201434232014
4minority interest in earnings of common unitholders185683246332071
5diluted net income available for common shares and dilutive potential common shares$ 179840$ 265853$ 245029
6weighted average number of common shares outstanding133981129660126836
7weighted average partnership units outstanding154421830119070
8joint venture partner convertible ownership common share equivalents201420922014
9dilutive shares for stock-based compensation plans141616571535
10weighted average number of common shares and dilutive potential common shares150839151710147441
.","['391239.0', '604197.0', '201399.0']" "['what was the value of cash related to restructuring initiatives in 2016?', 'what was the value in 2017?', 'what is the sum for those 2 years?', 'what was the 2018 value?', 'what is the total sum?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: reduced administrative expense . in connection with this project , we eliminated 749 positions . we incurred $ 54.7 million of net expenses , most of which was cash . we recorded $ 0.4 million of restructuring charges relating to this action in fiscal 2018 , restructuring charges were reduced by $ 0.4 million in fiscal 2017 , and we incurred $ 54.7 million of restructuring charges in fiscal 2016 . this action was completed in fiscal 2018 . in fiscal 2015 , we announced project century ( century ) which initially involved a review of our north american manufacturing and distribution network to streamline operations and identify potential capacity reductions . in fiscal 2016 , we broadened the scope of century to identify opportunities to streamline our supply chain outside of north america . as part of century , in the second quarter of fiscal 2016 , we approved a restructuring plan to close manufacturing facilities in our europe & australia segment supply chain located in berwick , united kingdom and east tamaki , new zealand . these actions affected 287 positions and we incurred $ 31.8 million of net expenses related to these actions , of which $ 12 million was cash . we recorded $ 1.8 million of restructuring charges relating to these actions in fiscal 2017 and $ 30.0 million in fiscal 2016 . these actions were completed in fiscal 2017 . as part of century , in the first quarter of fiscal 2016 , we approved a restructuring plan to close our west chicago , illinois cereal and dry dinner manufacturing plant in our north america retail segment supply chain . this action affected 484 positions , and we incurred $ 109.3 million of net expenses relating to this action , of which $ 21 million was cash . we recorded $ 6.9 million of restructuring charges relating to this action in fiscal 2018 , $ 23.2 million in fiscal 2017 and $ 79.2 million in fiscal 2016 . this action was completed in fiscal 2018 . as part of century , in the first quarter of fiscal 2016 , we approved a restructuring plan to close our joplin , missouri snacks plant in our north america retail segment supply chain . this action affected 125 positions , and we incurred $ 8.0 million of net expenses relating to this action , of which less than $ 1 million was cash . we recorded $ 1.4 million of restructuring charges relating to this action in fiscal 2018 , $ 0.3 million in fiscal 2017 , and $ 6.3 million in fiscal 2016 . this action was completed in fiscal 2018 . we paid cash related to restructuring initiatives of $ 53.6 million in fiscal 2018 , $ 107.8 million in fiscal 2017 , and $ 122.6 million in fiscal 2016 . in addition to restructuring charges , we expect to incur approximately $ 130 million of project-related costs , which will be recorded in cost of sales , all of which will be cash . we recorded project-related costs in cost of sales of $ 11.3 million in fiscal 2018 , $ 43.9 million in fiscal 2017 , and $ 57.5 million in fiscal 2016 . we paid cash for project-related costs of $ 10.9 million in fiscal 2018 , $ 46.9 million in fiscal 2017 , and $ 54.5 million in fiscal 2016 . we expect these activities to be completed in fiscal 2019 . restructuring charges and project-related costs are classified in our consolidated statements of earnings as follows: .
1in millionsfiscal 2018fiscal 2017fiscal 2016
2cost of sales$ 14.0$ 41.5$ 78.4
3restructuring impairment and other exit costs68.7182.6151.4
4total restructuring charges82.7224.1229.8
5project-related costs classified in cost ofsales$ 11.3$ 43.9$ 57.5
.","['122.6', '107.8', '230.4', '53.6', '284.0']" "['as of may 31, 2009, what was the total value of the non-vested shares, in thousands?', 'and what is that in millions?', 'and in the year before, what was that full value, also in thousands?', 'and what is that in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 2014 ( continued ) the following table summarizes the changes in non-vested restricted stock awards for the year ended may 31 , 2009 ( share awards in thousands ) : share awards weighted average grant-date fair value .
1share awardsweighted average grant-date fair value
2non-vested at may 31 2007278$ 37
3granted40038
4vested-136 ( 136 )30
5forfeited-24 ( 24 )40
6non-vested at may 31 200851839
7granted43043
8vested-159 ( 159 )39
9forfeited-27 ( 27 )41
10non-vested at may 31 200976242
the weighted average grant-date fair value of share awards granted in the years ended may 31 , 2008 and 2007 was $ 38 and $ 45 , respectively . the total fair value of share awards vested during the years ended may 31 , 2009 , 2008 and 2007 was $ 6.2 million , $ 4.1 million and $ 1.7 million , respectively . we recognized compensation expense for restricted stock of $ 9.0 million , $ 5.7 million , and $ 2.7 million in the years ended may 31 , 2009 , 2008 and 2007 . as of may 31 , 2009 , there was $ 23.5 million of total unrecognized compensation cost related to unvested restricted stock awards that is expected to be recognized over a weighted average period of 2.9 years . employee stock purchase plan we have an employee stock purchase plan under which the sale of 2.4 million shares of our common stock has been authorized . employees may designate up to the lesser of $ 25000 or 20% ( 20 % ) of their annual compensation for the purchase of stock . the price for shares purchased under the plan is 85% ( 85 % ) of the market value on the last day of the quarterly purchase period . as of may 31 , 2009 , 0.8 million shares had been issued under this plan , with 1.6 million shares reserved for future issuance . the weighted average grant-date fair value of each designated share purchased under this plan was $ 6 , $ 6 and $ 8 in the years ended may 31 , 2009 , 2008 and 2007 , respectively . these values represent the fair value of the 15% ( 15 % ) discount . note 12 2014segment information general information during fiscal 2009 , we began assessing our operating performance using a new segment structure . we made this change as a result of our june 30 , 2008 acquisition of 51% ( 51 % ) of hsbc merchant services llp in the united kingdom , in addition to anticipated future international expansion . beginning with the quarter ended august 31 , 2008 , the reportable segments are defined as north america merchant services , international merchant services , and money transfer . the following tables reflect these changes and such reportable segments for fiscal years 2009 , 2008 , and 2007. .","['32004.0', '32.004', '20202.0', '20.202']" "['as of december 31, 2013, what percentage did the impairment of goodwill represent in relation to the total goodwill balance?', 'and what was this impairment amount as a percentage of that balance as of december 31 of the previous year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: note 9 2014goodwill and other intangibles , net goodwill the following table outlines the activity in the carrying value of the company 2019s goodwill , which is all assigned to the company 2019s trading and investing segment ( dollars in thousands ) : .
1trading & investing
2balance at december 31 2011$ 1934232
3activity2014
4balance at december 31 20121934232
5impairment of goodwill-142423 ( 142423 )
6balance at december 31 2013$ 1791809
goodwill is evaluated for impairment on an annual basis and when events or changes indicate the carrying value of an asset exceeds its fair value and the loss may not be recoverable . at december 31 , 2013 and 2012 , the company 2019s trading and investing segment had two reporting units ; market making and retail brokerage . at the end of june 2013 , the company decided to exit its market making business . based on this decision in the second quarter of 2013 , the company conducted an interim goodwill impairment test for the market making reporting unit , using the expected sale structure of the market making business . this structure assumed a shorter period of cash flows related to an order flow arrangement , compared to prior estimates of fair value . based on the results of the first step of the goodwill impairment test , the company determined that the carrying value of the market making reporting unit , including goodwill , exceeded the fair value for that reporting unit as of june 30 , 2013 . the company proceeded to the second step of the goodwill impairment test to measure the amount of goodwill impairment . as a result of the evaluation , it was determined that the entire carrying amount of goodwill allocated to the market making reporting unit was impaired , and the company recognized a $ 142.4 million impairment of goodwill during the second quarter of 2013 . for the year ended december 31 , 2013 , the company performed its annual goodwill assessment for the retail brokerage reporting unit , electing to qualitatively assess whether it was more likely than not that the fair value was less than the carrying value . as a result of this assessment , the company determined that the first step of the goodwill impairment test was not necessary , and concluded that goodwill was not impaired at december 31 , 2013 . at december 31 , 2013 , goodwill is net of accumulated impairment losses of $ 142.4 million related to the trading and investing segment and $ 101.2 million in the balance sheet management segment . at december 31 , 2012 , goodwill is net of accumulated impairment losses of $ 101.2 million in the balance sheet management segment. .","['0.07949', '-0.07363']" "['what was the variation in the additions during 2005 and 2006?', 'and the increase in the deductions in 2006 and 2007?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31 , 2007 reconciliation of accumulated depreciation and amortization ( in thousands ) .
1balance december 31 2004$ 595338
2additions during period 2014depreciation and amortization expense83656
3deductions during period 2014disposition and retirements of property-15244 ( 15244 )
4balance december 31 2005$ 663750
5additions during period 2014depreciation and amortization expense89564
6deductions during period 2014disposition and retirements of property-12807 ( 12807 )
7balance december 31 2006$ 740507
8additions during period 2014depreciation and amortization expense96454
9deductions during period 2014disposition and retirements of property-80258 ( 80258 )
10balance december 31 2007$ 756703
.","['5908.0', '67451.0']" "['what is the interest expense on debt and capital lease obligations in 2018?', 'what about in 2017?', 'what is the net change among these years?', 'what is the interest expense on debt and capital lease obligations in 2017?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: gain on business divestitures and impairments , net we strive to have a number one or number two market position in each of the markets we serve , or have a clear path on how we will achieve a leading market position over time . where we cannot establish a leading market position , or where operations are not generating acceptable returns , we may decide to divest certain assets and reallocate resources to other markets . asset or business divestitures could result in gains , losses or asset impairment charges that may be material to our results of operations in a given period . during 2018 , we recorded a net gain on business divestitures , net of asset impairments of $ 44.9 million . during 2017 , we recorded a net gain on business divestitures , net of asset impairments of $ 27.1 million . we also recorded a gain on business divestitures of $ 6.8 million due to the transfer of ownership of the landfill gas collection and control system and the remaining post-closure and environmental liabilities associated with one of our divested landfills . during 2016 , we recorded a charge to earnings of $ 4.6 million primarily related to environmental costs associated with one of our divested landfills . during 2016 , we also recorded a net gain related to a business divestiture of $ 4.7 million . restructuring charges in january 2018 , we eliminated certain positions following the consolidation of select back-office functions , including but not limited to the integration of our national accounts support functions into our existing corporate support functions . these changes include a reduction in administrative staffing and the closure of certain office locations . during 2018 , we incurred restructuring charges of $ 26.4 million that primarily consisted of severance and other employee termination benefits , the closure of offices with non-cancelable lease agreements , and the redesign of our back-office functions and upgrades to certain of our software systems . we paid $ 24.7 million during 2018 related to these restructuring efforts . in january 2016 , we realigned our field support functions by combining our three regions into two field groups , consolidating our areas and streamlining select operational support roles at our phoenix headquarters . additionally , in the second quarter of 2016 , we began the redesign of our back-office functions as well as the consolidation of over 100 customer service locations into three customer resource centers . the redesign of our back-office functions and upgrades to certain of our software systems continued into 2018 . during the years ended december 31 , 2017 and 2016 , we incurred $ 17.6 million and $ 40.7 million of restructuring charges , respectively , that primarily consisted of severance and other employee termination benefits , transition costs , relocation benefits , and the closure of offices with lease agreements with non-cancelable terms . the savings realized from these restructuring efforts have been reinvested in our customer-focused programs and initiatives . interest expense the following table provides the components of interest expense , including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions ( in millions of dollars ) : .
1201820172016
2interest expense on debt and capital lease obligations$ 349.4$ 324.8$ 324.1
3non-cash interest41.243.653.4
4less : capitalized interest-6.8 ( 6.8 )-6.5 ( 6.5 )-6.2 ( 6.2 )
5total interest expense$ 383.8$ 361.9$ 371.3
total interest expense for 2018 increased compared to 2017 primarily due to the increase in debt outstanding during the period and higher interest rates on floating rate debt . total interest expense for 2017 decreased .","['349.4', '324.8', '24.6', '324.8', '0.07574']" "['what were the general and administrative expenses in 2012?', 'and what were they in 2011?', 'what was, then, the change over the year?', 'and how much does this change represent in relation to the 2011 expenses?', 'in that same period, what was the increase in the interest expense allocable to continuing operations?', 'and what is this increase as a percentage of that interest expense in 2011?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 29 annual report 2012 duke realty corporation | | those indirect costs not allocated to or absorbed by these operations are charged to general and administrative expenses . we regularly review our total overhead cost structure relative to our leasing , development and construction volume and adjust the level of total overhead , generally through changes in our level of staffing in various functional departments , as necessary in order to control overall general and administrative expense . general and administrative expenses increased from $ 43.1 million in 2011 to $ 46.4 million in 2012 . the following table sets forth the factors that led to the increase in general and administrative expenses from 2011 to 2012 ( in millions ) : .
1general and administrative expenses - 2011$ 43.1
2reduction to overall pool of overhead costs ( 1 )-11.0 ( 11.0 )
3increased absorption of costs by wholly-owned development and leasing activities ( 2 )-14.7 ( 14.7 )
4reduced allocation of costs to service operations and rental operations ( 3 )29.0
5general and administrative expenses - 2012$ 46.4
( 1 ) we reduced our total pool of overhead costs , through staff reductions and other measures , as the result of changes in our product mix and anticipated future levels of third-party construction , leasing , management and other operational activities . ( 2 ) we increased our focus on development of wholly-owned properties , and also significantly increased our leasing activity during 2012 , which resulted in an increased absorption of overhead costs . we capitalized $ 30.4 million and $ 20.0 million of our total overhead costs to leasing and development , respectively , for consolidated properties during 2012 , compared to capitalizing $ 25.3 million and $ 10.4 million of such costs , respectively , for 2011 . combined overhead costs capitalized to leasing and development totaled 31.1% ( 31.1 % ) and 20.6% ( 20.6 % ) of our overall pool of overhead costs for 2012 and 2011 , respectively . ( 3 ) the reduction in the allocation of overhead costs to service operations and rental operations resulted from reduced volumes of third-party construction projects as well as due to reducing our overall investment in office properties , which are more management intensive . interest expense interest expense allocable to continuing operations increased from $ 220.5 million in 2011 to $ 245.2 million in 2012 . we had $ 47.4 million of interest expense allocated to discontinued operations in 2011 , associated with the properties that were disposed of during 2011 , compared to the allocation of only $ 3.1 million of interest expense to discontinued operations for 2012 . total interest expense , combined for continuing and discontinued operations , decreased from $ 267.8 million in 2011 to $ 248.3 million in 2012 . the reduction in total interest expense was primarily the result of a lower weighted average borrowing rate in 2012 , due to refinancing some higher rate bonds in 2011 and 2012 , as well as a slight decrease in our average level of borrowings compared to 2011 . also , due to an increase in properties under development from 2011 , which met the criteria for capitalization of interest and were financed in part by common equity issuances during 2012 , a $ 5.0 million increase in capitalized interest also contributed to the decrease in total interest expense in 2012 . acquisition-related activity during 2012 , we recognized approximately $ 4.2 million in acquisition costs , compared to $ 2.3 million of such costs in 2011 . the increase from 2011 to 2012 is the result of acquiring a higher volume of medical office properties , where a higher level of acquisition costs are incurred than other property types , in 2012 . during 2011 , we also recognized a $ 1.1 million gain related to the acquisition of a building from one of our 50%-owned unconsolidated joint ventures . discontinued operations subject to certain criteria , the results of operations for properties sold during the year to unrelated parties , or classified as held-for-sale at the end of the period , are required to be classified as discontinued operations . the property specific components of earnings that are classified as discontinued operations include rental revenues , rental expenses , real estate taxes , allocated interest expense and depreciation expense , as well as the net gain or loss on the disposition of properties . the operations of 150 buildings are currently classified as discontinued operations . these 150 buildings consist of 114 office , 30 industrial , four retail , and two medical office properties . as a result , we classified operating losses , before gain on sales , of $ 1.5 million , $ 1.8 million and $ 7.1 million in discontinued operations for the years ended december 31 , 2012 , 2011 and 2010 , respectively . of these properties , 28 were sold during 2012 , 101 properties were sold during 2011 and 19 properties were sold during 2010 . the gains on disposal of these properties of $ 13.5 million , $ 100.9 million and $ 33.1 million for the years ended december 31 , 2012 , 2011 and .","['46.4', '43.1', '3.3', '0.07657', '24.7', '0.11202']" "['what was the value of the peer group less 100?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph this performance graph shall not be deemed 201cfiled 201d for purposes of section 18 of the exchange act , or incorporated by reference into any filing of quintiles ims holdings , inc . under the exchange act or under the securities act , except as shall be expressly set forth by specific reference in such filing . the following graph shows a comparison from may 9 , 2013 ( the date our common stock commenced trading on the nyse ) through december 31 , 2016 of the cumulative total return for our common stock , the standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and a select peer group . the peer group consists of cerner corporation , charles river laboratories , inc. , dun & bradstreet corporation , equifax inc. , icon plc , ihs markit ltd. , inc research holdings , laboratory corporation of america holdings , nielsen n.v. , parexel international corporation , inc. , pra health sciences , inc. , thomson reuters corporation and verisk analytics , inc . the companies in our peer group are publicly traded information services , information technology or contract research companies , and thus share similar business model characteristics to quintilesims , or provide services to similar customers as quintilesims . many of these companies are also used by our compensation committee for purposes of compensation benchmarking . the graph assumes that $ 100 was invested in quintilesims , the s&p 500 and the peer group as of the close of market on may 9 , 2013 , assumes the reinvestments of dividends , if any . the s&p 500 and our peer group are included for comparative purposes only . they do not necessarily reflect management 2019s opinion that the s&p 500 and our peer group are an appropriate measure of the relative performance of the stock involved , and they are not intended to forecast or be indicative of possible future performance of our common stock . s&p 500 quintilesims peer group .
15/9/201312/31/201312/31/201412/31/201512/31/2016
2q$ 100$ 110$ 140$ 163$ 181
3peer group$ 100$ 116$ 143$ 151$ 143
4s&p 500$ 100$ 114$ 127$ 126$ 138
item 6 . selected financial data we have derived the following consolidated statements of income data for 2016 , 2015 and 2014 and consolidated balance sheet data as of december 31 , 2016 and 2015 from our audited consolidated financial .","['43.0', '0.43']" "['what is the sum of balances of outstanding shares for 2009 and 2010?', 'what is the average?', 'what about the sum of balances of outstanding shares for december 2008 and december 2009?', 'what about the average for these years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: schlumberger limited and subsidiaries shares of common stock issued in treasury shares outstanding ( stated in millions ) .
1issuedin treasuryshares outstanding
2balance january 1 20081334-138 ( 138 )1196
3shares sold to optionees less shares exchanged201355
4shares issued under employee stock purchase plan201322
5stock repurchase program2013-21 ( 21 )-21 ( 21 )
6issued on conversions of debentures20131212
7balance december 31 20081334-140 ( 140 )1194
8shares sold to optionees less shares exchanged201344
9vesting of restricted stock201311
10shares issued under employee stock purchase plan201344
11stock repurchase program2013-8 ( 8 )-8 ( 8 )
12balance december 31 20091334-139 ( 139 )1195
13acquisition of smith international inc .10076176
14shares sold to optionees less shares exchanged201366
15shares issued under employee stock purchase plan201333
16stock repurchase program2013-27 ( 27 )-27 ( 27 )
17issued on conversions of debentures201388
18balance december 31 20101434-73 ( 73 )1361
see the notes to consolidated financial statements part ii , item 8 .","['2556.0', '1278.0', '2389.0', '1194.5']" "['what is the net periodic pension cost in 2013?', 'what was the value in 2012?', 'what is the net change?', 'what was the 2012 value?', 'what is the net change divided by the 2012 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the following table presents the net periodic pension and opeb cost/ ( benefit ) for the years ended december 31 : millions 2013 2012 2011 2010 .
1millionsest.2013201220112010
2net periodic pension cost$ 111$ 89$ 78$ 51
3net periodic opeb cost/ ( benefit )1513-6 ( 6 )-14 ( 14 )
our net periodic pension cost is expected to increase to approximately $ 111 million in 2013 from $ 89 million in 2012 . the increase is driven mainly by a decrease in the discount rate to 3.78% ( 3.78 % ) , our net periodic opeb expense is expected to increase to approximately $ 15 million in 2013 from $ 13 million in 2012 . the increase in our net periodic opeb cost is primarily driven by a decrease in the discount rate to 3.48% ( 3.48 % ) . cautionary information certain statements in this report , and statements in other reports or information filed or to be filed with the sec ( as well as information included in oral statements or other written statements made or to be made by us ) , are , or will be , forward-looking statements as defined by the securities act of 1933 and the securities exchange act of 1934 . these forward-looking statements and information include , without limitation , ( a ) statements in the ceo 2019s letter preceding part i ; statements regarding planned capital expenditures under the caption 201c2013 capital expenditures 201d in item 2 of part i ; statements regarding dividends in item 5 ; and statements and information set forth under the captions 201c2013 outlook 201d and 201cliquidity and capital resources 201d in this item 7 , and ( b ) any other statements or information in this report ( including information incorporated herein by reference ) regarding : expectations as to financial performance , revenue growth and cost savings ; the time by which goals , targets , or objectives will be achieved ; projections , predictions , expectations , estimates , or forecasts as to our business , financial and operational results , future economic performance , and general economic conditions ; expectations as to operational or service performance or improvements ; expectations as to the effectiveness of steps taken or to be taken to improve operations and/or service , including capital expenditures for infrastructure improvements and equipment acquisitions , any strategic business acquisitions , and modifications to our transportation plans ( including statements set forth in item 2 as to expectations related to our planned capital expenditures ) ; expectations as to existing or proposed new products and services ; expectations as to the impact of any new regulatory activities or legislation on our operations or financial results ; estimates of costs relating to environmental remediation and restoration ; estimates and expectations regarding tax matters ; expectations that claims , litigation , environmental costs , commitments , contingent liabilities , labor negotiations or agreements , or other matters will not have a material adverse effect on our consolidated results of operations , financial condition , or liquidity and any other similar expressions concerning matters that are not historical facts . forward-looking statements may be identified by their use of forward-looking terminology , such as 201cbelieves , 201d 201cexpects , 201d 201cmay , 201d 201cshould , 201d 201cwould , 201d 201cwill , 201d 201cintends , 201d 201cplans , 201d 201cestimates , 201d 201canticipates , 201d 201cprojects 201d and similar words , phrases or expressions . forward-looking statements should not be read as a guarantee of future performance or results , and will not necessarily be accurate indications of the times that , or by which , such performance or results will be achieved . forward-looking statements and information are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements and information . forward-looking statements and information reflect the good faith consideration by management of currently available information , and may be based on underlying assumptions believed to be reasonable under the circumstances . however , such information and assumptions ( and , therefore , such forward-looking statements and information ) are or may be subject to variables or unknown or unforeseeable events or circumstances over which management has little or no influence or control . the risk factors in item 1a of this report could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in any forward-looking statements or information . to the extent circumstances require or we deem it otherwise necessary , we will update or amend these risk factors in a form 10-q , form 8-k or subsequent form 10-k . all forward-looking statements are qualified by , and should be read in conjunction with , these risk factors . forward-looking statements speak only as of the date the statement was made . we assume no obligation to update forward-looking information to reflect actual results , changes in assumptions or changes in other factors affecting forward-looking information . if we do update one or more forward-looking .","['111.0', '89.0', '22.0', '89.0', '0.24719']" "['what is the value of the early buyout of locomotives, times 1000000?', 'what is that divided by the number of locomotives?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: at december 31 , 2012 and 2011 , 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 any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . cash flows millions 2012 2011 2010 .
1cash flowsmillions201220112010
2cash provided by operating activities$ 6161$ 5873$ 4105
3cash used in investing activities-3633 ( 3633 )-3119 ( 3119 )-2488 ( 2488 )
4cash used in financing activities-2682 ( 2682 )-2623 ( 2623 )-2381 ( 2381 )
5net change in cash and cashequivalents$ -154 ( 154 )$ 131$ -764 ( 764 )
operating activities higher net income in 2012 increased cash provided by operating activities compared to 2011 , partially offset by lower tax benefits from bonus depreciation ( as explained below ) and payments for past wages based on national labor negotiations settled earlier this year . 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 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 . investing activities higher capital investments in 2012 drove the increase in cash used in investing activities compared to 2011 . included in capital investments in 2012 was $ 75 million for the early buyout of 165 locomotives under long-term operating and capital leases during the first quarter of 2012 , which we exercised due to favorable economic terms and market conditions . 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. .","['75000000.0', '454545.45455']" "['what is 21% of the 2006 segment net sales?', 'what is 33% of the 2008 segment net sales?', 'what is the difference?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: products and software , as well as ongoing investment in next-generation technologies , partially offset by savings from cost-reduction initiatives . reorganization of business charges increased due to employee severance costs and expenses related to the exit of a facility . sg&a expenses decreased , primarily due to lower marketing expenses and savings from cost-reduction initiatives , partially offset by increased expenditures on information technology upgrades . as a percentage of net sales in 2007 as compared to 2006 , gross margin and operating margin decreased , and sg&a expenses and r&d expenditures increased . the segment 2019s backlog was $ 647 million at december 31 , 2007 , compared to $ 1.4 billion at december 31 , 2006 . this decrease in backlog was primarily due to a decline in customer demand driven by the segment 2019s limited product portfolio . the segment shipped 159.1 million units in 2007 , a 27% ( 27 % ) decrease compared to shipments of 217.4 million units in 2006 . the overall decrease reflects decreased unit shipments of products for all technologies . for the full year 2007 , unit shipments : ( i ) decreased substantially in asia and emea , ( ii ) decreased in north america , and ( iii ) increased in latin america . although unit shipments by the segment decreased in 2007 , total unit shipments in the worldwide handset market increased by approximately 16% ( 16 % ) . the segment estimates its worldwide market share was approximately 14% ( 14 % ) for the full year 2007 , a decrease of approximately 8 percentage points versus full year 2006 . in 2007 , asp decreased approximately 9% ( 9 % ) compared to 2006 . the overall decrease in asp was driven primarily by changes in the product-tier and geographic mix of sales . by comparison , asp decreased approximately 11% ( 11 % ) in 2006 and 10% ( 10 % ) in 2005 . the segment has several large customers located throughout the world . in 2007 , aggregate net sales to the segment 2019s five largest customers accounted for approximately 42% ( 42 % ) of the segment 2019s net sales . besides selling directly to carriers and operators , the segment also sells products through a variety of third-party distributors and retailers , which account for approximately 33% ( 33 % ) of the segment 2019s net sales . the largest of these distributors was brightstar corporation . although the u.s . market continued to be the segment 2019s largest individual market , many of our customers , and more than 54% ( 54 % ) of our segment 2019s 2007 net sales , were outside the u.s . the largest of these international markets were brazil , china and mexico . home and networks mobility segment the home and networks mobility segment designs , manufactures , sells , installs and services : ( i ) digital video , internet protocol video and broadcast network interactive set-tops , end-to-end video delivery systems , broadband access infrastructure platforms , and associated data and voice customer premise equipment to cable television and telecom service providers ( collectively , referred to as the 201chome business 201d ) , and ( ii ) wireless access systems , including cellular infrastructure systems and wireless broadband systems , to wireless service providers ( collectively , referred to as the 201cnetwork business 201d ) . in 2008 , the segment 2019s net sales represented 33% ( 33 % ) of the company 2019s consolidated net sales , compared to 27% ( 27 % ) in 2007 and 21% ( 21 % ) in 2006 . ( dollars in millions ) 2008 2007 2006 2008 20142007 2007 20142006 years ended december 31 percent change .
1( dollars in millions )years ended december 31 2008years ended december 31 2007years ended december 31 2006years ended december 31 2008 201420072007 20142006
2segment net sales$ 10086$ 10014$ 91641% ( 1 % )9% ( 9 % )
3operating earnings91870978729% ( 29 % )( 10 ) % ( % )
segment results 20142008 compared to 2007 in 2008 , the segment 2019s net sales increased 1% ( 1 % ) to $ 10.1 billion , compared to $ 10.0 billion in 2007 . the 1% ( 1 % ) increase in net sales primarily reflects a 16% ( 16 % ) increase in net sales in the home business , partially offset by an 11% ( 11 % ) decrease in net sales in the networks business . the 16% ( 16 % ) increase in net sales in the home business is primarily driven by a 17% ( 17 % ) increase in net sales of digital entertainment devices , reflecting a 19% ( 19 % ) increase in unit shipments to 18.0 million units , partially offset by lower asp due to product mix shift and pricing pressure . the 11% ( 11 % ) decrease in net sales in the networks business was primarily driven by : ( i ) the absence of net sales by the embedded communication computing group ( 201cecc 201d ) that was divested at the end of 2007 , and ( ii ) lower net sales of iden , gsm and cdma infrastructure equipment , partially offset by higher net sales of umts infrastructure equipment . on a geographic basis , the 1% ( 1 % ) increase in net sales was primarily driven by higher net sales in latin america and asia , partially offset by lower net sales in north america . the increase in net sales in latin america was 63management 2019s discussion and analysis of financial condition and results of operations %%transmsg*** transmitting job : c49054 pcn : 066000000 ***%%pcmsg|63 |00024|yes|no|02/24/2009 12:31|0|0|page is valid , no graphics -- color : n| .","['1924.44', '3328.38', '1403.94', '0.72953']" "['what was the total number of new sites in 2010?', 'and specifically the amount domestically?', 'and as a percentage of the total?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 2022 international . in general , our international markets are less advanced with respect to the current technologies deployed for wireless services . as a result , demand for our communications sites is driven by continued voice network investments , new market entrants and initial 3g data network deployments . for example , in india , nationwide voice networks continue to be deployed as wireless service providers are beginning their initial investments in 3g data networks , as a result of recent spectrum auctions . in mexico and brazil , where nationwide voice networks have been deployed , some incumbent wireless service providers continue to invest in their 3g data networks , and recent spectrum auctions have enabled other incumbent wireless service providers and new market entrants to begin their initial investments in 3g data networks . in markets such as chile and peru , recent spectrum auctions have attracted new market entrants , who are expected to begin their investment in deploying nationwide voice and 3g data networks . we believe demand for our tower sites will continue in our international markets as wireless service providers seek to remain competitive by increasing the coverage of their networks while also investing in next generation data networks . rental and management operations new site revenue growth . during the year ended december 31 , 2010 , we grew our portfolio of communications sites through acquisitions and construction activities , including the acquisition and construction of approximately 7800 sites . we continue to evaluate opportunities to acquire larger communications site portfolios , both domestically and internationally , that we believe we can effectively integrate into our existing portfolio. .
1new sites ( acquired or constructed )201020092008
2domestic947528160
3international ( 1 )68653022801
( 1 ) the majority of sites acquired or constructed internationally during 2010 and 2009 were in india and our newly launched operations in chile , colombia and peru . network development services segment revenue growth . as we continue to focus on growing our rental and management operations , we anticipate that our network development services revenue will continue to represent a small percentage of our total revenues . through our network development services segment , we offer tower-related services , including site acquisition , zoning and permitting services and structural analysis services , which primarily support our site leasing business and the addition of new tenants and equipment on our sites . rental and management operations expenses . our rental and management operations expenses include our direct site level expenses and consist primarily of ground rent , property taxes , repairs and maintenance and utilities . these segment level expenses exclude all segment and corporate level selling , general , administrative and development expenses , which are aggregated into one line item entitled selling , general , administrative and development expense . in general , our rental and management segment level selling , general and administrative expenses do not significantly increase as a result of adding incremental tenants to our legacy sites and typically increase only modestly year-over-year . as a result , leasing additional space to new tenants on our legacy sites provides significant incremental cash flow . in geographic areas where we have recently launched operations or are focused on materially expanding our site footprint , we may incur additional segment level selling , general and administrative expenses as we increase our presence in these areas . our profit margin growth is therefore positively impacted by the addition of new tenants to our legacy sites and can be temporarily diluted by our development activities . reit election . as we review our tax strategy and assess the utilization of our federal and state nols , we are actively considering an election to a reit for u.s . federal and , where applicable , state income tax purposes . we may make the determination to elect reit status for the taxable year beginning january 1 , 2012 , as early as the second half of 2011 , subject to the approval of our board of directors , although there is no certainty as to the timing of a reit election or whether we will make a reit election at all. .","['7812.0', '947.0', '0.12122']" "['what is the value of operating leases in 2010?', 'what was the value in 2009?', 'what is the net change?', 'what is the net change divided by the 2009 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 15 . commitments and contingencies ( continued ) the company applies the disclosure provisions of fin no . 45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no . 5 , 57 and 107 and rescission of fasb interpretation no . 34 ( fin no . 45 ) to its agreements that contain guarantee or indemnification clauses . these disclosure provisions expand those required by sfas no . 5 , accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote . in addition to product warranties , the following is a description of arrangements in which the company is a guarantor . indemnifications 2014in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products . the indemnifications contained within sales contracts usually do not include limits on the claims . the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions . under the provisions of fin no . 45 , intellectual property indemnifications require disclosure only . the company enters into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions . under these provisions the company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of its activities . these indemnification provisions generally survive termination of the underlying agreement . the maximum potential amount of future payments the company could be required to make under these indemnification provisions is unlimited . abiomed has never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements . as a result , the estimated fair value of these agreements is minimal . accordingly , the company has no liabilities recorded for these agreements as of march 31 , 2008 . clinical study agreements 2014in the company 2019s clinical study agreements , abiomed has agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to uses of the company 2019s devices in accordance with the clinical study agreement , the protocol for the device and abiomed 2019s instructions . the indemnification provisions contained within the company 2019s clinical study agreements do not generally include limits on the claims . the company has never incurred any material costs related to the indemnification provisions contained in its clinical study agreements . facilities leases 2014as of march 31 , 2008 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts with terms through fiscal 2010 . the danvers lease may be extended , at the company 2019s option , for two successive additional periods of five years each with monthly rent charges to be determined based on then current fair rental values . the company 2019s lease for its aachen location expires in december 2012 . total rent expense under these leases , included in the accompanying consolidated statements of operations approximated $ 2.2 million , $ 1.6 million , and $ 1.3 million for the fiscal years ended march 31 , 2008 , 2007 and 2006 , respectively . future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2008 are approximately as follows : fiscal year ending march 31 , operating leases ( in $ 000 2019s ) .
1fiscal year ending march 31,operating leases ( in $ 000 2019s )
220092544
320102220
420111287
52012973
62013730
7thereafter2014
8total future minimum lease payments$ 7754
litigation 2014from 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 presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , is not expected to have a material adverse effect on the company 2019s financial position , cash flow and results. .","['2220.0', '2544.0', '-324.0', '-0.12736']" "['what portion of the future minimum commitments is due in 12 months?', 'what is the value of the fund for various capital commitments to fund sponsored investment?', 'what is the total minimum future commitments as of 31 december 2016?', 'what proportion does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 ) .
1yearamount
22017142
32018135
42019125
52020120
62021112
7thereafter404
8total$ 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 .","['0.1368', '192.0', '1038.0', '0.18497']" "['what was the total value of federal operating loss carryforwards?', 'what was the total value of state operating loss carryforwards?', 'what is the sum of federal and state operating loss carryforwards?', 'what is the sum of federal, state, and foreign operating loss carryforwards?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements the valuation allowance increased from $ 47.8 million as of december 31 , 2009 to $ 48.2 million as of december 31 , 2010 . the increase was primarily due to valuation allowances on foreign loss carryforwards . at december 31 , 2010 , the company has provided a valuation allowance of approximately $ 48.2 million which primarily relates to state net operating loss carryforwards , equity investments and foreign items . the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient taxable income to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period . valuation allowances may be reversed if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets 2019 recoverability . the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing projections based on its current operations . the projections show a significant decrease in depreciation in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period . accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions . based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized . the company 2019s deferred tax assets as of december 31 , 2010 and 2009 in the table above do not include $ 122.1 million and $ 113.9 million , respectively , of excess tax benefits from the exercises of employee stock options that are a component of net operating losses . total stockholders 2019 equity as of december 31 , 2010 will be increased by $ 122.1 million if and when any such excess tax benefits are ultimately realized . at december 31 , 2010 , the company had net federal and state operating loss carryforwards available to reduce future federal and state taxable income of approximately $ 1.2 billion , including losses related to employee stock options of $ 0.3 billion . if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .
1years ended december 31,federalstateforeign
22011 to 2015$ 2014$ 2014$ 503
32016 to 202020143313155509
42021 to 20257742095767802014
52026 to 203042339827990892412
6total$ 1197607$ 1188003$ 98424
in addition , the company has mexican tax credits of $ 5.2 million which if not utilized would expire in 2017. .","['1197607.0', '1188003.0', '2385610.0', '2484034.0']" "['what was the change in net sales for mst from 2012 to 2013?', 'and what was the total of net sales in 2012?', 'how much, then, does that change represent in relation to this total?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: mission systems and training our mst business segment provides ship and submarine mission and combat systems ; mission systems and sensors for rotary and fixed-wing aircraft ; sea and land-based missile defense systems ; radar systems ; littoral combat ships ; simulation and training services ; and unmanned systems and technologies . mst 2019s major programs include aegis combat system ( aegis ) , littoral combat ship ( lcs ) , mh-60 , tpq-53 radar system and mk-41 vertical launching system . mst 2019s operating results included the following ( in millions ) : .
1201420132012
2net sales$ 7147$ 7153$ 7579
3operating profit843905737
4operating margins11.8% ( 11.8 % )12.7% ( 12.7 % )9.7% ( 9.7 % )
5backlog at year-end$ 11700$ 10800$ 10700
2014 compared to 2013 mst 2019s net sales for 2014 were comparable to 2013 . net sales decreased by approximately $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs ( including a portion of the terminated presidential helicopter program ) in 2013 that were not repeated in 2014 . the decreases were offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) . mst 2019s operating profit for 2014 decreased $ 62 million , or 7% ( 7 % ) , compared to 2013 . the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs ( including a portion of the terminated presidential helicopter program ) in 2013 that were not repeated in 2014 ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs . the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 50 million lower for 2014 compared to 2013 . 2013 compared to 2012 mst 2019s net sales for 2013 decreased $ 426 million , or 6% ( 6 % ) , compared to 2012 . the decrease was primarily attributable to lower net sales of approximately $ 275 million for various ship and aviation systems programs due to lower volume ( primarily ptds as final surveillance system deliveries occurred during the second quarter of 2012 ) ; about $ 195 million for various integrated warfare systems and sensors programs ( primarily naval systems ) due to lower volume ; approximately $ 65 million for various training and logistics programs due to lower volume ; and about $ 55 million for the aegis program due to lower volume . the decreases were partially offset by higher net sales of about $ 155 million for the lcs program due to increased volume . mst 2019s operating profit for 2013 increased $ 168 million , or 23% ( 23 % ) , compared to 2012 . the increase was primarily attributable to higher operating profit of approximately $ 120 million related to the settlement of contract cost matters on certain programs ( including a portion of the terminated presidential helicopter program ) ; about $ 55 million for integrated warfare systems and sensors programs ( primarily radar and halifax class modernization programs ) due to increased risk retirements ; and approximately $ 30 million for undersea systems programs due to increased risk retirements . the increases were partially offset by lower operating profit of about $ 55 million for training and logistics programs , primarily due to the recording of approximately $ 30 million of charges mostly related to lower-of-cost-or-market considerations ; and about $ 25 million for ship and aviation systems programs ( primarily ptds ) due to lower risk retirements and volume . operating profit related to the lcs program was comparable . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 170 million higher for 2013 compared to 2012 . backlog backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) . backlog increased slightly in 2013 compared to 2012 mainly due to higher orders and lower sales on integrated warfare system and sensors programs ( primarily aegis ) and lower sales on various service programs , partially offset by lower orders on ship and aviation systems ( primarily mh-60 ) . .","['-426.0', '7579.0', '-0.05621']" "['what is the net change in revenue from 1998 to 1999?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: a e s 2 0 0 0 f i n a n c i a l r e v i e w in may 2000 , a subsidiary of the company acquired an additional 5% ( 5 % ) of the preferred , non-voting shares of eletropaulo for approximately $ 90 million . in january 2000 , 59% ( 59 % ) of the preferred non-voting shares were acquired for approximately $ 1 billion at auction from bndes , the national development bank of brazil . the price established at auction was approximately $ 72.18 per 1000 shares , to be paid in four annual installments com- mencing with a payment of 18.5% ( 18.5 % ) of the total price upon closing of the transaction and installments of 25.9% ( 25.9 % ) , 27.1% ( 27.1 % ) and 28.5% ( 28.5 % ) of the total price to be paid annually thereafter . at december 31 , 2000 , the company had a total economic interest of 49.6% ( 49.6 % ) in eletropaulo . the company accounts for this investment using the equity method based on the related consortium agreement that allows the exercise of significant influence . in august 2000 , a subsidiary of the company acquired a 49% ( 49 % ) interest in songas limited for approxi- mately $ 40 million . songas limited owns the songo songo gas-to-electricity project in tanzania . under the terms of a project management agreement , the company has assumed overall project management responsibility . the project consists of the refurbishment and operation of five natural gas wells in coastal tanzania , the construction and operation of a 65 mmscf/day gas processing plant and related facilities , the construction of a 230 km marine and land pipeline from the gas plant to dar es salaam and the conversion and upgrading of an existing 112 mw power station in dar es salaam to burn natural gas , with an optional additional unit to be constructed at the plant . since the project is currently under construction , no rev- enues or expenses have been incurred , and therefore no results are shown in the following table . in december 2000 , a subsidiary of the company with edf international s.a . ( 201cedf 201d ) completed the acquisition of an additional 3.5% ( 3.5 % ) interest in light from two sub- sidiaries of reliant energy for approximately $ 136 mil- lion . pursuant to the acquisition , the company acquired 30% ( 30 % ) of the shares while edf acquired the remainder . with the completion of this transaction , the company owns approximately 21.14% ( 21.14 % ) of light . in december 2000 , a subsidiary of the company entered into an agreement with edf to jointly acquire an additional 9.2% ( 9.2 % ) interest in light , which is held by a sub- sidiary of companhia siderurgica nacional ( 201ccsn 201d ) . pursuant to this transaction , the company acquired an additional 2.75% ( 2.75 % ) interest in light for $ 114.6 million . this transaction closed in january 2001 . following the purchase of the light shares previously owned by csn , aes and edf will together be the con- trolling shareholders of light and eletropaulo . aes and edf have agreed that aes will eventually take operational control of eletropaulo and the telecom businesses of light and eletropaulo , while edf will eventually take opera- tional control of light and eletropaulo 2019s electric workshop business . aes and edf intend to continue to pursue a fur- ther rationalization of their ownership stakes in light and eletropaulo , the result of which aes would become the sole controlling shareholder of eletropaulo and edf would become the sole controlling shareholder of light . upon consummation of the transaction , aes will begin consolidating eletropaulo 2019s operating results . the struc- ture and process by which this rationalization may be effected , and the resulting timing , have yet to be deter- mined and will likely be subject to approval by various brazilian regulatory authorities and other third parties . as a result , there can be no assurance that this rationalization will take place . in may 1999 , a subsidiary of the company acquired subscription rights from the brazilian state-controlled eletrobras which allowed it to purchase preferred , non- voting shares in eletropaulo and common shares in light . the aggregate purchase price of the subscription rights and the underlying shares in light and eletropaulo was approximately $ 53 million and $ 77 million , respectively , and represented 3.7% ( 3.7 % ) and 4.4% ( 4.4 % ) economic ownership interest in their capital stock , respectively . the following table presents summarized financial information ( in millions ) for the company 2019s investments in 50% ( 50 % ) or less owned investments accounted for using the equity method: .
1as of and for the years ended december 31,200019991998
2revenues$ 6241$ 5960$ 8091
3operating income198918392079
4net income859621146
5current assets242322592712
6noncurrent assets130801535919025
7current liabilities337036374809
8noncurrent liabilities592775367356
9stockholder's equity620664459572
.","['-2131.0', '-0.26338']" "['what was the amount of property and equipment net in 2005?', 'and what was it in 2004?', 'what was, then, the increase over the year?', 'and what is this increase as a percentage of the 2004 amount?', 'and what was the increase in the amount of total property and equipment in that same period?', 'how much did this increase represent in relation to that amount in 2004, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) operations , net , in the accompanying consolidated statements of operations for the year ended december 31 , 2003 . ( see note 9. ) other transactions 2014in august 2003 , the company consummated the sale of galaxy engineering ( galaxy ) , a radio frequency engineering , network design and tower-related consulting business ( previously included in the company 2019s network development services segment ) . the purchase price of approximately $ 3.5 million included $ 2.0 million in cash , which the company received at closing , and an additional $ 1.5 million payable on january 15 , 2008 , or at an earlier date based on the future revenues of galaxy . the company received $ 0.5 million of this amount in january 2005 . pursuant to this transaction , the company recorded a net loss on disposal of approximately $ 2.4 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 . in may 2003 , the company consummated the sale of an office building in westwood , massachusetts ( previously held primarily as rental property and included in the company 2019s rental and management segment ) for a purchase price of approximately $ 18.5 million , including $ 2.4 million of cash proceeds and the buyer 2019s assumption of $ 16.1 million of related mortgage notes . pursuant to this transaction , the company recorded a net loss on disposal of approximately $ 3.6 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 . in january 2003 , the company consummated the sale of flash technologies , its remaining components business ( previously included in the company 2019s network development services segment ) for approximately $ 35.5 million in cash and has recorded a net gain on disposal of approximately $ 0.1 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 . in march 2003 , the company consummated the sale of an office building in schaumburg , illinois ( previously held primarily as rental property and included in the company 2019s rental and management segment ) for net proceeds of approximately $ 10.3 million in cash and recorded a net loss on disposal of $ 0.1 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 . 4 . property and equipment property and equipment ( including assets held under capital leases ) consist of the following as of december 31 , ( in thousands ) : .
120052004
2towers$ 4134155$ 2788162
3equipment167504115244
4buildings and improvements184951162120
5land and improvements215974176937
6construction-in-progress3699127866
7total47395753270329
8less accumulated depreciation and amortization-1279049 ( 1279049 )-996973 ( 996973 )
9property and equipment net$ 3460526$ 2273356
5 . goodwill and other intangible assets the company 2019s net carrying amount of goodwill was approximately $ 2.1 billion as of december 312005 and $ 592.7 million as of december 31 , 2004 , all of which related to its rental and management segment . the increase in the carrying value was as a result of the goodwill of $ 1.5 billion acquired in the merger with spectrasite , inc . ( see note 2. ) .","['3460526.0', '2273356.0', '1187170.0', '0.52221', '1469246.0', '0.44927']" "['what is the number of securities to be issued?', 'what is the average price per security?', 'what is the product of these values?', 'what is that divided by 1000000?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 12 . security ownership of certain beneficial owners and management and related stockholder matters . the information required by item 12 is included under the heading 201csecurity ownership of management and certain beneficial owners 201d in the 2017 proxy statement , and that information is incorporated by reference in this form 10-k . equity compensation plan information the following table provides information about our equity compensation plans that authorize the issuance of shares of lockheed martin common stock to employees and directors . the information is provided as of december 31 , 2016 . plan category number of securities to be issued 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 ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders ( 1 ) 5802673 $ 85.82 6216471 equity compensation plans not approved by security holders ( 2 ) 1082347 2014 2481032 .
1plan categorynumber of securities to beissued upon exercise of outstanding options warrants and rights ( a )weighted-average exercise price of outstanding options warrants and rights ( b )number of securities remaining availablefor future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )
2equity compensation plans approved by securityholders ( 1 )5802673$ 85.826216471
3equity compensation plans not approved bysecurity holders ( 2 )108234720142481032
4total6885020$ 85.828697503
( 1 ) column ( a ) includes , as of december 31 , 2016 : 1747151 shares that have been granted as restricted stock units ( rsus ) , 936308 shares that could be earned pursuant to grants of performance stock units ( psus ) ( assuming the maximum number of psus are earned and payable at the end of the three-year performance period ) and 2967046 shares granted as options under the lockheed martin corporation 2011 incentive performance award plan ( 2011 ipa plan ) or predecessor plans prior to january 1 , 2013 and 23346 shares granted as options and 128822 stock units payable in stock or cash under the lockheed martin corporation 2009 directors equity plan ( directors equity plan ) or predecessor plans for members ( or former members ) of the board of directors . column ( c ) includes , as of december 31 , 2016 , 5751655 shares available for future issuance under the 2011 ipa plan as options , stock appreciation rights ( sars ) , restricted stock awards ( rsas ) , rsus or psus and 464816 shares available for future issuance under the directors equity plan as stock options and stock units . of the 5751655 shares available for grant under the 2011 ipa plan on december 31 , 2016 , 516653 and 236654 shares are issuable pursuant to grants made on january 26 , 2017 , of rsus and psus ( assuming the maximum number of psus are earned and payable at the end of the three-year performance period ) , respectively . the weighted average price does not take into account shares issued pursuant to rsus or psus . ( 2 ) the shares represent annual incentive bonuses and long-term incentive performance ( ltip ) payments earned and voluntarily deferred by employees . the deferred amounts are payable under the deferred management incentive compensation plan ( dmicp ) . deferred amounts are credited as phantom stock units at the closing price of our stock on the date the deferral is effective . amounts equal to our dividend are credited as stock units at the time we pay a dividend . following termination of employment , a number of shares of stock equal to the number of stock units credited to the employee 2019s dmicp account are distributed to the employee . there is no discount or value transfer on the stock distributed . distributions may be made from newly issued shares or shares purchased on the open market . historically , all distributions have come from shares held in a separate trust and , therefore , do not further dilute our common shares outstanding . as a result , these shares also were not considered in calculating the total weighted average exercise price in the table . because the dmicp shares are outstanding , they should be included in the denominator ( and not the numerator ) of a dilution calculation . item 13 . certain relationships and related transactions and director independence . the information required by this item 13 is included under the captions 201ccorporate governance 2013 related person transaction policy , 201d 201ccorporate governance 2013 certain relationships and related person transactions of directors , executive officers , and 5 percent stockholders , 201d and 201ccorporate governance 2013 director independence 201d in the 2017 proxy statement , and that information is incorporated by reference in this form 10-k . item 14 . principal accountant fees and services . the information required by this item 14 is included under the caption 201cproposal 2 2013 ratification of appointment of independent auditors 201d in the 2017 proxy statement , and that information is incorporated by reference in this form 10-k. .","['5802673.0', '85.82', '497985396.86', '497.9854']" "['as of december 31, 2003, what portion of the total future minimum lease payments for entergy louisiana was due to the interest amount?', 'and what portion of it was from the payments due in 2004?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy corporation notes to consolidated financial statements sale and leaseback transactions waterford 3 lease obligations in 1989 , entergy louisiana sold and leased back 9.3% ( 9.3 % ) of its interest in waterford 3 for the aggregate sum of $ 353.6 million . the lease has an approximate term of 28 years . the lessors financed the sale-leaseback through the issuance of waterford 3 secured lease obligation bonds . the lease payments made by entergy louisiana are sufficient to service the debt . in 1994 , entergy louisiana did not exercise its option to repurchase the 9.3% ( 9.3 % ) interest in waterford 3 . as a result , entergy louisiana issued $ 208.2 million of non-interest bearing first mortgage bonds as collateral for the equity portion of certain amounts payable under the lease . in 1997 , the lessors refinanced the outstanding bonds used to finance the purchase of waterford 3 at lower interest rates , which reduced the annual lease payments . upon the occurrence of certain events , entergy louisiana may be obligated to assume the outstanding bonds used to finance the purchase of the unit and to pay an amount sufficient to withdraw from the lease transaction . such events include lease events of default , events of loss , deemed loss events , or certain adverse ""financial events."" ""financial events"" include , among other things , failure by entergy louisiana , following the expiration of any applicable grace or cure period , to maintain ( i ) total equity capital ( including preferred stock ) at least equal to 30% ( 30 % ) of adjusted capitalization , or ( ii ) a fixed charge coverage ratio of at least 1.50 computed on a rolling 12 month basis . as of december 31 , 2003 , entergy louisiana's total equity capital ( including preferred stock ) was 49.82% ( 49.82 % ) of adjusted capitalization and its fixed charge coverage ratio for 2003 was 4.06 . as of december 31 , 2003 , entergy louisiana had future minimum lease payments ( reflecting an overall implicit rate of 7.45% ( 7.45 % ) ) in connection with the waterford 3 sale and leaseback transactions , which are recorded as long-term debt , as follows: .
1( in thousands )
22004$ 31739
3200514554
4200618262
5200718754
6200822606
7years thereafter366514
8total472429
9less : amount representing interest209895
10present value of net minimum lease payments$ 262534
grand gulf 1 lease obligations in december 1988 , system energy sold 11.5% ( 11.5 % ) of its undivided ownership interest in grand gulf 1 for the aggregate sum of $ 500 million . subsequently , system energy leased back its interest in the unit for a term of 26-1/2 years . system energy has the option of terminating the lease and repurchasing the 11.5% ( 11.5 % ) interest in the unit at certain intervals during the lease . furthermore , at the end of the lease term , system energy has the option of renewing the lease or repurchasing the 11.5% ( 11.5 % ) interest in grand gulf 1 . system energy is required to report the sale-leaseback as a financing transaction in its financial statements . for financial reporting purposes , system energy expenses the interest portion of the lease obligation and the plant .","['0.44429', '0.06718']" "['what is the sum of 4 and 3?', 'what is that divided by 2?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure . other sensitivity measures we use to analyze market risk are described below . 10% ( 10 % ) sensitivity measures . the table below presents market risk for inventory positions that are not included in var . the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the underlying asset value . equity positions below relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds , which are included in 201cfinancial instruments owned , at fair value . 201d debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans . these debt positions are included in 201cfinancial instruments owned , at fair value . 201d see note 6 to the consolidated financial statements for further information about cash instruments . these measures do not reflect diversification benefits across asset categories or across other market risk measures . asset categories 10% ( 10 % ) sensitivity amount as of december in millions 2013 2012 equity 1 $ 2256 $ 2471 .
1asset categoriesasset categories
2in millions20132012
3equity1$ 2256$ 2471
4debt15221676
5total$ 3778$ 4147
1 . december 2012 includes $ 208 million related to our investment in the ordinary shares of icbc , which was sold in the first half of 2013 . credit spread sensitivity on derivatives and borrowings . var excludes the impact of changes in counterparty and our own credit spreads on derivatives as well as changes in our own credit spreads on unsecured borrowings for which the fair value option was elected . the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 4 million and $ 3 million ( including hedges ) as of december 2013 and december 2012 , respectively . in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on unsecured borrowings for which the fair value option was elected was a gain of $ 8 million and $ 7 million ( including hedges ) as of december 2013 and december 2012 , respectively . however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those unsecured borrowings for which the fair value option was elected , as well as the relative performance of any hedges undertaken . interest rate sensitivity . as of december 2013 and december 2012 , the firm had $ 14.90 billion and $ 6.50 billion , respectively , of loans held for investment which were accounted for at amortized cost and included in 201creceivables from customers and counterparties , 201d substantially all of which had floating interest rates . as of december 2013 and december 2012 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 136 million and $ 62 million , respectively , of additional interest income over a 12-month period , which does not take into account the potential impact of an increase in costs to fund such loans . see note 8 to the consolidated financial statements for further information about loans held for investment . goldman sachs 2013 annual report 95 .","['7.0', '3.5']" "['what was the change in the indemnified securities financing from 2012 to 2013?', 'and what percentage does this change represent in relation to the total of that segment in 2012?', 'in that same two year period, what was the change in the balance of asset purchase agreements?', 'and how much did this change represent in relation to that balance in 2012, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: state street corporation notes to consolidated financial statements ( continued ) with respect to the 5.25% ( 5.25 % ) subordinated bank notes due 2018 , state street bank is required to make semi- annual interest payments on the outstanding principal balance of the notes on april 15 and october 15 of each year , and the notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines . with respect to the 5.30% ( 5.30 % ) subordinated notes due 2016 and the floating-rate subordinated notes due 2015 , state street bank is required to make semi-annual interest payments on the outstanding principal balance of the 5.30% ( 5.30 % ) subordinated notes on january 15 and july 15 of each year , and quarterly interest payments on the outstanding principal balance of the floating-rate notes on march 8 , june 8 , september 8 and december 8 of each year . each of the subordinated notes qualifies for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines . note 11 . commitments , guarantees and contingencies commitments : we had unfunded off-balance sheet commitments to extend credit totaling $ 21.30 billion and $ 17.86 billion as of december 31 , 2013 and 2012 , respectively . the potential losses associated with these commitments equal the gross contractual amounts , and do not consider the value of any collateral . approximately 75% ( 75 % ) of our unfunded commitments to extend credit expire within one year from the date of issue . since many of these commitments are expected to expire or renew without being drawn upon , the gross contractual amounts do not necessarily represent our future cash requirements . guarantees : off-balance sheet guarantees are composed of indemnified securities financing , stable value protection , unfunded commitments to purchase assets , and standby letters of credit . the potential losses associated with these guarantees equal the gross contractual amounts , and do not consider the value of any collateral . the following table presents the aggregate gross contractual amounts of our off-balance sheet guarantees as of december 31 , 2013 and 2012 . amounts presented do not reflect participations to independent third parties. .
1( in millions )20132012
2indemnified securities financing$ 320078$ 302341
3stable value protection2490633512
4asset purchase agreements46855063
5standby letters of credit46124552
indemnified securities financing on behalf of our clients , we lend their securities , as agent , to brokers and other institutions . in most circumstances , we indemnify our clients for the fair market value of those securities against a failure of the borrower to return such securities . we require the borrowers to maintain collateral in an amount equal to or in excess of 100% ( 100 % ) of the fair market value of the securities borrowed . securities on loan and the collateral are revalued daily to determine if additional collateral is necessary or if excess collateral is required to be returned to the borrower . collateral received in connection with our securities lending services is held by us as agent and is not recorded in our consolidated statement of condition . the cash collateral held by us as agent is invested on behalf of our clients . in certain cases , the cash collateral is invested in third-party repurchase agreements , for which we indemnify the client against loss of the principal invested . we require the counterparty to the indemnified repurchase agreement to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the amount of the repurchase agreement . in our role as agent , the indemnified repurchase agreements and the related collateral held by us are not recorded in our consolidated statement of condition. .","['17737.0', '0.05867', '-378.0', '-0.07466']" "['what was the total debt for 2002?', 'and in 2001?', 'combined, what was the total debt for these periods?', 'and the specific value for 2002?', 'so what percent of the total debt is in the 2002 debt balance?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: z i m m e r h o l d i n g s , i n c . a n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k notes to consolidated financial statements ( continued ) rating as of december 31 , 2002 met such requirement . fair value commitments under the credit facility are subject to certain the carrying value of the company 2019s borrowings approxi- fees , including a facility and a utilization fee . mates fair value due to their short-term maturities and uncommitted credit facilities variable interest rates . the company has a $ 26 million uncommitted unsecured 8 . derivative financial instruments revolving line of credit . the purpose of this credit line is to support the working capital needs , letters of credit and the company is exposed to market risk due to changes overdraft needs for the company . the uncommitted credit in currency exchange rates . as a result , the company utilizes agreement contains customary affirmative and negative cove- foreign exchange forward contracts to offset the effect of nants and events of default , none of which are considered exchange rate fluctuations on anticipated foreign currency restrictive to the operation of the business . in addition , this transactions , primarily intercompany sales and purchases uncommitted credit agreement provides for unconditional expected to occur within the next twelve to twenty-four and irrevocable guarantees by the company . in the event the months . the company does not hold financial instruments company 2019s long-term debt ratings by both standard and for trading or speculative purposes . for derivatives which poor 2019s ratings services and moody 2019s investor 2019s service , inc. , qualify as hedges of future cash flows , the effective portion fall below bb- and ba3 , then the company may be required of changes in fair value is temporarily recorded in other to repay all outstanding and contingent obligations . the comprehensive income , then recognized in earnings when company 2019s credit rating as of december 31 , 2002 met such the hedged item affects earnings . the ineffective portion of requirement . this uncommitted credit line matures on a derivative 2019s change in fair value , if any , is reported in july 31 , 2003 . outstanding borrowings under this uncommit- earnings . the net amount recognized in earnings during the ted line of credit as of december 31 , 2002 were $ 0.5 million years ended december 31 , 2002 and 2001 , due to ineffective- with a weighted average interest rate of 6.35 percent . ness and amounts excluded from the assessment of hedge the company also has a $ 15 million uncommitted effectiveness , was not significant . revolving unsecured line of credit . the purpose of this line of the notional amounts of outstanding foreign exchange credit is to support short-term working capital needs of the forward contracts , principally japanese yen and the euro , company . the agreement for this uncommitted unsecured entered into with third parties , at december 31 , 2002 , was line of credit contains customary covenants , none of which $ 252 million . the fair value of derivative instruments recorded are considered restrictive to the operation of the business . in accrued liabilities at december 31 , 2002 , was $ 13.8 million , this uncommitted line matures on july 31 , 2003 . there were or $ 8.5 million net of taxes , which is deferred in other no borrowings under this uncommitted line of credit as of comprehensive income and is expected to be reclassified to december 31 , 2002 . earnings over the next two years , of which , $ 7.7 million , or the company has a $ 20 million uncommitted revolving $ 4.8 million , net of taxes , is expected to be reclassified to unsecured line of credit . the purpose of this line of credit is earnings over the next twelve months . to support short-term working capital needs of the company . the pricing is based upon money market rates . the agree- 9 . capital stock and earnings per share ment for this uncommitted unsecured line of credit contains as discussed in note 14 , all of the shares of company customary covenants , none of which are considered restrictive common stock were distributed at the distribution by the to the operation of the business . this uncommitted line former parent to its stockholders in the form of a dividend matures on july 31 , 2003 . there were no borrowings under of one share of company common stock , and the associated this uncommitted line of credit as of december 31 , 2002 . preferred stock purchase right , for every ten shares of the company was in compliance with all covenants common stock of the former parent . in july 2001 the board under all three of the uncommitted credit facilities as of of directors of the company adopted a rights agreement december 31 , 2002 . the company had no long-term debt intended to have anti-takeover effects . under this agreement as of december 31 , 2002 . one right attaches to each share of company common stock . outstanding debt as of december 31 , 2002 and 2001 , the rights will not become exercisable until the earlier of : consist of the following ( in millions ) : a ) the company learns that a person or group acquired , or 2002 2001 obtained the right to acquire , beneficial ownership of securi- credit facility $ 156.2 $ 358.2 ties representing more than 20 percent of the shares of uncommitted credit facilities 0.5 5.7 company common stock then outstanding , or b ) such date , if any , as may be designated by the board of directorstotal debt $ 156.7 $ 363.9 following the commencement of , or first public disclosure of the company paid $ 13.0 million and $ 4.6 million in an intention to commence , a tender offer or exchange offer interest charges during 2002 and 2001 , respectively. .
120022001
2credit facility$ 156.2$ 358.2
3uncommitted credit facilities0.55.7
4total debt$ 156.7$ 363.9
z i m m e r h o l d i n g s , i n c . a n d s u b s i d i a r i e s 2 0 0 2 f o r m 1 0 - k notes to consolidated financial statements ( continued ) rating as of december 31 , 2002 met such requirement . fair value commitments under the credit facility are subject to certain the carrying value of the company 2019s borrowings approxi- fees , including a facility and a utilization fee . mates fair value due to their short-term maturities and uncommitted credit facilities variable interest rates . the company has a $ 26 million uncommitted unsecured 8 . derivative financial instruments revolving line of credit . the purpose of this credit line is to support the working capital needs , letters of credit and the company is exposed to market risk due to changes overdraft needs for the company . the uncommitted credit in currency exchange rates . as a result , the company utilizes agreement contains customary affirmative and negative cove- foreign exchange forward contracts to offset the effect of nants and events of default , none of which are considered exchange rate fluctuations on anticipated foreign currency restrictive to the operation of the business . in addition , this transactions , primarily intercompany sales and purchases uncommitted credit agreement provides for unconditional expected to occur within the next twelve to twenty-four and irrevocable guarantees by the company . in the event the months . the company does not hold financial instruments company 2019s long-term debt ratings by both standard and for trading or speculative purposes . for derivatives which poor 2019s ratings services and moody 2019s investor 2019s service , inc. , qualify as hedges of future cash flows , the effective portion fall below bb- and ba3 , then the company may be required of changes in fair value is temporarily recorded in other to repay all outstanding and contingent obligations . the comprehensive income , then recognized in earnings when company 2019s credit rating as of december 31 , 2002 met such the hedged item affects earnings . the ineffective portion of requirement . this uncommitted credit line matures on a derivative 2019s change in fair value , if any , is reported in july 31 , 2003 . outstanding borrowings under this uncommit- earnings . the net amount recognized in earnings during the ted line of credit as of december 31 , 2002 were $ 0.5 million years ended december 31 , 2002 and 2001 , due to ineffective- with a weighted average interest rate of 6.35 percent . ness and amounts excluded from the assessment of hedge the company also has a $ 15 million uncommitted effectiveness , was not significant . revolving unsecured line of credit . the purpose of this line of the notional amounts of outstanding foreign exchange credit is to support short-term working capital needs of the forward contracts , principally japanese yen and the euro , company . the agreement for this uncommitted unsecured entered into with third parties , at december 31 , 2002 , was line of credit contains customary covenants , none of which $ 252 million . the fair value of derivative instruments recorded are considered restrictive to the operation of the business . in accrued liabilities at december 31 , 2002 , was $ 13.8 million , this uncommitted line matures on july 31 , 2003 . there were or $ 8.5 million net of taxes , which is deferred in other no borrowings under this uncommitted line of credit as of comprehensive income and is expected to be reclassified to december 31 , 2002 . earnings over the next two years , of which , $ 7.7 million , or the company has a $ 20 million uncommitted revolving $ 4.8 million , net of taxes , is expected to be reclassified to unsecured line of credit . the purpose of this line of credit is earnings over the next twelve months . to support short-term working capital needs of the company . the pricing is based upon money market rates . the agree- 9 . capital stock and earnings per share ment for this uncommitted unsecured line of credit contains as discussed in note 14 , all of the shares of company customary covenants , none of which are considered restrictive common stock were distributed at the distribution by the to the operation of the business . this uncommitted line former parent to its stockholders in the form of a dividend matures on july 31 , 2003 . there were no borrowings under of one share of company common stock , and the associated this uncommitted line of credit as of december 31 , 2002 . preferred stock purchase right , for every ten shares of the company was in compliance with all covenants common stock of the former parent . in july 2001 the board under all three of the uncommitted credit facilities as of of directors of the company adopted a rights agreement december 31 , 2002 . the company had no long-term debt intended to have anti-takeover effects . under this agreement as of december 31 , 2002 . one right attaches to each share of company common stock . outstanding debt as of december 31 , 2002 and 2001 , the rights will not become exercisable until the earlier of : consist of the following ( in millions ) : a ) the company learns that a person or group acquired , or 2002 2001 obtained the right to acquire , beneficial ownership of securi- credit facility $ 156.2 $ 358.2 ties representing more than 20 percent of the shares of uncommitted credit facilities 0.5 5.7 company common stock then outstanding , or b ) such date , if any , as may be designated by the board of directorstotal debt $ 156.7 $ 363.9 following the commencement of , or first public disclosure of the company paid $ 13.0 million and $ 4.6 million in an intention to commence , a tender offer or exchange offer interest charges during 2002 and 2001 , respectively. .","['156.7', '363.9', '520.6', '156.7', '0.301']" "['what was the total gross amount of unrecognized tax benefits in 2013?', 'and what was it in 2012?', 'what was, then, the change in the total gross amount of unrecognized tax benefits over the year?', 'and how much does this change represent in relation to the 2012 total gross amount, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: adobe systems incorporated notes to consolidated financial statements ( continued ) accounting for uncertainty in income taxes during fiscal 2014 and 2013 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : .
120142013
2beginning balance$ 136098$ 160468
3gross increases in unrecognized tax benefits 2013 prior year tax positions14420244
4gross increases in unrecognized tax benefits 2013 current year tax positions1887716777
5settlements with taxing authorities-995 ( 995 )-55851 ( 55851 )
6lapse of statute of limitations-1630 ( 1630 )-4066 ( 4066 )
7foreign exchange gains and losses-3646 ( 3646 )-1474 ( 1474 )
8ending balance$ 148848$ 136098
as of november 28 , 2014 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 14.6 million . we file income tax returns in the u.s . on a federal basis and in many u.s . state and foreign jurisdictions . we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities . our major tax jurisdictions are ireland , california and the u.s . for ireland , california and the u.s. , the earliest fiscal years open for examination are 2008 , 2008 and 2010 , respectively . we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examinations . we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position . in july 2013 , a u.s . income tax examination covering fiscal 2008 and 2009 was completed . our accrued tax and interest related to these years was $ 48.4 million and was previously reported in long-term income taxes payable . we settled the tax obligation resulting from this examination with cash and income tax assets totaling $ 41.2 million , and the resulting $ 7.2 million income tax benefit was recorded in the third quarter of fiscal 2013 . the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process . these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities . we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both . given the uncertainties described above , we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 5 million . note 10 . restructuring fiscal 2014 restructuring plan in the fourth quarter of fiscal 2014 , in order to better align our global resources for digital media and digital marketing , we initiated a restructuring plan to vacate our research and development facility in china and our sales and marketing facility in russia . this plan consisted of reductions of approximately 350 full-time positions and we recorded restructuring charges of approximately $ 18.8 million related to ongoing termination benefits for the positions eliminated . during fiscal 2015 , we intend to vacate both of these facilities . the amount accrued for the fair value of future contractual obligations under these operating leases was insignificant . other restructuring plans during the past several years , we have implemented other restructuring plans consisting of reductions in workforce and the consolidation of facilities to better align our resources around our business strategies . as of november 28 , 2014 , we considered our other restructuring plans to be substantially complete . we continue to make cash outlays to settle obligations under these plans , however the current impact to our consolidated financial statements is not significant. .","['136098.0', '160468.0', '-24370.0', '-0.15187']" "['what was the change in gross unpaid losses from 2008 to 2009?', 'and what is this change as a percentage of those losses in 2008?', 'in that same period, what was the change in the net unpaid losses?', 'and how much did this change represent in relation to the 2008 losses?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: critical accounting estimates our consolidated financial statements include amounts that , either by their nature or due to requirements of accounting princi- ples generally accepted in the u.s . ( gaap ) , are determined using best estimates and assumptions . while we believe that the amounts included in our consolidated financial statements reflect our best judgment , actual amounts could ultimately materi- ally differ from those currently presented . we believe the items that require the most subjective and complex estimates are : 2022 unpaid loss and loss expense reserves , including long-tail asbestos and environmental ( a&e ) reserves ; 2022 future policy benefits reserves ; 2022 valuation of value of business acquired ( voba ) and amortization of deferred policy acquisition costs and voba ; 2022 the assessment of risk transfer for certain structured insurance and reinsurance contracts ; 2022 reinsurance recoverable , including a provision for uncollectible reinsurance ; 2022 the valuation of our investment portfolio and assessment of other-than-temporary impairments ( otti ) ; 2022 the valuation of deferred tax assets ; 2022 the valuation of derivative instruments related to guaranteed minimum income benefits ( gmib ) ; and 2022 the valuation of goodwill . we believe our accounting policies for these items are of critical importance to our consolidated financial statements . the following discussion provides more information regarding the estimates and assumptions required to arrive at these amounts and should be read in conjunction with the sections entitled : prior period development , asbestos and environmental and other run-off liabilities , reinsurance recoverable on ceded reinsurance , investments , net realized gains ( losses ) , and other income and expense items . unpaid losses and loss expenses overview and key data as an insurance and reinsurance company , we are required , by applicable laws and regulations and gaap , to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers . the estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date ( case reserves ) and for future obligations on claims that have been incurred but not reported ( ibnr ) at the balance sheet date ( ibnr may also include a provision for additional development on reported claims in instances where the case reserve is viewed to be potentially insufficient ) . loss reserves also include an estimate of expenses associated with processing and settling unpaid claims ( loss expenses ) . at december 31 , 2009 , our gross unpaid loss and loss expense reserves were $ 37.8 billion and our net unpaid loss and loss expense reserves were $ 25 billion . with the exception of certain structured settlements , for which the timing and amount of future claim pay- ments are reliably determinable , our loss reserves are not discounted for the time value of money . in connection with such structured settlements , we carry net reserves of $ 76 million , net of discount . the table below presents a roll-forward of our unpaid losses and loss expenses for the years ended december 31 , 2009 and 2008. .
1( in millions of u.s . dollars )2009 gross losses2009 reinsurance recoverable ( 1 )2009 net losses2009 gross losses2009 reinsurance recoverable ( 1 )net losses
2balance beginning of year$ 37176$ 12935$ 24241$ 37112$ 13520$ 23592
3losses and loss expenses incurred11141371974221094433417603
4losses and loss expenses paid-11093 ( 11093 )-4145 ( 4145 )-6948 ( 6948 )-9899 ( 9899 )-3572 ( 3572 )-6327 ( 6327 )
5other ( including foreign exchange revaluation )559236323-1367 ( 1367 )-387 ( 387 )-980 ( 980 )
6losses and loss expenses acquired20132013201338633353
7balance end of year$ 37783$ 12745$ 25038$ 37176$ 12935$ 24241
( 1 ) net of provision for uncollectible reinsurance .","['607.0', '0.01633', '797.0', '0.03288']" "['what was the net change in the debt-to-capital ratio from 2016 to 2017?', 'what is that divided by the 2016 ratio?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: operations may be extended up to four additional years for each unit by mutual agreement of entergy and new york state based on an exigent reliability need for indian point generation . in accordance with the ferc-approved tariff of the new york independent system operator ( nyiso ) , entergy submitted to the nyiso a notice of generator deactivation based on the dates in the settlement ( no later than april 30 , 2020 for indian point unit 2 and april 30 , 2021 for indian point unit 3 ) . in december 2017 , nyiso issued a report stating there will not be a system reliability need following the deactivation of indian point . the nyiso also has advised that it will perform an analysis of the potential competitive impacts of the proposed retirement under provisions of its tariff . the deadline for the nyiso to make a withholding determination is in dispute and is pending before the ferc . in addition to contractually agreeing to cease commercial operations early , in february 2017 entergy filed with the nrc an amendment to its license renewal application changing the term of the requested licenses to coincide with the latest possible extension by mutual agreement based on exigent reliability needs : april 30 , 2024 for indian point 2 and april 30 , 2025 for indian point 3 . if entergy reasonably determines that the nrc will treat the amendment other than as a routine amendment , entergy may withdraw the amendment . other provisions of the settlement include termination of all then-existing investigations of indian point by the agencies signing the agreement , which include the new york state department of environmental conservation , the new york state department of state , the new york state department of public service , the new york state department of health , and the new york state attorney general . the settlement recognizes the right of new york state agencies to pursue new investigations and enforcement actions with respect to new circumstances or existing conditions that become materially exacerbated . another provision of the settlement obligates entergy to establish a $ 15 million fund for environmental projects and community support . apportionment and allocation of funds to beneficiaries are to be determined by mutual agreement of new york state and entergy . the settlement recognizes new york state 2019s right to perform an annual inspection of indian point , with scope and timing to be determined by mutual agreement . in may 2017 a plaintiff filed two parallel state court appeals challenging new york state 2019s actions in signing and implementing the indian point settlement with entergy on the basis that the state failed to perform sufficient environmental analysis of its actions . all signatories to the settlement agreement , including the entergy affiliates that hold nrc licenses for indian point , were named . the appeals were voluntarily dismissed in november 2017 . entergy corporation and subsidiaries management 2019s financial discussion and analysis liquidity and capital resources this section discusses entergy 2019s capital structure , capital spending plans and other uses of capital , sources of capital , and the cash flow activity presented in the cash flow statement . capital structure entergy 2019s capitalization is balanced between equity and debt , as shown in the following table . the increase in the debt to capital ratio for entergy as of december 31 , 2017 is primarily due to an increase in commercial paper outstanding in 2017 as compared to 2016. .
120172016
2debt to capital67.1% ( 67.1 % )64.8% ( 64.8 % )
3effect of excluding securitization bonds( 0.8% ( 0.8 % ) )( 1.0% ( 1.0 % ) )
4debt to capital excluding securitization bonds ( a )66.3% ( 66.3 % )63.8% ( 63.8 % )
5effect of subtracting cash( 1.1% ( 1.1 % ) )( 2.0% ( 2.0 % ) )
6net debt to net capital excluding securitization bonds ( a )65.2% ( 65.2 % )61.8% ( 61.8 % )
( a ) calculation excludes the arkansas , louisiana , new orleans , and texas securitization bonds , which are non- recourse to entergy arkansas , entergy louisiana , entergy new orleans , and entergy texas , respectively. .","['2.3', '0.03549']" "['what was the value of loews common stock in 2012?', 'what is that less 100?', 'what is the change divided by 100?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 5 . market for the registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following graph compares annual total return of our common stock , the standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) and our peer group ( 201cloews peer group 201d ) for the five years ended december 31 , 2016 . the graph assumes that the value of the investment in our common stock , the s&p 500 index and the loews peer group was $ 100 on december 31 , 2011 and that all dividends were reinvested. .
1201120122013201420152016
2loews common stock100.0108.91129.64113.59104.47128.19
3s&p 500 index100.0116.00153.57174.60177.01198.18
4loews peer group ( a )100.0113.39142.85150.44142.44165.34
( a ) the loews peer group consists of the following companies that are industry competitors of our principal operating subsidiaries : chubb limited ( name change from ace limited after it acquired the chubb corporation on january 15 , 2016 ) , w.r . berkley corporation , the chubb corporation ( included through january 15 , 2016 when it was acquired by ace limited ) , energy transfer partners l.p. , ensco plc , the hartford financial services group , inc. , kinder morgan energy partners , l.p . ( included through november 26 , 2014 when it was acquired by kinder morgan inc. ) , noble corporation , spectra energy corp , transocean ltd . and the travelers companies , inc . dividend information we have paid quarterly cash dividends in each year since 1967 . regular dividends of $ 0.0625 per share of loews common stock were paid in each calendar quarter of 2016 and 2015. .","['108.91', '8.91', '0.0891']" "['what was the operating profit in 2012?', 'and in 2011?', 'so what was the difference between the two years?', 'and the growth rate during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: aeronautics business segment 2019s results of operations discussion . the increase in our consolidated net adjustments for 2011 as compared to 2010 primarily was due to an increase in profit booking rate adjustments at our is&gs and aeronautics business segments . aeronautics our aeronautics business segment is engaged in the research , design , development , manufacture , integration , sustainment , support , and upgrade of advanced military aircraft , including combat and air mobility aircraft , unmanned air vehicles , and related technologies . aeronautics 2019 major programs include the f-35 lightning ii joint strike fighter , f-22 raptor , f-16 fighting falcon , c-130 hercules , and the c-5m super galaxy . aeronautics 2019 operating results included the following ( in millions ) : .
1201220112010
2net sales$ 14953$ 14362$ 13109
3operating profit169916301498
4operating margins11.4% ( 11.4 % )11.3% ( 11.3 % )11.4% ( 11.4 % )
5backlog at year-end301003050027500
2012 compared to 2011 aeronautics 2019 net sales for 2012 increased $ 591 million , or 4% ( 4 % ) , compared to 2011 . the increase was attributable to higher net sales of approximately $ 745 million from f-35 lrip contracts principally due to increased production volume ; about $ 285 million from f-16 programs primarily due to higher aircraft deliveries ( 37 f-16 aircraft delivered in 2012 compared to 22 in 2011 ) partially offset by lower volume on sustainment activities due to the completion of modification programs for certain international customers ; and approximately $ 140 million from c-5 programs due to higher aircraft deliveries ( four c-5m aircraft delivered in 2012 compared to two in 2011 ) . partially offsetting the increases were lower net sales of approximately $ 365 million from decreased production volume and lower risk retirements on the f-22 program as final aircraft deliveries were completed in the second quarter of 2012 ; approximately $ 110 million from the f-35 development contract primarily due to the inception-to-date effect of reducing the profit booking rate in the second quarter of 2012 and to a lesser extent lower volume ; and about $ 95 million from a decrease in volume on other sustainment activities partially offset by various other aeronautics programs due to higher volume . net sales for c-130 programs were comparable to 2011 as a decline in sustainment activities largely was offset by increased aircraft deliveries . aeronautics 2019 operating profit for 2012 increased $ 69 million , or 4% ( 4 % ) , compared to 2011 . the increase was attributable to higher operating profit of approximately $ 105 million from c-130 programs due to an increase in risk retirements ; about $ 50 million from f-16 programs due to higher aircraft deliveries partially offset by a decline in risk retirements ; approximately $ 50 million from f-35 lrip contracts due to increased production volume and risk retirements ; and about $ 50 million from the completion of purchased intangible asset amortization on certain f-16 contracts . partially offsetting the increases was lower operating profit of about $ 90 million from the f-35 development contract primarily due to the inception- to-date effect of reducing the profit booking rate in the second quarter of 2012 ; approximately $ 50 million from decreased production volume and risk retirements on the f-22 program partially offset by a resolution of a contractual matter in the second quarter of 2012 ; and approximately $ 45 million primarily due to a decrease in risk retirements on other sustainment activities partially offset by various other aeronautics programs due to increased risk retirements and volume . operating profit for c-5 programs was comparable to 2011 . adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 30 million lower for 2012 compared to 2011 . 2011 compared to 2010 aeronautics 2019 net sales for 2011 increased $ 1.3 billion , or 10% ( 10 % ) , compared to 2010 . the growth in net sales primarily was due to higher volume of about $ 850 million for work performed on the f-35 lrip contracts as production increased ; higher volume of about $ 745 million for c-130 programs due to an increase in deliveries ( 33 c-130j aircraft delivered in 2011 compared to 25 during 2010 ) and support activities ; about $ 425 million for f-16 support activities and an increase in aircraft deliveries ( 22 f-16 aircraft delivered in 2011 compared to 20 during 2010 ) ; and approximately $ 90 million for higher volume on c-5 programs ( two c-5m aircraft delivered in 2011 compared to one during 2010 ) . these increases partially were offset by a decline in net sales of approximately $ 675 million due to lower volume on the f-22 program and lower net sales of about $ 155 million for the f-35 development contract as development work decreased. .","['1699.0', '1630.0', '69.0', '0.04233']" "['what was the value of the s&p500 in 2012?', 'and what was it in 2010?', 'what was, then, the change in its value over the year?', 'what was the value of the s&p500 in 2010?', 'and how much does that change represent in relation to this 2010 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the sec , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing . the following graph shows a five year comparison of cumulative total shareowners 2019 returns for our class b common stock , the standard & poor 2019s 500 index , and the dow jones transportation average . the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2009 in the standard & poor 2019s 500 index , the dow jones transportation average , and our class b common stock. .
112/31/200912/31/201012/31/201112/31/201212/31/201312/31/2014
2united parcel service inc .$ 100.00$ 130.29$ 135.35$ 140.54$ 205.95$ 223.79
3standard & poor 2019s 500 index$ 100.00$ 115.06$ 117.48$ 136.26$ 180.38$ 205.05
4dow jones transportation average$ 100.00$ 126.74$ 126.75$ 136.24$ 192.61$ 240.91
.","['136.26', '115.06', '21.2', '115.06', '0.18425']" "['what is the net change in value of global payments from 2003 to 2004?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph the following line-graph presentation compares our cumulative shareholder returns with the standard & poor 2019s information technology index and the standard & poor 2019s 500 stock index for the past five years . the line graph assumes the investment of $ 100 in our common stock , the standard & poor 2019s information technology index , and the standard & poor 2019s 500 stock index on may 31 , 2002 and assumes reinvestment of all dividends . comparison of 5 year cumulative total return* among global payments inc. , the s&p 500 index and the s&p information technology index 5/02 5/03 5/04 5/05 5/06 5/07 global payments inc . s&p 500 s&p information technology * $ 100 invested on 5/31/02 in stock or index-including reinvestment of dividends . fiscal year ending may 31 . global payments s&p 500 information technology .
1global paymentss&p 500s&p information technology
2may 31 2002$ 100.00$ 100.00$ 100.00
3may 31 200394.2091.9494.48
4may 31 2004129.77108.79115.24
5may 31 2005193.30117.75116.29
6may 31 2006260.35127.92117.14
7may 31 2007224.24157.08144.11
issuer purchases of equity securities on april 5 , 2007 , our board of directors authorized repurchases of our common stock in an amount up to $ 100 million . the board has authorized us to purchase shares from time to time as market conditions permit . there is no expiration date with respect to this authorization . no amounts have been repurchased during the fiscal year ended may 31 , 2007. .","['35.57', '0.3776']" "['what is the ratio of the total operating expenses year over year change to the change as a percent?', 'what is the total operating expenses year over year change?', 'what is the quotient divided by the total operating expense year over year change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: recognized total losses and expenses of $ 28.6 million , including a net loss on write-down to fair value of the assets and certain other transaction fees of $ 27.1 million within other expenses and $ 1.5 million of legal and other fees . 2022 professional fees and outside services expense decreased in 2017 compared to 2016 , largely due to higher legal and regulatory fees in 2016 related to our business activities and product offerings as well as higher professional fees related to a greater reliance on consultants for security and systems enhancement work . the overall decrease in operating expenses in 2017 when compared with 2016 was partially offset by the following increases : 2022 licensing and other fee sharing agreements expense increased due to higher expense resulting from incentive payments made to facilitate the transition of the russell contract open interest , as well as increased costs of revenue sharing agreements for certain licensed products . the overall increase in 2017 was partially offset by lower expense related to revenue sharing agreements for certain equity and energy contracts due to lower volume for these products compared to 2016 . 2022 compensation and benefits expense increased as a result of higher average headcount primarily in our international locations as well as normal cost of living adjustments . 2016 compared with 2015 operating expenses increased by $ 54.4 million in 2016 when compared with 2015 . the following table shows the estimated impact of key factors resulting in the net decrease in operating expenses . ( dollars in millions ) over-year change change as a percentage of 2015 expenses .
1( dollars in millions )year-over-yearchangechange as apercentage of2015 expenses
2loss on datacenter and related legal fees$ 28.62% ( 2 % )
3professional fees and outside services24.42
4foreign currency exchange rate fluctuation13.21
5licensing and other fee agreements12.01
6reorganization severance and retirement costs-8.1 ( 8.1 )-1 ( 1 )
7real estate taxes and fees-10.0 ( 10.0 )-1 ( 1 )
8other expenses net-5.7 ( 5.7 )2014
9total$ 54.44% ( 4 % )
overall operating expenses increased in 2016 when compared with 2015 due to the following reasons : 2022 in 2016 , we recognized total losses and expenses of $ 28.6 million , including a net loss on write-down to fair value of the assets and certain other transaction fees of $ 27.1 million within other expenses and $ 1.5 million of legal and other fees as a result of our sale and leaseback of our datacenter . 2022 professional fees and outside services expense increased in 2016 largely due to an increase in legal and regulatory efforts related to our business activities and product offerings as well as an increase in professional fees related to a greater reliance on consultants for security and systems enhancement work . 2022 in 2016 , we recognized a net loss of $ 24.5 million due to an unfavorable change in exchange rates on foreign cash balances , compared with a net loss of $ 11.3 million in 2015 . 2022 licensing and other fee sharing agreements expense increased due to higher expense related to revenue sharing agreements for certain equity and energy contracts due to both higher volume and an increase in license rates for certain equity and energy products. .","['1360.0', '54.4', '1414.4']" "['what were the total costs associated with development and tenant improvement projects on first and second generation space in the year of 2016?', 'and what were they in 2014?', 'what is, then, the total value of those costs in 2014 and 2016?', 'what were the total costs associated with development and tenant improvement projects on first and second generation space in the year of 2015?', 'what is, then, the total value of those costs, including the year of 2015?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: property investmentp yrr our overall strategy is to continue to increase our investment in quality industrial properties in both existing and select new markets and to continue to increase our investment in on-campus or hospital affiliated medical offf fice ff properties . pursuant to this strategy , we evaluate development and acquisition opportunities based upon our market yy outlook , including general economic conditions , supply and long-term growth potential . our ability to make future property investments is dependent upon identifying suitable acquisition and development opportunities , and our continued access to our longer-term sources of liquidity , including issuances of debt or equity securities as well asyy generating cash flow by disposing of selected properties . leasing/capital costsg p tenant improvements and lease-related costs pertaining to our initial leasing of newly completed space , or vacant tt space in acquired properties , are referred to as first generation expenditures . such first generation expenditures for tenant improvements are included within ""development of real estate investments"" in our consolidated statements of cash flows , while such expenditures for lease-related costs are included within ""other deferred leasing costs."" cash expenditures related to the construction of a building's shell , as well as the associated site improvements , are also included within ""development of real estate investments"" in our consolidated statements of cash flows . tenant improvements and leasing costs to re-let rental space that we previously leased to tenants are referred to as tt second generation expenditures . building improvements that are not specific to any tenant , but serve to improve integral components of our real estate properties , are also second generation expenditures . one of the principal uses of our liquidity is to fund the second generation leasing/capital expenditures of our real estate investments . the following table summarizes our second generation capital expenditures by type of expenditure , as well as capital expenditures for the development of real estate investments and for other deferred leasing costs ( in thousands ) : .
1201620152014
2second generation tenant improvements$ 24622$ 28681$ 51699
3second generation leasing costs270292447137898
4building improvements769887489224
5total second generation capital expenditures$ 59349$ 61900$ 98821
6development of real estate investments$ 401442$ 370466$ 446722
7other deferred leasing costs$ 38410$ 30790$ 31503
second generation capital expenditures were significantly lower during 2016 and 2015 , compared to 2014 , as the result of significant dispositions of office properties , which were more capital intensive to re-lease than industrial ff properties . we had wholly owned properties under development with an expected cost of ww $ 713.1 million at december 31 , 2016 , compared to projects with an expected cost of $ 599.8 million and $ 470.2 million at december 31 , 2015 and 2014 , respectively . the capital expenditures in the table above include the capitalization of internal overhead costs . we capitalized ww $ 24.0 million , $ 21.7 million and $ 23.9 million of overhead costs related to leasing activities , including both first and second generation leases , during the years ended december 31 , 2016 , 2015 and 2014 , respectively . we ww capitalized $ 25.9 million , $ 23.8 million and $ 28.8 million of overhead costs related to development activities , including both development and tenant improvement projects on first and second generation space , during the years ended december 31 , 2016 , 2015 and 2014 , respectively . combined overhead costs capitalized to leasing and development totaled 33.5% ( 33.5 % ) , 29.0% ( 29.0 % ) and 31.4% ( 31.4 % ) of our overall pool of overhead costs at december 31 , 2016 , 2015 and 2014 , respectively . further discussion of the capitalization of overhead costs can be found in the year-to-year comparisons of general and administrative expenses and critical accounting policies sections of this item 7. .","['25.9', '28.8', '54.7', '23.8', '78.5']" "['what was the total of unconditional purchase obligations in 2017?', 'and what was it in 2016?', 'what was, then, the change in unconditional purchase obligations over the year?', 'and how much does this change represent in relation to the 2016 total?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: guarantees and warranties in april 2015 , we entered into joint venture arrangements in saudi arabia . an equity bridge loan has been provided to the joint venture until 2020 to fund equity commitments , and we guaranteed the repayment of our 25% ( 25 % ) share of this loan . our venture partner guaranteed repayment of their share . our maximum exposure under the guarantee is approximately $ 100 . as of 30 september 2015 , we recorded a noncurrent liability of $ 67.5 for our obligation to make future equity contributions based on the equity bridge loan . air products has also entered into a sale of equipment contract with the joint venture to engineer , procure , and construct the industrial gas facilities that will supply gases to saudi aramco . we will provide bank guarantees to the joint venture of up to $ 326 to support our performance under the contract . we are party to an equity support agreement and operations guarantee related to an air separation facility constructed in trinidad for a venture in which we own 50% ( 50 % ) . at 30 september 2015 , maximum potential payments under joint and several guarantees were $ 30.0 . exposures under the guarantee decline over time and will be completely extinguished by 2024 . during the first quarter of 2014 , we sold the remaining portion of our homecare business and entered into an operations guarantee related to obligations under certain homecare contracts assigned in connection with the transaction . our maximum potential payment under the guarantee is a320 million ( approximately $ 30 at 30 september 2015 ) , and our exposure will be extinguished by 2020 . to date , no equity contributions or payments have been made since the inception of these guarantees . the fair value of the above guarantees is not material . we , in the normal course of business operations , have issued product warranties related to equipment sales . also , contracts often contain standard terms and conditions which typically include a warranty and indemnification to the buyer that the goods and services purchased do not infringe on third-party intellectual property rights . the provision for estimated future costs relating to warranties is not material to the consolidated financial statements . we do not expect that any sum we may have to pay in connection with guarantees and warranties will have a material adverse effect on our consolidated financial condition , liquidity , or results of operations . unconditional purchase obligations we are obligated to make future payments under unconditional purchase obligations as summarized below: .
12016$ 917
22017117
3201863
4201955
5202054
6thereafter164
7total$ 1370
approximately $ 390 of our long-term unconditional purchase obligations relate to feedstock supply for numerous hyco ( hydrogen , carbon monoxide , and syngas ) facilities . the price of feedstock supply is principally related to the price of natural gas . however , long-term take-or-pay sales contracts to hyco customers are generally matched to the term of the feedstock supply obligations and provide recovery of price increases in the feedstock supply . due to the matching of most long-term feedstock supply obligations to customer sales contracts , we do not believe these purchase obligations would have a material effect on our financial condition or results of operations . the unconditional purchase obligations also include other product supply and purchase commitments and electric power and natural gas supply purchase obligations , which are primarily pass-through contracts with our customers . purchase commitments to spend approximately $ 540 for additional plant and equipment are included in the unconditional purchase obligations in 2016. .","['117.0', '917.0', '-800.0', '-0.87241']" "['as of december 31, 2008, what would have been, in millions, the total undiscounted minimum capital lease obligations excluding the assets under construction?', 'and what percentage of that construction is already completed?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: marathon oil corporation notes to consolidated financial statements preferred shares 2013 in connection with the acquisition of western discussed in note 6 , the board of directors authorized a class of voting preferred stock consisting of 6 million shares . upon completion of the acquisition , we issued 5 million shares of this voting preferred stock to a trustee , who holds the shares for the benefit of the holders of the exchangeable shares discussed above . each share of voting preferred stock is entitled to one vote on all matters submitted to the holders of marathon common stock . each holder of exchangeable shares may direct the trustee to vote the number of shares of voting preferred stock equal to the number of shares of marathon common stock issuable upon the exchange of the exchangeable shares held by that holder . in no event will the aggregate number of votes entitled to be cast by the trustee with respect to the outstanding shares of voting preferred stock exceed the number of votes entitled to be cast with respect to the outstanding exchangeable shares . except as otherwise provided in our restated certificate of incorporation or by applicable law , the common stock and the voting preferred stock will vote together as a single class in the election of directors of marathon and on all other matters submitted to a vote of stockholders of marathon generally . the voting preferred stock will have no other voting rights except as required by law . other than dividends payable solely in shares of voting preferred stock , no dividend or other distribution , will be paid or payable to the holder of the voting preferred stock . in the event of any liquidation , dissolution or winding up of marathon , the holder of shares of the voting preferred stock will not be entitled to receive any assets of marathon available for distribution to its stockholders . the voting preferred stock is not convertible into any other class or series of the capital stock of marathon or into cash , property or other rights , and may not be redeemed . 26 . leases we lease a wide variety of facilities and equipment under operating leases , including land and building space , office equipment , production facilities and transportation equipment . most long-term leases include renewal options and , in certain leases , purchase options . future minimum commitments for capital lease obligations ( including sale-leasebacks accounted for as financings ) and for operating lease obligations having initial or remaining noncancelable lease terms in excess of one year are as follows : ( in millions ) capital obligations ( a ) operating obligations .
1( in millions )capital lease obligations ( a )operating lease obligations
22009$ 40$ 181
3201045133
4201147110
5201260100
620133985
7later years426379
8sublease rentals2013-21 ( 21 )
9total minimum lease payments$ 657$ 967
10less imputed interest costs-198 ( 198 )
11present value of net minimum lease payments$ 459
( a ) capital lease obligations includes $ 335 million related to assets under construction as of december 31 , 2008 . these leases are currently reported in long-term debt based on percentage of construction completed at $ 126 million . in connection with past sales of various plants and operations , we assigned and the purchasers assumed certain leases of major equipment used in the divested plants and operations of united states steel . in the event of a default by any of the purchasers , united states steel has assumed these obligations ; however , we remain primarily obligated for payments under these leases . minimum lease payments under these operating lease obligations of $ 21 million have been included above and an equal amount has been reported as sublease rentals . of the $ 459 million present value of net minimum capital lease payments , $ 69 million was related to obligations assumed by united states steel under the financial matters agreement. .","['322.0', '0.37612']" "['what was the change in debt to capital from 2016 to 2017?', 'and how much does this change represent in relation to the debt to capital in 2016, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: operations may be extended up to four additional years for each unit by mutual agreement of entergy and new york state based on an exigent reliability need for indian point generation . in accordance with the ferc-approved tariff of the new york independent system operator ( nyiso ) , entergy submitted to the nyiso a notice of generator deactivation based on the dates in the settlement ( no later than april 30 , 2020 for indian point unit 2 and april 30 , 2021 for indian point unit 3 ) . in december 2017 , nyiso issued a report stating there will not be a system reliability need following the deactivation of indian point . the nyiso also has advised that it will perform an analysis of the potential competitive impacts of the proposed retirement under provisions of its tariff . the deadline for the nyiso to make a withholding determination is in dispute and is pending before the ferc . in addition to contractually agreeing to cease commercial operations early , in february 2017 entergy filed with the nrc an amendment to its license renewal application changing the term of the requested licenses to coincide with the latest possible extension by mutual agreement based on exigent reliability needs : april 30 , 2024 for indian point 2 and april 30 , 2025 for indian point 3 . if entergy reasonably determines that the nrc will treat the amendment other than as a routine amendment , entergy may withdraw the amendment . other provisions of the settlement include termination of all then-existing investigations of indian point by the agencies signing the agreement , which include the new york state department of environmental conservation , the new york state department of state , the new york state department of public service , the new york state department of health , and the new york state attorney general . the settlement recognizes the right of new york state agencies to pursue new investigations and enforcement actions with respect to new circumstances or existing conditions that become materially exacerbated . another provision of the settlement obligates entergy to establish a $ 15 million fund for environmental projects and community support . apportionment and allocation of funds to beneficiaries are to be determined by mutual agreement of new york state and entergy . the settlement recognizes new york state 2019s right to perform an annual inspection of indian point , with scope and timing to be determined by mutual agreement . in may 2017 a plaintiff filed two parallel state court appeals challenging new york state 2019s actions in signing and implementing the indian point settlement with entergy on the basis that the state failed to perform sufficient environmental analysis of its actions . all signatories to the settlement agreement , including the entergy affiliates that hold nrc licenses for indian point , were named . the appeals were voluntarily dismissed in november 2017 . entergy corporation and subsidiaries management 2019s financial discussion and analysis liquidity and capital resources this section discusses entergy 2019s capital structure , capital spending plans and other uses of capital , sources of capital , and the cash flow activity presented in the cash flow statement . capital structure entergy 2019s capitalization is balanced between equity and debt , as shown in the following table . the increase in the debt to capital ratio for entergy as of december 31 , 2017 is primarily due to an increase in commercial paper outstanding in 2017 as compared to 2016. .
120172016
2debt to capital67.1% ( 67.1 % )64.8% ( 64.8 % )
3effect of excluding securitization bonds( 0.8% ( 0.8 % ) )( 1.0% ( 1.0 % ) )
4debt to capital excluding securitization bonds ( a )66.3% ( 66.3 % )63.8% ( 63.8 % )
5effect of subtracting cash( 1.1% ( 1.1 % ) )( 2.0% ( 2.0 % ) )
6net debt to net capital excluding securitization bonds ( a )65.2% ( 65.2 % )61.8% ( 61.8 % )
( a ) calculation excludes the arkansas , louisiana , new orleans , and texas securitization bonds , which are non- recourse to entergy arkansas , entergy louisiana , entergy new orleans , and entergy texas , respectively. .","['2.3', '0.03549']" "['what is the net change in total operating expenses in 2012?', 'what percentage change does this represent?', 'what is the number of staff in 2012?', 'what about in 2011?', 'what is the net change?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis net interest income 2012 versus 2011 . net interest income on the consolidated statements of earnings was $ 3.88 billion for 2012 , 25% ( 25 % ) lower than 2011 . the decrease compared with 2011 was primarily due to lower average yields on financial instruments owned , at fair value , and collateralized agreements . 2011 versus 2010 . net interest income on the consolidated statements of earnings was $ 5.19 billion for 2011 , 6% ( 6 % ) lower than 2010 . the decrease compared with 2010 was primarily due to higher interest expense related to our long-term borrowings and higher dividend expense related to financial instruments sold , but not yet purchased , partially offset by an increase in interest income from higher yielding collateralized agreements . operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity . compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits . discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share-based compensation programs and the external environment . in the context of more difficult economic and financial conditions , the firm launched an initiative during the second quarter of 2011 to identify areas where we can operate more efficiently and reduce our operating expenses . during 2012 and 2011 , we announced targeted annual run rate compensation and non-compensation reductions of approximately $ 1.9 billion in aggregate . the table below presents our operating expenses and total staff. .
1$ in millionsyear ended december 2012year ended december 2011year ended december 2010
2compensation and benefits$ 12944$ 12223$ 15376
3u.k . bank payrolltax20142014465
4brokerage clearing exchange anddistribution fees220824632281
5market development509640530
6communications and technology782828758
7depreciation and amortization173818651889
8occupancy87510301086
9professional fees867992927
10insurance reserves1598529398
11other expenses243520722559
12total non-compensation expenses100121041910428
13total operating expenses$ 22956$ 22642$ 26269
14total staff atperiod-end2324003330035700
total staff at period-end 2 32400 33300 35700 1 . related revenues are included in 201cmarket making 201d on the consolidated statements of earnings . 2 . includes employees , consultants and temporary staff . 48 goldman sachs 2012 annual report .","['314.0', '0.01387', '32400.0', '33300.0', '-900.0', '-0.02703']" "['what is the net revenue in 2018?', 'what about in 2017?', 'what is the net change in revenue?', 'what is the net revenue in 2017?', 'what growth rate does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis net revenues in equities were $ 6.60 billion , 4% ( 4 % ) lower than 2016 , primarily due to lower commissions and fees , reflecting a decline in our listed cash equity volumes in the u.s . market volumes in the u.s . also declined . in addition , net revenues in equities client execution were lower , reflecting lower net revenues in derivatives , partially offset by higher net revenues in cash products . net revenues in securities services were essentially unchanged . operating expenses were $ 9.69 billion for 2017 , essentially unchanged compared with 2016 , due to decreased compensation and benefits expenses , reflecting lower net revenues , largely offset by increased technology expenses , reflecting higher expenses related to cloud-based services and software depreciation , and increased consulting costs . pre-tax earnings were $ 2.21 billion in 2017 , 54% ( 54 % ) lower than 2016 . investing & lending investing & lending includes our investing activities and the origination of loans , including our relationship lending activities , to provide financing to clients . these investments and loans are typically longer-term in nature . we make investments , some of which are consolidated , including through our merchant banking business and our special situations group , in debt securities and loans , public and private equity securities , infrastructure and real estate entities . some of these investments are made indirectly through funds that we manage . we also make unsecured loans through our digital platform , marcus : by goldman sachs and secured loans through our digital platform , goldman sachs private bank select . the table below presents the operating results of our investing & lending segment. .
1$ in millionsyear ended december 2018year ended december 2017year ended december 2016
2equity securities$ 4455$ 4578$ 2573
3debt securities and loans379526601689
4total net revenues825072384262
5provision for credit losses674657182
6operating expenses336527962386
7pre-taxearnings$ 4211$ 3785$ 1694
operating environment . during 2018 , our investments in private equities benefited from company-specific events , including sales , and strong corporate performance , while investments in public equities reflected losses , as global equity prices generally decreased . results for our investments in debt securities and loans reflected continued growth in loans receivables , resulting in higher net interest income . if macroeconomic concerns negatively affect corporate performance or the origination of loans , or if global equity prices continue to decline , net revenues in investing & lending would likely be negatively impacted . during 2017 , generally higher global equity prices and tighter credit spreads contributed to a favorable environment for our equity and debt investments . results also reflected net gains from company-specific events , including sales , and corporate performance . 2018 versus 2017 . net revenues in investing & lending were $ 8.25 billion for 2018 , 14% ( 14 % ) higher than 2017 . net revenues in equity securities were $ 4.46 billion , 3% ( 3 % ) lower than 2017 , reflecting net losses from investments in public equities ( 2018 included $ 183 million of net losses ) compared with net gains in the prior year , partially offset by significantly higher net gains from investments in private equities ( 2018 included $ 4.64 billion of net gains ) , driven by company-specific events , including sales , and corporate performance . for 2018 , 60% ( 60 % ) of the net revenues in equity securities were generated from corporate investments and 40% ( 40 % ) were generated from real estate . net revenues in debt securities and loans were $ 3.80 billion , 43% ( 43 % ) higher than 2017 , primarily driven by significantly higher net interest income . 2018 included net interest income of approximately $ 2.70 billion compared with approximately $ 1.80 billion in 2017 . provision for credit losses was $ 674 million for 2018 , compared with $ 657 million for 2017 , as the higher provision for credit losses primarily related to consumer loan growth in 2018 was partially offset by an impairment of approximately $ 130 million on a secured loan in 2017 . operating expenses were $ 3.37 billion for 2018 , 20% ( 20 % ) higher than 2017 , primarily due to increased expenses related to consolidated investments and our digital lending and deposit platform , and increased compensation and benefits expenses , reflecting higher net revenues . pre-tax earnings were $ 4.21 billion in 2018 , 11% ( 11 % ) higher than 2017 versus 2016 . net revenues in investing & lending were $ 7.24 billion for 2017 , 70% ( 70 % ) higher than 2016 . net revenues in equity securities were $ 4.58 billion , 78% ( 78 % ) higher than 2016 , primarily reflecting a significant increase in net gains from private equities ( 2017 included $ 3.82 billion of net gains ) , which were positively impacted by company-specific events and corporate performance . in addition , net gains from public equities ( 2017 included $ 762 million of net gains ) were significantly higher , as global equity prices increased during the year . for 2017 , 64% ( 64 % ) of the net revenues in equity securities were generated from corporate investments and 36% ( 36 % ) were generated from real estate . net revenues in debt securities and loans were $ 2.66 billion , 57% ( 57 % ) higher than 2016 , reflecting significantly higher net interest income ( 2017 included approximately $ 1.80 billion of net interest income ) . 60 goldman sachs 2018 form 10-k .","['8250.0', '7238.0', '1012.0', '7238.0', '0.13982']" "['what is the sum of cash provided by operating activities and used by investing activities in 2008?', 'what is the sum including cash used in financing activities?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: bhge 2018 form 10-k | 39 outstanding under the commercial paper program . the maximum combined borrowing at any time under both the 2017 credit agreement and the commercial paper program is $ 3 billion . if market conditions were to change and our revenue was reduced significantly or operating costs were to increase , our cash flows and liquidity could be reduced . additionally , it could cause the rating agencies to lower our credit rating . there are no ratings triggers that would accelerate the maturity of any borrowings under our committed credit facility . however , a downgrade in our credit ratings could increase the cost of borrowings under the credit facility and could also limit or preclude our ability to issue commercial paper . should this occur , we could seek alternative sources of funding , including borrowing under the credit facility . during the year ended december 31 , 2018 , we used cash to fund a variety of activities including certain working capital needs and restructuring costs , capital expenditures , the repayment of debt , payment of dividends , distributions to ge and share repurchases . we believe that cash on hand , cash flows generated from operations and the available credit facility will provide sufficient liquidity to manage our global cash needs . cash flows cash flows provided by ( used in ) each type of activity were as follows for the years ended december 31: .
1( in millions )201820172016
2operating activities$ 1762$ -799 ( 799 )$ 262
3investing activities-578 ( 578 )-4123 ( 4123 )-472 ( 472 )
4financing activities-4363 ( 4363 )10919-102 ( 102 )
operating activities our largest source of operating cash is payments from customers , of which the largest component is collecting cash related to product or services sales including advance payments or progress collections for work to be performed . the primary use of operating cash is to pay our suppliers , employees , tax authorities and others for a wide range of material and services . cash flows from operating activities generated cash of $ 1762 million and used cash of $ 799 million for the years ended december 31 , 2018 and 2017 , respectively . cash flows from operating activities increased $ 2561 million in 2018 primarily driven by better operating performance . these cash inflows were supported by strong working capital cash flows , especially in the fourth quarter of 2018 , including approximately $ 300 million for a progress collection payment from a customer . included in our cash flows from operating activities for 2018 and 2017 are payments of $ 473 million and $ 612 million , respectively , made primarily for employee severance as a result of our restructuring activities and merger and related costs . cash flows from operating activities used $ 799 million and generated $ 262 million for the years ended december 31 , 2017 and 2016 , respectively . cash flows from operating activities decreased $ 1061 million in 2017 primarily driven by a $ 1201 million negative impact from ending our receivables monetization program in the fourth quarter , and restructuring related payments throughout the year . these cash outflows were partially offset by strong working capital cash flows , especially in the fourth quarter of 2017 . included in our cash flows from operating activities for 2017 and 2016 are payments of $ 612 million and $ 177 million , respectively , made for employee severance as a result of our restructuring activities and merger and related costs . investing activities cash flows from investing activities used cash of $ 578 million , $ 4123 million and $ 472 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively . our principal recurring investing activity is the funding of capital expenditures to ensure that we have the appropriate levels and types of machinery and equipment in place to generate revenue from operations . expenditures for capital assets totaled $ 995 million , $ 665 million and $ 424 million for 2018 , 2017 and 2016 , respectively , partially offset by cash flows from the sale of property , plant and equipment of $ 458 million , $ 172 million and $ 20 million in 2018 , 2017 and 2016 , respectively . proceeds from the disposal of assets related primarily .","['1184.0', '-3179.0']" "['what was the value of annual operating cash flow in 2012?', 'what was the value in 2011?', 'what is the net change?', 'what was the 2011 value?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 35% ( 35 % ) due primarily to certain undistributed foreign earnings for which no u.s . taxes are provided because such earnings are intended to be indefinitely reinvested outside the u.s . as of september 29 , 2012 , the company had deferred tax assets arising from deductible temporary differences , tax losses , and tax credits of $ 4.0 billion , and deferred tax liabilities of $ 14.9 billion . management believes it is more likely than not that forecasted income , including income that may be generated as a result of certain tax planning strategies , together with future reversals of existing taxable temporary differences , will be sufficient to fully recover the deferred tax assets . the company will continue to evaluate the realizability of deferred tax assets quarterly by assessing the need for and amount of a valuation allowance . the internal revenue service ( the 201cirs 201d ) has completed its field audit of the company 2019s federal income tax returns for the years 2004 through 2006 and proposed certain adjustments . the company has contested certain of these adjustments through the irs appeals office . the irs is currently examining the years 2007 through 2009 . all irs audit issues for years prior to 2004 have been resolved . in addition , the company is subject to audits by state , local , and foreign tax authorities . management believes that adequate provisions have been made for any adjustments that may result from tax examinations . however , the outcome of tax audits cannot be predicted with certainty . if any issues addressed in the company 2019s tax audits are resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income taxes in the period such resolution occurs . liquidity and capital resources the following table presents selected financial information and statistics as of and for the years ended september 29 , 2012 , september 24 , 2011 , and september 25 , 2010 ( in millions ) : .
1201220112010
2cash cash equivalents and marketable securities$ 121251$ 81570$ 51011
3accounts receivable net$ 10930$ 5369$ 5510
4inventories$ 791$ 776$ 1051
5working capital$ 19111$ 17018$ 20956
6annual operating cash flow$ 50856$ 37529$ 18595
as of september 29 , 2012 , the company had $ 121.3 billion in cash , cash equivalents and marketable securities , an increase of $ 39.7 billion or 49% ( 49 % ) from september 24 , 2011 . the principal components of this net increase was the cash generated by operating activities of $ 50.9 billion , which was partially offset by payments for acquisition of property , plant and equipment of $ 8.3 billion , payments for acquisition of intangible assets of $ 1.1 billion and payments of dividends and dividend equivalent rights of $ 2.5 billion . the company 2019s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer . the policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss . as of september 29 , 2012 and september 24 , 2011 , $ 82.6 billion and $ 54.3 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments , common stock repurchases , dividends on its common stock , and other liquidity requirements associated with its existing operations over the next 12 months . capital assets the company 2019s capital expenditures were $ 10.3 billion during 2012 , consisting of $ 865 million for retail store facilities and $ 9.5 billion for other capital expenditures , including product tooling and manufacturing process .","['50856.0', '37529.0', '13327.0', '37529.0', '0.35511']" "['what would be the net income in 2011 if integration charges were not included?', 'what portion of total assets acquired are fixed assets?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: see note 10 goodwill and other intangible assets for further discussion of the accounting for goodwill and other intangible assets . the estimated amount of rbc bank ( usa ) revenue and net income ( excluding integration costs ) included in pnc 2019s consolidated income statement for 2012 was $ 1.0 billion and $ 273 million , respectively . upon closing and conversion of the rbc bank ( usa ) transaction , subsequent to march 2 , 2012 , separate records for rbc bank ( usa ) as a stand-alone business have not been maintained as the operations of rbc bank ( usa ) have been fully integrated into pnc . rbc bank ( usa ) revenue and earnings disclosed above reflect management 2019s best estimate , based on information available at the reporting date . the following table presents certain unaudited pro forma information for illustrative purposes only , for 2012 and 2011 as if rbc bank ( usa ) had been acquired on january 1 , 2011 . the unaudited estimated pro forma information combines the historical results of rbc bank ( usa ) with the company 2019s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods . the pro forma information is not indicative of what would have occurred had the acquisition taken place on january 1 , 2011 . in particular , no adjustments have been made to eliminate the impact of other-than-temporary impairment losses and losses recognized on the sale of securities that may not have been necessary had the investment securities been recorded at fair value as of january 1 , 2011 . the unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value . additionally , the pro forma financial information does not include the impact of possible business model changes and does not reflect pro forma adjustments to conform accounting policies between rbc bank ( usa ) and pnc . additionally , pnc expects to achieve further operating cost savings and other business synergies , including revenue growth , as a result of the acquisition that are not reflected in the pro forma amounts that follow . as a result , actual results will differ from the unaudited pro forma information presented . table 57 : rbc bank ( usa ) and pnc unaudited pro forma results .
1in millionsfor the year ended december 31 2012for the year ended december 31 2011
2total revenues$ 15721$ 15421
3net income29892911
in connection with the rbc bank ( usa ) acquisition and other prior acquisitions , pnc recognized $ 267 million of integration charges in 2012 . pnc recognized $ 42 million of integration charges in 2011 in connection with prior acquisitions . the integration charges are included in the table above . sale of smartstreet effective october 26 , 2012 , pnc divested certain deposits and assets of the smartstreet business unit , which was acquired by pnc as part of the rbc bank ( usa ) acquisition , to union bank , n.a . smartstreet is a nationwide business focused on homeowner or community association managers and had approximately $ 1 billion of assets and deposits as of september 30 , 2012 . the gain on sale was immaterial and resulted in a reduction of goodwill and core deposit intangibles of $ 46 million and $ 13 million , respectively . results from operations of smartstreet from march 2 , 2012 through october 26 , 2012 are included in our consolidated income statement . flagstar branch acquisition effective december 9 , 2011 , pnc acquired 27 branches in the northern metropolitan atlanta , georgia area from flagstar bank , fsb , a subsidiary of flagstar bancorp , inc . the fair value of the assets acquired totaled approximately $ 211.8 million , including $ 169.3 million in cash , $ 24.3 million in fixed assets and $ 18.2 million of goodwill and intangible assets . we also assumed approximately $ 210.5 million of deposits associated with these branches . no deposit premium was paid and no loans were acquired in the transaction . our consolidated income statement includes the impact of the branch activity subsequent to our december 9 , 2011 acquisition . bankatlantic branch acquisition effective june 6 , 2011 , we acquired 19 branches in the greater tampa , florida area from bankatlantic , a subsidiary of bankatlantic bancorp , inc . the fair value of the assets acquired totaled $ 324.9 million , including $ 256.9 million in cash , $ 26.0 million in fixed assets and $ 42.0 million of goodwill and intangible assets . we also assumed approximately $ 324.5 million of deposits associated with these branches . a $ 39.0 million deposit premium was paid and no loans were acquired in the transaction . our consolidated income statement includes the impact of the branch activity subsequent to our june 6 , 2011 acquisition . sale of pnc global investment servicing on july 1 , 2010 , we sold pnc global investment servicing inc . ( gis ) , a leading provider of processing , technology and business intelligence services to asset managers , broker- dealers and financial advisors worldwide , for $ 2.3 billion in cash pursuant to a definitive agreement entered into on february 2 , 2010 . this transaction resulted in a pretax gain of $ 639 million , net of transaction costs , in the third quarter of 2010 . this gain and results of operations of gis through june 30 , 2010 are presented as income from discontinued operations , net of income taxes , on our consolidated income statement . as part of the sale agreement , pnc has agreed to provide certain transitional services on behalf of gis until completion of related systems conversion activities . 138 the pnc financial services group , inc . 2013 form 10-k .","['2953.0', '0.08002']" "['what is the change in the value of an investment in state street corporation from 2007 to 2009?', 'what is the initial investment?', 'what roi does this represent?', 'what about the change in value in s&p 500 index for the same period?', 'what is the initial value for s&p500 index?', 'what roi does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: shareholder return performance presentation the graph presented below compares the cumulative total shareholder return on state street's common stock to the cumulative total return of the s&p 500 index and the s&p financial index over a five-year period . the cumulative total shareholder return assumes the investment of $ 100 in state street common stock and in each index on december 31 , 2007 at the closing price on the last trading day of 2007 , and also assumes reinvestment of common stock dividends . the s&p financial index is a publicly available measure of 80 of the standard & poor's 500 companies , representing 26 diversified financial services companies , 22 insurance companies , 17 real estate companies and 15 banking companies . comparison of five-year cumulative total shareholder return .
1200720082009201020112012
2state street corporation$ 100$ 49$ 55$ 58$ 52$ 61
3s&p 500 index10063809294109
4s&p financial index1004552594963
.","['-45.0', '100.0', '-0.45', '-20.0', '100.0', '-0.2']" "['what was the change in the value of total debt between 2014 and 2015?', 'what was the value of total debt in 2014?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 6 . debt the following is a summary of outstanding debt ( in millions ) : .
1as of december 3120152014
25.00% ( 5.00 % ) senior notes due september 2020599599
34.75% ( 4.75 % ) senior notes due 20455982014
43.50% ( 3.50 % ) senior notes due june 2024597597
54.60% ( 4.60 % ) senior notes due june 2044549549
62.875% ( 2.875 % ) senior notes due may 2026 ( eur 500m )545605
78.205% ( 8.205 % ) junior subordinated notes due january 2027521521
83.125% ( 3.125 % ) senior notes due may 2016500500
92.80% ( 2.80 % ) senior notes due 20213992014
104.00% ( 4.00 % ) senior notes due november 2023349349
116.25% ( 6.25 % ) senior notes due september 2040298298
124.76% ( 4.76 % ) senior notes due march 2018 ( cad 375m )271322
134.45% ( 4.45 % ) senior notes due may 2043249248
144.25% ( 4.25 % ) senior notes due december 2042196196
153.50% ( 3.50 % ) senior notes due september 20152014599
16commercial paper50168
17other1631
18total debt57375582
19less short-term and current portion of long-term debt562783
20total long-term debt$ 5175$ 4799
revolving credit facilities as of december 31 , 2015 , aon plc had two committed credit facilities outstanding : its $ 400 million u.s . credit facility expiring in march 2017 ( the ""2017 facility"" ) and $ 900 million multi-currency u.s . credit facility expiring in february 2020 ( the ""2020 facility"" ) . the 2020 facility was entered into on february 2 , 2015 and replaced the previous 20ac650 million european credit facility . effective february 2 , 2016 , the 2020 facility terms were extended for 1 year and will expire in february 2021 . each of these facilities included customary representations , warranties and covenants , including financial covenants that require aon plc to maintain specified ratios of adjusted consolidated ebitda to consolidated interest expense and consolidated debt to adjusted consolidated ebitda , in each case , tested quarterly . at december 31 , 2015 , aon plc did not have borrowings under either the 2017 facility or the 2020 facility , and was in compliance with these financial covenants and all other covenants contained therein during the twelve months ended december 31 , 2015 . on november 13 , 2015 , aon plc issued $ 400 million of 2.80% ( 2.80 % ) senior notes due march 2021 . we used the proceeds of the issuance for general corporate purposes . on september 30 , 2015 , $ 600 million of 3.50% ( 3.50 % ) senior notes issued by aon corporation matured and were repaid . on may 20 , 2015 , the aon plc issued $ 600 million of 4.750% ( 4.750 % ) senior notes due may 2045 . the company used the proceeds of the issuance for general corporate purposes . on august 12 , 2014 , aon plc issued $ 350 million of 3.50% ( 3.50 % ) senior notes due june 2024 . the 3.50% ( 3.50 % ) notes due 2024 constitute a further issuance of , and were consolidated to form a single series of debt securities with , the $ 250 million of 3.50% ( 3.50 % ) notes due june 2024 that was issued by aon plc on may 20 , 2014 concurrently with aon plc's issuance of $ 550 million of 4.60% ( 4.60 % ) notes due june 2044 . aon plc used the proceeds from these issuances for working capital and general corporate purposes. .","['155.0', '5582.0', '0.02777']" "['what was the net effect of the one percentage point change on the other post retirement benefit obligations combined?', 'what was the ratio increase in the service and cost components compared to other post retirement benefit obligation?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the discount rate assumption was determined for the pension and postretirement benefit plans independently . at year-end 2011 , the company began using an approach that approximates the process of settlement of obligations tailored to the plans 2019 expected cash flows by matching the plans 2019 cash flows to the coupons and expected maturity values of individually selected bonds . the yield curve was developed for a universe containing the majority of u.s.-issued aa-graded corporate bonds , all of which were non callable ( or callable with make-whole provisions ) . historically , for each plan , the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments . the expected long-term rate of return on plan assets is based on historical and projected rates of return , prior to administrative and investment management fees , for current and planned asset classes in the plans 2019 investment portfolios . assumed projected rates of return for each of the plans 2019 projected asset classes were selected after analyzing historical experience and future expectations of the returns and volatility of the various asset classes . based on the target asset allocation for each asset class , the overall expected rate of return for the portfolio was developed , adjusted for historical and expected experience of active portfolio management results compared to the benchmark returns and for the effect of expenses paid from plan assets . the company 2019s pension expense increases as the expected return on assets decreases . in the determination of year end 2014 projected benefit plan obligations , the company adopted a new table based on the society of actuaries rp 2014 mortality table including a generational bb-2d projection scale . the adoption resulted in a significant increase to pension and other postretirement benefit plans 2019 projected benefit obligations . assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefit plans . the health care cost trend rate is based on historical rates and expected market conditions . a one-percentage-point change in assumed health care cost trend rates would have the following effects : one-percentage-point increase one-percentage-point decrease effect on total of service and interest cost components . . . . . . . . . . . . . . . $ 5943 $ ( 4887 ) effect on other postretirement benefit obligation . . . . . . . . . . . . . . . . . . . . $ 105967 $ ( 86179 ) .
1one-percentage-point increaseone-percentage-point decrease
2effect on total of service and interest cost components$ 5943$ -4887 ( 4887 )
3effect on other postretirement benefit obligation$ 105967$ -86179 ( 86179 )
the discount rate assumption was determined for the pension and postretirement benefit plans independently . at year-end 2011 , the company began using an approach that approximates the process of settlement of obligations tailored to the plans 2019 expected cash flows by matching the plans 2019 cash flows to the coupons and expected maturity values of individually selected bonds . the yield curve was developed for a universe containing the majority of u.s.-issued aa-graded corporate bonds , all of which were non callable ( or callable with make-whole provisions ) . historically , for each plan , the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments . the expected long-term rate of return on plan assets is based on historical and projected rates of return , prior to administrative and investment management fees , for current and planned asset classes in the plans 2019 investment portfolios . assumed projected rates of return for each of the plans 2019 projected asset classes were selected after analyzing historical experience and future expectations of the returns and volatility of the various asset classes . based on the target asset allocation for each asset class , the overall expected rate of return for the portfolio was developed , adjusted for historical and expected experience of active portfolio management results compared to the benchmark returns and for the effect of expenses paid from plan assets . the company 2019s pension expense increases as the expected return on assets decreases . in the determination of year end 2014 projected benefit plan obligations , the company adopted a new table based on the society of actuaries rp 2014 mortality table including a generational bb-2d projection scale . the adoption resulted in a significant increase to pension and other postretirement benefit plans 2019 projected benefit obligations . assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefit plans . the health care cost trend rate is based on historical rates and expected market conditions . a one-percentage-point change in assumed health care cost trend rates would have the following effects : one-percentage-point increase one-percentage-point decrease effect on total of service and interest cost components . . . . . . . . . . . . . . . $ 5943 $ ( 4887 ) effect on other postretirement benefit obligation . . . . . . . . . . . . . . . . . . . . $ 105967 $ ( 86179 ) .","['19788.0', '0.05608']" "['what was the change in the alternative component changes between 2011 and 2012?', 'so what was the percentage change of this value?', 'what part of the growth in aum was driven by net new business as a percentage of alternative component changes from 12/31/12?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 .
1( dollar amounts in millions )12/31/2011net new businessnet acquiredmarket /fx app ( dep )12/31/2012
2core$ 63647$ -3922 ( 3922 )$ 6166$ 2476$ 68367
3currency and commodities41301-1547 ( 1547 )86081441428
4alternatives$ 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 .","['4847.0', '0.04618', '0.13206']" "['what portion of total minimum lease payments are due in 2016?', 'what is the rent expense in 2011?', 'what about in 2010?', 'what is the net change?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: other off-balance sheet commitments lease commitments the company leases various equipment and facilities , including retail space , under noncancelable operating lease arrangements . the company does not currently utilize any other off-balance sheet financing arrangements . the major facility leases are typically for terms not exceeding 10 years and generally provide renewal options for terms not exceeding five additional years . leases for retail space are for terms ranging from five to 20 years , the majority of which are for 10 years , and often contain multi-year renewal options . as of september 29 , 2012 , the company 2019s total future minimum lease payments under noncancelable operating leases were $ 4.4 billion , of which $ 3.1 billion related to leases for retail space . rent expense under all operating leases , including both cancelable and noncancelable leases , was $ 488 million , $ 338 million and $ 271 million in 2012 , 2011 and 2010 , respectively . future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of september 29 , 2012 , are as follows ( in millions ) : .
12013$ 516
22014556
32015542
42016513
52017486
6thereafter1801
7total minimum lease payments$ 4414
other commitments as of september 29 , 2012 , the company had outstanding off-balance sheet third-party manufacturing commitments and component purchase commitments of $ 21.1 billion . in addition to the off-balance sheet commitments mentioned above , the company had outstanding obligations of $ 988 million as of september 29 , 2012 , which were comprised mainly of commitments to acquire capital assets , including product tooling and manufacturing process equipment , and commitments related to advertising , research and development , internet and telecommunications services and other obligations . contingencies the company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and have not been fully adjudicated , certain of which are discussed in part i , item 3 of this form 10-k under the heading 201clegal proceedings 201d and in part i , item 1a of this form 10-k under the heading 201crisk factors . 201d in the opinion of management , there was not at least a reasonable possibility the company may have incurred a material loss , or a material loss in excess of a recorded accrual , with respect to loss contingencies . however , the outcome of litigation is inherently uncertain . therefore , although management considers the likelihood of such an outcome to be remote , if one or more of these legal matters were resolved against the company in a reporting period for amounts in excess of management 2019s expectations , the company 2019s consolidated financial statements for that reporting period could be materially adversely affected . apple inc . vs samsung electronics co. , ltd , et al . on august 24 , 2012 , a jury returned a verdict awarding the company $ 1.05 billion in its lawsuit against samsung electronics and affiliated parties in the united states district court , northern district of california , san jose division . because the award is subject to entry of final judgment and may be subject to appeal , the company has not recognized the award in its consolidated financial statements for the year ended september 29 , 2012. .","['0.11622', '338.0', '271.0', '67.0', '0.24723']" "['what percentage of citigroup 2019s credit commitments were outside of the us as of 12/31/10?', 'and the portion that was in the us?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: credit commitments and lines of credit the table below summarizes citigroup 2019s credit commitments as of december 31 , 2010 and december 31 , 2009: .
1in millions of dollarsdecember 31 2010 u.s .december 31 2010 outside of u.s .december 31 2010 totaldecember 31 2009
2commercial and similar letters of credit$ 1544$ 7430$ 8974$ 7211
3one- to four-family residential mortgages258239829801070
4revolving open-end loans secured by one- to four-family residential properties1798629482093423916
5commercial real estate construction and land development181359424071704
6credit card lines573945124728698673785495
7commercial and other consumer loan commitments12414286262210404257342
8total$ 722012$ 222360$ 944372$ 1076738
the majority of unused commitments are contingent upon customers maintaining specific credit standards . commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees . such fees ( net of certain direct costs ) are deferred and , upon exercise of the commitment , amortized over the life of the loan or , if exercise is deemed remote , amortized over the commitment period . commercial and similar letters of credit a commercial letter of credit is an instrument by which citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments . citigroup issues a letter on behalf of its client to a supplier and agrees to pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit . when a letter of credit is drawn , the customer is then required to reimburse citigroup . one- to four-family residential mortgages a one- to four-family residential mortgage commitment is a written confirmation from citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase . revolving open-end loans secured by one- to four-family residential properties revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit . a home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage . commercial real estate , construction and land development commercial real estate , construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects . both secured-by-real-estate and unsecured commitments are included in this line , as well as undistributed loan proceeds , where there is an obligation to advance for construction progress payments . however , this line only includes those extensions of credit that , once funded , will be classified as loans on the consolidated balance sheet . credit card lines citigroup provides credit to customers by issuing credit cards . the credit card lines are unconditionally cancelable by the issuer . commercial and other consumer loan commitments commercial and other consumer loan commitments include overdraft and liquidity facilities , as well as commercial commitments to make or purchase loans , to purchase third-party receivables , to provide note issuance or revolving underwriting facilities and to invest in the form of equity . amounts include $ 79 billion and $ 126 billion with an original maturity of less than one year at december 31 , 2010 and december 31 , 2009 , respectively . in addition , included in this line item are highly leveraged financing commitments , which are agreements that provide funding to a borrower with higher levels of debt ( measured by the ratio of debt capital to equity capital of the borrower ) than is generally considered normal for other companies . this type of financing is commonly employed in corporate acquisitions , management buy-outs and similar transactions. .","['0.23546', '0.76454']" "['how many weighted average shares outstanding for basic net earning per share in 2009?', 'what was it in 2008?', 'what is the net change?', 'what was the 2008 number?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 14 . capital stock and earnings per share we are authorized to issue 250 million shares of preferred stock , none of which were issued or outstanding as of december 31 , 2009 . the numerator for both basic and diluted earnings per share is net earnings available to common stockholders . the denominator for basic earnings per share is the weighted average number of common shares outstanding during the period . the denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive stock options and other equity awards . the following is a reconciliation of weighted average shares for the basic and diluted share computations for the years ending december 31 ( in millions ) : .
1200920082007
2weighted average shares outstanding for basic net earnings per share215.0227.3235.5
3effect of dilutive stock options and other equity awards0.81.02.0
4weighted average shares outstanding for diluted net earnings per share215.8228.3237.5
weighted average shares outstanding for basic net earnings per share 215.0 227.3 235.5 effect of dilutive stock options and other equity awards 0.8 1.0 2.0 weighted average shares outstanding for diluted net earnings per share 215.8 228.3 237.5 for the year ended december 31 , 2009 , an average of 14.3 million options to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock . for the years ended december 31 , 2008 and 2007 , an average of 11.2 million and 3.1 million options , respectively , were not included . during 2009 , we repurchased approximately 19.8 million shares of our common stock at an average price of $ 46.56 per share for a total cash outlay of $ 923.7 million , including commissions . in april 2008 , we announced that our board of directors authorized a $ 1.25 billion share repurchase program which was originally set to expire on december 31 , 2009 . in september 2009 , the board of directors extended this program to december 31 , 2010 . approximately $ 211.1 million remains authorized for future repurchases under this plan . 15 . segment data we design , develop , manufacture and market orthopaedic reconstructive implants , dental implants , spinal implants , trauma products and related surgical products which include surgical supplies and instruments designed to aid in surgical procedures and post-operation rehabilitation . we also provide other healthcare-related services . revenue related to these services currently represents less than 1 percent of our total net sales . we manage operations through three major geographic segments 2013 the americas , which is comprised principally of the united states and includes other north , central and south american markets ; europe , which is comprised principally of europe and includes the middle east and africa ; and asia pacific , which is comprised primarily of japan and includes other asian and pacific markets . this structure is the basis for our reportable segment information discussed below . management evaluates reportable segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations and corporate expenses , share-based compensation expense , settlement , certain claims , acquisition , integration , realignment and other expenses , net curtailment and settlement , inventory step-up , in-process research and development write-offs and intangible asset amortization expense . global operations include research , development engineering , medical education , brand management , corporate legal , finance , and human resource functions and u.s . and puerto rico-based manufacturing operations and logistics . intercompany transactions have been eliminated from segment operating profit . management reviews accounts receivable , inventory , property , plant and equipment , goodwill and intangible assets by reportable segment exclusive of u.s . and puerto rico-based manufacturing operations and logistics and corporate assets . z i m m e r h o l d i n g s , i n c . 2 0 0 9 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c55340 pcn : 060000000 ***%%pcmsg|60 |00007|yes|no|02/24/2010 01:32|0|0|page is valid , no graphics -- color : d| .","['215.0', '227.3', '-12.3', '227.3', '-0.05411']" "['what was the change in the value of the state street corporation, considering its value in 2013 and the original amount invested in it in 2008?', 'and how much does this change represent in relation to that original amount invested?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: shareholder return performance presentation the graph presented below compares the cumulative total shareholder return on state street's common stock to the cumulative total return of the s&p 500 index , the s&p financial index and the kbw bank index over a five- year period . the cumulative total shareholder return assumes the investment of $ 100 in state street common stock and in each index on december 31 , 2008 at the closing price on the last trading day of 2008 , and also assumes reinvestment of common stock dividends . the s&p financial index is a publicly available measure of 81 of the standard & poor's 500 companies , representing 17 diversified financial services companies , 22 insurance companies , 19 real estate companies and 23 banking companies . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s. , and is composed of 24 leading national money center and regional banks and thrifts. .
1200820092010201120122013
2state street corporation$ 100$ 111$ 118$ 105$ 125$ 198
3s&p 500 index100126146149172228
4s&p financial index100117132109141191
5kbw bank index1009812193122168
.","['5.0', '0.05']" "['what is the balance of allowances at the end of 2009?', 'what about 2008?', 'what is the change in the balance?', 'what percentage does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements recognizing customer revenue , the company must assess the collectability of both the amounts billed and the portion recognized on a straight-line basis . this assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectability of the amounts billed . to the extent the amounts , based on management 2019s estimates , may not be collectible , recognition is deferred until such point as the uncertainty is resolved . any amounts which were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense . accounts receivable are reported net of allowances for doubtful accounts related to estimated losses resulting from a customer 2019s inability to make required payments and reserves for amounts invoiced whose collectability is not reasonably assured . these allowances are generally estimated based on payment patterns , days past due and collection history , and incorporate changes in economic conditions that may not be reflected in historical trends , such as customers in bankruptcy , liquidation or reorganization . receivables are written-off against the allowances when they are determined uncollectible . such determination includes analysis and consideration of the particular conditions of the account . changes in the allowances were as follows for the years ended december 31 , ( in thousands ) : .
1201020092008
2balance as of january 1,$ 28520$ 11482$ 8850
3current year increases162192677112059
4recoveries and other-22234 ( 22234 )-9733 ( 9733 )-9427 ( 9427 )
5balance as of december 31,$ 22505$ 28520$ 11482
the company 2019s largest international customer is iusacell , which is the brand name under which a group of companies controlled by grupo iusacell , s.a . de c.v . ( 201cgrupo iusacell 201d ) operates . iusacell represented approximately 4% ( 4 % ) of the company 2019s total revenue for the year ended december 31 , 2010 . grupo iusacell has been engaged in a refinancing of a majority of its u.s . dollar denominated debt , and in connection with this process , two of the legal entities of the group , including grupo iusacell , voluntarily filed for a pre-packaged concurso mercantil ( a process substantially equivalent to chapter 11 of u.s . bankruptcy law ) with the backing of a majority of their financial creditors in december 2010 . as of december 31 , 2010 , iusacell notes receivable , net , and related assets ( which include financing lease commitments and a deferred rent asset that are primarily long-term in nature ) were $ 19.7 million and $ 51.2 million , respectively . functional currency 2014as a result of changes to the organizational structure of the company 2019s subsidiaries in latin america in 2010 , the company determined that effective january 1 , 2010 , the functional currency of its foreign subsidiary in brazil is the brazilian real . from that point forward , all assets and liabilities held by the subsidiary in brazil are translated into u.s . dollars at the exchange rate in effect at the end of the applicable reporting period . revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in stockholders 2019 equity . the change in functional currency from u.s . dollars to brazilian real gave rise to an increase in the net value of certain non-monetary assets and liabilities . the aggregate impact on such assets and liabilities was $ 39.8 million with an offsetting increase in accumulated other comprehensive income ( loss ) . as a result of the renegotiation of the company 2019s agreements with its largest international customer , iusacell , which included , among other changes , converting all of iusacell 2019s contractual obligations to the company from u.s . dollars to mexican pesos , the company has determined that effective april 1 , 2010 , the functional currency of certain of its foreign subsidiaries in mexico is the mexican peso . from that point forward , all assets and liabilities held by those subsidiaries in mexico are translated into u.s . dollars at the exchange rate in effect at the end of the applicable reporting period . revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in stockholders 2019 equity . the change in functional .","['28520.0', '11482.0', '17038.0', '1.48389']" "['what was the net change in value of rental expense for operating leases from 2007 to 2008?', 'what is that difference divided by the 2007 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: note 9 . commitments and contingencies operating leases we are obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities , trucks and certain equipment . the future minimum lease commitments under these leases at december 31 , 2009 are as follows ( in thousands ) : years ending december 31: .
12010$ 55178
2201145275
3201236841
4201330789
5201422094
6thereafter59263
7future minimum lease payments$ 249440
rental expense for operating leases was approximately $ 57.2 million , $ 49.0 million and $ 26.6 million during the years ended december 31 , 2009 , 2008 and 2007 , respectively . we guarantee the residual values of the majority of our truck and equipment operating leases . the residual values decline over the lease terms to a defined percentage of original cost . in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall . similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value . had we terminated all of our operating leases subject to these guarantees at december 31 , 2009 , the guaranteed residual value would have totaled approximately $ 27.8 million . litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s . infringed on ford design patents . the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 . pursuant to the settlement , we ( and our designees ) became the sole distributor in the united states of aftermarket automotive parts that correspond to ford collision parts that are covered by a united states design patent . we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell . the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income . we also have certain other contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business . we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows . note 10 . business combinations on october 1 , 2009 , we acquired greenleaf auto recyclers , llc ( 201cgreenleaf 201d ) from ssi for $ 38.8 million , net of cash acquired . greenleaf is the entity through which ssi operated its late model automotive parts recycling business . we recorded a gain on bargain purchase for the greenleaf acquisition totaling $ 4.3 million , which is .","['22.4', '0.84211']" "['what was the change in revenues between 2005 and 2006?', 'and what is this change as a percentage of those revenues in 2005?', 'in that same period, what was the change in the net loss?', 'and what percentage did this change represent in relation to that net loss in 2005?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: in accordance with sfas no . 142 , goodwill and other intangible assets , the goodwill is not amortized , but will be subject to a periodic assessment for impairment by applying a fair-value-based test . none of this goodwill is expected to be deductible for tax purposes . the company performs its annual test for impairment of goodwill in may of each year . the company is required to perform a periodic assessment between annual tests in certain circumstances . the company has performed its annual test of goodwill as of may 1 , 2006 and has determined there was no impairment of goodwill during 2006 . the company allocated $ 15.8 million of the purchase price to in-process research and development projects . in-process research and development ( ipr&d ) represents the valuation of acquired , to-be- completed research projects . at the acquisition date , cyvera 2019s ongoing research and development initiatives were primarily involved with the development of its veracode technology and the beadxpress reader . these two projects were approximately 50% ( 50 % ) and 25% ( 25 % ) complete at the date of acquisition , respectively . as of december 31 , 2006 , these two projects were approximately 90% ( 90 % ) and 80% ( 80 % ) complete , respectively . the value assigned to purchased ipr&d was determined by estimating the costs to develop the acquired technology into commercially viable products , estimating the resulting net cash flows from the projects , and discounting the net cash flows to their present value . the revenue projections used to value the ipr&d were , in some cases , reduced based on the probability of developing a new technology , and considered the relevant market sizes and growth factors , expected trends in technology , and the nature and expected timing of new product introductions by the company and its competitors . the resulting net cash flows from such projects are based on the company 2019s estimates of cost of sales , operating expenses , and income taxes from such projects . the rates utilized to discount the net cash flows to their present value were based on estimated cost of capital calculations . due to the nature of the forecast and the risks associated with the projected growth and profitability of the developmental projects , discount rates of 30% ( 30 % ) were considered appropriate for the ipr&d . the company believes that these discount rates were commensurate with the projects 2019stage of development and the uncertainties in the economic estimates described above . if these projects are not successfully developed , the sales and profitability of the combined company may be adversely affected in future periods . the company believes that the foregoing assumptions used in the ipr&d analysis were reasonable at the time of the acquisition . no assurance can be given , however , that the underlying assumptions used to estimate expected project sales , development costs or profitability , or the events associated with such projects , will transpire as estimated . at the date of acquisition , the development of these projects had not yet reached technological feasibility , and the research and development in progress had no alternative future uses . accordingly , these costs were charged to expense in the second quarter of 2005 . the following unaudited pro forma information shows the results of the company 2019s operations for the years ended january 1 , 2006 and january 2 , 2005 as though the acquisition had occurred as of the beginning of the periods presented ( in thousands , except per share data ) : year ended january 1 , year ended january 2 .
1year ended january 1 2006year ended january 2 2005
2revenue$ 73501$ 50583
3net loss-6234 ( 6234 )-9965 ( 9965 )
4net loss per share basic and diluted-0.15 ( 0.15 )-0.27 ( 0.27 )
illumina , inc . notes to consolidated financial statements 2014 ( continued ) .","['22918.0', '0.45308', '3731.0', '0.37441']" "['what portion of foreign pretax earnings in 2008 were from discontinued operations?', 'what is the gross interest in 2008?', 'what about the gross uncertain tax position?', 'what percentage of the gross uncertain tax position is related to gross income?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the company is currently under audit by the internal revenue service and other major taxing jurisdictions around the world . it is thus reasonably possible that significant changes in the gross balance of unrecognized tax benefits may occur within the next 12 months , but the company does not expect such audits to result in amounts that would cause a significant change to its effective tax rate , other than the following items . the company is currently at irs appeals for the years 1999 20132002 . one of the issues relates to the timing of the inclusion of interchange fees received by the company relating to credit card purchases by its cardholders . it is reasonably possible that within the next 12 months the company can either reach agreement on this issue at appeals or decide to litigate the issue . this issue is presently being litigated by another company in a united states tax court case . the gross uncertain tax position for this item at december 31 , 2008 is $ 542 million . since this is a temporary difference , the only effect to the company 2019s effective tax rate would be due to net interest and state tax rate differentials . if the reserve were to be released , the tax benefit could be as much as $ 168 million . in addition , the company expects to conclude the irs audit of its u.s . federal consolidated income tax returns for the years 2003 20132005 within the next 12 months . the gross uncertain tax position at december 31 , 2008 for the items expected to be resolved is approximately $ 350 million plus gross interest of $ 70 million . the potential net tax benefit to continuing operations could be approximately $ 325 million . the following are the major tax jurisdictions in which the company and its affiliates operate and the earliest tax year subject to examination: .
1jurisdictiontax year
2united states2003
3mexico2006
4new york state and city2005
5united kingdom2007
6germany2000
7korea2005
8japan2006
9brazil2004
foreign pretax earnings approximated $ 10.3 billion in 2008 , $ 9.1 billion in 2007 , and $ 13.6 billion in 2006 ( $ 5.1 billion , $ 0.7 billion and $ 0.9 billion of which , respectively , are in discontinued operations ) . as a u.s . corporation , citigroup and its u.s . subsidiaries are subject to u.s . taxation currently on all foreign pretax earnings earned by a foreign branch . pretax earnings of a foreign subsidiary or affiliate are subject to u.s . taxation when effectively repatriated . the company provides income taxes on the undistributed earnings of non-u.s . subsidiaries except to the extent that such earnings are indefinitely invested outside the united states . at december 31 , 2008 , $ 22.8 billion of accumulated undistributed earnings of non-u.s . subsidiaries were indefinitely invested . at the existing u.s . federal income tax rate , additional taxes ( net of u.s . foreign tax credits ) of $ 6.1 billion would have to be provided if such earnings were remitted currently . the current year 2019s effect on the income tax expense from continuing operations is included in the foreign income tax rate differential line in the reconciliation of the federal statutory rate to the company 2019s effective income tax rate on the previous page . income taxes are not provided for on the company 2019s savings bank base year bad debt reserves that arose before 1988 because under current u.s . tax rules such taxes will become payable only to the extent such amounts are distributed in excess of limits prescribed by federal law . at december 31 , 2008 , the amount of the base year reserves totaled approximately $ 358 million ( subject to a tax of $ 125 million ) . the company has no valuation allowance on deferred tax assets at december 31 , 2008 and december 31 , 2007 . at december 31 , 2008 , the company had a u.s . foreign tax-credit carryforward of $ 10.5 billion , $ 0.4 billion whose expiry date is 2016 , $ 5.3 billion whose expiry date is 2017 and $ 4.8 billion whose expiry date is 2018 . the company has a u.s federal consolidated net operating loss ( nol ) carryforward of approximately $ 13 billion whose expiration date is 2028 . the company also has a general business credit carryforward of $ 0.6 billion whose expiration dates are 2027-2028 . the company has state and local net operating loss carryforwards of $ 16.2 billion and $ 4.9 billion in new york state and new york city , respectively . this consists of $ 2.4 billion and $ 1.2 billion , whose expiration date is 2027 and $ 13.8 billion and $ 3.7 billion whose expiration date is 2028 and for which the company has recorded a deferred-tax asset of $ 1.2 billion , along with less significant net operating losses in various other states for which the company has recorded a deferred-tax asset of $ 399 million and which expire between 2012 and 2028 . in addition , the company has recorded deferred-tax assets in apb 23 subsidiaries for foreign net operating loss carryforwards of $ 130 million ( which expires in 2018 ) and $ 101 million ( with no expiration ) . although realization is not assured , the company believes that the realization of the recognized net deferred tax asset of $ 44.5 billion is more likely than not based on expectations as to future taxable income in the jurisdictions in which it operates and available tax planning strategies , as defined in sfas 109 , that could be implemented if necessary to prevent a carryforward from expiring . the company 2019s net deferred tax asset ( dta ) of $ 44.5 billion consists of approximately $ 36.5 billion of net u.s . federal dtas , $ 4 billion of net state dtas and $ 4 billion of net foreign dtas . included in the net federal dta of $ 36.5 billion are deferred tax liabilities of $ 4 billion that will reverse in the relevant carryforward period and may be used to support the dta . the major components of the u.s . federal dta are $ 10.5 billion in foreign tax-credit carryforwards , $ 4.6 billion in a net-operating-loss carryforward , $ 0.6 billion in a general-business-credit carryforward , $ 19.9 billion in net deductions that have not yet been taken on a tax return , and $ 0.9 billion in compensation deductions , which reduced additional paid-in capital in january 2009 and for which sfas 123 ( r ) did not permit any adjustment to such dta at december 31 , 2008 because the related stock compensation was not yet deductible to the company . in general , citigroup would need to generate approximately $ 85 billion of taxable income during the respective carryforward periods to fully realize its federal , state and local dtas. .","['0.49515', '70.0', '350.0', '0.2']" "['what was the total of bonuses and incentives in 2006?', 'and what was it in 2005?', 'what was, then, the change in the total of bonuses and incentives over the year?', 'and how much does this change represent in relation to the total in 2005, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2006 4 . stock-based compensation ( continued ) as of december 31 , 2006 , there was $ 8330000 of total unrecognized compensation costs related to the restricted stock awards . the company expects to recognize the cost of these stock awards over a weighted-average period of 2.5 years . 5 . accrued liabilities the components of accrued liabilities are as follows: .
1( in thousands )december 31 , 2006december 31 , 2005
2bonuses and incentives$ 29822$ 21895
3medical insurance and workers 2019 compensation1827918339
4vacation and holiday pay1474214159
5customer volume discounts and rebates1377713232
6franchise and property taxes84328539
7payroll and payroll taxes54654772
8other99135889
9total$ 100430$ 86825
6 . employee benefit plans and other postretirement benefits in connection with the acquisition from pactiv , pca and pactiv entered into a human resources agreement which , among other items , granted pca employees continued participation in the pactiv pension plan for a period of up to five years following the closing of the acquisition for an agreed upon fee . effective january 1 , 2003 , pca adopted a mirror-image pension plan for eligible hourly employees to succeed the pactiv pension plan in which pca hourly employees had participated though december 31 , 2002 . the pca pension plan for hourly employees recognizes service earned under both the pca plan and the prior pactiv plan . benefits earned under the pca plan are reduced by retirement benefits earned under the pactiv plan through december 31 , 2002 . all assets and liabilities associated with benefits earned through december 31 , 2002 for hourly employees and retirees of pca were retained by the pactiv plan . effective may 1 , 2004 , pca adopted a grandfathered pension plan for certain salaried employees who had previously participated in the pactiv pension plan pursuant to the above mentioned human resource agreement . the benefit formula for the new pca pension plan for salaried employees is comparable to that of the pactiv plan except that the pca plan uses career average base pay in the benefit formula in lieu of final average base pay . the pca pension plan for salaried employees recognizes service earned under both the pca plan and the prior pactiv plan . benefits earned under the pca plan are reduced by retirement benefits earned under the pactiv plan through april 30 , 2004 . all assets and liabilities associated with benefits earned through april 30 , 2004 for salaried employees and retirees of pca were retained by the pactiv plan . pca maintains a supplemental executive retirement plan ( 201cserp 201d ) , which augments pension benefits for eligible executives ( excluding the ceo ) earned under the pca pension plan for salaried employees . benefits are determined using the same formula as the pca pension plan but in addition to counting .","['29822.0', '21895.0', '7927.0', '0.36205']" "['what is tier 1 capital ratio?', 'and if the firm were required to consolidate the assets and liabilities of the conduits at fair value, how much does that tier 1 capital ratio would be?', 'what is the difference between that tier 1 capital ratio and that tier 1 capital ratio that would be?', 'what is the product between that difference and the number 100?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 192 jpmorgan chase & co . / 2008 annual report consolidation analysis the multi-seller conduits administered by the firm were not consoli- dated at december 31 , 2008 and 2007 , because each conduit had issued expected loss notes ( 201celns 201d ) , the holders of which are com- mitted to absorbing the majority of the expected loss of each respective conduit . implied support the firm did not have and continues not to have any intent to pro- tect any eln holders from potential losses on any of the conduits 2019 holdings and has no plans to remove any assets from any conduit unless required to do so in its role as administrator . should such a transfer occur , the firm would allocate losses on such assets between itself and the eln holders in accordance with the terms of the applicable eln . expected loss modeling in determining the primary beneficiary of the conduits the firm uses a monte carlo 2013based model to estimate the expected losses of each of the conduits and considers the relative rights and obliga- tions of each of the variable interest holders . the firm 2019s expected loss modeling treats all variable interests , other than the elns , as its own to determine consolidation . the variability to be considered in the modeling of expected losses is based on the design of the enti- ty . the firm 2019s traditional multi-seller conduits are designed to pass credit risk , not liquidity risk , to its variable interest holders , as the assets are intended to be held in the conduit for the longer term . under fin 46 ( r ) , the firm is required to run the monte carlo-based expected loss model each time a reconsideration event occurs . in applying this guidance to the conduits , the following events , are considered to be reconsideration events , as they could affect the determination of the primary beneficiary of the conduits : 2022 new deals , including the issuance of new or additional variable interests ( credit support , liquidity facilities , etc ) ; 2022 changes in usage , including the change in the level of outstand- ing variable interests ( credit support , liquidity facilities , etc ) ; 2022 modifications of asset purchase agreements ; and 2022 sales of interests held by the primary beneficiary . from an operational perspective , the firm does not run its monte carlo-based expected loss model every time there is a reconsideration event due to the frequency of their occurrence . instead , the firm runs its expected loss model each quarter and includes a growth assump- tion for each conduit to ensure that a sufficient amount of elns exists for each conduit at any point during the quarter . as part of its normal quarterly modeling , the firm updates , when applicable , the inputs and assumptions used in the expected loss model . specifically , risk ratings and loss given default assumptions are continually updated . the total amount of expected loss notes out- standing at december 31 , 2008 and 2007 , were $ 136 million and $ 130 million , respectively . management has concluded that the model assumptions used were reflective of market participants 2019 assumptions and appropriately considered the probability of changes to risk ratings and loss given defaults . qualitative considerations the multi-seller conduits are primarily designed to provide an effi- cient means for clients to access the commercial paper market . the firm believes the conduits effectively disperse risk among all parties and that the preponderance of the economic risk in the firm 2019s multi- seller conduits is not held by jpmorgan chase . consolidated sensitivity analysis on capital the table below shows the impact on the firm 2019s reported assets , lia- bilities , tier 1 capital ratio and tier 1 leverage ratio if the firm were required to consolidate all of the multi-seller conduits that it admin- isters at their current carrying value . december 31 , 2008 ( in billions , except ratios ) reported pro forma ( a ) ( b ) .
1( in billions except ratios )reportedpro forma ( a ) ( b )
2assets$ 2175.1$ 2218.2
3liabilities2008.22051.3
4tier 1 capital ratio10.9% ( 10.9 % )10.9% ( 10.9 % )
5tier 1 leverage ratio6.96.8
( a ) the table shows the impact of consolidating the assets and liabilities of the multi- seller conduits at their current carrying value ; as such , there would be no income statement or capital impact at the date of consolidation . if the firm were required to consolidate the assets and liabilities of the conduits at fair value , the tier 1 capital ratio would be approximately 10.8% ( 10.8 % ) . the fair value of the assets is primarily based upon pricing for comparable transactions . the fair value of these assets could change significantly because the pricing of conduit transactions is renegotiated with the client , generally , on an annual basis and due to changes in current market conditions . ( b ) consolidation is assumed to occur on the first day of the quarter , at the quarter-end levels , in order to provide a meaningful adjustment to average assets in the denomi- nator of the leverage ratio . the firm could fund purchases of assets from vies should it become necessary . 2007 activity in july 2007 , a reverse repurchase agreement collateralized by prime residential mortgages held by a firm-administered multi-seller conduit was put to jpmorgan chase under its deal-specific liquidity facility . the asset was transferred to and recorded by jpmorgan chase at its par value based on the fair value of the collateral that supported the reverse repurchase agreement . during the fourth quarter of 2007 , additional information regarding the value of the collateral , including performance statistics , resulted in the determi- nation by the firm that the fair value of the collateral was impaired . impairment losses were allocated to the eln holder ( the party that absorbs the majority of the expected loss from the conduit ) in accor- dance with the contractual provisions of the eln note . on october 29 , 2007 , certain structured cdo assets originated in the second quarter of 2007 and backed by subprime mortgages were transferred to the firm from two firm-administered multi-seller conduits . it became clear in october that commercial paper investors and rating agencies were becoming increasingly concerned about cdo assets backed by subprime mortgage exposures . because of these concerns , and to ensure the continuing viability of the two conduits as financing vehicles for clients and as investment alternatives for commercial paper investors , the firm , in its role as administrator , transferred the cdo assets out of the multi-seller con- duits . the structured cdo assets were transferred to the firm at .","['10.9', '10.8', '0.1', '10.0']" "['what was the effective tax rate in 2016?', 'and what was it in 2015?', 'what was, then, the change over the year?', 'and in the last year of that period, what was the operating income?', 'and what was the income tax expense?', 'what was, then, the net income for that year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 2016 compared with 2015 net gains on investments of $ 57 million in 2016 decreased $ 52 million from 2015 due to lower net gains in 2016 . net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment . interest and dividend income increased $ 14 million from 2015 primarily due to higher dividend income in 2016 . 2015 compared with 2014 net gains on investments of $ 109 million in 2015 decreased $ 45 million from 2014 due to lower net gains in 2015 . net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment . net gains on investments in 2014 included the positive impact of the monetization of a nonstrategic , opportunistic private equity investment . interest expense decreased $ 28 million from 2014 primarily due to repayments of long-term borrowings in the fourth quarter of 2014 . income tax expense .
1( in millions )gaap 2016gaap 2015gaap 2014gaap 2016gaap 20152014
2operating income ( 1 )$ 4570$ 4664$ 4474$ 4674$ 4695$ 4563
3total nonoperating income ( expense ) ( 1 ) ( 2 )-108 ( 108 )-69 ( 69 )-49 ( 49 )-108 ( 108 )-70 ( 70 )-56 ( 56 )
4income before income taxes ( 2 )$ 4462$ 4595$ 4425$ 4566$ 4625$ 4507
5income tax expense$ 1290$ 1250$ 1131$ 1352$ 1312$ 1197
6effective tax rate28.9% ( 28.9 % )27.2% ( 27.2 % )25.6% ( 25.6 % )29.6% ( 29.6 % )28.4% ( 28.4 % )26.6% ( 26.6 % )
( 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 . 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 canada . u.s . income taxes were not provided for certain undistributed foreign earnings intended to be indefinitely reinvested outside the united states . 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 . 2014 . income tax expense ( gaap ) reflected : 2022 a $ 94 million tax benefit , primarily due to the resolution of certain outstanding tax matters related to the acquisition of bgi , including the previously mentioned $ 50 million tax benefit ( see executive summary for more information ) ; 2022 a $ 73 million net tax benefit related to several favorable nonrecurring items ; and 2022 a net noncash benefit of $ 9 million associated with the revaluation of deferred income tax liabilities . the as adjusted effective tax rate of 26.6% ( 26.6 % ) for 2014 excluded the $ 9 million net noncash benefit as it will not have a cash flow impact and to ensure comparability among periods presented and the $ 50 million tax benefit mentioned above . the $ 50 million general and administrative expense and $ 50 million tax benefit have been excluded from as adjusted results as there is no impact on blackrock 2019s book value . 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 .","['0.289', '0.272', '0.017', '4570.0', '1290.0', '3280.0']" "['what percentage of future minimum lease payments under capital lease obligations is due after 2019?', 'and the percentage due in 2019?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: dish network corporation notes to consolidated financial statements - continued capital lease obligations anik f3 . anik f3 , an fss satellite , was launched and commenced commercial operation during april 2007 . this satellite is accounted for as a capital lease and depreciated over the term of the satellite service agreement . we have leased 100% ( 100 % ) of the ku-band capacity on anik f3 for a period of 15 years . ciel ii . ciel ii , a canadian dbs satellite , was launched in december 2008 and commenced commercial operation during february 2009 . this satellite is accounted for as a capital lease and depreciated over the term of the satellite service agreement . we have leased 100% ( 100 % ) of the capacity on ciel ii for an initial 10 year term . as of december 31 , 2014 and 2013 , we had $ 500 million capitalized for the estimated fair value of satellites acquired under capital leases included in 201cproperty and equipment , net , 201d with related accumulated depreciation of $ 279 million and $ 236 million , respectively . in our consolidated statements of operations and comprehensive income ( loss ) , we recognized $ 43 million , $ 43 million and $ 43 million in depreciation expense on satellites acquired under capital lease agreements during the years ended december 31 , 2014 , 2013 and 2012 , respectively . future minimum lease payments under the capital lease obligations , together with the present value of the net minimum lease payments as of december 31 , 2014 are as follows ( in thousands ) : for the years ended december 31 .
12015$ 77089
2201676809
3201776007
4201875982
5201950331
6thereafter112000
7total minimum lease payments468218
8less : amount representing lease of the orbital location and estimated executory costs ( primarily insurance and maintenance ) including profit thereon included in total minimum lease payments-220883 ( 220883 )
9net minimum lease payments247335
10less : amount representing interest-52421 ( 52421 )
11present value of net minimum lease payments194914
12less : current portion-28378 ( 28378 )
13long-term portion of capital lease obligations$ 166536
the summary of future maturities of our outstanding long-term debt as of december 31 , 2014 is included in the commitments table in note 16 . 12 . income taxes and accounting for uncertainty in income taxes income taxes our income tax policy is to record the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported on our consolidated balance sheets , as well as probable operating loss , tax credit and other carryforwards . deferred tax assets are offset by valuation allowances when we believe it is more likely than not that net deferred tax assets will not be realized . we periodically evaluate our need for a valuation allowance . determining necessary valuation allowances requires us to make assessments about historical financial information as well as the timing of future events , including the probability of expected future taxable income and available tax planning opportunities . we file consolidated tax returns in the u.s . the income taxes of domestic and foreign subsidiaries not included in the u.s . tax group are presented in our consolidated financial statements based on a separate return basis for each tax paying entity. .","['0.2392', '0.10749']" "['what was the value of echostar 2019s purchases?', 'what is that times 1000?', 'what is the total minimum lease payments?', 'is the echostar purchases larger than the total lease payments?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: echostar communications corporation notes to consolidated financial statements - continued closing price of the class a common stock on the last business day of each calendar quarter in which such shares of class a common stock are deemed sold to an employee under the espp . the espp shall terminate upon the first to occur of ( i ) october 1 , 2007 or ( ii ) the date on which the espp is terminated by the board of directors . during 2000 , 2001 and 2002 employees purchased approximately 58000 ; 80000 and 108000 shares of class a common stock through the espp , respectively . 401 ( k ) employee savings plan echostar sponsors a 401 ( k ) employee savings plan ( the 201c401 ( k ) plan 201d ) for eligible employees . voluntary employee contributions to the 401 ( k ) plan may be matched 50% ( 50 % ) by echostar , subject to a maximum annual contribution by echostar of $ 1000 per employee . matching 401 ( k ) contributions totaled approximately $ 1.6 million , $ 2.1 million and $ 2.4 million during the years ended december 31 , 2000 , 2001 and 2002 , respectively . echostar also may make an annual discretionary contribution to the plan with approval by echostar 2019s board of directors , subject to the maximum deductible limit provided by the internal revenue code of 1986 , as amended . these contributions may be made in cash or in echostar stock . forfeitures of unvested participant balances which are retained by the 401 ( k ) plan may be used to fund matching and discretionary contributions . expense recognized relating to discretionary contributions was approximately $ 7 million , $ 225 thousand and $ 17 million during the years ended december 31 , 2000 , 2001 and 2002 , respectively . 9 . commitments and contingencies leases future minimum lease payments under noncancelable operating leases as of december 31 , 2002 , are as follows ( in thousands ) : year ending december 31 .
12003$ 17274
2200414424
3200511285
420067698
520073668
6thereafter1650
7total minimum lease payments55999
total rent expense for operating leases approximated $ 9 million , $ 14 million and $ 16 million in 2000 , 2001 and 2002 , respectively . purchase commitments as of december 31 , 2002 , echostar 2019s purchase commitments totaled approximately $ 359 million . the majority of these commitments relate to echostar receiver systems and related components . all of the purchases related to these commitments are expected to be made during 2003 . echostar expects to finance these purchases from existing unrestricted cash balances and future cash flows generated from operations . patents and intellectual property many entities , including some of echostar 2019s competitors , now have and may in the future obtain patents and other intellectual property rights that cover or affect products or services directly or indirectly related to those that echostar offers . echostar may not be aware of all patents and other intellectual property rights that its products may potentially infringe . damages in patent infringement cases can include a tripling of actual damages in certain cases . further , echostar cannot estimate the extent to which it may be required in the future to obtain licenses with respect to .","['359.0', '359000.0', '55999.0', 'yes']" "['what was the effective tax rate in 2015?', 'and in 2014?', 'so what was the change between these years?', 'and the average during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the net decrease in the 2016 effective tax rate was due , in part , to the 2016 asset impairments in the u.s . and to the current year benefit related to a restructuring of one of our brazilian businesses that increases tax basis in long-term assets . further , the 2015 rate was impacted by the items described below . see note 20 2014asset impairment expense for additional information regarding the 2016 u.s . asset impairments . income tax expense increased $ 101 million , or 27% ( 27 % ) , to $ 472 million in 2015 . the company's effective tax rates were 41% ( 41 % ) and 26% ( 26 % ) for the years ended december 31 , 2015 and 2014 , respectively . the net increase in the 2015 effective tax rate was due , in part , to the nondeductible 2015 impairment of goodwill at our u.s . utility , dp&l and chilean withholding taxes offset by the release of valuation allowance at certain of our businesses in brazil , vietnam and the u.s . further , the 2014 rate was impacted by the sale of approximately 45% ( 45 % ) of the company 2019s interest in masin aes pte ltd. , which owns the company 2019s business interests in the philippines and the 2014 sale of the company 2019s interests in four u.k . wind operating projects . neither of these transactions gave rise to income tax expense . see note 15 2014equity for additional information regarding the sale of approximately 45% ( 45 % ) of the company 2019s interest in masin-aes pte ltd . see note 23 2014dispositions for additional information regarding the sale of the company 2019s interests in four u.k . wind operating projects . our effective tax rate reflects the tax effect of significant operations outside the u.s. , which are generally taxed at rates lower than the u.s . statutory rate of 35% ( 35 % ) . a future proportionate change in the composition of income before income taxes from foreign and domestic tax jurisdictions could impact our periodic effective tax rate . the company also benefits from reduced tax rates in certain countries as a result of satisfying specific commitments regarding employment and capital investment . see note 21 2014income taxes for additional information regarding these reduced rates . foreign currency transaction gains ( losses ) foreign currency transaction gains ( losses ) in millions were as follows: .
1years ended december 31,201620152014
2aes corporation$ -50 ( 50 )$ -31 ( 31 )$ -34 ( 34 )
3chile-9 ( 9 )-18 ( 18 )-30 ( 30 )
4colombia-8 ( 8 )2917
5mexico-8 ( 8 )-6 ( 6 )-14 ( 14 )
6philippines12811
7united kingdom131112
8argentina3712466
9other-2 ( 2 )-10 ( 10 )-17 ( 17 )
10total ( 1 )$ -15 ( 15 )$ 107$ 11
total ( 1 ) $ ( 15 ) $ 107 $ 11 _____________________________ ( 1 ) includes gains of $ 17 million , $ 247 million and $ 172 million on foreign currency derivative contracts for the years ended december 31 , 2016 , 2015 and 2014 , respectively . the company recognized a net foreign currency transaction loss of $ 15 million for the year ended december 31 , 2016 primarily due to losses of $ 50 million at the aes corporation mainly due to remeasurement losses on intercompany notes , and losses on swaps and options . this loss was partially offset by gains of $ 37 million in argentina , mainly due to the favorable impact of foreign currency derivatives related to government receivables . the company recognized a net foreign currency transaction gain of $ 107 million for the year ended december 31 , 2015 primarily due to gains of : 2022 $ 124 million in argentina , due to the favorable impact from foreign currency derivatives related to government receivables , partially offset by losses from the devaluation of the argentine peso associated with u.s . dollar denominated debt , and losses at termoandes ( a u.s . dollar functional currency subsidiary ) primarily associated with cash and accounts receivable balances in local currency , 2022 $ 29 million in colombia , mainly due to the depreciation of the colombian peso , positively impacting chivor ( a u.s . dollar functional currency subsidiary ) due to liabilities denominated in colombian pesos , 2022 $ 11 million in the united kingdom , mainly due to the depreciation of the pound sterling , resulting in gains at ballylumford holdings ( a u.s . dollar functional currency subsidiary ) associated with intercompany notes payable denominated in pound sterling , and .","['41.0', '26.0', '67.0', '33.5']" "['in 2006, what was the amount acquired by the company of intangible assets, in thousands?', 'and how much did this amount represent in relation to the total purchase price in that year?', 'considering that same amount of intangible assets, what percentage of it was for customer relationships?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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: .
1( in thousands )
2cash paid$ 20500
3acquisition-related costs2053
4total 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 .","['6000.0', '0.26604', '0.31667']" "['what is the change in deferred tax asset associated with its nols from 2015 to 2016?', 'what is the deferred tax asset associated with its nols in 2016?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: news corporation notes to the consolidated financial statements as of june 30 , 2016 , the company had income tax net operating loss carryforwards ( nols ) ( gross , net of uncertain tax benefits ) , in various jurisdictions as follows : jurisdiction expiration amount ( in millions ) .
1jurisdictionexpirationamount ( in millions )
2u.s . federal2021 to 2036$ 858
3u.s . statesvarious581
4australiaindefinite452
5u.k .indefinite134
6other foreignvarious346
utilization of the nols is dependent on generating sufficient taxable income from our operations in each of the respective jurisdictions to which the nols relate , while taking into account limitations and/or restrictions on our ability to use them . certain of our u.s . federal nols were acquired as part of the acquisitions of move and harlequin and are subject to limitations as promulgated under section 382 of the code . section 382 of the code limits the amount of acquired nols that we can use on an annual basis to offset future u.s . consolidated taxable income . the nols are also subject to review by relevant tax authorities in the jurisdictions to which they relate . the company recorded a deferred tax asset of $ 580 million and $ 540 million ( net of approximately $ 53 million and $ 95 million , respectively , of unrecognized tax benefits ) associated with its nols as of june 30 , 2016 and 2015 , respectively . significant judgment is applied in assessing our ability to realize our nols and other tax assets . management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize existing deferred tax assets within the applicable expiration period . on the basis of this evaluation , valuation allowances of $ 97 million and $ 304 million have been established to reduce the deferred tax asset associated with the company 2019s nols to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively . the amount of the nol deferred tax asset considered realizable , however , could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses occurs . as of june 30 , 2016 , the company had approximately $ 1.6 billion and $ 1.7 billion of capital loss carryforwards in australia and the u.k. , respectively , which may be carried forward indefinitely and which are subject to tax authority review . realization of our capital losses is dependent on generating capital gain taxable income and satisfying certain continuity of business requirements . the company recorded a deferred tax asset of $ 803 million and $ 892 million as of june 30 , 2016 and 2015 , respectively for these capital loss carryforwards , however , it is more likely than not that the company will not generate capital gain income in the normal course of business in these jurisdictions . accordingly , valuation allowances of $ 803 million and $ 892 million have been established to reduce the capital loss carryforward deferred tax asset to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively . as of june 30 , 2016 , the company had approximately $ 26 million of u.s . federal tax credit carryforward which includes $ 22 million of foreign tax credits and $ 4 million of research & development credits which begin to expire in 2025 and 2036 , respectively . as of june 30 , 2016 , the company had approximately $ 5 million of non-u.s . tax credit carryforwards which expire in various amounts beginning in 2025 and $ 8 million of state tax credit carryforwards ( net of u.s . federal benefit ) , of which the balance can be carried forward indefinitely . in accordance with the company 2019s accounting policy , a valuation allowance of $ 5 million has been established to reduce the deferred tax asset associated with the company 2019s non-u.s . and state credit carryforwards to an amount that will more likely than not be realized as of june 30 , 2016. .","['40.0', '540.0', '0.07407']" "['what was the net change in revenue from 2007 to 2008?', 'what is the value of fuel recovery over that difference?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy texas , inc . management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2008 to 2007 . amount ( in millions ) .
1amount ( in millions )
22007 net revenue$ 442.3
3volume/weather-4.6 ( 4.6 )
4reserve equalization-3.3 ( 3.3 )
5securitization transition charge9.1
6fuel recovery7.5
7other-10.1 ( 10.1 )
82008 net revenue$ 440.9
the volume/weather variance is primarily due to decreased usage during the unbilled sales period . see ""critical accounting estimates"" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues . the reserve equalization variance is primarily due to lower reserve equalization revenue related to changes in the entergy system generation mix compared to the same period in 2007 . the securitization transition charge variance is primarily due to the issuance of securitization bonds . in june 2007 , entergy gulf states reconstruction funding i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds . see note 5 to the financial statements for additional information regarding the securitization bonds . the fuel recovery variance is primarily due to a reserve for potential rate refunds made in the first quarter 2007 as a result of a puct ruling related to the application of past puct rulings addressing transition to competition in texas . the other variance is primarily caused by various operational effects of the jurisdictional separation on revenues and fuel and purchased power expenses . gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues increased $ 229.3 million primarily due to the following reasons : an increase of $ 157 million in fuel cost recovery revenues due to higher fuel rates and increased usage , partially offset by interim fuel refunds to customers for fuel cost recovery over-collections through november 2007 . the refund was distributed over a two-month period beginning february 2008 . the interim refund and the puct approval is discussed in note 2 to the financial statements ; an increase of $ 37.1 million in affiliated wholesale revenue primarily due to increases in the cost of energy ; an increase in transition charge amounts collected from customers to service the securitization bonds as discussed above . see note 5 to the financial statements for additional information regarding the securitization bonds ; and implementation of an interim surcharge to collect $ 10.3 million in under-recovered incremental purchased capacity costs incurred through july 2007 . the surcharge was collected over a two-month period beginning february 2008 . the incremental capacity recovery rider and puct approval is discussed in note 2 to the financial statements. .","['-1.4', '-5.35714']" "['what is the balance of reserve for product warranties as of december 28, 2008?', 'what about 2007?', 'what is the net change in value from 2007 to 2008?', 'what growth rate does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: utilized . in accordance with sfas no . 144 , accounting for the impairment or disposal of long-lived assets , a non-cash impairment charge of $ 4.1 million was recorded in the second quarter of fiscal 2008 for the excess machinery . this charge is included as a separate line item in the company 2019s consolidated statement of operations . there was no change to useful lives and related depreciation expense of the remaining assets as the company believes these estimates are currently reflective of the period the assets will be used in operations . 7 . warranties the company generally provides a one-year warranty on sequencing , genotyping and gene expression systems . at the time revenue is recognized , the company establishes an accrual for estimated warranty expenses associated with system sales . this expense is recorded as a component of cost of product revenue . estimated warranty expenses associated with extended maintenance contracts are recorded as cost of revenue ratably over the term of the maintenance contract . changes in the company 2019s reserve for product warranties from january 1 , 2006 through december 28 , 2008 are as follows ( in thousands ) : .
1balance as of january 1 2006$ 751
2additions charged to cost of revenue1379
3repairs and replacements-1134 ( 1134 )
4balance as of december 31 2006996
5additions charged to cost of revenue4939
6repairs and replacements-2219 ( 2219 )
7balance as of december 30 20073716
8additions charged to cost of revenue13044
9repairs and replacements-8557 ( 8557 )
10balance as of december 28 2008$ 8203
8 . convertible senior notes on february 16 , 2007 , the company issued $ 400.0 million principal amount of 0.625% ( 0.625 % ) convertible senior notes due 2014 ( the notes ) , which included the exercise of the initial purchasers 2019 option to purchase up to an additional $ 50.0 million aggregate principal amount of notes . the net proceeds from the offering , after deducting the initial purchasers 2019 discount and offering expenses , were $ 390.3 million . the company will pay 0.625% ( 0.625 % ) interest per annum on the principal amount of the notes , payable semi-annually in arrears in cash on february 15 and august 15 of each year . the company made interest payments of $ 1.3 million and $ 1.2 million on february 15 , 2008 and august 15 , 2008 , respectively . the notes mature on february 15 , the notes will be convertible into cash and , if applicable , shares of the company 2019s common stock , $ 0.01 par value per share , based on a conversion rate , subject to adjustment , of 45.8058 shares per $ 1000 principal amount of notes ( which represents a conversion price of $ 21.83 per share ) , only in the following circumstances and to the following extent : ( 1 ) during the five business-day period after any five consecutive trading period ( the measurement period ) in which the trading price per note for each day of such measurement period was less than 97% ( 97 % ) of the product of the last reported sale price of the company 2019s common stock and the conversion rate on each such day ; ( 2 ) during any calendar quarter after the calendar quarter ending march 30 , 2007 , if the last reported sale price of the company 2019s common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately illumina , inc . notes to consolidated financial statements 2014 ( continued ) .","['8203.0', '3716.0', '4487.0', '1.20748']" "['what was the balance at the beginning of the year in 2005?', 'what was the value at the end of the year in 2006?', 'what was the difference?', 'what is that value time 1000?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) evidence of an arrangement exists , ( 2 ) delivery has occurred or services have been rendered , ( 3 ) the seller 2019s price to the buyer is fixed or determinable , and ( 4 ) collectibility is reasonably assured . further , sab 104 requires that both title and the risks and rewards of ownership be transferred to the buyer before revenue can be recognized . in addition to sab 104 , we follow the guidance of eitf 00-21 , revenue arrangements with multiple deliverables . we derive our revenues primarily from product sales , including maintenance service agreements . the great majority of our product revenues are derived from shipments of our ab5000 and bvs 5000 product lines to fulfill customer orders for a specified number of consoles and/or blood pumps for a specified price . we recognize revenues and record costs related to such sales upon product shipment . maintenance and service support contract revenues are recognized ratably over the term of the service contracts based upon the elapsed term of the service contract . government-sponsored research and development contracts and grants generally provide for payment on a cost-plus-fixed-fee basis . revenues from these contracts and grants are recognized as work is performed , provided the government has appropriated sufficient funds for the work . under contracts in which the company elects to spend significantly more on the development project during the term of the contract than the total contract amount , the company prospectively recognizes revenue on such contracts ratably over the term of the contract as it incurs related research and development costs , provided the government has appropriated sufficient funds for the work . ( d ) translation of foreign currencies all assets and liabilities of the company 2019s non-u.s . subsidiaries are translated at year-end exchange rates , and revenues and expenses are translated at average exchange rates for the year in accordance with sfas no . 52 , foreign currency translation . resulting translation adjustments are reflected in the accumulated other comprehensive loss component of shareholders 2019 equity . currency transaction gains and losses are included in the accompanying statement of income and are not material for the three years presented . ( e ) warranties the company routinely accrues for estimated future warranty costs on its product sales at the time of sale . our products are subject to rigorous regulation and quality standards . warranty costs are included in cost of product revenues within the consolidated statements of operations . the following table summarizes the activities in the warranty reserve for the two fiscal years ended march 31 , 2006 ( in thousands ) .
120052006
2balance at the beginning of the year$ 245$ 231
3accrual for warranties198193
4warranty expense incurred for the year-212 ( 212 )-257 ( 257 )
5balance at the end of the year$ 231$ 167
.","['245.0', '167.0', '78.0', '78000.0']" "['combined, what were the total costs incurred relating to the development of proved undeveloped reserves for 2011 and 2010?', 'and the value for 2009?', 'and combined with the other two years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: for the estimates of our oil sands mining reserves has 33 years of experience in petroleum engineering and has conducted surface mineable oil sands evaluations since 1986 . he is a member of spe , having served as regional director from 1998 through 2001 and is a registered practicing professional engineer in the province of alberta . audits of estimates third-party consultants are engaged to provide independent estimates for fields that comprise 80 percent of our total proved reserves over a rolling four-year period for the purpose of auditing the in-house reserve estimates . we met this goal for the four-year period ended december 31 , 2011 . we established a tolerance level of 10 percent such that initial estimates by the third-party consultants are accepted if they are within 10 percent of our internal estimates . should the third-party consultants 2019 initial analysis fail to reach our tolerance level , both our team and the consultants re-examine the information provided , request additional data and refine their analysis if appropriate . this resolution process is continued until both estimates are within 10 percent . this process did not result in significant changes to our reserve estimates in 2011 or 2009 . there were no third-party audits performed in 2010 . during 2011 , netherland , sewell & associates , inc . ( 201cnsai 201d ) prepared a certification of december 31 , 2010 reserves for the alba field in equatorial guinea . the nsai summary report is filed as an exhibit to this annual report on form 10-k . the senior members of the nsai team have over 50 years of industry experience between them , having worked for large , international oil and gas companies before joining nsai . the team lead has a master of science in mechanical engineering and is a member of spe . the senior technical advisor has a bachelor of science degree in geophysics and is a member of the society of exploration geophysicists , the american association of petroleum geologists and the european association of geoscientists and engineers . both are licensed in the state of texas . ryder scott company ( 201cryder scott 201d ) performed audits of several of our fields in 2011 and 2009 . their summary report on audits performed in 2011 is filed as an exhibit to this annual report on form 10-k . the team lead for ryder scott has over 20 years of industry experience , having worked for a major international oil and gas company before joining ryder scott . he has a bachelor of science degree in mechanical engineering , is a member of spe and is a registered professional engineer in the state of texas . the corporate reserves group also performs separate , detailed technical reviews of reserve estimates for significant fields that were acquired recently or for properties with other indicators such as excessively short or long lives , performance above or below expectations or changes in economic or operating conditions . changes in proved undeveloped reserves as of december 31 , 2011 , 395 mmboe of proved undeveloped reserves were reported , a decrease of 10 mmboe from december 31 , 2010 . the following table shows changes in total proved undeveloped reserves for 2011: .
1beginning of year405
2revisions of previous estimates15
3improved recovery1
4purchases of reserves in place91
5extensions discoveries and other additions49
6transfer to proved developed-166 ( 166 )
7end of year395
significant additions to proved undeveloped reserves during 2011 include 91 mmboe due to acreage acquisition in the eagle ford shale , 26 mmboe related to anadarko woodford shale development , 10 mmboe for development drilling in the bakken shale play and 8 mmboe for additional drilling in norway . additionally , 139 mmboe were transferred from proved undeveloped to proved developed reserves due to startup of the jackpine upgrader expansion in canada . costs incurred in 2011 , 2010 and 2009 relating to the development of proved undeveloped reserves , were $ 1107 million , $ 1463 million and $ 792 million . projects can remain in proved undeveloped reserves for extended periods in certain situations such as behind-pipe zones where reserves will not be accessed until the primary producing zone depletes , large development projects which take more than five years to complete , and the timing of when additional gas compression is needed . of the 395 mmboe of proved undeveloped reserves at year end 2011 , 34 percent of the volume is associated with projects that have been included in proved reserves for more than five years . the majority of this volume is related to a compression project in equatorial guinea that was sanctioned by our board of directors in 2004 and is expected to be completed by 2016 . performance of this field has exceeded expectations , and estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010 . production is not expected to experience a natural decline from facility-limited plateau production until 2014 , or possibly 2015 . the timing of the installation of compression is being driven by the reservoir performance. .","['2570.0', '792.0', '3362.0']" "['what would the annual fee for the revolver be, assuming its undrawn?', 'and converted to the millions?', 'how much of the 2013 amortization expense is due to the term c-2 loan facility conversion?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: facility continue to have a maturity date of october 2016 . in addition , the maturity date of the company's revolving credit facility was extended to october 2018 and the facility was increased to $ 900 million from $ 600 million . accordingly , the amended credit agreement consists of the term c-2 loan facility , the term c-3 loan facility and a $ 900 million revolving credit facility . net deferred financing costs are as follows : net deferred financing costs ( in $ millions ) .
1net deferred financing costs ( in $ millions )
2as of december 31 201128
3financing costs deferred ( 1 )8
4accelerated amortization due to refinancing activity ( 2 )-1 ( 1 )
5amortization-5 ( 5 )
6as of december 31 201230
7financing costs deferred ( 3 )2
8accelerated amortization due to refinancing activity2014
9amortization-5 ( 5 )
10as of december 31 201327
11financing costs deferred ( 4 )10
12accelerated amortization due to refinancing activity ( 5 )-5 ( 5 )
13amortization-5 ( 5 )
14as of december 31 201427
____________________________ ( 1 ) relates to the issuance of the 4.625% ( 4.625 % ) notes . ( 2 ) relates to the $ 400 million prepayment of the term c loan facility with proceeds from the 4.625% ( 4.625 % ) notes . ( 3 ) relates to the september 2013 amendment to the celanese us existing senior secured credit facilities to reduce the interest rates payable in connection with certain borrowings thereby creating the term c-2 loan facility due 2016 . ( 4 ) includes $ 6 million related to the issuance of the 3.250% ( 3.250 % ) notes and $ 4 million related to the september 24 , 2014 amendment to the celanese us existing senior secured credit facilities . ( 5 ) includes $ 4 million related to the 6.625% ( 6.625 % ) notes redemption and $ 1 million related to the term c-2 loan facility conversion . as of december 31 , 2014 , the margin for borrowings under the term c-2 loan facility was 2.0% ( 2.0 % ) above the euro interbank offered rate ( ""euribor"" ) and the margin for borrowings under the term c-3 loan facility was 2.25% ( 2.25 % ) above libor ( for us dollars ) and 2.25% ( 2.25 % ) above euribor ( for euros ) , as applicable . as of december 31 , 2014 , the margin for borrowings under the revolving credit facility was 1.5% ( 1.5 % ) above libor . the margin for borrowings under the revolving credit facility is subject to increase or decrease in certain circumstances based on changes in the corporate credit ratings of celanese or celanese us . term loan borrowings under the amended credit agreement are subject to amortization at 1% ( 1 % ) of the initial principal amount per annum , payable quarterly . in addition , the company pays quarterly commitment fees on the unused portion of the revolving credit facility of 0.25% ( 0.25 % ) per annum . the amended credit agreement is guaranteed by celanese and certain domestic subsidiaries of celanese us and is secured by a lien on substantially all assets of celanese us and such guarantors , subject to certain agreed exceptions ( including for certain real property and certain shares of foreign subsidiaries ) , pursuant to the guarantee and collateral agreement , dated april 2 , as a condition to borrowing funds or requesting letters of credit be issued under the revolving credit facility , the company's first lien senior secured leverage ratio ( as calculated as of the last day of the most recent fiscal quarter for which financial statements have been delivered under the revolving facility ) cannot exceed the threshold as specified below . further , the company's first lien senior secured leverage ratio must be maintained at or below that threshold while any amounts are outstanding under the revolving credit facility. .","['2.25', '2250000.0', '0.2']" "['what is the total number of shares purchased in october times the average price per share?', 'what is that simplified?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: transfer agent and registrar for common stock the transfer agent and registrar for our common stock is : computershare shareowner services llc 480 washington boulevard 29th floor jersey city , new jersey 07310 telephone : ( 877 ) 363-6398 sales of unregistered securities not applicable . repurchase of equity securities the following table provides information regarding our purchases of our equity securities during the period from october 1 , 2015 to december 31 , 2015 . total number of shares ( or units ) purchased 1 average price paid per share ( or unit ) 2 total number of shares ( or units ) purchased as part of publicly announced plans or programs 3 maximum number ( or approximate dollar value ) of shares ( or units ) that may yet be purchased under the plans or programs 3 .
1total number ofshares ( or units ) purchased1average price paidper share ( or unit ) 2total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3maximum number ( or approximate dollar value ) of shares ( or units ) that may yet be purchased under the plans or programs3
2october 1 - 312140511$ 20.542139507$ 227368014
3november 1 - 301126378$ 22.951124601$ 201557625
4december 1 - 311881992$ 22.971872650$ 158553178
5total5148881$ 21.965136758
1 included shares of our common stock , par value $ 0.10 per share , withheld under the terms of grants under employee stock-based compensation plans to offset tax withholding obligations that occurred upon vesting and release of restricted shares ( the 201cwithheld shares 201d ) . we repurchased 1004 withheld shares in october 2015 , 1777 withheld shares in november 2015 and 9342 withheld shares in december 2015 . 2 the average price per share for each of the months in the fiscal quarter and for the three-month period was calculated by dividing the sum of the applicable period of the aggregate value of the tax withholding obligations and the aggregate amount we paid for shares acquired under our stock repurchase program , described in note 5 to the consolidated financial statements , by the sum of the number of withheld shares and the number of shares acquired in our stock repurchase program . 3 in february 2015 , the board authorized a share repurchase program to repurchase from time to time up to $ 300.0 million , excluding fees , of our common stock ( the 201c2015 share repurchase program 201d ) . on february 12 , 2016 , we announced that our board had approved a new share repurchase program to repurchase from time to time up to $ 300.0 million , excluding fees , of our common stock . the new authorization is in addition to any amounts remaining for repurchase under the 2015 share repurchase program . there is no expiration date associated with the share repurchase programs. .","['43966095.94', '43.9661']" "['what was the net difference in net revenue from 2016 to 2017?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 31.4 million primarily due to lower net revenue , higher depreciation and amortization expenses , higher other operation and maintenance expenses , and higher taxes other than income taxes . 2016 compared to 2015 net income increased $ 37.9 million primarily due to lower other operation and maintenance expenses , the asset write-off of its receivable associated with the spindletop gas storage facility in 2015 , and higher net revenue . net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2017 to 2016 . amount ( in millions ) .
1amount ( in millions )
22016 net revenue$ 644.2
3net wholesale revenue-35.1 ( 35.1 )
4purchased power capacity-5.9 ( 5.9 )
5transmission revenue-5.4 ( 5.4 )
6reserve equalization5.6
7retail electric price19.0
8other4.4
92017 net revenue$ 626.8
the net wholesale revenue variance is primarily due to lower net capacity revenues resulting from the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016 . the purchased power capacity variance is primarily due to increased expenses due to capacity cost changes for ongoing purchased power capacity contracts . the transmission revenue variance is primarily due to a decrease in the amount of transmission revenues allocated by miso . the reserve equalization variance is due to the absence of reserve equalization expenses in 2017 as a result of entergy texas 2019s exit from the system agreement in august 2016 . see note 2 to the financial statements for a discussion of the system agreement. .","['17.4', '0.02701']" "['what were the number of new sites acquired and constructed in the u.s. in 2015?', 'what were the number of sites in asia?', 'what is the sum of those?', 'what is the sum including emea?', 'what is the total sum including latin america?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: in emerging markets , such as ghana , india , nigeria and uganda , wireless networks tend to be significantly less advanced than those in the united states , and initial voice networks continue to be deployed in underdeveloped areas . a majority of consumers in these markets still utilize basic wireless services , predominantly on feature phones , while advanced device penetration remains low . in more developed urban locations within these markets , early-stage data network deployments are underway . carriers are focused on completing voice network build-outs while also investing in initial data networks as wireless data usage and smartphone penetration within their customer bases begin to accelerate . in markets with rapidly evolving network technology , such as south africa and most of the countries in latin america where we do business , initial voice networks , for the most part , have already been built out , and carriers are focused on 3g and 4g network build outs . consumers in these regions are increasingly adopting smartphones and other advanced devices , and , as a result , the usage of bandwidth-intensive mobile applications is growing materially . recent spectrum auctions in these rapidly evolving markets have allowed incumbent carriers to accelerate their data network deployments and have also enabled new entrants to begin initial investments in data networks . smartphone penetration and wireless data usage in these markets are growing rapidly , which typically requires that carriers continue to invest in their networks in order to maintain and augment their quality of service . finally , in markets with more mature network technology , such as germany and france , carriers are focused on deploying 4g data networks to account for rapidly increasing wireless data usage among their customer base . with higher smartphone and advanced device penetration and significantly higher per capita data usage , carrier investment in networks is focused on 4g coverage and capacity . we believe that the network technology migration we have seen in the united states , which has led to significantly denser networks and meaningful new business commencements for us over a number of years , will ultimately be replicated in our less advanced international markets . as a result , we expect to be able to leverage our extensive international portfolio of approximately 104470 communications sites and the relationships we have built with our carrier customers to drive sustainable , long-term growth . we have master lease agreements with certain of our tenants that provide for consistent , long-term revenue and reduce the likelihood of churn . our master lease agreements build and augment strong strategic partnerships with our tenants and have significantly reduced colocation cycle times , thereby providing our tenants with the ability to rapidly and efficiently deploy equipment on our sites . property operations new site revenue growth . during the year ended december 31 , 2016 , we grew our portfolio of communications real estate through the acquisition and construction of approximately 45310 sites . in a majority of our asia , emea and latin america markets , the revenue generated from newly acquired or constructed sites resulted in increases in both tenant and pass-through revenues ( such as ground rent or power and fuel costs ) and expenses . we continue to evaluate opportunities to acquire communications real estate portfolios , both domestically and internationally , to determine whether they meet our risk-adjusted hurdle rates and whether we believe we can effectively integrate them into our existing portfolio. .
1new sites ( acquired or constructed )201620152014
2u.s .6511595900
3asia4386523301560
4emea6654910190
5latin america71565355800
property operations expenses . direct operating expenses incurred by our property segments include direct site level expenses and consist primarily of ground rent and power and fuel costs , some or all of which may be passed through to our tenants , as well as property taxes , repairs and maintenance . these segment direct operating expenses exclude all segment and corporate selling , general , administrative and development expenses , which are aggregated into one line item entitled selling , general , administrative and development expense in our consolidated statements of operations . in general , our property segments 2019 selling , general , administrative and development expenses do not significantly increase as a result of adding incremental tenants to our sites and typically increase only modestly year-over-year . as a result , leasing additional space to new tenants on our sites provides significant incremental cash flow . we may , however , incur additional segment selling , general , administrative and development expenses as we increase our presence in our existing markets or expand into new markets . our profit margin growth is therefore positively impacted by the addition of new tenants to our sites but can be temporarily diluted by our development activities. .","['11595.0', '2330.0', '13925.0', '18835.0', '25370.0']" "['combined, what was the total net operating loss that must be utilized before expiration between 2017 and 2033?', 'what was the change in the balance between 2013 and 2015?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: undistributed earnings of $ 696.9 million from certain foreign subsidiaries are considered to be permanently reinvested abroad and will not be repatriated to the united states in the foreseeable future . because those earnings are considered to be indefinitely reinvested , no domestic federal or state deferred income taxes have been provided thereon . if we were to make a distribution of any portion of those earnings in the form of dividends or otherwise , we would be subject to both u.s . income taxes ( subject to an adjustment for foreign tax credits ) and withholding taxes payable to the various foreign jurisdictions . because of the availability of u.s . foreign tax credit carryforwards , it is not practicable to determine the domestic federal income tax liability that would be payable if such earnings were no longer considered to be reinvested indefinitely . a valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized . changes to our valuation allowance during the years ended may 31 , 2015 and 2014 are summarized below ( in thousands ) : .
1balance at may 31 2013$ -28464 ( 28464 )
2utilization of foreign net operating loss carryforwards2822
3allowance for foreign tax credit carryforward18061
4other382
5balance at may 31 2014-7199 ( 7199 )
6utilization of foreign net operating loss carryforwards3387
7other-11 ( 11 )
8balance at may 31 2015$ -3823 ( 3823 )
net operating loss carryforwards of foreign subsidiaries totaling $ 12.4 million and u.s . net operating loss carryforwards previously acquired totaling $ 19.8 million at may 31 , 2015 will expire between may 31 , 2017 and may 31 , 2033 if not utilized . capital loss carryforwards of u.s . subsidiaries totaling $ 4.7 million will expire if not utilized by may 31 , 2017 . tax credit carryforwards totaling $ 8.4 million at may 31 , 2015 will expire between may 31 , 2017 and may 31 , 2023 if not utilized . we conduct business globally and file income tax returns in the u.s . federal jurisdiction and various state and foreign jurisdictions . in the normal course of business , we are subject to examination by taxing authorities around the world . as a result of events that occurred in the fourth quarter of the year ended may 31 , 2015 , management concluded that it was more likely than not that the tax positions in a foreign jurisdiction , for which we had recorded estimated liabilities of $ 65.6 million in other noncurrent liabilities on our consolidated balance sheet , would be sustained on their technical merits based on information available as of may 31 , 2015 . therefore , the liability and corresponding deferred tax assets were eliminated as of may 31 , 2015 . the uncertain tax positions have been subject to an ongoing examination in that foreign jurisdiction by the tax authority . discussions and correspondence between the tax authority and us during the fourth quarter indicated that the likelihood of the positions being sustained had increased . subsequent to may 31 , 2015 , we received a final closure notice regarding the examination resulting in no adjustments to taxable income related to this matter for the tax returns filed for the periods ended may 31 , 2010 through may 31 , 2013 . the unrecognized tax benefits were effectively settled with this final closure notice . we are no longer subjected to state income tax examinations for years ended on or before may 31 , 2008 , u.s . federal income tax examinations for fiscal years prior to 2012 and united kingdom federal income tax examinations for years ended on or before may 31 , 2013 . 78 2013 global payments inc . | 2015 form 10-k annual report .","['32.2', '24641.0']" "['what is the value of total long-term debt 2013 kmp?', 'what is the current portion of long-term debt?', 'what is the sum?', 'what is the current portion over the sum?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 15 . exhibits , financial statement schedules . ( continued ) kinder morgan , inc . form 10-k .
1kinder morgan liquids terminals llc-n.j . development revenue bonds due january 15 2018 kinder morgan columbus llc-5.50% ( llc-5.50 % ) ms development revenue note due september 1 202225.0 8.225.0 8.2
2kinder morgan operating l.p . 201cb 201d-jackson-union cos . il revenue bonds due april 1 202423.723.7
3international marine terminals-plaquemines la revenue bonds due march 15 202540.040.0
4other miscellaneous subsidiary debt1.31.3
5unamortized debt discount on long-term debt-20.3 ( 20.3 )-21.2 ( 21.2 )
6current maturities of long-term debt-1263.3 ( 1263.3 )-596.6 ( 596.6 )
7total long-term debt 2013 kmp$ 10282.8$ 10007.5
____________ ( a ) as a result of the implementation of asu 2009-17 , effective january 1 , 2010 , we ( i ) include the transactions and balances of our business trust , k n capital trust i and k n capital trust iii , in our consolidated financial statements and ( ii ) no longer include our junior subordinated deferrable interest debentures issued to the capital trusts ( see note 18 201crecent accounting pronouncements 201d ) . ( b ) kmp issued its $ 500 million in principal amount of 9.00% ( 9.00 % ) senior notes due february 1 , 2019 in december 2008 . each holder of the notes has the right to require kmp to repurchase all or a portion of the notes owned by such holder on february 1 , 2012 at a purchase price equal to 100% ( 100 % ) of the principal amount of the notes tendered by the holder plus accrued and unpaid interest to , but excluding , the repurchase date . on and after february 1 , 2012 , interest will cease to accrue on the notes tendered for repayment . a holder 2019s exercise of the repurchase option is irrevocable . kinder morgan kansas , inc . the 2028 and 2098 debentures and the 2012 and 2015 senior notes are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices defined in the associated prospectus supplements . the 2027 debentures are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option after november 1 , 2004 at redemption prices defined in the associated prospectus supplements . on september 2 , 2010 , kinder morgan kansas , inc . paid the remaining $ 1.1 million principal balance outstanding on kinder morgan kansas , inc . 2019s 6.50% ( 6.50 % ) series debentures , due 2013 . kinder morgan finance company , llc on december 20 , 2010 , kinder morgan finance company , llc , a wholly owned subsidiary of kinder morgan kansas , inc. , completed a public offering of senior notes . it issued a total of $ 750 million in principal amount of 6.00% ( 6.00 % ) senior notes due january 15 , 2018 . net proceeds received from the issuance of the notes , after underwriting discounts and commissions , were $ 744.2 million , which were used to retire the principal amount of the 5.35% ( 5.35 % ) senior notes that matured on january 5 , 2011 . the 2011 , 2016 , 2018 and 2036 senior notes issued by kinder morgan finance company , llc are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices defined in the associated prospectus supplements . each series of these notes is fully and unconditionally guaranteed by kinder morgan kansas , inc . on a senior unsecured basis as to principal , interest and any additional amounts required to be paid as a result of any withholding or deduction for canadian taxes . capital trust securities kinder morgan kansas , inc . 2019s business trusts , k n capital trust i and k n capital trust iii , are obligated for $ 12.7 million of 8.56% ( 8.56 % ) capital trust securities maturing on april 15 , 2027 and $ 14.4 million of 7.63% ( 7.63 % ) capital trust securities maturing on april 15 , 2028 , respectively , which it guarantees . the 2028 securities are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices as defined in the associated prospectus . the 2027 securities are redeemable in whole or in part at kinder morgan kansas , inc . 2019s option and at any time in certain limited circumstances upon the occurrence of certain events and at prices , all defined in the associated prospectus supplements . upon redemption by kinder morgan kansas , inc . or at maturity of the junior subordinated deferrable interest debentures , it must use the proceeds to make redemptions of the capital trust securities on a pro rata basis. .","['10282.8', '1263.3', '11546.1', '0.10941']" "['what was the change in the allowance for uncollectible accounts from year end 2004 to 2005?', 'and what was that allowance in the end of 2004?', 'how much, then, does that change represent in relation to this 2004 allowance, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: goodwill is reviewed annually during the fourth quarter for impairment . in addition , the company performs an impairment analysis of other intangible assets based on the occurrence of other factors . such factors include , but are not limited to , signifi- cant changes in membership , state funding , medical contracts and provider networks and contracts . an impairment loss is rec- ognized if the carrying value of intangible assets exceeds the implied fair value . the company did not recognize any impair- ment losses for the periods presented . medical claims liabilities medical services costs include claims paid , claims reported but not yet paid ( inventory ) , estimates for claims incurred but not yet received ( ibnr ) and estimates for the costs necessary to process unpaid claims . the estimates of medical claims liabilities are developed using standard actuarial methods based upon historical data for payment patterns , cost trends , product mix , seasonality , utiliza- tion of healthcare services and other relevant factors including product changes . these estimates are continually reviewed and adjustments , if necessary , are reflected in the period known . management did not change actuarial methods during the years presented . management believes the amount of medical claims payable is reasonable and adequate to cover the company 2019s liabil- ity for unpaid claims as of december 31 , 2005 ; however , actual claim payments may differ from established estimates . revenue recognition the majority of the company 2019s medicaid managed care premi- um revenue is received monthly based on fixed rates per member as determined by state contracts . some contracts allow for addi- tional premium related to certain supplemental services provided such as maternity deliveries . revenue is recognized as earned over the covered period of services . revenues are recorded based on membership and eligibility data provided by the states , which may be adjusted by the states for updates to this membership and eligibility data . these adjustments are immaterial in relation to total revenue recorded and are reflected in the period known . premiums collected in advance are recorded as unearned revenue . the specialty services segment generates revenue under con- tracts with state and local government entities , our health plans and third-party customers . revenues for services are recognized when the services are provided or as ratably earned over the cov- ered period of services . for performance-based contracts , the company does not recognize revenue subject to refund until data is sufficient to measure performance . such amounts are recorded as unearned revenue . revenues due to the company are recorded as premium and related receivables and recorded net of an allowance for uncol- lectible accounts based on historical trends and management 2019s judgment on the collectibility of these accounts . activity in the allowance for uncollectible accounts for the years ended december 31 is summarized below: .
1200520042003
2allowances beginning of year$ 462$ 607$ 219
3amounts charged to expense80407472
4write-offs of uncollectible receivables-199 ( 199 )-552 ( 552 )-84 ( 84 )
5allowances end of year$ 343$ 462$ 607
significant customers centene receives the majority of its revenues under contracts or subcontracts with state medicaid managed care programs . the contracts , which expire on various dates between june 30 , 2006 and august 31 , 2008 , are expected to be renewed . contracts with the states of indiana , kansas , texas and wisconsin each accounted for 18% ( 18 % ) , 12% ( 12 % ) , 22% ( 22 % ) and 23% ( 23 % ) , respectively , of the company 2019s revenues for the year ended december 31 , 2005 . reinsurance centene has purchased reinsurance from third parties to cover eligible healthcare services . the current reinsurance program covers 90% ( 90 % ) of inpatient healthcare expenses in excess of annual deductibles of $ 300 per member , up to a lifetime maximum of $ 2000 . centene 2019s medicaid managed care subsidiaries are respon- sible for inpatient charges in excess of an average daily per diem . reinsurance recoveries were $ 4014 , $ 3730 , and $ 5345 , in 2005 , 2004 , and 2003 , respectively . reinsurance expenses were approximately $ 4105 , $ 6724 , and $ 6185 in 2005 , 2004 , and 2003 , respectively . reinsurance recoveries , net of expenses , are included in medical costs . other income ( expense ) other income ( expense ) consists principally of investment income and interest expense . investment income is derived from the company 2019s cash , cash equivalents , restricted deposits and investments . interest expense relates to borrowings under our credit facility , mortgage interest , interest on capital leases and credit facility fees . income taxes deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases . deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled . the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date of the tax rate change . valuation allowances are provided when it is considered more likely than not that deferred tax assets will not be realized . in determining if a deductible temporary difference or net operating loss can be realized , the company considers future reversals of .","['-119.0', '462.0', '-0.25758']" "['what was the difference in income tax benefit between 2014 and 2016?', 'and the percentage increase during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 2000 non-employee director stock option plan ( the 201cdirector stock option plan 201d ) , and the global payments inc . 2011 incentive plan ( the 201c2011 plan 201d ) ( collectively , the 201cplans 201d ) . we made no further grants under the 2000 plan after the 2005 plan was effective , and the director stock option plan expired by its terms on february 1 , 2011 . we will make no future grants under the 2000 plan , the 2005 plan or the director stock option plan . the 2011 plan permits grants of equity to employees , officers , directors and consultants . a total of 14.0 million shares of our common stock was reserved and made available for issuance pursuant to awards granted under the 2011 plan . the following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options ( in thousands ) : 2016 2015 2014 ( in thousands ) .
120162015 ( in thousands )2014
2share-based compensation expense$ 30809$ 21056$ 29793
3income tax benefit$ 9879$ 6907$ 7126
we grant various share-based awards pursuant to the plans under what we refer to as our 201clong-term incentive plan . 201d the awards are held in escrow and released upon the grantee 2019s satisfaction of conditions of the award certificate . restricted stock restricted stock awards vest over a period of time , provided , however , that if the grantee is not employed by us on the vesting date , the shares are forfeited . restricted shares cannot be sold or transferred until they have vested . restricted stock granted before fiscal 2015 vests in equal installments on each of the first four anniversaries of the grant date . restricted stock granted during fiscal 2015 and thereafter either vest in equal installments on each of the first three anniversaries of the grant date or cliff vest at the end of a three-year service period . the grant date fair value of restricted stock , which is based on the quoted market value of our common stock at the closing of the award date , is recognized as share-based compensation expense on a straight-line basis over the vesting period . performance units certain of our executives have been granted performance units under our long-term incentive plan . performance units are performance-based restricted stock units that , after a performance period , convert into common shares , which may be restricted . the number of shares is dependent upon the achievement of certain performance measures during the performance period . the target number of performance units and any market-based performance measures ( 201cat threshold , 201d 201ctarget , 201d and 201cmaximum 201d ) are set by the compensation committee of our board of directors . performance units are converted only after the compensation committee certifies performance based on pre-established goals . the performance units granted to certain executives in fiscal 2014 were based on a one-year performance period . after the compensation committee certified the performance results , 25% ( 25 % ) of the performance units converted to unrestricted shares . the remaining 75% ( 75 % ) converted to restricted shares that vest in equal installments on each of the first three anniversaries of the conversion date . the performance units granted to certain executives during fiscal 2015 and fiscal 2016 were based on a three-year performance period . after the compensation committee certifies the performance results for the three-year period , performance units earned will convert into unrestricted common stock . the compensation committee may set a range of possible performance-based outcomes for performance units . depending on the achievement of the performance measures , the grantee may earn up to 200% ( 200 % ) of the target number of shares . for awards with only performance conditions , we recognize compensation expense on a straight-line basis over the performance period using the grant date fair value of the award , which is based on the number of shares expected to be earned according to the level of achievement of performance goals . if the number of shares expected to be earned were to change at any time during the performance period , we would make a cumulative adjustment to share-based compensation expense based on the revised number of shares expected to be earned . global payments inc . | 2016 form 10-k annual report 2013 83 .","['2753.0', '0.38633']" "['what was the amount gained with the issuance of the class a common stock in 2008?', 'and as of september of that year, what was the difference in the number of shares of the class usa common stock pre and after true-up?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: visa inc . notes to consolidated financial statements 2014 ( continued ) september 30 , 2008 ( in millions , except as noted ) were converted on a one-to-one basis from class eu ( series i , ii , iii ) common stock to class c ( series iii , ii , and iv ) common stock concurrent with the true-up . the results of the true-up are reflected in the table below . fractional shares resulting from the conversion of the shares of each individual stockholder have been rounded down . these fractional shares were paid in cash to stockholders as part of the initial redemption of class b common stock and class c common stock shortly following the ipo . outstanding regional classes and series of common stock issued in the reorganization converted classes and series of common stock issued in the true-up number of regional classes and series of common stock issued in the reorganization true-up conversion number of converted classes and series of common stock after the true-up class usa ( 1 ) class b ( 2 ) 426390481 0.93870 400251872 .
1outstanding regional classes and seriesof common stock issued inthe reorganizationconverted classes and series of common stock issued in the true-upnumber of regional classes and series of common stock issued in the reorganizationtrue-up conversion rationumber of converted classes and series of common stock after the true-up
2class usa ( 1 )class b ( 2 )4263904810.93870400251872
3class eu ( series i )class c ( series iii )622132011.0000062213201
4class eu ( series ii )class c ( series ii )279044641.0000027904464
5class eu ( series iii )class c ( series iv )5495871.00000549587
6class canadaclass c ( series i )220346850.9800721595528
7class apclass c ( series i )1191004811.19043141780635
8class lacclass c ( series i )801379151.0711085835549
9class cemeaclass c ( series i )367496980.9510134949123
( 1 ) the amount of the class usa common stock outstanding prior to the true-up is net of 131592008 shares held by wholly-owned subsidiaries of the company . ( 2 ) the amount of the class b common stock outstanding subsequent to the true-up is net of 123525418 shares held by wholly-owned subsidiaries of the company . also , the company issued 51844393 additional shares of class c ( series ii ) common stock at a price of $ 44 per share in exchange for a subscription receivable from visa europe . this issuance and subscription receivable were recorded as offsetting entries in temporary equity on the company 2019s consolidated balance sheet at september 30 , 2008 . initial public offering in march 2008 , the company completed its ipo with the issuance of 446600000 shares of class a common stock at a net offering price of $ 42.77 ( the ipo price of $ 44.00 per share of class a common stock , less underwriting discounts and commissions of $ 1.23 per share ) . the company received net proceeds of $ 19.1 billion as a result of the ipo. .","['19101082000.0', '26138609.0']" "['what was the change in the operating earnings from 2005 to 2007?', 'and how much does this change represent in relation to those operating earnings in 2005, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: unit shipments increased 49% ( 49 % ) to 217.4 million units in 2006 , compared to 146.0 million units in 2005 . the overall increase was driven by increased unit shipments of products for gsm , cdma and 3g technologies , partially offset by decreased unit shipments of products for iden technology . for the full year 2006 , unit shipments by the segment increased in all regions . due to the segment 2019s increase in unit shipments outpacing overall growth in the worldwide handset market , which grew approximately 20% ( 20 % ) in 2006 , the segment believes that it expanded its global handset market share to an estimated 22% ( 22 % ) for the full year 2006 . in 2006 , asp decreased approximately 11% ( 11 % ) compared to 2005 . the overall decrease in asp was driven primarily by changes in the geographic and product-tier mix of sales . by comparison , asp decreased approximately 10% ( 10 % ) in 2005 and increased approximately 15% ( 15 % ) in 2004 . asp is impacted by numerous factors , including product mix , market conditions and competitive product offerings , and asp trends often vary over time . in 2006 , the largest of the segment 2019s end customers ( including sales through distributors ) were china mobile , verizon , sprint nextel , cingular , and t-mobile . these five largest customers accounted for approximately 39% ( 39 % ) of the segment 2019s net sales in 2006 . besides selling directly to carriers and operators , the segment also sold products through a variety of third-party distributors and retailers , which accounted for approximately 38% ( 38 % ) of the segment 2019s net sales . the largest of these distributors was brightstar corporation . although the u.s . market continued to be the segment 2019s largest individual market , many of our customers , and more than 65% ( 65 % ) of the segment 2019s 2006 net sales , were outside the u.s . the largest of these international markets were china , brazil , the united kingdom and mexico . home and networks mobility segment the home and networks mobility segment designs , manufactures , sells , installs and services : ( i ) digital video , internet protocol ( 201cip 201d ) video and broadcast network interactive set-tops ( 201cdigital entertainment devices 201d ) , end-to- end video delivery solutions , broadband access infrastructure systems , and associated data and voice customer premise equipment ( 201cbroadband gateways 201d ) to cable television and telecom service providers ( collectively , referred to as the 201chome business 201d ) , and ( ii ) wireless access systems ( 201cwireless networks 201d ) , including cellular infrastructure systems and wireless broadband systems , to wireless service providers . in 2007 , the segment 2019s net sales represented 27% ( 27 % ) of the company 2019s consolidated net sales , compared to 21% ( 21 % ) in 2006 and 26% ( 26 % ) in 2005 . ( dollars in millions ) 2007 2006 2005 2007 20142006 2006 20142005 years ended december 31 percent change .
1( dollars in millions )years ended december 31 2007years ended december 31 2006years ended december 31 2005years ended december 31 2007 201420062006 20142005
2segment net sales$ 10014$ 9164$ 90379% ( 9 % )1% ( 1 % )
3operating earnings7097871232( 10 ) % ( % )( 36 ) % ( % )
segment results 20142007 compared to 2006 in 2007 , the segment 2019s net sales increased 9% ( 9 % ) to $ 10.0 billion , compared to $ 9.2 billion in 2006 . the 9% ( 9 % ) increase in net sales reflects a 27% ( 27 % ) increase in net sales in the home business , partially offset by a 1% ( 1 % ) decrease in net sales of wireless networks . net sales of digital entertainment devices increased approximately 43% ( 43 % ) , reflecting increased demand for digital set-tops , including hd/dvr set-tops and ip set-tops , partially offset by a decline in asp due to a product mix shift towards all-digital set-tops . unit shipments of digital entertainment devices increased 51% ( 51 % ) to 15.2 million units . net sales of broadband gateways increased approximately 6% ( 6 % ) , primarily due to higher net sales of data modems , driven by net sales from the netopia business acquired in february 2007 . net sales of wireless networks decreased 1% ( 1 % ) , primarily driven by lower net sales of iden and cdma infrastructure equipment , partially offset by higher net sales of gsm infrastructure equipment , despite competitive pricing pressure . on a geographic basis , the 9% ( 9 % ) increase in net sales reflects higher net sales in all geographic regions . the increase in net sales in north america was driven primarily by higher sales of digital entertainment devices , partially offset by lower net sales of iden and cdma infrastructure equipment . the increase in net sales in asia was primarily due to higher net sales of gsm infrastructure equipment , partially offset by lower net sales of cdma infrastructure equipment . the increase in net sales in emea was , primarily due to higher net sales of gsm infrastructure equipment , partially offset by lower demand for iden and cdma infrastructure equipment . net sales in north america continue to comprise a significant portion of the segment 2019s business , accounting for 52% ( 52 % ) of the segment 2019s total net sales in 2007 , compared to 56% ( 56 % ) of the segment 2019s total net sales in 2006 . 60 management 2019s discussion and analysis of financial condition and results of operations .","['-523.0', '-0.42451']" "['what was the balance of money pool in 2016?', 'and what was it in 2015?', 'what was, then, the change over the year?', 'and in the five years after this period, what is the total amount of the credit facilities that are going to expire, in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy arkansas , inc . and subsidiaries management 2019s financial discussion and analysis stock restrict the amount of retained earnings available for the payment of cash dividends or other distributions on its common and preferred stock . sources of capital entergy arkansas 2019s sources to meet its capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt or preferred stock issuances ; and 2022 bank financing under new or existing facilities . entergy arkansas may refinance , redeem , or otherwise retire debt and preferred stock prior to maturity , to the extent market conditions and interest and dividend rates are favorable . all debt and common and preferred stock issuances by entergy arkansas require prior regulatory approval . preferred stock and debt issuances are also subject to issuance tests set forth in entergy arkansas 2019s corporate charters , bond indentures , and other agreements . entergy arkansas has sufficient capacity under these tests to meet its foreseeable capital needs . entergy arkansas 2019s receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years. .
12016201520142013
2( in thousands )( in thousands )( in thousands )( in thousands )
3( $ 51232 )( $ 52742 )$ 2218$ 17531
see note 4 to the financial statements for a description of the money pool . entergy arkansas has a credit facility in the amount of $ 150 million scheduled to expire in august 2021 . entergy arkansas also has a $ 20 million credit facility scheduled to expire in april 2017 . the $ 150 million credit facility allows entergy arkansas to issue letters of credit against 50% ( 50 % ) of the borrowing capacity of the facility . as of december 31 , 2016 , there were no cash borrowings and no letters of credit outstanding under the credit facilities . in addition , entergy arkansas is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations under miso . as of december 31 , 2016 , a $ 1 million letter of credit was outstanding under entergy arkansas 2019s uncommitted letter of credit facility . see note 4 to the financial statements for additional discussion of the credit facilities . the entergy arkansas nuclear fuel company variable interest entity has a credit facility in the amount of $ 80 million scheduled to expire in may 2019 . as of december 31 , 2016 , no letters of credit were outstanding under the credit facility to support commercial paper issued by the entergy arkansas nuclear fuel company variable interest entity . see note 4 to the financial statements for additional discussion of the nuclear fuel company variable interest entity credit facility . entergy arkansas obtained authorizations from the ferc through october 2017 for short-term borrowings not to exceed an aggregate amount of $ 250 million at any time outstanding and long-term borrowings by its nuclear fuel company variable interest entity . see note 4 to the financial statements for further discussion of entergy arkansas 2019s short-term borrowing limits . the long-term securities issuances of entergy arkansas are limited to amounts authorized by the apsc and the tennessee regulatory authority ; the current authorizations extend through december 2018. .","['51232.0', '52742.0', '-1510.0', '170.0']" "['between the two acquisitions, was the purchase price for hardy greater than for mondavi?', 'what portion of the net asset acquired is from goodwill?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: mondavi produces , markets and sells premium , super-premium and fine california wines under the woodbridge by robert mondavi , robert mondavi private selection and robert mondavi winery brand names . woodbridge and robert mondavi private selection are the leading premium and super-premium wine brands by volume , respectively , in the united states . the acquisition of robert mondavi supports the company 2019s strategy of strengthening the breadth of its portfolio across price segments to capitalize on the overall growth in the pre- mium , super-premium and fine wine categories . the company believes that the acquired robert mondavi brand names have strong brand recognition globally . the vast majority of robert mondavi 2019s sales are generated in the united states . the company intends to leverage the robert mondavi brands in the united states through its selling , marketing and distribution infrastructure . the company also intends to further expand distribution for the robert mondavi brands in europe through its constellation europe infrastructure . the company and robert mondavi have complementary busi- nesses that share a common growth orientation and operating philosophy . the robert mondavi acquisition provides the company with a greater presence in the fine wine sector within the united states and the ability to capitalize on the broader geographic distribution in strategic international markets . the robert mondavi acquisition supports the company 2019s strategy of growth and breadth across categories and geographies , and strengthens its competitive position in its core markets . in par- ticular , the company believes there are growth opportunities for premium , super-premium and fine wines in the united kingdom , united states and other wine markets . total consid- eration paid in cash to the robert mondavi shareholders was $ 1030.7 million . additionally , the company expects to incur direct acquisition costs of $ 11.2 million . the purchase price was financed with borrowings under the company 2019s 2004 credit agreement ( as defined in note 9 ) . in accordance with the pur- chase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition . the purchase price was based primarily on the estimated future operating results of robert mondavi , including the factors described above , as well as an estimated benefit from operating cost synergies . the results of operations of the robert mondavi business are reported in the constellation wines segment and have been included in the consolidated statement of income since the acquisition date . the following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the robert mondavi acquisition at the date of acquisition . the company is in the process of obtaining third-party valuations of certain assets and liabilities , and refining its restructuring plan which is under development and will be finalized during the company 2019s year ending february 28 , 2006 ( see note19 ) . accordingly , the allocation of the purchase price is subject to refinement . estimated fair values at december 22 , 2004 , are as follows : {in thousands} .
1current assets$ 494788
2property plant and equipment452902
3other assets178823
4trademarks186000
5goodwill590459
6total assets acquired1902972
7current liabilities309051
8long-term liabilities552060
9total liabilities acquired861111
10net assets acquired$ 1041861
the trademarks are not subject to amortization . none of the goodwill is expected to be deductible for tax purposes . in connection with the robert mondavi acquisition and robert mondavi 2019s previously disclosed intention to sell certain of its winery properties and related assets , and other vineyard prop- erties , the company has classified certain assets as held for sale as of february 28 , 2005 . the company expects to sell these assets during the year ended february 28 , 2006 , for net pro- ceeds of approximately $ 150 million to $ 175 million . no gain or loss is expected to be recognized upon the sale of these assets . hardy acquisition 2013 on march 27 , 2003 , the company acquired control of brl hardy limited , now known as hardy wine company limited ( 201chardy 201d ) , and on april 9 , 2003 , the company completed its acquisition of all of hardy 2019s outstanding capital stock . as a result of the acquisition of hardy , the company also acquired the remaining 50% ( 50 % ) ownership of pacific wine partners llc ( 201cpwp 201d ) , the joint venture the company established with hardy in july 2001 . the acquisition of hardy along with the remaining interest in pwp is referred to together as the 201chardy acquisition . 201d through this acquisition , the company acquired one of australia 2019s largest wine producers with interests in winer- ies and vineyards in most of australia 2019s major wine regions as well as new zealand and the united states and hardy 2019s market- ing and sales operations in the united kingdom . total consideration paid in cash and class a common stock to the hardy shareholders was $ 1137.4 million . additionally , the company recorded direct acquisition costs of $ 17.2 million . the acquisition date for accounting purposes is march 27 , 2003 . the company has recorded a $ 1.6 million reduction in the purchase price to reflect imputed interest between the accounting acquisition date and the final payment of consider- ation . this charge is included as interest expense in the consolidated statement of income for the year ended february 29 , 2004 . the cash portion of the purchase price paid to the hardy shareholders and optionholders ( $ 1060.2 mil- lion ) was financed with $ 660.2 million of borrowings under the company 2019s then existing credit agreement and $ 400.0 million .","['yes', '0.56673']" "['what was the value of american airlines in 2015?', 'what was the value in 2014?', 'what was the difference from 2014 to 2015?', 'what is the percent decrease?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents capital deployment program will be subject to market and economic conditions , applicable legal requirements and other relevant factors . our capital deployment program does not obligate us to continue a dividend for any fixed period , and payment of dividends may be suspended at any time at our discretion . stock performance graph the following stock performance graph and related information shall not be deemed 201csoliciting material 201d or 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filings under the securities act of 1933 or the exchange act , each as amended , except to the extent that we specifically incorporate it by reference into such filing . the following stock performance graph compares our cumulative total stockholder return on an annual basis on our common stock with the cumulative total return on the standard and poor 2019s 500 stock index and the amex airline index from december 9 , 2013 ( the first trading day of aag common stock ) through december 31 , 2015 . the comparison assumes $ 100 was invested on december 9 , 2013 in aag common stock and in each of the foregoing indices and assumes reinvestment of dividends . the stock performance shown on the graph below represents historical stock performance and is not necessarily indicative of future stock price performance. .
112/9/201312/31/201312/31/201412/31/2015
2american airlines group inc .$ 100$ 103$ 219$ 175
3amex airline index100102152127
4s&p 500100102114113
purchases of equity securities by the issuer and affiliated purchasers since july 2014 , our board of directors has approved several share repurchase programs aggregating $ 7.0 billion of authority of which , as of december 31 , 2015 , $ 2.4 billion remained unused under repurchase programs .","['175.0', '219.0', '-44.0', '-0.20091']" "['what is the net sales in 2010?', 'what is the operating profit in 2010?', 'what is the the difference among these two?', 'what is the operating profit margin in 2010?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: operating profit for the segment decreased by 1% ( 1 % ) in 2010 compared to 2009 . for the year , operating profit declines in defense more than offset an increase in civil , while operating profit at intelligence essentially was unchanged . the $ 27 million decrease in operating profit at defense primarily was attributable to a decrease in the level of favorable performance adjustments on mission and combat systems activities in 2010 . the $ 19 million increase in civil principally was due to higher volume on enterprise civilian services . operating profit for the segment decreased by 3% ( 3 % ) in 2009 compared to 2008 . operating profit declines in civil and intelligence partially were offset by growth in defense . the decrease of $ 29 million in civil 2019s operating profit primarily was attributable to a reduction in the level of favorable performance adjustments on enterprise civilian services programs in 2009 compared to 2008 . the decrease in operating profit of $ 27 million at intelligence mainly was due to a reduction in the level of favorable performance adjustments on security solution activities in 2009 compared to 2008 . the increase in defense 2019s operating profit of $ 29 million mainly was due to volume and improved performance in mission and combat systems . the decrease in backlog during 2010 compared to 2009 mainly was due to higher sales volume on enterprise civilian service programs at civil , including volume associated with the dris 2010 program , and mission and combat system programs at defense . backlog decreased in 2009 compared to 2008 due to u.s . government 2019s exercise of the termination for convenience clause on the tsat mission operations system ( tmos ) contract at defense , which resulted in a $ 1.6 billion reduction in orders . this decline more than offset increased orders on enterprise civilian services programs at civil . we expect is&gs will experience a low single digit percentage decrease in sales for 2011 as compared to 2010 . this decline primarily is due to completion of most of the work associated with the dris 2010 program . operating profit in 2011 is expected to decline in relationship to the decline in sales volume , while operating margins are expected to be comparable between the years . space systems our space systems business segment is engaged in the design , research and development , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems , including activities related to the planned replacement of the space shuttle . government satellite programs include the advanced extremely high frequency ( aehf ) system , the mobile user objective system ( muos ) , the global positioning satellite iii ( gps iii ) system , the space-based infrared system ( sbirs ) , and the geostationary operational environmental satellite r-series ( goes-r ) . strategic and missile defense programs include the targets and countermeasures program and the fleet ballistic missile program . space transportation includes the nasa orion program and , through ownership interests in two joint ventures , expendable launch services ( united launch alliance , or ula ) and space shuttle processing activities for the u.s . government ( united space alliance , or usa ) . the space shuttle is expected to complete its final flight mission in 2011 and our involvement with its launch and processing activities will end at that time . space systems 2019 operating results included the following : ( in millions ) 2010 2009 2008 .
1( in millions )201020092008
2net sales$ 8246$ 8654$ 8027
3operating profit972972953
4operating margin11.8% ( 11.8 % )11.2% ( 11.2 % )11.9% ( 11.9 % )
5backlog at year-end178001680017900
net sales for space systems decreased by 5% ( 5 % ) in 2010 compared to 2009 . sales declined in all three lines of business during the year . the $ 253 million decrease in space transportation principally was due to lower volume on the space shuttle external tank , commercial launch vehicle activity and other human space flight programs , which partially were offset by higher volume on the orion program . there were no commercial launches in 2010 compared to one commercial launch in 2009 . strategic & defensive missile systems ( s&dms ) sales declined $ 147 million principally due to lower volume on defensive missile programs . the $ 8 million sales decline in satellites primarily was attributable to lower volume on commercial satellites , which partially were offset by higher volume on government satellite activities . there was one commercial satellite delivery in 2010 and one commercial satellite delivery in 2009 . net sales for space systems increased 8% ( 8 % ) in 2009 compared to 2008 . during the year , sales growth at satellites and space transportation offset a decline in s&dms . the sales growth of $ 707 million in satellites was due to higher volume in government satellite activities , which partially was offset by lower volume in commercial satellite activities . there was one commercial satellite delivery in 2009 and two deliveries in 2008 . the increase in sales of $ 21 million in space transportation primarily was due to higher volume on the orion program , which more than offset a decline in the space shuttle 2019s external tank program . there was one commercial launch in both 2009 and 2008 . s&dms 2019 sales decreased by $ 102 million mainly due to lower volume on defensive missile programs , which more than offset growth in strategic missile programs. .","['8246.0', '972.0', '7274.0', '0.88212']" "['what was the total of unrecognized tax benefits in 2011?', 'and what was is it 2010?', 'what was, the increase over the year?', 'and what is this increase as a percentage of the 2010 total?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 2014 ( continued ) a reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows ( in thousands ) : .
1balance at october 1 2010$ 19900
2increases based on positions related to prior years935
3increases based on positions related to current year11334
4decreases relating to settlements with taxing authorities2014
5decreases relating to lapses of applicable statutes of limitations-33 ( 33 )
6balance at september 30 2011$ 32136
the company 2019s major tax jurisdictions as of september 30 , 2011 are the united states , california , iowa , singapore and canada . for the united states , the company has open tax years dating back to fiscal year 1998 due to the carry forward of tax attributes . for california and iowa , the company has open tax years dating back to fiscal year 2002 due to the carry forward of tax attributes . for singapore , the company has open tax years dating back to fiscal year 2011 . for canada , the company has open tax years dating back to fiscal year 2004 . during the year ended september 30 , 2011 , the company did not recognize any significant amount of previously unrecognized tax benefits related to the expiration of the statute of limitations . the company 2019s policy is to recognize accrued interest and penalties , if incurred , on any unrecognized tax benefits as a component of income tax expense . the company recognized $ 0.5 million of accrued interest or penalties related to unrecognized tax benefits during fiscal year 2011 . 11 . stockholders 2019 equity common stock at september 30 , 2011 , the company is authorized to issue 525000000 shares of common stock , par value $ 0.25 per share of which 195407396 shares are issued and 186386197 shares outstanding . holders of the company 2019s common stock are entitled to such dividends as may be declared by the company 2019s board of directors out of funds legally available for such purpose . dividends may not be paid on common stock unless all accrued dividends on preferred stock , if any , have been paid or declared and set aside . in the event of the company 2019s liquidation , dissolution or winding up , the holders of common stock will be entitled to share pro rata in the assets remaining after payment to creditors and after payment of the liquidation preference plus any unpaid dividends to holders of any outstanding preferred stock . each holder of the company 2019s common stock is entitled to one vote for each such share outstanding in the holder 2019s name . no holder of common stock is entitled to cumulate votes in voting for directors . the company 2019s second amended and restated certificate of incorporation provides that , unless otherwise determined by the company 2019s board of directors , no holder of common stock has any preemptive right to purchase or subscribe for any stock of any class which the company may issue or sell . on august 3 , 2010 , the board of directors approved a stock repurchase program , pursuant to which the company is authorized to repurchase up to $ 200.0 million of the company 2019s common stock from time to time on the open market or in privately negotiated transactions as permitted by securities laws and other legal requirements . during the fiscal year ended september 30 , 2011 , the company paid approximately $ 70.0 million ( including commissions ) in connection with the repurchase of 2768045 shares of its common stock ( paying an average price of $ 25.30 per share ) . as of september 30 , 2011 , $ 130.0 million remained available under the existing share repurchase program . page 110 skyworks / annual report 2011 .","['32136.0', '19900.0', '12236.0', '0.61487']" "['what is the balance of reported liabilities?', 'what about the balance of assets?', 'what is the debt-to-assets ratio?', 'what is the total expected loss notes outstanding in 2008?', 'what about in 2007?', 'what is the ratio of expected loss notes outstanding in 2008 to 2007?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 192 jpmorgan chase & co . / 2008 annual report consolidation analysis the multi-seller conduits administered by the firm were not consoli- dated at december 31 , 2008 and 2007 , because each conduit had issued expected loss notes ( 201celns 201d ) , the holders of which are com- mitted to absorbing the majority of the expected loss of each respective conduit . implied support the firm did not have and continues not to have any intent to pro- tect any eln holders from potential losses on any of the conduits 2019 holdings and has no plans to remove any assets from any conduit unless required to do so in its role as administrator . should such a transfer occur , the firm would allocate losses on such assets between itself and the eln holders in accordance with the terms of the applicable eln . expected loss modeling in determining the primary beneficiary of the conduits the firm uses a monte carlo 2013based model to estimate the expected losses of each of the conduits and considers the relative rights and obliga- tions of each of the variable interest holders . the firm 2019s expected loss modeling treats all variable interests , other than the elns , as its own to determine consolidation . the variability to be considered in the modeling of expected losses is based on the design of the enti- ty . the firm 2019s traditional multi-seller conduits are designed to pass credit risk , not liquidity risk , to its variable interest holders , as the assets are intended to be held in the conduit for the longer term . under fin 46 ( r ) , the firm is required to run the monte carlo-based expected loss model each time a reconsideration event occurs . in applying this guidance to the conduits , the following events , are considered to be reconsideration events , as they could affect the determination of the primary beneficiary of the conduits : 2022 new deals , including the issuance of new or additional variable interests ( credit support , liquidity facilities , etc ) ; 2022 changes in usage , including the change in the level of outstand- ing variable interests ( credit support , liquidity facilities , etc ) ; 2022 modifications of asset purchase agreements ; and 2022 sales of interests held by the primary beneficiary . from an operational perspective , the firm does not run its monte carlo-based expected loss model every time there is a reconsideration event due to the frequency of their occurrence . instead , the firm runs its expected loss model each quarter and includes a growth assump- tion for each conduit to ensure that a sufficient amount of elns exists for each conduit at any point during the quarter . as part of its normal quarterly modeling , the firm updates , when applicable , the inputs and assumptions used in the expected loss model . specifically , risk ratings and loss given default assumptions are continually updated . the total amount of expected loss notes out- standing at december 31 , 2008 and 2007 , were $ 136 million and $ 130 million , respectively . management has concluded that the model assumptions used were reflective of market participants 2019 assumptions and appropriately considered the probability of changes to risk ratings and loss given defaults . qualitative considerations the multi-seller conduits are primarily designed to provide an effi- cient means for clients to access the commercial paper market . the firm believes the conduits effectively disperse risk among all parties and that the preponderance of the economic risk in the firm 2019s multi- seller conduits is not held by jpmorgan chase . consolidated sensitivity analysis on capital the table below shows the impact on the firm 2019s reported assets , lia- bilities , tier 1 capital ratio and tier 1 leverage ratio if the firm were required to consolidate all of the multi-seller conduits that it admin- isters at their current carrying value . december 31 , 2008 ( in billions , except ratios ) reported pro forma ( a ) ( b ) .
1( in billions except ratios )reportedpro forma ( a ) ( b )
2assets$ 2175.1$ 2218.2
3liabilities2008.22051.3
4tier 1 capital ratio10.9% ( 10.9 % )10.9% ( 10.9 % )
5tier 1 leverage ratio6.96.8
( a ) the table shows the impact of consolidating the assets and liabilities of the multi- seller conduits at their current carrying value ; as such , there would be no income statement or capital impact at the date of consolidation . if the firm were required to consolidate the assets and liabilities of the conduits at fair value , the tier 1 capital ratio would be approximately 10.8% ( 10.8 % ) . the fair value of the assets is primarily based upon pricing for comparable transactions . the fair value of these assets could change significantly because the pricing of conduit transactions is renegotiated with the client , generally , on an annual basis and due to changes in current market conditions . ( b ) consolidation is assumed to occur on the first day of the quarter , at the quarter-end levels , in order to provide a meaningful adjustment to average assets in the denomi- nator of the leverage ratio . the firm could fund purchases of assets from vies should it become necessary . 2007 activity in july 2007 , a reverse repurchase agreement collateralized by prime residential mortgages held by a firm-administered multi-seller conduit was put to jpmorgan chase under its deal-specific liquidity facility . the asset was transferred to and recorded by jpmorgan chase at its par value based on the fair value of the collateral that supported the reverse repurchase agreement . during the fourth quarter of 2007 , additional information regarding the value of the collateral , including performance statistics , resulted in the determi- nation by the firm that the fair value of the collateral was impaired . impairment losses were allocated to the eln holder ( the party that absorbs the majority of the expected loss from the conduit ) in accor- dance with the contractual provisions of the eln note . on october 29 , 2007 , certain structured cdo assets originated in the second quarter of 2007 and backed by subprime mortgages were transferred to the firm from two firm-administered multi-seller conduits . it became clear in october that commercial paper investors and rating agencies were becoming increasingly concerned about cdo assets backed by subprime mortgage exposures . because of these concerns , and to ensure the continuing viability of the two conduits as financing vehicles for clients and as investment alternatives for commercial paper investors , the firm , in its role as administrator , transferred the cdo assets out of the multi-seller con- duits . the structured cdo assets were transferred to the firm at .","['2008.2', '2175.1', '0.92327', '136.0', '130.0', '1.04615']" "['what is the days of sales outstanding in 2015?', 'what about in 2014?', 'what is the net change?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents ( 4 ) the decline in cash flows was driven by the timing of inventory purchases at the end of 2014 versus 2013 . in order to manage our working capital and operating cash needs , we monitor our cash conversion cycle , defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable , based on a rolling three-month average . components of our cash conversion cycle are as follows: .
1( in days )december 31 , 2015december 31 , 2014december 31 , 2013
2days of sales outstanding ( dso ) ( 1 )484244
3days of supply in inventory ( dio ) ( 2 )131314
4days of purchases outstanding ( dpo ) ( 3 )-40 ( 40 )-34 ( 34 )-35 ( 35 )
5cash conversion cycle212123
( 1 ) represents the rolling three-month average of the balance of trade accounts receivable , net at the end of the period divided by average daily net sales for the same three-month period . also incorporates components of other miscellaneous receivables . ( 2 ) represents the rolling three-month average of the balance of merchandise inventory at the end of the period divided by average daily cost of goods sold for the same three-month period . ( 3 ) represents the rolling three-month average of the combined balance of accounts payable-trade , excluding cash overdrafts , and accounts payable-inventory financing at the end of the period divided by average daily cost of goods sold for the same three-month period . the cash conversion cycle remained at 21 days at december 31 , 2015 and december 31 , 2014 . the increase in dso was primarily driven by a higher accounts receivable balance at december 31 , 2015 driven by higher public segment sales where customers generally take longer to pay than customers in our corporate segment , slower government payments in certain states due to budget issues and an increase in net sales and related accounts receivable for third-party services such as software assurance and warranties . these services have an unfavorable impact on dso as the receivable is recognized on the balance sheet on a gross basis while the corresponding sales amount in the statement of operations is recorded on a net basis . these services have a favorable impact on dpo as the payable is recognized on the balance sheet without a corresponding cost of sale in the statement of operations because the cost paid to the vendor or third-party service provider is recorded as a reduction to net sales . in addition to the impact of these services on dpo , dpo also increased due to the mix of payables with certain vendors that have longer payment terms . the cash conversion cycle decreased to 21 days at december 31 , 2014 compared to 23 days at december 31 , 2013 , primarily driven by improvement in dso . the decline in dso was primarily driven by improved collections and early payments from certain customers . additionally , the timing of inventory receipts at the end of 2014 had a favorable impact on dio and an unfavorable impact on dpo . investing activities net cash used in investing activities increased $ 189.6 million in 2015 compared to 2014 . the increase was primarily due to the completion of the acquisition of kelway by purchasing the remaining 65% ( 65 % ) of its outstanding common stock on august 1 , 2015 . additionally , capital expenditures increased $ 35.1 million to $ 90.1 million from $ 55.0 million for 2015 and 2014 , respectively , primarily for our new office location and an increase in spending related to improvements to our information technology systems . net cash used in investing activities increased $ 117.7 million in 2014 compared to 2013 . we paid $ 86.8 million in the fourth quarter of 2014 to acquire a 35% ( 35 % ) non-controlling interest in kelway . additionally , capital expenditures increased $ 7.9 million to $ 55.0 million from $ 47.1 million in 2014 and 2013 , respectively , primarily for improvements to our information technology systems during both years . financing activities net cash used in financing activities increased $ 114.5 million in 2015 compared to 2014 . the increase was primarily driven by share repurchases during the year ended december 31 , 2015 which resulted in an increase in cash used for financing activities of $ 241.3 million . for more information on our share repurchase program , see item 5 , 201cmarket for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . 201d the increase was partially offset by the changes in accounts payable-inventory financing , which resulted in an increase in cash provided for financing activities of $ 20.4 million , and the net impact of our debt transactions which resulted in cash outflows of $ 7.1 million and $ 145.9 million during the years .","['48.0', '42.0', '6.0', '0.14286']" "['in 2016, what was the share based compensation?', 'and what was the total of related tax benefits?', 'how much, then, did that compensation represent in relation to this total?', 'and from 2015 to that year, what was the change in the fair value per option granted?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: visa inc . notes to consolidated financial statements 2014 ( continued ) september 30 , 2016 note 16 2014share-based compensation 2007 equity incentive compensation plan the company 2019s 2007 equity incentive compensation plan , or the eip , authorizes the compensation committee of the board of directors to grant non-qualified stock options ( 201coptions 201d ) , restricted stock awards ( 201crsas 201d ) , restricted stock units ( 201crsus 201d ) and performance-based shares to its employees and non-employee directors , for up to 236 million shares of class a common stock . shares available for award may be either authorized and unissued or previously issued shares subsequently acquired by the company . the eip will continue to be in effect until all of the common stock available under the eip is delivered and all restrictions on those shares have lapsed , unless the eip is terminated earlier by the company 2019s board of directors . in january 2016 , the company 2019s board of directors approved an amendment of the eip effective february 3 , 2016 , such that awards may be granted under the plan until january 31 , 2022 . share-based compensation cost is recorded net of estimated forfeitures on a straight-line basis for awards with service conditions only , and on a graded-vesting basis for awards with service , performance and market conditions . the company 2019s estimated forfeiture rate is based on an evaluation of historical , actual and trended forfeiture data . for fiscal 2016 , 2015 and 2014 , the company recorded share-based compensation cost related to the eip of $ 211 million , $ 184 million and $ 172 million , respectively , in personnel on its consolidated statements of operations . the related tax benefits were $ 62 million , $ 54 million and $ 51 million for fiscal 2016 , 2015 and 2014 , respectively . the amount of capitalized share-based compensation cost was immaterial during fiscal 2016 , 2015 and all per share amounts and number of shares outstanding presented below reflect the four-for-one stock split that was effected in the second quarter of fiscal 2015 . see note 14 2014stockholders 2019 equity . options options issued under the eip expire 10 years from the date of grant and primarily vest ratably over 3 years from the date of grant , subject to earlier vesting in full under certain conditions . during fiscal 2016 , 2015 and 2014 , the fair value of each stock option was estimated on the date of grant using a black-scholes option pricing model with the following weighted-average assumptions: .
1201620152014
2expected term ( in years ) ( 1 )4.354.554.80
3risk-free rate of return ( 2 )1.5% ( 1.5 % )1.5% ( 1.5 % )1.3% ( 1.3 % )
4expected volatility ( 3 )21.7% ( 21.7 % )22.0% ( 22.0 % )25.2% ( 25.2 % )
5expected dividend yield ( 4 )0.7% ( 0.7 % )0.8% ( 0.8 % )0.8% ( 0.8 % )
6fair value per option granted$ 15.01$ 12.04$ 11.03
( 1 ) this assumption is based on the company 2019s historical option exercises and those of a set of peer companies that management believes is generally comparable to visa . the company 2019s data is weighted based on the number of years between the measurement date and visa 2019s initial public offering as a percentage of the options 2019 contractual term . the relative weighting placed on visa 2019s data and peer data in fiscal 2016 was approximately 77% ( 77 % ) and 23% ( 23 % ) , respectively , 67% ( 67 % ) and 33% ( 33 % ) in fiscal 2015 , respectively , and 58% ( 58 % ) and 42% ( 42 % ) in fiscal 2014 , respectively. .","['211.0', '62.0', '3.40323', '2.97']" "['what was the net realized gain for the year of 2004?', 'and what was it for 2003?', 'what was, then, the total net realized gain for both years?', 'and what was the net realized gain in 2002?', 'including 2002, what would then be the total net realized gain for the three years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: has decreased during the period from 2002 to 2004 , principally due to the increase in earned premium and due to cost containment measures undertaken by management . in business insurance and personal lines , the expense ratio is expected to decrease further in 2005 , largely as a result of expected increases in earned premium . in specialty commercial , the expense ratio is expected to increase slightly in 2005 due to changes in the business mix , most notably the company 2019s decision in the fourth quarter of 2004 to exit the multi-peril crop insurance program which will eliminate significant expense reimbursements from the specialty commercial segment . policyholder dividend ratio : the policyholder dividend ratio is the ratio of policyholder dividends to earned premium . combined ratio : the combined ratio is the sum of the loss and loss adjustment expense ratio , the expense ratio and the policyholder dividend ratio . this ratio is a relative measurement that describes the related cost of losses and expense for every $ 100 of earned premiums . a combined ratio below 100.0 demonstrates underwriting profit ; a combined ratio above 100.0 demonstrates underwriting losses . the combined ratio has decreased from 2003 to 2004 primarily because of improvement in the expense ratio . the combined ratio in 2005 could be significantly higher or lower than the 2004 combined ratio depending on the level of catastrophe losses , but will also be impacted by changes in pricing and an expected moderation in favorable loss cost trends . catastrophe ratio : the catastrophe ratio ( a component of the loss and loss adjustment expense ratio ) represents the ratio of catastrophe losses ( net of reinsurance ) to earned premiums . a catastrophe is an event that causes $ 25 or more in industry insured property losses and affects a significant number of property and casualty policyholders and insurers . by their nature , catastrophe losses vary dramatically from year to year . based on the mix and geographic dispersion of premium written and estimates derived from various catastrophe loss models , the company 2019s expected catastrophe ratio over the long-term is 3.0 points . before considering the reduction in ongoing operation 2019s catastrophe reserves related to september 11 of $ 298 in 2004 , the catastrophe ratio in 2004 was 5.3 points . see 201crisk management strategy 201d below for a discussion of the company 2019s property catastrophe risk management program that serves to mitigate the company 2019s net exposure to catastrophe losses . combined ratio before catastrophes and prior accident year development : the combined ratio before catastrophes and prior accident year development represents the combined ratio for the current accident year , excluding the impact of catastrophes . the company believes this ratio is an important measure of the trend in profitability since it removes the impact of volatile and unpredictable catastrophe losses and prior accident year reserve development . before considering catastrophes , the combined ratio related to current accident year business has improved from 2002 to 2004 principally due to earned pricing increases and favorable claim frequency . other operations underwriting results : the other operations segment is responsible for managing operations of the hartford that have discontinued writing new or renewal business as well as managing the claims related to asbestos and environmental exposures . as such , neither earned premiums nor underwriting ratios are meaningful financial measures . instead , management believes that underwriting result is a more meaningful measure . the net underwriting loss for 2002 through 2004 is primarily due to prior accident year loss development , including $ 2.6 billion of net asbestos reserve strengthening in 2003 . reserve estimates within other operations , including estimates for asbestos and environmental claims , are inherently uncertain . refer to the other operations segment md&a for further discussion of other operation's underwriting results . total property & casualty investment earnings .
1200420032002
2investment yield after-tax4.1% ( 4.1 % )4.2% ( 4.2 % )4.5% ( 4.5 % )
3net realized capital gains ( losses ) after-tax$ 87$ 165$ -44 ( 44 )
the investment return , or yield , on property & casualty 2019s invested assets is an important element of the company 2019s earnings since insurance products are priced with the assumption that premiums received can be invested for a period of time before loss and loss adjustment expenses are paid . for longer tail lines , such as workers 2019 compensation and general liability , claims are paid over several years and , therefore , the premiums received for these lines of business can generate significant investment income . him determines the appropriate allocation of investments by asset class and measures the investment yield performance for each asset class against market indices or other benchmarks . due to the emphasis on preservation of capital and the need to maintain sufficient liquidity to satisfy claim obligations , the vast majority of property and casualty 2019s invested assets have been held in fixed maturities , including , among other asset classes , corporate bonds , municipal bonds , government debt , short-term debt , mortgage- .","['87.0', '165.0', '252.0', '44.0', '208.0']" "['in the year of 2014, what percentage of the total sales was due to intersegment ones?', 'and how much did the alcoa 2019s average realized price per metric ton of aluminum in that year represent in relation to the one in 2015?', 'what is this value without the portion equivalent to the 2015 average realized price?', 'and how much is that in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: purchased scrap metal from third-parties ) that were either divested or permanently closed in december 2014 ( see global rolled products below ) . intersegment sales for this segment improved 12% ( 12 % ) in 2014 compared with 2013 , principally due to an increase in average realized price , driven by higher regional premiums , and higher demand from the midstream and downstream businesses . atoi for the primary metals segment decreased $ 439 in 2015 compared with 2014 , primarily caused by both the previously mentioned lower average realized aluminum price and lower energy sales , higher energy costs ( mostly in spain as the 2014 interruptibility rights were more favorable than the 2015 structure ) , and an unfavorable impact related to the curtailment of the s e3o lu eds smelter . these negative impacts were somewhat offset by net favorable foreign currency movements due to a stronger u.s . dollar against most major currencies , net productivity improvements , the absence of a write-off of inventory related to the permanent closure of the portovesme , point henry , and massena east smelters ( $ 44 ) , and a lower equity loss related to the joint venture in saudi arabia , including the absence of restart costs for one of the potlines that was previously shut down due to a period of instability . atoi for this segment climbed $ 614 in 2014 compared with 2013 , principally related to a higher average realized aluminum price ; the previously mentioned energy sales in brazil ; net productivity improvements ; net favorable foreign currency movements due to a stronger u.s . dollar against all major currencies ; lower costs for carbon and alumina ; and the absence of costs related to a planned maintenance outage in 2013 at a power plant in australia . these positive impacts were slightly offset by an unfavorable impact associated with the 2013 and 2014 capacity reductions described above , including a write-off of inventory related to the permanent closure of the portovesme , point henry , and massena east smelters ( $ 44 ) , and higher energy costs ( particularly in spain ) , labor , and maintenance . in 2016 , aluminum production will be approximately 450 kmt lower and third-party sales will reflect the absence of approximately $ 400 both as a result of the 2015 curtailment and closure actions . also , energy sales in brazil will be negatively impacted by a decline in energy prices , while net productivity improvements are anticipated . global rolled products .
1201520142013
2third-party aluminum shipments ( kmt )177519641905
3alcoa 2019s average realized price per metric ton of aluminum*$ 3514$ 3743$ 3730
4third-party sales$ 6238$ 7351$ 7106
5intersegment sales125185178
6total sales$ 6363$ 7536$ 7284
7atoi$ 244$ 245$ 292
* generally , average realized price per metric ton of aluminum includes two elements : a ) the price of metal ( the underlying base metal component plus a regional premium 2013 see the footnote to the table in primary metals above for a description of these two components ) , and b ) the conversion price , which represents the incremental price over the metal price component that is associated with converting primary aluminum into sheet and plate . in this circumstance , the metal price component is a pass- through to this segment 2019s customers with limited exception ( e.g. , fixed-priced contracts , certain regional premiums ) . this segment represents alcoa 2019s midstream operations and produces aluminum sheet and plate for a variety of end markets . approximately one-half of the third-party shipments in this segment consist of sheet sold directly to customers in the packaging end market for the production of aluminum cans ( beverage , food , and pet food ) . seasonal increases in can sheet sales are generally experienced in the second and third quarters of the year . this segment also includes sheet and plate sold directly to customers and through distributors related to the aerospace , automotive , commercial transportation , building and construction , and industrial products ( mainly used in the production of machinery and equipment and consumer durables ) end markets . a small portion of this segment also produces aseptic foil for the packaging end market . while the customer base for flat-rolled products is large , a significant amount of sales of sheet and plate is to a relatively small number of customers . in this circumstance , the sales and costs and expenses of this segment are transacted in the local currency of the respective operations , which are mostly the u.s . dollar , the euro , the russian ruble , the brazilian real , and the british pound. .","['0.02455', '1.06517', '0.06517', '6.51679']" "['what was the total of granted shares, in thousands?', 'and how much is that, not in thousands?', 'what was the weighted average grant date fair value ( per share )?', 'what was, then, the total value of those granted shares?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the table below summarizes activity of rsus with performance conditions for the year ended december 31 , shares ( in thousands ) weighted average grant date fair value ( per share ) .
1shares ( in thousands )weightedaverage grantdate fair value ( per share )
2non-vested total as of december 31 2016309$ 55.94
3granted18663.10
4vested-204 ( 204 )46.10
5forfeited-10 ( 10 )70.50
6non-vested total as of december 31 2017281$ 67.33
as of december 31 , 2017 , $ 6 million of total unrecognized compensation cost related to the nonvested rsus , with and without performance conditions , is expected to be recognized over the weighted-average remaining life of 1.5 years . the total fair value of rsus , with and without performance conditions , vested was $ 16 million , $ 14 million and $ 12 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . if dividends are paid with respect to shares of the company 2019s common stock before the rsus are distributed , the company credits a liability for the value of the dividends that would have been paid if the rsus were shares of company common stock . when the rsus are distributed , the company pays the participant a lump sum cash payment equal to the value of the dividend equivalents accrued . the company accrued dividend equivalents totaling less than $ 1 million , $ 1 million and $ 1 million to accumulated deficit in the accompanying consolidated statements of changes in stockholders 2019 equity for the years ended december 31 , 2017 , 2016 and 2015 , respectively . employee stock purchase plan the company maintains a nonqualified employee stock purchase plan ( the 201cespp 201d ) through which employee participants may use payroll deductions to acquire company common stock at the lesser of 90% ( 90 % ) of the fair market value of the common stock at either the beginning or the end of a three-month purchase period . on february 15 , 2017 , the board adopted the american water works company , inc . and its designated subsidiaries 2017 nonqualified employee stock purchase plan , which was approved by stockholders on may 12 , 2017 and took effect on august 5 , 2017 . the prior plan was terminated as to new purchases of company stock effective august 31 , 2017 . as of december 31 , 2017 , there were 2.0 million shares of common stock reserved for issuance under the espp . the espp is considered compensatory . during the years ended december 31 , 2017 , 2016 and 2015 , the company issued 93 thousand , 93 thousand and 98 thousand shares , respectively , under the espp. .","['186.0', '186000.0', '63.1', '11736600.0']" "['what was the difference in lcr ratio between 12/31/15 and 12/31/16?', 'so what was the percentage increase of this value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: liquidity monitoring and measurement stress testing liquidity stress testing is performed for each of citi 2019s major entities , operating subsidiaries and/or countries . stress testing and scenario analyses are intended to quantify the potential impact of a liquidity event on the balance sheet and liquidity position , and to identify viable funding alternatives that can be utilized . these scenarios include assumptions about significant changes in key funding sources , market triggers ( such as credit ratings ) , potential uses of funding and political and economic conditions in certain countries . these conditions include expected and stressed market conditions as well as company- specific events . liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over a variety of time horizons ( overnight , one week , two weeks , one month , three months , one year ) and over a variety of stressed conditions . liquidity limits are set accordingly . to monitor the liquidity of an entity , these stress tests and potential mismatches are calculated with varying frequencies , with several tests performed daily . given the range of potential stresses , citi maintains a series of contingency funding plans on a consolidated basis and for individual entities . these plans specify a wide range of readily available actions for a variety of adverse market conditions or idiosyncratic stresses . short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal measures that citi has developed for a 30-day stress scenario , citi also monitors its liquidity by reference to the lcr , as calculated pursuant to the u.s . lcr rules . generally , the lcr is designed to ensure that banks maintain an adequate level of hqla to meet liquidity needs under an acute 30-day stress scenario . the lcr is calculated by dividing hqla by estimated net outflows over a stressed 30-day period , with the net outflows determined by applying prescribed outflow factors to various categories of liabilities , such as deposits , unsecured and secured wholesale borrowings , unused lending commitments and derivatives- related exposures , partially offset by inflows from assets maturing within 30 days . banks are required to calculate an add-on to address potential maturity mismatches between contractual cash outflows and inflows within the 30-day period in determining the total amount of net outflows . the minimum lcr requirement is 100% ( 100 % ) , effective january 2017 . in december 2016 , the federal reserve board adopted final rules which require additional disclosures relating to the lcr of large financial institutions , including citi . among other things , the final rules require citi to disclose components of its average hqla , lcr and inflows and outflows each quarter . in addition , the final rules require disclosure of citi 2019s calculation of the maturity mismatch add-on as well as other qualitative disclosures . the effective date for these disclosures is april 1 , 2017 . the table below sets forth the components of citi 2019s lcr calculation and hqla in excess of net outflows for the periods indicated : in billions of dollars dec . 31 , sept . 30 , dec . 31 .
1in billions of dollarsdec . 31 2016sept . 30 2016dec . 31 2015
2hqla$ 403.7$ 403.8$ 389.2
3net outflows332.5335.3344.4
4lcr121% ( 121 % )120% ( 120 % )113% ( 113 % )
5hqla in excess of net outflows$ 71.3$ 68.5$ 44.8
note : amounts set forth in the table above are presented on an average basis . as set forth in the table above , citi 2019s lcr increased both year-over-year and sequentially . the increase year-over-year was driven by both an increase in hqla and a reduction in net outflows . sequentially , the increase was driven by a slight reduction in net outflows , as hqla remained largely unchanged . long-term liquidity measurement : net stable funding ratio ( nsfr ) in the second quarter of 2016 , the federal reserve board , the fdic and the occ issued a proposed rule to implement the basel iii nsfr requirement . the u.s.-proposed nsfr is largely consistent with the basel committee 2019s final nsfr rules . in general , the nsfr assesses the availability of a bank 2019s stable funding against a required level . a bank 2019s available stable funding would include portions of equity , deposits and long-term debt , while its required stable funding would be based on the liquidity characteristics of its assets , derivatives and commitments . standardized weightings would be required to be applied to the various asset and liabilities classes . the ratio of available stable funding to required stable funding would be required to be greater than 100% ( 100 % ) . while citi believes that it is compliant with the proposed u.s . nsfr rules as of december 31 , 2016 , it will need to evaluate any final version of the rules , which are expected to be released during 2017 . the proposed rules would require full implementation of the u.s . nsfr beginning january 1 , 2018. .","['8.0', '0.0708']" "['as of december 31, 2016, what was the drawn amount from the credit facility that was set to expire in august 2021?', 'and what was that credit facility?', 'what percentage, then, did that amount represent?', 'and under this same credit facility, what was the maximum amount of letters of credit that could be issued, in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy texas , inc . and subsidiaries management 2019s financial discussion and analysis in addition to the contractual obligations given above , entergy texas expects to contribute approximately $ 17 million to its qualified pension plans and approximately $ 3.2 million to other postretirement health care and life insurance plans in 2017 , although the 2017 required pension contributions will be known with more certainty when the january 1 , 2017 valuations are completed , which is expected by april 1 , 2017 . see 201ccritical accounting estimates - qualified pension and other postretirement benefits 201d below for a discussion of qualified pension and other postretirement benefits funding . also in addition to the contractual obligations , entergy texas has $ 15.6 million of unrecognized tax benefits and interest net of unused tax attributes and payments for which the timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in the timing of effective settlement of tax positions . see note 3 to the financial statements for additional information regarding unrecognized tax benefits . in addition to routine capital spending to maintain operations , the planned capital investment estimate for entergy texas includes specific investments such as the montgomery county power station discussed below ; transmission projects to enhance reliability , reduce congestion , and enable economic growth ; distribution spending to enhance reliability and improve service to customers , including initial investment to support advanced metering ; system improvements ; and other investments . estimated capital expenditures are subject to periodic review and modification and may vary based on the ongoing effects of regulatory constraints and requirements , environmental compliance , business opportunities , market volatility , economic trends , business restructuring , changes in project plans , and the ability to access capital . management provides more information on long-term debt in note 5 to the financial statements . as discussed above in 201ccapital structure , 201d entergy texas routinely evaluates its ability to pay dividends to entergy corporation from its earnings . sources of capital entergy texas 2019s sources to meet its capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt or preferred stock issuances ; and 2022 bank financing under new or existing facilities . entergy texas may refinance , redeem , or otherwise retire debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable . all debt and common and preferred stock issuances by entergy texas require prior regulatory approval . debt issuances are also subject to issuance tests set forth in its bond indenture and other agreements . entergy texas has sufficient capacity under these tests to meet its foreseeable capital needs . entergy texas 2019s receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years. .
12016201520142013
2( in thousands )( in thousands )( in thousands )( in thousands )
3$ 681( $ 22068 )$ 306$ 6287
see note 4 to the financial statements for a description of the money pool . entergy texas has a credit facility in the amount of $ 150 million scheduled to expire in august 2021 . the credit facility allows entergy texas to issue letters of credit against 50% ( 50 % ) of the borrowing capacity of the facility . as of december 31 , 2016 , there were no cash borrowings and $ 4.7 million of letters of credit outstanding under the credit facility . in addition , entergy texas is a party to an uncommitted letter of credit facility as a means to post collateral .","['4.7', '150.0', '0.03133', '75.0']" "['what were net reserves in 2006?', 'what were net reserves in 2005?', 'what was the net change in value?', 'what was the 2004 value?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: development of prior year incurred losses was $ 135.6 million unfavorable in 2006 , $ 26.4 million favorable in 2005 and $ 249.4 million unfavorable in 2004 . such losses were the result of the reserve development noted above , as well as inher- ent uncertainty in establishing loss and lae reserves . reserves for asbestos and environmental losses and loss adjustment expenses as of year end 2006 , 7.4% ( 7.4 % ) of reserves reflect an estimate for the company 2019s ultimate liability for a&e claims for which ulti- mate value cannot be estimated using traditional reserving techniques . the company 2019s a&e liabilities stem from mt . mckinley 2019s direct insurance business and everest re 2019s assumed reinsurance business . there are significant uncertainties in estimating the amount of the company 2019s potential losses from a&e claims . see item 7 , 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014asbestos and environmental exposures 201d and note 3 of notes to consolidated financial statements . mt . mckinley 2019s book of direct a&e exposed insurance is relatively small and homogenous . it also arises from a limited period , effective 1978 to 1984 . the book is based principally on excess liability policies , thereby limiting exposure analysis to a lim- ited number of policies and forms . as a result of this focused structure , the company believes that it is able to comprehen- sively analyze its exposures , allowing it to identify , analyze and actively monitor those claims which have unusual exposure , including policies in which it may be exposed to pay expenses in addition to policy limits or non-products asbestos claims . the company endeavors to be actively engaged with every insured account posing significant potential asbestos exposure to mt . mckinley . such engagement can take the form of pursuing a final settlement , negotiation , litigation , or the monitoring of claim activity under settlement in place ( 201csip 201d ) agreements . sip agreements generally condition an insurer 2019s payment upon the actual claim experience of the insured and may have annual payment caps or other measures to control the insurer 2019s payments . the company 2019s mt . mckinley operation is currently managing eight sip agreements , three of which were executed prior to the acquisition of mt . mckinley in 2000 . the company 2019s preference with respect to coverage settlements is to exe- cute settlements that call for a fixed schedule of payments , because such settlements eliminate future uncertainty . the company has significantly enhanced its classification of insureds by exposure characteristics over time , as well as its analysis by insured for those it considers to be more exposed or active . those insureds identified as relatively less exposed or active are subject to less rigorous , but still active management , with an emphasis on monitoring those characteristics , which may indicate an increasing exposure or levels of activity . the company continually focuses on further enhancement of the detailed estimation processes used to evaluate potential exposure of policyholders , including those that may not have reported significant a&e losses . everest re 2019s book of assumed reinsurance is relatively concentrated within a modest number of a&e exposed relationships . it also arises from a limited period , effectively 1977 to 1984 . because the book of business is relatively concentrated and the company has been managing the a&e exposures for many years , its claim staff is familiar with the ceding companies that have generated most of these liabilities in the past and which are therefore most likely to generate future liabilities . the company 2019s claim staff has developed familiarity both with the nature of the business written by its ceding companies and the claims handling and reserving practices of those companies . this level of familiarity enhances the quality of the company 2019s analysis of its exposure through those companies . as a result , the company believes that it can identify those claims on which it has unusual exposure , such as non-products asbestos claims , for concentrated attention . however , in setting reserves for its reinsurance liabilities , the company relies on claims data supplied , both formally and informally by its ceding companies and brokers . this furnished information is not always timely or accurate and can impact the accuracy and timeli- ness of the company 2019s ultimate loss projections . the following table summarizes the composition of the company 2019s total reserves for a&e losses , gross and net of reinsurance , for the years ended december 31: .
1( dollars in millions )200620052004
2case reserves reported by ceding companies$ 135.6$ 125.2$ 148.5
3additional case reserves established by the company ( assumed reinsurance ) ( 1 )152.1157.6151.3
4case reserves established by the company ( direct insurance )213.7243.5272.1
5incurred but not reported reserves148.7123.3156.4
6gross reserves650.1649.6728.3
7reinsurance receivable-138.7 ( 138.7 )-199.1 ( 199.1 )-221.6 ( 221.6 )
8net reserves$ 511.4$ 450.5$ 506.7
( 1 ) additional reserves are case specific reserves determined by the company to be needed over and above those reported by the ceding company . 81790fin_a 4/13/07 11:08 am page 15 .","['511.4', '450.5', '60.9', '450.5', '0.13518']" "['what was the net change in the value of ne inventories at lifo during the year?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: advance auto parts , inc . and subsidiaries notes to the consolidated financial statements december 31 , 2011 , january 1 , 2011 and january 2 , 2010 ( in thousands , except per share data ) 2011-12 superseded certain pending paragraphs in asu 2011-05 201ccomprehensive income 2013 presentation of comprehensive income 201d to effectively defer only those changes in asu 2011-05 that related to the presentation of reclassification adjustments out of accumulated other comprehensive income . the adoption of asu 2011-05 is not expected to have a material impact on the company 2019s consolidated financial condition , results of operations or cash flows . in january 2010 , the fasb issued asu no . 2010-06 201cfair value measurements and disclosures 2013 improving disclosures about fair value measurements . 201d asu 2010-06 requires new disclosures for significant transfers in and out of level 1 and 2 of the fair value hierarchy and the activity within level 3 of the fair value hierarchy . the updated guidance also clarifies existing disclosures regarding the level of disaggregation of assets or liabilities and the valuation techniques and inputs used to measure fair value . the updated guidance is effective for interim and annual reporting periods beginning after december 15 , 2009 , with the exception of the new level 3 activity disclosures , which are effective for interim and annual reporting periods beginning after december 15 , 2010 . the adoption of asu 2010-06 had no impact on the company 2019s consolidated financial condition , results of operations or cash flows . 3 . inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 31 , 2011 and january 1 , 2011 . under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2011 and prior years . as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 due to an increase in supply chain costs and inflationary pressures affecting certain product categories . the company recorded a reduction to cost of sales of $ 29554 and $ 16040 for fiscal 2010 and 2009 , respectively . prior to fiscal 2011 , the company 2019s overall costs to acquire inventory for the same or similar products generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies . product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( ""fifo"" ) method . product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor . because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method . inventory overhead costs purchasing and warehousing costs included in inventory , at fifo , at december 31 , 2011 and january 1 , 2011 , were $ 126840 and $ 103989 , respectively . inventory balance and inventory reserves inventory balances at year-end for fiscal 2011 and 2010 were as follows : inventories at fifo , net adjustments to state inventories at lifo inventories at lifo , net december 31 , $ 1941055 102103 $ 2043158 january 1 , $ 1737059 126811 $ 1863870 .
1december 312011january 12011
2inventories at fifo net$ 1941055$ 1737059
3adjustments to state inventories at lifo102103126811
4inventories at lifo net$ 2043158$ 1863870
advance auto parts , inc . and subsidiaries notes to the consolidated financial statements december 31 , 2011 , january 1 , 2011 and january 2 , 2010 ( in thousands , except per share data ) 2011-12 superseded certain pending paragraphs in asu 2011-05 201ccomprehensive income 2013 presentation of comprehensive income 201d to effectively defer only those changes in asu 2011-05 that related to the presentation of reclassification adjustments out of accumulated other comprehensive income . the adoption of asu 2011-05 is not expected to have a material impact on the company 2019s consolidated financial condition , results of operations or cash flows . in january 2010 , the fasb issued asu no . 2010-06 201cfair value measurements and disclosures 2013 improving disclosures about fair value measurements . 201d asu 2010-06 requires new disclosures for significant transfers in and out of level 1 and 2 of the fair value hierarchy and the activity within level 3 of the fair value hierarchy . the updated guidance also clarifies existing disclosures regarding the level of disaggregation of assets or liabilities and the valuation techniques and inputs used to measure fair value . the updated guidance is effective for interim and annual reporting periods beginning after december 15 , 2009 , with the exception of the new level 3 activity disclosures , which are effective for interim and annual reporting periods beginning after december 15 , 2010 . the adoption of asu 2010-06 had no impact on the company 2019s consolidated financial condition , results of operations or cash flows . 3 . inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at december 31 , 2011 and january 1 , 2011 . under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2011 and prior years . as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 due to an increase in supply chain costs and inflationary pressures affecting certain product categories . the company recorded a reduction to cost of sales of $ 29554 and $ 16040 for fiscal 2010 and 2009 , respectively . prior to fiscal 2011 , the company 2019s overall costs to acquire inventory for the same or similar products generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies . product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( ""fifo"" ) method . product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor . because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method . inventory overhead costs purchasing and warehousing costs included in inventory , at fifo , at december 31 , 2011 and january 1 , 2011 , were $ 126840 and $ 103989 , respectively . inventory balance and inventory reserves inventory balances at year-end for fiscal 2011 and 2010 were as follows : inventories at fifo , net adjustments to state inventories at lifo inventories at lifo , net december 31 , $ 1941055 102103 $ 2043158 january 1 , $ 1737059 126811 $ 1863870 .","['179288.0', '0.09619']" "['what percentage of obligations are due in greater than 5 years?', 'what was the total transportation and storage costs incurred under these agreements for 2016 and 2017?', 'and including 2015?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: hollyfrontier corporation notes to consolidated financial statements continued .
1( in thousands )
22018$ 148716
32019132547
42020119639
52021107400
62022102884
7thereafter857454
8total$ 1468640
transportation and storage costs incurred under these agreements totaled $ 140.5 million , $ 135.1 million and $ 137.7 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . these amounts do not include contractual commitments under our long-term transportation agreements with hep , as all transactions with hep are eliminated in these consolidated financial statements . we have a crude oil supply contract that requires the supplier to deliver a specified volume of crude oil or pay a shortfall fee for the difference in the actual barrels delivered to us less the specified barrels per the supply contract . for the contract year ended august 31 , 2017 , the actual number of barrels delivered to us was substantially less than the specified barrels , and we recorded a reduction to cost of goods sold and accumulated a shortfall fee receivable of $ 26.0 million during this period . in september 2017 , the supplier notified us they are disputing the shortfall fee owed and in october 2017 notified us of their demand for arbitration . we offset the receivable with payments of invoices for deliveries of crude oil received subsequent to august 31 , 2017 , which is permitted under the supply contract . we believe the disputes and claims made by the supplier are without merit . in march , 2006 , a subsidiary of ours sold the assets of montana refining company under an asset purchase agreement ( 201capa 201d ) . calumet montana refining llc , the current owner of the assets , has submitted requests for reimbursement of approximately $ 20.0 million pursuant to contractual indemnity provisions under the apa for various costs incurred , as well as additional claims related to environmental matters . we have rejected most of the claims for payment , and this matter is scheduled for arbitration beginning in july 2018 . we have accrued the costs we believe are owed pursuant to the apa , and we estimate that any reasonably possible losses beyond the amounts accrued are not material . note 20 : segment information effective fourth quarter of 2017 , we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our business . accordingly , our tulsa refineries 2019 lubricants operations , previously reported in the refining segment , are now combined with the operations of our petro-canada lubricants business ( acquired february 1 , 2017 ) and reported in the lubricants and specialty products segment . our prior period segment information has been retrospectively adjusted to reflect our current segment presentation . our operations are organized into three reportable segments , refining , lubricants and specialty products and hep . our operations that are not included in the refining , lubricants and specialty products and hep segments are included in corporate and other . intersegment transactions are eliminated in our consolidated financial statements and are included in eliminations . corporate and other and eliminations are aggregated and presented under corporate , other and eliminations column . the refining segment represents the operations of the el dorado , tulsa , navajo , cheyenne and woods cross refineries and hfc asphalt ( aggregated as a reportable segment ) . refining activities involve the purchase and refining of crude oil and wholesale and branded marketing of refined products , such as gasoline , diesel fuel and jet fuel . these petroleum products are primarily marketed in the mid-continent , southwest and rocky mountain regions of the united states . hfc asphalt operates various asphalt terminals in arizona , new mexico and oklahoma. .","['0.58384', '275.6', '413.3']" "['what were receivables in 2017?', 'what were they in 2016?', 'what is the sum for 2016 and 2017?', 'what is the sum including 2015?', 'what is the total sum including 2014?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: is expected to begin by late-2018 , after the necessary information technology infrastructure is in place . entergy louisiana proposed to recover the cost of ami through the implementation of a customer charge , net of certain benefits , phased in over the period 2019 through 2022 . the parties reached an uncontested stipulation permitting implementation of entergy louisiana 2019s proposed ami system , with modifications to the proposed customer charge . in july 2017 the lpsc approved the stipulation . entergy louisiana expects to recover the undepreciated balance of its existing meters through a regulatory asset at current depreciation rates . sources of capital entergy louisiana 2019s sources to meet its capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt or preferred membership interest issuances ; and 2022 bank financing under new or existing facilities . entergy louisiana may refinance , redeem , or otherwise retire debt prior to maturity , to the extent market conditions and interest rates are favorable . all debt and common and preferred membership interest issuances by entergy louisiana require prior regulatory approval . preferred membership interest and debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements . entergy louisiana has sufficient capacity under these tests to meet its foreseeable capital needs . entergy louisiana 2019s receivables from the money pool were as follows as of december 31 for each of the following years. .
12017201620152014
2( in thousands )( in thousands )( in thousands )( in thousands )
3$ 11173$ 22503$ 6154$ 2815
see note 4 to the financial statements for a description of the money pool . entergy louisiana has a credit facility in the amount of $ 350 million scheduled to expire in august 2022 . the credit facility allows entergy louisiana to issue letters of credit against $ 15 million of the borrowing capacity of the facility . as of december 31 , 2017 , there were no cash borrowings and a $ 9.1 million letter of credit outstanding under the credit facility . in addition , entergy louisiana is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to miso . a0 as of december 31 , 2017 , a $ 29.7 million letter of credit was outstanding under entergy louisiana 2019s uncommitted letter of credit a0facility . see note 4 to the financial statements for additional discussion of the credit facilities . the entergy louisiana nuclear fuel company variable interest entities have two separate credit facilities , one in the amount of $ 105 million and one in the amount of $ 85 million , both scheduled to expire in may 2019 . as of december 31 , 2017 , $ 65.7 million of loans were outstanding under the credit facility for the entergy louisiana river bend nuclear fuel company variable interest entity . as of december 31 , 2017 , $ 43.5 million in letters of credit to support a like amount of commercial paper issued and $ 36.4 million in loans were outstanding under the entergy louisiana waterford nuclear fuel company variable interest entity credit facility . see note 4 to the financial statements for additional discussion of the nuclear fuel company variable interest entity credit facilities . entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis .","['11173.0', '22503.0', '33676.0', '39830.0', '42645.0']" "['what is the total accretion expense of 2011 and 2010?', 'then what is the total accretion expense if we also include 2009?', 'what is the balance at december 31 2011?', 'what is the balance at january 1 2009?', 'what is the difference between that balance at december 31 2011 and that of january 1 2009?', 'how much does that total represents in relation to that difference?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: except for long-term debt , the carrying amounts of the company 2019s other financial instruments are measured at fair value or approximate fair value due to the short-term nature of these instruments . asset retirement obligations 2014the company records all known asset retirement obligations within other current liabilities for which the liability 2019s fair value can be reasonably estimated , including certain asbestos removal , asset decommissioning and contractual lease restoration obligations . the changes in the asset retirement obligation carrying amounts during 2011 , 2010 and 2009 were as follows : ( $ in millions ) retirement obligations .
1( $ in millions )asset retirement obligations
2balance at january 1 2009$ 3
3accretion expense0
4payment of asset retirement obligation0
5balance at december 31 20093
6obligation relating to the future retirement of a facility17
7accretion expense0
8payment of asset retirement obligation0
9balance at december 31 201020
10obligation relating to the future retirement of a facility5
11accretion expense0
12payment of asset retirement obligation0
13balance at december 31 2011$ 25
the company also has known conditional asset retirement obligations related to assets currently in use , such as certain asbestos remediation and asset decommissioning activities to be performed in the future , that were not reasonably estimable as of december 31 , 2011 and 2010 , due to insufficient information about the timing and method of settlement of the obligation . accordingly , the fair value of these obligations has not been recorded in the consolidated financial statements . environmental remediation and/or asset decommissioning of the relevant facilities may be required when the company ceases to utilize these facilities . in addition , there may be conditional environmental asset retirement obligations that the company has not yet discovered . income taxes 2014income tax expense and other income tax related information contained in the financial statements for periods before the spin-off are presented as if the company filed its own tax returns on a stand-alone basis , while similar information for periods after the spin-off reflect the company 2019s positions to be filed in its own tax returns in the future . income tax expense and other related information are based on the prevailing statutory rates for u.s . federal income taxes and the composite state income tax rate for the company for each period presented . state and local income and franchise tax provisions are allocable to contracts in process and , accordingly , are included in general and administrative expenses . deferred income taxes are recorded when revenues and expenses are recognized in different periods for financial statement purposes than for tax return purposes . deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect . determinations of the expected realizability of deferred tax assets and the need for any valuation allowances against these deferred tax assets were evaluated based upon the stand-alone tax attributes of the company , and an $ 18 million valuation allowance was deemed necessary as of december 31 , 2011 . no valuation allowance was deemed necessary as of december 31 , 2010 . uncertain tax positions meeting the more-likely-than-not recognition threshold , based on the merits of the position , are recognized in the financial statements . we recognize the amount of tax benefit that is greater than 50% ( 50 % ) likely to be realized upon ultimate settlement with the related tax authority . if a tax position does not meet the minimum statutory threshold to avoid payment of penalties , we recognize an expense for the amount of the penalty in the period the tax position is claimed or expected to be claimed in our tax return . penalties , if probable and reasonably estimable , are recognized as a component of income tax expense . we also recognize accrued interest related to uncertain tax positions in income tax expense . the timing and amount of accrued interest is determined by the applicable tax law associated with an underpayment of income taxes . see note 12 : income taxes . under existing gaap , changes in accruals associated with uncertainties are recorded in earnings in the period they are determined. .","['0.0', '0.0', '25.0', '3.0', '22.0', '0.0']" "['what was the balance of loan commitments in 2001, in millions?', 'and what was it in 2000, also in millions?', 'what was, then, the change in balance of loan commitments over the year?', 'what was the total balance of loan commitments in 2000, in millions?', 'and how much does that change represent, in percentage, in relation to this 2000 total?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: loan commitments ( unfunded loans and unused lines of credit ) , asset purchase agreements , standby letters of credit and letters of credit are issued to accommodate the financing needs of state street 2019s clients and to provide credit enhancements to special purpose entities . loan commitments are agreements by state street to lend monies at a future date . asset purchase agreements are commitments to purchase receivables or securities , subject to conditions established in the agreements , and at december 31 , 2001 , include $ 8.0 billion outstanding to special purpose entities . standby letters of credit and letters of credit commit state street to make payments on behalf of clients and special purpose entities when certain specified events occur . standby letters of credit outstanding to special purpose entities were $ 608 million at december 31 , 2001 . these loan , asset purchase and letter of credit commitments are subject to the same credit policies and reviews as loans . the amount and nature of collateral are obtained based upon management 2019s assessment of the credit risk . approximately 89% ( 89 % ) of the loan commitments and asset purchase agreements expire within one year from the date of issue . sincemany of the commitments are expected to expire or renewwithout being drawn , the total commitment amounts do not necessarily represent future cash requirements . the following is a summary of the contractual amount of credit-related , off-balance sheet financial instruments at december 31: .
1( dollars in millions )20012000
2indemnified securities on loan$ 113047$ 101438
3loan commitments1296211367
4asset purchase agreements103667112
5standby letters of credit39184028
6letters of credit164218
state street corporation 53 .","['12962.0', '11367.0', '1595.0', '11367.0', '0.14032']" "['what was the net revenue in 2016, in millions?', 'and what was it in 2015, also in millions?', 'what was, then, the change in net revenue from 2015 to 2016?', 'how much does that change represent in relation to the total net revenue in 2015?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 175.4 million primarily due to the effect of a settlement with the irs related to the 2010-2011 irs audit , which resulted in a $ 136.1 million reduction of income tax expense . also contributing to the increase were lower other operation and maintenance expenses , higher net revenue , and higher other income . the increase was partially offset by higher depreciation and amortization expenses , higher interest expense , and higher nuclear refueling outage expenses . 2015 compared to 2014 net income increased slightly , by $ 0.6 million , primarily due to higher net revenue and a lower effective income tax rate , offset by higher other operation and maintenance expenses , higher depreciation and amortization expenses , lower other income , and higher interest expense . net revenue 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) .
1amount ( in millions )
22015 net revenue$ 2408.8
3retail electric price69.0
4transmission equalization-6.5 ( 6.5 )
5volume/weather-6.7 ( 6.7 )
6louisiana act 55 financing savings obligation-17.2 ( 17.2 )
7other-9.0 ( 9.0 )
82016 net revenue$ 2438.4
the retail electric price variance is primarily due to an increase in formula rate plan revenues , implemented with the first billing cycle of march 2016 , to collect the estimated first-year revenue requirement related to the purchase of power blocks 3 and 4 of the union power station . see note 2 to the financial statements for further discussion . the transmission equalization variance is primarily due to changes in transmission investments , including entergy louisiana 2019s exit from the system agreement in august 2016 . the volume/weather variance is primarily due to the effect of less favorable weather on residential sales , partially offset by an increase in industrial usage and an increase in volume during the unbilled period . the increase .","['2438.4', '2408.8', '29.6', '0.01229']" "['what was the change in value of teleflex incorporated from 2010 to 2011?', 'and what was that value in 2010?', 'how much, then, does that change represent in relation to this 2010 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph the following graph provides a comparison of five year cumulative total stockholder returns of teleflex common stock , the standard & poor 2019s ( s&p ) 500 stock index and the s&p 500 healthcare equipment & supply index . the annual changes for the five-year period shown on the graph are based on the assumption that $ 100 had been invested in teleflex common stock and each index on december 31 , 2009 and that all dividends were reinvested . market performance .
1company / index200920102011201220132014
2teleflex incorporated100102119142190235
3s&p 500 index100115117136180205
4s&p 500 healthcare equipment & supply index1009797113144182
s&p 500 healthcare equipment & supply index 100 97 97 113 144 182 .","['17.0', '102.0', '0.16667']" "['what is the total number of shares authorized for sales less those available for sale?', 'how many shares are available for sale?', 'what is the difference over the available shares?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: bhge 2018 form 10-k | 85 it is expected that the amount of unrecognized tax benefits will change in the next twelve months due to expiring statutes , audit activity , tax payments , and competent authority proceedings related to transfer pricing or final decisions in matters that are the subject of litigation in various taxing jurisdictions in which we operate . at december 31 , 2018 , we had approximately $ 96 million of tax liabilities , net of $ 1 million of tax assets , related to uncertain tax positions , each of which are individually insignificant , and each of which are reasonably possible of being settled within the next twelve months . we conduct business in more than 120 countries and are subject to income taxes in most taxing jurisdictions in which we operate . all internal revenue service examinations have been completed and closed through year end 2015 for the most significant u.s . returns . we believe there are no other jurisdictions in which the outcome of unresolved issues or claims is likely to be material to our results of operations , financial position or cash flows . we further believe that we have made adequate provision for all income tax uncertainties . note 13 . stock-based compensation in july 2017 , we adopted the bhge 2017 long-term incentive plan ( lti plan ) under which we may grant stock options and other equity-based awards to employees and non-employee directors providing services to the company and our subsidiaries . a total of up to 57.4 million shares of class a common stock are authorized for issuance pursuant to awards granted under the lti plan over its term which expires on the date of the annual meeting of the company in 2027 . a total of 46.2 million shares of class a common stock are available for issuance as of december 31 , 2018 . stock-based compensation cost was $ 121 million and $ 37 million in 2018 and 2017 , respectively . stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant . the compensation cost is determined based on awards ultimately expected to vest ; therefore , we have reduced the cost for estimated forfeitures based on historical forfeiture rates . forfeitures are estimated at the time of grant and revised , if necessary , in subsequent periods to reflect actual forfeitures . there were no stock-based compensation costs capitalized as the amounts were not material . stock options we may grant stock options to our officers , directors and key employees . stock options generally vest in equal amounts over a three-year vesting period provided that the employee has remained continuously employed by the company through such vesting date . the fair value of each stock option granted is estimated using the black- scholes option pricing model . the following table presents the weighted average assumptions used in the option pricing model for options granted under the lti plan . the expected life of the options represents the period of time the options are expected to be outstanding . the expected life is based on a simple average of the vesting term and original contractual term of the awards . the expected volatility is based on the historical volatility of our five main competitors over a six year period . the risk-free interest rate is based on the observed u.s . treasury yield curve in effect at the time the options were granted . the dividend yield is based on a five year history of dividend payouts in baker hughes. .
120182017
2expected life ( years )66
3risk-free interest rate2.5% ( 2.5 % )2.1% ( 2.1 % )
4volatility33.7% ( 33.7 % )36.4% ( 36.4 % )
5dividend yield2% ( 2 % )1.2% ( 1.2 % )
6weighted average fair value per share at grant date$ 10.34$ 12.32
baker hughes , a ge company notes to consolidated and combined financial statements .","['11.2', '57.4', '0.19512']" "['what was the amortization expense for other intangible assets in 2009?', 'and in 2008?', 'combined, what is the total value during these two years?', 'and including the value for 2007?', 'so what was the average over these years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) sales of businesses and investments 2013 primarily includes realized gains and losses relating to the sales of businesses , cumulative translation adjustment balances from the liquidation of entities and sales of marketable securities and investments in publicly traded and privately held companies in our rabbi trusts . during 2009 , we realized a gain of $ 15.2 related to the sale of an investment in our rabbi trusts , which was partially offset by losses realized from the sale of various businesses . losses in 2007 primarily related to the sale of several businesses within draftfcb for a loss of $ 9.3 and charges at lowe of $ 7.8 as a result of the realization of cumulative translation adjustment balances from the liquidation of several businesses . vendor discounts and credit adjustments 2013 we are in the process of settling our liabilities related to vendor discounts and credits established during the restatement we presented in our 2004 annual report on form 10-k . these adjustments reflect the reversal of certain of these liabilities as a result of settlements with clients or vendors or where the statute of limitations has lapsed . litigation settlement 2013 during may 2008 , the sec concluded its investigation that began in 2002 into our financial reporting practices , resulting in a settlement charge of $ 12.0 . investment impairments 2013 in 2007 we realized an other-than-temporary charge of $ 5.8 relating to a $ 12.5 investment in auction rate securities , representing our total investment in auction rate securities . see note 12 for further information . note 5 : intangible assets goodwill goodwill is the excess purchase price remaining from an acquisition after an allocation of purchase price has been made to identifiable assets acquired and liabilities assumed based on estimated fair values . the changes in the carrying value of goodwill for our segments , integrated agency networks ( 201cian 201d ) and constituency management group ( 201ccmg 201d ) , for the years ended december 31 , 2009 and 2008 are listed below. .
1iancmgtotal 1
2balance as of december 31 2007$ 2789.7$ 441.9$ 3231.6
3current year acquisitions99.51.8101.3
4contingent and deferred payments for prior acquisitions28.91.130.0
5other ( primarily foreign currency translation )-128.1 ( 128.1 )-13.9 ( 13.9 )-142.0 ( 142.0 )
6balance as of december 31 2008$ 2790.0$ 430.9$ 3220.9
7current year acquisitions25.220145.2
8contingent and deferred payments for prior acquisitions14.2201414.2
9other ( primarily foreign currency translation )76.24.580.7
10balance as of december 31 2009$ 2885.6$ 435.4$ 3321.0
1 for all periods presented we have not recorded a goodwill impairment charge . 2 for acquisitions completed after january 1 , 2009 , amount includes contingent and deferred payments , which are recorded at fair value on the acquisition date . see note 6 for further information . see note 1 for further information regarding our annual impairment methodology . other intangible assets included in other intangible assets are assets with indefinite lives not subject to amortization and assets with definite lives subject to amortization . other intangible assets primarily include customer lists and trade names . intangible assets with definitive lives subject to amortization are amortized on a straight-line basis with estimated useful lives generally between 7 and 15 years . amortization expense for other intangible assets for the years ended december 31 , 2009 , 2008 and 2007 was $ 19.3 , $ 14.4 and $ 8.5 , respectively . the following table provides a summary of other intangible assets , which are included in other assets on our consolidated balance sheets. .","['19.3', '14.4', '33.7', '42.2', '14.06667']" "['what is net change in total value of intangible assets from 2011 to 2012?', 'what is the total value of intangible assets in 2011?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to the consolidated financial statements competitive environment and general economic and business conditions , among other factors . pullmantur is a brand targeted primarily at the spanish , portu- guese and latin american markets and although pullmantur has diversified its passenger sourcing over the past few years , spain still represents pullmantur 2019s largest market . as previously disclosed , during 2012 european economies continued to demonstrate insta- bility in light of heightened concerns over sovereign debt issues as well as the impact of proposed auster- ity measures on certain markets . the spanish econ- omy was more severely impacted than many other economies and there is significant uncertainty as to when it will recover . in addition , the impact of the costa concordia incident has had a more lingering effect than expected and the impact in future years is uncertain . these factors were identified in the past as significant risks which could lead to the impairment of pullmantur 2019s goodwill . more recently , the spanish economy has progressively worsened and forecasts suggest the challenging operating environment will continue for an extended period of time . the unemployment rate in spain reached 26% ( 26 % ) during the fourth quarter of 2012 and is expected to rise further in 2013 . the international monetary fund , which had projected gdp growth of 1.8% ( 1.8 % ) a year ago , revised its 2013 gdp projections downward for spain to a contraction of 1.3% ( 1.3 % ) during the fourth quarter of 2012 and further reduced it to a contraction of 1.5% ( 1.5 % ) in january of 2013 . during the latter half of 2012 new austerity measures , such as increases to the value added tax , cuts to benefits , the phasing out of exemptions and the suspension of government bonuses , were implemented by the spanish government . we believe these austerity measures are having a larger impact on consumer confidence and discretionary spending than previously anticipated . as a result , there has been a significant deterioration in bookings from guests sourced from spain during the 2013 wave season . the combination of all of these factors has caused us to negatively adjust our cash flow projections , especially our closer-in net yield assumptions and the expectations regarding future capacity growth for the brand . based on our updated cash flow projections , we determined the implied fair value of goodwill for the pullmantur reporting unit was $ 145.5 million and rec- ognized an impairment charge of $ 319.2 million . this impairment charge was recognized in earnings during the fourth quarter of 2012 and is reported within impairment of pullmantur related assets within our consolidated statements of comprehensive income ( loss ) . there have been no goodwill impairment charges related to the pullmantur reporting unit in prior periods . see note 13 . fair value measurements and derivative instruments for further discussion . if the spanish economy weakens further or recovers more slowly than contemplated or if the economies of other markets ( e.g . france , brazil , latin america ) perform worse than contemplated in our discounted cash flow model , or if there are material changes to the projected future cash flows used in the impair- ment analyses , especially in net yields , an additional impairment charge of the pullmantur reporting unit 2019s goodwill may be required . note 4 . intangible assets intangible assets are reported in other assets in our consolidated balance sheets and consist of the follow- ing ( in thousands ) : .
120122011
2indefinite-life intangible asset 2014pullmantur trademarks and trade names$ 218883$ 225679
3impairment charge-17356 ( 17356 )2014
4foreign currency translation adjustment3339-6796 ( 6796 )
5total$ 204866$ 218883
during the fourth quarter of 2012 , we performed the annual impairment review of our trademarks and trade names using a discounted cash flow model and the relief-from-royalty method . the royalty rate used is based on comparable royalty agreements in the tourism and hospitality industry . these trademarks and trade names relate to pullmantur and we have used a discount rate comparable to the rate used in valuing the pullmantur reporting unit in our goodwill impairment test . as described in note 3 . goodwill , the continued deterioration of the spanish economy caused us to negatively adjust our cash flow projections for the pullmantur reporting unit , especially our closer-in net yield assumptions and the timing of future capacity growth for the brand . based on our updated cash flow projections , we determined that the fair value of pullmantur 2019s trademarks and trade names no longer exceeded their carrying value . accordingly , we recog- nized an impairment charge of approximately $ 17.4 million to write down trademarks and trade names to their fair value of $ 204.9 million . this impairment charge was recognized in earnings during the fourth quarter of 2012 and is reported within impairment of pullmantur related assets within our consolidated statements of comprehensive income ( loss ) . see note 13 . fair value measurements and derivative instruments for further discussion . if the spanish economy weakens further or recovers more slowly than contemplated or if the economies of other markets ( e.g . france , brazil , latin america ) 0494.indd 76 3/27/13 12:53 pm .","['-14017.0', '218883.0', '-0.06404']" "['what was the balance of collateral in the form of high-quality investment securities in 2016?', 'and what was it in 2017?', 'what is, then, the difference between the 2016 balance and the 2017 one?', 'what was the balance of collateral in the form of high-quality investment securities in 2017?', 'and how much does that difference represent in relation to this 2017 balance, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis of financial condition and results of operations state street corporation | 90 table 30 : total deposits average balance december 31 years ended december 31 .
1( in millions )december 31 2017december 31 2016december 31 20172016
2client deposits$ 180149$ 176693$ 158996$ 156029
3wholesale cds474710470481214456
4total deposits$ 184896$ 187163$ 163808$ 170485
short-term funding our on-balance sheet liquid assets are also an integral component of our liquidity management strategy . these assets provide liquidity through maturities of the assets , but more importantly , they provide us with the ability to raise funds by pledging the securities as collateral for borrowings or through outright sales . in addition , our access to the global capital markets gives us the ability to source incremental funding at reasonable rates of interest from wholesale investors . as discussed earlier under 201casset liquidity , 201d state street bank's membership in the fhlb allows for advances of liquidity with varying terms against high-quality collateral . short-term secured funding also comes in the form of securities lent or sold under agreements to repurchase . these transactions are short-term in nature , generally overnight , and are collateralized by high-quality investment securities . these balances were $ 2.84 billion and $ 4.40 billion as of december 31 , 2017 and december 31 , 2016 , respectively . state street bank currently maintains a line of credit with a financial institution of cad 1.40 billion , or approximately $ 1.11 billion as of december 31 , 2017 , to support its canadian securities processing operations . the line of credit has no stated termination date and is cancelable by either party with prior notice . as of december 31 , 2017 , there was no balance outstanding on this line of credit . long-term funding we have the ability to issue debt and equity securities under our current universal shelf registration to meet current commitments and business needs , including accommodating the transaction and cash management needs of our clients . in addition , state street bank , a wholly owned subsidiary of the parent company , also has authorization to issue up to $ 5 billion in unsecured senior debt and an additional $ 500 million of subordinated debt . agency credit ratings our ability to maintain consistent access to liquidity is fostered by the maintenance of high investment-grade ratings as measured by the major independent credit rating agencies . factors essential to maintaining high credit ratings include : 2022 diverse and stable core earnings ; 2022 relative market position ; 2022 strong risk management ; 2022 strong capital ratios ; 2022 diverse liquidity sources , including the global capital markets and client deposits ; 2022 strong liquidity monitoring procedures ; and 2022 preparedness for current or future regulatory developments . high ratings limit borrowing costs and enhance our liquidity by : 2022 providing assurance for unsecured funding and depositors ; 2022 increasing the potential market for our debt and improving our ability to offer products ; 2022 serving markets ; and 2022 engaging in transactions in which clients value high credit ratings . a downgrade or reduction of our credit ratings could have a material adverse effect on our liquidity by restricting our ability to access the capital markets , which could increase the related cost of funds . in turn , this could cause the sudden and large-scale withdrawal of unsecured deposits by our clients , which could lead to draw-downs of unfunded commitments to extend credit or trigger requirements under securities purchase commitments ; or require additional collateral or force terminations of certain trading derivative contracts . a majority of our derivative contracts have been entered into under bilateral agreements with counterparties who may require us to post collateral or terminate the transactions based on changes in our credit ratings . we assess the impact of these arrangements by determining the collateral that would be required assuming a downgrade by all rating agencies . the additional collateral or termination payments related to our net derivative liabilities under these arrangements that could have been called by counterparties in the event of a downgrade in our credit ratings below levels specified in the agreements is disclosed in note 10 to the consolidated financial statements included under item 8 , financial statements and supplementary data , of this form 10-k . other funding sources , such as secured financing transactions and other margin requirements , for which there are no explicit triggers , could also be adversely affected. .","['4.4', '2.84', '1.56', '2.84', '0.5493']" "['what was the net change in pre-tax earnings for the institutional client services segment from 2012 to 2013?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis institutional client services our institutional client services segment is comprised of : fixed income , currency and commodities client execution . includes client execution activities related to making markets in interest rate products , credit products , mortgages , currencies and commodities . 2030 interest rate products . government bonds , money market instruments such as commercial paper , treasury bills , repurchase agreements and other highly liquid securities and instruments , as well as interest rate swaps , options and other derivatives . 2030 credit products . investment-grade corporate securities , high-yield securities , credit derivatives , bank and bridge loans , municipal securities , emerging market and distressed debt , and trade claims . 2030 mortgages . commercial mortgage-related securities , loans and derivatives , residential mortgage-related securities , loans and derivatives ( including u.s . government agency-issued collateralized mortgage obligations , other prime , subprime and alt-a securities and loans ) , and other asset-backed securities , loans and derivatives . 2030 currencies . most currencies , including growth-market currencies . 2030 commodities . crude oil and petroleum products , natural gas , base , precious and other metals , electricity , coal , agricultural and other commodity products . equities . includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as otc transactions . equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees . the table below presents the operating results of our institutional client services segment. .
1$ in millionsyear ended december 2014year ended december 2013year ended december 2012
2fixed income currency and commodities client execution$ 8461$ 8651$ 9914
3equities client execution1207925943171
4commissions and fees315331033053
5securities services150413731986
6total equities673670708210
7total net revenues151971572118124
8operating expenses108801179212490
9pre-tax earnings$ 4317$ 3929$ 5634
1 . net revenues related to the americas reinsurance business were $ 317 million for 2013 and $ 1.08 billion for 2012 . in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business . 42 goldman sachs 2014 annual report .","['-1705.0', '-0.30263']" "['what was the change in net reserves from 2004 to 2005?', 'and how much does this change represent in relation to these net reserves in 2004?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: development of prior year incurred losses was $ 135.6 million unfavorable in 2006 , $ 26.4 million favorable in 2005 and $ 249.4 million unfavorable in 2004 . such losses were the result of the reserve development noted above , as well as inher- ent uncertainty in establishing loss and lae reserves . reserves for asbestos and environmental losses and loss adjustment expenses as of year end 2006 , 7.4% ( 7.4 % ) of reserves reflect an estimate for the company 2019s ultimate liability for a&e claims for which ulti- mate value cannot be estimated using traditional reserving techniques . the company 2019s a&e liabilities stem from mt . mckinley 2019s direct insurance business and everest re 2019s assumed reinsurance business . there are significant uncertainties in estimating the amount of the company 2019s potential losses from a&e claims . see item 7 , 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014asbestos and environmental exposures 201d and note 3 of notes to consolidated financial statements . mt . mckinley 2019s book of direct a&e exposed insurance is relatively small and homogenous . it also arises from a limited period , effective 1978 to 1984 . the book is based principally on excess liability policies , thereby limiting exposure analysis to a lim- ited number of policies and forms . as a result of this focused structure , the company believes that it is able to comprehen- sively analyze its exposures , allowing it to identify , analyze and actively monitor those claims which have unusual exposure , including policies in which it may be exposed to pay expenses in addition to policy limits or non-products asbestos claims . the company endeavors to be actively engaged with every insured account posing significant potential asbestos exposure to mt . mckinley . such engagement can take the form of pursuing a final settlement , negotiation , litigation , or the monitoring of claim activity under settlement in place ( 201csip 201d ) agreements . sip agreements generally condition an insurer 2019s payment upon the actual claim experience of the insured and may have annual payment caps or other measures to control the insurer 2019s payments . the company 2019s mt . mckinley operation is currently managing eight sip agreements , three of which were executed prior to the acquisition of mt . mckinley in 2000 . the company 2019s preference with respect to coverage settlements is to exe- cute settlements that call for a fixed schedule of payments , because such settlements eliminate future uncertainty . the company has significantly enhanced its classification of insureds by exposure characteristics over time , as well as its analysis by insured for those it considers to be more exposed or active . those insureds identified as relatively less exposed or active are subject to less rigorous , but still active management , with an emphasis on monitoring those characteristics , which may indicate an increasing exposure or levels of activity . the company continually focuses on further enhancement of the detailed estimation processes used to evaluate potential exposure of policyholders , including those that may not have reported significant a&e losses . everest re 2019s book of assumed reinsurance is relatively concentrated within a modest number of a&e exposed relationships . it also arises from a limited period , effectively 1977 to 1984 . because the book of business is relatively concentrated and the company has been managing the a&e exposures for many years , its claim staff is familiar with the ceding companies that have generated most of these liabilities in the past and which are therefore most likely to generate future liabilities . the company 2019s claim staff has developed familiarity both with the nature of the business written by its ceding companies and the claims handling and reserving practices of those companies . this level of familiarity enhances the quality of the company 2019s analysis of its exposure through those companies . as a result , the company believes that it can identify those claims on which it has unusual exposure , such as non-products asbestos claims , for concentrated attention . however , in setting reserves for its reinsurance liabilities , the company relies on claims data supplied , both formally and informally by its ceding companies and brokers . this furnished information is not always timely or accurate and can impact the accuracy and timeli- ness of the company 2019s ultimate loss projections . the following table summarizes the composition of the company 2019s total reserves for a&e losses , gross and net of reinsurance , for the years ended december 31: .
1( dollars in millions )200620052004
2case reserves reported by ceding companies$ 135.6$ 125.2$ 148.5
3additional case reserves established by the company ( assumed reinsurance ) ( 1 )152.1157.6151.3
4case reserves established by the company ( direct insurance )213.7243.5272.1
5incurred but not reported reserves148.7123.3156.4
6gross reserves650.1649.6728.3
7reinsurance receivable-138.7 ( 138.7 )-199.1 ( 199.1 )-221.6 ( 221.6 )
8net reserves$ 511.4$ 450.5$ 506.7
( 1 ) additional reserves are case specific reserves determined by the company to be needed over and above those reported by the ceding company . 81790fin_a 4/13/07 11:08 am page 15 .","['-56.2', '-0.11091']" "['what was the lowest price group in 2008 and at what price?', 'what is 100 less that price?', 'what is that difference divided by 100?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents the following performance graph is not 201csoliciting material , 201d is not deemed filed with the sec , and is not to be incorporated by reference into any of valero 2019s filings under the securities act of 1933 or the securities exchange act of 1934 , as amended , respectively . this performance graph and the related textual information are based on historical data and are not indicative of future performance . the following line graph compares the cumulative total return 1 on an investment in our common stock against the cumulative total return of the s&p 500 composite index and an index of peer companies ( that we selected ) for the five-year period commencing december 31 , 2007 and ending december 31 , 2012 . our peer group consists of the following ten companies : alon usa energy , inc. ; bp plc ( bp ) ; cvr energy , inc. ; hess corporation ; hollyfrontier corporation ; marathon petroleum corporation ; phillips 66 ( psx ) ; royal dutch shell plc ( rds ) ; tesoro corporation ; and western refining , inc . our peer group previously included chevron corporation ( cvx ) and exxon mobil corporation ( xom ) but they were replaced with bp , psx , and rds . in 2012 , psx became an independent downstream energy company and was added to our peer group . cvx and xom were replaced with bp and rds as they were viewed as having operations that more closely aligned with our core businesses . comparison of 5 year cumulative total return1 among valero energy corporation , the s&p 500 index , old peer group , and new peer group .
112/200712/200812/200912/201012/201112/2012
2valero common stock$ 100.00$ 31.45$ 25.09$ 35.01$ 32.26$ 53.61
3s&p 500100.0063.0079.6791.6793.61108.59
4old peer group100.0080.9876.5488.41104.33111.11
5new peer group100.0066.2786.8772.8474.7076.89
____________ 1 assumes that an investment in valero common stock and each index was $ 100 on december 31 , 2007 . 201ccumulative total return 201d is based on share price appreciation plus reinvestment of dividends from december 31 , 2007 through december 31 , 2012. .","['31.45', '68.55', '0.6855']" "['what were the wholesale lending-related commitments in 2010?', 'and what were them in 2009?', 'how much, then, did the 2010 amount represent in relation to this 2009 one?', 'and in the last year of that period, what was the amount from the net gains and losses from cva and hedges of cva?', 'what percentage did this amount represent in relation to those net gains and losses?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis 128 jpmorgan chase & co./2010 annual report year ended december 31 .
1( in millions )201020092008
2hedges of lending-related commitments ( a )$ -279 ( 279 )$ -3258 ( 3258 )$ 2216
3cva and hedges of cva ( a )-403 ( 403 )1920-2359 ( 2359 )
4net gains/ ( losses )$ -682 ( 682 )$ -1338 ( 1338 )$ -143 ( 143 )
( a ) these hedges do not qualify for hedge accounting under u.s . gaap . lending-related commitments jpmorgan chase uses lending-related financial instruments , such as commitments and guarantees , to meet the financing needs of its customers . the contractual amount of these financial instruments represents the maximum possible credit risk should the counterpar- ties draw down on these commitments or the firm fulfills its obliga- tion under these guarantees , and should the counterparties subsequently fail to perform according to the terms of these con- tracts . wholesale lending-related commitments were $ 346.1 billion at december 31 , 2010 , compared with $ 347.2 billion at december 31 , 2009 . the decrease reflected the january 1 , 2010 , adoption of accounting guidance related to vies . excluding the effect of the accounting guidance , lending-related commitments would have increased by $ 16.6 billion . in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s actual credit risk exposure or funding requirements . in determining the amount of credit risk exposure the firm has to wholesale lend- ing-related commitments , which is used as the basis for allocating credit risk capital to these commitments , the firm has established a 201cloan-equivalent 201d amount for each commitment ; this amount represents the portion of the unused commitment or other contin- gent exposure that is expected , based on average portfolio histori- cal experience , to become drawn upon in an event of a default by an obligor . the loan-equivalent amounts of the firm 2019s lending- related commitments were $ 189.9 billion and $ 179.8 billion as of december 31 , 2010 and 2009 , respectively . country exposure the firm 2019s wholesale portfolio includes country risk exposures to both developed and emerging markets . the firm seeks to diversify its country exposures , including its credit-related lending , trading and investment activities , whether cross-border or locally funded . country exposure under the firm 2019s internal risk management ap- proach is reported based on the country where the assets of the obligor , counterparty or guarantor are located . exposure amounts , including resale agreements , are adjusted for collateral and for credit enhancements ( e.g. , guarantees and letters of credit ) pro- vided by third parties ; outstandings supported by a guarantor located outside the country or backed by collateral held outside the country are assigned to the country of the enhancement provider . in addition , the effect of credit derivative hedges and other short credit or equity trading positions are taken into consideration . total exposure measures include activity with both government and private-sector entities in a country . the firm also reports country exposure for regulatory purposes following ffiec guidelines , which are different from the firm 2019s internal risk management approach for measuring country expo- sure . for additional information on the ffiec exposures , see cross- border outstandings on page 314 of this annual report . several european countries , including greece , portugal , spain , italy and ireland , have been subject to credit deterioration due to weak- nesses in their economic and fiscal situations . the firm is closely monitoring its exposures to these five countries . aggregate net exposures to these five countries as measured under the firm 2019s internal approach was less than $ 15.0 billion at december 31 , 2010 , with no country representing a majority of the exposure . sovereign exposure in all five countries represented less than half the aggregate net exposure . the firm currently believes its exposure to these five countries is modest relative to the firm 2019s overall risk expo- sures and is manageable given the size and types of exposures to each of the countries and the diversification of the aggregate expo- sure . the firm continues to conduct business and support client activity in these countries and , therefore , the firm 2019s aggregate net exposures may vary over time . in addition , the net exposures may be impacted by changes in market conditions , and the effects of interest rates and credit spreads on market valuations . as part of its ongoing country risk management process , the firm monitors exposure to emerging market countries , and utilizes country stress tests to measure and manage the risk of extreme loss associated with a sovereign crisis . there is no common definition of emerging markets , but the firm generally includes in its definition those countries whose sovereign debt ratings are equivalent to 201ca+ 201d or lower . the table below presents the firm 2019s exposure to its top 10 emerging markets countries based on its internal measure- ment approach . the selection of countries is based solely on the firm 2019s largest total exposures by country and does not represent its view of any actual or potentially adverse credit conditions. .","['346.1', '347.2', '0.99683', '403.0', '0.59091']" "['what is the total number of shares not purchased as part of publicly announced plans or programs during october 2015?', 'what about the total number of shares not purchased as part of publicly announced plans or programs fourth quarter of 2015?', 'what portion of the purchase occurred during october?', 'what portion of the repurchase plan remains available for purchase in the future as of december 31, 2015?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2015 . 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 ) .
1periodtotal numberof sharespurchasedaverageprice paidper sharetotal number ofshares notpurchased as part ofpublicly announcedplans or programs ( a )total number ofshares purchased aspart of publiclyannounced plans orprogramsapproximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b )
2october 20151658771$ 62.12842059816712$ 2.0 billion
3november 20152412467$ 71.082128782199589$ 1.8 billion
4december 20157008414$ 70.319807007434$ 1.3 billion
5total11079652$ 69.25105591710023735$ 1.3 billion
( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2015 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 july 13 , 2015 , we announced that our board of directors approved our purchase of $ 2.5 billion of our outstanding common stock ( with no expiration date ) , which was in addition to the remaining amount available under our $ 3 billion program previously authorized . during the third quarter of 2015 , we completed our purchases under the $ 3 billion program . as of december 31 , 2015 , we had $ 1.3 billion remaining available for purchase under the $ 2.5 billion program. .","['842059.0', '1055917.0', '0.79747', '0.52']" "['what were net revenues in 2008?', 'what was net revenues in 2007?', 'what is the net difference?', 'what is 6 divided by the net difference?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy mississippi , inc . management's financial discussion and analysis results of operations net income 2008 compared to 2007 net income decreased $ 12.4 million primarily due to higher other operation and maintenance expenses , lower other income , and higher depreciation and amortization expenses , partially offset by higher net revenue . 2007 compared to 2006 net income increased $ 19.8 million primarily due to higher net revenue , lower other operation and maintenance expenses , higher other income , and lower interest expense , partially offset by higher depreciation and amortization expenses . net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2008 to 2007 . amount ( in millions ) .
1amount ( in millions )
22007 net revenue$ 486.9
3attala costs9.9
4rider revenue6.0
5base revenue5.1
6reserve equalization-2.4 ( 2.4 )
7net wholesale revenue-4.0 ( 4.0 )
8other-2.7 ( 2.7 )
92008 net revenue$ 498.8
the attala costs variance is primarily due to an increase in the attala power plant costs that are recovered through the power management rider . the net income effect of this recovery in limited to a portion representing an allowed return on equity with the remainder offset by attala power plant costs in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes . the recovery of attala power plant costs is discussed further in ""liquidity and capital resources - uses of capital"" below . the rider revenue variance is the result of a storm damage rider that became effective in october 2007 . the establishment of this rider results in an increase in rider revenue and a corresponding increase in other operation and maintenance expense for the storm reserve with no effect on net income . the base revenue variance is primarily due to a formula rate plan increase effective july 2007 . the formula rate plan filing is discussed further in ""state and local rate regulation"" below . the reserve equalization variance is primarily due to changes in the entergy system generation mix compared to the same period in 2007. .","['498.8', '486.9', '11.9', '0.5042']" "['what was the change in the balance of reinsurance receivables and premium receivables from 2014 to 2015?', 'and what was that balance in 2014?', 'how much, then, does that change represent in relation to this 2014 balance, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: certain reclassifications and format changes have been made to prior years 2019 amounts to conform to the 2015 presentation . b . investments . fixed maturity and equity security investments available for sale , at market value , reflect unrealized appreciation and depreciation , as a result of temporary changes in market value during the period , in shareholders 2019 equity , net of income taxes in 201caccumulated other comprehensive income ( loss ) 201d in the consolidated balance sheets . fixed maturity and equity securities carried at fair value reflect fair value re- measurements as net realized capital gains and losses in the consolidated statements of operations and comprehensive income ( loss ) . the company records changes in fair value for its fixed maturities available for sale , at market value through shareholders 2019 equity , net of taxes in accumulated other comprehensive income ( loss ) since cash flows from these investments will be primarily used to settle its reserve for losses and loss adjustment expense liabilities . the company anticipates holding these investments for an extended period as the cash flow from interest and maturities will fund the projected payout of these liabilities . fixed maturities carried at fair value represent a portfolio of convertible bond securities , which have characteristics similar to equity securities and at times , designated foreign denominated fixed maturity securities , which will be used to settle loss and loss adjustment reserves in the same currency . the company carries all of its equity securities at fair value except for mutual fund investments whose underlying investments are comprised of fixed maturity securities . for equity securities , available for sale , at fair value , the company reflects changes in value as net realized capital gains and losses since these securities may be sold in the near term depending on financial market conditions . interest income on all fixed maturities and dividend income on all equity securities are included as part of net investment income in the consolidated statements of operations and comprehensive income ( loss ) . unrealized losses on fixed maturities , which are deemed other-than-temporary and related to the credit quality of a security , are charged to net income ( loss ) as net realized capital losses . short-term investments are stated at cost , which approximates market value . realized gains or losses on sales of investments are determined on the basis of identified cost . for non- publicly traded securities , market prices are determined through the use of pricing models that evaluate securities relative to the u.s . treasury yield curve , taking into account the issue type , credit quality , and cash flow characteristics of each security . for publicly traded securities , market value is based on quoted market prices or valuation models that use observable market inputs . when a sector of the financial markets is inactive or illiquid , the company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value . retrospective adjustments are employed to recalculate the values of asset-backed securities . each acquisition lot is reviewed to recalculate the effective yield . the recalculated effective yield is used to derive a book value as if the new yield were applied at the time of acquisition . outstanding principal factors from the time of acquisition to the adjustment date are used to calculate the prepayment history for all applicable securities . conditional prepayment rates , computed with life to date factor histories and weighted average maturities , are used to effect the calculation of projected and prepayments for pass-through security types . other invested assets include limited partnerships and rabbi trusts . limited partnerships are accounted for under the equity method of accounting , which can be recorded on a monthly or quarterly lag . c . uncollectible receivable balances . the company provides reserves for uncollectible reinsurance recoverable and premium receivable balances based on management 2019s assessment of the collectability of the outstanding balances . such reserves are presented in the table below for the periods indicated. .
1( dollars in thousands )years ended december 31 , 2015years ended december 31 , 2014
2reinsurance receivables and premium receivables$ 22878$ 29497
.","['-6619.0', '29497.0', '-0.2244']" "['what was the value of customer relationships?', 'what was the value of trademarks?', 'what is the sum value?', 'what was the value of technology?', 'what is the total sum?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: and $ 19 million of these expenses in 2011 and 2010 , respectively , with the remaining expense unallocated . the company financed the acquisition with the proceeds from a $ 1.0 billion three-year term loan credit facility , $ 1.5 billion in unsecured notes , and the issuance of 61 million shares of aon common stock . in addition , as part of the consideration , certain outstanding hewitt stock options were converted into options to purchase 4.5 million shares of aon common stock . these items are detailed further in note 8 2018 2018debt 2019 2019 and note 11 2018 2018stockholders 2019 equity 2019 2019 . the transaction has been accounted for using the acquisition method of accounting which requires , among other things , that most assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date . the following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date ( in millions ) : amounts recorded as of the acquisition .
1amountsrecorded as ofthe acquisitiondate
2working capital ( 1 )$ 348
3property equipment and capitalized software297
4identifiable intangible assets:
5customer relationships1800
6trademarks890
7technology215
8other noncurrent assets ( 2 )344
9long-term debt346
10other noncurrent liabilities ( 3 )360
11net deferred tax liability ( 4 )1021
12net assets acquired2167
13goodwill2765
14total consideration transferred$ 4932
( 1 ) includes cash and cash equivalents , short-term investments , client receivables , other current assets , accounts payable and other current liabilities . ( 2 ) includes primarily deferred contract costs and long-term investments . ( 3 ) includes primarily unfavorable lease obligations and deferred contract revenues . ( 4 ) included in other current assets ( $ 31 million ) , deferred tax assets ( $ 30 million ) , other current liabilities ( $ 7 million ) and deferred tax liabilities ( $ 1.1 billion ) in the company 2019s consolidated statements of financial position . the acquired customer relationships are being amortized over a weighted average life of 12 years . the technology asset is being amortized over 7 years and trademarks have been determined to have indefinite useful lives . goodwill is calculated as the excess of the acquisition cost over the fair value of the net assets acquired and represents the synergies and other benefits that are expected to arise from combining the operations of hewitt with the operations of aon , and the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized . goodwill is not amortized and is not deductible for tax purposes . a single estimate of fair value results from a complex series of the company 2019s judgments about future events and uncertainties and relies heavily on estimates and assumptions . the company 2019s .","['1800.0', '890.0', '2690.0', '215.0', '2905.0']" "['what is the net change in the unrecognized tax benefits from 2017 to 2018?', 'what is the unrecognized tax benefits in 2017?', 'what percentage change does this represent?', 'what about the unrecognized tax benefits in 2016?', 'what is the net change from 2016 to 2017?', 'what percentage change occurred from 2016 to 2017?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: ( a ) the net change in the total valuation allowance for the years ended december 31 , 2018 and 2017 was an increase of $ 12 million and an increase of $ 26 million , respectively . deferred income tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions deferred charges and other assets and deferred income taxes . there was a decrease in deferred income tax assets principally relating to the utilization of u.s . federal alternative minimum tax credits as permitted under tax reform . deferred tax liabilities increased primarily due to the tax deferral of the book gain recognized on the transfer of the north american consumer packaging business to a subsidiary of graphic packaging holding company . of the $ 1.5 billion of deferred tax liabilities for forestlands , related installment sales , and investment in subsidiary , $ 884 million is attributable to an investment in subsidiary and relates to a 2006 international paper installment sale of forestlands and $ 538 million is attributable to a 2007 temple-inland installment sale of forestlands ( see note 14 ) . a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended december 31 , 2018 , 2017 and 2016 is as follows: .
1in millions201820172016
2balance at january 1$ -188 ( 188 )$ -98 ( 98 )$ -150 ( 150 )
3( additions ) reductions based on tax positions related to current year-7 ( 7 )-54 ( 54 )-4 ( 4 )
4( additions ) for tax positions of prior years-37 ( 37 )-40 ( 40 )-3 ( 3 )
5reductions for tax positions of prior years5433
6settlements2619
7expiration of statutes oflimitations215
8currency translation adjustment3-7 ( 7 )2
9balance at december 31$ -220 ( 220 )$ -188 ( 188 )$ -98 ( 98 )
if the company were to prevail on the unrecognized tax benefits recorded , substantially all of the balances at december 31 , 2018 , 2017 and 2016 would benefit the effective tax rate . the company accrues interest on unrecognized tax benefits as a component of interest expense . penalties , if incurred , are recognized as a component of income tax expense . the company had approximately $ 21 million and $ 17 million accrued for the payment of estimated interest and penalties associated with unrecognized tax benefits at december 31 , 2018 and 2017 , respectively . the major jurisdictions where the company files income tax returns are the united states , brazil , france , poland and russia . generally , tax years 2006 through 2017 remain open and subject to examination by the relevant tax authorities . the company frequently faces challenges regarding the amount of taxes due . these challenges include positions taken by the company related to the timing , nature , and amount of deductions and the allocation of income among various tax jurisdictions . pending audit settlements and the expiration of statute of limitations could reduce the uncertain tax positions by $ 30 million during the next twelve months . the brazilian federal revenue service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by international paper do brasil ltda. , a wholly-owned subsidiary of the company . the company received assessments for the tax years 2007-2015 totaling approximately $ 150 million in tax , and $ 380 million in interest and penalties as of december 31 , 2018 ( adjusted for variation in currency exchange rates ) . after a previous favorable ruling challenging the basis for these assessments , we received an unfavorable decision in october 2018 from the brazilian administrative council of tax appeals . the company intends to further appeal the matter in the brazilian federal courts in 2019 ; however , this tax litigation matter may take many years to resolve . the company believes that it has appropriately evaluated the transaction underlying these assessments , and has concluded based on brazilian tax law , that its tax position would be sustained . the company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015 . international paper uses the flow-through method to account for investment tax credits earned on eligible open-loop biomass facilities and combined heat and power system expenditures . under this method , the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis . the company recorded a tax benefit of $ 6 million during 2018 and recorded a tax benefit of $ 68 million during 2017 related to investment tax credits earned in tax years 2013-2017. .","['32.0', '188.0', '0.17021', '98.0', '90.0', '0.91837']" "['what was the total value of proceeds from floating rates in 2015 and 2016?', 'what was the ratio of total proceeds that came from floating rates?', 'what is that ratio as a percent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) other debentures and notes following are descriptions of the various other debentures and notes outstanding at december 31 , 2014 and 2013 , as listed in the table presented at the beginning of this note . geosouthern debt in december 2013 , in conjunction with the planned geosouthern acquisition , devon issued $ 2.25 billion aggregate principal amount of fixed and floating rate senior notes resulting in cash proceeds of approximately $ 2.2 billion , net of discounts and issuance costs . the floating rate senior notes due in 2015 bear interest at a rate equal to three-month libor plus 0.45 percent , which rate will be reset quarterly . the floating rate senior notes due in 2016 bears interest at a rate equal to three-month libor plus 0.54 percent , which rate will be reset quarterly . the schedule below summarizes the key terms of these notes ( in millions ) . .
1floating rate due december 15 2015$ 500
2floating rate due december 15 2016350
31.20% ( 1.20 % ) due december 15 2016 ( 1 )650
42.25% ( 2.25 % ) due december 15 2018750
5discount and issuance costs-2 ( 2 )
6net proceeds$ 2248
( 1 ) the 1.20% ( 1.20 % ) $ 650 million note due december 15 , 2016 was redeemed on november 13 , 2014 . the senior notes were classified as short-term debt on devon 2019s consolidated balance sheet as of december 31 , 2013 due to certain redemption features in the event that the geosouthern acquisition was not completed on or prior to june 30 , 2014 . on february 28 , 2014 , the geosouthern acquisition closed and thus the senior notes were subsequently classified as long-term debt . additionally , during december 2013 , devon entered into a term loan agreement with a group of major financial institutions pursuant to which devon could draw up to $ 2.0 billion to finance , in part , the geosouthern acquisition and to pay transaction costs . in february 2014 , devon drew the $ 2.0 billion of term loans for the geosouthern transaction , and the amount was subsequently repaid on june 30 , 2014 with the canadian divestiture proceeds that were repatriated to the u.s . in june 2014 , at which point the term loan was terminated. .","['850.0', '0.37811', '37.81139']" "['in the year of 2016, how much did the future total minimum operating lease payments due in 2017 represent in relation to the total operating lease payments, in percentage?', 'and what would be those total payments if terms greater than 12 months were to be included?', 'what percentage would those terms represent in relation to this total?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 .
1millionsoperatingleasescapitalleases
22017$ 461$ 221
32018390193
42019348179
52020285187
62021245158
7later years1314417
8total minimum lease payments$ 3043$ 1355
9amount representing interestn/a-250 ( 250 )
10present value of minimum lease paymentsn/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. .","['0.1515', '3578.0', '0.14952']" "['what is the net change in the balance of cash and cash equivalents from 2007 to 2008?', 'what percentage change does this represent?', 'what is the value cash used for stock repurchases during 2007?', 'what about the value for dividend payments?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: l iquidity and capital resources we have historically generated positive cash flow from operations and have generally used funds generated from operations and short-term borrowings on our revolving credit facility to meet capital requirements . we expect this trend to continue in the future . the company's cash and cash equivalents decreased to $ 65565 at june 30 , 2008 from $ 88617 at june 30 , 2007 . the following table summarizes net cash from operating activities in the statement of cash flows : year ended june 30 cash provided by operations increased $ 6754 to $ 181001 for the fiscal year ended june 30 , 2008 as compared to $ 174247 for the fiscal year ended june 30 , 2007 . this increase is primarily attributable to an increase in expenses that do not have a corresponding cash outflow , such as depreciation and amortization , as a percentage of total net income . cash used in investing activities for the fiscal year ended june 2008 was $ 102148 and includes payments for acquisitions of $ 48109 , plus $ 1215 in contingent consideration paid on prior years 2019 acquisitions . during fiscal 2007 , payments for acquisitions totaled $ 34006 , plus $ 5301 paid on earn-outs and other acquisition adjustments . capital expenditures for fiscal 2008 were $ 31105 compared to $ 34202 for fiscal 2007 . cash used for software development in fiscal 2008 was $ 23736 compared to $ 20743 during the prior year . net cash used in financing activities for the current fiscal year was $ 101905 and includes the repurchase of 4200 shares of our common stock for $ 100996 , the payment of dividends of $ 24683 and $ 429 net repayment on our revolving credit facilities . cash used in financing activities was partially offset by proceeds of $ 20394 from the exercise of stock options and the sale of common stock and $ 3809 excess tax benefits from stock option exercises . during fiscal 2007 , net cash used in financing activities included the repurchase of our common stock for $ 98413 and the payment of dividends of $ 21685 . as in the current year , cash used in fiscal 2007 was partially offset by proceeds from the exercise of stock options and the sale of common stock of $ 29212 , $ 4640 excess tax benefits from stock option exercises and $ 19388 net borrowings on revolving credit facilities . at june 30 , 2008 , the company had negative working capital of $ 11418 ; however , the largest component of current liabilities was deferred revenue of $ 212375 . the cash outlay necessary to provide the services related to these deferred revenues is significantly less than this recorded balance . therefore , we do not anticipate any liquidity problems to result from this condition . u.s . financial markets and many of the largest u.s . financial institutions have recently been shaken by negative developments in the home mortgage industry and the mortgage markets , and particularly the markets for subprime mortgage-backed securities . while we believe it is too early to predict what effect , if any , these developments may have , we have not experienced any significant issues with our current collec- tion efforts , and we believe that any future impact to our liquidity would be minimized by our access to available lines of credit . 2008 2007 2006 .
12007year ended june 30 2008 2007year ended june 30 2008 2007year ended june 30 2008
2net income$ 104222$ 104681$ 89923
3non-cash expenses704205634852788
4change in receivables-2913 ( 2913 )-28853 ( 28853 )30413
5change in deferred revenue51002457610561
6change in other assets and liabilities417217495-14247 ( 14247 )
7net cash from operating activities$ 181001$ 174247$ 169438
.","['-23052.0', '-0.26013', '98413.0', '21685.0']" "['what was the net change in inventories at lifo net between 2011 and 2012?', 'what is the net change over the 2011 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: in june 2011 , the fasb issued asu no . 2011-05 201ccomprehensive income 2013 presentation of comprehensive income . 201d asu 2011-05 requires comprehensive income , the components of net income , and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements . in both choices , an entity is required to present each component of net income along with total net income , each component of other comprehensive income along with a total for other comprehensive income , and a total amount for comprehensive income . this update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity . the amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income . the amendments in this update should be applied retrospectively and is effective for interim and annual reporting periods beginning after december 15 , 2011 . the company adopted this guidance in the first quarter of 2012 . the adoption of asu 2011-05 is for presentation purposes only and had no material impact on the company 2019s consolidated financial statements . 3 . inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at both december 29 , 2012 and december 31 , 2011 . under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2012 and prior years . the company recorded a reduction to cost of sales of $ 24087 and $ 29554 in fiscal 2012 and fiscal 2010 , respectively . as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 , due to an increase in supply chain costs and inflationary pressures affecting certain product categories . the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies . product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( ""fifo"" ) method . product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor . because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method . inventory overhead costs purchasing and warehousing costs included in inventory at december 29 , 2012 and december 31 , 2011 , were $ 134258 and $ 126840 , respectively . inventory balance and inventory reserves inventory balances at the end of fiscal 2012 and 2011 were as follows : december 29 , december 31 .
1december 292012december 312011
2inventories at fifo net$ 2182419$ 1941055
3adjustments to state inventories at lifo126190102103
4inventories at lifo net$ 2308609$ 2043158
inventory quantities are tracked through a perpetual inventory system . the company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory in these locations . in its distribution centers and pdq aes , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory . reserves advance auto parts , inc . and subsidiaries notes to the consolidated financial statements december 29 , 2012 , december 31 , 2011 and january 1 , 2011 ( in thousands , except per share data ) .","['265451.0', '0.12992']" "['what was the number of stock warrants issued in the purchase of spectrasite , inc, in millions?', 'and in the year of 2015, what was the total amount used for stock repurchase, in millions of dollars?', 'and how much is that in dollars?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014 factors affecting sources of liquidity . 201d recent sales of unregistered securities during the year ended december 31 , 2005 , we issued an aggregate of 4670335 shares of our class a common stock upon conversion of $ 57.1 million principal amount of our 3.25% ( 3.25 % ) notes . pursuant to the terms of the indenture , the holders of the 3.25% ( 3.25 % ) notes received 81.808 shares of class a common stock for every $ 1000 principal amount of notes converted . the shares were issued to the noteholders in reliance on the exemption from registration set forth in section 3 ( a ) ( 9 ) of the securities act of 1933 , as amended . no underwriters were engaged in connection with such issuances . in connection with the conversion , we paid such holders an aggregate of $ 4.9 million , calculated based on the accrued and unpaid interest on the notes and the discounted value of the future interest payments on the notes . subsequent to december 31 , 2005 , we issued shares of class a common stock upon conversions of additional 3.25% ( 3.25 % ) notes , as set forth in item 9b of this annual report under the caption 201cother information . 201d during the year ended december 31 , 2005 , we issued an aggregate of 398412 shares of our class a common stock upon exercises of 55729 warrants assumed in our merger with spectrasite , inc . in august 2005 , in connection with our merger with spectrasite , inc. , we assumed approximately 1.0 million warrants to purchase shares of spectrasite , inc . common stock . upon completion of the merger , each warrant to purchase shares of spectrasite , inc . common stock automatically converted into a warrant to purchase 7.15 shares of class a common stock at an exercise price of $ 32 per warrant . net proceeds from these warrant exercises were approximately $ 1.8 million . the shares of class a common stock issued to the warrantholders upon exercise of the warrants were issued in reliance on the exemption from registration set forth in section 3 ( a ) ( 9 ) of the securities act of 1933 , as amended . no underwriters were engaged in connection with such issuances . subsequent to december 31 , 2005 , we issued shares of class a common stock upon exercises of additional warrants , as set forth in item 9b of this annual report under the caption 201cother information . 201d issuer purchases of equity securities in november 2005 , we announced that our board of directors had approved a stock repurchase program pursuant to which we intend to repurchase up to $ 750.0 million of our class a common stock through december 2006 . during the fourth quarter of 2005 , we repurchased 2836519 shares of our class a common stock for an aggregate of $ 76.6 million pursuant to our stock repurchase program , as follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced plans or programs ( 1 ) approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions ) .
1periodtotal number of shares purchased ( 1 )average price paid per sharetotal number of shares purchased as part of publicly announced plans or programs ( 1 )approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions )
211/17/05 2013 11/30/05874306$ 26.25874306$ 727.0
312/1/05 2013 12/31/051962213$ 27.291962213$ 673.4
4total fourth quarter2836519$ 26.972836519$ 673.4
( 1 ) all issuer repurchases were made pursuant to the stock repurchase program publicly announced in november 2005 . pursuant to the program , we intend to repurchase up to $ 750.0 million of our class a common stock during the period november 2005 through december 2006 . under the program , our management is authorized to purchase shares from time to time in open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements , and subject to market conditions and other factors . to facilitate repurchases , we entered into a trading plan under rule 10b5-1 of the securities exchange act of 1934 , which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self- imposed trading blackout periods . the program may be discontinued at any time . since december 31 , 2005 , we have continued to repurchase shares of our class a common stock pursuant to our stock repurchase program . between january 1 , 2006 and march 9 , 2006 , we repurchased 3.9 million shares of class a common stock for an aggregate of $ 117.4 million pursuant to the stock repurchase program. .","['0.05625', '22950532.5', '22.95053']" "['does a .5% decrease in expected long-term return on assets have a greater effect on pension expense than a .5% increase in compensation rate?', 'does a .5% decrease in the discount rate have a greater impact on pension expense than a .5% decrease in the expected long-term return on assets?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: recent accounting pronouncements see note 1 accounting policies in the notes to consolidated financial statements in item 8 of this report for additional information on the following recent accounting pronouncements that are relevant to our business , including a description of each new pronouncement , the required date of adoption , our planned date of adoption , and the expected impact on our consolidated financial statements . all of the following pronouncements were issued by the fasb unless otherwise noted . the following were issued in 2007 : 2022 sfas 141 ( r ) , 201cbusiness combinations 201d 2022 sfas 160 , 201caccounting and reporting of noncontrolling interests in consolidated financial statements , an amendment of arb no . 51 201d 2022 in november 2007 , the sec issued staff accounting bulletin no . 109 , 2022 in june 2007 , the aicpa issued statement of position 07-1 , 201cclarification of the scope of the audit and accounting guide 201cinvestment companies 201d and accounting by parent companies and equity method investors for investments in investment companies . 201d the fasb issued a final fsp in february 2008 which indefinitely delays the effective date of aicpa sop 07-1 . 2022 fasb staff position no . ( 201cfsp 201d ) fin 46 ( r ) 7 , 201capplication of fasb interpretation no . 46 ( r ) to investment companies 201d 2022 fsp fin 48-1 , 201cdefinition of settlement in fasb interpretation ( 201cfin 201d ) no . 48 201d 2022 sfas 159 , 201cthe fair value option for financial assets and financial liabilities 2013 including an amendment of fasb statement no . 115 201d the following were issued during 2006 : 2022 sfas 158 , 201cemployers 2019 accounting for defined benefit pension and other postretirement benefit plans 2013 an amendment of fasb statements no . 87 , 88 , 106 and 132 ( r ) 201d ( 201csfas 158 201d ) 2022 sfas 157 , 201cfair value measurements 201d 2022 fin 48 , 201caccounting for uncertainty in income taxes 2013 an interpretation of fasb statement no . 109 201d 2022 fsp fas 13-2 , 201caccounting for a change or projected change in the timing of cash flows relating to income taxes generated by a leveraged lease transaction 201d 2022 sfas 156 , 201caccounting for servicing of financial assets 2013 an amendment of fasb statement no . 140 201d 2022 sfas 155 , 201caccounting for certain hybrid financial instruments 2013 an amendment of fasb statements no . 133 and 140 201d 2022 the emerging issues task force ( 201ceitf 201d ) of the fasb issued eitf issue 06-4 , 201caccounting for deferred compensation and postretirement benefit aspects of endorsement split-dollar life insurance arrangements 201d status of defined benefit pension plan we have a noncontributory , qualified defined benefit pension plan ( 201cplan 201d or 201cpension plan 201d ) covering eligible employees . benefits are derived from a cash balance formula based on compensation levels , age and length of service . pension contributions are based on an actuarially determined amount necessary to fund total benefits payable to plan participants . consistent with our investment strategy , plan assets are currently approximately 60% ( 60 % ) invested in equity investments with most of the remainder invested in fixed income instruments . plan fiduciaries determine and review the plan 2019s investment policy . we calculate the expense associated with the pension plan in accordance with sfas 87 , 201cemployers 2019 accounting for pensions , 201d and we use assumptions and methods that are compatible with the requirements of sfas 87 , including a policy of reflecting trust assets at their fair market value . on an annual basis , we review the actuarial assumptions related to the pension plan , including the discount rate , the rate of compensation increase and the expected return on plan assets . neither the discount rate nor the compensation increase assumptions significantly affects pension expense . the expected long-term return on assets assumption does significantly affect pension expense . the expected long-term return on plan assets for determining net periodic pension cost for 2007 was 8.25% ( 8.25 % ) , unchanged from 2006 . under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods . each one percentage point difference in actual return compared with our expected return causes expense in subsequent years to change by up to $ 4 million as the impact is amortized into results of operations . the table below reflects the estimated effects on pension expense of certain changes in assumptions , using 2008 estimated expense as a baseline . change in assumption estimated increase to 2008 pension expense ( in millions ) .
1change in assumptionestimatedincrease to 2008pensionexpense ( in millions )
2.5% ( .5 % ) decrease in discount rate$ 1
3.5% ( .5 % ) decrease in expected long-term return on assets$ 10
4.5% ( .5 % ) increase in compensation rate$ 2
we currently estimate a pretax pension benefit of $ 26 million in 2008 compared with a pretax benefit of $ 30 million in .","['yes', 'no']" "['what was the proportion of long-term debt to total contractual obligations in 2017?', 'and as a percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: .
1contractual obligationspayments due by period ( in thousands ) totalpayments due by period ( in thousands ) 2017payments due by period ( in thousands ) 2018payments due by period ( in thousands ) 2019payments due by period ( in thousands ) 2020payments due by period ( in thousands ) 2021payments due by period ( in thousands ) thereafter
2long-term debt ( 1 )$ 3508789$ 203244$ 409257$ 366456$ 461309$ 329339$ 1739184
3line of credit ( 2 )561272650265026504817720142014
4share of unconsolidated joint ventures' debt ( 3 )91235244428466573711598123641754
5ground leases311120107455721575857935822277281
6development and construction backlog costs ( 4 )344700331553131472014201420142014
7other433577502734258014326390614480
8total contractual obligations$ 4355328$ 558138$ 466583$ 386402$ 531203$ 340303$ 2072699
( 1 ) our long-term debt consists of both secured and unsecured debt and includes both principal and interest . interest payments for variable rate debt were calculated using the interest rates as of december 31 , 2016 . repayment of our $ 250.0 million variable rate term note , which has a contractual maturity date in january 2019 , is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension , which we may exercise at our discretion . ( 2 ) our unsecured line of credit has a contractual maturity date in january 2019 , but is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension , which we may exercise at our discretion . interest payments for our unsecured line of credit were calculated using the most recent stated interest rate that was in effect.ff ( 3 ) our share of unconsolidated joint venture debt includes both principal and interest . interest expense for variable rate debt was calculated using the interest rate at december 31 , 2016 . ( 4 ) represents estimated remaining costs on the completion of owned development projects and third-party construction projects . related party y transactionstt we provide property and asset management , leasing , construction and other tenant-related services to ww unconsolidated companies in which we have equity interests . for the years ended december 31 , 2016 , 2015 and 2014 we earned management fees of $ 4.5 million , $ 6.8 million and $ 8.5 million , leasing fees of $ 2.4 million , $ 3.0 million and $ 3.4 million and construction and development fees of $ 8.0 million , $ 6.1 million and $ 5.8 million , respectively , from these companies , prior to elimination of our ownership percentage . yy we recorded these fees based ww on contractual terms that approximate market rates for these types of services and have eliminated our ownership percentages of these fees in the consolidated financial statements . commitments and contingenciesg the partnership has guaranteed the repayment of $ 32.9 million of economic development bonds issued by various municipalities in connection with certain commercial developments . we will be required to make payments under ww our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond ff debt service . management does not believe that it is probable that we will be required to make any significant payments in satisfaction of these guarantees . the partnership also has guaranteed the repayment of an unsecured loan of one of our unconsolidated subsidiaries . at december 31 , 2016 , the maximum guarantee exposure for this loan was approximately $ 52.1 million . we lease certain land positions with terms extending toww march 2114 , with a total future payment obligation of $ 311.1 million . the payments on these ground leases , which are classified as operating leases , are not material in any individual year . in addition to ground leases , we are party to other operating leases as part of conducting our business , including leases of office space from third parties , with a total future payment obligation of ff $ 43.4 million at december 31 , 2016 . no future payments on these leases are material in any individual year . we are subject to various legal proceedings and claims that arise in the ordinary course of business . in the opinion ww of management , the amount of any ultimate liability with respect to these actions is not expected to materially affect ff our consolidated financial statements or results of operations . we own certain parcels of land that are subject to special property tax assessments levied by quasi municipalww entities . to the extent that such special assessments are fixed and determinable , the discounted value of the fulltt .","['0.36415', '36.41465']" "['in the year of 2003, how much did the total of securities purchased under resale agreements represent in relation to one of securities borrowed?', 'and how much did the transactions accounted for as purchases under sfas represent in relation to the ones from 2002?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements j.p . morgan chase & co . 98 j.p . morgan chase & co . / 2003 annual report securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions primarily to finance the firm 2019s inventory positions , acquire securities to cover short positions and settle other securities obligations . the firm also enters into these transactions to accommodate customers 2019 needs . securities purchased under resale agreements ( 201cresale agreements 201d ) and securities sold under repurchase agreements ( 201crepurchase agreements 201d ) are generally treated as collateralized financing transactions and are carried on the consolidated bal- ance sheet at the amounts the securities will be subsequently sold or repurchased , plus accrued interest . where appropriate , resale and repurchase agreements with the same counterparty are reported on a net basis in accordance with fin 41 . jpmorgan chase takes possession of securities purchased under resale agreements . on a daily basis , jpmorgan chase monitors the market value of the underlying collateral received from its counterparties , consisting primarily of u.s . and non-u.s . govern- ment and agency securities , and requests additional collateral from its counterparties when necessary . similar transactions that do not meet the sfas 140 definition of a repurchase agreement are accounted for as 201cbuys 201d and 201csells 201d rather than financing transactions . these transactions are accounted for as a purchase ( sale ) of the underlying securities with a forward obligation to sell ( purchase ) the securities . the forward purchase ( sale ) obligation , a derivative , is recorded on the consolidated balance sheet at its fair value , with changes in fair value recorded in trading revenue . notional amounts of these transactions accounted for as purchases under sfas 140 were $ 15 billion and $ 8 billion at december 31 , 2003 and 2002 , respectively . notional amounts of these transactions accounted for as sales under sfas 140 were $ 8 billion and $ 13 billion at december 31 , 2003 and 2002 , respectively . based on the short-term duration of these contracts , the unrealized gain or loss is insignificant . securities borrowed and securities lent are recorded at the amount of cash collateral advanced or received . securities bor- rowed consist primarily of government and equity securities . jpmorgan chase monitors the market value of the securities borrowed and lent on a daily basis and calls for additional col- lateral when appropriate . fees received or paid are recorded in interest income or interest expense. .
1december 31 ( in millions )20032002
2securities purchased under resale agreements$ 62801$ 57645
3securities borrowed4183434143
4securities sold under repurchase agreements$ 105409$ 161394
5securities loaned24611661
note 10 jpmorgan chase pledges certain financial instruments it owns to collateralize repurchase agreements and other securities financ- ings . pledged securities that can be sold or repledged by the secured party are identified as financial instruments owned ( pledged to various parties ) on the consolidated balance sheet . at december 31 , 2003 , the firm had received securities as col- lateral that can be repledged , delivered or otherwise used with a fair value of approximately $ 210 billion . this collateral was gen- erally obtained under resale or securities-borrowing agreements . of these securities , approximately $ 197 billion was repledged , delivered or otherwise used , generally as collateral under repur- chase agreements , securities-lending agreements or to cover short sales . notes to consolidated financial statements j.p . morgan chase & co . loans are reported at the principal amount outstanding , net of the allowance for loan losses , unearned income and any net deferred loan fees . loans held for sale are carried at the lower of aggregate cost or fair value . loans are classified as 201ctrading 201d for secondary market trading activities where positions are bought and sold to make profits from short-term movements in price . loans held for trading purposes are included in trading assets and are carried at fair value , with the gains and losses included in trading revenue . interest income is recognized using the interest method , or on a basis approximating a level rate of return over the term of the loan . nonaccrual loans are those on which the accrual of interest is discontinued . loans ( other than certain consumer loans discussed below ) are placed on nonaccrual status immediately if , in the opinion of management , full payment of principal or interest is in doubt , or when principal or interest is 90 days or more past due and collateral , if any , is insufficient to cover prin- cipal and interest . interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed against interest income . in addition , the amortization of net deferred loan fees is suspended . interest income on nonaccrual loans is recognized only to the extent it is received in cash . however , where there is doubt regarding the ultimate collectibility of loan principal , all cash thereafter received is applied to reduce the carrying value of the loan . loans are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured . consumer loans are generally charged to the allowance for loan losses upon reaching specified stages of delinquency , in accor- dance with the federal financial institutions examination council ( 201cffiec 201d ) policy . for example , credit card loans are charged off at the earlier of 180 days past due or within 60 days from receiving notification of the filing of bankruptcy . residential mortgage products are generally charged off to net realizable value at 180 days past due . other consumer products are gener- ally charged off ( to net realizable value if collateralized ) at 120 days past due . accrued interest on residential mortgage products , automobile financings and certain other consumer loans are accounted for in accordance with the nonaccrual loan policy note 11 .","['1.5012', '1.875']" "['what was the net unrecognized tax benefit as of 12/11?', 'and as of 12/10?', 'so what was the difference between the two years?', 'and the percentage change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements the firm permanently reinvests eligible earnings of certain foreign subsidiaries and , accordingly , does not accrue any u.s . income taxes that would arise if such earnings were repatriated . as of december 2012 and december 2011 , this policy resulted in an unrecognized net deferred tax liability of $ 3.75 billion and $ 3.32 billion , respectively , attributable to reinvested earnings of $ 21.69 billion and $ 20.63 billion , respectively . unrecognized tax benefits the firm recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position . a position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement . a liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements . as of december 2012 and december 2011 , the accrued liability for interest expense related to income tax matters and income tax penalties was $ 374 million and $ 233 million , respectively . the firm recognized $ 95 million , $ 21 million and $ 28 million of interest and income tax penalties for the years ended december 2012 , december 2011 and december 2010 , respectively . it is reasonably possible that unrecognized tax benefits could change significantly during the twelve months subsequent to december 2012 due to potential audit settlements , however , at this time it is not possible to estimate any potential change . the table below presents the changes in the liability for unrecognized tax benefits . this liability is included in 201cother liabilities and accrued expenses . 201d see note 17 for further information. .
1in millionsas of december 2012as of december 2011as of december 2010
2balance beginning of year$ 1887$ 2081$ 1925
3increases based on tax positions related to the current year190171171
4increases based on tax positions related to prior years336278162
5decreases related to tax positions of prior years-109 ( 109 )-41 ( 41 )-104 ( 104 )
6decreases related to settlements-35 ( 35 )-638 ( 638 )-128 ( 128 )
7acquisitions/ ( dispositions )-47 ( 47 )4756
8exchange rate fluctuations15-11 ( 11 )-1 ( 1 )
9balance end of year$ 2237$ 1887$ 2081
10related deferred income tax asset1685569972
11net unrecognized tax benefit2$ 1552$ 1318$ 1109
related deferred income tax asset 1 685 569 972 net unrecognized tax benefit 2 $ 1552 $ 1318 $ 1109 1 . included in 201cother assets . 201d see note 12 . 2 . if recognized , the net tax benefit would reduce the firm 2019s effective income tax rate . 194 goldman sachs 2012 annual report .","['1318.0', '1109.0', '209.0', '0.18846']" "['what is the risk-free rate in 2009?', 'what about in 2008?', 'what is the net change?', 'what percentage change does this represent?', 'what is the net change in weighted-average fair value per option granted from 2007 to 2008?', 'what is the weighted-average fair value per option granted\tin 2007?', 'what growth rate does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) upon termination of employment , excluding retirement , all of a participant 2019s unvested awards are forfeited . however , when a participant terminates employment due to retirement , the participant generally retains all of their awards without providing additional service to the company . eligible retirement is dependent upon age and years of service , as follows : age 55 with ten years of service , age 60 with five years of service and age 65 with two years of service . compensation expense is recognized over the shorter of the vesting periods stated in the ltip , or the date the individual becomes eligible to retire . there are 11550 shares of class a common stock reserved for equity awards under the ltip . although the ltip permits the issuance of shares of class b common stock , no such shares have been reserved for issuance . shares issued as a result of option exercises and the conversions of rsus are expected to be funded with the issuance of new shares of class a common stock . stock options the fair value of each option is estimated on the date of grant using a black-scholes option pricing model . the following table presents the weighted-average assumptions used in the valuation and the resulting weighted- average fair value per option granted for the years ended december 31: .
1200920082007
2risk-free rate of return2.5% ( 2.5 % )3.2% ( 3.2 % )4.4% ( 4.4 % )
3expected term ( in years )6.176.256.25
4expected volatility41.7% ( 41.7 % )37.9% ( 37.9 % )30.9% ( 30.9 % )
5expected dividend yield0.4% ( 0.4 % )0.3% ( 0.3 % )0.6% ( 0.6 % )
6weighted-average fair value per option granted$ 71.03$ 78.54$ 41.03
the risk-free rate of return was based on the u.s . treasury yield curve in effect on the date of grant . the company utilizes the simplified method for calculating the expected term of the option based on the vesting terms and the contractual life of the option . the expected volatility for options granted during 2009 was based on the average of the implied volatility of mastercard and a blend of the historical volatility of mastercard and the historical volatility of a group of companies that management believes is generally comparable to mastercard . the expected volatility for options granted during 2008 was based on the average of the implied volatility of mastercard and the historical volatility of a group of companies that management believes is generally comparable to mastercard . as the company did not have sufficient publicly traded stock data historically , the expected volatility for options granted during 2007 was primarily based on the average of the historical and implied volatility of a group of companies that management believed was generally comparable to mastercard . the expected dividend yields were based on the company 2019s expected annual dividend rate on the date of grant. .","['2.5', '3.2', '-0.7', '-0.21875', '37.51', '41.03', '0.91421']" "['in the year of 2010, what percentage did the usage represent in relation to the total creditline?', 'and what portion of this creditline did the syndicated letter of credit facility represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: credit facilities as our bermuda subsidiaries are not admitted insurers and reinsurers in the u.s. , the terms of certain u.s . insurance and reinsurance contracts require them to provide collateral , which can be in the form of locs . in addition , ace global markets is required to satisfy certain u.s . regulatory trust fund requirements which can be met by the issuance of locs . locs may also be used for general corporate purposes and to provide underwriting capacity as funds at lloyd 2019s . the following table shows our main credit facilities by credit line , usage , and expiry date at december 31 , 2010 . ( in millions of u.s . dollars ) credit line ( 1 ) usage expiry date .
1( in millions of u.s . dollars )creditline ( 1 )usageexpiry date
2syndicated letter of credit facility$ 1000$ 574nov . 2012
3revolving credit/loc facility ( 2 )500370nov . 2012
4bilateral letter of credit facility500500sept . 2014
5funds at lloyds 2019s capital facilities ( 3 )400340dec . 2015
6total$ 2400$ 1784
( 1 ) certain facilities are guaranteed by operating subsidiaries and/or ace limited . ( 2 ) may also be used for locs . ( 3 ) supports ace global markets underwriting capacity for lloyd 2019s syndicate 2488 ( see discussion below ) . in november 2010 , we entered into four letter of credit facility agreements which collectively permit the issuance of up to $ 400 million of letters of credit . we expect that most of the locs issued under the loc agreements will be used to support the ongoing funds at lloyd 2019s requirements of syndicate 2488 , but locs may also be used for other general corporate purposes . it is anticipated that our commercial facilities will be renewed on expiry but such renewals are subject to the availability of credit from banks utilized by ace . in the event that such credit support is insufficient , we could be required to provide alter- native security to clients . this could take the form of additional insurance trusts supported by our investment portfolio or funds withheld using our cash resources . the value of letters of credit required is driven by , among other things , statutory liabilities reported by variable annuity guarantee reinsurance clients , loss development of existing reserves , the payment pattern of such reserves , the expansion of business , and loss experience of such business . the facilities in the table above require that we maintain certain covenants , all of which have been met at december 31 , 2010 . these covenants include : ( i ) maintenance of a minimum consolidated net worth in an amount not less than the 201cminimum amount 201d . for the purpose of this calculation , the minimum amount is an amount equal to the sum of the base amount ( currently $ 13.8 billion ) plus 25 percent of consolidated net income for each fiscal quarter , ending after the date on which the current base amount became effective , plus 50 percent of any increase in consolidated net worth during the same period , attributable to the issuance of common and preferred shares . the minimum amount is subject to an annual reset provision . ( ii ) maintenance of a maximum debt to total capitalization ratio of not greater than 0.35 to 1 . under this covenant , debt does not include trust preferred securities or mezzanine equity , except where the ratio of the sum of trust preferred securities and mezzanine equity to total capitalization is greater than 15 percent . in this circumstance , the amount greater than 15 percent would be included in the debt to total capitalization ratio . at december 31 , 2010 , ( a ) the minimum consolidated net worth requirement under the covenant described in ( i ) above was $ 14.5 billion and our actual consolidated net worth as calculated under that covenant was $ 21.6 billion and ( b ) our ratio of debt to total capitalization was 0.167 to 1 , which is below the maximum debt to total capitalization ratio of 0.35 to 1 as described in ( ii ) above . our failure to comply with the covenants under any credit facility would , subject to grace periods in the case of certain covenants , result in an event of default . this could require us to repay any outstanding borrowings or to cash collateralize locs under such facility . a failure by ace limited ( or any of its subsidiaries ) to pay an obligation due for an amount exceeding $ 50 million would result in an event of default under all of the facilities described above . ratings ace limited and its subsidiaries are assigned debt and financial strength ( insurance ) ratings from internationally recognized rating agencies , including s&p , a.m . best , moody 2019s investors service , and fitch . the ratings issued on our companies by these agencies are announced publicly and are available directly from the agencies . our internet site , www.acegroup.com .","['0.74333', '0.41667']" "['what is the sum of square footage for the new haven and lexington properties?', 'what is the square footage in bogart?', 'what is the total sum of those 3 locations?', 'what is the square footage of zurich?', 'what is the total sum?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 2 . properties . we conduct our primary operations at the owned and leased facilities described below . location operations conducted approximate square feet expiration new haven , connecticut corporate headquarters and executive , sales , research and development offices 514000 .
1locationoperations conductedapproximatesquare feetleaseexpirationdates
2new haven connecticutcorporate headquarters and executive sales research and development offices5140002030
3dublin irelandglobal supply chain distribution and administration offices215000owned
4lexington massachusettsresearch and development offices810002019
5bogart georgiacommercial research and development manufacturing700002024
6smithfield rhode islandcommercial research and development manufacturing67000owned
7zurich switzerlandregional executive and sales offices690002025
we believe that our administrative office space is adequate to meet our needs for the foreseeable future . we also believe that our research and development facilities and our manufacturing facility , together with third party manufacturing facilities , will be adequate for our on-going activities . in addition to the locations above , we also lease space in other u.s . locations and in foreign countries to support our operations as a global organization . as of december 31 , 2015 , we also leased approximately 254000 square feet in cheshire , connecticut , which was the previous location of our corporate headquarters and executive , sales , research and development offices . in december 2015 , we entered into an early termination of this lease and will occupy this space through may 2016 . in april 2014 , we purchased a fill/finish facility in athlone , ireland . following refurbishment of the facility , and after successful completion of the appropriate validation processes and regulatory approvals , the facility will become our first company-owned fill/finish and packaging facility for our commercial and clinical products . in may 2015 , we announced plans to construct a new biologics manufacturing facility on our existing property in dublin ireland , which is expected to be completed by 2020 . item 3 . legal proceedings . in may 2015 , we received a subpoena in connection with an investigation by the enforcement division of the sec requesting information related to our grant-making activities and compliance with the fcpa in various countries . the sec also seeks information related to alexion 2019s recalls of specific lots of soliris and related securities disclosures . in addition , in october 2015 , alexion received a request from the doj for the voluntary production of documents and other information pertaining to alexion's compliance with the fcpa . alexion is cooperating with these investigations . at this time , alexion is unable to predict the duration , scope or outcome of these investigations . given the ongoing nature of these investigations , management does not currently believe a loss related to these matters is probable or that the potential magnitude of such loss or range of loss , if any , can be reasonably estimated . item 4 . mine safety disclosures . not applicable. .","['595000.0', '70000.0', '665000.0', '69000.0', '734000.0']" "['during the year of 2020, what is the amount of square feet of the occupied space that will expire?', 'and what is the total square feet of the new buildings to be constructed in london and gurgaon, combined?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: class a ordinary shares of aon plc are , at present , eligible for deposit and clearing within the dtc system . in connection with the closing of the merger , we entered into arrangements with dtc whereby we agreed to indemnify dtc for any stamp duty and/or sdrt that may be assessed upon it as a result of its service as a depository and clearing agency for our class a ordinary shares . in addition , we have obtained a ruling from hmrc in respect of the stamp duty and sdrt consequences of the reorganization , and sdrt has been paid in accordance with the terms of this ruling in respect of the deposit of class a ordinary shares with the initial depository . dtc will generally have discretion to cease to act as a depository and clearing agency for the class a ordinary shares . if dtc determines at any time that the class a ordinary shares are not eligible for continued deposit and clearance within its facilities , then we believe the class a ordinary shares would not be eligible for continued listing on a u.s . securities exchange or inclusion in the s&p 500 and trading in the class a ordinary shares would be disrupted . while we would pursue alternative arrangements to preserve our listing and maintain trading , any such disruption could have a material adverse effect on the trading price of the class a ordinary shares . item 1b . unresolved staff comments . item 2 . properties . we have offices in various locations throughout the world . substantially all of our offices are located in leased premises . we maintain our corporate headquarters at 8 devonshire square , london , england , where we occupy approximately 225000 square feet of space under an operating lease agreement that expires in 2018 . we own one building at pallbergweg 2-4 , amsterdam , the netherlands ( 150000 square feet ) . the following are additional significant leased properties , along with the occupied square footage and expiration . property : occupied square footage expiration .
1property:occupiedsquare footageleaseexpiration dates
24 overlook point and other locations lincolnshire illinois12240002017 2013 2024
32601 research forest drive the woodlands texas4140002020
4dlf city and unitech cyber park gurgaon india4130002014 2013 2015
5200 e . randolph street chicago illinois3960002028
62300 discovery drive orlando florida3640002020
7199 water street new york new york3190002018
87201 hewitt associates drive charlotte north carolina2180002015
the locations in lincolnshire , illinois , the woodlands , texas , gurgaon , india , orlando , florida , and charlotte , north carolina , each of which were acquired as part of the hewitt acquisition in 2010 , are primarily dedicated to our hr solutions segment . the other locations listed above house personnel from both of our reportable segments . in november 2011 , aon entered into an agreement to lease 190000 square feet in a new building to be constructed in london , united kingdom . the agreement is contingent upon the completion of the building construction . aon expects to move into the new building in 2015 when it exercises an early break option at the devonshire square location . in september 2013 , aon entered into an agreement to lease up to 479000 square feet in a new building to be constructed in gurgaon , india . the agreement is contingent upon the completion of the building construction . aon expects to move into the new building in phases during 2014 and 2015 upon the expiration of the existing leases at the gurgaon locations . in general , no difficulty is anticipated in negotiating renewals as leases expire or in finding other satisfactory space if the premises become unavailable . we believe that the facilities we currently occupy are adequate for the purposes for which they are being used and are well maintained . in certain circumstances , we may have unused space and may seek to sublet such space to third parties , depending upon the demands for office space in the locations involved . see note 9 ""lease commitments"" of the notes to consolidated financial statements in part ii , item 8 of this report for information with respect to our lease commitments as of december 31 , 2013 . item 3 . legal proceedings . we hereby incorporate by reference note 16 ""commitments and contingencies"" of the notes to consolidated financial statements in part ii , item 8 of this report. .","['778000.0', '669000.0']" "['what was the value of the asset retirement obligations at the end of 2007?', 'what was the value of the asset retirement obligations at the start of 2007?', 'what was the net change during the year?', 'what was the percentage change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: marathon oil corporation notes to consolidated financial statements ( f ) this sale-leaseback financing arrangement relates to a lease of a slab caster at united states steel 2019s fairfield works facility in alabama . we are the primary obligor under this lease . under the financial matters agreement , united states steel has assumed responsibility for all obligations under this lease . this lease is an amortizing financing with a final maturity of 2012 , subject to additional extensions . ( g ) this obligation relates to a lease of equipment at united states steel 2019s clairton works cokemaking facility in pennsylvania . we are the primary obligor under this lease . under the financial matters agreement , united states steel has assumed responsibility for all obligations under this lease . this lease is an amortizing financing with a final maturity of 2012 . ( h ) marathon oil canada corporation had an 805 million canadian dollar revolving term credit facility which was secured by substantially all of marathon oil canada corporation 2019s assets and included certain financial covenants , including leverage and interest coverage ratios . in february 2008 , the outstanding balance was repaid and the facility was terminated . ( i ) these notes are senior secured notes of marathon oil canada corporation . the notes were secured by substantially all of marathon oil canada corporation 2019s assets . in january 2008 , we provided a full and unconditional guarantee covering the payment of all principal and interest due under the senior notes . ( j ) these obligations as of december 31 , 2008 include $ 126 million related to assets under construction at that date for which capital leases or sale-leaseback financings will commence upon completion of construction . the amounts currently reported are based upon the percent of construction completed as of december 31 , 2008 and therefore do not reflect future minimum lease obligations of $ 209 million . ( k ) payments of long-term debt for the years 2009 2013 2013 are $ 99 million , $ 98 million , $ 257 million , $ 1487 million and $ 279 million . of these amounts , payments assumed by united states steel are $ 15 million , $ 17 million , $ 161 million , $ 19 million and zero . ( l ) in the event of a change in control , as defined in the related agreements , debt obligations totaling $ 669 million at december 31 , 2008 , may be declared immediately due and payable . ( m ) see note 17 for information on interest rate swaps . on february 17 , 2009 , we issued $ 700 million aggregate principal amount of senior notes bearing interest at 6.5 percent with a maturity date of february 15 , 2014 and $ 800 million aggregate principal amount of senior notes bearing interest at 7.5 percent with a maturity date of february 15 , 2019 . interest on both issues is payable semi- annually beginning august 15 , 2009 . 21 . asset retirement obligations the following summarizes the changes in asset retirement obligations : ( in millions ) 2008 2007 .
1( in millions )20082007
2asset retirement obligations as of january 1$ 1134$ 1044
3liabilities incurred including acquisitions3060
4liabilities settled-94 ( 94 )-10 ( 10 )
5accretion expense ( included in depreciation depletion and amortization )6661
6revisions to previous estimates24-17 ( 17 )
7held for sale ( a )-195 ( 195 )2013
8deconsolidation of egholdings2013-4 ( 4 )
9asset retirement obligations as of december 31 ( b )$ 965$ 1134
asset retirement obligations as of december 31 ( b ) $ 965 $ 1134 ( a ) see note 7 for information related to our assets held for sale . ( b ) includes asset retirement obligation of $ 2 and $ 3 million classified as short-term at december 31 , 2008 , and 2007. .","['1134.0', '1044.0', '90.0', '0.08621']" "['what is the number of shares available under the 2014 incentive plan?', 'and what is it for the the 2009 one?', 'what is, then, the total number of shares available under both plans?', 'and including the 2006 employee stock purchase plan, what becomes this total?', 'and from this total, what is the number of shares to be issued upon exercise of outstanding options warrants and right?', 'what is value of each of those shares?', 'what is, then, the total value of all of those shares?', 'and how much is that in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part iii item 10 . directors , executive officers and corporate governance the information required by this item is incorporated by reference to the 201celection of directors 201d section , the 201cdirector selection process 201d section , the 201ccode of conduct 201d section , the 201cprincipal committees of the board of directors 201d section , the 201caudit committee 201d section and the 201csection 16 ( a ) beneficial ownership reporting compliance 201d section of the proxy statement for the annual meeting of stockholders to be held on may 21 , 2015 ( the 201cproxy statement 201d ) , except for the description of our executive officers , which appears in part i of this report on form 10-k under the heading 201cexecutive officers of ipg . 201d new york stock exchange certification in 2014 , our chief executive officer provided the annual ceo certification to the new york stock exchange , as required under section 303a.12 ( a ) of the new york stock exchange listed company manual . item 11 . executive compensation the information required by this item is incorporated by reference to the 201cexecutive compensation 201d section , the 201cnon- management director compensation 201d section , the 201ccompensation discussion and analysis 201d section and the 201ccompensation and leadership talent committee report 201d section of the proxy statement . item 12 . security ownership of certain beneficial owners and management and related stockholder matters the information required by this item is incorporated by reference to the 201coutstanding shares and ownership of common stock 201d section of the proxy statement , except for information regarding the shares of common stock to be issued or which may be issued under our equity compensation plans as of december 31 , 2014 , which is provided in the following table . equity compensation plan information plan category number of shares of common stock to be issued upon exercise of outstanding options , warrants and rights ( a ) 123 weighted-average exercise price of outstanding stock options number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders . . . . . . . . . . . . . . . . . . . 15563666 9.70 41661517 equity compensation plans not approved by security holders . . . . . . . . . . . . . . . . . none 1 included a total of 5866475 performance-based share awards made under the 2009 and 2014 performance incentive plans representing the target number of shares of common stock to be issued to employees following the completion of the 2012-2014 performance period ( the 201c2014 ltip share awards 201d ) , the 2013-2015 performance period ( the 201c2015 ltip share awards 201d ) and the 2014-2016 performance period ( the 201c2016 ltip share awards 201d ) , respectively . the computation of the weighted-average exercise price in column ( b ) of this table does not take the 2014 ltip share awards , the 2015 ltip share awards or the 2016 ltip share awards into account . 2 included a total of 98877 restricted share units and performance-based awards ( 201cshare unit awards 201d ) which may be settled in shares of common stock or cash . the computation of the weighted-average exercise price in column ( b ) of this table does not take the share unit awards into account . each share unit award actually settled in cash will increase the number of shares of common stock available for issuance shown in column ( c ) . 3 ipg has issued restricted cash awards ( 201cperformance cash awards 201d ) , half of which shall be settled in shares of common stock and half of which shall be settled in cash . using the 2014 closing stock price of $ 20.77 , the awards which shall be settled in shares of common stock represent rights to an additional 2721405 shares . these shares are not included in the table above . 4 included ( i ) 29045044 shares of common stock available for issuance under the 2014 performance incentive plan , ( ii ) 12181214 shares of common stock available for issuance under the employee stock purchase plan ( 2006 ) and ( iii ) 435259 shares of common stock available for issuance under the 2009 non-management directors 2019 stock incentive plan. .
1plan categorynumber of shares of common stock to be issued upon exercise of outstanding options warrants and rights ( a ) 123weighted-average exercise price of outstanding stock options ( b )number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ) 4
2equity compensation plans approved by security holders155636669.7041661517
3equity compensation plans not approved by security holdersnone
part iii item 10 . directors , executive officers and corporate governance the information required by this item is incorporated by reference to the 201celection of directors 201d section , the 201cdirector selection process 201d section , the 201ccode of conduct 201d section , the 201cprincipal committees of the board of directors 201d section , the 201caudit committee 201d section and the 201csection 16 ( a ) beneficial ownership reporting compliance 201d section of the proxy statement for the annual meeting of stockholders to be held on may 21 , 2015 ( the 201cproxy statement 201d ) , except for the description of our executive officers , which appears in part i of this report on form 10-k under the heading 201cexecutive officers of ipg . 201d new york stock exchange certification in 2014 , our chief executive officer provided the annual ceo certification to the new york stock exchange , as required under section 303a.12 ( a ) of the new york stock exchange listed company manual . item 11 . executive compensation the information required by this item is incorporated by reference to the 201cexecutive compensation 201d section , the 201cnon- management director compensation 201d section , the 201ccompensation discussion and analysis 201d section and the 201ccompensation and leadership talent committee report 201d section of the proxy statement . item 12 . security ownership of certain beneficial owners and management and related stockholder matters the information required by this item is incorporated by reference to the 201coutstanding shares and ownership of common stock 201d section of the proxy statement , except for information regarding the shares of common stock to be issued or which may be issued under our equity compensation plans as of december 31 , 2014 , which is provided in the following table . equity compensation plan information plan category number of shares of common stock to be issued upon exercise of outstanding options , warrants and rights ( a ) 123 weighted-average exercise price of outstanding stock options number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders . . . . . . . . . . . . . . . . . . . 15563666 9.70 41661517 equity compensation plans not approved by security holders . . . . . . . . . . . . . . . . . none 1 included a total of 5866475 performance-based share awards made under the 2009 and 2014 performance incentive plans representing the target number of shares of common stock to be issued to employees following the completion of the 2012-2014 performance period ( the 201c2014 ltip share awards 201d ) , the 2013-2015 performance period ( the 201c2015 ltip share awards 201d ) and the 2014-2016 performance period ( the 201c2016 ltip share awards 201d ) , respectively . the computation of the weighted-average exercise price in column ( b ) of this table does not take the 2014 ltip share awards , the 2015 ltip share awards or the 2016 ltip share awards into account . 2 included a total of 98877 restricted share units and performance-based awards ( 201cshare unit awards 201d ) which may be settled in shares of common stock or cash . the computation of the weighted-average exercise price in column ( b ) of this table does not take the share unit awards into account . each share unit award actually settled in cash will increase the number of shares of common stock available for issuance shown in column ( c ) . 3 ipg has issued restricted cash awards ( 201cperformance cash awards 201d ) , half of which shall be settled in shares of common stock and half of which shall be settled in cash . using the 2014 closing stock price of $ 20.77 , the awards which shall be settled in shares of common stock represent rights to an additional 2721405 shares . these shares are not included in the table above . 4 included ( i ) 29045044 shares of common stock available for issuance under the 2014 performance incentive plan , ( ii ) 12181214 shares of common stock available for issuance under the employee stock purchase plan ( 2006 ) and ( iii ) 435259 shares of common stock available for issuance under the 2009 non-management directors 2019 stock incentive plan. .","['29045044.0', '12181214.0', '41226258.0', '41661517.0', '15563666.0', '9.7', '150967560.2', '150.96756']" "['what portion of total obligations is related to long-term debt?', 'what about the portion related to lease obligations?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the company consolidates the assets and liabilities of several entities from which it leases office buildings and corporate aircraft . these entities have been determined to be variable interest entities and the company has been determined to be the primary beneficiary of these entities . due to the consolidation of these entities , the company reflects in its balance sheet : property , plant and equipment of $ 156 million and $ 183 million , other assets of $ 14 million and $ 12 million , long-term debt of $ 150 million ( including current maturities of $ 6 million ) and $ 192 million ( including current maturities of $ 8 million ) , minority interest liabilities of $ 22 million and $ 6 million , and other accrued liabilities of $ 1 million and $ 0 , as of may 27 , 2007 and may 28 , 2006 , respectively . the liabilities recognized as a result of consolidating these entities do not represent additional claims on the general assets of the company . the creditors of these entities have claims only on the assets of the specific variable interest entities . obligations and commitments as part of its ongoing operations , the company enters into arrangements that obligate the company to make future payments under contracts such as debt agreements , lease agreements , and unconditional purchase obligations ( i.e. , obligations to transfer funds in the future for fixed or minimum quantities of goods or services at fixed or minimum prices , such as 201ctake-or-pay 201d contracts ) . the unconditional purchase obligation arrangements are entered into by the company in its normal course of business in order to ensure adequate levels of sourced product are available to the company . capital lease and debt obligations , which totaled $ 3.6 billion at may 27 , 2007 , are currently recognized as liabilities in the company 2019s consolidated balance sheet . operating lease obligations and unconditional purchase obligations , which totaled $ 645 million at may 27 , 2007 , are not recognized as liabilities in the company 2019s consolidated balance sheet , in accordance with generally accepted accounting principles . a summary of the company 2019s contractual obligations at the end of fiscal 2007 is as follows ( including obligations of discontinued operations ) : .
1( $ in millions ) contractual obligations( $ in millions ) total( $ in millions ) less than 1 year( $ in millions ) 1-3 years( $ in millions ) 3-5 yearsafter 5 years
2long-term debt$ 3575.4$ 18.2$ 48.5$ 1226.9$ 2281.8
3lease obligations456.679.4137.392.4147.5
4purchase obligations188.457.569.059.02.9
5total$ 4220.4$ 155.1$ 254.8$ 1378.3$ 2432.2
the company 2019s total obligations of approximately $ 4.2 billion reflect a decrease of approximately $ 237 million from the company 2019s 2006 fiscal year-end . the decrease was due primarily to a reduction of lease obligations in connection with the sale of the packaged meats operations . the company is also contractually obligated to pay interest on its long-term debt obligations . the weighted average interest rate of the long-term debt obligations outstanding as of may 27 , 2007 was approximately 7.2%. .","['0.84717', '0.10819']" "['what was the weighted-average grant date fair value of stock options in 2010?', 'and what was it in 2009?', 'what was, then, the change over the year?', 'what was the weighted-average grant date fair value of stock options in 2009?', 'and how much does that change represent in relation to this 2009 fair value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: tax benefits recognized for stock-based compensation during the years ended december 31 , 2011 , 2010 and 2009 , were $ 16 million , $ 6 million and $ 5 million , respectively . the amount of northrop grumman shares issued before the spin-off to satisfy stock-based compensation awards are recorded by northrop grumman and , accordingly , are not reflected in hii 2019s consolidated financial statements . the company realized tax benefits during the year ended december 31 , 2011 , of $ 2 million from the exercise of stock options and $ 10 million from the issuance of stock in settlement of rpsrs and rsrs . unrecognized compensation expense at december 31 , 2011 there was $ 1 million of unrecognized compensation expense related to unvested stock option awards , which will be recognized over a weighted average period of 1.1 years . in addition , at december 31 , 2011 , there was $ 19 million of unrecognized compensation expense associated with the 2011 rsrs , which will be recognized over a period of 2.2 years ; $ 10 million of unrecognized compensation expense associated with the rpsrs converted as part of the spin-off , which will be recognized over a weighted average period of one year ; and $ 18 million of unrecognized compensation expense associated with the 2011 rpsrs which will be recognized over a period of 2.0 years . stock options the compensation expense for the outstanding converted stock options was determined at the time of grant by northrop grumman . there were no additional options granted during the year ended december 31 , 2011 . the fair value of the stock option awards is expensed on a straight-line basis over the vesting period of the options . the fair value of each of the stock option award was estimated on the date of grant using a black-scholes option pricing model based on the following assumptions : dividend yield 2014the dividend yield was based on northrop grumman 2019s historical dividend yield level . volatility 2014expected volatility was based on the average of the implied volatility from traded options and the historical volatility of northrop grumman 2019s stock . risk-free interest rate 2014the risk-free rate for periods within the contractual life of the stock option award was based on the yield curve of a zero-coupon u.s . treasury bond on the date the award was granted with a maturity equal to the expected term of the award . expected term 2014the expected term of awards granted was derived from historical experience and represents the period of time that awards granted are expected to be outstanding . a stratification of expected terms based on employee populations ( executive and non-executive ) was considered in the analysis . the following significant weighted-average assumptions were used to value stock options granted during the years ended december 31 , 2010 and 2009: .
120102009
2dividend yield2.9% ( 2.9 % )3.6% ( 3.6 % )
3volatility rate25% ( 25 % )25% ( 25 % )
4risk-free interest rate2.3% ( 2.3 % )1.7% ( 1.7 % )
5expected option life ( years )65 & 6
the weighted-average grant date fair value of stock options granted during the years ended december 31 , 2010 and 2009 , was $ 11 and $ 7 , per share , respectively. .","['11.0', '7.0', '4.0', '7.0', '0.57143']" "['what is the value of an investment in s&p500 in 2011?', 'what is the change in the value of this investment from 2010 to 2011?', 'what roi does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's compensation survey group and the s&p 500 index . the graph assumes the investment of $ 100 as of december 31 , 2010 , in pmi common stock ( at prices quoted on the new york stock exchange ) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis . date pmi pmi compensation survey group ( 12 ) s&p 500 index .
1datepmipmi compensation survey group ( 12 )s&p 500 index
2december 31 2010$ 100.00$ 100.00$ 100.00
3december 31 2011$ 139.80$ 114.10$ 102.10
4december 31 2012$ 154.60$ 128.00$ 118.50
5december 31 2013$ 167.70$ 163.60$ 156.80
6december 31 2014$ 164.20$ 170.10$ 178.30
7december 31 2015$ 186.20$ 179.20$ 180.80
( 1 ) the pmi compensation survey group consists of the following companies with substantial global sales that are direct competitors ; or have similar market capitalization ; or are primarily focused on consumer products ( excluding high technology and financial services ) ; and are companies for which comparative executive compensation data are readily available : bayer ag , british american tobacco p.l.c. , the coca-cola company , diageo plc , glaxosmithkline , heineken n.v. , imperial brands plc ( formerly , imperial tobacco group plc ) , johnson & johnson , mcdonald's corp. , international , inc. , nestl e9 s.a. , novartis ag , pepsico , inc. , pfizer inc. , roche holding ag , unilever nv and plc and vodafone group plc . ( 2 ) on october 1 , 2012 , international , inc . ( nasdaq : mdlz ) , formerly kraft foods inc. , announced that it had completed the spin-off of its north american grocery business , kraft foods group , inc . ( nasdaq : krft ) . international , inc . was retained in the pmi compensation survey group index because of its global footprint . the pmi compensation survey group index total cumulative return calculation weights international , inc.'s total shareholder return at 65% ( 65 % ) of historical kraft foods inc.'s market capitalization on december 31 , 2010 , based on international , inc.'s initial market capitalization relative to the combined market capitalization of international , inc . and kraft foods group , inc . on october 2 , 2012 . note : figures are rounded to the nearest $ 0.10. .","['102.1', '2.1', '0.021']" "['as of december 31, 2008, what portion of the total owned and leased capability was used by entergy arkansas?', 'and what percentage of it was due to nuclear?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part i item 1 entergy corporation , utility operating companies , and system energy louisiana parishes in which it holds non-exclusive franchises . entergy louisiana's electric franchises expire during 2009-2036 . entergy mississippi has received from the mpsc certificates of public convenience and necessity to provide electric service to areas within 45 counties , including a number of municipalities , in western mississippi . under mississippi statutory law , such certificates are exclusive . entergy mississippi may continue to serve in such municipalities upon payment of a statutory franchise fee , regardless of whether an original municipal franchise is still in existence . entergy new orleans provides electric and gas service in the city of new orleans pursuant to city ordinances ( except electric service in algiers , which is provided by entergy louisiana ) . these ordinances contain a continuing option for the city of new orleans to purchase entergy new orleans' electric and gas utility properties . entergy texas holds a certificate of convenience and necessity from the puct to provide electric service to areas within approximately 24 counties in eastern texas , and holds non-exclusive franchises to provide electric service in approximately 65 incorporated municipalities . entergy texas typically is granted 50-year franchises . entergy texas' electric franchises expire during 2009-2045 . the business of system energy is limited to wholesale power sales . it has no distribution franchises . property and other generation resources generating stations the total capability of the generating stations owned and leased by the utility operating companies and system energy as of december 31 , 2008 , is indicated below: .
1companyowned and leased capability mw ( 1 ) totalowned and leased capability mw ( 1 ) gas/oilowned and leased capability mw ( 1 ) nuclearowned and leased capability mw ( 1 ) coalowned and leased capability mw ( 1 ) hydro
2entergy arkansas499918831839120770
3entergy gulf states louisiana35742240971363-
4entergy louisiana585446851169--
5entergy mississippi32242804-420-
6entergy new orleans745745---
7entergy texas25432274-269-
8system energy1139-1139--
9total22078146315118225970
( 1 ) ""owned and leased capability"" is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel ( assuming no curtailments ) that each station was designed to utilize . the entergy system's load and capacity projections are reviewed periodically to assess the need and timing for additional generating capacity and interconnections . these reviews consider existing and projected demand , the availability and price of power , the location of new load , and the economy . summer peak load in the entergy system service territory has averaged 21039 mw from 2002-2008 . due to changing use patterns , peak load growth has nearly flattened while annual energy use continues to grow . in the 2002 time period , the entergy system's long-term capacity resources , allowing for an adequate reserve margin , were approximately 3000 mw less than the total capacity required for peak period demands . in this time period entergy met its capacity shortages almost entirely through short-term power purchases in the wholesale spot market . in the fall of 2002 , the entergy system began a program to add new resources to its existing generation portfolio and began a process of issuing .","['0.22642', '0.23181']" "['what was the value of the s&p 500 in 2015?', 'what is that less 100?', 'what is that value divided by 100?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 28 , 2012 through october 29 , 2017 . this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period . the comparison assumes $ 100 was invested on october 28 , 2012 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any . dollar amounts in the graph are rounded to the nearest whole dollar . the performance shown in the graph represents past performance and should not be considered an indication of future performance . comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index and the rdg semiconductor composite index *assumes $ 100 invested on 10/28/12 in stock or 10/31/12 in index , including reinvestment of dividends . indexes calculated on month-end basis . copyright a9 2017 standard & poor 2019s , a division of s&p global . all rights reserved. .
110/28/201210/27/201310/26/201410/25/201510/30/201610/29/2017
2applied materials100.00171.03207.01165.34293.64586.91
3s&p 500 index100.00127.18149.14156.89163.97202.72
4rdg semiconductor composite index100.00131.94167.25160.80193.36288.96
dividends during each of fiscal 2017 , 2016 and 2015 , applied 2019s board of directors declared four quarterly cash dividends in the amount of $ 0.10 per share . applied currently anticipates that cash dividends will continue to be paid on a quarterly basis , although the declaration of any future cash dividend is at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination by the board of directors that cash dividends are in the best interests of applied 2019s stockholders . 10/28/12 10/27/13 10/26/14 10/25/15 10/30/16 10/29/17 applied materials , inc . s&p 500 rdg semiconductor composite .","['156.89', '56.89', '0.5689']" "['what was the change in amortization expense related to intangible assets from 2017 to 2018, in millions?', 'and how much does this change represent in relation to the total amortization expense related to intangible assets in 2017?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 92 | 2017 form 10-k finite-lived intangible assets are amortized over their estimated useful lives and tested for impairment if events or changes in circumstances indicate that the asset may be impaired . in 2016 , gross customer relationship intangibles of $ 96 million and related accumulated amortization of $ 27 million as well as gross intellectual property intangibles of $ 111 million and related accumulated amortization of $ 48 million from the resource industries segment were impaired . the fair value of these intangibles was determined to be insignificant based on an income approach using expected cash flows . the fair value determination is categorized as level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs . the total impairment of $ 132 million was a result of restructuring activities and is included in other operating ( income ) expense in statement 1 . see note 25 for information on restructuring costs . amortization expense related to intangible assets was $ 323 million , $ 326 million and $ 337 million for 2017 , 2016 and 2015 , respectively . as of december 31 , 2017 , amortization expense related to intangible assets is expected to be : ( millions of dollars ) .
120182019202020212022thereafter
2$ 322$ 316$ 305$ 287$ 268$ 613
b . goodwill there were no goodwill impairments during 2017 or 2015 . our annual impairment tests completed in the fourth quarter of 2016 indicated the fair value of each reporting unit was substantially above its respective carrying value , including goodwill , with the exception of our surface mining & technology reporting unit . the surface mining & technology reporting unit , which primarily serves the mining industry , is a part of our resource industries segment . the goodwill assigned to this reporting unit is largely from our acquisition of bucyrus international , inc . in 2011 . its product portfolio includes large mining trucks , electric rope shovels , draglines , hydraulic shovels and related parts . in addition to equipment , surface mining & technology also develops and sells technology products and services to provide customer fleet management , equipment management analytics and autonomous machine capabilities . the annual impairment test completed in the fourth quarter of 2016 indicated that the fair value of surface mining & technology was below its carrying value requiring the second step of the goodwill impairment test process . the fair value of surface mining & technology was determined primarily using an income approach based on a discounted ten year cash flow . we assigned the fair value to surface mining & technology 2019s assets and liabilities using various valuation techniques that required assumptions about royalty rates , dealer attrition , technological obsolescence and discount rates . the resulting implied fair value of goodwill was below the carrying value . accordingly , we recognized a goodwill impairment charge of $ 595 million , which resulted in goodwill of $ 629 million remaining for surface mining & technology as of october 1 , 2016 . the fair value determination is categorized as level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs . there was a $ 17 million tax benefit associated with this impairment charge. .","['-1.0', '-0.0031']" "['what were asian industrial net packaging sales in 2013?', 'what were they in 2012?', 'what is the sum?', 'what were the sales in 2011?', 'what are total sales for the 3 years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: million excluding a gain on a bargain purchase price adjustment on the acquisition of a majority share of our operations in turkey and restructuring costs ) compared with $ 53 million ( $ 72 million excluding restructuring costs ) in 2012 and $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our then joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 . sales volumes in 2013 were higher than in 2012 reflecting strong demand for packaging in the agricultural markets in morocco and turkey . in europe , sales volumes decreased slightly due to continuing weak demand for packaging in the industrial markets , and lower demand for packaging in the agricultural markets resulting from poor weather conditions . average sales margins were significantly lower due to input costs for containerboard rising ahead of box sales price increases . other input costs were also higher , primarily for energy . operating profits in 2013 and 2012 included net gains of $ 13 million and $ 10 million , respectively , for insurance settlements and italian government grants , partially offset by additional operating costs , related to the earthquakes in northern italy in may 2012 which affected our san felice box plant . entering the first quarter of 2014 , sales volumes are expected to increase slightly reflecting higher demand for packaging in the industrial markets . average sales margins are expected to gradually improve as a result of slight reductions in material costs and planned box price increases . other input costs should be about flat . brazilian industrial packaging includes the results of orsa international paper embalagens s.a. , a corrugated packaging producer in which international paper acquired a 75% ( 75 % ) share in january 2013 . net sales were $ 335 million in 2013 . operating profits in 2013 were a loss of $ 2 million ( a gain of $ 2 million excluding acquisition and integration costs ) . looking ahead to the first quarter of 2014 , sales volumes are expected to be seasonally lower than in the fourth quarter of 2013 . average sales margins should improve reflecting the partial implementation of an announced sales price increase and a more favorable product mix . operating costs and input costs are expected to be lower . asian industrial packaging net sales were $ 400 million in 2013 compared with $ 400 million in 2012 and $ 410 million in 2011 . operating profits for the packaging operations were a loss of $ 5 million in 2013 ( a loss of $ 1 million excluding restructuring costs ) compared with gains of $ 2 million in 2012 and $ 2 million in 2011 . operating profits were favorably impacted in 2013 by higher average sales margins and slightly higher sales volumes compared with 2012 , but these benefits were offset by higher operating costs . looking ahead to the first quarter of 2014 , sales volumes and average sales margins are expected to be seasonally soft . net sales for the distribution operations were $ 285 million in 2013 compared with $ 260 million in 2012 and $ 285 million in 2011 . operating profits were $ 3 million in 2013 , 2012 and 2011 . printing papers demand for printing papers products is closely correlated with changes in commercial printing and advertising activity , direct mail volumes and , for uncoated cut-size products , with changes in white- collar employment levels that affect the usage of copy and laser printer paper . pulp is further affected by changes in currency rates that can enhance or disadvantage producers in different geographic regions . principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs . printing papers net sales for 2013 were about flat with both 2012 and 2011 . operating profits in 2013 were 55% ( 55 % ) lower than in 2012 and 69% ( 69 % ) lower than in 2011 . excluding facility closure costs and impairment costs , operating profits in 2013 were 15% ( 15 % ) lower than in 2012 and 40% ( 40 % ) lower than in 2011 . benefits from lower operating costs ( $ 81 million ) and lower maintenance outage costs ( $ 17 million ) were more than offset by lower average sales price realizations ( $ 38 million ) , lower sales volumes ( $ 14 million ) , higher input costs ( $ 99 million ) and higher other costs ( $ 34 million ) . in addition , operating profits in 2013 included costs of $ 118 million associated with the announced closure of our courtland , alabama mill . during 2013 , the company accelerated depreciation for certain courtland assets , and diligently evaluated certain other assets for possible alternative uses by one of our other businesses . the net book value of these assets at december 31 , 2013 was approximately $ 470 million . during 2014 , we have continued our evaluation and expect to conclude as to any uses for these assets during the first quarter of 2014 . operating profits also included a $ 123 million impairment charge associated with goodwill and a trade name intangible asset in our india papers business . operating profits in 2011 included a $ 24 million gain related to the announced repurposing of our franklin , virginia mill to produce fluff pulp and an $ 11 million impairment charge related to our inverurie , scotland mill that was closed in 2009 . printing papers .
1in millions201320122011
2sales$ 6205$ 6230$ 6215
3operating profit271599872
north american printing papers net sales were $ 2.6 billion in 2013 , $ 2.7 billion in 2012 and $ 2.8 billion in 2011. .","['400.0', '400.0', '800.0', '410.0', '1210.0']" "['what is the sum of 2017 and 2018 compensation expense recognized?', 'what is the total sum including 2016?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to the audited consolidated financial statements director stock compensation subplan eastman's 2018 director stock compensation subplan ( ""directors' subplan"" ) , a component of the 2017 omnibus plan , remains in effect until terminated by the board of directors or the earlier termination of the 2017 omnibus plan . the directors' subplan provides for structured awards of restricted shares to non-employee members of the board of directors . restricted shares awarded under the directors' subplan are subject to the same terms and conditions of the 2017 omnibus plan . the directors' subplan does not constitute a separate source of shares for grant of equity awards and all shares awarded are part of the 10 million shares authorized under the 2017 omnibus plan . shares of restricted stock are granted on the first day of a non- employee director's initial term of service and shares of restricted stock are granted each year to each non-employee director on the date of the annual meeting of stockholders . it has been the company's practice to issue new shares rather than treasury shares for equity awards for compensation plans , including the 2017 omnibus plan and the directors' subplan , that require settlement by the issuance of common stock and to withhold or accept back shares awarded to cover the related income tax obligations of employee participants . shares of unrestricted common stock owned by non-employee directors are not eligible to be withheld or acquired to satisfy the withholding obligation related to their income taxes . shares of unrestricted common stock owned by specified senior management level employees are accepted by the company to pay the exercise price of stock options in accordance with the terms and conditions of their awards . compensation expense for 2018 , 2017 , and 2016 , total share-based compensation expense ( before tax ) of approximately $ 64 million , $ 52 million , and $ 36 million , respectively , was recognized in ""selling , general and administrative expense"" in the consolidated statements of earnings , comprehensive income and retained earnings for all share-based awards of which approximately $ 9 million , $ 8 million , and $ 7 million , respectively , related to stock options . the compensation expense is recognized over the substantive vesting period , which may be a shorter time period than the stated vesting period for qualifying termination eligible employees as defined in the forms of award notice . approximately $ 3 million for 2018 , and $ 2 million for both 2017 and 2016 , of stock option compensation expense was recognized each year due to qualifying termination eligibility preceding the requisite vesting period . stock option awards options have been granted on an annual basis to non-employee directors under the directors' subplan and predecessor plans and by the compensation and management development committee of the board of directors under the 2017 omnibus plan and predecessor plans to employees . option awards have an exercise price equal to the closing price of the company's stock on the date of grant . the term of options is 10 years with vesting periods that vary up to three years . vesting usually occurs ratably over the vesting period or at the end of the vesting period . the company utilizes the black scholes merton option valuation model which relies on certain assumptions to estimate an option's fair value . the weighted average assumptions used in the determination of fair value for stock options awarded in 2018 , 2017 , and 2016 are provided in the table below: .
1assumptions201820172016
2expected volatility rate19.03% ( 19.03 % )20.45% ( 20.45 % )23.71% ( 23.71 % )
3expected dividend yield2.48% ( 2.48 % )2.64% ( 2.64 % )2.31% ( 2.31 % )
4average risk-free interest rate2.61% ( 2.61 % )1.91% ( 1.91 % )1.23% ( 1.23 % )
5expected term years5.15.05.0
the volatility rate of grants is derived from historical company common stock price volatility over the same time period as the expected term of each stock option award . the volatility rate is derived by mathematical formula utilizing the weekly high closing stock price data over the expected term . the expected dividend yield is calculated using the company's average of the last four quarterly dividend yields . the average risk-free interest rate is derived from united states department of treasury published interest rates of daily yield curves for the same time period as the expected term. .","['5.0', '7.0']" "['what is the number of liquid terminals?', 'what is number of bulk terminals?', 'what is the sum of those terminals?', 'what is the number of jones act tankers?', 'what is the total number of terminals and jones act tankers?', 'what is the number of bulk terminals divided by the total number of terminals and jones act tankers?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: ( c ) effective january 1 , 2019 , these assets were transferred from the products pipelines business segment to the natural gas pipelines business segment . ( d ) effective january 1 , 2019 , a small number of terminals were transferred between the products pipelines and terminals business segments . competition our products pipelines 2019 pipeline operations compete against proprietary pipelines owned and operated by major oil companies , other independent products pipelines , trucking and marine transportation firms ( for short-haul movements of products ) and railcars . our products pipelines 2019 terminal operations compete with proprietary terminals owned and operated by major oil companies and other independent terminal operators , and our transmix operations compete with refineries owned by major oil companies and independent transmix facilities . terminals our terminals business segment includes the operations of our refined petroleum product , crude oil , chemical , ethanol and other liquid terminal facilities ( other than those included in the products pipelines business segment ) and all of our petroleum coke , metal and ores facilities . our terminals are located throughout the u.s . and in portions of canada . we believe the location of our facilities and our ability to provide flexibility to customers help attract new and retain existing customers at our terminals and provide expansion opportunities . we often classify our terminal operations based on the handling of either liquids or dry-bulk material products . in addition , terminals 2019 marine operations include jones act-qualified product tankers that provide marine transportation of crude oil , condensate and refined petroleum products between u.s . ports . the following summarizes our terminals business segment assets , as of december 31 , 2018 : number capacity ( mmbbl ) .
1numbercapacity ( mmbbl )
2liquids terminals ( a )5289.6
3bulk terminals342014
4jones act tankers165.3
_______ ( a ) effective january 1 , 2019 , a small number of terminals were transferred between the terminals and products pipelines business segments . competition we are one of the largest independent operators of liquids terminals in north america , based on barrels of liquids terminaling capacity . our liquids terminals compete with other publicly or privately held independent liquids terminals , and terminals owned by oil , chemical , pipeline , and refining companies . our bulk terminals compete with numerous independent terminal operators , terminals owned by producers and distributors of bulk commodities , stevedoring companies and other industrial companies opting not to outsource terminaling services . in some locations , competitors are smaller , independent operators with lower cost structures . our jones act-qualified product tankers compete with other jones act qualified vessel fleets . our co2 business segment produces , transports , and markets co2 for use in enhanced oil recovery projects as a flooding medium for recovering crude oil from mature oil fields . our co2 pipelines and related assets allow us to market a complete package of co2 supply and transportation services to our customers . we also hold ownership interests in several oil-producing fields and own a crude oil pipeline , all located in the permian basin region of west texas. .","['52.0', '34.0', '86.0', '16.0', '102.0', '0.5098']" "[""what was the change in inventories' affect on cash flow from operations with fifo net in 2016?"", 'how is the cash flow from operations affected by the increase in inventories at lifo net in 2016?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: advance auto parts , inc . and subsidiaries notes to the consolidated financial statements december 31 , 2016 , january 2 , 2016 and january 3 , 2015 ( in thousands , except per share data ) 2 . inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 89% ( 89 % ) of inventories at both december 31 , 2016 and january 2 , 2016 . under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in 2016 and prior years . as a result of utilizing lifo , the company recorded a reduction to cost of sales of $ 40711 and $ 42295 in 2016 and 2015 , respectively , and an increase to cost of sales of $ 8930 in 2014 . historically , the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased as the company has been able to leverage its continued growth and execution of merchandise strategies . the increase in cost of sales for 2014 was the result of an increase in supply chain costs . product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries and the inventory of certain subsidiaries , which are valued under the first-in , first-out ( 201cfifo 201d ) method . product cores are included as part of the company 2019s merchandise costs and are either passed on to the customer or returned to the vendor . because product cores are not subject to frequent cost changes like the company 2019s other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method . inventory overhead costs purchasing and warehousing costs included in inventory as of december 31 , 2016 and january 2 , 2016 , were $ 395240 and $ 359829 , respectively . inventory balance and inventory reserves inventory balances at the end of 2016 and 2015 were as follows : december 31 , january 2 .
1december 312016january 22016
2inventories at fifo net$ 4120030$ 4009641
3adjustments to state inventories at lifo205838165127
4inventories at lifo net$ 4325868$ 4174768
inventory quantities are tracked through a perpetual inventory system . the company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of merchandise and core inventory . in its distribution centers and branches , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of merchandise and product core inventory . reserves for estimated shrink are established based on the results of physical inventories conducted by the company and other targeted inventory counts in its stores , results from recent cycle counts in its distribution facilities and historical and current loss trends . the company also establishes reserves for potentially excess and obsolete inventories based on ( i ) current inventory levels , ( ii ) the historical analysis of product sales and ( iii ) current market conditions . the company has return rights with many of its vendors and the majority of excess inventory is returned to its vendors for full credit . in certain situations , the company establishes reserves when less than full credit is expected from a vendor or when liquidating product will result in retail prices below recorded costs. .","['-110389.0', '-151100.0']" "['in 2006, what percentage of total inventories was made of raw materials and packaging?', 'and in 2007?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 2014 ( continued ) fiscal years ended may 27 , 2007 , may 28 , 2006 , and may 29 , 2005 columnar amounts in millions except per share amounts 6 . impairment of debt and equity securities during fiscal 2005 , the company determined that the carrying values of its investments in two unrelated equity method investments , a bio-fuels venture and a malt venture , were other-than-temporarily impaired and therefore recognized pre-tax impairment charges totaling $ 71.0 million ( $ 65.6 million after tax ) . during fiscal 2006 , the company recognized additional impairment charges totaling $ 75.8 million ( $ 73.1 million after tax ) of its investments in the malt venture and an unrelated investment in a foreign prepared foods business , due to further declines in the estimated proceeds from the disposition of these investments . the investment in a foreign prepared foods business was disposed of in fiscal 2006 . the extent of the impairments was determined based upon the company 2019s assessment of the recoverability of its investments based primarily upon the expected proceeds of planned dispositions of the investments . during fiscal 2007 , the company completed the disposition of the equity method investment in the malt venture for proceeds of approximately $ 24 million , including notes and other receivables totaling approximately $ 7 million . this transaction resulted in a pre-tax gain of approximately $ 4 million , with a related tax benefit of approximately $ 4 million . these charges and the subsequent gain on disposition are reflected in equity method investment earnings ( loss ) in the consolidated statements of earnings . the company held , at may 28 , 2006 , subordinated notes in the original principal amount of $ 150 million plus accrued interest of $ 50.4 million from swift foods . during the company 2019s fourth quarter of fiscal 2005 , swift foods effected changes in its capital structure . as a result of those changes , the company determined that the fair value of the subordinated notes was impaired . from the date on which the company initially determined that the value of the notes was impaired through the second quarter of fiscal 2006 , the company believed the impairment of this available-for-sale security to be temporary . as such , the company had reduced the carrying value of the note by $ 35.4 million and recorded cumulative after-tax charges of $ 21.9 million in accumulated other comprehensive income as of the end of the second quarter of fiscal 2006 . during the second half of fiscal 2006 , due to the company 2019s consideration of current conditions related to the debtor 2019s business and changes in the company 2019s intended holding period for this investment , the company determined that the impairment was other-than-temporary . accordingly , the company reduced the carrying value of the notes to approximately $ 117 million and recognized impairment charges totaling $ 82.9 million in selling , general and administrative expenses , including the reclassification of the cumulative after-tax charges of $ 21.9 million from accumulated other comprehensive income , in fiscal 2006 . during the second quarter of fiscal 2007 , the company closed on the sale of these notes for approximately $ 117 million , net of transaction expenses , resulting in no additional gain or loss . 7 . inventories the major classes of inventories are as follows: .
120072006
2raw materials and packaging$ 1154.2$ 985.0
3work in progress95.297.4
4finished goods1008.1923.6
5supplies and other91.0124.6
6total$ 2348.5$ 2130.6
raw materials and packaging includes grain , fertilizer , crude oil , and other trading and merchandising inventory of $ 691.0 million and $ 542.1 million as of the end of fiscal year 2007 and 2006 , respectively. .","['0.46231', '0.49146']" "['combined, what was the purchase price allocation for the acquisition and customer relationship intangible assets?', 'and what was the purchase price?', 'so what percent of the overall purchase value of star pizza was in customer relationship intangible assets and goodwill?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: westrock company notes to consolidated financial statements fffd ( continued ) the following table summarizes the weighted average life and the allocation to intangible assets recognized in the mps acquisition , excluding goodwill ( in millions ) : weighted avg . amounts recognized as the acquisition .
1weighted avg.lifeamountsrecognized as ofthe acquisitiondate
2customer relationships14.6$ 1008.7
3trademarks and tradenames3.015.2
4photo library10.02.5
5total14.4$ 1026.4
none of the intangibles has significant residual value . we are amortizing the customer relationship intangibles over estimated useful lives ranging from 13 to 16 years based on a straight-line basis because the amortization pattern was not reliably determinable . star pizza acquisition on march 13 , 2017 , we completed the star pizza acquisition . the transaction provided us with a leadership position in the fast growing small-run pizza box market and increases our vertical integration . the purchase price was $ 34.6 million , net of a $ 0.7 million working capital settlement . we have fully integrated the approximately 22000 tons of containerboard used by star pizza annually . we have included the financial results of the acquired assets since the date of the acquisition in our corrugated packaging segment . the purchase price allocation for the acquisition primarily included $ 24.8 million of customer relationship intangible assets and $ 2.2 million of goodwill . we are amortizing the customer relationship intangibles over 10 years based on a straight-line basis because the amortization pattern was not reliably determinable . the fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition ( e.g. , enhanced reach of the combined organization and other synergies ) , and the assembled work force . the goodwill and intangibles are amortizable for income tax purposes . packaging acquisition on january 19 , 2016 , we completed the packaging acquisition . the entities acquired provide value-added folding carton and litho-laminated display packaging solutions . the purchase price was $ 94.1 million , net of cash received of $ 1.7 million , a working capital settlement and a $ 3.5 million escrow receipt in the first quarter of fiscal 2017 . the transaction is subject to an election under section 338 ( h ) ( 10 ) of the code that increases the u.s . tax basis in the acquired u.s . entities . we believe the transaction has provided us with attractive and complementary customers , markets and facilities . we have included the financial results of the acquired entities since the date of the acquisition in our consumer packaging segment . the purchase price allocation for the acquisition primarily included $ 55.0 million of property , plant and equipment , $ 10.5 million of customer relationship intangible assets , $ 9.3 million of goodwill and $ 25.8 million of liabilities , including $ 1.3 million of debt . we are amortizing the customer relationship intangibles over estimated useful lives ranging from 9 to 15 years based on a straight-line basis because the amortization pattern was not reliably determinable . the fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition ( e.g. , enhanced reach of the combined organization and other synergies ) , and the assembled work force . the goodwill and intangibles of the u.s . entities are amortizable for income tax purposes . sp fiber on october 1 , 2015 , we completed the sp fiber acquisition in a stock purchase . the transaction included the acquisition of mills located in dublin , ga and newberg , or , which produce lightweight recycled containerboard and kraft and bag paper . the newberg mill also produced newsprint . as part of the transaction , we also acquired sp fiber's 48% ( 48 % ) interest in gps . gps is a joint venture providing steam to the dublin mill and electricity to georgia power . the purchase price was $ 278.8 million , net of cash received of $ 9.2 million and a working capital .","['27.0', '34.6', '0.78035']" "['what was the value of the aeco natural gas sales index in 2013?', 'and what was it in 2011?', 'what was, then, the change in its value from 2011 to 2013?', 'and how much does this change represent in relation to the 2011 value of the aeco natural gas sales index, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: discount to brent was narrower in 2013 than in 2012 and 2011 . as a result of the significant increase in u.s . production of light sweet crude oil , the historical relationship between wti , brent and lls pricing may not be indicative of future periods . composition 2013 the proportion of our liquid hydrocarbon sales volumes that are ngls continues to increase due to our development of united states unconventional liquids-rich plays . ngls were 15 percent of our north america e&p liquid hydrocarbon sales volumes in 2013 compared to 10 percent in 2012 and 7 percent in 2011 . natural gas 2013 a significant portion of our natural gas production in the u.s . is sold at bid-week prices , or first-of-month indices relative to our specific producing areas . average henry hub settlement prices for natural gas were 31 percent higher for 2013 than for 2012 . international e&p liquid hydrocarbons 2013 our international e&p crude oil production is relatively sweet and has historically sold in relation to the brent crude benchmark , which on average was 3 percent lower for 2013 than 2012 . natural gas 2013 our major international e&p natural gas-producing regions are europe and e.g . natural gas prices in europe have been considerably higher than the u.s . in recent years . in the case of e.g. , our natural gas sales are subject to term contracts , making realized prices in these areas less volatile . the natural gas sales from e.g . are at fixed prices ; therefore , our reported average international e&p natural gas realized prices may not fully track market price movements . oil sands mining the oil sands mining segment produces and sells various qualities of synthetic crude oil . output mix can be impacted by operational problems or planned unit outages at the mines or upgrader . sales prices for roughly two-thirds of the normal output mix has historically tracked movements in wti and one-third has historically tracked movements in the canadian heavy crude oil marker , primarily wcs . the wcs discount to wti has been increasing on average in each year presented below . despite a wider wcs discount in 2013 , our average oil sands mining price realizations increased due to a greater proportion of higher value synthetic crude oil sales volumes compared to 2012 . the operating cost structure of the oil sands mining operations is predominantly fixed and therefore many of the costs incurred in times of full operation continue during production downtime . per-unit costs are sensitive to production rates . key variable costs are natural gas and diesel fuel , which track commodity markets such as the aeco natural gas sales index and crude oil prices , respectively . the table below shows average benchmark prices that impact both our revenues and variable costs: .
1benchmark201320122011
2wti crude oil ( dollars per bbl )$ 98.05$ 94.15$ 95.11
3wcs ( dollars per bbl ) ( a )$ 72.77$ 73.18$ 77.97
4aeco natural gas sales index ( dollars per mmbtu ) ( b )$ 3.08$ 2.39$ 3.68
wcs ( dollars per bbl ) ( a ) $ 72.77 $ 73.18 $ 77.97 aeco natural gas sales index ( dollars per mmbtu ) ( b ) $ 3.08 $ 2.39 $ 3.68 ( a ) monthly pricing based upon average wti adjusted for differentials unique to western canada . ( b ) monthly average day ahead index. .","['3.08', '3.68', '-0.6', '-0.16304']" "['what is the value of an investment in applied materials\t in 2012?', 'what is the net change?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 25 , 2009 through october 26 , 2014 . this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period . the comparison assumes $ 100 was invested on october 25 , 2009 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any . dollar amounts in the graph are rounded to the nearest whole dollar . the performance shown in the graph represents past performance and should not be considered an indication of future performance . comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index 201cs&p 201d is a registered trademark of standard & poor 2019s financial services llc , a subsidiary of the mcgraw-hill companies , inc. .
110/25/200910/31/201010/30/201110/28/201210/27/201310/26/2014
2applied materials100.0097.43101.8588.54151.43183.29
3s&p 500 index100.00116.52125.94145.09184.52216.39
4rdg semiconductor composite index100.00121.00132.42124.95163.20207.93
dividends during fiscal 2014 , applied 2019s board of directors declared four quarterly cash dividends of $ 0.10 per share each . during fiscal 2013 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.10 per share each and one quarterly cash dividend of $ 0.09 per share . during fiscal 2012 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.09 per share each and one quarterly cash dividend of $ 0.08 . dividends declared during fiscal 2014 , 2013 and 2012 totaled $ 487 million , $ 469 million and $ 438 million , respectively . applied currently anticipates that it will continue to pay cash dividends on a quarterly basis in the future , although the declaration and amount of any future cash dividends are at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination that cash dividends are in the best interests of applied 2019s stockholders . $ 100 invested on 10/25/09 in stock or 10/31/09 in index , including reinvestment of dividends . indexes calculated on month-end basis . and the rdg semiconductor composite index 183145 97 102 121 132 10/25/09 10/31/10 10/30/11 10/28/12 10/27/13 10/26/14 applied materials , inc . s&p 500 rdg semiconductor composite .","['88.54', '-11.46', '-0.1146']" "['what was the income tax benefit for 2016?', 'and for 2014?', 'so what was the difference between these two values?', 'and the percentage growth during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 2000 non-employee director stock option plan ( the 201cdirector stock option plan 201d ) , and the global payments inc . 2011 incentive plan ( the 201c2011 plan 201d ) ( collectively , the 201cplans 201d ) . we made no further grants under the 2000 plan after the 2005 plan was effective , and the director stock option plan expired by its terms on february 1 , 2011 . we will make no future grants under the 2000 plan , the 2005 plan or the director stock option plan . the 2011 plan permits grants of equity to employees , officers , directors and consultants . a total of 14.0 million shares of our common stock was reserved and made available for issuance pursuant to awards granted under the 2011 plan . the following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options ( in thousands ) : 2016 2015 2014 ( in thousands ) .
120162015 ( in thousands )2014
2share-based compensation expense$ 30809$ 21056$ 29793
3income tax benefit$ 9879$ 6907$ 7126
we grant various share-based awards pursuant to the plans under what we refer to as our 201clong-term incentive plan . 201d the awards are held in escrow and released upon the grantee 2019s satisfaction of conditions of the award certificate . restricted stock restricted stock awards vest over a period of time , provided , however , that if the grantee is not employed by us on the vesting date , the shares are forfeited . restricted shares cannot be sold or transferred until they have vested . restricted stock granted before fiscal 2015 vests in equal installments on each of the first four anniversaries of the grant date . restricted stock granted during fiscal 2015 and thereafter either vest in equal installments on each of the first three anniversaries of the grant date or cliff vest at the end of a three-year service period . the grant date fair value of restricted stock , which is based on the quoted market value of our common stock at the closing of the award date , is recognized as share-based compensation expense on a straight-line basis over the vesting period . performance units certain of our executives have been granted performance units under our long-term incentive plan . performance units are performance-based restricted stock units that , after a performance period , convert into common shares , which may be restricted . the number of shares is dependent upon the achievement of certain performance measures during the performance period . the target number of performance units and any market-based performance measures ( 201cat threshold , 201d 201ctarget , 201d and 201cmaximum 201d ) are set by the compensation committee of our board of directors . performance units are converted only after the compensation committee certifies performance based on pre-established goals . the performance units granted to certain executives in fiscal 2014 were based on a one-year performance period . after the compensation committee certified the performance results , 25% ( 25 % ) of the performance units converted to unrestricted shares . the remaining 75% ( 75 % ) converted to restricted shares that vest in equal installments on each of the first three anniversaries of the conversion date . the performance units granted to certain executives during fiscal 2015 and fiscal 2016 were based on a three-year performance period . after the compensation committee certifies the performance results for the three-year period , performance units earned will convert into unrestricted common stock . the compensation committee may set a range of possible performance-based outcomes for performance units . depending on the achievement of the performance measures , the grantee may earn up to 200% ( 200 % ) of the target number of shares . for awards with only performance conditions , we recognize compensation expense on a straight-line basis over the performance period using the grant date fair value of the award , which is based on the number of shares expected to be earned according to the level of achievement of performance goals . if the number of shares expected to be earned were to change at any time during the performance period , we would make a cumulative adjustment to share-based compensation expense based on the revised number of shares expected to be earned . global payments inc . | 2016 form 10-k annual report 2013 83 .","['9879.0', '7126.0', '2753.0', '0.38633']" "['what is the difference in interest expense between 2006 and 2007?', 'what is the interest expense in 2006?', 'what growth rate does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: page 59 of 94 notes to consolidated financial statements ball corporation and subsidiaries 13 . debt and interest costs ( continued ) long-term debt obligations outstanding at december 31 , 2007 , have maturities of $ 127.1 million , $ 160 million , $ 388.4 million , $ 625.1 million and $ 550.3 million for the years ending december 31 , 2008 through 2012 , respectively , and $ 456.1 million thereafter . ball provides letters of credit in the ordinary course of business to secure liabilities recorded in connection with industrial development revenue bonds and certain self-insurance arrangements . letters of credit outstanding at december 31 , 2007 and 2006 , were $ 41 million and $ 52.4 million , respectively . the notes payable and senior credit facilities are guaranteed on a full , unconditional and joint and several basis by certain of the company 2019s domestic wholly owned subsidiaries . certain foreign denominated tranches of the senior credit facilities are similarly guaranteed by certain of the company 2019s wholly owned foreign subsidiaries . note 22 contains further details as well as condensed , consolidating financial information for the company , segregating the guarantor subsidiaries and non-guarantor subsidiaries . the company was not in default of any loan agreement at december 31 , 2007 , and has met all debt payment obligations . the u.s . note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividend payments , share repurchases , investments , financial ratios , guarantees and the incurrence of additional indebtedness . on march 27 , 2006 , ball expanded its senior secured credit facilities with the addition of a $ 500 million term d loan facility due in installments through october 2011 . also on march 27 , 2006 , ball issued at a price of 99.799 percent $ 450 million of 6.625% ( 6.625 % ) senior notes ( effective yield to maturity of 6.65 percent ) due in march 2018 . the proceeds from these financings were used to refinance existing u.s . can debt with ball corporation debt at lower interest rates , acquire certain north american plastic container net assets from alcan and reduce seasonal working capital debt . ( see note 3 for further details of the acquisitions. ) on october 13 , 2005 , ball refinanced its senior secured credit facilities to extend debt maturities at lower interest rate spreads and provide the company with additional borrowing capacity for future growth . during the third and fourth quarters of 2005 , ball redeemed its 7.75% ( 7.75 % ) senior notes due in august 2006 . the refinancing and senior note redemptions resulted in a debt refinancing charge of $ 19.3 million ( $ 12.3 million after tax ) for the related call premium and unamortized debt issuance costs . a summary of total interest cost paid and accrued follows: .
1( $ in millions )200720062005
2interest costs before refinancing costs$ 155.8$ 142.5$ 102.4
3debt refinancing costs2013201319.3
4total interest costs155.8142.5121.7
5amounts capitalized-6.4 ( 6.4 )-8.1 ( 8.1 )-5.3 ( 5.3 )
6interest expense$ 149.4$ 134.4$ 116.4
7interest paid during the year ( a )$ 153.9$ 125.4$ 138.5
( a ) includes $ 6.6 million paid in 2005 in connection with the redemption of the company 2019s senior and senior subordinated notes. .","['15.0', '134.4', '0.11161']" "['what were the deductions during 2004?', 'what were the deductions during 2005?', 'what is the sum of those deductions?', 'what were the deductions during 2006?', 'what is the total sum of deductions for the 3 years?', 'what was the total sum divided by 3?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31 , 2006 reconciliation of accumulated depreciation and amortization ( in thousands ) .
1balance december 31 2003$ 514177
2additions during period 2014depreciation and amortization expense82551
3deductions during period 2014disposition and retirements of property-1390 ( 1390 )
4balance december 31 2004595338
5additions during period 2014depreciation and amortization expense83656
6deductions during period 2014disposition and retirements of property-15244 ( 15244 )
7balance december 31 2005663750
8additions during period 2014depreciation and amortization expense89564
9deductions during period 2014disposition and retirements of property-12807 ( 12807 )
10balance december 31 2006$ 740507
.","['1390.0', '15244.0', '16634.0', '12807.0', '29441.0', '9813.66667']" "['in the year of 2005, what would have been the equivalent, in us dollars, of 20 canadian dollars?', 'and in that same year, what percentage of the expected oil production was not estimated to be produced from reserves classified as 201cproved 201d at december 31, 2004?', 'what is this percentage numerically, or as a portion of one?', 'and what was the amount of that oil production, in mmbbls?', 'what is, then, the amount, in mmbbls, equivalent to that percentage of this oil production?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 46 d e v o n e n e r g y a n n u a l r e p o r t 2 0 0 4 contents of gas produced , transportation availability and costs and demand for the various products derived from oil , natural gas and ngls . substantially all of devon 2019s revenues are attributable to sales , processing and transportation of these three commodities . consequently , our financial results and resources are highly influenced by price volatility . estimates for devon 2019s future production of oil , natural gas and ngls are based on the assumption that market demand and prices will continue at levels that allow for profitable production of these products . there can be no assurance of such stability . most of our canadian production is subject to government royalties that fluctuate with prices . thus , price fluctuations can affect reported production . also , our international production is governed by payout agreements with the governments of the countries in which we operate . if the payout under these agreements is attained earlier than projected , devon 2019s net production and proved reserves in such areas could be reduced . estimates for our future processing and transport of oil , natural gas and ngls are based on the assumption that market demand and prices will continue at levels that allow for profitable processing and transport of these products . there can be no assurance of such stability . the production , transportation , processing and marketing of oil , natural gas and ngls are complex processes which are subject to disruption from many causes . these causes include transportation and processing availability , mechanical failure , human error , meteorological events including , but not limited to , hurricanes , and numerous other factors . the following forward-looking statements were prepared assuming demand , curtailment , producibility and general market conditions for devon 2019s oil , natural gas and ngls during 2005 will be substantially similar to those of 2004 , unless otherwise noted . unless otherwise noted , all of the following dollar amounts are expressed in u.s . dollars . amounts related to canadian operations have been converted to u.s . dollars using a projected average 2005 exchange rate of $ 0.82 u.s . to $ 1.00 canadian . the actual 2005 exchange rate may vary materially from this estimate . such variations could have a material effect on the following estimates . though we have completed several major property acquisitions and dispositions in recent years , these transactions are opportunity driven . thus , the following forward-looking data excludes the financial and operating effects of potential property acquisitions or divestitures , except as discussed in 201cproperty acquisitions and divestitures , 201d during the year 2005 . the timing and ultimate results of such acquisition and divestiture activity is difficult to predict , and may vary materially from that discussed in this report . geographic reporting areas for 2005 the following estimates of production , average price differentials and capital expenditures are provided separately for each of the following geographic areas : 2022 the united states onshore ; 2022 the united states offshore , which encompasses all oil and gas properties in the gulf of mexico ; 2022 canada ; and 2022 international , which encompasses all oil and gas properties that lie outside of the united states and canada . year 2005 potential operating items the estimates related to oil , gas and ngl production , operating costs and dd&a set forth in the following paragraphs are based on estimates for devon 2019s properties other than those that have been designated for possible sale ( see 201cproperty acquisitions and divestitures 201d ) . therefore , the following estimates exclude the results of the potential sale properties for the entire year . oil , gas and ngl production set forth in the following paragraphs are individual estimates of devon 2019s oil , gas and ngl production for 2005 . on a combined basis , devon estimates its 2005 oil , gas and ngl production will total 217 mmboe . of this total , approximately 92% ( 92 % ) is estimated to be produced from reserves classified as 201cproved 201d at december 31 , 2004 . oil production we expect our oil production in 2005 to total 60 mmbbls . of this total , approximately 95% ( 95 % ) is estimated to be produced from reserves classified as 201cproved 201d at december 31 , 2004 . the expected production by area is as follows: .
1( mmbbls )
2united states onshore12
3united states offshore10
4canada12
5international26
oil prices 2013 fixed through various price swaps , devon has fixed the price it will receive in 2005 on a portion of its oil production . the following table includes information on this fixed-price production by area . where necessary , the prices have been adjusted for certain transportation costs that are netted against the prices recorded by devon. .","['16.4', '1.05263', '0.01053', '60.0', '0.63158']" "['what is the net change in the annual operating cash flow from 2010 to 2011?', 'what is the percentage change?', 'what about the annual operating cash flow from 2009 to 2010?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 35% ( 35 % ) due primarily to certain undistributed foreign earnings for which no u.s . taxes are provided because such earnings are intended to be indefinitely reinvested outside the u.s . as of september 24 , 2011 , the company had deferred tax assets arising from deductible temporary differences , tax losses , and tax credits of $ 3.2 billion , and deferred tax liabilities of $ 9.2 billion . management believes it is more likely than not that forecasted income , including income that may be generated as a result of certain tax planning strategies , together with future reversals of existing taxable temporary differences , will be sufficient to fully recover the deferred tax assets . the company will continue to evaluate the realizability of deferred tax assets quarterly by assessing the need for and amount of a valuation allowance . the internal revenue service ( the 201cirs 201d ) has completed its field audit of the company 2019s federal income tax returns for the years 2004 through 2006 and proposed certain adjustments . the company has contested certain of these adjustments through the irs appeals office . the irs is currently examining the years 2007 through 2009 . all irs audit issues for years prior to 2004 have been resolved . in addition , the company is subject to audits by state , local , and foreign tax authorities . management believes that adequate provisions have been made for any adjustments that may result from tax examinations . however , the outcome of tax audits cannot be predicted with certainty . if any issues addressed in the company 2019s tax audits are resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income taxes in the period such resolution occurs . liquidity and capital resources the following table presents selected financial information and statistics as of and for the three years ended september 24 , 2011 ( in millions ) : .
1201120102009
2cash cash equivalents and marketable securities$ 81570$ 51011$ 33992
3accounts receivable net$ 5369$ 5510$ 3361
4inventories$ 776$ 1051$ 455
5working capital$ 17018$ 20956$ 20049
6annual operating cash flow$ 37529$ 18595$ 10159
cash , cash equivalents and marketable securities increased $ 30.6 billion or 60% ( 60 % ) during 2011 . the principal components of this net increase was the cash generated by operating activities of $ 37.5 billion , which was partially offset by payments for acquisition of property , plant and equipment of $ 4.3 billion , payments for acquisition of intangible assets of $ 3.2 billion and payments made in connection with business acquisitions , net of cash acquired , of $ 244 million . the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months . the company 2019s marketable securities investment portfolio is invested primarily in highly rated securities and its policy generally limits the amount of credit exposure to any one issuer . the company 2019s investment policy requires investments to generally be investment grade with the objective of minimizing the potential risk of principal loss . as of september 24 , 2011 and september 25 , 2010 , $ 54.3 billion and $ 30.8 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s . dollar-denominated holdings . amounts held by foreign subsidiaries are generally subject to u.s . income taxation on repatriation to the u.s . capital assets the company 2019s capital expenditures were $ 4.6 billion during 2011 , consisting of approximately $ 614 million for retail store facilities and $ 4.0 billion for other capital expenditures , including product tooling and manufacturing .","['18934.0', '1.01823', '8436.0', '0.8304']" "['what is the south america percent of revenue 25%?', 'what is the south america percent of revenue 32% 0.28?', 'what is the difference in percents?', 'what is that time 1000?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the breakdown of aes 2019s gross margin for the years ended december 31 , 2000 and 1999 , based on the geographic region in which they were earned , is set forth below. .
1north america2000 $ 844 million% ( % ) of revenue 25% ( 25 % )1999 $ 649 million% ( % ) of revenue 32% ( 32 % )% ( % ) change 30% ( 30 % )
2south america$ 416 million36% ( 36 % )$ 232 million28% ( 28 % )79% ( 79 % )
3caribbean*$ 226 million21% ( 21 % )$ 75 million24% ( 24 % )201% ( 201 % )
4europe/africa$ 371 million29% ( 29 % )$ 124 million29% ( 29 % )199% ( 199 % )
5asia$ 138 million22% ( 22 % )$ 183 million37% ( 37 % )( 26% ( 26 % ) )
* includes venezuela and colombia . selling , general and administrative expenses selling , general and administrative expenses increased $ 11 million , or 15% ( 15 % ) , to $ 82 million in 2000 from $ 71 million in 1999 . selling , general and administrative expenses as a percentage of revenues remained constant at 1% ( 1 % ) in both 2000 and 1999 . the increase is due to an increase in business development activities . interest expense , net net interest expense increased $ 506 million , or 80% ( 80 % ) , to $ 1.1 billion in 2000 from $ 632 million in 1999 . interest expense as a percentage of revenues remained constant at 15% ( 15 % ) in both 2000 and 1999 . interest expense increased primarily due to the interest at new businesses , including drax , tiete , cilcorp and edc , as well as additional corporate interest costs resulting from the senior debt and convertible securities issued within the past two years . other income , net other income increased $ 16 million , or 107% ( 107 % ) , to $ 31 million in 2000 from $ 15 million in 1999 . other income includes foreign currency transaction gains and losses as well as other non-operating income . the increase in other income is due primarily to a favorable legal judgment and the sale of development projects . severance and transaction costs during the fourth quarter of 2000 , the company incurred approximately $ 79 million of transaction and contractual severance costs related to the acquisition of ipalco . gain on sale of assets during 2000 , ipalco sold certain assets ( 2018 2018thermal assets 2019 2019 ) for approximately $ 162 million . the transaction resulted in a gain to the company of approximately $ 31 million . of the net proceeds , $ 88 million was used to retire debt specifically assignable to the thermal assets . during 1999 , the company recorded a $ 29 million gain ( before extraordinary loss ) from the buyout of its long-term power sales agreement at placerita . the company received gross proceeds of $ 110 million which were offset by transaction related costs of $ 19 million and an impairment loss of $ 62 million to reduce the carrying value of the electric generation assets to their estimated fair value after termination of the contract . the estimated fair value was determined by an independent appraisal . concurrent with the buyout of the power sales agreement , the company repaid the related non-recourse debt prior to its scheduled maturity and recorded an extraordinary loss of $ 11 million , net of income taxes. .","['0.36', '0.28', '0.08', '80.0']" "['what is the net change in value of total assets from 2008 to 2012?', 'what is that times 1000000?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 6 . selected financial data the following table represents our selected financial data . the table should be read in conjunction with item 7 and item 8 of this report . the table below reflects immaterial error corrections discussed in note 2 : summary of significant accounting policies in item 8. .
1( $ in millions except per share amounts )year ended december 31 2012year ended december 31 2011year ended december 31 2010year ended december 31 2009year ended december 31 2008
2sales and service revenues$ 6708$ 6575$ 6723$ 6292$ 6189
3goodwill impairment2014290201420142465
4operating income ( loss )358100241203-2332 ( 2332 )
5net earnings ( loss )146-100 ( 100 )131119-2397 ( 2397 )
6total assets63926069527050974821
7long-term debt ( 1 )17791830105283283
8total long-term obligations43413838163717081823
9free cash flow ( 2 )170331168-269 ( 269 )121
10dividends declared per share$ 0.10$ 2014$ 2014$ 2014$ 2014
11basic earnings ( loss ) per share ( 3 )$ 2.96$ -2.05 ( 2.05 )$ 2.68$ 2.44$ -49.14 ( 49.14 )
12diluted earnings ( loss ) per share ( 3 )$ 2.91$ -2.05 ( 2.05 )$ 2.68$ 2.44$ -49.14 ( 49.14 )
basic earnings ( loss ) per share ( 3 ) $ 2.96 $ ( 2.05 ) $ 2.68 $ 2.44 $ ( 49.14 ) diluted earnings ( loss ) per share ( 3 ) $ 2.91 $ ( 2.05 ) $ 2.68 $ 2.44 $ ( 49.14 ) ( 1 ) long-term debt does not include amounts payable to our former parent as of and before december 31 , 2010 , as these amounts were due upon demand and included in current liabilities . ( 2 ) free cash flow is a non-gaap financial measure and represents cash from operating activities less capital expenditures . see liquidity and capital resources in item 7 for more information on this measure . ( 3 ) on march 30 , 2011 , the record date of the stock distribution associated with the spin-off from northrop grumman , approximately 48.8 million shares of $ 0.01 par value hii common stock were distributed to northrop grumman stockholders . this share amount was utilized for the calculation of basic and diluted earnings ( loss ) per share for the three months ended march 31 , 2011 , and all prior periods , as no common stock of the company existed prior to march 30 , 2011 , and the impact of dilutive securities in the three month period ended march 31 , 2011 , was not meaningful. .","['1571.0', '1571000000.0']" "['what was the portion of net revenues not for investing & lending?', 'and as a decimal?', 'so what was the net revenues in investing & lending in billions for 2017?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the goldman sachs group , inc . and subsidiaries management 2019s discussion and analysis net revenues in equities were $ 6.60 billion , 4% ( 4 % ) lower than 2016 , primarily due to lower commissions and fees , reflecting a decline in our listed cash equity volumes in the u.s . market volumes in the u.s . also declined . in addition , net revenues in equities client execution were lower , reflecting lower net revenues in derivatives , partially offset by higher net revenues in cash products . net revenues in securities services were essentially unchanged . operating expenses were $ 9.69 billion for 2017 , essentially unchanged compared with 2016 , due to decreased compensation and benefits expenses , reflecting lower net revenues , largely offset by increased technology expenses , reflecting higher expenses related to cloud-based services and software depreciation , and increased consulting costs . pre-tax earnings were $ 2.21 billion in 2017 , 54% ( 54 % ) lower than 2016 . investing & lending investing & lending includes our investing activities and the origination of loans , including our relationship lending activities , to provide financing to clients . these investments and loans are typically longer-term in nature . we make investments , some of which are consolidated , including through our merchant banking business and our special situations group , in debt securities and loans , public and private equity securities , infrastructure and real estate entities . some of these investments are made indirectly through funds that we manage . we also make unsecured loans through our digital platform , marcus : by goldman sachs and secured loans through our digital platform , goldman sachs private bank select . the table below presents the operating results of our investing & lending segment. .
1$ in millionsyear ended december 2018year ended december 2017year ended december 2016
2equity securities$ 4455$ 4578$ 2573
3debt securities and loans379526601689
4total net revenues825072384262
5provision for credit losses674657182
6operating expenses336527962386
7pre-taxearnings$ 4211$ 3785$ 1694
operating environment . during 2018 , our investments in private equities benefited from company-specific events , including sales , and strong corporate performance , while investments in public equities reflected losses , as global equity prices generally decreased . results for our investments in debt securities and loans reflected continued growth in loans receivables , resulting in higher net interest income . if macroeconomic concerns negatively affect corporate performance or the origination of loans , or if global equity prices continue to decline , net revenues in investing & lending would likely be negatively impacted . during 2017 , generally higher global equity prices and tighter credit spreads contributed to a favorable environment for our equity and debt investments . results also reflected net gains from company-specific events , including sales , and corporate performance . 2018 versus 2017 . net revenues in investing & lending were $ 8.25 billion for 2018 , 14% ( 14 % ) higher than 2017 . net revenues in equity securities were $ 4.46 billion , 3% ( 3 % ) lower than 2017 , reflecting net losses from investments in public equities ( 2018 included $ 183 million of net losses ) compared with net gains in the prior year , partially offset by significantly higher net gains from investments in private equities ( 2018 included $ 4.64 billion of net gains ) , driven by company-specific events , including sales , and corporate performance . for 2018 , 60% ( 60 % ) of the net revenues in equity securities were generated from corporate investments and 40% ( 40 % ) were generated from real estate . net revenues in debt securities and loans were $ 3.80 billion , 43% ( 43 % ) higher than 2017 , primarily driven by significantly higher net interest income . 2018 included net interest income of approximately $ 2.70 billion compared with approximately $ 1.80 billion in 2017 . provision for credit losses was $ 674 million for 2018 , compared with $ 657 million for 2017 , as the higher provision for credit losses primarily related to consumer loan growth in 2018 was partially offset by an impairment of approximately $ 130 million on a secured loan in 2017 . operating expenses were $ 3.37 billion for 2018 , 20% ( 20 % ) higher than 2017 , primarily due to increased expenses related to consolidated investments and our digital lending and deposit platform , and increased compensation and benefits expenses , reflecting higher net revenues . pre-tax earnings were $ 4.21 billion in 2018 , 11% ( 11 % ) higher than 2017 versus 2016 . net revenues in investing & lending were $ 7.24 billion for 2017 , 70% ( 70 % ) higher than 2016 . net revenues in equity securities were $ 4.58 billion , 78% ( 78 % ) higher than 2016 , primarily reflecting a significant increase in net gains from private equities ( 2017 included $ 3.82 billion of net gains ) , which were positively impacted by company-specific events and corporate performance . in addition , net gains from public equities ( 2017 included $ 762 million of net gains ) were significantly higher , as global equity prices increased during the year . for 2017 , 64% ( 64 % ) of the net revenues in equity securities were generated from corporate investments and 36% ( 36 % ) were generated from real estate . net revenues in debt securities and loans were $ 2.66 billion , 57% ( 57 % ) higher than 2016 , reflecting significantly higher net interest income ( 2017 included approximately $ 1.80 billion of net interest income ) . 60 goldman sachs 2018 form 10-k .","['86.0', '0.86', '7.095']" "['what was the total of other intangibles and all other adjustments in 2013?', 'was the basel i tier 1 common capital without phased-in regulatory capital adjustments greater than estimated basel iii transitional tier 1 common capital with 2014 phase-ins for 2013?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table 20 : pro forma transitional basel iii tier 1 common capital ratio dollars in millions december 31 .
1dollars in millionsdecember 31 2013
2basel i tier 1 common capital$ 28484
3less phased-in regulatory capital adjustments:
4basel iii quantitative limits-228 ( 228 )
5accumulated other comprehensive income ( a )39
6other intangibles381
7all other adjustments210
8estimated basel iii transitional tier 1 common capital ( with 2014 phase-ins )$ 28886
9basel i risk-weighted assets calculated as applicable for 2014272321
10pro forma basel iii transitional tier 1 common capital ratio ( with 2014phase-ins )10.6% ( 10.6 % )
estimated basel iii transitional tier 1 common capital ( with 2014 phase-ins ) $ 28886 basel i risk-weighted assets calculated as applicable for 2014 272321 pro forma basel iii transitional tier 1 common capital ratio ( with 2014 phase-ins ) 10.6% ( 10.6 % ) ( a ) represents net adjustments related to accumulated other comprehensive income for available for sale securities and pension and other postretirement benefit plans . pnc utilizes these fully implemented and transitional basel iii capital ratios to assess its capital position , including comparison to similar estimates made by other financial institutions . these basel iii capital estimates are likely to be impacted by any additional regulatory guidance , continued analysis by pnc as to the application of the rules to pnc , and in the case of ratios calculated using the advanced approaches , the ongoing evolution , validation and regulatory approval of pnc 2019s models integral to the calculation of advanced approaches risk-weighted assets . the access to and cost of funding for new business initiatives , the ability to undertake new business initiatives including acquisitions , the ability to engage in expanded business activities , the ability to pay dividends or repurchase shares or other capital instruments , the level of deposit insurance costs , and the level and nature of regulatory oversight depend , in large part , on a financial institution 2019s capital strength . we provide additional information regarding enhanced capital requirements and some of their potential impacts on pnc in item 1 business 2013 supervision and regulation , item 1a risk factors and note 22 regulatory matters in the notes to consolidated financial statements in item 8 of this report . off-balance sheet arrangements and variable interest entities we engage in a variety of activities that involve unconsolidated entities or that are otherwise not reflected in our consolidated balance sheet that are generally referred to as 201coff-balance sheet arrangements . 201d additional information on these types of activities is included in the following sections of this report : 2022 commitments , including contractual obligations and other commitments , included within the risk management section of this item 7 , 2022 note 3 loan sale and servicing activities and variable interest entities in the notes to consolidated financial statements included in item 8 of this report , 2022 note 14 capital securities of subsidiary trusts and perpetual trust securities in the notes to consolidated financial statements included in item 8 of this report , and 2022 note 24 commitments and guarantees in the notes to consolidated financial statements included in item 8 of this report . pnc consolidates variable interest entities ( vies ) when we are deemed to be the primary beneficiary . the primary beneficiary of a vie is determined to be the party that meets both of the following criteria : ( i ) has the power to make decisions that most significantly affect the economic performance of the vie ; and ( ii ) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the vie . a summary of vies , including those that we have consolidated and those in which we hold variable interests but have not consolidated into our financial statements , as of december 31 , 2013 and december 31 , 2012 is included in note 3 in the notes to consolidated financial statements included in item 8 of this report . trust preferred securities and reit preferred securities we are subject to certain restrictions , including restrictions on dividend payments , in connection with $ 206 million in principal amount of an outstanding junior subordinated debenture associated with $ 200 million of trust preferred securities ( both amounts as of december 31 , 2013 ) that were issued by pnc capital trust c , a subsidiary statutory trust . generally , if there is ( i ) an event of default under the debenture , ( ii ) pnc elects to defer interest on the debenture , ( iii ) pnc exercises its right to defer payments on the related trust preferred security issued by the statutory trust , or ( iv ) there is a default under pnc 2019s guarantee of such payment obligations , as specified in the applicable governing documents , then pnc would be subject during the period of such default or deferral to restrictions on dividends and other provisions protecting the status of the debenture holders similar to or in some ways more restrictive than those potentially imposed under the exchange agreement with pnc preferred funding trust ii . see note 14 capital securities of subsidiary trusts and perpetual trust securities in the notes to consolidated financial statements in item 8 of this report for additional information on contractual limitations on dividend payments resulting from securities issued by pnc preferred funding trust i and pnc preferred funding trust ii . see the liquidity risk management portion of the risk management section of this item 7 for additional information regarding our first quarter 2013 redemption of the reit preferred securities issued by pnc preferred funding trust iii and additional discussion of redemptions of trust preferred securities . 48 the pnc financial services group , inc . 2013 form 10-k .","['591.0', 'no']" "['what was the difference in cash dividends from 2009 to 2010?', 'what was the value of cash dividends in 2009?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: korea engineering plastics co. , ltd . founded in 1987 , kepco is the leading producer of pom in south korea . kepco is a venture between celanese's ticona business ( 50% ( 50 % ) ) , mitsubishi gas chemical company , inc . ( 40% ( 40 % ) ) and mitsubishi corporation ( 10% ( 10 % ) ) . kepco has polyacetal production facilities in ulsan , south korea , compounding facilities for pbt and nylon in pyongtaek , south korea , and participates with polyplastics and mitsubishi gas chemical company , inc . in a world-scale pom facility in nantong , china . polyplastics co. , ltd . polyplastics is a leading supplier of engineered plastics in the asia-pacific region and is a venture between daicel chemical industries ltd. , japan ( 55% ( 55 % ) ) , and celanese's ticona business ( 45% ( 45 % ) ) . established in 1964 , polyplastics is a producer and marketer of pom and lcp in the asia-pacific region , with principal production facilities located in japan , taiwan , malaysia and china . fortron industries llc . fortron is a leading global producer of polyphenylene sulfide ( 201cpps 201d ) , sold under the fortron ae brand , which is used in a wide variety of automotive and other applications , especially those requiring heat and/or chemical resistance . established in 1992 , fortron is a limited liability company whose members are ticona fortron inc . ( 50% ( 50 % ) ownership and a wholly-owned subsidiary of cna holdings , llc ) and kureha corporation ( 50% ( 50 % ) ownership and a wholly-owned subsidiary of kureha chemical industry co. , ltd . of japan ) . fortron's facility is located in wilmington , north carolina . this venture combines the sales , marketing , distribution , compounding and manufacturing expertise of celanese with the pps polymer technology expertise of kureha . china acetate strategic ventures . we hold an approximate 30% ( 30 % ) ownership interest in three separate acetate production ventures in china . these include the nantong cellulose fibers co . ltd. , kunming cellulose fibers co . ltd . and zhuhai cellulose fibers co . ltd . the china national tobacco corporation , the chinese state-owned tobacco entity , controls the remaining ownership interest in each of these ventures . with an estimated 30% ( 30 % ) share of the world's cigarette production and consumption , china is the world's largest and fastest growing area for acetate tow products according to the 2009 stanford research institute international chemical economics handbook . combined , these ventures are a leader in chinese domestic acetate production and are well positioned to supply chinese cigarette producers . in december 2009 , we announced plans with china national tobacco to expand our acetate flake and tow capacity at our venture's nantong facility and we received formal approval for the expansions , each by 30000 tons , during 2010 . since their inception in 1986 , the china acetate ventures have completed 12 expansions , leading to earnings growth and increased dividends . our chinese acetate ventures fund their operations using operating cash flow . during 2011 , we made contributions of $ 8 million related to the capacity expansions in nantong and have committed contributions of $ 9 million in 2012 . in 2010 , we made contributions of $ 12 million . our chinese acetate ventures pay a dividend in the second quarter of each fiscal year , based on the ventures' performance for the preceding year . in 2011 , 2010 and 2009 , we received cash dividends of $ 78 million , $ 71 million and $ 56 million , respectively . although our ownership interest in each of our china acetate ventures exceeds 20% ( 20 % ) , we account for these investments using the cost method of accounting because we determined that we cannot exercise significant influence over these entities due to local government investment in and influence over these entities , limitations on our involvement in the day-to-day operations and the present inability of the entities to provide timely financial information prepared in accordance with generally accepted accounting principles in the united states ( 201cus gaap 201d ) . 2022 other equity method investments infraservs . we hold indirect ownership interests in several infraserv groups in germany that own and develop industrial parks and provide on-site general and administrative support to tenants . the table below represents our equity investments in infraserv ventures as of december 31 , 2011: .
1ownership % ( % )
2infraserv gmbh & co . gendorf kg39
3infraserv gmbh & co . knapsack kg27
4infraserv gmbh & co . hoechst kg32
.","['15.0', '56.0', '0.26786']" "['what is the value of cash and premiums receivable and other current assets?', 'what is the balance of property and equipment and other assets?', 'what is the balance of total assets?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: humana inc . notes to consolidated financial statements 2014 ( continued ) the grant-date fair value of the award will be estimated using option-pricing models . in addition , certain tax effects of stock option exercises will be reported as a financing activity rather than an operating activity in the statements of cash flows . we adopted sfas 123r on january 1 , 2006 under the retrospective transition method using the black-scholes pricing model . the effect of expensing stock options under a fair value approach using the black-scholes pricing model on diluted earnings per common share for the years ended december 31 , 2005 , 2004 and 2003 is disclosed on page 69 . in addition , the classification of cash inflows from any excess tax benefit associated with exercising stock options will change from an operating activity to a financing activity in the consolidated statements of cash flows with no impact on total cash flows . we estimate the impact of this change in classification will decrease operating cash flows ( and increase financing cash flows ) by approximately $ 15.5 million in 2005 , $ 3.7 million in 2004 , and $ 15.2 million in 2003 . stock option expense after adopting sfas 123r is not expected to be materially different than our pro forma disclosure on page 69 and is dependent on levels of stock options granted during 2006 . 3 . acquisitions in january 2006 , our commercial segment reached an agreement to acquire cha service company , or cha health , a health plan serving employer groups in kentucky , for cash consideration of approximately $ 60.0 million plus any excess statutory surplus . this transaction , which is subject to regulatory approval , is expected to close effective in the second quarter of 2006 . on december 20 , 2005 , our commercial segment acquired corphealth , inc. , or corphealth , a behavioral health care management company , for cash consideration of approximately $ 54.2 million , including transaction costs . this acquisition allows humana to integrate coverage of medical and behavior health benefits . net tangible assets acquired of $ 6.0 million primarily consisted of cash and cash equivalents . the purchase price exceeded the estimated fair value of the net tangible assets acquired by approximately $ 48.2 million . we preliminarily allocated this excess purchase price to other intangible assets of $ 8.6 million and associated deferred tax liabilities of $ 3.2 million , and non-deductible goodwill of $ 42.8 million . the other intangible assets , which consist primarily of customer contracts , have a weighted average useful life of 14.7 years . the allocation is subject to change pending completion of the valuation by a third party valuation specialist firm assisting us in evaluating the fair value of the assets acquired . on february 16 , 2005 , our government segment acquired careplus health plans of florida , or careplus , as well as its affiliated 10 medical centers and pharmacy company . careplus provides medicare advantage hmo plans and benefits to medicare advantage members in miami-dade , broward and palm beach counties . this acquisition enhances our medicare market position in south florida . we paid approximately $ 444.9 million in cash , including transaction costs . we financed the transaction with $ 294.0 million of borrowings under our credit agreement and $ 150.9 million of cash on hand . the purchase price is subject to a balance sheet settlement process with a nine month claims run-out period . this settlement , which will be reflected as an adjustment to goodwill , is not expected to be material . the fair value of the acquired tangible assets ( assumed liabilities ) consisted of the following: .
1( in thousands )
2cash and cash equivalents$ 92116
3premiums receivable and other current assets6510
4property and equipment and other assets21315
5medical and other expenses payable-37375 ( 37375 )
6other current liabilities-23359 ( 23359 )
7other liabilities-5915 ( 5915 )
8net tangible assets acquired$ 53292
.","['98626.0', '21315.0', '119941.0']" "['what was the total conduit asset in 2008?', 'and what was it in 2007?', 'what was, then, the change over the year?', 'and what percentage does this change represent in relation to the 2007 total conduit asset?', 'and for the conduit assets only in the us, what was the change over that same period?', 'and how much is this change as a percentage of the us conduit assets of 2007?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: conduit assets by asset origin .
1( dollars in billions )2008 amount2008 percent of total conduit assets2008 amountpercent of total conduit assets
2united states$ 11.0946% ( 46 % )$ 12.1442% ( 42 % )
3australia4.30176.1021
4great britain1.9782.9310
5spain1.7171.907
6italy1.6671.867
7portugal0.6230.702
8germany0.5730.702
9netherlands0.4020.552
10belgium0.2910.311
11greece0.2710.311
12other1.0151.265
13total conduit assets$ 23.89100% ( 100 % )$ 28.76100% ( 100 % )
the conduits meet the definition of a vie , as defined by fin 46 ( r ) . we have determined that we are not the primary beneficiary of the conduits , as defined by fin 46 ( r ) , and do not record them in our consolidated financial statements . we hold no direct or indirect ownership interest in the conduits , but we provide subordinated financial support to them through contractual arrangements . standby letters of credit absorb certain actual credit losses from the conduit assets ; our commitment under these letters of credit totaled $ 1.00 billion and $ 1.04 billion at december 31 , 2008 and 2007 , respectively . liquidity asset purchase agreements provide liquidity to the conduits in the event they cannot place commercial paper in the ordinary course of their business ; these facilities , which require us to purchase assets from the conduits at par , would provide the needed liquidity to repay maturing commercial paper if there was a disruption in the asset-backed commercial paper market . the aggregate commitment under the liquidity asset purchase agreements was approximately $ 23.59 billion and $ 28.37 billion at december 31 , 2008 and 2007 , respectively . we did not accrue for any losses associated with either our commitment under the standby letters of credit or the liquidity asset purchase agreements in our consolidated statement of condition at december 31 , 2008 or 2007 . during the first quarter of 2008 , pursuant to the contractual terms of our liquidity asset purchase agreements with the conduits , we were required to purchase $ 850 million of conduit assets . the purchase was the result of various factors , including the continued illiquidity in the commercial paper markets . the securities were purchased at prices determined in accordance with existing contractual terms in the liquidity asset purchase agreements , and which exceeded their fair value . accordingly , during the first quarter of 2008 , the securities were written down to their fair value through a $ 12 million reduction of processing fees and other revenue in our consolidated statement of income , and are carried at fair value in securities available for sale in our consolidated statement of condition . none of our liquidity asset purchase agreements with the conduits were drawn upon during the remainder of 2008 , and no draw-downs on the standby letters of credit occurred during 2008 . the conduits generally sell commercial paper to independent third-party investors . however , we sometimes purchase commercial paper from the conduits . as of december 31 , 2008 , we held an aggregate of approximately $ 230 million of commercial paper issued by the conduits , and $ 2 million at december 31 , 2007 . in addition , approximately $ 5.70 billion of u.s . conduit-issued commercial paper had been sold to the cpff . the cpff is scheduled to expire on october 31 , 2009 . the weighted-average maturity of the conduits 2019 commercial paper in the aggregate was approximately 25 days as of december 31 , 2008 , compared to approximately 20 days as of december 31 , 2007 . each of the conduits has issued first-loss notes to independent third parties , which third parties absorb first- dollar losses related to credit risk . aggregate first-loss notes outstanding at december 31 , 2008 for the four conduits totaled $ 67 million , compared to $ 32 million at december 31 , 2007 . actual credit losses of the conduits .","['23.59', '28.37', '-4.78', '-0.16849', '-1.05', '-0.08649']" "['what was the annual anticipated unrecognized compensation cost related to unvested stock awards to be recognized in 12/09?', 'what was the fair value of the shares vested in 2009?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: shares of citigroup common stock . the number of shares to be delivered will equal the cse award value divided by the then fair market value of the common stock . for cses awarded to certain employees whose compensation structure was approved by the special master , 50% ( 50 % ) of the shares to be delivered in april 2010 will be subject to restrictions on sale and transfer until january 20 , 2011 . in lieu of 2010 cap awards , certain retirement-eligible employees were instead awarded cses payable in april 2010 , but any shares that are to be delivered in april 2010 ( subject to stockholder approval ) will be subject to restrictions on sale or transfer that will lapse in four equal annual installments beginning january 20 , 2011 . cse awards have generally been accrued as compensation expenses in the year 2009 and will be recorded as a liability from the january 2010 grant date until the settlement date in april 2010 . if stockholders approve delivery of citigroup stock for the cse awards , cse awards will likely be paid as new issues of common stock as an exception to the company 2019s practice of delivering shares from treasury stock , and the recorded liability will be reclassified as equity at that time . in january 2009 , members of the management executive committee ( except the ceo and cfo ) received 30% ( 30 % ) of their incentive awards for 2008 as performance vesting-equity awards . these awards vest 50% ( 50 % ) if the price of citigroup common stock meets a price target of $ 10.61 , and 50% ( 50 % ) for a price target of $ 17.85 , in each case on or prior to january 14 , 2013 . the price target will be met only if the nyse closing price equals or exceeds the applicable price target for at least 20 nyse trading days within any period of 30 consecutive nyse trading days ending on or before january 14 , 2013 . any shares that have not vested by such date will vest according to a fraction , the numerator of which is the share price on the delivery date and the denominator of which is the price target of the unvested shares . no dividend equivalents are paid on unvested awards . fair value of the awards is recognized as compensation expense ratably over the vesting period . on july 17 , 2007 , the committee approved the management committee long-term incentive plan ( mc ltip ) ( pursuant to the terms of the shareholder-approved 1999 stock incentive plan ) under which participants received an equity award that could be earned based on citigroup 2019s performance against various metrics relative to peer companies and publicly- stated return on equity ( roe ) targets measured at the end of each calendar year beginning with 2007 . the final expense for each of the three consecutive calendar years was adjusted based on the results of the roe tests . no awards were earned for 2009 , 2008 or 2007 and no shares were issued because performance targets were not met . no new awards were made under the mc ltip since the initial award in july 2007 . cap participants in 2008 , 2007 , 2006 and 2005 , and fa cap participants in those years and in 2009 , could elect to receive all or part of their award in stock options . the figures presented in the stock option program tables ( see 201cstock option programs 201d below ) include options granted in lieu of cap and fa cap stock awards in those years . a summary of the status of citigroup 2019s unvested stock awards at december 31 , 2009 and changes during the 12 months ended december 31 , 2009 are presented below : unvested stock awards shares weighted-average grant date fair value .
1unvested stock awardssharesweighted-average grant date fair value
2unvested at january 1 2009226210859$ 36.23
3new awards162193923$ 4.35
4cancelled awards-51873773 ( 51873773 )$ 26.59
5deleted awards-568377 ( 568377 )$ 13.91
6vested awards ( 1 )-148011884 ( 148011884 )$ 25.96
7unvested at december 31 2009187950748$ 19.53
( 1 ) the weighted-average market value of the vestings during 2009 was approximately $ 3.64 per share . at december 31 , 2009 , there was $ 1.6 billion of total unrecognized compensation cost related to unvested stock awards net of the forfeiture provision . that cost is expected to be recognized over a weighted-average period of 1.3 years. .","['1.23077', '538763257.76']" "['what was the pretax income from discontinued operations in 2009?', 'and what was it in 2007?', 'what was, then, the change in pretax income from discontinued operations over the years?', 'what was the pretax income from discontinued operations in 2007?', 'and how much does that change represent in relation to this 2007 pretax income?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: marathon oil corporation notes to consolidated financial statements been reported as discontinued operations in the consolidated statements of income and the consolidated statements of cash flows for all periods presented . discontinued operations 2014revenues and pretax income associated with our discontinued irish and gabonese operations are shown in the following table : ( in millions ) 2009 2008 2007 .
1( in millions )200920082007
2revenues applicable to discontinued operations$ 188$ 439$ 456
3pretax income from discontinued operations$ 80$ 221$ 281
angola disposition 2013 in july 2009 , we entered into an agreement to sell an undivided 20 percent outside- operated interest in the production sharing contract and joint operating agreement in block 32 offshore angola for $ 1.3 billion , excluding any purchase price adjustments at closing , with an effective date of january 1 , 2009 . the sale closed and we received net proceeds of $ 1.3 billion in february 2010 . the pretax gain on the sale will be approximately $ 800 million . we retained a 10 percent outside-operated interest in block 32 . gabon disposition 2013 in december 2009 , we closed the sale of our operated fields offshore gabon , receiving net proceeds of $ 269 million , after closing adjustments . a $ 232 million pretax gain on this disposition was reported in discontinued operations for 2009 . permian basin disposition 2013 in june 2009 , we closed the sale of our operated and a portion of our outside- operated permian basin producing assets in new mexico and west texas for net proceeds after closing adjustments of $ 293 million . a $ 196 million pretax gain on the sale was recorded . ireland dispositions 2013 in april 2009 , we closed the sale of our operated properties in ireland for net proceeds of $ 84 million , after adjusting for cash held by the sold subsidiary . a $ 158 million pretax gain on the sale was recorded . as a result of this sale , we terminated our pension plan in ireland , incurring a charge of $ 18 million . in june 2009 , we entered into an agreement to sell the subsidiary holding our 19 percent outside-operated interest in the corrib natural gas development offshore ireland . total proceeds were estimated to range between $ 235 million and $ 400 million , subject to the timing of first commercial gas at corrib and closing adjustments . at closing on july 30 , 2009 , the initial $ 100 million payment plus closing adjustments was received . the fair value of the proceeds was estimated to be $ 311 million . fair value of anticipated sale proceeds includes ( i ) $ 100 million received at closing , ( ii ) $ 135 million minimum amount due at the earlier of first gas or december 31 , 2012 , and ( iii ) a range of zero to $ 165 million of contingent proceeds subject to the timing of first commercial gas . a $ 154 million impairment of the held for sale asset was recognized in discontinued operations in the second quarter of 2009 ( see note 16 ) since the fair value of the disposal group was less than the net book value . final proceeds will range between $ 135 million ( minimum amount ) to $ 300 million and are due on the earlier of first commercial gas or december 31 , 2012 . the fair value of the expected final proceeds was recorded as an asset at closing . as a result of new public information in the fourth quarter of 2009 , a writeoff was recorded on the contingent portion of the proceeds ( see note 10 ) . existing guarantees of our subsidiaries 2019 performance issued to irish government entities will remain in place after the sales until the purchasers issue similar guarantees to replace them . the guarantees , related to asset retirement obligations and natural gas production levels , have been indemnified by the purchasers . the fair value of these guarantees is not significant . norwegian disposition 2013 on october 31 , 2008 , we closed the sale of our norwegian outside-operated e&p properties and undeveloped offshore acreage in the heimdal area of the norwegian north sea for net proceeds of $ 301 million , with a pretax gain of $ 254 million as of december 31 , 2008 . pilot travel centers disposition 2013 on october 8 , 2008 , we completed the sale of our 50 percent ownership interest in ptc . sale proceeds were $ 625 million , with a pretax gain on the sale of $ 126 million . immediately preceding the sale , we received a $ 75 million partial redemption of our ownership interest from ptc that was accounted for as a return of investment . this was an investment of our rm&t segment. .","['80.0', '281.0', '-201.0', '281.0', '-0.7153']" "['what was the change in the company recorded deferred tax asset associated with its nols from 2015 to 2016?', 'and what is this change as a percent of that tax asset in 2015?', 'and as of june 30 of the last year of that period, how much did the u.s . federal net operating loss carry forwards represent in relation to the states one?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: news corporation notes to the consolidated financial statements as of june 30 , 2016 , the company had income tax net operating loss carryforwards ( nols ) ( gross , net of uncertain tax benefits ) , in various jurisdictions as follows : jurisdiction expiration amount ( in millions ) .
1jurisdictionexpirationamount ( in millions )
2u.s . federal2021 to 2036$ 858
3u.s . statesvarious581
4australiaindefinite452
5u.k .indefinite134
6other foreignvarious346
utilization of the nols is dependent on generating sufficient taxable income from our operations in each of the respective jurisdictions to which the nols relate , while taking into account limitations and/or restrictions on our ability to use them . certain of our u.s . federal nols were acquired as part of the acquisitions of move and harlequin and are subject to limitations as promulgated under section 382 of the code . section 382 of the code limits the amount of acquired nols that we can use on an annual basis to offset future u.s . consolidated taxable income . the nols are also subject to review by relevant tax authorities in the jurisdictions to which they relate . the company recorded a deferred tax asset of $ 580 million and $ 540 million ( net of approximately $ 53 million and $ 95 million , respectively , of unrecognized tax benefits ) associated with its nols as of june 30 , 2016 and 2015 , respectively . significant judgment is applied in assessing our ability to realize our nols and other tax assets . management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize existing deferred tax assets within the applicable expiration period . on the basis of this evaluation , valuation allowances of $ 97 million and $ 304 million have been established to reduce the deferred tax asset associated with the company 2019s nols to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively . the amount of the nol deferred tax asset considered realizable , however , could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses occurs . as of june 30 , 2016 , the company had approximately $ 1.6 billion and $ 1.7 billion of capital loss carryforwards in australia and the u.k. , respectively , which may be carried forward indefinitely and which are subject to tax authority review . realization of our capital losses is dependent on generating capital gain taxable income and satisfying certain continuity of business requirements . the company recorded a deferred tax asset of $ 803 million and $ 892 million as of june 30 , 2016 and 2015 , respectively for these capital loss carryforwards , however , it is more likely than not that the company will not generate capital gain income in the normal course of business in these jurisdictions . accordingly , valuation allowances of $ 803 million and $ 892 million have been established to reduce the capital loss carryforward deferred tax asset to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively . as of june 30 , 2016 , the company had approximately $ 26 million of u.s . federal tax credit carryforward which includes $ 22 million of foreign tax credits and $ 4 million of research & development credits which begin to expire in 2025 and 2036 , respectively . as of june 30 , 2016 , the company had approximately $ 5 million of non-u.s . tax credit carryforwards which expire in various amounts beginning in 2025 and $ 8 million of state tax credit carryforwards ( net of u.s . federal benefit ) , of which the balance can be carried forward indefinitely . in accordance with the company 2019s accounting policy , a valuation allowance of $ 5 million has been established to reduce the deferred tax asset associated with the company 2019s non-u.s . and state credit carryforwards to an amount that will more likely than not be realized as of june 30 , 2016. .","['40.0', '0.07407', '1.47676']" "['in 2008, without the reclassification of an investment previously accounted for under the equity method to an available-for-sale investment, what would have been the unrealized gain/ ( loss ) on securities, in millions?', 'and in that same year, what would be the accumulated other comprehensive income without the unrecognized losses/costs?', 'and how much does this amount excluding the losses represent in relation to the original other comprehensive income?', 'what is this value taking out the portion equivalent to this original income?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the years ended december 31 , 2008 , 2007 and 2006 , due to ineffectiveness and amounts excluded from the assessment of hedge effectiveness , was not significant . for contracts outstanding at december 31 , 2008 , we have an obligation to purchase u.s . dollars and sell euros , japanese yen , british pounds , canadian dollars , australian dollars and korean won and purchase swiss francs and sell u.s . dollars at set maturity dates ranging from january 2009 through june 2011 . the notional amounts of outstanding forward contracts entered into with third parties to purchase u.s . dollars at december 31 , 2008 were $ 1343.0 million . the notional amounts of outstanding forward contracts entered into with third parties to purchase swiss francs at december 31 , 2008 were $ 207.5 million . the fair value of outstanding derivative instruments recorded on the balance sheet at december 31 , 2008 , together with settled derivatives where the hedged item has not yet affected earnings , was a net unrealized gain of $ 32.7 million , or $ 33.0 million net of taxes , which is deferred in other comprehensive income , of which $ 16.4 million , or $ 17.9 million , net of taxes , is expected to be reclassified to earnings over the next twelve months . we also enter into foreign currency forward exchange contracts with terms of one month to manage currency exposures for assets and liabilities denominated in a currency other than an entity 2019s functional currency . as a result , any foreign currency remeasurement gains/losses recognized in earnings under sfas no . 52 , 201cforeign currency translation , 201d are generally offset with gains/losses on the foreign currency forward exchange contracts in the same reporting period . other comprehensive income 2013 other comprehensive income refers to revenues , expenses , gains and losses that under generally accepted accounting principles are included in comprehensive income but are excluded from net earnings as these amounts are recorded directly as an adjustment to stockholders 2019 equity . other comprehensive income is comprised of foreign currency translation adjustments , unrealized foreign currency hedge gains and losses , unrealized gains and losses on available-for-sale securities and amortization of prior service costs and unrecognized gains and losses in actuarial assumptions . in 2006 we adopted sfas 158 , 201cemployers 2019 accounting for defined benefit pension and other postretirement plans 2013 an amendment of fasb statements no . 87 , 88 , 106 and 132 ( r ) . 201d this statement required recognition of the funded status of our benefit plans in the statement of financial position and recognition of certain deferred gains or losses in other comprehensive income . we recorded an unrealized loss of $ 35.4 million in other comprehensive income during 2006 related to the adoption of sfas 158 . the components of accumulated other comprehensive income are as follows ( in millions ) : balance at december 31 , comprehensive income ( loss ) balance at december 31 .
1balance at december 31 2007other comprehensive income ( loss )balance at december 31 2008
2foreign currency translation$ 368.8$ -49.4 ( 49.4 )$ 319.4
3foreign currency hedges-45.4 ( 45.4 )78.433.0
4unrealized gain/ ( loss ) on securities-1.9 ( 1.9 )0.6-1.3 ( 1.3 )
5unrecognized prior service cost and unrecognized gain/ ( loss ) in actuarial assumptions-31.2 ( 31.2 )-79.9 ( 79.9 )-111.1 ( 111.1 )
6accumulated other comprehensive income$ 290.3$ -50.3 ( 50.3 )$ 240.0
during 2008 , we reclassified an investment previously accounted for under the equity method to an available-for-sale investment as we no longer exercised significant influence over the third-party investee . the investment was marked-to- market in accordance with sfas 115 , 201caccounting for certain investments in debt and equity securities , 201d resulting in a net unrealized gain of $ 23.8 million recorded in other comprehensive income for 2008 . this unrealized gain was reclassified to the income statement when we sold this investment in 2008 for total proceeds of $ 54.9 million and a gross realized gain of $ 38.8 million included in interest and other income . the basis of these securities was determined based on the consideration paid at the time of acquisition . treasury stock 2013 we account for repurchases of common stock under the cost method and present treasury stock as a reduction of shareholders equity . we may reissue common stock held in treasury only for limited purposes . accounting pronouncements 2013 in september 2006 , the fasb issued sfas no . 157 , 201cfair value measurements , 201d which defines fair value , establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements . this statement does not require any new fair value measurements , but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information . sfas no . 157 is effective for financial statements issued for fiscal years beginning after november 15 , 2007 and interim periods within those fiscal years . in february 2008 , the fasb issued fasb staff position ( fsp ) no . sfas 157-2 , which delays the effective date of certain provisions of sfas no . 157 relating to non-financial assets and liabilities measured at fair value on a non-recurring basis until fiscal years beginning after november 15 , 2008 . the full adoption of sfas no . 157 is not expected to have a material impact on our consolidated financial statements or results of operations . z i m m e r h o l d i n g s , i n c . 2 0 0 8 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c48761 pcn : 046000000 ***%%pcmsg|46 |00009|yes|no|02/24/2009 19:24|0|0|page is valid , no graphics -- color : d| .","['-25.1', '351.1', '1.46292', '0.46292']" "['what is the effective income tax rate on continuing operations in 2012?', 'what about in 2011?', 'what is the sum for these two years?', 'what about the average?', 'what is the amount adjustments to valuation allowances in 2012?', 'what about in 2011?', 'what is the net change?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: provision for income taxes increased $ 1791 million in 2012 from 2011 primarily due to the increase in pretax income from continuing operations , including the impact of the resumption of sales in libya in the first quarter of 2012 . the following is an analysis of the effective income tax rates for 2012 and 2011: .
120122011
2statutory rate applied to income from continuing operations before income taxes35% ( 35 % )35% ( 35 % )
3effects of foreign operations including foreign tax credits186
4change in permanent reinvestment assertion20145
5adjustments to valuation allowances2114
6tax law changes20141
7effective income tax rate on continuing operations74% ( 74 % )61% ( 61 % )
the effective income tax rate is influenced by a variety of factors including the geographic sources of income and the relative magnitude of these sources of income . the provision for income taxes is allocated on a discrete , stand-alone basis to pretax segment income and to individual items not allocated to segments . the difference between the total provision and the sum of the amounts allocated to segments appears in the ""corporate and other unallocated items"" shown in the reconciliation of segment income to net income below . effects of foreign operations 2013 the effects of foreign operations on our effective tax rate increased in 2012 as compared to 2011 , primarily due to the resumption of sales in libya in the first quarter of 2012 , where the statutory rate is in excess of 90 percent . change in permanent reinvestment assertion 2013 in the second quarter of 2011 , we recorded $ 716 million of deferred u.s . tax on undistributed earnings of $ 2046 million that we previously intended to permanently reinvest in foreign operations . offsetting this tax expense were associated foreign tax credits of $ 488 million . in addition , we reduced our valuation allowance related to foreign tax credits by $ 228 million due to recognizing deferred u.s . tax on previously undistributed earnings . adjustments to valuation allowances 2013 in 2012 and 2011 , we increased the valuation allowance against foreign tax credits because it is more likely than not that we will be unable to realize all u.s . benefits on foreign taxes accrued in those years . see item 8 . financial statements and supplementary data - note 10 to the consolidated financial statements for further information about income taxes . discontinued operations is presented net of tax , and reflects our downstream business that was spun off june 30 , 2011 and our angola business which we agreed to sell in 2013 . see item 8 . financial statements and supplementary data 2013 notes 3 and 6 to the consolidated financial statements for additional information. .","['74.0', '61.0', '135.0', '67.5', '21.0', '14.0', '7.0', '0.5']" "['what was the change in the total of principal maturities due in 2007 due to the debt refinancing completed on january of that year?', 'and what was the amount of unsecured 4.75% ( 4.75 % ) fixed-rate notes due in the next year, that the company was obligated to service?', 'what is, then, the annual interest expense on those notes?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: through the certegy merger , the company has an obligation to service $ 200 million ( aggregate principal amount ) of unsecured 4.75% ( 4.75 % ) fixed-rate notes due in 2008 . the notes were recorded in purchase accounting at a discount of $ 5.7 million , which is being amortized over the term of the notes . the notes accrue interest at a rate of 4.75% ( 4.75 % ) per year , payable semi-annually in arrears on each march 15 and september 15 . on april 11 , 2005 , fis entered into interest rate swap agreements which have effectively fixed the interest rate at approximately 5.4% ( 5.4 % ) through april 2008 on $ 350 million of the term loan facilities ( or its replacement debt ) and at approximately 5.2% ( 5.2 % ) through april 2007 on an additional $ 350 million of the term loan . the company has designated these interest rate swaps as cash flow hedges in accordance with sfas no . 133 . the estimated fair value of the cash flow hedges results in an asset to the company of $ 4.9 million and $ 5.2 million , as of december 31 , 2006 and december 31 , 2005 , respectively , which is included in the accompanying consolidated balance sheets in other noncurrent assets and as a component of accumulated other comprehensive earnings , net of deferred taxes . a portion of the amount included in accumulated other comprehensive earnings is reclassified into interest expense as a yield adjustment as interest payments are made on the term loan facilities . the company 2019s existing cash flow hedges are highly effective and there is no current impact on earnings due to hedge ineffectiveness . it is the policy of the company to execute such instruments with credit-worthy banks and not to enter into derivative financial instruments for speculative purposes . principal maturities at december 31 , 2006 ( and at december 31 , 2006 after giving effect to the debt refinancing completed on january 18 , 2007 ) for the next five years and thereafter are as follows ( in thousands ) : december 31 , january 18 , 2007 refinancing .
1december 31 2006january 18 2007 refinancing
22007$ 61661$ 96161
32008257541282041
4200968129145129
5201033586215586
62011941875165455
7thereafter16467092105129
8total$ 3009501$ 3009501
fidelity national information services , inc . and subsidiaries and affiliates consolidated and combined financial statements notes to consolidated and combined financial statements 2014 ( continued ) .","['-34500.0', '200.0', '9.5']" "['what was net revenue in 2008?', 'what was it in 2007?', 'what was the difference from 2007 to 2008?', 'what is the value of purchased power capacity over that difference in revenue?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy louisiana , llc management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2008 to 2007 . amount ( in millions ) .
1amount ( in millions )
22007 net revenue$ 991.1
3retail electric price-17.1 ( 17.1 )
4purchased power capacity-12.0 ( 12.0 )
5net wholesale revenue-7.4 ( 7.4 )
6other4.6
72008 net revenue$ 959.2
the retail electric price variance is primarily due to the cessation of the interim storm recovery through the formula rate plan upon the act 55 financing of storm costs and a credit passed on to customers as a result of the act 55 storm cost financing , partially offset by increases in the formula rate plan effective october 2007 . refer to ""hurricane rita and hurricane katrina"" and ""state and local rate regulation"" below for a discussion of the interim recovery of storm costs , the act 55 storm cost financing , and the formula rate plan filing . the purchased power capacity variance is due to the amortization of deferred capacity costs effective september 2007 as a result of the formula rate plan filing in may 2007 . purchased power capacity costs are offset in base revenues due to a base rate increase implemented to recover incremental deferred and ongoing purchased power capacity charges . see ""state and local rate regulation"" below for a discussion of the formula rate plan filing . the net wholesale revenue variance is primarily due to provisions recorded for potential rate refunds related to the treatment of interruptible load in pricing entergy system affiliate sales . gross operating revenue and , fuel and purchased power expenses gross operating revenues increased primarily due to an increase of $ 364.7 million in fuel cost recovery revenues due to higher fuel rates offset by decreased usage . the increase was partially offset by a decrease of $ 56.8 million in gross wholesale revenue due to a decrease in system agreement rough production cost equalization credits . fuel and purchased power expenses increased primarily due to increases in the average market prices of natural gas and purchased power , partially offset by a decrease in the recovery from customers of deferred fuel costs. .","['959.2', '991.1', '-31.9', '0.37618']" "['what was the value of projected payments in 2010?', 'what was the value in 2009?', 'what is the net difference?', 'what was the 2009 value?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: projected payments relating to these liabilities for the next five years ending december 31 , 2012 and the period from 2013 to 2017 are as follows ( in thousands ) : .
12008$ 980
220091185
32010978
420111022
520121425
62013 - 2017$ 8147
( 18 ) concentration of risk the company generates a significant amount of revenue from large customers , however , no customers accounted for more than 10% ( 10 % ) of total revenue or total segment revenue in the years ended december 31 , 2007 , 2006 and 2005 . financial instruments that potentially subject the company to concentrations of credit risk consist primarily of cash equivalents and trade receivables . the company places its cash equivalents with high credit quality financial institutions and , by policy , limits the amount of credit exposure with any one financial institution . concentrations of credit risk with respect to trade receivables are limited because a large number of geographically diverse customers make up the company 2019s customer base , thus spreading the trade receivables credit risk . the company controls credit risk through monitoring procedures . ( 19 ) segment information upon completion of the certegy merger , the company implemented a new organizational structure , which resulted in a new operating segment structure beginning with the reporting of first quarter 2006 results . effective as of february 1 , 2006 , the company 2019s operating segments are tps and lps . this structure reflects how the businesses are operated and managed . the primary components of the tps segment , which includes certegy 2019s card and check services , the financial institution processing component of the former financial institution software and services segment of fis and the operations acquired from efunds , are enterprise solutions , integrated financial solutions and international businesses . the primary components of the lps segment are mortgage information services businesses , which includes the mortgage lender processing component of the former financial institution software and services segment of fis , and the former lender services , default management , and information services segments of fis . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .","['978.0', '1185.0', '-207.0', '1185.0', '-0.17468']" "['what was the value of q at the end of 2014?', 'what was the net change assuming a $100 initial investment?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph this performance graph shall not be deemed 201cfiled 201d for purposes of section 18 of the exchange act , or incorporated by reference into any filing of quintiles ims holdings , inc . under the exchange act or under the securities act , except as shall be expressly set forth by specific reference in such filing . the following graph shows a comparison from may 9 , 2013 ( the date our common stock commenced trading on the nyse ) through december 31 , 2016 of the cumulative total return for our common stock , the standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) and a select peer group . the peer group consists of cerner corporation , charles river laboratories , inc. , dun & bradstreet corporation , equifax inc. , icon plc , ihs markit ltd. , inc research holdings , laboratory corporation of america holdings , nielsen n.v. , parexel international corporation , inc. , pra health sciences , inc. , thomson reuters corporation and verisk analytics , inc . the companies in our peer group are publicly traded information services , information technology or contract research companies , and thus share similar business model characteristics to quintilesims , or provide services to similar customers as quintilesims . many of these companies are also used by our compensation committee for purposes of compensation benchmarking . the graph assumes that $ 100 was invested in quintilesims , the s&p 500 and the peer group as of the close of market on may 9 , 2013 , assumes the reinvestments of dividends , if any . the s&p 500 and our peer group are included for comparative purposes only . they do not necessarily reflect management 2019s opinion that the s&p 500 and our peer group are an appropriate measure of the relative performance of the stock involved , and they are not intended to forecast or be indicative of possible future performance of our common stock . s&p 500 quintilesims peer group .
15/9/201312/31/201312/31/201412/31/201512/31/2016
2q$ 100$ 110$ 140$ 163$ 181
3peer group$ 100$ 116$ 143$ 151$ 143
4s&p 500$ 100$ 114$ 127$ 126$ 138
item 6 . selected financial data we have derived the following consolidated statements of income data for 2016 , 2015 and 2014 and consolidated balance sheet data as of december 31 , 2016 and 2015 from our audited consolidated financial .","['140.0', '40.0', '0.4']" "['what was the difference in pipeline barrels handled between 2007 and 2009?', 'and the starting value in 2007 again?', 'so what was the percentage decline during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: pipeline transportation 2013 we own a system of pipelines through marathon pipe line llc ( 201cmpl 201d ) and ohio river pipe line llc ( 201corpl 201d ) , our wholly-owned subsidiaries . our pipeline systems transport crude oil and refined products primarily in the midwest and gulf coast regions to our refineries , our terminals and other pipeline systems . our mpl and orpl wholly-owned and undivided interest common carrier systems consist of 1737 miles of crude oil lines and 1825 miles of refined product lines comprising 32 systems located in 11 states . the mpl common carrier pipeline network is one of the largest petroleum pipeline systems in the united states , based on total barrels delivered . our common carrier pipeline systems are subject to state and federal energy regulatory commission regulations and guidelines , including published tariffs for the transportation of crude oil and refined products . third parties generated 13 percent of the crude oil and refined product shipments on our mpl and orpl common carrier pipelines in 2009 . our mpl and orpl common carrier pipelines transported the volumes shown in the following table for each of the last three years . pipeline barrels handled ( thousands of barrels per day ) 2009 2008 2007 .
1( thousands of barrels per day )200920082007
2crude oil trunk lines127914051451
3refined products trunk lines9539601049
4total223223652500
we also own 196 miles of private crude oil pipelines and 850 miles of private refined products pipelines , and we lease 217 miles of common carrier refined product pipelines . we have partial ownership interests in several pipeline companies that have approximately 780 miles of crude oil pipelines and 3600 miles of refined products pipelines , including about 970 miles operated by mpl . in addition , mpl operates most of our private pipelines and 985 miles of crude oil and 160 miles of natural gas pipelines owned by our e&p segment . our major refined product pipelines include the owned and operated cardinal products pipeline and the wabash pipeline . the cardinal products pipeline delivers refined products from kenova , west virginia , to columbus , ohio . the wabash pipeline system delivers product from robinson , illinois , to various terminals in the area of chicago , illinois . other significant refined product pipelines owned and operated by mpl extend from : robinson , illinois , to louisville , kentucky ; garyville , louisiana , to zachary , louisiana ; and texas city , texas , to pasadena , texas . in addition , as of december 31 , 2009 , we had interests in the following refined product pipelines : 2022 65 percent undivided ownership interest in the louisville-lexington system , a petroleum products pipeline system extending from louisville to lexington , kentucky ; 2022 60 percent interest in muskegon pipeline llc , which owns a refined products pipeline extending from griffith , indiana , to north muskegon , michigan ; 2022 50 percent interest in centennial pipeline llc , which owns a refined products system connecting the gulf coast region with the midwest market ; 2022 17 percent interest in explorer pipeline company , a refined products pipeline system extending from the gulf coast to the midwest ; and 2022 6 percent interest in wolverine pipe line company , a refined products pipeline system extending from chicago , illinois , to toledo , ohio . our major owned and operated crude oil lines run from : patoka , illinois , to catlettsburg , kentucky ; patoka , illinois , to robinson , illinois ; patoka , illinois , to lima , ohio ; lima , ohio to canton , ohio ; samaria , michigan , to detroit , michigan ; and st . james , louisiana , to garyville , louisiana . as of december 31 , 2009 , we had interests in the following crude oil pipelines : 2022 51 percent interest in loop llc , the owner and operator of loop , which is the only u.s . deepwater oil port , located 18 miles off the coast of louisiana , and a crude oil pipeline connecting the port facility to storage caverns and tanks at clovelly , louisiana ; 2022 59 percent interest in locap llc , which owns a crude oil pipeline connecting loop and the capline system; .","['268.0', '2500.0', '0.1072']" "['what was the actual return on assets?', 'what was the net value of purchases issuance and settlements?', 'what is the sum of these values?', 'what was the balance at the start of 2015?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the following tables present a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs ( level 3 ) for 2015 and 2014 , respectively: .
1level 3
2balance as of january 1 2015$ 127
3actual return on assets12
4purchases issuances and settlements net-3 ( 3 )
5balance as of december 31 2015$ 136
purchases , issuances and settlements , net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 balance as of december 31 , 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 127 the company 2019s other postretirement benefit plans are partially funded and the assets are held under various trusts . the investments and risk mitigation strategies for the plans are tailored specifically for each trust . in setting new strategic asset mixes , consideration is given to the likelihood that the selected asset allocation will effectively fund the projected plan liabilities and the risk tolerance of the company . the company periodically updates the long-term , strategic asset allocations and uses various analytics to determine the optimal asset allocation . considerations include plan liability characteristics , liquidity characteristics , funding requirements , expected rates of return and the distribution of returns . in june 2012 , the company implemented a de-risking strategy for the medical bargaining trust within the plan to minimize volatility . as part of the de-risking strategy , the company revised the asset allocations to increase the matching characteristics of assets relative to liabilities . the initial de-risking asset allocation for the plan was 60% ( 60 % ) return-generating assets and 40% ( 40 % ) liability-driven assets . the investment strategies and policies for the plan reflect a balance of liability driven and return-generating considerations . the objective of minimizing the volatility of assets relative to liabilities is addressed primarily through asset 2014liability matching , asset diversification and hedging . the fixed income target asset allocation matches the bond-like and long-dated nature of the postretirement liabilities . assets are broadly diversified within asset classes to achieve risk-adjusted returns that in total lower asset volatility relative to the liabilities . the company assesses the investment strategy regularly to ensure actual allocations are in line with target allocations as appropriate . strategies to address the goal of ensuring sufficient assets to pay benefits include target allocations to a broad array of asset classes and , within asset classes strategies are employed to provide adequate returns , diversification and liquidity . the assets of the company 2019s other trusts , within the other postretirement benefit plans , have been primarily invested in equities and fixed income funds . the assets under the various other postretirement benefit trusts are invested differently based on the assets and liabilities of each trust . the obligations of the other postretirement benefit plans are dominated by obligations for the medical bargaining trust . thirty-nine percent and four percent of the total postretirement plan benefit obligations are related to the medical non-bargaining and life insurance trusts , respectively . because expected benefit payments related to the benefit obligations are so far into the future , and the size of the medical non-bargaining and life insurance trusts 2019 obligations are large compared to each trusts 2019 assets , the investment strategy is to allocate a significant portion of the assets 2019 investment to equities , which the company believes will provide the highest long-term return and improve the funding ratio . the company engages third party investment managers for all invested assets . managers are not permitted to invest outside of the asset class ( e.g . fixed income , equity , alternatives ) or strategy for which they have been appointed . investment management agreements and recurring performance and attribution analysis are used as tools to ensure investment managers invest solely within the investment strategy they have been provided . futures and options may be used to adjust portfolio duration to align with a plan 2019s targeted investment policy. .","['12.0', '-3.0', '9.0', '127.0', '0.07087']" "['what was the change in the value of apple inc stock in 2018 less the initial $100 investment?', 'what was the initial investment?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: apple inc . | 2018 form 10-k | 20 company stock performance the following graph shows a comparison of cumulative total shareholder return , calculated on a dividend-reinvested basis , for the company , the s&p 500 index , the s&p information technology index and the dow jones u.s . technology supersector index for the five years ended september 29 , 2018 . the graph assumes $ 100 was invested in each of the company 2019s common stock , the s&p 500 index , the s&p information technology index and the dow jones u.s . technology supersector index as of the market close on september 27 , 2013 . note that historic stock price performance is not necessarily indicative of future stock price performance . * $ 100 invested on september 27 , 2013 in stock or index , including reinvestment of dividends . data points are the last day of each fiscal year for the company 2019s common stock and september 30th for indexes . copyright a9 2018 standard & poor 2019s , a division of s&p global . all rights reserved . copyright a9 2018 s&p dow jones indices llc , a division of s&p global . all rights reserved . september september september september september september .
1september2013september2014september2015september2016september2017september2018
2apple inc .$ 100$ 149$ 173$ 174$ 242$ 359
3s&p 500 index$ 100$ 120$ 119$ 137$ 163$ 192
4s&p information technology index$ 100$ 129$ 132$ 162$ 209$ 275
5dow jones u.s . technology supersector index$ 100$ 130$ 130$ 159$ 203$ 266
.","['259.0', '100.0', '2.59']" "['what was the amount in cash?', 'and accounts receivables?', 'combining these two assets, what was the total value?', 'and the amount of inventory?', 'and combined with the other two assets?', 'and the total value now including total other assets?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed is as follows ( in millions ) : .
1cash$ 116
2accounts receivable278
3inventory124
4other current assets41
5property plant and equipment2549
6intangible assets subject to amortization166
7intangible assets 2014indefinite-lived5
8regulatory assets201
9other noncurrent assets58
10current liabilities-401 ( 401 )
11non-recourse debt-1255 ( 1255 )
12deferred taxes-558 ( 558 )
13regulatory liabilities-117 ( 117 )
14other noncurrent liabilities-195 ( 195 )
15redeemable preferred stock-18 ( 18 )
16net identifiable assets acquired994
17goodwill2489
18net assets acquired$ 3483
at december 31 , 2011 , the assets acquired and liabilities assumed in the acquisition were recorded at provisional amounts based on the preliminary purchase price allocation . the company is in the process of obtaining additional information to identify and measure all assets acquired and liabilities assumed in the acquisition within the measurement period , which could be up to one year from the date of acquisition . such provisional amounts will be retrospectively adjusted to reflect any new information about facts and circumstances that existed at the acquisition date that , if known , would have affected the measurement of these amounts . additionally , key input assumptions and their sensitivity to the valuation of assets acquired and liabilities assumed are currently being reviewed by management . it is likely that the value of the generation business related property , plant and equipment , the intangible asset related to the electric security plan with its regulated customers and long-term coal contracts , the 4.9% ( 4.9 % ) equity ownership interest in the ohio valley electric corporation , and deferred taxes could change as the valuation process is finalized . dpler , dpl 2019s wholly-owned competitive retail electric service ( 201ccres 201d ) provider , will also likely have changes in its initial purchase price allocation for the valuation of its intangible assets for the trade name , and customer relationships and contracts . as noted in the table above , the preliminary purchase price allocation has resulted in the recognition of $ 2.5 billion of goodwill . factors primarily contributing to a price in excess of the fair value of the net tangible and intangible assets include , but are not limited to : the ability to expand the u.s . utility platform in the mid-west market , the ability to capitalize on utility management experience gained from ipl , enhanced ability to negotiate with suppliers of fuel and energy , the ability to capture value associated with aes 2019 u.s . tax position , a well- positioned generating fleet , the ability of dpl to leverage its assembled workforce to take advantage of growth opportunities , etc . our ability to realize the benefit of dpl 2019s goodwill depends on the realization of expected benefits resulting from a successful integration of dpl into aes 2019 existing operations and our ability to respond to the changes in the ohio utility market . for example , utilities in ohio continue to face downward pressure on operating margins due to the evolving regulatory environment , which is moving towards a market-based competitive pricing mechanism . at the same time , the declining energy prices are also reducing operating .","['116.0', '278.0', '394.0', '124.0', '518.0', '559.0']" "['what is the net of proceeds from sales of trucks and equipments?', 'what is the total net of proceeds from sales of total ppe?', 'what portion came from truck and equipments?', 'what about the net of proceeds from sales of containers?', 'what is the ratio of sales from trucks and equipment to sales from containers?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: we believe that the presentation of adjusted diluted earnings per share , which excludes withdrawal costs 2013 multiemployer pension funds , restructuring charges , loss on extinguishment of debt , and ( gain ) loss on business dispositions and impairments , net , provides an understanding of operational activities before the financial effect of certain items . we use this measure , and believe investors will find it helpful , in understanding the ongoing performance of our operations separate from items that have a disproportionate effect on our results for a particular period . we have incurred comparable charges and costs in prior periods , and similar types of adjustments can reasonably be expected to be recorded in future periods . our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies . property and equipment , net in 2017 , we anticipate receiving approximately $ 975 million of property and equipment , net of proceeds from sales of property and equipment , as follows: .
1trucks and equipment$ 350
2landfill330
3containers160
4facilities and other150
5property and equipment received during 2017990
6proceeds from sales of property and equipment-15 ( 15 )
7property and equipment received net of proceeds during 2017$ 975
results of operations revenue we generate revenue primarily from our solid waste collection operations . our remaining revenue is from other services , including transfer station , landfill disposal , recycling , and energy services . our residential and small- container commercial collection operations in some markets are based on long-term contracts with municipalities . certain of our municipal contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index . we generally provide small-container commercial and large-container industrial collection services to customers under contracts with terms up to three years . our transfer stations , landfills and , to a lesser extent , our recycling facilities generate revenue from disposal or tipping fees charged to third parties . in general , we integrate our recycling operations with our collection operations and obtain revenue from the sale of recycled commodities . our revenue from energy services consists mainly of fees we charge for the treatment of liquid and solid waste derived from the production of oil and natural gas . other revenue consists primarily of revenue from national accounts , which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated waste handling services are subcontracted to local operators . consequently , substantially all of this revenue is offset with related subcontract costs , which are recorded in cost of operations. .","['350.0', '975.0', '0.35897', '160.0', '2.1875']" "['what is the balance of noncancelable lease obligations in 2008?', 'what about in 2007?', 'what is the net change?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements fifth third bancorp 81 vii held by the trust vii bear a fixed rate of interest of 8.875% ( 8.875 % ) until may 15 , 2058 . thereafter , the notes pay a floating rate at three-month libor plus 500 bp . the bancorp entered into an interest rate swap to convert $ 275 million of the fixed-rate debt into floating . at december 31 , 2008 , the rate paid on the swap was 6.05% ( 6.05 % ) . the jsn vii may be redeemed at the option of the bancorp on or after may 15 , 2013 , or in certain other limited circumstances , at a redemption price of 100% ( 100 % ) of the principal amount plus accrued but unpaid interest . all redemptions are subject to certain conditions and generally require approval by the federal reserve board . subsidiary long-term borrowings the senior fixed-rate bank notes due from 2009 to 2019 are the obligations of a subsidiary bank . the maturities of the face value of the senior fixed-rate bank notes are as follows : $ 36 million in 2009 , $ 800 million in 2010 and $ 275 million in 2019 . the bancorp entered into interest rate swaps to convert $ 1.1 billion of the fixed-rate debt into floating rates . at december 31 , 2008 , the rates paid on these swaps were 2.19% ( 2.19 % ) on $ 800 million and 2.20% ( 2.20 % ) on $ 275 million . in august 2008 , $ 500 million of senior fixed-rate bank notes issued in july of 2003 matured and were paid . these long-term bank notes were issued to third-party investors at a fixed rate of 3.375% ( 3.375 % ) . the senior floating-rate bank notes due in 2013 are the obligations of a subsidiary bank . the notes pay a floating rate at three-month libor plus 11 bp . the senior extendable notes consist of $ 797 million that currently pay interest at three-month libor plus 4 bp and $ 400 million that pay at the federal funds open rate plus 12 bp . the subordinated fixed-rate bank notes due in 2015 are the obligations of a subsidiary bank . the bancorp entered into interest rate swaps to convert the fixed-rate debt into floating rate . at december 31 , 2008 , the weighted-average rate paid on the swaps was 3.29% ( 3.29 % ) . the junior subordinated floating-rate bank notes due in 2032 and 2033 were assumed by a bancorp subsidiary as part of the acquisition of crown in november 2007 . two of the notes pay floating at three-month libor plus 310 and 325 bp . the third note pays floating at six-month libor plus 370 bp . the three-month libor plus 290 bp and the three-month libor plus 279 bp junior subordinated debentures due in 2033 and 2034 , respectively , were assumed by a subsidiary of the bancorp in connection with the acquisition of first national bank . the obligations were issued to fnb statutory trusts i and ii , respectively . the junior subordinated floating-rate bank notes due in 2035 were assumed by a bancorp subsidiary as part of the acquisition of first charter in may 2008 . the obligations were issued to first charter capital trust i and ii , respectively . the notes of first charter capital trust i and ii pay floating at three-month libor plus 169 bp and 142 bp , respectively . the bancorp has fully and unconditionally guaranteed all obligations under the acquired trust preferred securities . at december 31 , 2008 , fhlb advances have rates ranging from 0% ( 0 % ) to 8.34% ( 8.34 % ) , with interest payable monthly . the advances are secured by certain residential mortgage loans and securities totaling $ 8.6 billion . at december 31 , 2008 , $ 2.5 billion of fhlb advances are floating rate . the bancorp has interest rate caps , with a notional of $ 1.5 billion , held against its fhlb advance borrowings . the $ 3.6 billion in advances mature as follows : $ 1.5 billion in 2009 , $ 1 million in 2010 , $ 2 million in 2011 , $ 1 billion in 2012 and $ 1.1 billion in 2013 and thereafter . medium-term senior notes and subordinated bank notes with maturities ranging from one year to 30 years can be issued by two subsidiary banks , of which $ 3.8 billion was outstanding at december 31 , 2008 with $ 16.2 billion available for future issuance . there were no other medium-term senior notes outstanding on either of the two subsidiary banks as of december 31 , 2008 . 15 . commitments , contingent liabilities and guarantees the bancorp , in the normal course of business , enters into financial instruments and various agreements to meet the financing needs of its customers . the bancorp also enters into certain transactions and agreements to manage its interest rate and prepayment risks , provide funding , equipment and locations for its operations and invest in its communities . these instruments and agreements involve , to varying degrees , elements of credit risk , counterparty risk and market risk in excess of the amounts recognized in the bancorp 2019s consolidated balance sheets . creditworthiness for all instruments and agreements is evaluated on a case-by-case basis in accordance with the bancorp 2019s credit policies . the bancorp 2019s significant commitments , contingent liabilities and guarantees in excess of the amounts recognized in the consolidated balance sheets are summarized as follows : commitments the bancorp has certain commitments to make future payments under contracts . a summary of significant commitments at december 31: .
1( $ in millions )20082007
2commitments to extend credit$ 4947049788
3letters of credit ( including standby letters of credit )89518522
4forward contracts to sell mortgage loans32351511
5noncancelable lease obligations937734
6purchase obligations8152
7capital expenditures6894
commitments to extend credit are agreements to lend , typically having fixed expiration dates or other termination clauses that may require payment of a fee . since many of the commitments to extend credit may expire without being drawn upon , the total commitment amounts do not necessarily represent future cash flow requirements . the bancorp is exposed to credit risk in the event of nonperformance for the amount of the contract . fixed-rate commitments are also subject to market risk resulting from fluctuations in interest rates and the bancorp 2019s exposure is limited to the replacement value of those commitments . as of december 31 , 2008 and 2007 , the bancorp had a reserve for unfunded commitments totaling $ 195 million and $ 95 million , respectively , included in other liabilities in the consolidated balance sheets . standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party . at december 31 , 2008 , approximately $ 3.3 billion of letters of credit expire within one year ( including $ 57 million issued on behalf of commercial customers to facilitate trade payments in dollars and foreign currencies ) , $ 5.3 billion expire between one to five years and $ 0.4 billion expire thereafter . standby letters of credit are considered guarantees in accordance with fasb interpretation no . 45 , 201cguarantor 2019s accounting and disclosure requirements for guarantees , including indirect guarantees of indebtedness of others 201d ( fin 45 ) . at december 31 , 2008 , the reserve related to these standby letters of credit was $ 3 million . approximately 66% ( 66 % ) and 70% ( 70 % ) of the total standby letters of credit were secured as of december 31 , 2008 and 2007 , respectively . in the event of nonperformance by the customers , the bancorp has rights to the underlying collateral , which can include commercial real estate , physical plant and property , inventory , receivables , cash and marketable securities . the bancorp monitors the credit risk associated with the standby letters of credit using the same dual risk rating system utilized for .","['937.0', '734.0', '203.0', '0.27657']" "['what was the price for the s&p financial index in 2015?', 'what was the change in the 2015 price and the initial $100 investment?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: jpmorgan chase & co./2015 annual report 67 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index . the s&p 500 index is a commonly referenced united states of america ( 201cu.s . 201d ) equity benchmark consisting of leading companies from different economic sectors . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s . and is composed of 24 leading national money center and regional banks and thrifts . the s&p financial index is an index of 87 financial companies , all of which are components of the s&p 500 . the firm is a component of all three industry indices . the following table and graph assume simultaneous investments of $ 100 on december 31 , 2010 , in jpmorgan chase common stock and in each of the above indices . the comparison assumes that all dividends are reinvested . december 31 , ( in dollars ) 2010 2011 2012 2013 2014 2015 .
1december 31 ( in dollars )201020112012201320142015
2jpmorgan chase$ 100.00$ 80.03$ 108.98$ 148.98$ 163.71$ 177.40
3kbw bank index100.0076.82102.19140.77153.96154.71
4s&p financial index100.0082.94106.78144.79166.76164.15
5s&p 500 index100.00102.11118.44156.78178.22180.67
december 31 , ( in dollars ) .","['164.15', '64.15', '0.6415']" "['what was the balance of total ishares in 2013?', 'what was the balance in 2012?', 'what was the net change?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 .
1( in millions )component changes in aum 2014 ishares 12/31/2012component changes in aum 2014 ishares net new businesscomponent changes in aum 2014 ishares acquisition ( 1 )component changes in aum 2014 ishares market / fxcomponent changes in aum 2014 ishares 12/31/2013
2equity$ 534648$ 74119$ 13021$ 96347$ 718135
3fixed income192852-7450 ( 7450 )1294-7861 ( 7861 )178835
4multi-asset class8693552014861310
5alternatives ( 2 )24337-3053 ( 3053 )1645-6837 ( 6837 )16092
6total 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 .","['914372.0', '752706.0', '161666.0', '0.21478']" "['what was the value of total real estate investments?', 'what was the value of total assets acquired?', 'what is the ratio of total real estate investments to total assets acquired?', 'what is that value as a percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: as approximately 161 acres of undeveloped land and a 12-acre container storage facility in houston . the total price was $ 89.7 million and was financed in part through assumption of secured debt that had a fair value of $ 34.3 million . of the total purchase price , $ 64.1 million was allocated to in-service real estate assets , $ 20.0 million was allocated to undeveloped land and the container storage facility , $ 5.4 million was allocated to lease related intangible assets , and the remaining amount was allocated to acquired working capital related assets and liabilities . the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements . in february 2007 , we completed the acquisition of bremner healthcare real estate ( 201cbremner 201d ) , a national health care development and management firm . the primary reason for the acquisition was to expand our development capabilities within the health care real estate market . the initial consideration paid to the sellers totaled $ 47.1 million , and the sellers may be eligible for further contingent payments over a three-year period following the acquisition . approximately $ 39.0 million of the total purchase price was allocated to goodwill , which is attributable to the value of bremner 2019s overall development capabilities and its in-place workforce . the results of operations for bremner since the date of acquisition have been included in continuing operations in our consolidated financial statements . in february 2006 , we acquired the majority of a washington , d.c . metropolitan area portfolio of suburban office and light industrial properties ( the 201cmark winkler portfolio 201d ) . the assets acquired for a purchase price of approximately $ 867.6 million were comprised of 32 in-service properties with approximately 2.9 million square feet for rental , 166 acres of undeveloped land , as well as certain related assets of the mark winkler company , a real estate management company . the acquisition was financed primarily through assumed mortgage loans and new borrowings . the assets acquired and liabilities assumed were recorded at their estimated fair value at the date of acquisition , as summarized below ( in thousands ) : .
1operating rental properties$ 602011
2undeveloped land154300
3total real estate investments756311
4other assets10478
5lease related intangible assets86047
6goodwill14722
7total assets acquired867558
8debt assumed-148527 ( 148527 )
9other liabilities assumed-5829 ( 5829 )
10purchase price net of assumed liabilities$ 713202
purchase price , net of assumed liabilities $ 713202 in december 2006 , we contributed 23 of these in-service properties acquired from the mark winkler portfolio with a basis of $ 381.6 million representing real estate investments and acquired lease related intangible assets to two new unconsolidated subsidiaries . of the remaining nine in-service properties , eight were contributed to these two unconsolidated subsidiaries in 2007 and one remains in continuing operations as of december 31 , 2008 . the eight properties contributed in 2007 had a basis of $ 298.4 million representing real estate investments and acquired lease related intangible assets , and debt secured by these properties of $ 146.4 million was also assumed by the unconsolidated subsidiaries . in the third quarter of 2006 , we finalized the purchase of a portfolio of industrial real estate properties in savannah , georgia . we completed a majority of the purchase in january 2006 . the assets acquired for a purchase price of approximately $ 196.2 million were comprised of 18 buildings with approximately 5.1 million square feet for rental as well as over 60 acres of undeveloped land . the acquisition was financed in part through assumed mortgage loans . the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements. .","['756311.0', '867558.0', '0.87177', '87.177']" "['what was the operating profit for mst in 2011?', 'and what was it in 2010?', 'what was, then, the change over the year?', 'and how much does this change represent in relation to that operating profit in 2010?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 2011 compared to 2010 mfc 2019s net sales for 2011 increased $ 533 million , or 8% ( 8 % ) , compared to 2010 . the increase was attributable to higher volume of about $ 420 million on air and missile defense programs ( primarily pac-3 and thaad ) ; and about $ 245 million from fire control systems programs primarily related to the sof clss program , which began late in the third quarter of 2010 . partially offsetting these increases were lower net sales due to decreased volume of approximately $ 75 million primarily from various services programs and approximately $ 20 million from tactical missile programs ( primarily mlrs and jassm ) . mfc 2019s operating profit for 2011 increased $ 96 million , or 10% ( 10 % ) , compared to 2010 . the increase was attributable to higher operating profit of about $ 60 million for air and missile defense programs ( primarily pac-3 and thaad ) as a result of increased volume and retirement of risks ; and approximately $ 25 million for various services programs . adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 35 million higher in 2011 compared to 2010 . backlog backlog increased in 2012 compared to 2011 mainly due to increased orders and lower sales on fire control systems programs ( primarily lantirn ae and sniper ae ) and on various services programs , partially offset by lower orders and higher sales volume on tactical missiles programs . backlog increased in 2011 compared to 2010 primarily due to increased orders on air and missile defense programs ( primarily thaad ) . trends we expect mfc 2019s net sales for 2013 will be comparable with 2012 . we expect low double digit percentage growth in air and missile defense programs , offset by an expected decline in volume on logistics services programs . operating profit and margin are expected to be comparable with 2012 results . mission systems and training our mst business segment provides surface ship and submarine combat systems ; sea and land-based missile defense systems ; radar systems ; mission systems and sensors for rotary and fixed-wing aircraft ; littoral combat ships ; simulation and training services ; unmanned technologies and platforms ; ship systems integration ; and military and commercial training systems . mst 2019s major programs include aegis , mk-41 vertical launching system ( vls ) , tpq-53 radar system , mh-60 , lcs , and ptds . mst 2019s operating results included the following ( in millions ) : .
1201220112010
2net sales$ 7579$ 7132$ 7443
3operating profit737645713
4operating margins9.7% ( 9.7 % )9.0% ( 9.0 % )9.6% ( 9.6 % )
5backlog at year-end107001050010600
2012 compared to 2011 mst 2019s net sales for 2012 increased $ 447 million , or 6% ( 6 % ) , compared to 2011 . the increase in net sales for 2012 was attributable to higher volume and risk retirements of approximately $ 395 million from ship and aviation system programs ( primarily ptds ; lcs ; vls ; and mh-60 ) ; about $ 115 million for training and logistics solutions programs primarily due to net sales from sim industries , which was acquired in the fourth quarter of 2011 ; and approximately $ 30 million as a result of increased volume on integrated warfare systems and sensors programs ( primarily aegis ) . partially offsetting the increases were lower net sales of approximately $ 70 million from undersea systems programs due to lower volume on an international combat system program and towed array systems ; and about $ 25 million due to lower volume on various other programs . mst 2019s operating profit for 2012 increased $ 92 million , or 14% ( 14 % ) , compared to 2011 . the increase was attributable to higher operating profit of approximately $ 175 million from ship and aviation system programs , which reflects higher volume and risk retirements on certain programs ( primarily vls ; ptds ; mh-60 ; and lcs ) and reserves of about $ 55 million for contract cost matters on ship and aviation system programs recorded in the fourth quarter of 2011 ( including the terminated presidential helicopter program ) . partially offsetting the increase was lower operating profit of approximately $ 40 million from undersea systems programs due to reduced profit booking rates on certain programs and lower volume on an international combat system program and towed array systems ; and about $ 40 million due to lower volume on various other programs . adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 150 million higher for 2012 compared to 2011. .","['645.0', '713.0', '-68.0', '-0.09537']" "['what was the net expense in interest and penalties in the year of 2009?', 'and what was that of 2008?', 'what is, then, the difference between the net expense in 2008 and 2009?', 'how much does that difference represent percentually in comparison to the net expense in 2008?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: a reconciliation of the beginning and ending amount of unrecognized tax benefits , for the periods indicated , is as follows: .
1( dollars in thousands )201020092008
2balance at january 1$ 29010$ 34366$ 29132
3additions based on tax positions related to the current year711969975234
4additions for tax positions of prior years---
5reductions for tax positions of prior years---
6settlements with taxing authorities-12356 ( 12356 )-12353 ( 12353 )-
7lapses of applicable statutes of limitations---
8balance at december 31$ 23773$ 29010$ 34366
the entire amount of the unrecognized tax benefits would affect the effective tax rate if recognized . in 2010 , the company favorably settled a 2003 and 2004 irs audit . the company recorded a net overall tax benefit including accrued interest of $ 25920 thousand . in addition , the company was also able to take down a $ 12356 thousand fin 48 reserve that had been established regarding the 2003 and 2004 irs audit . the company is no longer subject to u.s . federal , state and local or foreign income tax examinations by tax authorities for years before 2007 . the company recognizes accrued interest related to net unrecognized tax benefits and penalties in income taxes . during the years ended december 31 , 2010 , 2009 and 2008 , the company accrued and recognized a net expense ( benefit ) of approximately $ ( 9938 ) thousand , $ 1563 thousand and $ 2446 thousand , respectively , in interest and penalties . included within the 2010 net expense ( benefit ) of $ ( 9938 ) thousand is $ ( 10591 ) thousand of accrued interest related to the 2003 and 2004 irs audit . the company is not aware of any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date . for u.s . income tax purposes the company has foreign tax credit carryforwards of $ 55026 thousand that begin to expire in 2014 . in addition , for u.s . income tax purposes the company has $ 41693 thousand of alternative minimum tax credits that do not expire . management believes that it is more likely than not that the company will realize the benefits of its net deferred tax assets and , accordingly , no valuation allowance has been recorded for the periods presented . tax benefits of $ 629 thousand and $ 1714 thousand related to share-based compensation deductions for stock options exercised in 2010 and 2009 , respectively , are included within additional paid-in capital of the shareholders 2019 equity section of the consolidated balance sheets. .","['1563.0', '2446.0', '-883.0', '-0.361']" "['what was the dividend yield in 2008?', 'and what was it in 2007?', 'what was, then, the change over the year?', 'and how much does this change represent in relation to that dividend yield in 2007, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited and subsidiaries share-based compensation expense for stock options and shares issued under the employee stock purchase plan ( espp ) amounted to $ 24 million ( $ 22 million after tax or $ 0.07 per basic and diluted share ) , $ 23 million ( $ 21 million after tax or $ 0.06 per basic and diluted share ) , and $ 20 million ( $ 18 million after tax or $ 0.05 per basic and diluted share ) for the years ended december 31 , 2008 , 2007 , and 2006 , respectively . for the years ended december 31 , 2008 , 2007 and 2006 , the expense for the restricted stock was $ 101 million ( $ 71 million after tax ) , $ 77 million ( $ 57 million after tax ) , and $ 65 million ( $ 49 million after tax ) , respectively . during 2004 , the company established the ace limited 2004 long-term incentive plan ( the 2004 ltip ) . once the 2004 ltip was approved by shareholders , it became effective february 25 , 2004 . it will continue in effect until terminated by the board . this plan replaced the ace limited 1995 long-term incentive plan , the ace limited 1995 outside directors plan , the ace limited 1998 long-term incentive plan , and the ace limited 1999 replacement long-term incentive plan ( the prior plans ) except as to outstanding awards . during the company 2019s 2008 annual general meeting , shareholders voted to increase the number of common shares authorized to be issued under the 2004 ltip from 15000000 common shares to 19000000 common shares . accordingly , under the 2004 ltip , a total of 19000000 common shares of the company are authorized to be issued pursuant to awards made as stock options , stock appreciation rights , performance shares , performance units , restricted stock , and restricted stock units . the maximum number of shares that may be delivered to participants and their beneficiaries under the 2004 ltip shall be equal to the sum of : ( i ) 19000000 shares ; and ( ii ) any shares that are represented by awards granted under the prior plans that are forfeited , expired , or are canceled after the effective date of the 2004 ltip , without delivery of shares or which result in the forfeiture of the shares back to the company to the extent that such shares would have been added back to the reserve under the terms of the applicable prior plan . as of december 31 , 2008 , a total of 10591090 shares remain available for future issuance under this plan . under the 2004 ltip , 3000000 common shares are authorized to be issued under the espp . as of december 31 , 2008 , a total of 989812 common shares remain available for issuance under the espp . stock options the company 2019s 2004 ltip provides for grants of both incentive and non-qualified stock options principally at an option price per share of 100 percent of the fair value of the company 2019s common shares on the date of grant . stock options are generally granted with a 3-year vesting period and a 10-year term . the stock options vest in equal annual installments over the respective vesting period , which is also the requisite service period . included in the company 2019s share-based compensation expense in the year ended december 31 , 2008 , is the cost related to the unvested portion of the 2005-2008 stock option grants . the fair value of the stock options was estimated on the date of grant using the black-scholes option-pricing model that uses the assumptions noted in the following table . the risk-free inter- est rate is based on the u.s . treasury yield curve in effect at the time of grant . the expected life ( estimated period of time from grant to exercise date ) was estimated using the historical exercise behavior of employees . expected volatility was calculated as a blend of ( a ) historical volatility based on daily closing prices over a period equal to the expected life assumption , ( b ) long- term historical volatility based on daily closing prices over the period from ace 2019s initial public trading date through the most recent quarter , and ( c ) implied volatility derived from ace 2019s publicly traded options . the fair value of the options issued is estimated on the date of grant using the black-scholes option-pricing model , with the following weighted-average assumptions used for grants for the years indicated: .
1200820072006
2dividend yield1.80% ( 1.80 % )1.78% ( 1.78 % )1.64% ( 1.64 % )
3expected volatility32.20% ( 32.20 % )27.43% ( 27.43 % )31.29% ( 31.29 % )
4risk-free interest rate3.15% ( 3.15 % )4.51% ( 4.51 % )4.60% ( 4.60 % )
5forfeiture rate7.5% ( 7.5 % )7.5% ( 7.5 % )7.5% ( 7.5 % )
6expected life5.7 years5.6 years6 years
.","['1.8', '1.78', '0.02', '0.01124']" "['as of 2013, what amount from the cash and cash equivalents was generated from operating activities?', 'and what was the total of those cash and cash equivalents?', 'what percentage, then, from this total, did that amount represent?', 'and in that same year, what was, in millions, the total of additional collateral or termination payments for a one-notch downgrade?', 'what was it for 2012?', 'what was, then, the total for both years combined, in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis we believe our credit ratings are primarily based on the credit rating agencies 2019 assessment of : 2030 our liquidity , market , credit and operational risk management practices ; 2030 the level and variability of our earnings ; 2030 our capital base ; 2030 our franchise , reputation and management ; 2030 our corporate governance ; and 2030 the external operating environment , including the assumed level of government support . certain of the firm 2019s derivatives have been transacted under bilateral agreements with counterparties who may require us to post collateral or terminate the transactions based on changes in our credit ratings . we assess the impact of these bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies . a downgrade by any one rating agency , depending on the agency 2019s relative ratings of the firm at the time of the downgrade , may have an impact which is comparable to the impact of a downgrade by all rating agencies . we allocate a portion of our gce to ensure we would be able to make the additional collateral or termination payments that may be required in the event of a two-notch reduction in our long-term credit ratings , as well as collateral that has not been called by counterparties , but is available to them . the table below presents the additional collateral or termination payments related to our net derivative liabilities under bilateral agreements that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in our credit ratings. .
1in millionsas of december 2013as of december 2012
2additional collateral or termination payments for a one-notch downgrade$ 911$ 1534
3additional collateral or termination payments for a two-notch downgrade29892500
in millions 2013 2012 additional collateral or termination payments for a one-notch downgrade $ 911 $ 1534 additional collateral or termination payments for a two-notch downgrade 2989 2500 cash flows as a global financial institution , our cash flows are complex and bear little relation to our net earnings and net assets . consequently , we believe that traditional cash flow analysis is less meaningful in evaluating our liquidity position than the excess liquidity and asset-liability management policies described above . cash flow analysis may , however , be helpful in highlighting certain macro trends and strategic initiatives in our businesses . year ended december 2013 . our cash and cash equivalents decreased by $ 11.54 billion to $ 61.13 billion at the end of 2013 . we generated $ 4.54 billion in net cash from operating activities . we used net cash of $ 16.08 billion for investing and financing activities , primarily to fund loans held for investment and repurchases of common stock . year ended december 2012 . our cash and cash equivalents increased by $ 16.66 billion to $ 72.67 billion at the end of 2012 . we generated $ 9.14 billion in net cash from operating and investing activities . we generated $ 7.52 billion in net cash from financing activities from an increase in bank deposits , partially offset by net repayments of unsecured and secured long-term borrowings . year ended december 2011 . our cash and cash equivalents increased by $ 16.22 billion to $ 56.01 billion at the end of 2011 . we generated $ 23.13 billion in net cash from operating and investing activities . we used net cash of $ 6.91 billion for financing activities , primarily for repurchases of our series g preferred stock and common stock , partially offset by an increase in bank deposits . goldman sachs 2013 annual report 89 .","['4.54', '61.13', '0.07427', '911.0', '1534.0', '2445.0']" "['what was the value of cadence design systems inc . in 2016?', 'what was, then, the change in its value, considering 2016 and the original amount invested in it in 2011?', 'and how much does this change represent in relation to this original amount, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stockholder return performance graph the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index . the graph assumes that the value of the investment in our common stock and in each index on december 31 , 2011 ( including reinvestment of dividends ) was $ 100 and tracks it each year thereafter on the last day of our fiscal year through december 31 , 2016 and , for each index , on the last day of the calendar year . comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc . nasdaq composite s&p 400 information technology 12/31/1612/28/13 1/2/1612/31/11 1/3/1512/29/12 *$ 100 invested on 12/31/11 in stock or index , including reinvestment of dividends . indexes calculated on month-end basis . copyright a9 2017 standard & poor 2019s , a division of s&p global . all rights reserved. .
112/31/201112/29/201212/28/20131/3/20151/2/201612/31/2016
2cadence design systems inc .100.00129.23133.94181.06200.10242.50
3nasdaq composite100.00116.41165.47188.69200.32216.54
4s&p 400 information technology100.00118.41165.38170.50178.74219.65
the stock price performance included in this graph is not necessarily indicative of future stock price performance. .","['242.5', '142.5', '1.425']" "['what was the change in value of natural gas marketing (bcf) between 2010 and 2011?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: costs . our 2012 results were lower than 2011 when we realized $ 53.1 million in premium-services margins and our storage and marketing margins consisted of $ 96.0 million from realized seasonal price differentials and marketing optimization activities , and $ 87.7 million of storage demand costs . in addition , we recognized a loss on the change in fair value of our nonqualifiying economic storage hedges of $ 1.0 million in 2012 compared with a gain of $ 8.5 million in 2011 . our premium services were impacted negatively by lower natural gas prices and decreased natural gas price volatility . the impact of our hedge strategies and the inability to hedge seasonal price differentials at levels that were available to us in the prior year significantly reduced our storage margins . we also experienced reduced opportunities to optimize our storage assets , which negatively impacted our marketing margins . we realized a loss in our transportation margins of $ 42.4 million in 2012 compared with a loss of $ 18.8 million in 2011 , due primarily to a $ 29.5 million decrease in transportation hedges . our transportation business continues to be impacted by narrow price location differentials and the inability to hedge at levels that were available to us in prior years . as a result of significant increases in the supply of natural gas , primarily from shale gas production across north america and new pipeline infrastructure projects , location and seasonal price differentials narrowed significantly beginning in 2010 and continuing through 2012 . this market change resulted in our transportation contracts being unprofitable impacting our ability to recover our fixed costs . operating costs decreased due primarily to lower employee-related expenses , which includes the impact of fewer employees . we also recognized an expense of $ 10.3 million related to the impairment of our goodwill in the first quarter 2012 . given the significant decline in natural gas prices and its effect on location and seasonal price differentials , we performed an interim impairment assessment in the first quarter 2012 that reduced our goodwill balance to zero . 2011 vs . 2010 - the factors discussed in energy services 2019 201cnarrative description of the business 201d included in item i , business , of this annual report have led to a significant decrease in net margin , including : 2022 a decrease of $ 65.3 million in transportation margins , net of hedging , due primarily to narrower location price differentials and lower hedge settlements in 2011 ; 2022 a decrease of $ 34.3 million in storage and marketing margins , net of hedging activities , due primarily to the following : 2013 lower realized seasonal storage price differentials ; offset partially by 2013 favorable marketing activity and unrealized fair value changes on nonqualifying economic storage hedges ; 2022 a decrease of $ 7.3 million in premium-services margins , associated primarily with the reduction in the value of the fees collected for these services as a result of low commodity prices and reduced natural gas price volatility in the first quarter 2011 compared with the first quarter 2010 ; and 2022 a decrease of $ 4.3 million in financial trading margins , as low natural gas prices and reduced natural gas price volatility limited our financial trading opportunities . additionally , our 2011 net margin includes $ 91.1 million in adjustments to natural gas inventory reflecting the lower of cost or market value . because of the adjustments to our inventory value , we reclassified $ 91.1 million of deferred gains on associated cash flow hedges into earnings . operating costs decreased due primarily to a decrease in ad valorem taxes . selected operating information - the following table sets forth certain selected operating information for our energy services segment for the periods indicated: .
1operating informationyears ended december 31 , 2012years ended december 31 , 2011years ended december 31 , 2010
2natural gas marketed ( bcf )709845919
3natural gas gross margin ( $ /mcf )$ -0.07 ( 0.07 )$ 0.06$ 0.18
4physically settled volumes ( bcf )143317241874
natural gas volumes marketed and physically settled volumes decreased in 2012 compared with 2011 due primarily to decreased marketing activities , lower transported volumes and reduced transportation capacity . the decrease in 2011 compared with 2010 was due primarily to lower volumes transported and reduced transportation capacity . transportation capacity in certain markets was not utilized due to the economics of the location price differentials as a result of increased supply of natural gas , primarily from shale production , and increased pipeline capacity as a result of new pipeline construction. .","['-74.0', '-0.08052']" "['what amount of long-term debt was retired during 2017?', 'what is the net change in assumed health care cost trend rate from 2016 to 2017?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: assumed health care cost trend rates for the u.s . retiree health care benefit plan as of december 31 are as follows: .
120172016
2assumed health care cost trend rate for next year7.50% ( 7.50 % )6.75% ( 6.75 % )
3ultimate trend rate5.00% ( 5.00 % )5.00% ( 5.00 % )
4year in which ultimate trend rate is reached20282024
a one percentage point increase or decrease in health care cost trend rates over all future periods would have increased or decreased the accumulated postretirement benefit obligation for the u.s . retiree health care benefit plan as of december 31 , 2017 , by $ 1 million . the service cost and interest cost components of 2017 plan expense would have increased or decreased by less than $ 1 million . deferred compensation arrangements we have a deferred compensation plan that allows u.s . employees whose base salary and management responsibility exceed a certain level to defer receipt of a portion of their cash compensation . payments under this plan are made based on the participant 2019s distribution election and plan balance . participants can earn a return on their deferred compensation based on notional investments in the same investment funds that are offered in our defined contribution plans . as of december 31 , 2017 , our liability to participants of the deferred compensation plans was $ 255 million and is recorded in other long-term liabilities on our consolidated balance sheets . this amount reflects the accumulated participant deferrals and earnings thereon as of that date . as of december 31 , 2017 , we held $ 236 million in mutual funds related to these plans that are recorded in long-term investments on our consolidated balance sheets , and serve as an economic hedge against changes in fair values of our other deferred compensation liabilities . we record changes in the fair value of the liability and the related investment in sg&a as discussed in note 8 . 11 . debt and lines of credit short-term borrowings we maintain a line of credit to support commercial paper borrowings , if any , and to provide additional liquidity through bank loans . as of december 31 , 2017 , we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $ 2 billion until march 2022 . the interest rate on borrowings under this credit facility , if drawn , is indexed to the applicable london interbank offered rate ( libor ) . as of december 31 , 2017 , our credit facility was undrawn and we had no commercial paper outstanding . long-term debt we retired $ 250 million of maturing debt in march 2017 and another $ 375 million in june 2017 . in may 2017 , we issued an aggregate principal amount of $ 600 million of fixed-rate , long-term debt . the offering consisted of the reissuance of $ 300 million of 2.75% ( 2.75 % ) notes due in 2021 at a premium and the issuance of $ 300 million of 2.625% ( 2.625 % ) notes due in 2024 at a discount . we incurred $ 3 million of issuance and other related costs . the proceeds of the offerings were $ 605 million , net of the original issuance discount and premium , and were used for the repayment of maturing debt and general corporate purposes . in november 2017 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2027 . we incurred $ 3 million of issuance and other related costs . the proceeds of the offering were $ 494 million , net of the original issuance discount , and were used for general corporate purposes . in may 2016 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2022 . we incurred $ 3 million of issuance and other related costs . the proceeds of the offering were $ 499 million , net of the original issuance discount , and were used toward the repayment of a portion of $ 1.0 billion of maturing debt retired in may 2016 . in may 2015 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2020 . we incurred $ 3 million of issuance and other related costs . the proceeds of the offering were $ 498 million , net of the original issuance discount , and were used toward the repayment of a portion of the debt that matured in august 2015 . we retired $ 250 million of maturing debt in april 2015 and another $ 750 million in august 2015 . texas instruments 2022 2017 form 10-k 51 .","['625.0', '0.75']" "['what was net revenue in 2008?', 'what was the net revenue in 2007?', 'what is the change in revenue over the year?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy mississippi , inc . management's financial discussion and analysis results of operations net income 2008 compared to 2007 net income decreased $ 12.4 million primarily due to higher other operation and maintenance expenses , lower other income , and higher depreciation and amortization expenses , partially offset by higher net revenue . 2007 compared to 2006 net income increased $ 19.8 million primarily due to higher net revenue , lower other operation and maintenance expenses , higher other income , and lower interest expense , partially offset by higher depreciation and amortization expenses . net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2008 to 2007 . amount ( in millions ) .
1amount ( in millions )
22007 net revenue$ 486.9
3attala costs9.9
4rider revenue6.0
5base revenue5.1
6reserve equalization-2.4 ( 2.4 )
7net wholesale revenue-4.0 ( 4.0 )
8other-2.7 ( 2.7 )
92008 net revenue$ 498.8
the attala costs variance is primarily due to an increase in the attala power plant costs that are recovered through the power management rider . the net income effect of this recovery in limited to a portion representing an allowed return on equity with the remainder offset by attala power plant costs in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes . the recovery of attala power plant costs is discussed further in ""liquidity and capital resources - uses of capital"" below . the rider revenue variance is the result of a storm damage rider that became effective in october 2007 . the establishment of this rider results in an increase in rider revenue and a corresponding increase in other operation and maintenance expense for the storm reserve with no effect on net income . the base revenue variance is primarily due to a formula rate plan increase effective july 2007 . the formula rate plan filing is discussed further in ""state and local rate regulation"" below . the reserve equalization variance is primarily due to changes in the entergy system generation mix compared to the same period in 2007. .","['498.8', '486.9', '11.9', '0.02444']" "['what was the net change in value of total brokerage payable from 2015 to 2016?', 'what was the 2015 value?', 'what is the net change divided by that?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 12 . brokerage receivables and brokerage payables citi has receivables and payables for financial instruments sold to and purchased from brokers , dealers and customers , which arise in the ordinary course of business . citi is exposed to risk of loss from the inability of brokers , dealers or customers to pay for purchases or to deliver the financial instruments sold , in which case citi would have to sell or purchase the financial instruments at prevailing market prices . credit risk is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transaction and replaces the broker , dealer or customer in question . citi seeks to protect itself from the risks associated with customer activities by requiring customers to maintain margin collateral in compliance with regulatory and internal guidelines . margin levels are monitored daily , and customers deposit additional collateral as required . where customers cannot meet collateral requirements , citi may liquidate sufficient underlying financial instruments to bring the customer into compliance with the required margin level . exposure to credit risk is impacted by market volatility , which may impair the ability of clients to satisfy their obligations to citi . credit limits are established and closely monitored for customers and for brokers and dealers engaged in forwards , futures and other transactions deemed to be credit sensitive . brokerage receivables and brokerage payables consisted of the following: .
1in millions of dollarsdecember 31 , 2016december 31 , 2015
2receivables from customers$ 10374$ 10435
3receivables from brokers dealers and clearing organizations1851317248
4total brokerage receivables ( 1 )$ 28887$ 27683
5payables to customers$ 37237$ 35653
6payables to brokers dealers and clearing organizations1991518069
7total brokerage payables ( 1 )$ 57152$ 53722
payables to brokers , dealers , and clearing organizations 19915 18069 total brokerage payables ( 1 ) $ 57152 $ 53722 ( 1 ) includes brokerage receivables and payables recorded by citi broker- dealer entities that are accounted for in accordance with the aicpa accounting guide for brokers and dealers in securities as codified in asc 940-320. .","['3430.0', '53722.0', '0.06385']" "['what is the total value of investment commitments for 2015 and 2016?', 'what os the total rent charge for 2016 and 2015?', 'what about if 2014 is added?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the goldman sachs group , inc . and subsidiaries notes to consolidated financial statements commercial lending . the firm 2019s commercial lending commitments are extended to investment-grade and non- investment-grade corporate borrowers . commitments to investment-grade corporate borrowers are principally used for operating liquidity and general corporate purposes . the firm also extends lending commitments in connection with contingent acquisition financing and other types of corporate lending as well as commercial real estate financing . commitments that are extended for contingent acquisition financing are often intended to be short-term in nature , as borrowers often seek to replace them with other funding sources . sumitomo mitsui financial group , inc . ( smfg ) provides the firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ) . the notional amount of such loan commitments was $ 26.88 billion and $ 27.03 billion as of december 2016 and december 2015 , respectively . the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million . in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.13 billion , of which $ 768 million of protection had been provided as of both december 2016 and december 2015 . the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg . these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index . warehouse financing . the firm provides financing to clients who warehouse financial assets . these arrangements are secured by the warehoused assets , primarily consisting of consumer and corporate loans . contingent and forward starting resale and securities borrowing agreements/forward starting repurchase and secured lending agreements the firm enters into resale and securities borrowing agreements and repurchase and secured lending agreements that settle at a future date , generally within three business days . the firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements . the firm 2019s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused . letters of credit the firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements . investment commitments the firm 2019s investment commitments include commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages . investment commitments include $ 2.10 billion and $ 2.86 billion as of december 2016 and december 2015 , respectively , related to commitments to invest in funds managed by the firm . if these commitments are called , they would be funded at market value on the date of investment . leases the firm has contractual obligations under long-term noncancelable lease agreements for office space expiring on various dates through 2069 . certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges . the table below presents future minimum rental payments , net of minimum sublease rentals . $ in millions december 2016 .
1$ in millionsas of december 2016
22017$ 290
32018282
42019238
52020206
62021159
72022 - thereafter766
8total$ 1941
rent charged to operating expense was $ 244 million for 2016 , $ 249 million for 2015 and $ 309 million for 2014 . operating leases include office space held in excess of current requirements . rent expense relating to space held for growth is included in 201coccupancy . 201d the firm records a liability , based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals , for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits . costs to terminate a lease before the end of its term are recognized and measured at fair value on termination . during 2016 , the firm incurred exit costs of approximately $ 68 million related to excess office space . goldman sachs 2016 form 10-k 169 .","['4.96', '493.0', '802.0']" "['what was the difference in the balance of unrecognized tax benefits between 2016 and 2017?', 'what was the percentage change during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: ( a ) the net change in the total valuation allowance for the years ended december 31 , 2018 and 2017 was an increase of $ 12 million and an increase of $ 26 million , respectively . deferred income tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions deferred charges and other assets and deferred income taxes . there was a decrease in deferred income tax assets principally relating to the utilization of u.s . federal alternative minimum tax credits as permitted under tax reform . deferred tax liabilities increased primarily due to the tax deferral of the book gain recognized on the transfer of the north american consumer packaging business to a subsidiary of graphic packaging holding company . of the $ 1.5 billion of deferred tax liabilities for forestlands , related installment sales , and investment in subsidiary , $ 884 million is attributable to an investment in subsidiary and relates to a 2006 international paper installment sale of forestlands and $ 538 million is attributable to a 2007 temple-inland installment sale of forestlands ( see note 14 ) . a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended december 31 , 2018 , 2017 and 2016 is as follows: .
1in millions201820172016
2balance at january 1$ -188 ( 188 )$ -98 ( 98 )$ -150 ( 150 )
3( additions ) reductions based on tax positions related to current year-7 ( 7 )-54 ( 54 )-4 ( 4 )
4( additions ) for tax positions of prior years-37 ( 37 )-40 ( 40 )-3 ( 3 )
5reductions for tax positions of prior years5433
6settlements2619
7expiration of statutes oflimitations215
8currency translation adjustment3-7 ( 7 )2
9balance at december 31$ -220 ( 220 )$ -188 ( 188 )$ -98 ( 98 )
if the company were to prevail on the unrecognized tax benefits recorded , substantially all of the balances at december 31 , 2018 , 2017 and 2016 would benefit the effective tax rate . the company accrues interest on unrecognized tax benefits as a component of interest expense . penalties , if incurred , are recognized as a component of income tax expense . the company had approximately $ 21 million and $ 17 million accrued for the payment of estimated interest and penalties associated with unrecognized tax benefits at december 31 , 2018 and 2017 , respectively . the major jurisdictions where the company files income tax returns are the united states , brazil , france , poland and russia . generally , tax years 2006 through 2017 remain open and subject to examination by the relevant tax authorities . the company frequently faces challenges regarding the amount of taxes due . these challenges include positions taken by the company related to the timing , nature , and amount of deductions and the allocation of income among various tax jurisdictions . pending audit settlements and the expiration of statute of limitations could reduce the uncertain tax positions by $ 30 million during the next twelve months . the brazilian federal revenue service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by international paper do brasil ltda. , a wholly-owned subsidiary of the company . the company received assessments for the tax years 2007-2015 totaling approximately $ 150 million in tax , and $ 380 million in interest and penalties as of december 31 , 2018 ( adjusted for variation in currency exchange rates ) . after a previous favorable ruling challenging the basis for these assessments , we received an unfavorable decision in october 2018 from the brazilian administrative council of tax appeals . the company intends to further appeal the matter in the brazilian federal courts in 2019 ; however , this tax litigation matter may take many years to resolve . the company believes that it has appropriately evaluated the transaction underlying these assessments , and has concluded based on brazilian tax law , that its tax position would be sustained . the company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015 . international paper uses the flow-through method to account for investment tax credits earned on eligible open-loop biomass facilities and combined heat and power system expenditures . under this method , the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis . the company recorded a tax benefit of $ 6 million during 2018 and recorded a tax benefit of $ 68 million during 2017 related to investment tax credits earned in tax years 2013-2017. .","['90.0', '0.91837']" "['what was the allowance for other funds used during construction in 2018?', 'and what was it in 2016?', 'what was, then, the increase over the year?', 'and what is this increase as a portion of the 2016 allowance?', 'and concerning that 2018 allowance, what percentage of it did the allowance for borrowed funds used during construction represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: investment tax credits have been deferred by the regulated utility subsidiaries and are being amortized to income over the average estimated service lives of the related assets . the company recognizes accrued interest and penalties related to tax positions as a component of income tax expense and accounts for sales tax collected from customers and remitted to taxing authorities on a net basis . see note 14 2014income taxes for additional information . allowance for funds used during construction afudc is a non-cash credit to income with a corresponding charge to utility plant that represents the cost of borrowed funds or a return on equity funds devoted to plant under construction . the regulated utility subsidiaries record afudc to the extent permitted by the pucs . the portion of afudc attributable to borrowed funds is shown as a reduction of interest , net on the consolidated statements of operations . any portion of afudc attributable to equity funds would be included in other , net on the consolidated statements of operations . afudc is provided in the following table for the years ended december 31: .
1201820172016
2allowance for other funds used during construction$ 24$ 19$ 15
3allowance for borrowed funds used during construction1386
environmental costs the company 2019s water and wastewater operations and the operations of its market-based businesses are subject to u.s . federal , state , local and foreign requirements relating to environmental protection , and as such , the company periodically becomes subject to environmental claims in the normal course of business . environmental expenditures that relate to current operations or provide a future benefit are expensed or capitalized as appropriate . remediation costs that relate to an existing condition caused by past operations are accrued , on an undiscounted basis , when it is probable that these costs will be incurred and can be reasonably estimated . a conservation agreement entered into by a subsidiary of the company with the national oceanic and atmospheric administration in 2010 and amended in 2017 required the subsidiary to , among other provisions , implement certain measures to protect the steelhead trout and its habitat in the carmel river watershed in the state of california . the subsidiary agreed to pay $ 1 million annually commencing in 2010 with the final payment being made in 2021 . remediation costs accrued amounted to $ 4 million and $ 6 million as of december 31 , 2018 and 2017 , respectively . derivative financial instruments the company uses derivative financial instruments for purposes of hedging exposures to fluctuations in interest rates . these derivative contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures . the company does not enter into derivative contracts for speculative purposes and does not use leveraged instruments . all derivatives are recognized on the balance sheet at fair value . on the date the derivative contract is entered into , the company may designate the derivative as a hedge of the fair value of a recognized asset or liability ( fair-value hedge ) or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability ( cash-flow hedge ) . changes in the fair value of a fair-value hedge , along with the gain or loss on the underlying hedged item , are recorded in current-period earnings . the gains and losses on the effective portion of cash-flow hedges are recorded in other comprehensive income , until earnings are affected by the variability of cash flows . any ineffective portion of designated cash-flow hedges is recognized in current-period earnings. .","['24.0', '15.0', '9.0', '0.6', '0.54167']" "['what is the value of direct amount in 2010?', 'what about the value of ceded to other companies?', 'what is the ratio among these two?', 'what is the net change among ceded and assumed amounts in 2010?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: s c h e d u l e i v ace limited and subsidiaries s u p p l e m e n t a l i n f o r m a t i o n c o n c e r n i n g r e i n s u r a n c e premiums earned for the years ended december 31 , 2010 , 2009 , and 2008 ( in millions of u.s . dollars , except for percentages ) direct amount ceded to companies assumed from other companies net amount percentage of amount assumed to .
1for the years ended december 31 2010 2009 and 2008 ( in millions of u.s . dollars except for percentages )directamountceded to other companiesassumed from other companiesnet amountpercentage of amount assumed to net
22010$ 15780$ 5792$ 3516$ 1350426% ( 26 % )
32009$ 15415$ 5943$ 3768$ 1324028% ( 28 % )
42008$ 16087$ 6144$ 3260$ 1320325% ( 25 % )
.","['15780.0', '5792.0', '2.72445', '2276.0']" "['what was the goodwill as a result of the hewitt acquisition in 2010?', 'and what was it in 2009?', 'what was, then, the change over the year?', 'and how much does this change represent in relation to that goodwill in 2009, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: holding other assumptions constant , the following table reflects what a one hundred basis point increase and decrease in our estimated long-term rate of return on plan assets would have on our estimated 2011 pension expense ( in millions ) : change in long-term rate of return on plan assets .
1increase ( decrease ) in expensechange in long-term rateof return on plan assets increasechange in long-term rateof return on plan assets decrease
2u.s . plans$ -14 ( 14 )$ 14
3u.k . plans-35 ( 35 )35
4the netherlands plan-5 ( 5 )5
5canada plans-2 ( 2 )2
estimated future contributions we estimate contributions of approximately $ 403 million in 2011 as compared with $ 288 million in goodwill and other intangible assets goodwill represents the excess of cost over the fair market value of the net assets acquired . we classify our intangible assets acquired as either trademarks , customer relationships , technology , non-compete agreements , or other purchased intangibles . our goodwill and other intangible balances at december 31 , 2010 increased to $ 8.6 billion and $ 3.6 billion , respectively , compared to $ 6.1 billion and $ 791 million , respectively , at december 31 , 2009 , primarily as a result of the hewitt acquisition . although goodwill is not amortized , we test it for impairment at least annually in the fourth quarter . in the fourth quarter , we also test acquired trademarks ( which also are not amortized ) for impairment . we test more frequently if there are indicators of impairment or whenever business circumstances suggest that the carrying value of goodwill or trademarks may not be recoverable . these indicators may include a sustained significant decline in our share price and market capitalization , a decline in our expected future cash flows , or a significant adverse change in legal factors or in the business climate , among others . no events occurred during 2010 or 2009 that indicate the existence of an impairment with respect to our reported goodwill or trademarks . we perform impairment reviews at the reporting unit level . a reporting unit is an operating segment or one level below an operating segment ( referred to as a 2018 2018component 2019 2019 ) . a component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component . an operating segment shall be deemed to be a reporting unit if all of its components are similar , if none of its components is a reporting unit , or if the segment comprises only a single component . the goodwill impairment test is a two step analysis . step one requires the fair value of each reporting unit to be compared to its book value . management must apply judgment in determining the estimated fair value of the reporting units . if the fair value of a reporting unit is determined to be greater than the carrying value of the reporting unit , goodwill and trademarks are deemed not to be impaired and no further testing is necessary . if the fair value of a reporting unit is less than the carrying value , we perform step two . step two uses the calculated fair value of the reporting unit to perform a hypothetical purchase price allocation to the fair value of the assets and liabilities of the reporting unit . the difference between the fair value of the reporting unit calculated in step one and the fair value of the underlying assets and liabilities of the reporting unit is the implied fair value of the reporting unit 2019s goodwill . a charge is recorded in the financial statements if the carrying value of the reporting unit 2019s goodwill is greater than its implied fair value. .","['8.6', '6.1', '2.5', '0.40984']" "['what was the difference in net sales from 2012 to 2013?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: decreased production volume as final aircraft deliveries were completed during the second quarter of 2012 and $ 50 million from the favorable resolution of a contractual matter during the second quarter of 2012 ; and about $ 270 million for various other programs ( primarily sustainment activities ) due to decreased volume . the decreases were partially offset by higher net sales of about $ 295 million for f-35 production contracts due to increased production volume and risk retirements ; approximately $ 245 million for the c-5 program due to increased aircraft deliveries ( six aircraft delivered in 2013 compared to four in 2012 ) and other modernization activities ; and about $ 70 million for the f-35 development contract due to increased volume . aeronautics 2019 operating profit for 2013 decreased $ 87 million , or 5% ( 5 % ) , compared to 2012 . the decrease was primarily attributable to lower operating profit of about $ 85 million for the f-22 program , which includes approximately $ 50 million from the favorable resolution of a contractual matter in the second quarter of 2012 and about $ 35 million due to decreased risk retirements and production volume ; approximately $ 70 million for the c-130 program due to lower risk retirements and fewer deliveries partially offset by increased sustainment activities ; about $ 65 million for the c-5 program due to the inception-to-date effect of reducing the profit booking rate in the third quarter of 2013 and lower risk retirements ; approximately $ 35 million for the f-16 program due to fewer aircraft deliveries partially offset by increased sustainment activity and aircraft configuration mix . the decreases were partially offset by higher operating profit of approximately $ 180 million for f-35 production contracts due to increased risk retirements and volume . operating profit was comparable for the f-35 development contract and included adjustments of approximately $ 85 million to reflect the inception-to-date impacts of the downward revisions to the profit booking rate in both 2013 and 2012 . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 75 million lower for 2013 compared to backlog backlog decreased slightly in 2014 compared to 2013 primarily due to lower orders on f-16 and f-22 programs . backlog decreased in 2013 compared to 2012 mainly due to lower orders on f-16 , c-5 and c-130 programs , partially offset by higher orders on the f-35 program . trends we expect aeronautics 2019 2015 net sales to be comparable or slightly behind 2014 due to a decline in f-16 deliveries as well as a decline in f-35 development activity , partially offset by an increase in production contracts . operating profit is also expected to decrease in the low single digit range , due primarily to contract mix , resulting in a slight decrease in operating margins between years . information systems & global solutions our is&gs business segment provides advanced technology systems and expertise , integrated information technology solutions and management services across a broad spectrum of applications for civil , defense , intelligence and other government customers . is&gs has a portfolio of many smaller contracts as compared to our other business segments . is&gs has been impacted by the continued downturn in certain federal agencies 2019 information technology budgets and increased re-competition on existing contracts coupled with the fragmentation of large contracts into multiple smaller contracts that are awarded primarily on the basis of price . is&gs 2019 operating results included the following ( in millions ) : .
1201420132012
2net sales$ 7788$ 8367$ 8846
3operating profit699759808
4operating margins9.0% ( 9.0 % )9.1% ( 9.1 % )9.1% ( 9.1 % )
5backlog at year-end$ 8700$ 8300$ 8700
2014 compared to 2013 is&gs 2019 net sales decreased $ 579 million , or 7% ( 7 % ) , for 2014 compared to 2013 . the decrease was primarily attributable to lower net sales of about $ 645 million for 2014 due to the wind-down or completion of certain programs , driven by reductions in direct warfighter support ( including jieddo and ptds ) and defense budgets tied to command and control programs ; and approximately $ 490 million for 2014 due to a decline in volume for various ongoing programs , which reflects lower funding levels and programs impacted by in-theater force reductions . the decreases were partially offset by higher net sales of about $ 550 million for 2014 due to the start-up of new programs , growth in recently awarded programs and integration of recently acquired companies. .","['-479.0', '-0.05415']" "['what was the value of the aptiv plc in 2018?', 'what was, then, the change in its value, considering 2018 and the original amount invested in it in 2013?', 'and what was the change in the value of the automotive peer group, considering the 2018 one and the original amount invested in it in 2013?', 'how much does the change in the value of the aptiv plc represent in relation to the original amount invested in it, in percentage?', 'and how much does the change in the value of the automotive peer group represent in relation to the original amount invested in it, in percentage?', 'what is, then, the difference between the percentage change of the aptiv plc and the automotive peer group one?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our ordinary shares have been publicly traded since november 17 , 2011 when our ordinary shares were listed and began trading on the new york stock exchange ( 201cnyse 201d ) under the symbol 201cdlph . 201d on december 4 , 2017 , following the spin-off of delphi technologies , the company changed its name to aptiv plc and its nyse symbol to 201captv . 201d as of january 25 , 2019 , there were 2 shareholders of record of our ordinary shares . the following graph reflects the comparative changes in the value from december 31 , 2013 through december 31 , 2018 , assuming an initial investment of $ 100 and the reinvestment of dividends , if any in ( 1 ) our ordinary shares , ( 2 ) the s&p 500 index and ( 3 ) the automotive peer group . historical share prices of our ordinary shares have been adjusted to reflect the separation . historical performance may not be indicative of future shareholder returns . stock performance graph * $ 100 invested on december 31 , 2013 in our stock or in the relevant index , including reinvestment of dividends . fiscal year ended december 31 , 2018 . ( 1 ) aptiv plc , adjusted for the distribution of delphi technologies on december 4 , 2017 ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive peer group 2013 adient plc , american axle & manufacturing holdings inc , aptiv plc , borgwarner inc , cooper tire & rubber co , cooper- standard holdings inc , dana inc , dorman products inc , ford motor co , garrett motion inc. , general motors co , gentex corp , gentherm inc , genuine parts co , goodyear tire & rubber co , lear corp , lkq corp , meritor inc , motorcar parts of america inc , standard motor products inc , stoneridge inc , superior industries international inc , tenneco inc , tesla inc , tower international inc , visteon corp , wabco holdings inc company index december 31 , december 31 , december 31 , december 31 , december 31 , december 31 .
1company indexdecember 31 2013december 31 2014december 31 2015december 31 2016december 31 2017december 31 2018
2aptiv plc ( 1 )$ 100.00$ 122.75$ 146.49$ 117.11$ 178.46$ 130.80
3s&p 500 ( 2 )100.00113.69115.26129.05157.22150.33
4automotive peer group ( 3 )100.00107.96108.05107.72134.04106.89
.","['130.8', '30.8', '6.89', '0.308', '0.0689', '0.2391']" "['in thousands, what will be the annual amortization expense for the trademark segment?', 'and concerning the goodwill segment, what percentage did it represent in relation to the total assets acquired?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 2014 ( continued ) ucs . as of may 31 , 2009 , $ 55.0 million of the purchase price was held in escrow ( the 201cescrow account 201d ) . prior to our acquisition of ucs , the former parent company of ucs pledged the company 2019s stock as collateral for a third party loan ( 201cthe loan 201d ) that matures on september 24 , 2009 . upon repayment of this loan , the stock will be released to us and $ 35.0 million of the purchase price will be released to the seller . the remaining $ 20.0 million will remain in escrow until january 1 , 2013 , to satisfy any liabilities discovered post-closing that existed at the purchase date . the purpose of this acquisition was to establish an acquiring presence in the russian market and a foundation for other direct acquiring opportunities in central and eastern europe . the purchase price was determined by analyzing the historical and prospective financial statements and applying relevant purchase price multiples . this business acquisition was not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to this acquisition . upon acquisition of ucs global payments assumed an indirect guarantee of the loan . in the event of a default by the third-party debtor , we would be required to transfer all of the shares of ucs to the trustee or pay the amount outstanding under the loan . at may 31 , 2009 the maximum potential amount of future payments under the guarantee was $ 44.1 million which represents the total outstanding under the loan , consisting of $ 21.8 million due and paid on june 24 , 2009 and $ 22.3 million due on september 24 , 2009 . should the third-party debtor default on the final payment , global payments would pay the total amount outstanding and seek to be reimbursed for any payments made from the $ 55 million held in the escrow account . we did not record an obligation for this guarantee because we determined that the fair value of the guarantee is de minimis . the following table summarizes the preliminary purchase price allocation ( in thousands ) : .
1total current assets$ 10657
2goodwill35431
3customer-related intangible assets16500
4trademark3100
5property and equipment19132
6other long-term assets13101
7total assets acquired97921
8current liabilities-7245 ( 7245 )
9notes payable-8227 ( 8227 )
10deferred income taxes and other long-term liabilities-7449 ( 7449 )
11total liabilities assumed-22921 ( 22921 )
12net assets acquired$ 75000
all of the goodwill associated with the acquisition is non-deductible for tax purposes . the customer-related intangible assets have amortization periods of 9 to 15 years . the trademark has an amortization period of 10 years . global payments asia-pacific philippines incorporated on september 4 , 2008 , global payments asia-pacific , limited ( 201cgpap 201d ) , the entity through which we conduct our merchant acquiring business in the asia-pacific region , indirectly acquired global payments asia- pacific philippines incorporated ( 201cgpap philippines 201d ) , a newly formed company into which hsbc asia pacific contributed its merchant acquiring business in the philippines . we own 56% ( 56 % ) of gpap and hsbc asia pacific .","['310.0', '0.36183']" "['combined, what was the weighted-average grant-date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted for 2011 and 2010?', 'and the average?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: to determine stock-based compensation expense , the grant- date fair value is applied to the options granted with a reduction for estimated forfeitures . we recognize compensation expense for stock options on a straight-line basis over the pro rata vesting period . at december 31 , 2011 and 2010 , options for 12337000 and 13397000 shares of common stock were exercisable at a weighted-average price of $ 106.08 and $ 118.21 , respectively . the total intrinsic value of options exercised during 2012 , 2011 and 2010 was $ 37 million , $ 4 million and $ 5 million . cash received from option exercises under all incentive plans for 2012 , 2011 and 2010 was approximately $ 118 million , $ 41 million and $ 15 million , respectively . the actual tax benefit realized for tax deduction purposes from option exercises under all incentive plans for 2012 , 2011 and 2010 was approximately $ 41 million , $ 14 million and $ 5 million , respectively . there were no options granted in excess of market value in 2012 , 2011 or 2010 . shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 29192854 at december 31 , 2012 . total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 30537674 shares at december 31 , 2012 , which includes shares available for issuance under the incentive plans and the employee stock purchase plan ( espp ) as described below . during 2012 , we issued approximately 1.7 million shares from treasury stock in connection with stock option exercise activity . as with past exercise activity , we currently intend to utilize primarily treasury stock for any future stock option exercises . awards granted to non-employee directors in 2012 , 2011 and 2010 include 25620 , 27090 and 29040 deferred stock units , respectively , awarded under the outside directors deferred stock unit plan . a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment until such awards are paid to the participants as cash . as there are no vesting or service requirements on these awards , total compensation expense is recognized in full on awarded deferred stock units on the date of grant . incentive/performance unit share awards and restricted stock/unit awards the fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant . the value of certain incentive/ performance unit share awards is subsequently remeasured based on the achievement of one or more financial and other performance goals generally over a three-year period . the personnel and compensation committee of the board of directors approves the final award payout with respect to incentive/performance unit share awards . restricted stock/unit awards have various vesting periods generally ranging from 36 months to 60 months . beginning in 2012 , we incorporated several risk-related performance changes to certain incentive compensation programs . in addition to achieving certain financial performance metrics relative to our peers , the final payout amount will be subject to a negative adjustment if pnc fails to meet certain risk-related performance metrics as specified in the award agreement . however , the p&cc has the discretion to reduce any or all of this negative adjustment under certain circumstances . these awards have a three-year performance period and are payable in either stock or a combination of stock and cash . additionally , performance-based restricted share units were granted in 2012 to certain of our executives in lieu of stock options , with generally the same terms and conditions as the 2011 awards of the same . the weighted-average grant-date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2012 , 2011 and 2010 was $ 60.68 , $ 63.25 and $ 54.59 per share , respectively . we recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program . table 130 : nonvested incentive/performance unit share awards and restricted stock/unit awards 2013 rollforward shares in thousands nonvested incentive/ performance unit shares weighted- average date fair nonvested restricted stock/ shares weighted- average date fair .
1shares in thousands december 31 2011nonvested incentive/ performance unit shares 830weighted-averagegrantdate fairvalue $ 61.68nonvested restricted stock/ unit shares 2512weighted-averagegrantdate fairvalue $ 54.87
2granted46560.70153460.67
3vested-100 ( 100 )64.21-831 ( 831 )45.47
4forfeited-76 ( 76 )60.27-154 ( 154 )60.51
5december 31 20121119$ 61.143061$ 60.04
in the chart above , the unit shares and related weighted- average grant-date fair value of the incentive/performance awards exclude the effect of dividends on the underlying shares , as those dividends will be paid in cash . at december 31 , 2012 , there was $ 86 million of unrecognized deferred compensation expense related to nonvested share- based compensation arrangements granted under the incentive plans . this cost is expected to be recognized as expense over a period of no longer than five years . the total fair value of incentive/performance unit share and restricted stock/unit awards vested during 2012 , 2011 and 2010 was approximately $ 55 million , $ 52 million and $ 39 million , respectively . the pnc financial services group , inc . 2013 form 10-k 203 .","['123.93', '61.965']" "['as of december 31, 2008, what was the amount of the crude oil refining capacity that was located in detroit michigan?', 'and what was that crude oil refining capacity?', 'what percentage, then, did that amount represent in relation to this capacity value?', 'and concerning the garyville refinery, what was its capacity in 2006, with the approved expansion?', 'what was it before the expansion?', 'what was, then, the impact of that expansion in the capacity of that refinery?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: our refineries processed 944 mbpd of crude oil and 207 mbpd of other charge and blend stocks . the table below sets forth the location and daily crude oil refining capacity of each of our refineries as of december 31 , 2008 . crude oil refining capacity ( thousands of barrels per day ) 2008 .
1( thousands of barrels per day )2008
2garyville louisiana256
3catlettsburg kentucky226
4robinson illinois204
5detroit michigan102
6canton ohio78
7texas city texas76
8st . paul park minnesota74
9total1016
our refineries include crude oil atmospheric and vacuum distillation , fluid catalytic cracking , catalytic reforming , desulfurization and sulfur recovery units . the refineries process a wide variety of crude oils and produce numerous refined products , ranging from transportation fuels , such as reformulated gasolines , blend- grade gasolines intended for blending with fuel ethanol and ultra-low sulfur diesel fuel , to heavy fuel oil and asphalt . additionally , we manufacture aromatics , cumene , propane , propylene , sulfur and maleic anhydride . our refineries are integrated with each other via pipelines , terminals and barges to maximize operating efficiency . the transportation links that connect our refineries allow the movement of intermediate products between refineries to optimize operations , produce higher margin products and utilize our processing capacity efficiently . our garyville , louisiana , refinery is located along the mississippi river in southeastern louisiana . the garyville refinery processes heavy sour crude oil into products such as gasoline , distillates , sulfur , asphalt , propane , polymer grade propylene , isobutane and coke . in 2006 , we approved an expansion of our garyville refinery by 180 mbpd to 436 mbpd , with a currently projected cost of $ 3.35 billion ( excluding capitalized interest ) . construction commenced in early 2007 and is continuing on schedule . we estimate that , as of december 31 , 2008 , this project is approximately 75 percent complete . we expect to complete the expansion in late 2009 . our catlettsburg , kentucky , refinery is located in northeastern kentucky on the western bank of the big sandy river , near the confluence with the ohio river . the catlettsburg refinery processes sweet and sour crude oils into products such as gasoline , asphalt , diesel , jet fuel , petrochemicals , propane , propylene and sulfur . our robinson , illinois , refinery is located in the southeastern illinois town of robinson . the robinson refinery processes sweet and sour crude oils into products such as multiple grades of gasoline , jet fuel , kerosene , diesel fuel , propane , propylene , sulfur and anode-grade coke . our detroit , michigan , refinery is located near interstate 75 in southwest detroit . the detroit refinery processes light sweet and heavy sour crude oils , including canadian crude oils , into products such as gasoline , diesel , asphalt , slurry , propane , chemical grade propylene and sulfur . in 2007 , we approved a heavy oil upgrading and expansion project at our detroit , michigan , refinery , with a current projected cost of $ 2.2 billion ( excluding capitalized interest ) . this project will enable the refinery to process additional heavy sour crude oils , including canadian bitumen blends , and will increase its crude oil refining capacity by about 15 percent . construction began in the first half of 2008 and is presently expected to be complete in mid-2012 . our canton , ohio , refinery is located approximately 60 miles southeast of cleveland , ohio . the canton refinery processes sweet and sour crude oils into products such as gasoline , diesel fuels , kerosene , propane , sulfur , asphalt , roofing flux , home heating oil and no . 6 industrial fuel oil . our texas city , texas , refinery is located on the texas gulf coast approximately 30 miles south of houston , texas . the refinery processes sweet crude oil into products such as gasoline , propane , chemical grade propylene , slurry , sulfur and aromatics . our st . paul park , minnesota , refinery is located in st . paul park , a suburb of minneapolis-st . paul . the st . paul park refinery processes predominantly canadian crude oils into products such as gasoline , diesel , jet fuel , kerosene , asphalt , propane , propylene and sulfur. .","['102.0', '1016.0', '0.10039', '436.0', '180.0', '256.0']" "['what was the difference in paid shareholder dividends between 2006 and 2007?', 'and the specific value for 2006?', 'so what was the growth rate during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: contractual obligations . the following table shows our contractual obligations for the period indicated: .
1( dollars in millions )payments due by period totalpayments due by period less than 1 yearpayments due by period 1-3 yearspayments due by period 3-5 yearspayments due by period more than 5 years
28.75% ( 8.75 % ) senior notes$ 200.0$ -$ 200.0$ -$ -
35.40% ( 5.40 % ) senior notes250.0---250.0
4junior subordinated debt329.9---329.9
56.6% ( 6.6 % ) long term notes400.0---400.0
6interest expense ( 1 )2243.077.2145.7119.51900.6
7employee benefit plans2.42.4---
8operating lease agreements32.08.516.33.73.5
9gross reserve for losses and lae ( 2 )9040.62053.23232.31077.12678.1
10total$ 12497.9$ 2141.3$ 3594.3$ 1200.3$ 5562.0
( 1 ) interest expense on 6.6% ( 6.6 % ) long term notes is assumed to be fixed through contractual term . ( 2 ) loss and lae reserves represent our best estimate of losses from claim and related settlement costs . both the amounts and timing of such payments are estimates , and the inherent variability of resolving claims as well as changes in market conditions make the timing of cash flows uncertain . therefore , the ultimate amount and timing of loss and lae payments could differ from our estimates . the contractual obligations for senior notes , long term notes and junior subordinated debt are the responsibility of holdings . we have sufficient cash flow , liquidity , investments and access to capital markets to satisfy these obligations . holdings gen- erally depends upon dividends from everest re , its operating insurance subsidiary for its funding , capital contributions from group or access to the capital markets . our various operating insurance and reinsurance subsidiaries have sufficient cash flow , liquidity and investments to settle outstanding reserves for losses and lae . management believes that we , and each of our entities , have sufficient financial resources or ready access thereto , to meet all obligations . dividends . during 2007 , 2006 and 2005 , we declared and paid shareholder dividends of $ 121.4 million , $ 39.0 million and $ 25.4 million , respectively . as an insurance holding company , we are partially dependent on dividends and other permitted pay- ments from our subsidiaries to pay cash dividends to our shareholders . the payment of dividends to group by holdings and to holdings by everest re is subject to delaware regulatory restrictions and the payment of dividends to group by bermuda re is subject to bermuda insurance regulatory restrictions . management expects that , absent extraordinary catastrophe losses , such restrictions should not affect everest re 2019s ability to declare and pay dividends sufficient to support holdings 2019 general corporate needs and that holdings and bermuda re will have the ability to declare and pay dividends sufficient to support group 2019s general corporate needs . for the years ended december 31 , 2007 , 2006 and 2005 , everest re paid divi- dends to holdings of $ 245.0 million , $ 100.0 million and $ 75.0 million , respectively . for the years ended december 31 , 2007 , 2006 and 2005 , bermuda re paid dividends to group of $ 0.0 million , $ 60.0 million and $ 45.0 million , respectively . see item 1 , 201cbusiness 2013 regulatory matters 2013 dividends 201d and note 16 of notes to consolidated financial statements . application of new accounting standards . in november 2005 , the fasb issued fasb staff position ( 201cfsp 201d ) fas 115-1 , 201cthe meaning of other-than-temporary impairment and its application to certain investments 201d ( 201cfas 115-1 201d ) , which is effective for reporting periods beginning after december 15 , 2005 . fas 115-1 addresses the determination as to when an investment is considered impaired , whether the impairment is other than temporary and the measurement of an impairment loss . fas 115-1 also includes accounting considerations subsequent to the recognition of an other-than-temporary impairment and requires certain dis- closures about unrealized losses not recognized as other-than-temporary impairments . the company adopted fas 115-1 prospectively effective january 1 , 2006 . the company believes that all unrealized losses in its investment portfolio are temporary in nature. .","['82.4', '39.0', '2.11282']" "['what was the value of post retirement benefit plan adjustments at the end of 2010?', 'what was the value at the start of 2010?', 'what was the net change through the year?', 'what was the value at the start of 2010?', 'what is the net change divided by the 2010 start value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: until the hedged transaction is recognized in earnings . changes in the fair value of the derivatives that are attributable to the ineffective portion of the hedges , or of derivatives that are not considered to be highly effective hedges , if any , are immediately recognized in earnings . the aggregate notional amount of our outstanding foreign currency hedges at december 31 , 2012 and 2011 was $ 1.3 billion and $ 1.7 billion . the aggregate notional amount of our outstanding interest rate swaps at december 31 , 2012 and 2011 was $ 503 million and $ 450 million . derivative instruments did not have a material impact on net earnings and comprehensive income during 2012 , 2011 , and 2010 . substantially all of our derivatives are designated for hedge accounting . see note 15 for more information on the fair value measurements related to our derivative instruments . stock-based compensation 2013 compensation cost related to all share-based payments including stock options and restricted stock units is measured at the grant date based on the estimated fair value of the award . we generally recognize the compensation cost ratably over a three-year vesting period . income taxes 2013 we periodically assess our tax filing exposures related to periods that are open to examination . based on the latest available information , we evaluate our tax positions to determine whether the position will more likely than not be sustained upon examination by the internal revenue service ( irs ) . if we cannot reach a more-likely-than-not determination , no benefit is recorded . if we determine that the tax position is more likely than not to be sustained , we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled . we record interest and penalties related to income taxes as a component of income tax expense on our statements of earnings . interest and penalties are not material . accumulated other comprehensive loss 2013 changes in the balance of accumulated other comprehensive loss , net of income taxes , consisted of the following ( in millions ) : postretirement benefit plan adjustments other , net accumulated comprehensive .
1postretirement benefit plan adjustmentsother netaccumulated other comprehensive loss
2balance at january 1 2010$ -8564 ( 8564 )$ -31 ( 31 )$ -8595 ( 8595 )
3other comprehensive ( loss ) income-430 ( 430 )15-415 ( 415 )
4balance at december 31 2010-8994 ( 8994 )-16 ( 16 )-9010 ( 9010 )
5other comprehensive loss-2192 ( 2192 )-55 ( 55 )-2247 ( 2247 )
6balance at december 31 2011-11186 ( 11186 )-71 ( 71 )-11257 ( 11257 )
7other comprehensive ( loss ) income-2346 ( 2346 )110-2236 ( 2236 )
8balance at december 31 2012$ -13532 ( 13532 )$ 39$ -13493 ( 13493 )
the postretirement benefit plan adjustments are shown net of tax benefits at december 31 , 2012 , 2011 , and 2010 of $ 7.4 billion , $ 6.1 billion , and $ 4.9 billion . these tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes , which will be recognized on our tax returns in future years . see note 7 and note 9 for more information on our income taxes and postretirement plans . recent accounting pronouncements 2013 effective january 1 , 2012 , we retrospectively adopted new guidance issued by the financial accounting standards board by presenting total comprehensive income and the components of net income and other comprehensive loss in two separate but consecutive statements . the adoption of this guidance resulted only in a change in how we present other comprehensive loss in our consolidated financial statements and did not have any impact on our results of operations , financial position , or cash flows. .","['8994.0', '8564.0', '430.0', '8564.0', '0.05021']" "['what is the provision for credit losses in 2013?', 'what about in 2012?', 'what is the change in provision for credit losses?', 'what is the provision for credit losses in 2012?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table 46 : allowance for loan and lease losses .
1dollars in millions20132012
2january 1$ 4036$ 4347
3total net charge-offs-1077 ( 1077 )-1289 ( 1289 )
4provision for credit losses643987
5net change in allowance for unfunded loan commitments and letters of credit8-10 ( 10 )
6other-1 ( 1 )1
7december 31$ 3609$ 4036
8net charge-offs to average loans ( for the year ended ) ( a ).57% ( .57 % ).73% ( .73 % )
9allowance for loan and lease losses to total loans1.842.17
10commercial lending net charge-offs$ -249 ( 249 )$ -359 ( 359 )
11consumer lending net charge-offs-828 ( 828 )-930 ( 930 )
12total net charge-offs$ -1077 ( 1077 )$ -1289 ( 1289 )
13net charge-offs to average loans ( for the year ended )
14commercial lending.22% ( .22 % ).35% ( .35 % )
15consumer lending ( a )1.071.24
( a ) includes charge-offs of $ 134 million taken pursuant to alignment with interagency guidance on practices for loans and lines of credit related to consumer lending in the first quarter of 2013 . the provision for credit losses totaled $ 643 million for 2013 compared to $ 987 million for 2012 . the primary driver of the decrease to the provision was improved overall credit quality , including improved commercial loan risk factors , lower consumer loan delinquencies and improvements in expected cash flows for our purchased impaired loans . for 2013 , the provision for commercial lending credit losses decreased by $ 102 million , or 74% ( 74 % ) , from 2012 . the provision for consumer lending credit losses decreased $ 242 million , or 29% ( 29 % ) , from 2012 . at december 31 , 2013 , total alll to total nonperforming loans was 117% ( 117 % ) . the comparable amount for december 31 , 2012 was 124% ( 124 % ) . these ratios are 72% ( 72 % ) and 79% ( 79 % ) , respectively , when excluding the $ 1.4 billion and $ 1.5 billion , respectively , of alll at december 31 , 2013 and december 31 , 2012 allocated to consumer loans and lines of credit not secured by residential real estate and purchased impaired loans . we have excluded consumer loans and lines of credit not secured by real estate as they are charged off after 120 to 180 days past due and not placed on nonperforming status . additionally , we have excluded purchased impaired loans as they are considered performing regardless of their delinquency status as interest is accreted based on our estimate of expected cash flows and additional allowance is recorded when these cash flows are below recorded investment . see table 35 within this credit risk management section for additional information . the alll balance increases or decreases across periods in relation to fluctuating risk factors , including asset quality trends , charge-offs and changes in aggregate portfolio balances . during 2013 , improving asset quality trends , including , but not limited to , delinquency status and improving economic conditions , realization of previously estimated losses through charge-offs , including the impact of alignment with interagency guidance and overall portfolio growth , combined to result in the alll balance declining $ .4 billion , or 11% ( 11 % ) to $ 3.6 billion as of december 31 , 2013 compared to december 31 , 2012 . see note 7 allowances for loan and lease losses and unfunded loan commitments and letters of credit and note 6 purchased loans in the notes to consolidated financial statements in item 8 of this report regarding changes in the alll and in the allowance for unfunded loan commitments and letters of credit . operational risk management operational risk is the risk of loss resulting from inadequate or failed internal processes or systems , human factors , or external events . this includes losses that may arise as a result of non- compliance with laws or regulations , failure to fulfill fiduciary responsibilities , as well as litigation or other legal actions . operational risk may occur in any of our business activities and manifests itself in various ways , including but not limited to : 2022 transaction processing errors , 2022 unauthorized transactions and fraud by employees or third parties , 2022 material disruption in business activities , 2022 system breaches and misuse of sensitive information , 2022 regulatory or governmental actions , fines or penalties , and 2022 significant legal expenses , judgments or settlements . pnc 2019s operational risk management is inclusive of technology risk management , compliance and business continuity risk . operational risk management focuses on balancing business needs , regulatory expectations and risk management priorities through an adaptive and proactive program that is designed to provide a strong governance model , sound and consistent risk management processes and transparent operational risk reporting across the enterprise . the pnc board determines the strategic approach to operational risk via establishment of the operational risk appetite and appropriate risk management structure . this includes establishment of risk metrics and limits and a reporting structure to identify , understand and manage operational risks . executive management has responsibility for operational risk management . the executive management team is responsible for monitoring significant risks , key controls and related issues through management reporting and a governance structure of risk committees and sub-committees . within risk management , operational risk management functions are responsible for developing and maintaining the 84 the pnc financial services group , inc . 2013 form 10-k .","['643.0', '987.0', '-344.0', '987.0', '-0.34853']" "['what was the value of the nasdaq composite index in 2009?', 'what was the value in 2006?', 'what is the net change?', 'what is the change divided by the 2006 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 , 2006 in our common stock , the nasdaq composite index ( u.s . companies ) and the peer group index , and the reinvestment of any and all dividends. .
13/31/20063/31/20073/31/20083/31/20093/31/20103/31/2011
2abiomed inc100105.89101.8637.9880.00112.64
3nasdaq composite index100103.5097.4165.33102.49118.86
4nasdaq medical equipment sic code 3840-384910088.7884.2646.1283.4791.35
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. .","['65.33', '100.0', '-34.67', '-0.3467']" "['what is the ratio of natural gas price to wti oil price in 2017?', 'what is the price of natural gas in 2016?', 'what about the price of wti oil?', 'what is ratio of natural gas price to wti oil price in 2016?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: bhge 2017 form 10-k | 27 the short term . we do , however , view the long term economics of the lng industry as positive given our outlook for supply and demand . 2022 refinery , petrochemical and industrial projects : in refining , we believe large , complex refineries should gain advantage in a more competitive , oversupplied landscape in 2018 as the industry globalizes and refiners position to meet local demand and secure export potential . in petrochemicals , we continue to see healthy demand and cost-advantaged supply driving projects forward in 2018 . the industrial market continues to grow as outdated infrastructure is replaced , policy changes come into effect and power is decentralized . we continue to see growing demand across these markets in 2018 . we have other segments in our portfolio that are more correlated with different industrial metrics such as our digital solutions business . overall , we believe our portfolio is uniquely positioned to compete across the value chain , and deliver unique solutions for our customers . we remain optimistic about the long-term economics of the industry , but are continuing to operate with flexibility given our expectations for volatility and changing assumptions in the near term . in 2016 , solar and wind net additions exceeded coal and gas for the first time and it continued throughout 2017 . governments may change or may not continue incentives for renewable energy additions . in the long term , renewables' cost decline may accelerate to compete with new-built fossil capacity , however , we do not anticipate any significant impacts to our business in the foreseeable future . despite the near-term volatility , the long-term outlook for our industry remains strong . we believe the world 2019s demand for energy will continue to rise , and the supply of energy will continue to increase in complexity , requiring greater service intensity and more advanced technology from oilfield service companies . as such , we remain focused on delivering innovative cost-efficient solutions that deliver step changes in operating and economic performance for our customers . business environment the following discussion and analysis summarizes the significant factors affecting our results of operations , financial condition and liquidity position as of and for the year ended december 31 , 2017 , 2016 and 2015 , and should be read in conjunction with the consolidated and combined financial statements and related notes of the company . amounts reported in millions in graphs within this report are computed based on the amounts in hundreds . as a result , the sum of the components reported in millions may not equal the total amount reported in millions due to rounding . we operate in more than 120 countries helping customers find , evaluate , drill , produce , transport and process hydrocarbon resources . our revenue is predominately generated from the sale of products and services to major , national , and independent oil and natural gas companies worldwide , and is dependent on spending by our customers for oil and natural gas exploration , field development and production . this spending is driven by a number of factors , including our customers' forecasts of future energy demand and supply , their access to resources to develop and produce oil and natural gas , their ability to fund their capital programs , the impact of new government regulations and most importantly , their expectations for oil and natural gas prices as a key driver of their cash flows . oil and natural gas prices oil and natural gas prices are summarized in the table below as averages of the daily closing prices during each of the periods indicated. .
1201720162015
2brent oil prices ( $ /bbl ) ( 1 )$ 54.12$ 43.64$ 52.32
3wti oil prices ( $ /bbl ) ( 2 )50.8043.2948.66
4natural gas prices ( $ /mmbtu ) ( 3 )2.992.522.62
brent oil prices ( $ /bbl ) ( 1 ) $ 54.12 $ 43.64 $ 52.32 wti oil prices ( $ /bbl ) ( 2 ) 50.80 43.29 48.66 natural gas prices ( $ /mmbtu ) ( 3 ) 2.99 2.52 2.62 ( 1 ) energy information administration ( eia ) europe brent spot price per barrel .","['0.05886', '2.52', '43.29', '0.05821']" "['as december 31, 2010, what is the floor space, in square feet, that is owned by the company?', 'and what is the total floor space?', 'what is, then, that owned floor space as a portion of this total one?', 'and what is the leased floor space as portion of it?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the following is a summary of our floor space by business segment at december 31 , 2010 : ( square feet in millions ) owned leased government- owned total .
1( square feet in millions )ownedleasedgovernment-ownedtotal
2aeronautics5.23.715.224.1
3electronic systems10.311.57.128.9
4information systems & global solutions2.67.9201410.5
5space systems8.61.6.911.1
6corporate activities2.9.820143.7
7total29.625.523.278.3
some of our owned properties , primarily classified under corporate activities , are leased to third parties . in the area of manufacturing , most of the operations are of a job-order nature , rather than an assembly line process , and productive equipment has multiple uses for multiple products . management believes that all of our major physical facilities are in good condition and are adequate for their intended use . item 3 . legal proceedings we are a party to or have property subject to litigation and other proceedings , including matters arising under provisions relating to the protection of the environment . we believe the probability is remote that the outcome of these matters will have a material adverse effect on the corporation as a whole , notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings in any particular quarter . we cannot predict the outcome of legal proceedings with certainty . these matters include the proceedings summarized in note 14 2013 legal proceedings , commitments , and contingencies beginning on page 78 of this form 10-k . from time-to-time , agencies of the u.s . government investigate whether our operations are being conducted in accordance with applicable regulatory requirements . u.s . government investigations of us , whether relating to government contracts or conducted for other reasons , could result in administrative , civil , or criminal liabilities , including repayments , fines , or penalties being imposed upon us , or could lead to suspension or debarment from future u.s . government contracting . u.s . government investigations often take years to complete and many result in no adverse action against us . we are subject to federal and state requirements for protection of the environment , including those for discharge of hazardous materials and remediation of contaminated sites . as a result , we are a party to or have our property subject to various lawsuits or proceedings involving environmental protection matters . due in part to their complexity and pervasiveness , such requirements have resulted in us being involved with related legal proceedings , claims , and remediation obligations . the extent of our financial exposure cannot in all cases be reasonably estimated at this time . for information regarding these matters , including current estimates of the amounts that we believe are required for remediation or clean-up to the extent estimable , see 201ccritical accounting policies 2013 environmental matters 201d in management 2019s discussion and analysis of financial condition and results of operations beginning on page 45 , and note 14 2013 legal proceedings , commitments , and contingencies beginning on page 78 of this form 10-k . item 4 . ( removed and reserved ) item 4 ( a ) . executive officers of the registrant our executive officers are listed below , as well as information concerning their age at december 31 , 2010 , positions and offices held with the corporation , and principal occupation and business experience over the past five years . there were no family relationships among any of our executive officers and directors . all officers serve at the pleasure of the board of directors . linda r . gooden ( 57 ) , executive vice president 2013 information systems & global solutions ms . gooden has served as executive vice president 2013 information systems & global solutions since january 2007 . she previously served as deputy executive vice president 2013 information & technology services from october 2006 to december 2006 , and president , lockheed martin information technology from september 1997 to december 2006 . christopher j . gregoire ( 42 ) , vice president and controller ( chief accounting officer ) mr . gregoire has served as vice president and controller ( chief accounting officer ) since march 2010 . he previously was employed by sprint nextel corporation from august 2006 to may 2009 , most recently as principal accounting officer and assistant controller , and was a partner at deloitte & touche llp from september 2003 to july 2006. .","['29.6', '78.3', '0.37803', '0.32567']" "['what was the balance in 2013?', 'what was the balance in 2012?', 'what is the net change in value?', 'what is the net change divided by the 2012 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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: .
1( in thousands )
2balance at october 31 2011$ 1289286
3additions687195
4other adjustments ( 1 )506
5balance at october 31 2012$ 1976987
6additions2014
7other adjustments ( 1 )-1016 ( 1016 )
8balance at october 31 2013$ 1975971
.","['1975971.0', '1976987.0', '-1016.0', '-0.00051']" "['what was the net change in unrecognized tax benefits during 2008?', 'what is that change over the starting value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the following is a reconciliation of the total amounts of unrecognized tax benefits for the year : ( in thousands ) .
1unrecognized tax benefit 2014january 1 2008$ 7928
2ansoft unrecognized tax benefit 2014acquired july 31 20083525
3gross increases 2014tax positions in prior period2454
4gross decreases 2014tax positions in prior period-1572 ( 1572 )
5gross increases 2014tax positions in current period2255
6reductions due to a lapse of the applicable statute of limitations-1598 ( 1598 )
7changes due to currency fluctuation-259 ( 259 )
8settlements-317 ( 317 )
9unrecognized tax benefit 2014december 31 2008$ 12416
included in the balance of unrecognized tax benefits at december 31 , 2008 are $ 5.6 million of tax benefits that , if recognized , would affect the effective tax rate . also included in the balance of unrecognized tax benefits at december 31 , 2008 are $ 5.0 million of tax benefits that , if recognized , would result in a decrease to goodwill recorded in purchase business combinations , and $ 1.9 million of tax benefits that , if recognized , would result in adjustments to other tax accounts , primarily deferred taxes . the company believes it is reasonably possible that uncertain tax positions of approximately $ 2.6 million as of december 31 , 2008 will be resolved within the next twelve months . the company recognizes interest and penalties related to unrecognized tax benefits as income tax expense . related to the uncertain tax benefits noted above , the company recorded interest of $ 171000 during 2008 . penalties recorded during 2008 were insignificant . in total , as of december 31 , 2008 , the company has recognized a liability for penalties of $ 498000 and interest of $ 1.8 million . the company is subject to taxation in the u.s . and various states and foreign jurisdictions . the company 2019s 2005 through 2008 tax years are open to examination by the internal revenue service . the 2005 and 2006 federal returns are currently under examination . the company also has various foreign subsidiaries with tax filings under examination , as well as numerous foreign and state tax filings subject to examination for various years . 10 . pension and profit-sharing plans the company has 401 ( k ) /profit-sharing plans for all qualifying full-time domestic employees that permit participants to make contributions by salary reduction pursuant to section 401 ( k ) of the internal revenue code . the company makes matching contributions on behalf of each eligible participant in an amount equal to 100% ( 100 % ) of the first 3% ( 3 % ) and an additional 25% ( 25 % ) of the next 5% ( 5 % ) , for a maximum total of 4.25% ( 4.25 % ) of the employee 2019s compensation . the company may make a discretionary profit sharing contribution in the amount of 0% ( 0 % ) to 5% ( 5 % ) based on the participant 2019s eligible compensation , provided the employee is employed at the end of the year and has worked at least 1000 hours . the qualifying domestic employees of the company 2019s ansoft subsidiary , acquired on july 31 , 2008 , also participate in a 401 ( k ) plan . there is no matching employer contribution associated with this plan . the company also maintains various defined contribution pension arrangements for its international employees . expenses related to the company 2019s retirement programs were $ 3.7 million in 2008 , $ 4.7 million in 2007 and $ 4.1 million in 2006 . 11 . non-compete and employment agreements employees of the company have signed agreements under which they have agreed not to disclose trade secrets or confidential information and , where legally permitted , that restrict engagement in or connection with any business that is competitive with the company anywhere in the world while employed by the company ( and .","['4488.0', '0.56609']" "['what was the reduction of net sales due to sales returns discounts and rebates in 2018?', 'and what was it in 2017?', 'what was, then, the change over the year?', 'what was the reduction of net sales due to sales returns discounts and rebates in 2017?', 'how much, then, does that change represent in relation to this 2017 reduction, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: financial statement impact we believe that our accruals for sales returns , rebates , and discounts are reasonable and appropriate based on current facts and circumstances . our global rebate and discount liabilities are included in sales rebates and discounts on our consolidated balance sheet . our global sales return liability is included in other current liabilities and other noncurrent liabilities on our consolidated balance sheet . as of december 31 , 2018 , a 5 percent change in our global sales return , rebate , and discount liability would have led to an approximate $ 275 million effect on our income before income taxes . the portion of our global sales return , rebate , and discount liability resulting from sales of our products in the u.s . was approximately 90 percent as of december 31 , 2018 and december 31 , 2017 . the following represents a roll-forward of our most significant u.s . pharmaceutical sales return , rebate , and discount liability balances , including managed care , medicare , and medicaid: .
1( dollars in millions )20182017
2sales return rebate and discount liabilities beginning of year$ 4172.0$ 3601.8
3reduction of net sales due to sales returns discounts and rebates ( 1 )12529.610603.4
4cash payments of discounts and rebates-12023.4 ( 12023.4 )-10033.2 ( 10033.2 )
5sales return rebate and discount liabilities end of year$ 4678.2$ 4172.0
( 1 ) adjustments of the estimates for these returns , rebates , and discounts to actual results were approximately 1 percent of consolidated net sales for each of the years presented . product litigation liabilities and other contingencies background and uncertainties product litigation liabilities and other contingencies are , by their nature , uncertain and based upon complex judgments and probabilities . the factors we consider in developing our product litigation liability reserves and other contingent liability amounts include the merits and jurisdiction of the litigation , the nature and the number of other similar current and past matters , the nature of the product and the current assessment of the science subject to the litigation , and the likelihood of settlement and current state of settlement discussions , if any . in addition , we accrue for certain product liability claims incurred , but not filed , to the extent we can formulate a reasonable estimate of their costs based primarily on historical claims experience and data regarding product usage . we accrue legal defense costs expected to be incurred in connection with significant product liability contingencies when both probable and reasonably estimable . we also consider the insurance coverage we have to diminish the exposure for periods covered by insurance . in assessing our insurance coverage , we consider the policy coverage limits and exclusions , the potential for denial of coverage by the insurance company , the financial condition of the insurers , and the possibility of and length of time for collection . due to a very restrictive market for product liability insurance , we are self-insured for product liability losses for all our currently marketed products . in addition to insurance coverage , we also consider any third-party indemnification to which we are entitled or under which we are obligated . with respect to our third-party indemnification rights , these considerations include the nature of the indemnification , the financial condition of the indemnifying party , and the possibility of and length of time for collection . the litigation accruals and environmental liabilities and the related estimated insurance recoverables have been reflected on a gross basis as liabilities and assets , respectively , on our consolidated balance sheets . impairment of indefinite-lived and long-lived assets background and uncertainties we review the carrying value of long-lived assets ( both intangible and tangible ) for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the carrying value of an asset ( or asset group ) may not be recoverable . we identify impairment by comparing the projected undiscounted cash flows to be generated by the asset ( or asset group ) to its carrying value . if an impairment is identified , a loss is recorded equal to the excess of the asset 2019s net book value over its fair value , and the cost basis is adjusted . goodwill and indefinite-lived intangible assets are reviewed for impairment at least annually and when certain impairment indicators are present . when required , a comparison of fair value to the carrying amount of assets is performed to determine the amount of any impairment. .","['12529.6', '10603.4', '1926.2', '10603.4', '0.18166']" "['what is the total impact of currency exchange in revenue in 2015?', 'what about in 2014?', 'what is the net difference among these years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: changes in the benchmark index component of the 10-year treasury yield . the company def signated these derivatives as cash flow hedges . on october 13 , 2015 , in conjunction with the pricing of the $ 4.5 billion senior notes , the companyr terminated these treasury lock contracts for a cash settlement payment of $ 16 million , which was recorded as a component of other comprehensive earnings and will be reclassified as an adjustment to interest expense over the ten years during which the related interest payments that were hedged will be recognized in income . foreign currency risk we are exposed to foreign currency risks that arise from normal business operations . these risks include the translation of local currency balances of foreign subsidiaries , transaction gains and losses associated with intercompany loans with foreign subsidiaries and transactions denominated in currencies other than a location's functional currency . we manage the exposure to these risks through a combination of normal operating activities and the use of foreign currency forward contracts . contracts are denominated in currtt encies of major industrial countries . our exposure to foreign currency exchange risks generally arises from our non-u.s . operations , to the extent they are conducted ind local currency . changes in foreign currency exchange rates affect translations of revenues denominated in currencies other than the u.s . dollar . during the years ended december 31 , 2016 , 2015 and 2014 , we generated approximately $ 1909 million , $ 1336 million and $ 1229 million , respectively , in revenues denominated in currencies other than the u.s . dollar . the major currencies to which our revenues are exposed are the brazilian real , the euro , the british pound sterling and the indian rupee . a 10% ( 10 % ) move in average exchange rates for these currencies ( assuming a simultaneous and immediate 10% ( 10 % ) change in all of such rates for the relevant period ) would have resulted in the following increase or ( decrease ) in our reported revenues for the years ended december 31 , 2016 , 2015 and 2014 ( in millions ) : .
1currency201620152014
2pound sterling$ 47$ 34$ 31
3euro383330
4real322938
5indian rupee12108
6total impact$ 129$ 106$ 107
while our results of operations have been impacted by the effects of currency fluctuations , our international operations' revenues and expenses are generally denominated in local currency , which reduces our economic exposure to foreign exchange risk in those jurisdictions . revenues included $ 100 million and $ 243 million and net earnings included $ 10 million , anrr d $ 31 million , respectively , of unfavorable foreign currency impact during 2016 and 2015 resulting from a stronger u.s . dollar during these years compared to thet preceding year . in 2017 , we expect continued unfavorable foreign currency impact on our operating income resulting from the continued strengthening of the u.s . dollar vs . other currencies . our foreign exchange risk management policy permits the use of derivative instruments , such as forward contracts and options , to reduce volatility in our results of operations and/or cash flows resulting from foreign exchange rate fluctuations . we do not enter into foreign currency derivative instruments for trading purposes or to engage in speculative activitr y . we do periodically enter inttt o foreign currency forward exchange contracts to hedge foreign currency exposure to intercompany loans . as of december 31 , 2016 , the notional amount of these derivatives was approximately $ 143 million and the fair value was nominal . these derivatives are intended to hedge the foreign exchange risks related to intercompany loans but have not been designated as hedges for accounting purposes . we also use currency forward contracts to manage our exposure to fluctuations in costs caused by variations in indian rupee ( ""inr"" ) exchange rates . as of december 31 , 2016 , the notional amount of these derivatives was approximately $ 7 million and the fair value was ll less than $ 1 million . these inr forward contracts are designated as cash flow hedges . the fair value of these currency forward contracts is determined using currency exchange market rates , obtained from reliable , independent , third m party banks , at the balance sheet date . the fair value of forward contracts is subject to changes in currency exchange rates . the company has no ineffectiveness related to its use of currency forward contracts in connection with inr cash flow hedges . in conjunction with entering into the definitive agreement to acquire clear2pay in september 2014 , we initiated a foreign currency forward contract to purchase euros and sell u.s . dollars to manage the risk arising from fluctuations in exchange rates until the closing because the purchase price was stated in euros . as this derivative did not qualify for hedge accounting , we recorded a charge of $ 16 million in other income ( expense ) , net during the third quarter of 2014 . this forward contract was settled on october 1 , 2014. .","['106.0', '107.0', '-1.0']" "['what were the pension and postretirement plan contributions in 2016?', 'and in 2015?', 'so what was the difference between these two years?', 'and the percentage change during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: united parcel service , inc . and subsidiaries management's discussion and analysis of financial condition and results of operations liquidity and capital resources as of december 31 , 2017 , we had $ 4.069 billion in cash , cash equivalents and marketable securities . we believe that our current cash position , access to the long-term debt capital markets and cash flow generated from operations should be adequate not only for operating requirements but also to enable us to complete our capital expenditure programs and to fund dividend payments , share repurchases and long-term debt payments through the next several years . in addition , we have funds available from our commercial paper program and the ability to obtain alternative sources of financing . we regularly evaluate opportunities to optimize our capital structure , including through issuances of debt to refinance existing debt and to fund ongoing cash needs . cash flows from operating activities the following is a summary of the significant sources ( uses ) of cash from operating activities ( amounts in millions ) : .
1201720162015
2net income$ 4910$ 3431$ 4844
3non-cash operating activities ( 1 )577664444122
4pension and postretirement plan contributions ( ups-sponsored plans )-7794 ( 7794 )-2668 ( 2668 )-1229 ( 1229 )
5hedge margin receivables and payables-732 ( 732 )-142 ( 142 )170
6income tax receivables and payables-550 ( 550 )-505 ( 505 )-6 ( 6 )
7changes in working capital and other non-current assets and liabilities-178 ( 178 )-62 ( 62 )-418 ( 418 )
8other operating activities47-25 ( 25 )-53 ( 53 )
9net cash from operating activities$ 1479$ 6473$ 7430
( 1 ) represents depreciation and amortization , gains and losses on derivative transactions and foreign exchange , deferred income taxes , provisions for uncollectible accounts , pension and postretirement benefit expense , stock compensation expense and other non-cash items . cash from operating activities remained strong throughout 2015 to 2017 . most of the variability in operating cash flows during the 2015 to 2017 time period relates to the funding of our company-sponsored pension and postretirement benefit plans ( and related cash tax deductions ) . except for discretionary or accelerated fundings of our plans , contributions to our company- sponsored pension plans have largely varied based on whether any minimum funding requirements are present for individual pension plans . 2022 we made discretionary contributions to our three primary company-sponsored u.s . pension plans totaling $ 7.291 , $ 2.461 and $ 1.030 billion in 2017 , 2016 and 2015 , respectively . 2022 the remaining contributions from 2015 to 2017 were largely due to contributions to our international pension plans and u.s . postretirement medical benefit plans . apart from the transactions described above , operating cash flow was impacted by changes in our working capital position , payments for income taxes and changes in hedge margin payables and receivables . cash payments for income taxes were $ 1.559 , $ 2.064 and $ 1.913 billion for 2017 , 2016 and 2015 , respectively , and were primarily impacted by the timing of current tax deductions . the net hedge margin collateral ( paid ) /received from derivative counterparties was $ ( 732 ) , $ ( 142 ) and $ 170 million during 2017 , 2016 and 2015 , respectively , due to settlements and changes in the fair value of the derivative contracts used in our currency and interest rate hedging programs . as of december 31 , 2017 , the total of our worldwide holdings of cash , cash equivalents and marketable securities were $ 4.069 billion , of which approximately $ 1.800 billion was held by foreign subsidiaries . the amount of cash , cash equivalents and marketable securities held by our u.s . and foreign subsidiaries fluctuates throughout the year due to a variety of factors , including the timing of cash receipts and disbursements in the normal course of business . cash provided by operating activities in the u.s . continues to be our primary source of funds to finance domestic operating needs , capital expenditures , share repurchases and dividend payments to shareowners . as a result of the tax act , all cash , cash equivalents and marketable securities held by foreign subsidiaries are generally available for distribution to the u.s . without any u.s . federal income taxes . any such distributions may be subject to foreign withholding and u.s . state taxes . when amounts earned by foreign subsidiaries are expected to be indefinitely reinvested , no accrual for taxes is provided. .","['2668.0', '1229.0', '1439.0', '1.17087']" "['what was the change in the balance of capital lease obligations and notes payable between 2009 and 2010?', 'and the percentage change?', 'what portion of total cash obligations is due within the next 12 months?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements as of december 31 , 2010 and 2009 , the company had $ 295.4 million and $ 295.0 million net , respectively ( $ 300.0 million aggregate principal amount ) outstanding under the 7.25% ( 7.25 % ) notes . as of december 31 , 2010 and 2009 , the carrying value includes a discount of $ 4.6 million and $ 5.0 million , respectively . 5.0% ( 5.0 % ) convertible notes 2014the 5.0% ( 5.0 % ) convertible notes due 2010 ( 201c5.0% ( 201c5.0 % ) notes 201d ) matured on february 15 , 2010 , and interest was payable semiannually on february 15 and august 15 of each year . the 5.0% ( 5.0 % ) notes were convertible at any time into shares of the company 2019s class a common stock ( 201ccommon stock 201d ) at a conversion price of $ 51.50 per share , subject to adjustment in certain cases . as of december 31 , 2010 and 2009 , the company had none and $ 59.7 million outstanding , respectively , under the 5.0% ( 5.0 % ) notes . ati 7.25% ( 7.25 % ) senior subordinated notes 2014the ati 7.25% ( 7.25 % ) notes were issued with a maturity of december 1 , 2011 and interest was payable semi-annually in arrears on june 1 and december 1 of each year . the ati 7.25% ( 7.25 % ) notes were jointly and severally guaranteed on a senior subordinated basis by the company and substantially all of the wholly owned domestic restricted subsidiaries of ati and the company , other than spectrasite and its subsidiaries . the notes ranked junior in right of payment to all existing and future senior indebtedness of ati , the sister guarantors ( as defined in the indenture relating to the notes ) and their domestic restricted subsidiaries . the ati 7.25% ( 7.25 % ) notes were structurally senior in right of payment to all other existing and future indebtedness of the company , including the company 2019s senior notes , convertible notes and the revolving credit facility and term loan . during the year ended december 31 , 2010 , ati issued a notice for the redemption of the principal amount of its outstanding ati 7.25% ( 7.25 % ) notes . in accordance with the redemption provisions and the indenture for the ati 7.25% ( 7.25 % ) notes , the notes were redeemed at a price equal to 100.00% ( 100.00 % ) of the principal amount , plus accrued and unpaid interest up to , but excluding , september 23 , 2010 , for an aggregate purchase price of $ 0.3 million . as of december 31 , 2010 and 2009 , the company had none and $ 0.3 million , respectively , outstanding under the ati 7.25% ( 7.25 % ) notes . capital lease obligations and notes payable 2014the company 2019s capital lease obligations and notes payable approximated $ 46.3 million and $ 59.0 million as of december 31 , 2010 and 2009 , respectively . these obligations bear interest at rates ranging from 2.5% ( 2.5 % ) to 9.3% ( 9.3 % ) and mature in periods ranging from less than one year to approximately seventy years . maturities 2014as of december 31 , 2010 , aggregate carrying value of long-term debt , including capital leases , for the next five years and thereafter are estimated to be ( in thousands ) : year ending december 31 .
12011$ 74896
22012625884
32013618
420141750479
52015600489
6thereafter2541858
7total cash obligations5594224
8unamortized discounts and premiums net-6836 ( 6836 )
9balance as of december 31 2010$ 5587388
.","['-12.7', '-0.21525', '0.01339']" "['what is the outstanding balance on the loan in 2017?', 'what about in 2016?', 'what is the change in the balance of outstanding loans?', 'what is the outstanding balance on the loan in 2016?', 'what percentage increase does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: other long term debt in december 2012 , the company entered into a $ 50.0 million recourse loan collateralized by the land , buildings and tenant improvements comprising the company 2019s corporate headquarters . the loan has a seven year term and maturity date of december 2019 . the loan bears interest at one month libor plus a margin of 1.50% ( 1.50 % ) , and allows for prepayment without penalty . the loan includes covenants and events of default substantially consistent with the company 2019s credit agreement discussed above . the loan also requires prior approval of the lender for certain matters related to the property , including transfers of any interest in the property . as of december 31 , 2017 and 2016 , the outstanding balance on the loan was $ 40.0 million and $ 42.0 million , respectively . the weighted average interest rate on the loan was 2.5% ( 2.5 % ) and 2.0% ( 2.0 % ) for the years ended december 31 , 2017 and 2016 , respectively . the following are the scheduled maturities of long term debt as of december 31 , 2017 : ( in thousands ) .
12018$ 27000
2201963000
3202025000
4202186250
520222014
62023 and thereafter600000
7total scheduled maturities of long term debt$ 801250
8current maturities of long term debt$ 27000
interest expense , net was $ 34.5 million , $ 26.4 million , and $ 14.6 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . interest expense includes the amortization of deferred financing costs , bank fees , capital and built-to-suit lease interest and interest expense under the credit and other long term debt facilities . amortization of deferred financing costs was $ 1.3 million , $ 1.2 million , and $ 0.8 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . the company monitors the financial health and stability of its lenders under the credit and other long term debt facilities , however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities . 7 . commitments and contingencies obligations under operating leases the company leases warehouse space , office facilities , space for its brand and factory house stores and certain equipment under non-cancelable operating leases . the leases expire at various dates through 2033 , excluding extensions at the company 2019s option , and include provisions for rental adjustments . the table below includes executed lease agreements for brand and factory house stores that the company did not yet occupy as of december 31 , 2017 and does not include contingent rent the company may incur at its stores based on future sales above a specified minimum or payments made for maintenance , insurance and real estate taxes . the following is a schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31 , 2017 as well as .","['42.0', '40.0', '2.0', '40.0', '0.05']" "['what was the increase in the segment earnings in 2010, in millions?', 'and what amount from this increase was due to higher sales volumes?', 'what, then, would have been that increase without this amount, in millions?', 'in that same year, what was the total of the net sales?', 'and what was it in the previous year, in 2009?', 'by how much, then, did it change over the period?', 'and what is this change as a percentage of the 2009 total?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: page 20 of 100 segment sales were $ 100.7 million lower in 2009 than in 2008 , primarily as a result of the impact of lower aluminum prices partially offset by an increase in sales volumes . the higher sales volumes in 2009 were the result of incremental volumes from the four plants purchased from ab inbev , partially offset by certain plant closures and lower sales volumes in the existing business . segment earnings in 2010 were $ 122.3 million higher than in 2009 primarily due to a net $ 85 million impact related to the higher sales volumes and $ 45 million of product mix and improved manufacturing performance associated with higher production . also adding to the 2010 improvement was the effect of a $ 7 million out-of-period inventory charge in 2009 . the details of the out-of-period adjustment are included in note 7 to the consolidated financial statements included within item 8 of this report . segment earnings in 2009 were higher than in 2008 due to $ 12 million of earnings contribution from the four acquired plants and approximately $ 21 million of savings associated with plant closures . partially offsetting these favorable impacts were lower carbonated soft drink and beer can sales volumes ( excluding the newly acquired plants ) and approximately $ 25 million related to higher cost inventories in the first half of 2009 . metal beverage packaging , europe .
1( $ in millions )201020092008
2net sales$ 1697.6$ 1739.5$ 1868.7
3segment earnings$ 212.9$ 214.8$ 230.9
4business consolidation costs ( a )-3.2 ( 3.2 )22122212
5total segment earnings$ 209.7$ 214.8$ 230.9
( a ) further details of these items are included in note 5 to the consolidated financial statements within item 8 of this report . the metal beverage packaging , europe , segment includes metal beverage packaging products manufactured in europe . ball packaging europe has manufacturing plants located in germany , the united kingdom , france , the netherlands , poland and serbia , and is the second largest metal beverage container business in europe . segment sales in 2010 decreased $ 41.9 million compared to 2009 , primarily due to unfavorable foreign exchange effects of $ 93 million and price and mix changes , partially offset by higher sales volumes . segment sales in 2009 as compared to 2008 were $ 129.2 million lower due to $ 110 million of unfavorable foreign exchange effects , partially offset by better commercial terms . sales volumes in 2009 were essentially flat compared to those in the prior year . segment earnings in 2010 decreased $ 1.9 million compared to 2009 , primarily the result of a $ 28 million increase related to higher sales volumes , offset by $ 18 million of negative effects from foreign currency translation and $ 12 million of higher inventory and other costs . while 2009 sales volumes were consistent with the prior year , the adverse effects of foreign currency translation , both within europe and on the conversion of the euro to the u.s . dollar , reduced segment earnings by $ 8 million . also contributing to lower segment earnings were higher cost inventory carried into 2009 and a change in sales mix , partially offset by better commercial terms in some of our contracts . on january 18 , 2011 , ball acquired aerocan s.a.s . ( aerocan ) , a leading european supplier of aluminum aerosol cans and bottles , for 20ac222.4 million ( approximately $ 300 million ) in cash and assumed debt . aerocan manufactures extruded aluminum aerosol cans and bottles , and the aluminum slugs used to make them , for customers in the personal care , pharmaceutical , beverage and food industries . it operates three aerosol can manufacturing plants 2013 one each in the czech republic , france and the united kingdom 2013 and is a 51 percent owner of a joint venture aluminum slug plant in france . the four plants employ approximately 560 people . the acquisition of aerocan will allow ball to enter a growing part of the metal packaging industry and to broaden the company 2019s market development efforts into a new customer base. .","['122.3', '85.0', '37.3', '1697.6', '1739.5', '-41.9', '-0.02409']" "['what is the balance december 31 2009 (2) in the carrying amount of loan receivable?', 'what is the purchased loans accounted for under the under the cost-recovery method?', 'what is the difference between the balance december 31 2009 (2) in the carrying amount of loan receivable, and the purchased loans accounted for under the under the cost-recovery method?', 'what is the purchased loans accounted for under the level-yield method?', 'how much does that purchased loans accounted for under the level-yield method represents in relation to that difference?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: in addition , included in the loan table are purchased distressed loans , which are loans that have evidenced significant credit deterioration subsequent to origination but prior to acquisition by citigroup . in accordance with sop 03-3 , the difference between the total expected cash flows for these loans and the initial recorded investments is recognized in income over the life of the loans using a level yield . accordingly , these loans have been excluded from the impaired loan information presented above . in addition , per sop 03-3 , subsequent decreases to the expected cash flows for a purchased distressed loan require a build of an allowance so the loan retains its level yield . however , increases in the expected cash flows are first recognized as a reduction of any previously established allowance and then recognized as income prospectively over the remaining life of the loan by increasing the loan 2019s level yield . where the expected cash flows cannot be reliably estimated , the purchased distressed loan is accounted for under the cost recovery method . the carrying amount of the purchased distressed loan portfolio at december 31 , 2009 was $ 825 million net of an allowance of $ 95 million . the changes in the accretable yield , related allowance and carrying amount net of accretable yield for 2009 are as follows : in millions of dollars accretable carrying amount of loan receivable allowance .
1in millions of dollarsaccretable yieldcarrying amount of loan receivableallowance
2beginning balance$ 92$ 1510$ 122
3purchases ( 1 )143292014
4disposals/payments received-5 ( 5 )-967 ( 967 )2014
5accretion-52 ( 52 )522014
6builds ( reductions ) to the allowance-21 ( 21 )1-27 ( 27 )
7increase to expected cash flows1022014
8fx/other-11 ( 11 )-7 ( 7 )2014
9balance december 31 2009 ( 2 )$ 27$ 920$ 95
( 1 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 87 million of purchased loans accounted for under the level-yield method and $ 242 million under the cost-recovery method . these balances represent the fair value of these loans at their acquisition date . the related total expected cash flows for the level-yield loans were $ 101 million at their acquisition dates . ( 2 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 561 million of loans accounted for under the level-yield method and $ 359 million accounted for under the cost-recovery method. .","['920.0', '242.0', '678.0', '87.0', '0.12832']" "['what was the balance of gross unrecognized tax benefits in 2010?', 'what was the balance in 2009?', 'what was the net change in value?', 'what was the 2009 value?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 31mar201122064257 notes to consolidated financial statements ( continued ) 10 . income taxes ( continued ) a reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows ( in thousands ) : .
1balance at october 2 2009$ 8859
2increases based on positions related to prior years437
3increases based on positions related to current year11221
4decreases relating to settlements with taxing authorities2014
5decreases relating to lapses of applicable statutes of limitations-617 ( 617 )
6balance at october 1 2010$ 19900
the company 2019s major tax jurisdictions as of october 1 , 2010 are the united states , california , and iowa . for the united states , the company has open tax years dating back to fiscal year 1998 due to the carry forward of tax attributes . for california and iowa , the company has open tax years dating back to fiscal year 2002 due to the carry forward of tax attributes . during the year ended october 1 , 2010 , $ 0.6 million of previously unrecognized tax benefits related to the expiration of the statute of limitations period were recognized . the company 2019s policy is to recognize accrued interest and penalties , if incurred , on any unrecognized tax benefits as a component of income tax expense . the company did not incur any significant accrued interest or penalties related to unrecognized tax benefits during fiscal year 2010 . 11 . stockholders 2019 equity common stock the company is authorized to issue ( 1 ) 525000000 shares of common stock , par value $ 0.25 per share , and ( 2 ) 25000000 shares of preferred stock , without par value . holders of the company 2019s common stock are entitled to such dividends as may be declared by the company 2019s board of directors out of funds legally available for such purpose . dividends may not be paid on common stock unless all accrued dividends on preferred stock , if any , have been paid or declared and set aside . in the event of the company 2019s liquidation , dissolution or winding up , the holders of common stock will be entitled to share pro rata in the assets remaining after payment to creditors and after payment of the liquidation preference plus any unpaid dividends to holders of any outstanding preferred stock . each holder of the company 2019s common stock is entitled to one vote for each such share outstanding in the holder 2019s name . no holder of common stock is entitled to cumulate votes in voting for directors . the company 2019s second amended and restated certificate of incorporation provides that , unless otherwise determined by the company 2019s board of directors , no holder of common stock has any preemptive right to purchase or subscribe for any stock of any class which the company may issue or on august 3 , 2010 , the company 2019s board of directors approved a stock repurchase program , pursuant to which the company is authorized to repurchase up to $ 200 million of the company 2019s common stock from time to time on the open market or in privately negotiated transactions as permitted by securities laws and other legal requirements . the company had not repurchased any shares under the program for the fiscal year ended october 1 , 2010 . as of november 29 , 2010 , the skyworks / 2010 annual report 137 .","['19900.0', '8859.0', '11041.0', '8859.0', '1.2463']" "['in 2009, what was the amount of the current liabilities related to operating leases?', 'and what was the full total of those leases?', 'what percentage, then, of this total did that amount represent?', 'in that same year, what was the amount of the current liabilities related to capital leases?', 'and what percentage did that amount represent in relation to these leases?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 .
1millions of dollarsoperatingleasescapital leases
22010$ 576$ 290
32011570292
42012488247
52013425256
62014352267
7later years29011623
8total minimum lease payments$ 5312$ 2975
9amount representing interestn/a-914 ( 914 )
10present value of minimum lease paymentsn/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 .","['576.0', '5312.0', '0.10843', '290.0', '0.17868']" "['what is the net change in the balance of loan commitments from 2000 to 2001?', 'what percentage change does this represent?', 'what is the net change in the balance of indemnified securities on loan from 2000 to 2001?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: loan commitments ( unfunded loans and unused lines of credit ) , asset purchase agreements , standby letters of credit and letters of credit are issued to accommodate the financing needs of state street 2019s clients and to provide credit enhancements to special purpose entities . loan commitments are agreements by state street to lend monies at a future date . asset purchase agreements are commitments to purchase receivables or securities , subject to conditions established in the agreements , and at december 31 , 2001 , include $ 8.0 billion outstanding to special purpose entities . standby letters of credit and letters of credit commit state street to make payments on behalf of clients and special purpose entities when certain specified events occur . standby letters of credit outstanding to special purpose entities were $ 608 million at december 31 , 2001 . these loan , asset purchase and letter of credit commitments are subject to the same credit policies and reviews as loans . the amount and nature of collateral are obtained based upon management 2019s assessment of the credit risk . approximately 89% ( 89 % ) of the loan commitments and asset purchase agreements expire within one year from the date of issue . sincemany of the commitments are expected to expire or renewwithout being drawn , the total commitment amounts do not necessarily represent future cash requirements . the following is a summary of the contractual amount of credit-related , off-balance sheet financial instruments at december 31: .
1( dollars in millions )20012000
2indemnified securities on loan$ 113047$ 101438
3loan commitments1296211367
4asset purchase agreements103667112
5standby letters of credit39184028
6letters of credit164218
state street corporation 53 .","['1595.0', '0.14032', '11609.0', '0.11444']" "['what were the net sales in 2003?', 'and what was the income before interest and taxes in that year?', 'what were, then, those sales without this income?', 'and considering this year plus the next, what was the combined total of those net sales?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: year ended december 31 , 2004 compared to year ended december 31 , 2003 the historical results of operations of pca for the years ended december 31 , 2004 and 2003 are set forth below : for the year ended december 31 , ( in millions ) 2004 2003 change .
1( in millions )for the year ended december 31 , 2004for the year ended december 31 , 2003change
2net sales$ 1890.1$ 1735.5$ 154.6
3income before interest and taxes$ 140.5$ 96.9$ 43.6
4interest expense net-29.6 ( 29.6 )-121.8 ( 121.8 )92.2
5income ( loss ) before taxes110.9-24.9 ( 24.9 )135.8
6( provision ) benefit for income taxes-42.2 ( 42.2 )10.5-52.7 ( 52.7 )
7net income ( loss )$ 68.7$ -14.4 ( 14.4 )$ 83.1
net sales net sales increased by $ 154.6 million , or 8.9% ( 8.9 % ) , for the year ended december 31 , 2004 from the year ended december 31 , 2003 . net sales increased due to improved sales volumes and prices of corrugated products and containerboard compared to 2003 . total corrugated products volume sold increased 6.6% ( 6.6 % ) to 29.9 billion square feet in 2004 compared to 28.1 billion square feet in 2003 . on a comparable shipment-per-workday basis , corrugated products sales volume increased 7.0% ( 7.0 % ) in 2004 from 2003 . excluding pca 2019s acquisition of acorn in february 2004 , corrugated products volume was 5.3% ( 5.3 % ) higher in 2004 than 2003 and up 5.8% ( 5.8 % ) compared to 2003 on a shipment-per-workday basis . shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year . the larger percentage increase was due to the fact that 2004 had one less workday ( 251 days ) , those days not falling on a weekend or holiday , than 2003 ( 252 days ) . containerboard sales volume to external domestic and export customers increased 6.8% ( 6.8 % ) to 475000 tons for the year ended december 31 , 2004 from 445000 tons in 2003 . income before interest and taxes income before interest and taxes increased by $ 43.6 million , or 45.1% ( 45.1 % ) , for the year ended december 31 , 2004 compared to 2003 . included in income before interest and taxes for the year ended december 31 , 2004 is income of $ 27.8 million , net of expenses , attributable to a dividend paid to pca by stv , the timberlands joint venture in which pca owns a 311 20443% ( 20443 % ) ownership interest . included in income before interest and taxes for the year ended december 31 , 2003 is a $ 3.3 million charge for fees and expenses related to the company 2019s debt refinancing which was completed in july 2003 , and a fourth quarter charge of $ 16.0 million to settle certain benefits related matters with pactiv corporation dating back to april 12 , 1999 when pca became a stand-alone company , as described below . during the fourth quarter of 2003 , pactiv notified pca that we owed pactiv additional amounts for hourly pension benefits and workers 2019 compensation liabilities dating back to april 12 , 1999 . a settlement of $ 16.0 million was negotiated between pactiv and pca in december 2003 . the full amount of the settlement was accrued in the fourth quarter of 2003 . excluding these special items , operating income decreased $ 3.4 million in 2004 compared to 2003 . the $ 3.4 million decrease in income before interest and taxes was primarily attributable to increased energy and transportation costs ( $ 19.2 million ) , higher recycled and wood fiber costs ( $ 16.7 million ) , increased salary expenses related to annual increases and new hires ( $ 5.7 million ) , and increased contractual hourly labor costs ( $ 5.6 million ) , which was partially offset by increased sales volume and sales prices ( $ 44.3 million ) . .","['1735.5', '96.9', '1638.6', '3625.6']" "['what is the total home equity and residential real estate loans in 2013?', 'what about in 2012?', 'what is the total for both years?', 'what is the average for these two years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: is used to monitor the risk in the loan classes . loans with higher fico scores and lower ltvs tend to have a lower level of risk . conversely , loans with lower fico scores , higher ltvs , and in certain geographic locations tend to have a higher level of risk . in the first quarter of 2013 , we refined our process for the home equity and residential real estate asset quality indicators shown in the following tables . these refinements include , but are not limited to , improvements in the process for determining lien position and ltv in both table 67 and table 68 . additionally , as of the first quarter of 2013 , we are now presenting table 67 at recorded investment as opposed to our prior presentation of outstanding balance . table 68 continues to be presented at outstanding balance . both the 2013 and 2012 period end balance disclosures are presented in the below tables using this refined process . consumer purchased impaired loan class estimates of the expected cash flows primarily determine the credit impacts of consumer purchased impaired loans . consumer cash flow estimates are influenced by a number of credit related items , which include , but are not limited to : estimated real estate values , payment patterns , updated fico scores , the current economic environment , updated ltv ratios and the date of origination . these key factors are monitored to help ensure that concentrations of risk are mitigated and cash flows are maximized . see note 6 purchased loans for additional information . table 66 : home equity and residential real estate balances in millions december 31 december 31 home equity and residential real estate loans 2013 excluding purchased impaired loans ( a ) $ 44376 $ 42725 home equity and residential real estate loans 2013 purchased impaired loans ( b ) 5548 6638 government insured or guaranteed residential real estate mortgages ( a ) 1704 2279 purchase accounting adjustments 2013 purchased impaired loans ( 116 ) ( 482 ) total home equity and residential real estate loans ( a ) $ 51512 $ 51160 ( a ) represents recorded investment . ( b ) represents outstanding balance . 136 the pnc financial services group , inc . 2013 form 10-k .
1in millionsdecember 31 2013december 31 2012
2home equity and residential real estate loans 2013 excluding purchased impaired loans ( a )$ 44376$ 42725
3home equity and residential real estate loans 2013 purchased impaired loans ( b )55486638
4government insured or guaranteed residential real estate mortgages ( a )17042279
5purchase accounting adjustments 2013 purchased impaired loans-116 ( 116 )-482 ( 482 )
6total home equity and residential real estate loans ( a )$ 51512$ 51160
is used to monitor the risk in the loan classes . loans with higher fico scores and lower ltvs tend to have a lower level of risk . conversely , loans with lower fico scores , higher ltvs , and in certain geographic locations tend to have a higher level of risk . in the first quarter of 2013 , we refined our process for the home equity and residential real estate asset quality indicators shown in the following tables . these refinements include , but are not limited to , improvements in the process for determining lien position and ltv in both table 67 and table 68 . additionally , as of the first quarter of 2013 , we are now presenting table 67 at recorded investment as opposed to our prior presentation of outstanding balance . table 68 continues to be presented at outstanding balance . both the 2013 and 2012 period end balance disclosures are presented in the below tables using this refined process . consumer purchased impaired loan class estimates of the expected cash flows primarily determine the credit impacts of consumer purchased impaired loans . consumer cash flow estimates are influenced by a number of credit related items , which include , but are not limited to : estimated real estate values , payment patterns , updated fico scores , the current economic environment , updated ltv ratios and the date of origination . these key factors are monitored to help ensure that concentrations of risk are mitigated and cash flows are maximized . see note 6 purchased loans for additional information . table 66 : home equity and residential real estate balances in millions december 31 december 31 home equity and residential real estate loans 2013 excluding purchased impaired loans ( a ) $ 44376 $ 42725 home equity and residential real estate loans 2013 purchased impaired loans ( b ) 5548 6638 government insured or guaranteed residential real estate mortgages ( a ) 1704 2279 purchase accounting adjustments 2013 purchased impaired loans ( 116 ) ( 482 ) total home equity and residential real estate loans ( a ) $ 51512 $ 51160 ( a ) represents recorded investment . ( b ) represents outstanding balance . 136 the pnc financial services group , inc . 2013 form 10-k .","['51512.0', '51160.0', '102672.0', '51336.0']" "['what was the number of properties related to outpatient medical?', 'and what was the total number of properties?', 'what percentage, then, of this total, did the properties related to outpatient medical represent?', 'and how much did they represent as a portion of the total?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 7 . management 2019s discussion and analysis of financial condition and results of operations the following discussion and analysis is based primarily on the consolidated financial statements of welltower inc . for the periods presented and should be read together with the notes thereto contained in this annual report on form 10-k . other important factors are identified in 201citem 1 2014 business 201d and 201citem 1a 2014 risk factors 201d above . executive summary company overview welltower inc . ( nyse : hcn ) , an s&p 500 company headquartered in toledo , ohio , is driving the transformation of health care infrastructure . the company invests with leading seniors housing operators , post- acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people 2019s wellness and overall health care experience . welltowertm , a real estate investment trust ( 201creit 201d ) , owns interests in properties concentrated in major , high-growth markets in the united states , canada and the united kingdom , consisting of seniors housing and post-acute communities and outpatient medical properties . our capital programs , when combined with comprehensive planning , development and property management services , make us a single-source solution for acquiring , planning , developing , managing , repositioning and monetizing real estate assets . the following table summarizes our consolidated portfolio for the year ended december 31 , 2016 ( dollars in thousands ) : type of property net operating income ( noi ) ( 1 ) percentage of number of properties .
1type of propertynet operating income ( noi ) ( 1 )percentage of noinumber of properties
2triple-net$ 120886050.3% ( 50.3 % )631
3seniors housing operating81411433.9% ( 33.9 % )420
4outpatient medical38026415.8% ( 15.8 % )262
5totals$ 2403238100.0% ( 100.0 % )1313
( 1 ) excludes our share of investments in unconsolidated entities and non-segment/corporate noi . entities in which we have a joint venture with a minority partner are shown at 100% ( 100 % ) of the joint venture amount . business strategy our primary objectives are to protect stockholder capital and enhance stockholder value . we seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in net operating income and portfolio growth . to meet these objectives , we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type , relationship and geographic location . substantially all of our revenues are derived from operating lease rentals , resident fees and services , and interest earned on outstanding loans receivable . these items represent our primary sources of liquidity to fund distributions and depend upon the continued ability of our obligors to make contractual rent and interest payments to us and the profitability of our operating properties . to the extent that our customers/partners experience operating difficulties and become unable to generate sufficient cash to make payments to us , there could be a material adverse impact on our consolidated results of operations , liquidity and/or financial condition . to mitigate this risk , we monitor our investments through a variety of methods determined by the type of property . our proactive and comprehensive asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property , review of obligor/ partner creditworthiness , property inspections , and review of covenant compliance relating to licensure , real estate taxes , letters of credit and other collateral . our internal property management division actively manages and monitors the outpatient medical portfolio with a comprehensive process including review of tenant relations , lease expirations , the mix of health service providers , hospital/health system relationships , property performance .","['262.0', '1313.0', '0.19954', '0.19954']" "['what was the interest net of capitalized interest in 2017?', 'what was the interest net of capitalized interest in 2016?', 'what is the ratio of 2017 over 2016?', 'what is that value less 1?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the diluted earnings per share calculation excludes stock options , sars , restricted stock and units and performance units and stock that were anti-dilutive . shares underlying the excluded stock options and sars totaled 2.6 million , 10.3 million and 10.2 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . for the year ended december 31 , 2016 , 4.5 million shares of restricted stock and restricted stock units and performance units and performance stock were excluded . 10 . supplemental cash flow information net cash paid for interest and income taxes was as follows for the years ended december 31 , 2017 , 2016 and 2015 ( in thousands ) : .
1201720162015
2interest net of capitalized interest$ 275305$ 252030$ 222088
3income taxes net of refunds received$ 188946$ -39293 ( 39293 )$ 41108
eog's accrued capital expenditures at december 31 , 2017 , 2016 and 2015 were $ 475 million , $ 388 million and $ 416 million , respectively . non-cash investing activities for the year ended december 31 , 2017 included non-cash additions of $ 282 million to eog's oil and gas properties as a result of property exchanges . non-cash investing activities for the year ended december 31 , 2016 included $ 3834 million in non-cash additions to eog's oil and gas properties related to the yates transaction ( see note 17 ) . 11 . business segment information eog's operations are all crude oil and natural gas exploration and production related . the segment reporting topic of the asc establishes standards for reporting information about operating segments in annual financial statements . operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker , or decision-making group , in deciding how to allocate resources and in assessing performance . eog's chief operating decision-making process is informal and involves the chairman of the board and chief executive officer and other key officers . this group routinely reviews and makes operating decisions related to significant issues associated with each of eog's major producing areas in the united states , trinidad , the united kingdom and china . for segment reporting purposes , the chief operating decision maker considers the major united states producing areas to be one operating segment. .","['275305.0', '252030.0', '1.09235', '0.09235']" "['what was the total of net earnings in 2006?', 'and what was it in 2005?', 'what was, then, the change in net earnings over the year?', 'and how much does that change represent in relation to the 2015 total of net earnings, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to five year summary ( a ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in management 2019s discussion and analysis of financial condition and results of operations ( md&a ) ) which , on a combined basis , increased earnings from continuing operations before income taxes by $ 214 million , $ 139 million after tax ( $ 0.31 per share ) . also includes a reduction in income tax expense of $ 62 million ( $ 0.14 per share ) resulting from a tax benefit related to claims we filed for additional extraterritorial income exclusion ( eti ) tax benefits . these items increased earnings by $ 201 million after tax ( $ 0.45 per share ) . ( b ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in md&a ) which , on a combined basis , increased earnings from continuing operations before income taxes by $ 173 million , $ 113 million after tax ( $ 0.25 per share ) . ( c ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in md&a ) which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 215 million , $ 154 million after tax ( $ 0.34 per share ) . also includes a reduction in income tax expense resulting from the closure of an internal revenue service examination of $ 144 million ( $ 0.32 per share ) . these items reduced earnings by $ 10 million after tax ( $ 0.02 per share ) . ( d ) includes the effects of items not considered in the assessment of the operating performance of our business segments which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 153 million , $ 102 million after tax ( $ 0.22 per share ) . ( e ) includes the effects of items not considered in the assessment of the operating performance of our business segments which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 1112 million , $ 632 million after tax ( $ 1.40 per share ) . ( f ) we define return on invested capital ( roic ) as net earnings plus after-tax interest expense divided by average invested capital ( stockholders 2019 equity plus debt ) , after adjusting stockholders 2019 equity by adding back adjustments related to postretirement benefit plans . we believe that reporting roic provides investors with greater visibility into how effectively we use the capital invested in our operations . we use roic to evaluate multi-year investment decisions and as a long-term performance measure , and also use it as a factor in evaluating management performance under certain of our incentive compensation plans . roic is not a measure of financial performance under gaap , and may not be defined and calculated by other companies in the same manner . roic should not be considered in isolation or as an alternative to net earnings as an indicator of performance . we calculate roic as follows : ( in millions ) 2006 2005 2004 2003 2002 .
1( in millions )20062005200420032002
2net earnings$ 2529$ 1825$ 1266$ 1053$ 500
3interest expense ( multiplied by 65% ( 65 % ) ) 1235241276317378
4return$ 2764$ 2066$ 1542$ 1370$ 878
5average debt2 5$ 4727$ 5077$ 5932$ 6612$ 7491
6average equity3 576867590701561706853
7average benefit plan adjustments3 452006154512961504341
8average invested capital$ 14419$ 14212$ 14243$ 14286$ 14685
9return on invested capital19.2% ( 19.2 % )14.5% ( 14.5 % )10.8% ( 10.8 % )9.6% ( 9.6 % )6.0% ( 6.0 % )
1 represents after-tax interest expense utilizing the federal statutory rate of 35% ( 35 % ) . 2 debt consists of long-term debt , including current maturities , and short-term borrowings ( if any ) . 3 equity includes non-cash adjustments , primarily for the additional minimum pension liability in all years and the adoption of fas 158 in 2006 . 4 average benefit plan adjustments reflect the cumulative value of entries identified in our statement of stockholders equity under the captions 201cadjustment for adoption of fas 158 201d and 201cminimum pension liability . 201d the annual benefit plan adjustments to equity were : 2006 = ( $ 1883 ) million ; 2005 = ( $ 105 ) million ; 2004 = ( $ 285 ) million ; 2003 = $ 331 million ; and 2002 = ( $ 1537 ) million . as these entries are recorded in the fourth quarter , the value added back to our average equity in a given year is the cumulative impact of all prior year entries plus 20% ( 20 % ) of the current year entry value . 5 yearly averages are calculated using balances at the start of the year and at the end of each quarter. .","['2529.0', '1825.0', '704.0', '0.38575']" "['what is the net change in estimated future pension benefit payments from 2011 to 2012?', 'what is the estimated future pension benefit payment in 2011?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: estimated future pension benefit payments for the next ten years under the plan ( in millions ) are as follows : estimated future payments: .
12009$ 14.9
2201015.9
3201116.2
4201219.2
5201321.9
62014 through 2018142.2
bfi post retirement healthcare plan we acquired obligations under the bfi post retirement healthcare plan as part of our acquisition of allied . this plan provides continued medical coverage for certain former employees following their retirement , including some employees subject to collective bargaining agreements . eligibility for this plan is limited to certain of those employees who had ten or more years of service and were age 55 or older as of december 31 , 1998 , and certain employees in california who were hired on or before december 31 , 2005 and who retire on or after age 55 with at least thirty years of service . liabilities acquired for this plan were $ 1.2 million and $ 1.3 million , respectively , at the acquisition date and at december 31 , 2008 . multi-employer pension plans we contribute to 25 multi-employer pension plans under collective bargaining agreements covering union- represented employees . we acquired responsibility for contributions for a portion of these plans as part of our acquisition of allied . approximately 22% ( 22 % ) of our total current employees are participants in such multi- employer plans . these plans generally provide retirement benefits to participants based on their service to contributing employers . we do not administer these multi-employer plans . in general , these plans are managed by a board of trustees with the unions appointing certain trustees and other contributing employers of the plan appointing certain members . we generally are not represented on the board of trustees . we do not have current plan financial information from the plans 2019 administrators , but based on the information available to us , it is possible that some of the multi-employer plans to which we contribute may be underfunded . the pension protection act , enacted in august 2006 , requires underfunded pension plans to improve their funding ratios within prescribed intervals based on the level of their underfunding . until the plan trustees develop the funding improvement plans or rehabilitation plans as required by the pension protection act , we are unable to determine the amount of assessments we may be subject to , if any . accordingly , we cannot determine at this time the impact that the pension protection act may have on our consolidated financial position , results of operations or cash flows . furthermore , under current law regarding multi-employer benefit plans , a plan 2019s termination , our voluntary withdrawal , or the mass withdrawal of all contributing employers from any under-funded , multi-employer pension plan would require us to make payments to the plan for our proportionate share of the multi- employer plan 2019s unfunded vested liabilities . it is possible that there may be a mass withdrawal of employers contributing to these plans or plans may terminate in the near future . we could have adjustments to our estimates for these matters in the near term that could have a material effect on our consolidated financial condition , results of operations or cash flows . our pension expense for multi-employer plans was $ 21.8 million , $ 18.9 million and $ 17.3 million for the years ended december 31 , 2008 , 2007 and 2006 , respectively . republic services , inc . and subsidiaries notes to consolidated financial statements %%transmsg*** transmitting job : p14076 pcn : 133000000 ***%%pcmsg|131 |00027|yes|no|02/28/2009 21:12|0|0|page is valid , no graphics -- color : d| .","['3.0', '16.2', '0.18519']" "['what is the total size of the data center location in illinois?', 'what about the size of principal executive offices of cna?', 'what is the total of these two?', 'what is the percentage change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 1 . business cna financial corporation 2013 ( continued ) unpredictability in the law , insurance underwriting is expected to continue to be difficult in commercial lines , professional liability and other specialty coverages . the dodd-frank wall street reform and consumer protection act expands the federal presence in insurance oversight and may increase the regulatory requirements to which cna may be subject . the act 2019s requirements include streamlining the state-based regulation of reinsurance and nonadmitted insurance ( property or casualty insurance placed from insurers that are eligible to accept insurance , but are not licensed to write insurance in a particular state ) . the act also establishes a new federal insurance office within the u.s . department of the treasury with powers over all lines of insurance except health insurance , certain long term care insurance and crop insurance , to , among other things , monitor aspects of the insurance industry , identify issues in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the overall financial system , coordinate federal policy on international insurance matters and preempt state insurance measures under certain circumstances . the act calls for numerous studies and contemplates further regulation . the patient protection and affordable care act and the related amendments in the health care and education reconciliation act may increase cna 2019s operating costs and underwriting losses . this landmark legislation may lead to numerous changes in the health care industry that could create additional operating costs for cna , particularly with respect to workers 2019 compensation and long term care products . these costs might arise through the increased use of health care services by claimants or the increased complexities in health care bills that could require additional levels of review . in addition , due to the expected number of new participants in the health care system and the potential for additional malpractice claims , cna may experience increased underwriting risk in the lines of business that provide management and professional liability insurance to individuals and businesses engaged in the health care industry . the lines of business that provide professional liability insurance to attorneys , accountants and other professionals who advise clients regarding the health care reform legislation may also experience increased underwriting risk due to the complexity of the legislation . properties : the chicago location owned by ccc , a wholly owned subsidiary of cna , houses cna 2019s principal executive offices . cna owns or leases office space in various cities throughout the united states and in other countries . the following table sets forth certain information with respect to cna 2019s principal office locations : location ( square feet ) principal usage 333 s . wabash avenue 763322 principal executive offices of cna chicago , illinois 401 penn street 190677 property and casualty insurance offices reading , pennsylvania 2405 lucien way 116948 property and casualty insurance offices maitland , florida 40 wall street 114096 property and casualty insurance offices new york , new york 1100 ward avenue 104478 property and casualty insurance offices honolulu , hawaii 101 s . phillips avenue 83616 property and casualty insurance offices sioux falls , south dakota 600 n . pearl street 65752 property and casualty insurance offices dallas , texas 1249 s . river road 50366 property and casualty insurance offices cranbury , new jersey 4267 meridian parkway 46903 data center aurora , illinois 675 placentia avenue 46571 property and casualty insurance offices brea , california cna leases its office space described above except for the chicago , illinois building , the reading , pennsylvania building , and the aurora , illinois building , which are owned. .
1locationsize ( square feet )principal usage
2333 s . wabash avenuechicago illinois763322principal executive offices of cna
3401 penn streetreading pennsylvania190677property and casualty insurance offices
42405 lucien waymaitland florida116948property and casualty insurance offices
540 wall streetnew york new york114096property and casualty insurance offices
61100 ward avenuehonolulu hawaii104478property and casualty insurance offices
7101 s . phillips avenuesioux falls south dakota83616property and casualty insurance offices
8600 n . pearl streetdallas texas65752property and casualty insurance offices
91249 s . river roadcranbury new jersey50366property and casualty insurance offices
104267 meridian parkwayaurora illinois46903data center
11675 placentia avenuebrea california46571property and casualty insurance offices
item 1 . business cna financial corporation 2013 ( continued ) unpredictability in the law , insurance underwriting is expected to continue to be difficult in commercial lines , professional liability and other specialty coverages . the dodd-frank wall street reform and consumer protection act expands the federal presence in insurance oversight and may increase the regulatory requirements to which cna may be subject . the act 2019s requirements include streamlining the state-based regulation of reinsurance and nonadmitted insurance ( property or casualty insurance placed from insurers that are eligible to accept insurance , but are not licensed to write insurance in a particular state ) . the act also establishes a new federal insurance office within the u.s . department of the treasury with powers over all lines of insurance except health insurance , certain long term care insurance and crop insurance , to , among other things , monitor aspects of the insurance industry , identify issues in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the overall financial system , coordinate federal policy on international insurance matters and preempt state insurance measures under certain circumstances . the act calls for numerous studies and contemplates further regulation . the patient protection and affordable care act and the related amendments in the health care and education reconciliation act may increase cna 2019s operating costs and underwriting losses . this landmark legislation may lead to numerous changes in the health care industry that could create additional operating costs for cna , particularly with respect to workers 2019 compensation and long term care products . these costs might arise through the increased use of health care services by claimants or the increased complexities in health care bills that could require additional levels of review . in addition , due to the expected number of new participants in the health care system and the potential for additional malpractice claims , cna may experience increased underwriting risk in the lines of business that provide management and professional liability insurance to individuals and businesses engaged in the health care industry . the lines of business that provide professional liability insurance to attorneys , accountants and other professionals who advise clients regarding the health care reform legislation may also experience increased underwriting risk due to the complexity of the legislation . properties : the chicago location owned by ccc , a wholly owned subsidiary of cna , houses cna 2019s principal executive offices . cna owns or leases office space in various cities throughout the united states and in other countries . the following table sets forth certain information with respect to cna 2019s principal office locations : location ( square feet ) principal usage 333 s . wabash avenue 763322 principal executive offices of cna chicago , illinois 401 penn street 190677 property and casualty insurance offices reading , pennsylvania 2405 lucien way 116948 property and casualty insurance offices maitland , florida 40 wall street 114096 property and casualty insurance offices new york , new york 1100 ward avenue 104478 property and casualty insurance offices honolulu , hawaii 101 s . phillips avenue 83616 property and casualty insurance offices sioux falls , south dakota 600 n . pearl street 65752 property and casualty insurance offices dallas , texas 1249 s . river road 50366 property and casualty insurance offices cranbury , new jersey 4267 meridian parkway 46903 data center aurora , illinois 675 placentia avenue 46571 property and casualty insurance offices brea , california cna leases its office space described above except for the chicago , illinois building , the reading , pennsylvania building , and the aurora , illinois building , which are owned. .","['46903.0', '763322.0', '810225.0', '0.05789']" "['what was the number of shares authorized for repurchase?', 'what is that times 1000000?', 'what is the ratio of shares repurchased to those authorized?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 , 2007 and that all dividends were reinvested . purchases of equity securities 2013 during 2012 , we repurchased 13804709 shares of our common stock at an average price of $ 115.33 . the following table presents common stock repurchases during each month for the fourth quarter of 2012 : 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] .
1periodtotal number ofsharespurchased [a]averageprice paidper sharetotal number of sharespurchased as part of apublicly announced planor program [b]maximum number ofshares that may yetbe purchased under the planor program [b]
2oct . 1 through oct . 311068414121.70102830016041399
3nov . 1 through nov . 30659631120.8465500015386399
4dec . 1 through dec . 31411683124.5835045015035949
5total2139728$ 121.992033750n/a
[a] total number of shares purchased during the quarter includes approximately 105978 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .","['40.0', '40000000.0', '0.34512']" "['what was the change in total property plant and equipment net from 2014 to 2015?', 'and how much does this change represent in relation to that net in 2014, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents the notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the company 2019s exposure to credit or market loss . the credit risk amounts represent the company 2019s gross exposure to potential accounting loss on derivative instruments that are outstanding or unsettled if all counterparties failed to perform according to the terms of the contract , based on then-current currency or interest rates at each respective date . the company 2019s exposure to credit loss and market risk will vary over time as currency and interest rates change . although the table above reflects the notional and credit risk amounts of the company 2019s derivative instruments , it does not reflect the gains or losses associated with the exposures and transactions that the instruments are intended to hedge . the amounts ultimately realized upon settlement of these financial instruments , together with the gains and losses on the underlying exposures , will depend on actual market conditions during the remaining life of the instruments . the company generally enters into master netting arrangements , which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty . to further limit credit risk , the company generally enters into collateral security arrangements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds . the company presents its derivative assets and derivative liabilities at their gross fair values in its consolidated balance sheets . the net cash collateral received by the company related to derivative instruments under its collateral security arrangements was $ 1.0 billion as of september 26 , 2015 and $ 2.1 billion as of september 27 , 2014 . under master netting arrangements with the respective counterparties to the company 2019s derivative contracts , the company is allowed to net settle transactions with a single net amount payable by one party to the other . as of september 26 , 2015 and september 27 , 2014 , the potential effects of these rights of set-off associated with the company 2019s derivative contracts , including the effects of collateral , would be a reduction to both derivative assets and derivative liabilities of $ 2.2 billion and $ 1.6 billion , respectively , resulting in net derivative liabilities of $ 78 million and $ 549 million , respectively . accounts receivable receivables the company has considerable trade receivables outstanding with its third-party cellular network carriers , wholesalers , retailers , value-added resellers , small and mid-sized businesses and education , enterprise and government customers . the company generally does not require collateral from its customers ; however , the company will require collateral in certain instances to limit credit risk . in addition , when possible , the company attempts to limit credit risk on trade receivables with credit insurance for certain customers or by requiring third-party financing , loans or leases to support credit exposure . these credit-financing arrangements are directly between the third-party financing company and the end customer . as such , the company generally does not assume any recourse or credit risk sharing related to any of these arrangements . as of september 26 , 2015 , the company had one customer that represented 10% ( 10 % ) or more of total trade receivables , which accounted for 12% ( 12 % ) . as of september 27 , 2014 , the company had two customers that represented 10% ( 10 % ) or more of total trade receivables , one of which accounted for 16% ( 16 % ) and the other 13% ( 13 % ) . the company 2019s cellular network carriers accounted for 71% ( 71 % ) and 72% ( 72 % ) of trade receivables as of september 26 , 2015 and september 27 , 2014 , respectively . vendor non-trade receivables the company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture sub-assemblies or assemble final products for the company . the company purchases these components directly from suppliers . vendor non-trade receivables from three of the company 2019s vendors accounted for 38% ( 38 % ) , 18% ( 18 % ) and 14% ( 14 % ) of total vendor non-trade receivables as of september 26 , 2015 and three of the company 2019s vendors accounted for 51% ( 51 % ) , 16% ( 16 % ) and 14% ( 14 % ) of total vendor non-trade receivables as of september 27 , 2014 . note 3 2013 consolidated financial statement details the following tables show the company 2019s consolidated financial statement details as of september 26 , 2015 and september 27 , 2014 ( in millions ) : property , plant and equipment , net .
120152014
2land and buildings$ 6956$ 4863
3machinery equipment and internal-use software3703829639
4leasehold improvements52634513
5gross property plant and equipment4925739015
6accumulated depreciation and amortization-26786 ( 26786 )-18391 ( 18391 )
7total property plant and equipment net$ 22471$ 20624
apple inc . | 2015 form 10-k | 53 .","['1847.0', '0.08956']" "['what was the value of net cash from operating activities in 2012?', 'what was the value in 2011?', 'what was the net difference?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: united parcel service , inc . and subsidiaries management's discussion and analysis of financial condition and results of operations liquidity and capital resources operating activities the following is a summary of the significant sources ( uses ) of cash from operating activities ( amounts in millions ) : .
1201220112010
2net income$ 807$ 3804$ 3338
3non-cash operating activities ( a )730145054398
4pension and postretirement plan contributions ( ups-sponsored plans )-917 ( 917 )-1436 ( 1436 )-3240 ( 3240 )
5income tax receivables and payables280236-319 ( 319 )
6changes in working capital and other noncurrent assets and liabilities-148 ( 148 )-12 ( 12 )-340 ( 340 )
7other operating activities-107 ( 107 )-24 ( 24 )-2 ( 2 )
8net cash from operating activities$ 7216$ 7073$ 3835
( a ) represents depreciation and amortization , gains and losses on derivative and foreign exchange transactions , deferred income taxes , provisions for uncollectible accounts , pension and postretirement benefit expense , stock compensation expense , impairment charges and other non-cash items . cash from operating activities remained strong throughout the 2010 to 2012 time period . operating cash flow was favorably impacted in 2012 , compared with 2011 , by lower contributions into our defined benefit pension and postretirement benefit plans ; however , this was partially offset by changes in our working capital position , which was impacted by overall growth in the business . the change in the cash flows for income tax receivables and payables in 2011 and 2010 was primarily related to the timing of discretionary pension contributions during 2010 , as discussed further in the following paragraph . except for discretionary or accelerated fundings of our plans , contributions to our company-sponsored pension plans have largely varied based on whether any minimum funding requirements are present for individual pension plans . 2022 in 2012 , we made a $ 355 million required contribution to the ups ibt pension plan . 2022 in 2011 , we made a $ 1.2 billion contribution to the ups ibt pension plan , which satisfied our 2011 contribution requirements and also approximately $ 440 million in contributions that would not have been required until after 2011 . 2022 in 2010 , we made $ 2.0 billion in discretionary contributions to our ups retirement and ups pension plans , and $ 980 million in required contributions to our ups ibt pension plan . 2022 the remaining contributions in the 2010 through 2012 period were largely due to contributions to our international pension plans and u.s . postretirement medical benefit plans . as discussed further in the 201ccontractual commitments 201d section , we have minimum funding requirements in the next several years , primarily related to the ups ibt pension , ups retirement and ups pension plans . as of december 31 , 2012 , the total of our worldwide holdings of cash and cash equivalents was $ 7.327 billion . approximately $ 4.211 billion of this amount was held in european subsidiaries with the intended purpose of completing the acquisition of tnt express n.v . ( see note 16 to the consolidated financial statements ) . excluding this portion of cash held outside the u.s . for acquisition-related purposes , approximately 50%-60% ( 50%-60 % ) of the remaining cash and cash equivalents are held by foreign subsidiaries throughout the year . the amount of cash held by our u.s . and foreign subsidiaries fluctuates throughout the year due to a variety of factors , including the timing of cash receipts and disbursements in the normal course of business . cash provided by operating activities in the united states continues to be our primary source of funds to finance domestic operating needs , capital expenditures , share repurchases and dividend payments to shareowners . to the extent that such amounts represent previously untaxed earnings , the cash held by foreign subsidiaries would be subject to tax if such amounts were repatriated in the form of dividends ; however , not all international cash balances would have to be repatriated in the form of a dividend if returned to the u.s . when amounts earned by foreign subsidiaries are expected to be indefinitely reinvested , no accrual for taxes is provided. .","['7216.0', '7073.0', '143.0', '0.02022']" "['what was the fair value of plan assets at the end of the year?', 'what was the value at acquisition date?', 'what was the net change?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: for the valuation of the 4199466 performance-based options granted in 2005 : the risk free interest rate was 4.2% ( 4.2 % ) , the volatility factor for the expected market price of the common stock was 44% ( 44 % ) , the expected dividend yield was zero and the objective time to exercise was 4.7 years with an objective in the money assumption of 2.95 years . it was also expected that the initial public offering assumption would occur within a 9 month period from grant date . the fair value of the performance-based options was calculated to be $ 5.85 . the fair value for fis options granted in 2006 was estimated at the date of grant using a black-scholes option- pricing model with the following weighted average assumptions . the risk free interest rates used in the calculation are the rate that corresponds to the weighted average expected life of an option . the risk free interest rate used for options granted during 2006 was 4.9% ( 4.9 % ) . a volatility factor for the expected market price of the common stock of 30% ( 30 % ) was used for options granted in 2006 . the expected dividend yield used for 2006 was 0.5% ( 0.5 % ) . a weighted average expected life of 6.4 years was used for 2006 . the weighted average fair value of each option granted during 2006 was $ 15.52 . at december 31 , 2006 , the total unrecognized compensation cost related to non-vested stock option grants is $ 86.1 million , which is expected to be recognized in pre-tax income over a weighted average period of 1.9 years . the company intends to limit dilution caused by option exercises , including anticipated exercises , by repurchasing shares on the open market or in privately negotiated transactions . during 2006 , the company repurchased 4261200 shares at an average price of $ 37.60 . on october 25 , 2006 , the company 2019s board of directors approved a plan authorizing the repurchase of up to an additional $ 200 million worth of the company 2019s common stock . defined benefit plans certegy pension plan in connection with the certegy merger , the company announced that it will terminate and settle the certegy u.s . retirement income plan ( usrip ) . the estimated impact of this settlement was reflected in the purchase price allocation as an increase in the pension liability , less the fair value of the pension plan assets , based on estimates of the total cost to settle the liability through the purchase of annuity contracts or lump sum settlements to the beneficiaries . the final settlement will not occur until after an irs determination has been obtained , which is expected to be received in 2007 . in addition to the net pension plan obligation of $ 21.6 million , the company assumed liabilities of $ 8.0 million for certegy 2019s supplemental executive retirement plan ( 201cserp 201d ) and $ 3.0 mil- lion for a postretirement benefit plan . a reconciliation of the changes in the fair value of plan assets of the usrip for the period from february 1 , 2006 through december 31 , 2006 is as follows ( in thousands ) : .
12006
2fair value of plan assets at acquisition date$ 57369
3actual return on plan assets8200
4benefits paid-797 ( 797 )
5fair value of plan assets at end of year$ 64772
benefits paid in the above table include only those amounts paid directly from plan assets . as of december 31 , 2006 and for 2007 through the pay out of the pension liability , the assets are being invested in u.s . treasury bonds due to the short duration until final payment . fidelity national information services , inc . and subsidiaries and affiliates consolidated and combined financial statements notes to consolidated and combined financial statements 2014 ( continued ) .","['64772.0', '57369.0', '7403.0', '0.12904']" "['what was the value of preferred a units that were redeemed?', 'and converted to tens?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: kimco realty corporation and subsidiaries notes to consolidated financial statements , continued the units consisted of ( i ) approximately 81.8 million preferred a units par value $ 1.00 per unit , which pay the holder a return of 7.0% ( 7.0 % ) per annum on the preferred a par value and are redeemable for cash by the holder at any time after one year or callable by the company any time after six months and contain a promote feature based upon an increase in net operating income of the properties capped at a 10.0% ( 10.0 % ) increase , ( ii ) 2000 class a preferred units , par value $ 10000 per unit , which pay the holder a return equal to libor plus 2.0% ( 2.0 % ) per annum on the class a preferred par value and are redeemable for cash by the holder at any time after november 30 , 2010 , ( iii ) 2627 class b-1 preferred units , par value $ 10000 per unit , which pay the holder a return equal to 7.0% ( 7.0 % ) per annum on the class b-1 preferred par value and are redeemable by the holder at any time after november 30 , 2010 , for cash or at the company 2019s option , shares of the company 2019s common stock , equal to the cash redemption amount , as defined , ( iv ) 5673 class b-2 preferred units , par value $ 10000 per unit , which pay the holder a return equal to 7.0% ( 7.0 % ) per annum on the class b-2 preferred par value and are redeemable for cash by the holder at any time after november 30 , 2010 , and ( v ) 640001 class c downreit units , valued at an issuance price of $ 30.52 per unit which pay the holder a return at a rate equal to the company 2019s common stock dividend and are redeemable by the holder at any time after november 30 , 2010 , for cash or at the company 2019s option , shares of the company 2019s common stock equal to the class c cash amount , as defined . the following units have been redeemed as of december 31 , 2010 : redeemed par value redeemed ( in millions ) redemption type .
1typeunits redeemedpar value redeemed ( in millions )redemption type
2preferred a units2200000$ 2.2cash
3class a preferred units2000$ 20.0cash
4class b-1 preferred units2438$ 24.4cash
5class b-2 preferred units5576$ 55.8cash/charitable contribution
6class c downreit units61804$ 1.9cash
noncontrolling interest relating to the remaining units was $ 110.4 million and $ 113.1 million as of december 31 , 2010 and 2009 , respectively . during 2006 , the company acquired two shopping center properties located in bay shore and centereach , ny . included in noncontrolling interests was approximately $ 41.6 million , including a discount of $ 0.3 million and a fair market value adjustment of $ 3.8 million , in redeemable units ( the 201credeemable units 201d ) , issued by the company in connection with these transactions . the prop- erties were acquired through the issuance of $ 24.2 million of redeemable units , which are redeemable at the option of the holder ; approximately $ 14.0 million of fixed rate redeemable units and the assumption of approximately $ 23.4 million of non-recourse debt . the redeemable units consist of ( i ) 13963 class a units , par value $ 1000 per unit , which pay the holder a return of 5% ( 5 % ) per annum of the class a par value and are redeemable for cash by the holder at any time after april 3 , 2011 , or callable by the company any time after april 3 , 2016 , and ( ii ) 647758 class b units , valued at an issuance price of $ 37.24 per unit , which pay the holder a return at a rate equal to the company 2019s common stock dividend and are redeemable by the holder at any time after april 3 , 2007 , for cash or at the option of the company for common stock at a ratio of 1:1 , or callable by the company any time after april 3 , 2026 . the company is restricted from disposing of these assets , other than through a tax free transaction , until april 2016 and april 2026 for the centereach , ny , and bay shore , ny , assets , respectively . during 2007 , 30000 units , or $ 1.1 million par value , of theclass bunits were redeemed by the holder in cash at the option of the company . noncontrolling interest relating to the units was $ 40.4 million and $ 40.3 million as of december 31 , 2010 and 2009 , respectively . noncontrolling interests also includes 138015 convertible units issued during 2006 , by the company , which were valued at approxi- mately $ 5.3 million , including a fair market value adjustment of $ 0.3 million , related to an interest acquired in an office building located in albany , ny . these units are redeemable at the option of the holder after one year for cash or at the option of the company for the company 2019s common stock at a ratio of 1:1 . the holder is entitled to a distribution equal to the dividend rate of the company 2019s common stock . the company is restricted from disposing of these assets , other than through a tax free transaction , until january 2017. .","['4840000.0', '4.84']" "['what was the high price of class a common stock in the quarter ended june 30, 2005?', 'what was the low price?', 'what is the net change in price?', 'what was the low price?', 'what was the net change divided by the low price?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our class a common stock on the new york stock exchange ( nyse ) for the years 2005 and 2004. .
12005highlow
2quarter ended march 31$ 19.28$ 17.30
3quarter ended june 3021.1616.28
4quarter ended september 3025.2020.70
5quarter ended december 3128.3322.73
62004highlow
7quarter ended march 31$ 13.12$ 9.89
8quarter ended june 3016.0011.13
9quarter ended september 3015.8513.10
10quarter ended december 3118.7515.19
on march 9 , 2006 , the closing price of our class a common stock was $ 29.83 per share as reported on the nyse . as of march 9 , 2006 , we had 419677495 outstanding shares of class a common stock and 687 registered holders . in february 2004 , all outstanding shares of our class b common stock were converted into shares of our class a common stock on a one-for-one basis pursuant to the occurrence of the 201cdodge conversion event 201d as defined in our charter . also in february 2004 , all outstanding shares of class c common stock were converted into shares of class a common stock on a one-for-one basis . in august 2005 , we amended and restated our charter to , among other things , eliminate our class b common stock and class c common stock . the information under 201csecurities authorized for issuance under equity compensation plans 201d from the definitive proxy statement is hereby incorporated by reference into item 12 of this annual report . dividends we have never paid a dividend on any class of our common stock . we anticipate that we may retain future earnings , if any , to fund the development and growth of our business . the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 7.50% ( 7.50 % ) notes ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 7.125% ( 7.125 % ) notes ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants . our credit facilities and the indentures governing the terms of our debt securities contain covenants that may restrict the ability of our subsidiaries from making to us any direct or indirect distribution , dividend or other payment on account of their limited liability company interests , partnership interests , capital stock or other equity interests . under our credit facilities , the borrower subsidiaries may pay cash dividends or make other distributions to us in accordance with the applicable credit facility only if no default exists or would be created thereby . the indenture governing the terms of the ati 7.25% ( 7.25 % ) senior subordinated notes due 2011 ( ati 7.25% ( 7.25 % ) notes ) prohibit ati and certain of our other subsidiaries that have guaranteed those notes ( sister guarantors ) from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied . the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes also contain certain restrictive covenants , which prohibit the restricted subsidiaries under these indentures from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied . for more information about the restrictions under our credit facilities and our notes indentures , see note 7 to our consolidated financial statements included in this annual report and the section entitled 201cmanagement 2019s .","['21.16', '16.28', '4.88', '16.28', '0.29975']" "['how many shares of common stock were granted in 2004?', 'how many shares were granted in 2003?', 'what is the sum?', 'what is the sum including shares granted in 2002?', 'what were the average number of shares per year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements ( continued ) 17 . pension plans and postretirement health care and life insurance benefit plans ( continued ) benefit payments the following table sets forth amounts of benefits expected to be paid over the next ten years from the company 2019s pension and postretirement plans as of december 31 , 2004: .
1pension benefitsother postretirement benefits
22005$ 125$ 30
3200613231
4200714331
5200815433
6200916634
72010-20141052193
8total$ 1772$ 352
18 . stock compensation plans on may 18 , 2000 , the shareholders of the hartford approved the hartford incentive stock plan ( the 201c2000 plan 201d ) , which replaced the hartford 1995 incentive stock plan ( the 201c1995 plan 201d ) . the terms of the 2000 plan were substantially similar to the terms of the 1995 plan except that the 1995 plan had an annual award limit and a higher maximum award limit . under the 2000 plan , awards may be granted in the form of non-qualified or incentive stock options qualifying under section 422a of the internal revenue code , performance shares or restricted stock , or any combination of the foregoing . in addition , stock appreciation rights may be granted in connection with all or part of any stock options granted under the 2000 plan . in december 2004 , the 2000 plan was amended to allow for grants of restricted stock units effective as of january 1 , 2005 . the aggregate number of shares of stock , which may be awarded , is subject to a maximum limit of 17211837 shares applicable to all awards for the ten-year duration of the 2000 plan . all options granted have an exercise price equal to the market price of the company 2019s common stock on the date of grant , and an option 2019s maximum term is ten years and two days . certain options become exercisable over a three year period commencing one year from the date of grant , while certain other options become exercisable upon the attainment of specified market price appreciation of the company 2019s common shares . for any year , no individual employee may receive an award of options for more than 1000000 shares . as of december 31 , 2004 , the hartford had not issued any incentive stock options under the 2000 plan . performance awards of common stock granted under the 2000 plan become payable upon the attainment of specific performance goals achieved over a period of not less than one nor more than five years , and the restricted stock granted is subject to a restriction period . on a cumulative basis , no more than 20% ( 20 % ) of the aggregate number of shares which may be awarded under the 2000 plan are available for performance shares and restricted stock awards . also , the maximum award of performance shares for any individual employee in any year is 200000 shares . in 2004 , 2003 and 2002 , the company granted shares of common stock of 315452 , 333712 and 40852 with weighted average prices of $ 64.93 , $ 38.13 and $ 62.28 , respectively , related to performance share and restricted stock awards . in 1996 , the company established the hartford employee stock purchase plan ( 201cespp 201d ) . under this plan , eligible employees of the hartford may purchase common stock of the company at a 15% ( 15 % ) discount from the lower of the closing market price at the beginning or end of the quarterly offering period . the company may sell up to 5400000 shares of stock to eligible employees under the espp . in 2004 , 2003 and 2002 , 345262 , 443467 and 408304 shares were sold , respectively . the per share weighted average fair value of the discount under the espp was $ 9.31 , $ 11.96 , and $ 11.70 in 2004 , 2003 and 2002 , respectively . additionally , during 1997 , the hartford established employee stock purchase plans for certain employees of the company 2019s international subsidiaries . under these plans , participants may purchase common stock of the hartford at a fixed price at the end of a three-year period . the activity under these programs is not material. .","['315452.0', '333712.0', '649164.0', '690016.0', '230005.33333']" "['combined, what was the price of discb and disck for 12/31/12 692.74?', 'and the average of these?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph the following graph sets forth the cumulative total shareholder return on our series a common stock , series b common stock and series c common stock as compared with the cumulative total return of the companies listed in the standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and a peer group of companies comprised of cbs corporation class b common stock , news corporation class a common stock , scripps network interactive , inc. , time warner , inc. , viacom , inc . class b common stock and the walt disney company . the graph assumes $ 100 originally invested on september 18 , 2008 , the date upon which our common stock began trading , in each of our series a common stock , series b common stock and series c common stock , the s&p 500 index , and the stock of our peer group companies , including reinvestment of dividends , for the period september 18 , 2008 through december 31 , 2008 and the years ended december 31 , 2009 , 2010 , 2011 , and 2012 . december 31 , december 31 , december 31 , december 31 , december 31 .
1december 312008december 312009december 312010december 312011december 312012
2disca$ 102.53$ 222.09$ 301.96$ 296.67$ 459.67
3discb$ 78.53$ 162.82$ 225.95$ 217.56$ 327.11
4disck$ 83.69$ 165.75$ 229.31$ 235.63$ 365.63
5s&p 500$ 74.86$ 92.42$ 104.24$ 104.23$ 118.21
6peer group$ 68.79$ 100.70$ 121.35$ 138.19$ 190.58
equity compensation plan information information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive proxy statement for our 2013 annual meeting of stockholders under the caption 201csecurities authorized for issuance under equity compensation plans , 201d which is incorporated herein by reference. .","['692.74', '346.37']" "['what percentage do the scheduled maturities of long term debt due in 2019 represent in relation to the total ones?', 'and what is that percentage representation for the ones due in 2020?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: be adjusted by reference to a grid ( the 201cpricing grid 201d ) based on the consolidated leverage ratio and ranges between 1.00% ( 1.00 % ) to 1.25% ( 1.25 % ) for adjusted libor loans and 0.00% ( 0.00 % ) to 0.25% ( 0.25 % ) for alternate base rate loans . the weighted average interest rate under the outstanding term loans and revolving credit facility borrowings was 1.6% ( 1.6 % ) and 1.3% ( 1.3 % ) during the years ended december 31 , 2016 and 2015 , respectively . the company pays a commitment fee on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit . as of december 31 , 2016 , the commitment fee was 15.0 basis points . since inception , the company incurred and deferred $ 3.9 million in financing costs in connection with the credit agreement . 3.250% ( 3.250 % ) senior notes in june 2016 , the company issued $ 600.0 million aggregate principal amount of 3.250% ( 3.250 % ) senior unsecured notes due june 15 , 2026 ( the 201cnotes 201d ) . the proceeds were used to pay down amounts outstanding under the revolving credit facility . interest is payable semi-annually on june 15 and december 15 beginning december 15 , 2016 . prior to march 15 , 2026 ( three months prior to the maturity date of the notes ) , the company may redeem some or all of the notes at any time or from time to time at a redemption price equal to the greater of 100% ( 100 % ) of the principal amount of the notes to be redeemed or a 201cmake-whole 201d amount applicable to such notes as described in the indenture governing the notes , plus accrued and unpaid interest to , but excluding , the redemption date . on or after march 15 , 2026 ( three months prior to the maturity date of the notes ) , the company may redeem some or all of the notes at any time or from time to time at a redemption price equal to 100% ( 100 % ) of the principal amount of the notes to be redeemed , plus accrued and unpaid interest to , but excluding , the redemption date . the indenture governing the notes contains covenants , including limitations that restrict the company 2019s ability and the ability of certain of its subsidiaries to create or incur secured indebtedness and enter into sale and leaseback transactions and the company 2019s ability to consolidate , merge or transfer all or substantially all of its properties or assets to another person , in each case subject to material exceptions described in the indenture . the company incurred and deferred $ 5.3 million in financing costs in connection with the notes . other long term debt in december 2012 , the company entered into a $ 50.0 million recourse loan collateralized by the land , buildings and tenant improvements comprising the company 2019s corporate headquarters . the loan has a seven year term and maturity date of december 2019 . the loan bears interest at one month libor plus a margin of 1.50% ( 1.50 % ) , and allows for prepayment without penalty . the loan includes covenants and events of default substantially consistent with the company 2019s credit agreement discussed above . the loan also requires prior approval of the lender for certain matters related to the property , including transfers of any interest in the property . as of december 31 , 2016 and 2015 , the outstanding balance on the loan was $ 42.0 million and $ 44.0 million , respectively . the weighted average interest rate on the loan was 2.0% ( 2.0 % ) and 1.7% ( 1.7 % ) for the years ended december 31 , 2016 and 2015 , respectively . the following are the scheduled maturities of long term debt as of december 31 , 2016 : ( in thousands ) .
12017$ 27000
2201827000
3201963000
4202025000
5202186250
62022 and thereafter600000
7total scheduled maturities of long term debt$ 828250
8current maturities of long term debt$ 27000
.","['0.07606', '0.03018']" "['what is the total of withheld shares in the months of october and november, combined?', 'including december, what then becomes that total of withheld shares?', 'and what is the average of withheld shares between those three months?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: sales of unregistered securities not applicable . repurchases of equity securities the following table provides information regarding our purchases of our equity securities during the period from october 1 , 2017 to december 31 , 2017 . total number of shares ( or units ) purchased 1 average price paid per share ( or unit ) 2 total number of shares ( or units ) purchased as part of publicly announced plans or programs 3 maximum number ( or approximate dollar value ) of shares ( or units ) that may yet be purchased under the plans or programs 3 .
1total number ofshares ( or units ) purchased1average price paidper share ( or unit ) 2total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3maximum number ( orapproximate dollar value ) of shares ( or units ) that may yet be purchasedunder the plans orprograms3
2october 1 - 311231868$ 20.741230394$ 214001430
3november 1 - 301723139$ 18.891722246$ 181474975
4december 1 - 311295639$ 20.251285000$ 155459545
5total4250646$ 19.844237640
1 included shares of our common stock , par value $ 0.10 per share , withheld under the terms of grants under employee stock-based compensation plans to offset tax withholding obligations that occurred upon vesting and release of restricted shares ( the 201cwithheld shares 201d ) . we repurchased 1474 withheld shares in october 2017 , 893 withheld shares in november 2017 and 10639 withheld shares in december 2017 , for a total of 13006 withheld shares during the three-month period . 2 the average price per share for each of the months in the fiscal quarter and for the three-month period was calculated by dividing the sum of the applicable period of the aggregate value of the tax withholding obligations and the aggregate amount we paid for shares acquired under our share repurchase program , described in note 5 to the consolidated financial statements , by the sum of the number of withheld shares and the number of shares acquired in our share repurchase program . 3 in february 2017 , the board authorized a share repurchase program to repurchase from time to time up to $ 300.0 million , excluding fees , of our common stock ( the 201c2017 share repurchase program 201d ) . on february 14 , 2018 , we announced that our board had approved a new share repurchase program to repurchase from time to time up to $ 300.0 million , excluding fees , of our common stock . the new authorization is in addition to any amounts remaining for repurchase under the 2017 share repurchase program . there is no expiration date associated with the share repurchase programs. .","['2367.0', '13006.0', '4335.33333']" "['what is the value of investment securities portfolio (average) in 2013 divided by 1000?', 'what was the balance of investment securities included held-to-maturity at the end of 2013?', 'what is quotient of investment securities (average) less the balance of investment securities held-to-maturity?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis 110 jpmorgan chase & co./2013 annual report 2012 compared with 2011 net loss was $ 2.0 billion , compared with a net income of $ 919 million in the prior year . private equity reported net income of $ 292 million , compared with net income of $ 391 million in the prior year . net revenue was $ 601 million , compared with $ 836 million in the prior year , due to lower unrealized and realized gains on private investments , partially offset by higher unrealized gains on public securities . noninterest expense was $ 145 million , down from $ 238 million in the prior year . treasury and cio reported a net loss of $ 2.1 billion , compared with net income of $ 1.3 billion in the prior year . net revenue was a loss of $ 3.1 billion , compared with net revenue of $ 3.2 billion in the prior year . the current year loss reflected $ 5.8 billion of losses incurred by cio from the synthetic credit portfolio for the six months ended june 30 , 2012 , and $ 449 million of losses from the retained index credit derivative positions for the three months ended september 30 , 2012 . these losses were partially offset by securities gains of $ 2.0 billion . the current year revenue reflected $ 888 million of extinguishment gains related to the redemption of trust preferred securities , which are included in all other income in the above table . the extinguishment gains were related to adjustments applied to the cost basis of the trust preferred securities during the period they were in a qualified hedge accounting relationship . net interest income was negative $ 683 million , compared with $ 1.4 billion in the prior year , primarily reflecting the impact of lower portfolio yields and higher deposit balances across the firm . other corporate reported a net loss of $ 221 million , compared with a net loss of $ 821 million in the prior year . noninterest revenue of $ 1.8 billion was driven by a $ 1.1 billion benefit for the washington mutual bankruptcy settlement , which is included in all other income in the above table , and a $ 665 million gain from the recovery on a bear stearns-related subordinated loan . noninterest expense of $ 3.8 billion was up $ 1.0 billion compared with the prior year . the current year included expense of $ 3.7 billion for additional litigation reserves , largely for mortgage-related matters . the prior year included expense of $ 3.2 billion for additional litigation reserves . treasury and cio overview treasury and cio are predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding and structural interest rate and foreign exchange risks , as well as executing the firm 2019s capital plan . the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off-balance sheet assets and liabilities . cio achieves the firm 2019s asset-liability management objectives generally by investing in high-quality securities that are managed for the longer-term as part of the firm 2019s afs and htm investment securities portfolios ( the 201cinvestment securities portfolio 201d ) . cio also uses derivatives , as well as securities that are not classified as afs or htm , to meet the firm 2019s asset-liability management objectives . for further information on derivatives , see note 6 on pages 220 2013233 of this annual report . for further information about securities not classified within the afs or htm portfolio , see note 3 on pages 195 2013215 of this annual report . the treasury and cio investment securities portfolio primarily consists of u.s . and non-u.s . government securities , agency and non-agency mortgage-backed securities , other asset-backed securities , corporate debt securities and obligations of u.s . states and municipalities . at december 31 , 2013 , the total treasury and cio investment securities portfolio was $ 347.6 billion ; the average credit rating of the securities comprising the treasury and cio investment securities portfolio was aa+ ( based upon external ratings where available and where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) . see note 12 on pages 249 2013254 of this annual report for further information on the details of the firm 2019s investment securities portfolio . for further information on liquidity and funding risk , see liquidity risk management on pages 168 2013173 of this annual report . for information on interest rate , foreign exchange and other risks , treasury and cio value-at-risk ( 201cvar 201d ) and the firm 2019s structural interest rate-sensitive revenue at risk , see market risk management on pages 142 2013148 of this annual report . selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2013 2012 2011 .
1as of or for the year ended december 31 ( in millions )201320122011
2securities gains$ 659$ 2028$ 1385
3investment securities portfolio ( average )353712358029330885
4investment securities portfolio ( period 2013end ) ( a )347562365421355605
5mortgage loans ( average )51451024113006
6mortgage loans ( period-end )3779703713375
( a ) period-end investment securities included held-to-maturity balance of $ 24.0 billion at december 31 , 2013 . held-to-maturity balances for the other periods were not material. .","['347.562', '24.0', '323.562']" "['what was the difference in the risk-free rate from 2009 to 2010?', 'what was the risk free rate in 2009?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: mastercard incorporated notes to consolidated financial statements 2014continued in september 2010 , the company 2019s board of directors authorized a plan for the company to repurchase up to $ 1 billion of its class a common stock in open market transactions . the company did not repurchase any shares under this plan during 2010 . as of february 16 , 2011 , the company had completed the repurchase of approximately 0.3 million shares of its class a common stock at a cost of approximately $ 75 million . note 18 . share based payment and other benefits in may 2006 , the company implemented the mastercard incorporated 2006 long-term incentive plan , which was amended and restated as of october 13 , 2008 ( the 201cltip 201d ) . the ltip is a shareholder-approved omnibus plan that permits the grant of various types of equity awards to employees . the company has granted restricted stock units ( 201crsus 201d ) , non-qualified stock options ( 201coptions 201d ) and performance stock units ( 201cpsus 201d ) under the ltip . the rsus generally vest after three to four years . the options , which expire ten years from the date of grant , generally vest ratably over four years from the date of grant . the psus generally vest after three years . additionally , the company made a one-time grant to all non-executive management employees upon the ipo for a total of approximately 440 thousand rsus ( the 201cfounders 2019 grant 201d ) . the founders 2019 grant rsus vested three years from the date of grant . the company uses the straight-line method of attribution for expensing equity awards . compensation expense is recorded net of estimated forfeitures . estimates are adjusted as appropriate . upon termination of employment , excluding retirement , all of a participant 2019s unvested awards are forfeited . however , when a participant terminates employment due to retirement , the participant generally retains all of their awards without providing additional service to the company . eligible retirement is dependent upon age and years of service , as follows : age 55 with ten years of service , age 60 with five years of service and age 65 with two years of service . compensation expense is recognized over the shorter of the vesting periods stated in the ltip , or the date the individual becomes eligible to retire . there are 11550000 shares of class a common stock reserved for equity awards under the ltip . although the ltip permits the issuance of shares of class b common stock , no such shares have been reserved for issuance . shares issued as a result of option exercises and the conversions of rsus and psus are expected to be funded primarily with the issuance of new shares of class a common stock . stock options the fair value of each option is estimated on the date of grant using a black-scholes option pricing model . the following table presents the weighted-average assumptions used in the valuation and the resulting weighted- average fair value per option granted for the years ended december 31: .
1201020092008
2risk-free rate of return2.7% ( 2.7 % )2.5% ( 2.5 % )3.2% ( 3.2 % )
3expected term ( in years )6.256.176.25
4expected volatility32.7% ( 32.7 % )41.7% ( 41.7 % )37.9% ( 37.9 % )
5expected dividend yield0.3% ( 0.3 % )0.4% ( 0.4 % )0.3% ( 0.3 % )
6weighted-average fair value per option granted$ 84.62$ 71.03$ 78.54
the risk-free rate of return was based on the u.s . treasury yield curve in effect on the date of grant . the company utilizes the simplified method for calculating the expected term of the option based on the vesting terms and the contractual life of the option . the expected volatility for options granted during 2010 and 2009 was based on the average of the implied volatility of mastercard and a blend of the historical volatility of mastercard and the historical volatility of a group of companies that management believes is generally comparable to .","['0.2', '2.5', '0.08']" "['what were investment advisory returns in 2008?', 'what is that number multiplied by 1000?', 'what is that value plus the amount decreased from 2007?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 . the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 . the following table details our related mutual fund investment gains and losses ( in millions ) during the past two years. .
120082009change
2other than temporary impairments recognized$ -91.3 ( 91.3 )$ -36.1 ( 36.1 )$ 55.2
3capital gain distributions received5.62.0-3.6 ( 3.6 )
4net gain ( loss ) realized on fund dispositions-4.5 ( 4.5 )7.411.9
5net loss recognized on fund holdings$ -90.2 ( 90.2 )$ -26.7 ( 26.7 )$ 63.5
lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments . there is no impairment of any of our mutual fund investments at december 31 , 2009 . the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 and .9% ( .9 % ) lower than our present estimate of 38.0% ( 38.0 % ) for the 2010 effective tax rate . our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) . 2008 versus 2007 . investment advisory revenues decreased 6.3% ( 6.3 % ) , or $ 118 million , to $ 1.76 billion in 2008 as average assets under our management decreased $ 16 billion to $ 358.2 billion . the average annualized fee rate earned on our assets under management was 49.2 basis points in 2008 , down from the 50.2 basis points earned in 2007 , as lower equity market valuations resulted in a greater percentage of our assets under management being attributable to lower fee fixed income portfolios . continuing stress on the financial markets and resulting lower equity valuations as 2008 progressed resulted in lower average assets under our management , lower investment advisory fees and lower net income as compared to prior periods . net revenues decreased 5% ( 5 % ) , or $ 112 million , to $ 2.12 billion . operating expenses were $ 1.27 billion in 2008 , up 2.9% ( 2.9 % ) or $ 36 million from 2007 . net operating income for 2008 decreased $ 147.9 million , or 14.8% ( 14.8 % ) , to $ 848.5 million . higher operating expenses in 2008 and decreased market valuations during the latter half of 2008 , which lowered our assets under management and advisory revenues , resulted in our 2008 operating margin declining to 40.1% ( 40.1 % ) from 44.7% ( 44.7 % ) in 2007 . non-operating investment losses in 2008 were $ 52.3 million as compared to investment income of $ 80.4 million in 2007 . investment losses in 2008 include non-cash charges of $ 91.3 million for the other than temporary impairment of certain of the firm 2019s investments in sponsored mutual funds . net income in 2008 fell 27% ( 27 % ) or nearly $ 180 million from 2007 . diluted earnings per share , after the retrospective application of new accounting guidance effective in 2009 , decreased to $ 1.81 , down $ .59 or 24.6% ( 24.6 % ) from $ 2.40 in 2007 . a non-operating charge to recognize other than temporary impairments of our sponsored mutual fund investments reduced diluted earnings per share by $ .21 in 2008 . investment advisory revenues earned from the t . rowe price mutual funds distributed in the united states decreased 8.5% ( 8.5 % ) , or $ 114.5 million , to $ 1.24 billion . average mutual fund assets were $ 216.1 billion in 2008 , down $ 16.7 billion from 2007 . mutual fund assets at december 31 , 2008 , were $ 164.4 billion , down $ 81.6 billion from the end of 2007 . net inflows to the mutual funds during 2008 were $ 3.9 billion , including $ 1.9 billion to the money funds , $ 1.1 billion to the bond funds , and $ .9 billion to the stock funds . the value , equity index 500 , and emerging markets stock funds combined to add $ 4.1 billion , while the mid-cap growth and equity income stock funds had net redemptions of $ 2.2 billion . net fund inflows of $ 6.2 billion originated in our target-date retirement funds , which in turn invest in other t . rowe price funds . fund net inflow amounts in 2008 are presented net of $ 1.3 billion that was transferred to target-date trusts from the retirement funds during the year . decreases in market valuations and income not reinvested lowered our mutual fund assets under management by $ 85.5 billion during 2008 . investment advisory revenues earned on the other investment portfolios that we manage decreased $ 3.6 million to $ 522.2 million . average assets in these portfolios were $ 142.1 billion during 2008 , up slightly from $ 141.4 billion in 2007 . these minor changes , each less than 1% ( 1 % ) , are attributable to the timing of declining equity market valuations and cash flows among our separate account and subadvised portfolios . net inflows , primarily from institutional investors , were $ 13.2 billion during 2008 , including the $ 1.3 billion transferred from the retirement funds to target-date trusts . decreases in market valuations , net of income , lowered our assets under management in these portfolios by $ 55.3 billion during 2008 . management 2019s discussion & analysis 21 .","['1.76', '1760.0', '1878.0']" "['as of january 29, 2007, what was the estimated fair value of the goodwill?', 'and what was the total purchase price?', 'how much, then, did that estimated fair value represent in relation to this price, in percentage?', 'and what was the percentage of this price represented by the estimated fair value of tax benefit of net operating losses?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: icos corporation on january 29 , 2007 , we acquired all of the outstanding common stock of icos corporation ( icos ) , our partner in the lilly icos llc joint venture for the manufacture and sale of cialis for the treatment of erectile dysfunction . the acquisition brought the full value of cialis to us and enabled us to realize operational effi ciencies in the further development , marketing , and selling of this product . the aggregate cash purchase price of approximately $ 2.3 bil- lion was fi nanced through borrowings . the acquisition has been accounted for as a business combination under the purchase method of accounting , resulting in goodwill of $ 646.7 million . no portion of this goodwill was deductible for tax purposes . we determined the following estimated fair values for the assets acquired and liabilities assumed as of the date of acquisition . estimated fair value at january 29 , 2007 .
1cash and short-term investments$ 197.7
2developed product technology ( cialis ) 11659.9
3tax benefit of net operating losses404.1
4goodwill646.7
5long-term debt assumed-275.6 ( 275.6 )
6deferred taxes-583.5 ( 583.5 )
7other assets and liabilities 2014 net-32.1 ( 32.1 )
8acquired in-process research and development303.5
9total purchase price$ 2320.7
1this intangible asset will be amortized over the remaining expected patent lives of cialis in each country ; patent expiry dates range from 2015 to 2017 . new indications for and formulations of the cialis compound in clinical testing at the time of the acquisition represented approximately 48 percent of the estimated fair value of the acquired ipr&d . the remaining value of acquired ipr&d represented several other products in development , with no one asset comprising a signifi cant por- tion of this value . the discount rate we used in valuing the acquired ipr&d projects was 20 percent , and the charge for acquired ipr&d of $ 303.5 million recorded in the fi rst quarter of 2007 was not deductible for tax purposes . other acquisitions during the second quarter of 2007 , we acquired all of the outstanding stock of both hypnion , inc . ( hypnion ) , a privately held neuroscience drug discovery company focused on sleep disorders , and ivy animal health , inc . ( ivy ) , a privately held applied research and pharmaceutical product development company focused on the animal health industry , for $ 445.0 million in cash . the acquisition of hypnion provided us with a broader and more substantive presence in the area of sleep disorder research and ownership of hy10275 , a novel phase ii compound with a dual mechanism of action aimed at promoting better sleep onset and sleep maintenance . this was hypnion 2019s only signifi cant asset . for this acquisi- tion , we recorded an acquired ipr&d charge of $ 291.1 million , which was not deductible for tax purposes . because hypnion was a development-stage company , the transaction was accounted for as an acquisition of assets rather than as a business combination and , therefore , goodwill was not recorded . the acquisition of ivy provides us with products that complement those of our animal health business . this acquisition has been accounted for as a business combination under the purchase method of accounting . we allocated $ 88.7 million of the purchase price to other identifi able intangible assets , primarily related to marketed products , $ 37.0 million to acquired ipr&d , and $ 25.0 million to goodwill . the other identifi able intangible assets are being amortized over their estimated remaining useful lives of 10 to 20 years . the $ 37.0 million allocated to acquired ipr&d was charged to expense in the second quarter of 2007 . goodwill resulting from this acquisition was fully allocated to the animal health business segment . the amount allocated to each of the intangible assets acquired , including goodwill of $ 25.0 million and the acquired ipr&d of $ 37.0 million , was deductible for tax purposes . product acquisitions in june 2008 , we entered into a licensing and development agreement with transpharma medical ltd . ( trans- pharma ) to acquire rights to its product and related drug delivery system for the treatment of osteoporosis . the product , which is administered transdermally using transpharma 2019s proprietary technology , was in phase ii clinical testing , and had no alternative future use . under the arrangement , we also gained non-exclusive access to trans- pharma 2019s viaderm drug delivery system for the product . as with many development-phase products , launch of the .","['646.7', '2320.7', '0.27867', '0.17413']" "['what was the change in revenue from 1999 to 2000, in millions?', 'and how much does that change represent in relation to the revenue in 1999?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: a e s 2 0 0 0 f i n a n c i a l r e v i e w in may 2000 , a subsidiary of the company acquired an additional 5% ( 5 % ) of the preferred , non-voting shares of eletropaulo for approximately $ 90 million . in january 2000 , 59% ( 59 % ) of the preferred non-voting shares were acquired for approximately $ 1 billion at auction from bndes , the national development bank of brazil . the price established at auction was approximately $ 72.18 per 1000 shares , to be paid in four annual installments com- mencing with a payment of 18.5% ( 18.5 % ) of the total price upon closing of the transaction and installments of 25.9% ( 25.9 % ) , 27.1% ( 27.1 % ) and 28.5% ( 28.5 % ) of the total price to be paid annually thereafter . at december 31 , 2000 , the company had a total economic interest of 49.6% ( 49.6 % ) in eletropaulo . the company accounts for this investment using the equity method based on the related consortium agreement that allows the exercise of significant influence . in august 2000 , a subsidiary of the company acquired a 49% ( 49 % ) interest in songas limited for approxi- mately $ 40 million . songas limited owns the songo songo gas-to-electricity project in tanzania . under the terms of a project management agreement , the company has assumed overall project management responsibility . the project consists of the refurbishment and operation of five natural gas wells in coastal tanzania , the construction and operation of a 65 mmscf/day gas processing plant and related facilities , the construction of a 230 km marine and land pipeline from the gas plant to dar es salaam and the conversion and upgrading of an existing 112 mw power station in dar es salaam to burn natural gas , with an optional additional unit to be constructed at the plant . since the project is currently under construction , no rev- enues or expenses have been incurred , and therefore no results are shown in the following table . in december 2000 , a subsidiary of the company with edf international s.a . ( 201cedf 201d ) completed the acquisition of an additional 3.5% ( 3.5 % ) interest in light from two sub- sidiaries of reliant energy for approximately $ 136 mil- lion . pursuant to the acquisition , the company acquired 30% ( 30 % ) of the shares while edf acquired the remainder . with the completion of this transaction , the company owns approximately 21.14% ( 21.14 % ) of light . in december 2000 , a subsidiary of the company entered into an agreement with edf to jointly acquire an additional 9.2% ( 9.2 % ) interest in light , which is held by a sub- sidiary of companhia siderurgica nacional ( 201ccsn 201d ) . pursuant to this transaction , the company acquired an additional 2.75% ( 2.75 % ) interest in light for $ 114.6 million . this transaction closed in january 2001 . following the purchase of the light shares previously owned by csn , aes and edf will together be the con- trolling shareholders of light and eletropaulo . aes and edf have agreed that aes will eventually take operational control of eletropaulo and the telecom businesses of light and eletropaulo , while edf will eventually take opera- tional control of light and eletropaulo 2019s electric workshop business . aes and edf intend to continue to pursue a fur- ther rationalization of their ownership stakes in light and eletropaulo , the result of which aes would become the sole controlling shareholder of eletropaulo and edf would become the sole controlling shareholder of light . upon consummation of the transaction , aes will begin consolidating eletropaulo 2019s operating results . the struc- ture and process by which this rationalization may be effected , and the resulting timing , have yet to be deter- mined and will likely be subject to approval by various brazilian regulatory authorities and other third parties . as a result , there can be no assurance that this rationalization will take place . in may 1999 , a subsidiary of the company acquired subscription rights from the brazilian state-controlled eletrobras which allowed it to purchase preferred , non- voting shares in eletropaulo and common shares in light . the aggregate purchase price of the subscription rights and the underlying shares in light and eletropaulo was approximately $ 53 million and $ 77 million , respectively , and represented 3.7% ( 3.7 % ) and 4.4% ( 4.4 % ) economic ownership interest in their capital stock , respectively . the following table presents summarized financial information ( in millions ) for the company 2019s investments in 50% ( 50 % ) or less owned investments accounted for using the equity method: .
1as of and for the years ended december 31,200019991998
2revenues$ 6241$ 5960$ 8091
3operating income198918392079
4net income859621146
5current assets242322592712
6noncurrent assets130801535919025
7current liabilities337036374809
8noncurrent liabilities592775367356
9stockholder's equity620664459572
.","['281.0', '0.04715']" "['what percentage did the cash and short-term investments represent in relation to the total purchase price?', 'and what was the total debt?', 'what was the total asset value?', 'how much, then, did the debt represent in relation to this value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part ii , item 8 fourth quarter of 2007 : 0160 schlumberger sold certain workover rigs for $ 32 million , resulting in a pretax gain of $ 24 million ( $ 17 million after-tax ) which is classified in interest and other income , net in the consolidated statement of income . 4 . acquisitions acquisition of eastern echo holding plc on december 10 , 2007 , schlumberger completed the acquisition of eastern echo holding plc ( 201ceastern echo 201d ) for $ 838 million in cash . eastern echo was a dubai-based marine seismic company that did not have any operations at the time of acquisition , but had signed contracts for the construction of six seismic vessels . the purchase price has been allocated to the net assets acquired based upon their estimated fair values as follows : ( stated in millions ) .
1cash and short-term investments$ 266
2other current assets23
3fixed income investments held to maturity54
4vessels under construction694
5accounts payable and accrued liabilities-17 ( 17 )
6long-term debt-182 ( 182 )
7total purchase price$ 838
other acquisitions schlumberger has made other acquisitions and minority interest investments , none of which were significant on an individual basis , for cash payments , net of cash acquired , of $ 514 million during 2009 , $ 345 million during 2008 , and $ 281 million during 2007 . pro forma results pertaining to the above acquisitions are not presented as the impact was not significant . 5 . drilling fluids joint venture the mi-swaco drilling fluids joint venture is owned 40% ( 40 % ) by schlumberger and 60% ( 60 % ) by smith international , inc . schlumberger records income relating to this venture using the equity method of accounting . the carrying value of schlumberger 2019s investment in the joint venture on december 31 , 2009 and 2008 was $ 1.4 billion and $ 1.3 billion , respectively , and is included within investments in affiliated companies on the consolidated balance sheet . schlumberger 2019s equity income from this joint venture was $ 131 million in 2009 , $ 210 million in 2008 and $ 178 million in 2007 . schlumberger received cash distributions from the joint venture of $ 106 million in 2009 , $ 57 million in 2008 and $ 46 million in 2007 . the joint venture agreement contains a provision under which either party to the joint venture may offer to sell its entire interest in the venture to the other party at a cash purchase price per percentage interest specified in an offer notice . if the offer to sell is not accepted , the offering party will be obligated to purchase the entire interest of the other party at the same price per percentage interest as the prices specified in the offer notice. .","['0.31742', '199.0', '1037.0', '0.1919']" "['what is the net change in the balance of allowance for uncollectible accounts from 2004 to 2005?', 'what is the balance of allowance for uncollectible accounts at the end of 2004?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: goodwill is reviewed annually during the fourth quarter for impairment . in addition , the company performs an impairment analysis of other intangible assets based on the occurrence of other factors . such factors include , but are not limited to , significant changes in membership , state funding , medical contracts and provider networks and contracts . an impairment loss is recognized if the carrying value of intangible assets exceeds the implied fair value . medical claims liabilities medical services costs include claims paid , claims reported but not yet paid , or inventory , estimates for claims incurred but not yet received , or ibnr , and estimates for the costs necessary to process unpaid claims . the estimates of medical claims liabilities are developed using standard actuarial methods based upon historical data for payment patterns , cost trends , product mix , sea- sonality , utilization of healthcare services and other rele- vant factors including product changes . these estimates are continually reviewed and adjustments , if necessary , are reflected in the period known . management did not change actuarial methods during the years presented . management believes the amount of medical claims payable is reasonable and adequate to cover the company 2019s liability for unpaid claims as of december 31 , 2006 ; however , actual claim payments may differ from established estimates . revenue recognition the company 2019s medicaid managed care segment gener- ates revenues primarily from premiums received from the states in which it operates health plans . the company receives a fixed premium per member per month pursuant to our state contracts . the company generally receives premium payments during the month it provides services and recognizes premium revenue during the period in which it is obligated to provide services to its members . some states enact premium taxes or similar assessments , collectively premium taxes , and these taxes are recorded as general and administrative expenses . some contracts allow for additional premium related to certain supplemen- tal services provided such as maternity deliveries . revenues are recorded based on membership and eligibility data provided by the states , which may be adjusted by the states for updates to this data . these adjustments have been immaterial in relation to total revenue recorded and are reflected in the period known . the company 2019s specialty services segment generates revenues under contracts with state programs , healthcare organizations and other commercial organizations , as well as from our own subsidiaries on market-based terms . revenues are recognized when the related services are provided or as ratably earned over the covered period of service . premium and services revenues collected in advance are recorded as unearned revenue . for performance-based contracts the company does not recognize revenue subject to refund until data is sufficient to measure performance . premiums and service revenues due to the company are recorded as premium and related receivables and are recorded net of an allowance based on historical trends and management 2019s judgment on the collectibility of these accounts . as the company generally receives payments during the month in which services are provided , the allowance is typically not significant in comparison to total revenues and does not have a material impact on the pres- entation of the financial condition or results of operations . activity in the allowance for uncollectible accounts for the years ended december 31 is summarized below: .
1200620052004
2allowances beginning of year$ 343$ 462$ 607
3amounts charged to expense51280407
4write-offs of uncollectible receivables-700 ( 700 )-199 ( 199 )-552 ( 552 )
5allowances end of year$ 155$ 343$ 462
significant customers centene receives the majority of its revenues under con- tracts or subcontracts with state medicaid managed care programs . the contracts , which expire on various dates between june 30 , 2007 and december 31 , 2011 , are expected to be renewed . contracts with the states of georgia , indiana , kansas , texas and wisconsin each accounted for 15% ( 15 % ) , 15% ( 15 % ) , 10% ( 10 % ) , 17% ( 17 % ) and 16% ( 16 % ) , respectively , of the company 2019s revenues for the year ended december 31 , 2006 . reinsurance centene has purchased reinsurance from third parties to cover eligible healthcare services . the current reinsurance program covers 90% ( 90 % ) of inpatient healthcare expenses in excess of annual deductibles of $ 300 to $ 500 per member , up to an annual maximum of $ 2000 . centene 2019s medicaid managed care subsidiaries are responsible for inpatient charges in excess of an average daily per diem . in addition , bridgeway participates in a risk-sharing program as part of its contract with the state of arizona for the reimbursement of certain contract service costs beyond a monetary threshold . reinsurance recoveries were $ 3674 , $ 4014 , and $ 3730 , in 2006 , 2005 , and 2004 , respectively . reinsurance expenses were approximately $ 4842 , $ 4105 , and $ 6724 in 2006 , 2005 , and 2004 , respectively . reinsurance recoveries , net of expenses , are included in medical costs . other income ( expense ) other income ( expense ) consists principally of investment income and interest expense . investment income is derived from the company 2019s cash , cash equivalents , restricted deposits and investments. .","['-119.0', '462.0', '-0.25758']" "['what was the net periodic pension expense in 2005?', 'and what was it in 2004?', 'what was, then, the change over the year?', 'how much does this change represent in relation to the net periodic pension expense in 2004, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: institutions . international paper continually monitors its positions with and the credit quality of these financial institutions and does not expect non- performance by the counterparties . note 14 capital stock the authorized capital stock at both december 31 , 2006 and 2005 , consisted of 990850000 shares of common stock , $ 1 par value ; 400000 shares of cumulative $ 4 preferred stock , without par value ( stated value $ 100 per share ) ; and 8750000 shares of serial preferred stock , $ 1 par value . the serial preferred stock is issuable in one or more series by the board of directors without further shareholder action . in july 2006 , in connection with the planned use of projected proceeds from the company 2019s trans- formation plan , international paper 2019s board of direc- tors authorized a share repurchase program to acquire up to $ 3.0 billion of the company 2019s stock . in a modified 201cdutch auction 201d tender offer completed in september 2006 , international paper purchased 38465260 shares of its common stock at a price of $ 36.00 per share , plus costs to acquire the shares , for a total cost of approximately $ 1.4 billion . in addition , in december 2006 , the company purchased an addi- tional 1220558 shares of its common stock in the open market at an average price of $ 33.84 per share , plus costs to acquire the shares , for a total cost of approximately $ 41 million . following the completion of these share repurchases , international paper had approximately 454 million shares of common stock issued and outstanding . note 15 retirement plans u.s . defined benefit plans international paper maintains pension plans that provide retirement benefits to substantially all domestic employees hired prior to july 1 , 2004 . these employees generally are eligible to participate in the plans upon completion of one year of service and attainment of age 21 . employees hired after june 30 , 2004 , who are not eligible for these pension plans receive an additional company contribution to their savings plan ( see 201cother plans 201d on page 83 ) . the plans provide defined benefits based on years of credited service and either final average earnings ( salaried employees ) , hourly job rates or specified benefit rates ( hourly and union employees ) . for its qualified defined benefit pension plan , interna- tional paper makes contributions that are sufficient to fully fund its actuarially determined costs , gen- erally equal to the minimum amounts required by the employee retirement income security act ( erisa ) . in addition , international paper made volun- tary contributions of $ 1.0 billion to the qualified defined benefit plan in 2006 , and does not expect to make any contributions in 2007 . the company also has two unfunded nonqualified defined benefit pension plans : a pension restoration plan available to employees hired prior to july 1 , 2004 that provides retirement benefits based on eligible compensation in excess of limits set by the internal revenue service , and a supplemental retirement plan for senior managers ( serp ) , which is an alternative retirement plan for senior vice presi- dents and above who are designated by the chief executive officer as participants . these nonqualified plans are only funded to the extent of benefits paid , which are expected to be $ 41 million in 2007 . net periodic pension expense service cost is the actuarial present value of benefits attributed by the plans 2019 benefit formula to services rendered by employees during the year . interest cost represents the increase in the projected benefit obli- gation , which is a discounted amount , due to the passage of time . the expected return on plan assets reflects the computed amount of current year earn- ings from the investment of plan assets using an estimated long-term rate of return . net periodic pension expense for qualified and nonqualified u.s . defined benefit plans comprised the following : in millions 2006 2005 2004 .
1in millions200620052004
2service cost$ 141$ 129$ 115
3interest cost506474467
4expected return on plan assets-540 ( 540 )-556 ( 556 )-592 ( 592 )
5actuarial loss24316794
6amortization of prior service cost272927
7net periodic pension expense ( a )$ 377$ 243$ 111
( a ) excludes $ 9.1 million , $ 6.5 million and $ 3.4 million in 2006 , 2005 and 2004 , respectively , in curtailment losses , and $ 8.7 million , $ 3.6 million and $ 1.4 million in 2006 , 2005 and 2004 , respectively , of termination benefits , in connection with cost reduction programs and facility rationalizations that were recorded in restructuring and other charges in the con- solidated statement of operations . also excludes $ 77.2 million and $ 14.3 million in 2006 and 2005 , respectively , in curtailment losses , and $ 18.6 million and $ 7.6 million of termination bene- fits in 2006 and 2005 , respectively , related to certain divest- itures recorded in net losses on sales and impairments of businesses held for sale in the consolidated statement of oper- ations. .","['243.0', '111.0', '132.0', '1.18919']" "['what is the value of north american industrial packaging net sales in 2012 times 1000?', 'what was total sales in 2012?', 'what is the north american sales value over total sales?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: areas exceeding 14.1 million acres ( 5.7 million hectares ) . products and brand designations appearing in italics are trademarks of international paper or a related company . industry segment results industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . industrial packaging net sales and operating profits include the results of the temple-inland packaging operations from the date of acquisition in february 2012 and the results of the brazil packaging business from the date of acquisition in january 2013 . in addition , due to the acquisition of a majority share of olmuksa international paper sabanci ambalaj sanayi ve ticaret a.s. , ( now called olmuksan international paper or olmuksan ) net sales for our corrugated packaging business in turkey are included in the business segment totals beginning in the first quarter of 2013 and the operating profits reflect a higher ownership percentage than in previous years . net sales for 2013 increased 12% ( 12 % ) to $ 14.8 billion compared with $ 13.3 billion in 2012 , and 42% ( 42 % ) compared with $ 10.4 billion in 2011 . operating profits were 69% ( 69 % ) higher in 2013 than in 2012 and 57% ( 57 % ) higher than in 2011 . excluding costs associated with the acquisition and integration of temple-inland , the divestiture of three containerboard mills and other special items , operating profits in 2013 were 36% ( 36 % ) higher than in 2012 and 59% ( 59 % ) higher than in 2011 . benefits from the net impact of higher average sales price realizations and an unfavorable mix ( $ 749 million ) were offset by lower sales volumes ( $ 73 million ) , higher operating costs ( $ 64 million ) , higher maintenance outage costs ( $ 16 million ) and higher input costs ( $ 102 million ) . additionally , operating profits in 2013 include costs of $ 62 million associated with the integration of temple-inland , a gain of $ 13 million related to a bargain purchase adjustment on the acquisition of a majority share of our operations in turkey , and a net gain of $ 1 million for other items , while operating profits in 2012 included costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging business of $ 17 million and a $ 3 million gain for other items . industrial packaging .
1in millions201320122011
2sales$ 14810$ 13280$ 10430
3operating profit180110661147
north american industrial packaging net sales were $ 12.5 billion in 2013 compared with $ 11.6 billion in 2012 and $ 8.6 billion in 2011 . operating profits in 2013 were $ 1.8 billion ( both including and excluding costs associated with the integration of temple-inland and other special items ) compared with $ 1.0 billion ( $ 1.3 billion excluding costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) in 2012 and $ 1.1 billion ( both including and excluding costs associated with signing an agreement to acquire temple-inland ) in 2011 . sales volumes decreased in 2013 compared with 2012 reflecting flat demand for boxes and the impact of commercial decisions . average sales price realizations were significantly higher mainly due to the realization of price increases for domestic containerboard and boxes . input costs were higher for wood , energy and recycled fiber . freight costs also increased . planned maintenance downtime costs were higher than in 2012 . manufacturing operating costs decreased , but were offset by inflation and higher overhead and distribution costs . the business took about 850000 tons of total downtime in 2013 of which about 450000 were market- related and 400000 were maintenance downtime . in 2012 , the business took about 945000 tons of total downtime of which about 580000 were market-related and about 365000 were maintenance downtime . operating profits in 2013 included $ 62 million of costs associated with the integration of temple-inland . operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills . looking ahead to 2014 , compared with the fourth quarter of 2013 , sales volumes in the first quarter are expected to increase for boxes due to a higher number of shipping days offset by the impact from the severe winter weather events impacting much of the u.s . input costs are expected to be higher for energy , recycled fiber , wood and starch . planned maintenance downtime spending is expected to be about $ 51 million higher with outages scheduled at six mills compared with four mills in the 2013 fourth quarter . manufacturing operating costs are expected to be lower . however , operating profits will be negatively impacted by the adverse winter weather in the first quarter of 2014 . emea industrial packaging net sales in 2013 include the sales of our packaging operations in turkey which are now fully consolidated . net sales were $ 1.3 billion in 2013 compared with $ 1.0 billion in 2012 and $ 1.1 billion in 2011 . operating profits in 2013 were $ 43 million ( $ 32 .","['11600.0', '13280.0', '0.87349']" "['what was the current debt for 2013?', 'what percentage did liquidity drop between 2012 and 2013?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) net cash used in investing activities during 2012 primarily related to payments for capital expenditures and acquisitions , partially offset by the net proceeds of $ 94.8 received from the sale of our remaining holdings in facebook . capital expenditures of $ 169.2 primarily related to computer hardware and software , and leasehold improvements . capital expenditures increased in 2012 compared to the prior year , primarily due to an increase in leasehold improvements made during the year . payments for acquisitions of $ 145.5 primarily related to payments for new acquisitions . financing activities net cash used in financing activities during 2013 primarily related to the purchase of long-term debt , the repurchase of our common stock , and payment of dividends . we redeemed all $ 600.0 in aggregate principal amount of our 10.00% ( 10.00 % ) notes . in addition , we repurchased 31.8 shares of our common stock for an aggregate cost of $ 481.8 , including fees , and made dividend payments of $ 126.0 on our common stock . net cash provided by financing activities during 2012 primarily reflected net proceeds from our debt transactions . we issued $ 300.0 in aggregate principal amount of 2.25% ( 2.25 % ) senior notes due 2017 ( the 201c2.25% ( 201c2.25 % ) notes 201d ) , $ 500.0 in aggregate principal amount of 3.75% ( 3.75 % ) senior notes due 2023 ( the 201c3.75% ( 201c3.75 % ) notes 201d ) and $ 250.0 in aggregate principal amount of 4.00% ( 4.00 % ) senior notes due 2022 ( the 201c4.00% ( 201c4.00 % ) notes 201d ) . the proceeds from the issuance of the 4.00% ( 4.00 % ) notes were applied towards the repurchase and redemption of $ 399.6 in aggregate principal amount of our 4.25% ( 4.25 % ) notes . offsetting the net proceeds from our debt transactions was the repurchase of 32.7 shares of our common stock for an aggregate cost of $ 350.5 , including fees , and dividend payments of $ 103.4 on our common stock . foreign exchange rate changes the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 94.1 in 2013 . the decrease was primarily a result of the u.s . dollar being stronger than several foreign currencies , including the australian dollar , brazilian real , japanese yen , canadian dollar and south african rand as of december 31 , 2013 compared to december 31 , 2012 . the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 6.2 in 2012 . the decrease was a result of the u.s . dollar being stronger than several foreign currencies , including the brazilian real and south african rand , offset by the u.s . dollar being weaker than other foreign currencies , including the australian dollar , british pound and the euro , as of as of december 31 , 2012 compared to december 31 , 2011. .
1balance sheet datadecember 31 , 2013december 31 , 2012
2cash cash equivalents and marketable securities$ 1642.1$ 2590.8
3short-term borrowings$ 179.1$ 172.1
4current portion of long-term debt353.6216.6
5long-term debt1129.82060.8
6total debt$ 1662.5$ 2449.5
liquidity outlook we expect our cash flow from operations , cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months . we also have a committed corporate credit facility as well as uncommitted facilities available to support our operating needs . we continue to maintain a disciplined approach to managing liquidity , with flexibility over significant uses of cash , including our capital expenditures , cash used for new acquisitions , our common stock repurchase program and our common stock dividends. .","['532.7', '0.63382']" "['how much did the net interest income in 2009 represent in relation to the one in 2008?', 'and what was that ratio for the asset management revenue in those same years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: consolidated income statement review net income for 2009 was $ 2.4 billion and for 2008 was $ 914 million . amounts for 2009 include operating results of national city and the fourth quarter impact of a $ 687 million after-tax gain related to blackrock 2019s acquisition of bgi . increases in income statement comparisons to 2008 , except as noted , are primarily due to the operating results of national city . our consolidated income statement is presented in item 8 of this report . net interest income and net interest margin year ended december 31 dollars in millions 2009 2008 .
1year ended december 31 dollars in millions20092008
2net interest income$ 9083$ 3854
3net interest margin3.82% ( 3.82 % )3.37% ( 3.37 % )
changes in net interest income and margin result from the interaction of the volume and composition of interest-earning assets and related yields , interest-bearing liabilities and related rates paid , and noninterest-bearing sources of funding . see statistical information 2013 analysis of year-to-year changes in net interest ( unaudited ) income and average consolidated balance sheet and net interest analysis in item 8 of this report for additional information . higher net interest income for 2009 compared with 2008 reflected the increase in average interest-earning assets due to national city and the improvement in the net interest margin . the net interest margin was 3.82% ( 3.82 % ) for 2009 and 3.37% ( 3.37 % ) for 2008 . the following factors impacted the comparison : 2022 a decrease in the rate accrued on interest-bearing liabilities of 97 basis points . the rate accrued on interest-bearing deposits , the largest component , decreased 107 basis points . 2022 these factors were partially offset by a 45 basis point decrease in the yield on interest-earning assets . the yield on loans , which represented the largest portion of our earning assets in 2009 , decreased 30 basis points . 2022 in addition , the impact of noninterest-bearing sources of funding decreased 7 basis points . for comparing to the broader market , the average federal funds rate was .16% ( .16 % ) for 2009 compared with 1.94% ( 1.94 % ) for 2008 . we expect our net interest income for 2010 will likely be modestly lower as a result of cash recoveries on purchased impaired loans in 2009 and additional run-off of higher- yielding assets , which could be mitigated by rising interest rates . this assumes our current expectations for interest rates and economic conditions 2013 we include our current economic assumptions underlying our forward-looking statements in the cautionary statement regarding forward-looking information section of this item 7 . noninterest income summary noninterest income was $ 7.1 billion for 2009 and $ 2.4 billion for 2008 . noninterest income for 2009 included the following : 2022 the gain on blackrock/bgi transaction of $ 1.076 billion , 2022 net credit-related other-than-temporary impairments ( otti ) on debt and equity securities of $ 577 million , 2022 net gains on sales of securities of $ 550 million , 2022 gains on hedging of residential mortgage servicing rights of $ 355 million , 2022 valuation and sale income related to our commercial mortgage loans held for sale , net of hedges , of $ 107 million , 2022 gains of $ 103 million related to our blackrock ltip shares adjustment in the first quarter , and net losses on private equity and alternative investments of $ 93 million . noninterest income for 2008 included the following : 2022 net otti on debt and equity securities of $ 312 million , 2022 gains of $ 246 million related to our blackrock ltip shares adjustment , 2022 valuation and sale losses related to our commercial mortgage loans held for sale , net of hedges , of $ 197 million , 2022 impairment and other losses related to private equity and alternative investments of $ 180 million , 2022 income from hilliard lyons totaling $ 164 million , including the first quarter gain of $ 114 million from the sale of this business , 2022 net gains on sales of securities of $ 106 million , and 2022 a gain of $ 95 million related to the redemption of a portion of our visa class b common shares related to visa 2019s march 2008 initial public offering . additional analysis asset management revenue increased $ 172 million to $ 858 million in 2009 , compared with $ 686 million in 2008 . this increase reflected improving equity markets , new business generation and a shift in assets into higher yielding equity investments during the second half of 2009 . assets managed totaled $ 103 billion at both december 31 , 2009 and 2008 , including the impact of national city . the asset management group section of the business segments review section of this item 7 includes further discussion of assets under management . consumer services fees totaled $ 1.290 billion in 2009 compared with $ 623 million in 2008 . service charges on deposits totaled $ 950 million for 2009 and $ 372 million for 2008 . both increases were primarily driven by the impact of the national city acquisition . reduced consumer spending .","['2.35677', '0.25073']" "['what portion of total obligations due in 2015 is related to purchase obligations?', 'what amount of purchase obligations is due in 2016?', 'what is the total amount for obligations due in 2016?', 'what proportion does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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: .
1in millions20152016201720182019thereafter
2maturities of long-term debt ( a )$ 742$ 543$ 71$ 1229$ 605$ 6184
3debt obligations with right of offset ( b )201452022014201420142014
4lease obligations14210684634591
5purchase obligations ( c )32667615834634221690
6total ( 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 .","['0.78699', '761.0', '6612.0', '0.11509']" "['what was the change in the price of shares from the highest value, during the quarter ended december 31 , 2015, to the closing price on february 19 , 2016?', 'and how much does this change represent in relation to that closing price?', 'and for the quarter ended march 31 of the first year of that period, what was the range of the price of the stock?', 'and what is this range as a percentage of the lowest price of that stock?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the nyse for the years 2015 and 2014. .
12015highlow
2quarter ended march 31$ 101.88$ 93.21
3quarter ended june 3098.6491.99
4quarter ended september 30101.5486.83
5quarter ended december 31104.1287.23
62014highlow
7quarter ended march 31$ 84.90$ 78.38
8quarter ended june 3090.7380.10
9quarter ended september 3099.9089.05
10quarter ended december 31106.3190.20
on february 19 , 2016 , the closing price of our common stock was $ 87.32 per share as reported on the nyse . as of february 19 , 2016 , we had 423897556 outstanding shares of common stock and 159 registered holders . dividends as a reit , we must annually distribute to our stockholders an amount equal to at least 90% ( 90 % ) of our reit taxable income ( determined before the deduction for distributed earnings and excluding any net capital gain ) . generally , we have distributed and expect to continue to distribute all or substantially all of our reit taxable income after taking into consideration our utilization of net operating losses ( 201cnols 201d ) . we have two series of preferred stock outstanding , 5.25% ( 5.25 % ) mandatory convertible preferred stock , series a , issued in may 2014 ( the 201cseries a preferred stock 201d ) , with a dividend rate of 5.25% ( 5.25 % ) , and the 5.50% ( 5.50 % ) mandatory convertible preferred stock , series b ( the 201cseries b preferred stock 201d ) , issued in march 2015 , with a dividend rate of 5.50% ( 5.50 % ) . dividends are payable quarterly in arrears , subject to declaration by our board of directors . the amount , timing and frequency of future distributions will be at the sole discretion of our board of directors and will be dependent upon various factors , a number of which may be beyond our control , including our financial condition and operating cash flows , the amount required to maintain our qualification for taxation as a reit and reduce any income and excise taxes that we otherwise would be required to pay , limitations on distributions in our existing and future debt and preferred equity instruments , our ability to utilize nols to offset our distribution requirements , limitations on our ability to fund distributions using cash generated through our trss and other factors that our board of directors may deem relevant . we have distributed an aggregate of approximately $ 2.3 billion to our common stockholders , including the dividend paid in january 2016 , primarily subject to taxation as ordinary income . during the year ended december 31 , 2015 , we declared the following cash distributions: .","['-16.8', '-0.16135', '8.67', '0.09302']" "['what was the net change in the account balance in 2017?', 'what was that change over the balance at the start of 2017?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the following tables present a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs ( level 3 ) for 2017 and 2016 , respectively: .
1level 3
2balance as of january 1 2017$ 140
3actual return on assets2
4purchases issuances and settlements net136
5balance as of december 31 2017$ 278
purchases , issuances and settlements , net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 4 ) balance as of december 31 , 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 140 the company 2019s postretirement benefit plans have different levels of funded status and the assets are held under various trusts . the investments and risk mitigation strategies for the plans are tailored specifically for each trust . in setting new strategic asset mixes , consideration is given to the likelihood that the selected asset allocation will effectively fund the projected plan liabilities and meet the risk tolerance criteria of the company . the company periodically updates the long-term , strategic asset allocations for these plans through asset liability studies and uses various analytics to determine the optimal asset allocation . considerations include plan liability characteristics , liquidity needs , funding requirements , expected rates of return and the distribution of returns . strategies to address the goal of ensuring sufficient assets to pay benefits include target allocations to a broad array of asset classes and , within asset classes , strategies are employed to provide adequate returns , diversification and liquidity . in 2012 , the company implemented a de-risking strategy for the american water pension plan after conducting an asset-liability study to reduce the volatility of the funded status of the plan . as part of the de-risking strategy , the company revised the asset allocations to increase the matching characteristics of fixed-income assets relative to liabilities . the fixed income portion of the portfolio was designed to match the bond-like and long-dated nature of the postretirement liabilities . in 2017 , the company further increased its exposure to liability-driven investing and increased its fixed-income allocation to 50% ( 50 % ) , up from 40% ( 40 % ) , in an effort to further decrease the funded status volatility of the plan and hedge the portfolio from movements in interest rates . in 2012 , the company also implemented a de-risking strategy for the medical bargaining trust within the plan to minimize volatility . in 2017 , the company conducted a new asset-liability study that indicated medical trend inflation that outpaced the consumer price index by more than 2% ( 2 % ) for the last 20 years . given continuously rising medical costs , the company decided to increase the equity exposure of the portfolio to 30% ( 30 % ) , up from 20% ( 20 % ) , while reducing the fixed-income portion of the portfolio from 80% ( 80 % ) to 70% ( 70 % ) . the company also conducted an asset-liability study for the post-retirement non-bargaining medical plan . its allocation was adjusted to make it more conservative , reducing the equity allocation from 70% ( 70 % ) to 60% ( 60 % ) and increasing the fixed- income allocation from 30% ( 30 % ) to 40% ( 40 % ) . the post-retirement medical non-bargaining plan 2019s equity allocation was reduced due to the cap on benefits for some non-union participants and resultant reduction in the plan 2019s liabilities . these changes will take place in 2018 . the company engages third party investment managers for all invested assets . managers are not permitted to invest outside of the asset class ( e.g . fixed income , equity , alternatives ) or strategy for which they have been appointed . investment management agreements and recurring performance and attribution analysis are used as tools to ensure investment managers invest solely within the investment strategy they have been provided . futures and options may be used to adjust portfolio duration to align with a plan 2019s targeted investment policy. .","['138.0', '0.98571']" "['what is the balance of current assets?', 'what about current liabilities?', 'what current ratio does this represent?', 'what is the goodwill related to this purchase?', 'what about the value of trademarks?', 'what is the total value of intangible assets?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 492010 annual report consolidation 2013 effective february 28 , 2010 , the company adopted the fasb amended guidance for con- solidation . this guidance clarifies that the scope of the decrease in ownership provisions applies to the follow- ing : ( i ) a subsidiary or group of assets that is a business or nonprofit activity ; ( ii ) a subsidiary that is a business or nonprofit activity that is transferred to an equity method investee or joint venture ; and ( iii ) an exchange of a group of assets that constitutes a business or nonprofit activ- ity for a noncontrolling interest in an entity ( including an equity method investee or joint venture ) . this guidance also expands the disclosures about the deconsolidation of a subsidiary or derecognition of a group of assets within the scope of the guidance . the adoption of this guidance did not have a material impact on the company 2019s consolidated financial statements . 3 . acquisitions : acquisition of bwe 2013 on december 17 , 2007 , the company acquired all of the issued and outstanding capital stock of beam wine estates , inc . ( 201cbwe 201d ) , an indirect wholly-owned subsidiary of fortune brands , inc. , together with bwe 2019s subsidiaries : atlas peak vineyards , inc. , buena vista winery , inc. , clos du bois , inc. , gary farrell wines , inc . and peak wines international , inc . ( the 201cbwe acquisition 201d ) . as a result of the bwe acquisition , the company acquired the u.s . wine portfolio of fortune brands , inc. , including certain wineries , vineyards or inter- ests therein in the state of california , as well as various super-premium and fine california wine brands including clos du bois and wild horse . the bwe acquisition sup- ports the company 2019s strategy of strengthening its portfolio with fast-growing super-premium and above wines . the bwe acquisition strengthens the company 2019s position as the leading wine company in the world and the leading premium wine company in the u.s . total consideration paid in cash was $ 877.3 million . in addition , the company incurred direct acquisition costs of $ 1.4 million . the purchase price was financed with the net proceeds from the company 2019s december 2007 senior notes ( as defined in note 11 ) and revolver borrowings under the company 2019s june 2006 credit agreement , as amended in february 2007 and november 2007 ( as defined in note 11 ) . in accordance with the purchase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition . the purchase price was based primarily on the estimated future operating results of the bwe business , including the factors described above . in june 2008 , the company sold certain businesses consisting of several of the california wineries and wine brands acquired in the bwe acquisition , as well as certain wineries and wine brands from the states of washington and idaho ( collectively , the 201cpacific northwest business 201d ) ( see note 7 ) . the results of operations of the bwe business are reported in the constellation wines segment and are included in the consolidated results of operations of the company from the date of acquisition . the following table summarizes the fair values of the assets acquired and liabilities assumed in the bwe acquisition at the date of acquisition . ( in millions ) current assets $ 288.4 property , plant and equipment 232.8 .
1current assets$ 288.4
2property plant and equipment232.8
3goodwill334.6
4trademarks97.9
5other assets30.2
6total assets acquired983.9
7current liabilities103.9
8long-term liabilities1.3
9total liabilities assumed105.2
10net assets acquired$ 878.7
other assets 30.2 total assets acquired 983.9 current liabilities 103.9 long-term liabilities 1.3 total liabilities assumed 105.2 net assets acquired $ 878.7 the trademarks are not subject to amortization . all of the goodwill is expected to be deductible for tax purposes . acquisition of svedka 2013 on march 19 , 2007 , the company acquired the svedka vodka brand ( 201csvedka 201d ) in connection with the acquisition of spirits marque one llc and related business ( the 201csvedka acquisition 201d ) . svedka is a premium swedish vodka . at the time of the acquisition , the svedka acquisition supported the company 2019s strategy of expanding the company 2019s premium spirits business and provided a foundation from which the company looked to leverage its existing and future premium spirits portfolio for growth . in addition , svedka complemented the company 2019s then existing portfolio of super-premium and value vodka brands by adding a premium vodka brand . total consideration paid in cash for the svedka acquisition was $ 385.8 million . in addition , the company incurred direct acquisition costs of $ 1.3 million . the pur- chase price was financed with revolver borrowings under the company 2019s june 2006 credit agreement , as amended in february 2007 . in accordance with the purchase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition . the purchase price was based primarily on the estimated future operating results of the svedka business , including the factors described above . the results of operations of the svedka business are reported in the constellation wines segment and are included in the consolidated results of operations of the company from the date of acquisition. .","['288.4', '103.9', '2.77575', '334.6', '97.9', '432.5']" "['as of december 31, 2011, what was the amount of noncancelable operating leases?', 'and what was the total of future obligations?', 'what percentage, then, does that amount represent in relation to this total?', 'and what percentage do the other purchase commitments represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 2322 t . r o w e p r i c e g r o u p a n n u a l r e p o r t 2 0 1 1 c o n t r a c t u a l o b l i g at i o n s the following table presents a summary of our future obligations ( in a0millions ) under the terms of existing operating leases and other contractual cash purchase commitments at december 31 , 2011 . other purchase commitments include contractual amounts that will be due for the purchase of goods or services to be used in our operations and may be cancelable at earlier times than those indicated , under certain conditions that may involve termination fees . because these obligations are generally of a normal recurring nature , we expect that we will fund them from future cash flows from operations . the information presented does not include operating expenses or capital expenditures that will be committed in the normal course of operations in 2012 and future years . the information also excludes the $ 4.7 a0million of uncertain tax positions discussed in note 9 to our consolidated financial statements because it is not possible to estimate the time period in which a payment might be made to the tax authorities. .
1total20122013-142015-16later
2noncancelable operating leases$ 185$ 31$ 63$ 57$ 34
3other purchase commitments1601123810-
4total$ 345$ 143$ 101$ 67$ 34
we also have outstanding commitments to fund additional contributions to investment partnerships in which we have an existing investment totaling $ 42.5 a0million at december 31 , 2011 . c r i t i c a l a c c o u n t i n g p o l i c i e s the preparation of financial statements often requires the selection of specific accounting methods and policies from among several acceptable alternatives . further , significant estimates and judgments may be required in selecting and applying those methods and policies in the recognition of the assets and liabilities in our balance sheet , the revenues and expenses in our statement of income , and the information that is contained in our significant accounting policies and notes to consolidated financial statements . making these estimates and judgments requires the analysis of information concerning events that may not yet be complete and of facts and circumstances that may change over time . accordingly , actual amounts or future results can differ materially from those estimates that we include currently in our consolidated financial statements , significant accounting policies , and notes . we present those significant accounting policies used in the preparation of our consolidated financial statements as an integral part of those statements within this 2011 annual report . in the following discussion , we highlight and explain further certain of those policies that are most critical to the preparation and understanding of our financial statements . other than temporary impairments of available-for-sale securities . we generally classify our investment holdings in sponsored mutual funds and the debt securities held for investment by our savings bank subsidiary as available-for-sale . at the end of each quarter , we mark the carrying amount of each investment holding to fair value and recognize an unrealized gain or loss as a component of comprehensive income within the statement of stockholders 2019 equity . we next review each individual security position that has an unrealized loss or impairment to determine if that impairment is other than temporary . in determining whether a mutual fund holding is other than temporarily impaired , we consider many factors , including the duration of time it has existed , the severity of the impairment , any subsequent changes in value , and our intent and ability to hold the security for a period of time sufficient for an anticipated recovery in fair value . subject to the other considerations noted above , with respect to duration of time , we believe a mutual fund holding with an unrealized loss that has persisted daily throughout the six months between quarter-ends is generally presumed to have an other than temporary impairment . we may also recognize an other than temporary loss of less than six months in our statement of income if the particular circumstances of the underlying investment do not warrant our belief that a near-term recovery is possible . an impaired debt security held by our savings bank subsidiary is considered to have an other than temporary loss that we will recognize in our statement of income if the impairment is caused by a change in credit quality that affects our ability to recover our amortized cost or if we intend to sell the security or believe that it is more likely than not that we will be required to sell the security before recovering cost . minor impairments of 5% ( 5 % ) or less are generally considered temporary . other than temporary impairments of equity method investments . we evaluate our equity method investments , including our investment in uti , for impairment when events or changes in circumstances indicate that the carrying value of the investment exceeds its fair value , and the decline in fair value is other than temporary . goodwill . we internally conduct , manage and report our operations as one investment advisory business . we do not have distinct operating segments or components that separately constitute a business . accordingly , we attribute goodwill to a single reportable business segment and reporting unit 2014our investment advisory business . we evaluate the carrying amount of goodwill in our balance sheet for possible impairment on an annual basis in the third quarter of each year using a fair value approach . goodwill would be considered impaired whenever our historical carrying amount exceeds the fair value of our investment advisory business . our annual testing has demonstrated that the fair value of our investment advisory business ( our market capitalization ) exceeds our carrying amount ( our stockholders 2019 equity ) and , therefore , no impairment exists . should we reach a different conclusion in the future , additional work would be performed to ascertain the amount of the non-cash impairment charge to be recognized . we must also perform impairment testing at other times if an event or circumstance occurs indicating that it is more likely than not that an impairment has been incurred . the maximum future impairment of goodwill that we could incur is the amount recognized in our balance sheet , $ 665.7 a0million . stock options . we recognize stock option-based compensation expense in our consolidated statement of income using a fair value based method . fair value methods use a valuation model for shorter-term , market-traded financial instruments to theoretically value stock option grants even though they are not available for trading and are of longer duration . the black- scholes option-pricing model that we use includes the input of certain variables that are dependent on future expectations , including the expected lives of our options from grant date to exercise date , the volatility of our underlying common shares in the market over that time period , and the rate of dividends that we will pay during that time . our estimates of these variables are made for the purpose of using the valuation model to determine an expense for each reporting period and are not subsequently adjusted . unlike most of our expenses , the resulting charge to earnings using a fair value based method is a non-cash charge that is never measured by , or adjusted based on , a cash outflow . provision for income taxes . after compensation and related costs , our provision for income taxes on our earnings is our largest annual expense . we operate in numerous states and countries through our various subsidiaries , and must allocate our income , expenses , and earnings under the various laws and regulations of each of these taxing jurisdictions . accordingly , our provision for income taxes represents our total estimate of the liability that we have incurred in doing business each year in all of our locations . annually , we file tax returns that represent our filing positions with each jurisdiction and settle our return liabilities . each jurisdiction has the right to audit those returns and may take different positions with respect to income and expense allocations and taxable earnings determinations . from time to time , we may also provide for estimated liabilities associated with uncertain tax return filing positions that are subject to , or in the process of , being audited by various tax authorities . because the determination of our annual provision is subject to judgments and estimates , it is likely that actual results will vary from those recognized in our financial statements . as a result , we recognize additions to , or reductions of , income tax expense during a reporting period that pertain to prior period provisions as our estimated liabilities are revised and actual tax returns and tax audits are settled . we recognize any such prior period adjustment in the discrete quarterly period in which it is determined . n e w ly i s s u e d b u t n o t y e t a d o p t e d a c c o u n t i n g g u i d a n c e in may 2011 , the fasb issued amended guidance clarifying how to measure and disclose fair value . we do not believe the adoption of such amended guidance on january 1 , 2012 , will have a significant effect on our consolidated financial statements . we have also considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our consolidated statements , including that which we have not yet adopted . we do not believe that any such guidance will have a material effect on our financial position or results of operation. .","['185.0', '345.0', '0.53623', '0.46377']" "['what was the balance of uncertain tax positions in the end of 2015?', 'and what was it in the beginning of the year?', 'what was, then, the change throughout the year?', 'and in that same year, what was the number of shares repurchased?', 'what was in 2014?', 'how much, then, did the 2015 number represent in relation to this 2014 one?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: uncertain tax positions the following is a reconciliation of the company's beginning and ending amount of uncertain tax positions ( in millions ) : .
120152014
2balance at january 1$ 191$ 164
3additions based on tax positions related to the current year3131
4additions for tax positions of prior years5310
5reductions for tax positions of prior years-18 ( 18 )-6 ( 6 )
6settlements-32 ( 32 )2014
7business combinations20145
8lapse of statute of limitations-5 ( 5 )-11 ( 11 )
9foreign currency translation-2 ( 2 )-2 ( 2 )
10balance at december 31$ 218$ 191
the company's liability for uncertain tax positions as of december 31 , 2015 , 2014 , and 2013 , includes $ 180 million , $ 154 million , and $ 141 million , respectively , related to amounts that would impact the effective tax rate if recognized . it is possible that the amount of unrecognized tax benefits may change in the next twelve months ; however , we do not expect the change to have a significant impact on our consolidated statements of income or consolidated balance sheets . these changes may be the result of settlements of ongoing audits . at this time , an estimate of the range of the reasonably possible outcomes within the twelve months cannot be made . the company recognizes interest and penalties related to uncertain tax positions in its provision for income taxes . the company accrued potential interest and penalties of $ 2 million , $ 4 million , and $ 2 million in 2015 , 2014 , and 2013 , respectively . the company recorded a liability for interest and penalties of $ 33 million , $ 31 million , and $ 27 million as of december 31 , 2015 , 2014 , and 2013 , respectively . the company and its subsidiaries file income tax returns in their respective jurisdictions . the company has substantially concluded all u.s . federal income tax matters for years through 2007 . material u.s . state and local income tax jurisdiction examinations have been concluded for years through 2005 . the company has concluded income tax examinations in its primary non-u.s . jurisdictions through 2005 . 9 . shareholders' equity distributable reserves as a u.k . incorporated company , the company is required under u.k . law to have available ""distributable reserves"" to make share repurchases or pay dividends to shareholders . distributable reserves may be created through the earnings of the u.k . parent company and , amongst other methods , through a reduction in share capital approved by the english companies court . distributable reserves are not linked to a u.s . gaap reported amount ( e.g. , retained earnings ) . as of december 31 , 2015 and 2014 , the company had distributable reserves in excess of $ 2.1 billion and $ 4.0 billion , respectively . ordinary shares in april 2012 , the company's board of directors authorized a share repurchase program under which up to $ 5.0 billion of class a ordinary shares may be repurchased ( ""2012 share repurchase program"" ) . in november 2014 , the company's board of directors authorized a new $ 5.0 billion share repurchase program in addition to the existing program ( ""2014 share repurchase program"" and , together , the ""repurchase programs"" ) . under each program , shares may be repurchased through the open market or in privately negotiated transactions , based on prevailing market conditions , funded from available capital . during 2015 , the company repurchased 16.0 million shares at an average price per share of $ 97.04 for a total cost of $ 1.6 billion under the repurchase programs . during 2014 , the company repurchased 25.8 million shares at an average price per share of $ 87.18 for a total cost of $ 2.3 billion under the 2012 share repurchase plan . in august 2015 , the $ 5 billion of class a ordinary shares authorized under the 2012 share repurchase program was exhausted . at december 31 , 2015 , the remaining authorized amount for share repurchase under the 2014 share repurchase program is $ 4.1 billion . under the repurchase programs , the company repurchased a total of 78.1 million shares for an aggregate cost of $ 5.9 billion. .","['218.0', '191.0', '27.0', '25.8', '16.0', '1.6125']" "[""what is the balance of system energy's receivables from the money pool in 2007?"", 'what about in 2008?', 'what impact does it have in the cash flow statement?', 'what is the percentage change in the balance from 2007 to 2008?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: system energy resources , inc . management's financial discussion and analysis with syndicated bank letters of credit . in december 2004 , system energy amended these letters of credit and they now expire in may 2009 . system energy may refinance or redeem debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable . all debt and common stock issuances by system energy require prior regulatory approval . debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements . system energy has sufficient capacity under these tests to meet its foreseeable capital needs . system energy has obtained a short-term borrowing authorization from the ferc under which it may borrow , through march 31 , 2010 , up to the aggregate amount , at any one time outstanding , of $ 200 million . see note 4 to the financial statements for further discussion of system energy's short-term borrowing limits . system energy has also obtained an order from the ferc authorizing long-term securities issuances . the current long- term authorization extends through june 2009 . system energy's receivables from the money pool were as follows as of december 31 for each of the following years: .
12008200720062005
2( in thousands )( in thousands )( in thousands )( in thousands )
3$ 42915$ 53620$ 88231$ 277287
in may 2007 , $ 22.5 million of system energy's receivable from the money pool was replaced by a note receivable from entergy new orleans . see note 4 to the financial statements for a description of the money pool . nuclear matters system energy owns and operates grand gulf . system energy is , therefore , subject to the risks related to owning and operating a nuclear plant . these include risks from the use , storage , handling and disposal of high-level and low-level radioactive materials , regulatory requirement changes , including changes resulting from events at other plants , limitations on the amounts and types of insurance commercially available for losses in connection with nuclear operations , and technological and financial uncertainties related to decommissioning nuclear plants at the end of their licensed lives , including the sufficiency of funds in decommissioning trusts . in the event of an unanticipated early shutdown of grand gulf , system energy may be required to provide additional funds or credit support to satisfy regulatory requirements for decommissioning . environmental risks system energy's facilities and operations are subject to regulation by various governmental authorities having jurisdiction over air quality , water quality , control of toxic substances and hazardous and solid wastes , and other environmental matters . management believes that system energy is in substantial compliance with environmental regulations currently applicable to its facilities and operations . because environmental regulations are subject to change , future compliance costs cannot be precisely estimated . critical accounting estimates the preparation of system energy's financial statements in conformity with generally accepted accounting principles requires management to apply appropriate accounting policies and to make estimates and judgments that .","['53620.0', '42915.0', '10705.0', '0.24945']" "['what is the income taxes liabilities in 2012?', 'what about the total other accrued liabilities in 2012?', 'what portion of the total other accrued liabilities is related to income taxes?', 'what is the net change in the total other accrued liabilities from 2011 to 2012?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements ( continued ) management performs detailed reviews of its receivables on a monthly and/or quarterly basis to assess the adequacy of the allowances based on historical and current trends and other factors affecting credit losses and to determine if any impairment has occurred . a receivable is impaired when it is probable that all amounts related to the receivable will not be collected according to the contractual terms of the agreement . in circumstances where the company is aware of a specific customer 2019s inability to meet its financial obligations , a specific reserve is recorded against amounts due to reduce the net recognized receivable to the amount reasonably expected to be collected . additions to the allowances for doubtful accounts are maintained through adjustments to the provision for credit losses , which are charged to current period earnings ; amounts determined to be uncollectable are charged directly against the allowances , while amounts recovered on previously charged-off accounts increase the allowances . net charge-offs include the principal amount of losses charged off as well as charged-off interest and fees . recovered interest and fees previously charged-off are recorded through the allowances for doubtful accounts and increase the allowances . finance receivables are assessed for charge- off when an account becomes 120 days past due and are charged-off typically within 60 days of asset repossession . contract receivables related to equipment leases are generally charged-off when an account becomes 150 days past due , while contract receivables related to franchise finance and van leases are generally charged off up to 180 days past the asset return . for finance and contract receivables , customer bankruptcies are generally charged-off upon notification that the associated debt is not being reaffirmed or , in any event , no later than 180 days past due . snap-on does not believe that its trade accounts , finance or contract receivables represent significant concentrations of credit risk because of the diversified portfolio of individual customers and geographical areas . see note 3 for further information on receivables and allowances for doubtful accounts . other accrued liabilities : supplemental balance sheet information for 201cother accrued liabilities 201d as of 2012 and 2011 year end is as follows : ( amounts in millions ) 2012 2011 .
1( amounts in millions )20122011
2income taxes$ 19.6$ 11.7
3accrued restructuring7.28.4
4accrued warranty18.918.6
5deferred subscription revenue24.824.9
6accrued property payroll and other tax32.930.4
7accrued selling and promotion expense26.629.1
8other117.9132.8
9total other accrued liabilities$ 247.9$ 255.9
inventories : snap-on values its inventory at the lower of cost or market and adjusts for the value of inventory that is estimated to be excess , obsolete or otherwise unmarketable . snap-on records allowances for excess and obsolete inventory based on historical and estimated future demand and market conditions . allowances for raw materials are largely based on an analysis of raw material age and actual physical inspection of raw material for fitness for use . as part of evaluating the adequacy of allowances for work-in-progress and finished goods , management reviews individual product stock-keeping units ( skus ) by product category and product life cycle . cost adjustments for each product category/product life-cycle state are generally established and maintained based on a combination of historical experience , forecasted sales and promotions , technological obsolescence , inventory age and other actual known conditions and circumstances . should actual product marketability and raw material fitness for use be affected by conditions that are different from management estimates , further adjustments to inventory allowances may be required . snap-on adopted the 201clast-in , first-out 201d ( 201clifo 201d ) inventory valuation method in 1973 for its u.s . locations . snap-on 2019s u.s . inventories accounted for on a lifo basis consist of purchased product and inventory manufactured at the company 2019s heritage u.s . manufacturing facilities ( primarily hand tools and tool storage ) . as snap-on began acquiring businesses in the 1990 2019s , the company retained the 201cfirst-in , first-out 201d ( 201cfifo 201d ) inventory valuation methodology used by the predecessor businesses prior to their acquisition by snap-on ; the company does not adopt the lifo inventory valuation methodology for new acquisitions . see note 4 for further information on inventories . 72 snap-on incorporated .","['19.6', '247.9', '0.07906', '-8.0', '-0.03126']" "['what is the net change in income for smokeless product, relative to total income, from 2012 to 2013?', 'what was the 2012 value?', 'what is the change over the 2012 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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: .
1201420132012
2smokeable products87.2% ( 87.2 % )84.5% ( 84.5 % )83.7% ( 83.7 % )
3smokeless products13.412.212.5
4wine1.71.41.4
5all other-2.3 ( 2.3 )1.92.4
6total100.0% ( 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 .","['-0.3', '12.5', '-0.024']" "['what is the amount of securities borrowed in 2012?', 'what about the amount of securities loaned?', 'what is the ratio of securities borrowed to securities loaned?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: jpmorgan chase & co./2012 annual report 249 note 13 2013 securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions ( collectively , 201csecurities financing agreements 201d ) primarily to finance the firm 2019s inventory positions , acquire securities to cover short positions , accommodate customers 2019 financing needs , and settle other securities obligations . securities financing agreements are treated as collateralized financings on the firm 2019s consolidated balance sheets . resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased , plus accrued interest . securities borrowed and securities loaned transactions are generally carried at the amount of cash collateral advanced or received . where appropriate under applicable accounting guidance , resale and repurchase agreements with the same counterparty are reported on a net basis . fees received and paid in connection with securities financing agreements are recorded in interest income and interest expense , respectively . the firm has elected the fair value option for certain securities financing agreements . for further information regarding the fair value option , see note 4 on pages 214 2013 216 of this annual report . the securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements ; securities loaned or sold under repurchase agreements ; and securities borrowed on the consolidated balance sheets . generally , for agreements carried at fair value , current-period interest accruals are recorded within interest income and interest expense , with changes in fair value reported in principal transactions revenue . however , for financial instruments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments , all changes in fair value , including any interest elements , are reported in principal transactions revenue . the following table details the firm 2019s securities financing agreements , all of which are accounted for as collateralized financings during the periods presented . december 31 , ( in millions ) 2012 2011 securities purchased under resale agreements ( a ) $ 295413 $ 235000 securities borrowed ( b ) 119017 142462 securities sold under repurchase agreements ( c ) $ 215560 $ 197789 securities loaned ( d ) 23582 14214 ( a ) at december 31 , 2012 and 2011 , included resale agreements of $ 24.3 billion and $ 22.2 billion , respectively , accounted for at fair value . ( b ) at december 31 , 2012 and 2011 , included securities borrowed of $ 10.2 billion and $ 15.3 billion , respectively , accounted for at fair value . ( c ) at december 31 , 2012 and 2011 , included repurchase agreements of $ 3.9 billion and $ 6.8 billion , respectively , accounted for at fair value . ( d ) at december 31 , 2012 , included securities loaned of $ 457 million accounted for at fair value . there were no securities loaned accounted for at fair value at december 31 , 2011 . the amounts reported in the table above were reduced by $ 96.9 billion and $ 115.7 billion at december 31 , 2012 and 2011 , respectively , as a result of agreements in effect that meet the specified conditions for net presentation under applicable accounting guidance . jpmorgan chase 2019s policy is to take possession , where possible , of securities purchased under resale agreements and of securities borrowed . the firm monitors the value of the underlying securities ( primarily g7 government securities , u.s . agency securities and agency mbs , and equities ) that it has received from its counterparties and either requests additional collateral or returns a portion of the collateral when appropriate in light of the market value of the underlying securities . margin levels are established initially based upon the counterparty and type of collateral and monitored on an ongoing basis to protect against declines in collateral value in the event of default . jpmorgan chase typically enters into master netting agreements and other collateral arrangements with its resale agreement and securities borrowed counterparties , which provide for the right to liquidate the purchased or borrowed securities in the event of a customer default . as a result of the firm 2019s credit risk mitigation practices with respect to resale and securities borrowed agreements as described above , the firm did not hold any reserves for credit impairment with respect to these agreements as of december 31 , 2012 and for further information regarding assets pledged and collateral received in securities financing agreements , see note 30 on pages 315 2013316 of this annual report. .
1december 31 ( in millions )20122011
2securities purchased under resale agreements ( a )$ 295413$ 235000
3securities borrowed ( b )119017142462
4securities sold under repurchase agreements ( c )$ 215560$ 197789
5securities loaned ( d )2358214214
jpmorgan chase & co./2012 annual report 249 note 13 2013 securities financing activities jpmorgan chase enters into resale agreements , repurchase agreements , securities borrowed transactions and securities loaned transactions ( collectively , 201csecurities financing agreements 201d ) primarily to finance the firm 2019s inventory positions , acquire securities to cover short positions , accommodate customers 2019 financing needs , and settle other securities obligations . securities financing agreements are treated as collateralized financings on the firm 2019s consolidated balance sheets . resale and repurchase agreements are generally carried at the amounts at which the securities will be subsequently sold or repurchased , plus accrued interest . securities borrowed and securities loaned transactions are generally carried at the amount of cash collateral advanced or received . where appropriate under applicable accounting guidance , resale and repurchase agreements with the same counterparty are reported on a net basis . fees received and paid in connection with securities financing agreements are recorded in interest income and interest expense , respectively . the firm has elected the fair value option for certain securities financing agreements . for further information regarding the fair value option , see note 4 on pages 214 2013 216 of this annual report . the securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements ; securities loaned or sold under repurchase agreements ; and securities borrowed on the consolidated balance sheets . generally , for agreements carried at fair value , current-period interest accruals are recorded within interest income and interest expense , with changes in fair value reported in principal transactions revenue . however , for financial instruments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments , all changes in fair value , including any interest elements , are reported in principal transactions revenue . the following table details the firm 2019s securities financing agreements , all of which are accounted for as collateralized financings during the periods presented . december 31 , ( in millions ) 2012 2011 securities purchased under resale agreements ( a ) $ 295413 $ 235000 securities borrowed ( b ) 119017 142462 securities sold under repurchase agreements ( c ) $ 215560 $ 197789 securities loaned ( d ) 23582 14214 ( a ) at december 31 , 2012 and 2011 , included resale agreements of $ 24.3 billion and $ 22.2 billion , respectively , accounted for at fair value . ( b ) at december 31 , 2012 and 2011 , included securities borrowed of $ 10.2 billion and $ 15.3 billion , respectively , accounted for at fair value . ( c ) at december 31 , 2012 and 2011 , included repurchase agreements of $ 3.9 billion and $ 6.8 billion , respectively , accounted for at fair value . ( d ) at december 31 , 2012 , included securities loaned of $ 457 million accounted for at fair value . there were no securities loaned accounted for at fair value at december 31 , 2011 . the amounts reported in the table above were reduced by $ 96.9 billion and $ 115.7 billion at december 31 , 2012 and 2011 , respectively , as a result of agreements in effect that meet the specified conditions for net presentation under applicable accounting guidance . jpmorgan chase 2019s policy is to take possession , where possible , of securities purchased under resale agreements and of securities borrowed . the firm monitors the value of the underlying securities ( primarily g7 government securities , u.s . agency securities and agency mbs , and equities ) that it has received from its counterparties and either requests additional collateral or returns a portion of the collateral when appropriate in light of the market value of the underlying securities . margin levels are established initially based upon the counterparty and type of collateral and monitored on an ongoing basis to protect against declines in collateral value in the event of default . jpmorgan chase typically enters into master netting agreements and other collateral arrangements with its resale agreement and securities borrowed counterparties , which provide for the right to liquidate the purchased or borrowed securities in the event of a customer default . as a result of the firm 2019s credit risk mitigation practices with respect to resale and securities borrowed agreements as described above , the firm did not hold any reserves for credit impairment with respect to these agreements as of december 31 , 2012 and for further information regarding assets pledged and collateral received in securities financing agreements , see note 30 on pages 315 2013316 of this annual report. .","['119017.0', '23582.0', '5.04694']" "['what is the change in the number of cruise guests from 2013 to 2014?', 'what is the number of cruise guests in 2013?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: royal caribbean cruises ltd . 15 from two to 17 nights throughout south america , the caribbean and europe . additionally , we announced that majesty of the seas will be redeployed from royal caribbean international to pullmantur in 2016 . pullmantur serves the contemporary segment of the spanish , portuguese and latin american cruise mar- kets . pullmantur 2019s strategy is to attract cruise guests from these target markets by providing a variety of cruising options and onboard activities directed at couples and families traveling with children . over the last few years , pullmantur has systematically increased its focus on latin america and has expanded its pres- ence in that market . in order to facilitate pullmantur 2019s ability to focus on its core cruise business , on march 31 , 2014 , pullmantur sold the majority of its interest in its non-core busi- nesses . these non-core businesses included pullmantur 2019s land-based tour operations , travel agency and 49% ( 49 % ) interest in its air business . in connection with the sale agreement , we retained a 19% ( 19 % ) interest in each of the non-core businesses as well as 100% ( 100 % ) ownership of the aircraft which are being dry leased to pullmantur air . see note 1 . general and note 6 . other assets to our consolidated financial statements under item 8 . financial statements and supplementary data for further details . cdf croisi e8res de france we currently operate two ships with an aggregate capacity of approximately 2800 berths under our cdf croisi e8res de france brand . cdf croisi e8res de france offers seasonal itineraries to the mediterranean , europe and caribbean . during the winter season , zenith is deployed to the pullmantur brand for sailings in south america . cdf croisi e8res de france is designed to serve the contemporary segment of the french cruise market by providing a brand tailored for french cruise guests . tui cruises tui cruises is a joint venture owned 50% ( 50 % ) by us and 50% ( 50 % ) by tui ag , a german tourism and shipping com- pany , and is designed to serve the contemporary and premium segments of the german cruise market by offering a product tailored for german guests . all onboard activities , services , shore excursions and menu offerings are designed to suit the preferences of this target market . tui cruises operates three ships , mein schiff 1 , mein schiff 2 and mein schiff 3 , with an aggregate capacity of approximately 6300 berths . in addition , tui cruises currently has three newbuild ships on order at the finnish meyer turku yard with an aggregate capacity of approximately 7500 berths : mein schiff 4 , scheduled for delivery in the second quarter of 2015 , mein schiff 5 , scheduled for delivery in the third quarter of 2016 and mein schiff 6 , scheduled for delivery in the second quarter of 2017 . in november 2014 , we formed a strategic partnership with ctrip.com international ltd . ( 201cctrip 201d ) , a chinese travel service provider , to operate a new cruise brand known as skysea cruises . skysea cruises will offer a custom-tailored product for chinese cruise guests operating the ship purchased from celebrity cruises . the new cruise line will begin service in the second quarter of 2015 . we and ctrip each own 35% ( 35 % ) of the new company , skysea holding , with the balance being owned by skysea holding management and a private equity fund . industry cruising is considered a well-established vacation sector in the north american market , a growing sec- tor over the long term in the european market and a developing but promising sector in several other emerging markets . industry data indicates that market penetration rates are still low and that a significant portion of cruise guests carried are first-time cruisers . we believe this presents an opportunity for long-term growth and a potential for increased profitability . the following table details market penetration rates for north america and europe computed based on the number of annual cruise guests as a percentage of the total population : america ( 1 ) europe ( 2 ) .
1yearnorth america ( 1 )europe ( 2 )
220103.1% ( 3.1 % )1.1% ( 1.1 % )
320113.4% ( 3.4 % )1.1% ( 1.1 % )
420123.3% ( 3.3 % )1.2% ( 1.2 % )
520133.4% ( 3.4 % )1.2% ( 1.2 % )
620143.5% ( 3.5 % )1.3% ( 1.3 % )
( 1 ) source : our estimates are based on a combination of data obtained from publicly available sources including the interna- tional monetary fund and cruise lines international association ( 201cclia 201d ) . rates are based on cruise guests carried for at least two consecutive nights . includes the united states of america and canada . ( 2 ) source : our estimates are based on a combination of data obtained from publicly available sources including the interna- tional monetary fund and clia europe , formerly european cruise council . we estimate that the global cruise fleet was served by approximately 457000 berths on approximately 283 ships at the end of 2014 . there are approximately 33 ships with an estimated 98650 berths that are expected to be placed in service in the global cruise market between 2015 and 2019 , although it is also possible that ships could be ordered or taken out of service during these periods . we estimate that the global cruise industry carried 22.0 million cruise guests in 2014 compared to 21.3 million cruise guests carried in 2013 and 20.9 million cruise guests carried in 2012 . part i .","['0.7', '21.3', '0.03286']" "['what is the sum of the weighted-average exercise price for options outstanding in 2005 and 2006?', 'what is the average per year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: information about stock options at december 31 , 2007 follows: .
1december 31 2007shares in thousandsrange of exercise pricesoptions outstanding sharesoptions outstanding weighted- averageexercise priceoptions outstanding weighted-average remaining contractual life ( in years )options outstanding sharesweighted-averageexercise price
2$ 37.43 2013 $ 46.991444$ 43.054.01444$ 43.05
347.00 2013 56.99363453.435.4302253.40
457.00 2013 66.99325560.325.2256958.96
567.00 2013 76.23599373.035.5346173.45
6total14326$ 62.155.310496$ 59.95
( a ) the weighted-average remaining contractual life was approximately 4.2 years . at december 31 , 2007 , there were approximately 13788000 options in total that were vested and are expected to vest . the weighted-average exercise price of such options was $ 62.07 per share , the weighted-average remaining contractual life was approximately 5.2 years , and the aggregate intrinsic value at december 31 , 2007 was approximately $ 92 million . stock options granted in 2005 include options for 30000 shares that were granted to non-employee directors that year . no such options were granted in 2006 or 2007 . awards granted to non-employee directors in 2007 include 20944 deferred stock units awarded under the outside directors deferred stock unit plan . a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment under sfas 123r until such awards are paid to the participants as cash . as there are no vestings or service requirements on these awards , total compensation expense is recognized in full on all awarded units on the date of grant . the weighted-average grant-date fair value of options granted in 2007 , 2006 and 2005 was $ 11.37 , $ 10.75 and $ 9.83 per option , respectively . to determine stock-based compensation expense under sfas 123r , the grant-date fair value is applied to the options granted with a reduction made for estimated forfeitures . at december 31 , 2006 and 2005 options for 10743000 and 13582000 shares of common stock , respectively , were exercisable at a weighted-average price of $ 58.38 and $ 56.58 , respectively . the total intrinsic value of options exercised during 2007 , 2006 and 2005 was $ 52 million , $ 111 million and $ 31 million , respectively . at december 31 , 2007 the aggregate intrinsic value of all options outstanding and exercisable was $ 94 million and $ 87 million , respectively . cash received from option exercises under all incentive plans for 2007 , 2006 and 2005 was approximately $ 111 million , $ 233 million and $ 98 million , respectively . the actual tax benefit realized for tax deduction purposes from option exercises under all incentive plans for 2007 , 2006 and 2005 was approximately $ 39 million , $ 82 million and $ 34 million , respectively . there were no options granted in excess of market value in 2007 , 2006 or 2005 . shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 40116726 at december 31 , 2007 . total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 41787400 shares at december 31 , 2007 , which includes shares available for issuance under the incentive plans , the employee stock purchase plan as described below , and a director plan . during 2007 , we issued approximately 2.1 million shares from treasury stock in connection with stock option exercise activity . as with past exercise activity , we intend to utilize treasury stock for future stock option exercises . as discussed in note 1 accounting policies , we adopted the fair value recognition provisions of sfas 123 prospectively to all employee awards including stock options granted , modified or settled after january 1 , 2003 . as permitted under sfas 123 , we recognized compensation expense for stock options on a straight-line basis over the pro rata vesting period . total compensation expense recognized related to pnc stock options in 2007 was $ 29 million compared with $ 31 million in 2006 and $ 29 million in 2005 . pro forma effects a table is included in note 1 accounting policies that sets forth pro forma net income and basic and diluted earnings per share as if compensation expense had been recognized under sfas 123 and 123r , as amended , for stock options for 2005 . for purposes of computing stock option expense and 2005 pro forma results , we estimated the fair value of stock options using the black-scholes option pricing model . the model requires the use of numerous assumptions , many of which are very subjective . therefore , the 2005 pro forma results are estimates of results of operations as if compensation expense had been recognized for all stock-based compensation awards and are not indicative of the impact on future periods. .","['114.96', '57.48']" "['what was the ratio of the labor-related deemed claim to other fees?', 'and what percentage of the total net reorganization items are related to professional fees?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents notes to consolidated financial statements of american airlines , inc . certificate of incorporation ( the certificate of incorporation ) contains transfer restrictions applicable to certain substantial stockholders . although the purpose of these transfer restrictions is to prevent an ownership change from occurring , there can be no assurance that an ownership change will not occur even with these transfer restrictions . a copy of the certificate of incorporation was attached as exhibit 3.1 to a current report on form 8-k filed by aag with the sec on december 9 , 2013 . reorganization items , net reorganization items refer to revenues , expenses ( including professional fees ) , realized gains and losses and provisions for losses that are realized or incurred in the chapter 11 cases . the following table summarizes the components included in reorganization items , net on the consolidated statement of operations for the year ended december 31 , 2013 ( in millions ) : december 31 .
1december 31 2013
2labor-related deemed claim ( 1 )$ 1733
3aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 )320
4fair value of conversion discount ( 4 )218
5professional fees199
6other170
7total reorganization items net$ 2640
( 1 ) in exchange for employees 2019 contributions to the successful reorganization , including agreeing to reductions in pay and benefits , american agreed in the plan to provide each employee group a deemed claim , which was used to provide a distribution of a portion of the equity of the reorganized entity to those employees . each employee group received a deemed claim amount based upon a portion of the value of cost savings provided by that group through reductions to pay and benefits as well as through certain work rule changes . the total value of this deemed claim was approximately $ 1.7 billion . ( 2 ) amounts include allowed claims ( claims approved by the bankruptcy court ) and estimated allowed claims relating to ( i ) the rejection or modification of financings related to aircraft and ( ii ) entry of orders treated as unsecured claims with respect to facility agreements supporting certain issuances of special facility revenue bonds . the debtors recorded an estimated claim associated with the rejection or modification of a financing or facility agreement when the applicable motion was filed with the bankruptcy court to reject or modify such financing or facility agreement and the debtors believed that it was probable the motion would be approved , and there was sufficient information to estimate the claim . ( 3 ) pursuant to the plan , the debtors agreed to allow certain post-petition unsecured claims on obligations . as a result , during the year ended december 31 , 2013 , american recorded reorganization charges to adjust estimated allowed claim amounts previously recorded on rejected special facility revenue bonds of $ 180 million , allowed general unsecured claims related to the 1990 and 1994 series of special facility revenue bonds that financed certain improvements at john f . kennedy international airport ( jfk ) , and rejected bonds that financed certain improvements at chicago o 2019hare international airport ( ord ) , which are included in the table above . ( 4 ) the plan allowed unsecured creditors receiving aag series a preferred stock a conversion discount of 3.5% ( 3.5 % ) . accordingly , american recorded the fair value of such discount upon the confirmation of the plan by the bankruptcy court. .","['10.19412', '0.07538']" "['what was the cash flow balance at the end of 2006?', 'what was the balance at the start of the year?', 'what is the ratio of the balance at the end of the year to the start?', 'what was the cash flow balance at the end of 2006?', 'what is the value at the end of 2006 multiplied by the ratio of the balances?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: supplementary information on oil and gas producing activities ( unaudited ) c o n t i n u e d summary of changes in standardized measure of discounted future net cash flows relating to proved oil and gas reserves ( in millions ) 2006 2005 2004 sales and transfers of oil and gas produced , net of production , transportation and administrative costs $ ( 5312 ) $ ( 3754 ) $ ( 2689 ) net changes in prices and production , transportation and administrative costs related to future production ( 1342 ) 6648 771 .
1( in millions )200620052004
2sales and transfers of oil and gas produced net of production transportation and administrative costs$ -5312 ( 5312 )$ -3754 ( 3754 )$ -2689 ( 2689 )
3net changes in prices and production transportation and administrative costs related to future production-1342 ( 1342 )6648771
4extensions discoveries and improved recovery less related costs12907001349
5development costs incurred during the period12511030609
6changes in estimated future development costs-527 ( 527 )-552 ( 552 )-628 ( 628 )
7revisions of previous quantity estimates1319820948
8net changes in purchases and sales of minerals in place30455733
9accretion of discount18821124757
10net change in income taxes-660 ( 660 )-6694 ( 6694 )-627 ( 627 )
11timing and other-14 ( 14 )30797
12net change for the year-2083 ( 2083 )4186620
13beginning of year1060164155795
14end of year$ 8518$ 10601$ 6415
15net change for the year from discontinued operations$ -216 ( 216 )$ 162$ -152 ( 152 )
.","['8518.0', '10601.0', '0.80351', '8518.0', '6844.29054']" "['what was the proportion of basic net income attributable to common shareholders to the diluted net income attributable to common shareholders?', 'and converted from a decimal to a percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 54| | duke realty corporation annual report 2010 .
1201020092008
2net income ( loss ) attributable to common shareholders$ -14108 ( 14108 )$ -333601 ( 333601 )$ 50408
3less : dividends on share-based awards expected to vest-2513 ( 2513 )-1759 ( 1759 )-1631 ( 1631 )
4basic net income ( loss ) attributable to common shareholders-16621 ( 16621 )-335360 ( 335360 )48777
5noncontrolling interest in earnings of common unitholders--2640
6diluted net income ( loss ) attributable to common shareholders$ -16621 ( 16621 )$ -335360 ( 335360 )$ 51417
7weighted average number of common shares outstanding238920201206146915
8weighted average partnership units outstanding--7619
9other potential dilutive shares--19
10weighted average number of common shares and potential dilutive securities238920201206154553
weighted average number of common shares and potential diluted securities 238920 201206 154553 criteria in fasb asc 360-20 related to the terms of the transactions and any continuing involvement in the form of management or financial assistance from the seller associated with the properties . we make judgments based on the specific terms of each transaction as to the amount of the total profit from the transaction that we recognize considering factors such as continuing ownership interest we may have with the buyer ( 201cpartial sales 201d ) and our level of future involvement with the property or the buyer that acquires the assets . if the full accrual sales criteria are not met , we defer gain recognition and account for the continued operations of the property by applying the finance , installment or cost recovery methods , as appropriate , until the full accrual sales criteria are met . estimated future costs to be incurred after completion of each sale are included in the determination of the gain on sales . to the extent that a property has had operations prior to sale , and that we do not have continuing involvement with the property , gains from sales of depreciated property are included in discontinued operations and the proceeds from the sale of these held-for-rental properties are classified in the investing activities section of the consolidated statements of cash flows . gains or losses from our sale of properties that were developed or repositioned with the intent to sell and not for long-term rental ( 201cbuild-for-sale 201d properties ) are classified as gain on sale of properties in the consolidated statements of operations . other rental properties that do not meet the criteria for presentation as discontinued operations are also classified as gain on sale of properties in the consolidated statements of operations . net income ( loss ) per common share basic net income ( loss ) per common share is computed by dividing net income ( loss ) attributable to common shareholders , less dividends on share- based awards expected to vest , by the weighted average number of common shares outstanding for the period . diluted net income ( loss ) per common share is computed by dividing the sum of basic net income ( loss ) attributable to common shareholders and the noncontrolling interest in earnings allocable to units not owned by us ( to the extent the units are dilutive ) , by the sum of the weighted average number of common shares outstanding and , to the extent they are dilutive , partnership units outstanding , as well as any potential dilutive securities for the period . during the first quarter of 2009 , we adopted a new accounting standard ( fasb asc 260-10 ) on participating securities , which we have applied retrospectively to prior period calculations of basic and diluted earnings per common share . pursuant to this new standard , certain of our share-based awards are considered participating securities because they earn dividend equivalents that are not forfeited even if the underlying award does not vest . the following table reconciles the components of basic and diluted net income ( loss ) per common share ( in thousands ) : .","['0.94866', '94.86551']" "['what percentage did the net interest income in 2012 represent in relation to the 2011 one?', 'and what was that 2012 net interest income?', 'considering this net interest income and the percentage of the 2011 one it represented, what was the 2011 net interest income?', 'and from 2012 to 2013, what was the change in the staff number?', 'what was that staff number in 2012?', 'what is, then, that change as a percentage of this 2012 number?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis net interest income 2013 versus 2012 . net interest income on the consolidated statements of earnings was $ 3.39 billion for 2013 , 13% ( 13 % ) lower than 2012 . the decrease compared with 2012 was primarily due to lower average yields on financial instruments owned , at fair value , partially offset by lower interest expense on financial instruments sold , but not yet purchased , at fair value and collateralized financings . 2012 versus 2011 . net interest income on the consolidated statements of earnings was $ 3.88 billion for 2012 , 25% ( 25 % ) lower than 2011 . the decrease compared with 2011 was primarily due to lower average yields on financial instruments owned , at fair value and collateralized agreements . see 201cstatistical disclosures 2014 distribution of assets , liabilities and shareholders 2019 equity 201d for further information about our sources of net interest income . operating expenses our operating expenses are primarily influenced by compensation , headcount and levels of business activity . compensation and benefits includes salaries , discretionary compensation , amortization of equity awards and other items such as benefits . discretionary compensation is significantly impacted by , among other factors , the level of net revenues , overall financial performance , prevailing labor markets , business mix , the structure of our share-based compensation programs and the external environment . the table below presents our operating expenses and total staff ( which includes employees , consultants and temporary staff ) . .
1$ in millionsyear ended december 2013year ended december 2012year ended december 2011
2compensation and benefits$ 12613$ 12944$ 12223
3brokerage clearing exchange anddistribution fees234122082463
4market development541509640
5communications and technology776782828
6depreciation and amortization132217381865
7occupancy8398751030
8professional fees930867992
9insurance reserves1176598529
10other expenses293124352072
11total non-compensation expenses98561001210419
12total operating expenses$ 22469$ 22956$ 22642
13total staff at period-end329003240033300
1 . related revenues are included in 201cmarket making 201d in the consolidated statements of earnings . goldman sachs 2013 annual report 45 .","['75.0', '3.88', '0.05173', '500.0', '32400.0', '0.01543']" "['what is the net change in value of the system energy 2019s receivable from the money pool from 2015 to 2016?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: system energy resources , inc . management 2019s financial discussion and analysis also in addition to the contractual obligations , system energy has $ 382.3 million of unrecognized tax benefits and interest net of unused tax attributes and payments for which the timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in the timing of effective settlement of tax positions . see note 3 to the financial statements for additional information regarding unrecognized tax benefits . in addition to routine spending to maintain operations , the planned capital investment estimate includes specific investments and initiatives such as the nuclear fleet operational excellence initiative , as discussed below in 201cnuclear matters , 201d and plant improvements . as a wholly-owned subsidiary , system energy dividends its earnings to entergy corporation at a percentage determined monthly . sources of capital system energy 2019s sources to meet its capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt issuances ; and 2022 bank financing under new or existing facilities . system energy may refinance , redeem , or otherwise retire debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable . all debt and common stock issuances by system energy require prior regulatory approval . debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements . system energy has sufficient capacity under these tests to meet its foreseeable capital needs . system energy 2019s receivables from the money pool were as follows as of december 31 for each of the following years. .
12016201520142013
2( in thousands )( in thousands )( in thousands )( in thousands )
3$ 33809$ 39926$ 2373$ 9223
see note 4 to the financial statements for a description of the money pool . the system energy nuclear fuel company variable interest entity has a credit facility in the amount of $ 120 million scheduled to expire in may 2019 . as of december 31 , 2016 , $ 66.9 million in letters of credit were outstanding under the credit facility to support a like amount of commercial paper issued by the system energy nuclear fuel company variable interest entity . see note 4 to the financial statements for additional discussion of the variable interest entity credit facility . system energy obtained authorizations from the ferc through october 2017 for the following : 2022 short-term borrowings not to exceed an aggregate amount of $ 200 million at any time outstanding ; 2022 long-term borrowings and security issuances ; and 2022 long-term borrowings by its nuclear fuel company variable interest entity . see note 4 to the financial statements for further discussion of system energy 2019s short-term borrowing limits. .","['-6117.0', '-0.15321']" "['what was the difference in net revenue from 2010 to 2011?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities . results of operations net income 2011 compared to 2010 net income increased $ 242.5 million primarily due to a settlement with the irs related to the mark-to-market income tax treatment of power purchase contracts , which resulted in a $ 422 million income tax benefit . the net income effect was partially offset by a $ 199 million regulatory charge , which reduced net revenue , because a portion of the benefit will be shared with customers . see note 3 to the financial statements for additional discussion of the settlement and benefit sharing . 2010 compared to 2009 net income decreased slightly by $ 1.4 million primarily due to higher other operation and maintenance expenses , a higher effective income tax rate , and higher interest expense , almost entirely offset by higher net revenue . net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2011 to 2010 . amount ( in millions ) .
1amount ( in millions )
22010 net revenue$ 1043.7
3mark-to-market tax settlement sharing-195.9 ( 195.9 )
4retail electric price32.5
5volume/weather11.6
6other-5.7 ( 5.7 )
72011 net revenue$ 886.2
the mark-to-market tax settlement sharing variance results from a regulatory charge because a portion of the benefits of a settlement with the irs related to the mark-to-market income tax treatment of power purchase contracts will be shared with customers , slightly offset by the amortization of a portion of that charge beginning in october 2011 . see notes 3 and 8 to the financial statements for additional discussion of the settlement and benefit sharing . the retail electric price variance is primarily due to a formula rate plan increase effective may 2011 . see note 2 to the financial statements for discussion of the formula rate plan increase. .","['-157.5', '-0.15091']" "['what is the net change in the average price of the wti crude oil benchmark from 2008 to 2009?', 'what percentage change does this represent?', 'what about the difference in the average price of wti crude oil and western canadian in 2008?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: natural gas prices on average were lower in 2009 than in 2008 and in 2007 , with prices in 2008 hitting uniquely high levels . a significant portion of our natural gas production in the lower 48 states of the u.s . is sold at bid-week prices or first-of-month indices relative to our specific producing areas . a large portion of natural gas sales in alaska are subject to term contracts . our other major natural gas-producing regions are europe and equatorial guinea , where large portions of our natural gas sales are also subject to term contracts , making realized prices in these areas less volatile . as we sell larger quantities of natural gas from these regions , to the extent that these fixed prices are lower than prevailing prices , our reported average natural gas prices realizations may be less than benchmark natural gas prices . oil sands mining oil sands mining segment revenues correlate with prevailing market prices for the various qualities of synthetic crude oil and vacuum gas oil we produce . roughly two-thirds of the normal output mix will track movements in wti and one-third will track movements in the canadian heavy sour crude oil marker , primarily western canadian select . output mix can be impacted by operational problems or planned unit outages at the mine or the upgrader . the operating cost structure of the oil sands mining operations is predominantly fixed and therefore many of the costs incurred in times of full operation continue during production downtime . per-unit costs are sensitive to production rates . key variable costs are natural gas and diesel fuel , which track commodity markets such as the canadian aeco natural gas sales index and crude prices respectively . the table below shows average benchmark prices that impact both our revenues and variable costs. .
1benchmark200920082007
2wti crude oil ( dollars per barrel )$ 62.09$ 99.75$ 72.41
3western canadian select ( dollars per barrel ) ( a )$ 52.13$ 79.59$ 49.60
4aeco natural gas sales index ( dollars per mmbtu ) ( b )$ 3.49$ 7.74$ 6.06
western canadian select ( dollars per barrel ) ( a ) $ 52.13 $ 79.59 $ 49.60 aeco natural gas sales index ( dollars per mmbtu ) ( b ) $ 3.49 $ 7.74 $ 6.06 ( a ) monthly pricing based upon average wti adjusted for differentials unique to western canada . ( b ) alberta energy company day ahead index . integrated gas our integrated gas strategy is to link stranded natural gas resources with areas where a supply gap is emerging due to declining production and growing demand . our integrated gas operations include marketing and transportation of products manufactured from natural gas , such as lng and methanol , primarily in west africa , the u.s . and europe . our most significant lng investment is our 60 percent ownership in a production facility in equatorial guinea , which sells lng under a long-term contract at prices tied to henry hub natural gas prices . in 2009 , the gross sales from the plant were 3.9 million metric tonnes , while in 2008 , its first full year of operations , the plant sold 3.4 million metric tonnes . industry estimates of 2009 lng trade are approximately 185 million metric tonnes . more lng production facilities and tankers were under construction in 2009 . as a result of the sharp worldwide economic downturn in 2008 , continued weak economies are expected to lower natural gas consumption in various countries ; therefore , affecting near-term demand for lng . long-term lng supply continues to be in demand as markets seek the benefits of clean burning natural gas . market prices for lng are not reported or posted . in general , lng delivered to the u.s . is tied to henry hub prices and will track with changes in u.s . natural gas prices , while lng sold in europe and asia is indexed to crude oil prices and will track the movement of those prices . we own a 45 percent interest in a methanol plant located in equatorial guinea through our investment in ampco . gross sales of methanol from the plant totaled 960374 metric tonnes in 2009 and 792794 metric tonnes in 2008 . methanol demand has a direct impact on ampco 2019s earnings . because global demand for methanol is rather limited , changes in the supply-demand balance can have a significant impact on sales prices . the 2010 chemical markets associates , inc . estimates world demand for methanol in 2009 was 41 million metric tonnes . our plant capacity is 1.1 million , or about 3 percent of total demand . refining , marketing and transportation rm&t segment income depends largely on our refining and wholesale marketing gross margin , refinery throughputs and retail marketing gross margins for gasoline , distillates and merchandise. .","['-37.66', '-0.37754', '20.16']" "['what was the allowance for borrowed funds used during construction as a percentage of allowance for other funds used during construction in 2015?', 'what was the change in allowance for other funds used during construction between 2013 and 2014?', 'what was the percentage change of this value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the company recognizes accrued interest and penalties related to tax positions as a component of income tax expense and accounts for sales tax collected from customers and remitted to taxing authorities on a net basis . allowance for funds used during construction afudc is a non-cash credit to income with a corresponding charge to utility plant that represents the cost of borrowed funds or a return on equity funds devoted to plant under construction . the regulated utility subsidiaries record afudc to the extent permitted by the pucs . the portion of afudc attributable to borrowed funds is shown as a reduction of interest , net in the accompanying consolidated statements of operations . any portion of afudc attributable to equity funds would be included in other income ( expenses ) in the accompanying consolidated statements of operations . afudc is summarized in the following table for the years ended december 31: .
1201520142013
2allowance for other funds used during construction$ 13$ 9$ 13
3allowance for borrowed funds used during construction866
environmental costs the company 2019s water and wastewater operations are subject to u.s . federal , state , local and foreign requirements relating to environmental protection , and as such , the company periodically becomes subject to environmental claims in the normal course of business . environmental expenditures that relate to current operations or provide a future benefit are expensed or capitalized as appropriate . remediation costs that relate to an existing condition caused by past operations are accrued , on an undiscounted basis , when it is probable that these costs will be incurred and can be reasonably estimated . remediation costs accrued amounted to $ 1 and $ 2 as of december 31 , 2015 and 2014 , respectively . the accrual relates entirely to a conservation agreement entered into by a subsidiary of the company with the national oceanic and atmospheric administration ( 201cnoaa 201d ) requiring the company to , among other provisions , implement certain measures to protect the steelhead trout and its habitat in the carmel river watershed in the state of california . the company has agreed to pay $ 1 annually from 2010 to 2016 . the company 2019s inception-to-date costs related to the noaa agreement were recorded in regulatory assets in the accompanying consolidated balance sheets as of december 31 , 2015 and 2014 and are expected to be fully recovered from customers in future rates . derivative financial instruments the company uses derivative financial instruments for purposes of hedging exposures to fluctuations in interest rates . these derivative contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures . the company does not enter into derivative contracts for speculative purposes and does not use leveraged instruments . all derivatives are recognized on the balance sheet at fair value . on the date the derivative contract is entered into , the company may designate the derivative as a hedge of the fair value of a recognized asset or liability ( fair-value hedge ) or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability ( cash-flow hedge ) . changes in the fair value of a fair-value hedge , along with the gain or loss on the underlying hedged item , are recorded in current-period earnings . the effective portion of gains and losses on cash-flow hedges are recorded in other comprehensive income , until earnings are affected by the variability of cash flows . any ineffective portion of designated hedges is recognized in current-period earnings . cash flows from derivative contracts are included in net cash provided by operating activities in the accompanying consolidated statements of cash flows. .","['0.61538', '-4.0', '-0.44444']" "['what is the net change in the minimum rental from 2006 to 2008?', 'what is the amount of minimum rental in 2006?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: marathon oil corporation notes to consolidated financial statements operating lease rental expense was : ( in millions ) 2008 2007 2006 minimum rental ( a ) $ 245 $ 209 $ 172 .
1( in millions )200820072006
2minimum rental ( a )$ 245$ 209$ 172
3contingent rental223328
4sublease rentals20132013-7 ( 7 )
5net rental expense$ 267$ 242$ 193
( a ) excludes $ 5 million , $ 8 million and $ 9 million paid by united states steel in 2008 , 2007 and 2006 on assumed leases . 27 . contingencies and commitments we are the subject of , or party to , a number of pending or threatened legal actions , contingencies and commitments involving a variety of matters , including laws and regulations relating to the environment . certain of these matters are discussed below . the ultimate resolution of these contingencies could , individually or in the aggregate , be material to our consolidated financial statements . however , management believes that we will remain a viable and competitive enterprise even though it is possible that these contingencies could be resolved unfavorably . environmental matters 2013 we are subject to federal , state , local and foreign laws and regulations relating to the environment . these laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites . penalties may be imposed for noncompliance . at december 31 , 2008 and 2007 , accrued liabilities for remediation totaled $ 111 million and $ 108 million . it is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed . receivables for recoverable costs from certain states , under programs to assist companies in clean-up efforts related to underground storage tanks at retail marketing outlets , were $ 60 and $ 66 million at december 31 , 2008 and 2007 . we are a defendant , along with other refining companies , in 20 cases arising in three states alleging damages for methyl tertiary-butyl ether ( 201cmtbe 201d ) contamination . we have also received seven toxic substances control act notice letters involving potential claims in two states . such notice letters are often followed by litigation . like the cases that were settled in 2008 , the remaining mtbe cases are consolidated in a multidistrict litigation in the southern district of new york for pretrial proceedings . nineteen of the remaining cases allege damages to water supply wells , similar to the damages claimed in the settled cases . in the other remaining case , the state of new jersey is seeking natural resources damages allegedly resulting from contamination of groundwater by mtbe . this is the only mtbe contamination case in which we are a defendant and natural resources damages are sought . we are vigorously defending these cases . we , along with a number of other defendants , have engaged in settlement discussions related to the majority of the cases in which we are a defendant . we do not expect our share of liability , if any , for the remaining cases to significantly impact our consolidated results of operations , financial position or cash flows . a lawsuit filed in the united states district court for the southern district of west virginia alleges that our catlettsburg , kentucky , refinery distributed contaminated gasoline to wholesalers and retailers for a period prior to august , 2003 , causing permanent damage to storage tanks , dispensers and related equipment , resulting in lost profits , business disruption and personal and real property damages . following the incident , we conducted remediation operations at affected facilities , and we deny that any permanent damages resulted from the incident . class action certification was granted in august 2007 . we have entered into a tentative settlement agreement in this case . notice of the proposed settlement has been sent to the class members . approval by the court after a fairness hearing is required before the settlement can be finalized . the fairness hearing is scheduled in the first quarter of 2009 . the proposed settlement will not significantly impact our consolidated results of operations , financial position or cash flows . guarantees 2013 we have provided certain guarantees , direct and indirect , of the indebtedness of other companies . under the terms of most of these guarantee arrangements , we would be required to perform should the guaranteed party fail to fulfill its obligations under the specified arrangements . in addition to these financial guarantees , we also have various performance guarantees related to specific agreements. .","['73.0', '172.0', '0.42442']" "['what was the net change in the grant date fair value per share from 2017 to 2018?', 'what was the value in 2017?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: condition are valued using a monte carlo model . expected volatility is based on historical volatilities of traded common stock of the company and comparative companies using daily stock prices over the past three years . the expected term is three years and the risk-free interest rate is based on the three-year u.s . treasury rate in effect as of the measurement date . the following table provides the weighted average assumptions used in the monte carlo simulation and the weighted average grant date fair values of psus granted for the years ended december 31: .
1201820172016
2expected volatility17.23% ( 17.23 % )17.40% ( 17.40 % )15.90% ( 15.90 % )
3risk-free interest rate2.36% ( 2.36 % )1.53% ( 1.53 % )0.91% ( 0.91 % )
4expected life ( years )3.03.03.0
5grant date fair value per share$ 73.62$ 72.81$ 77.16
the grant date fair value of psus that vest ratably and have market and/or performance conditions are amortized through expense over the requisite service period using the graded-vesting method . if dividends are paid with respect to shares of the company 2019s common stock before the rsus and psus are distributed , the company credits a liability for the value of the dividends that would have been paid if the rsus and psus were shares of company common stock . when the rsus and psus are distributed , the company pays the participant a lump sum cash payment equal to the value of the dividend equivalents accrued . the company accrued dividend equivalents totaling $ 1 million , less than $ 1 million and $ 1 million to accumulated deficit in the accompanying consolidated statements of changes in shareholders 2019 equity for the years ended december 31 , 2018 , 2017 and 2016 , respectively . employee stock purchase plan the company maintains a nonqualified employee stock purchase plan ( the 201cespp 201d ) through which employee participants may use payroll deductions to acquire company common stock at a discount . prior to february 5 , 2019 , the purchase price of common stock acquired under the espp was the lesser of 90% ( 90 % ) of the fair market value of the common stock at either the beginning or the end of a three -month purchase period . on july 27 , 2018 , the espp was amended , effective february 5 , 2019 , to permit employee participants to acquire company common stock at 85% ( 85 % ) of the fair market value of the common stock at the end of the purchase period . as of december 31 , 2018 , there were 1.9 million shares of common stock reserved for issuance under the espp . the espp is considered compensatory . during the years ended december 31 , 2018 , 2017 and 2016 , the company issued 95 thousand , 93 thousand and 93 thousand shares , respectively , under the espp. .","['0.81', '72.81', '0.01112']" "['what is the ending allowance balance in 2006?', 'what about in 2005?', 'what is the net change?', 'what percentage change does this represent?', 'what is the value of non-trade receivables in 2007?', 'what about in 2006?', 'what is the net change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements ( continued ) note 2 2014financial instruments ( continued ) covered by collateral , third-party flooring arrangements , or credit insurance are outstanding with the company 2019s distribution and retail channel partners . one customer accounted for approximately 11% ( 11 % ) of trade receivables as of september 29 , 2007 , while no customers accounted for more than 10% ( 10 % ) of trade receivables as of september 30 , 2006 . the following table summarizes the activity in the allowance for doubtful accounts ( in millions ) : september 29 , september 30 , september 24 , 2007 2006 2005 .
1september 29 2007september 30 2006september 24 2005
2beginning allowance balance$ 52$ 46$ 47
3charged to costs and expenses12178
4deductions-17 ( 17 )-11 ( 11 )-9 ( 9 )
5ending allowance balance$ 47$ 52$ 46
vendor non-trade receivables the company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of raw material components to these manufacturing vendors who manufacture sub-assemblies or assemble final products for the company . the company purchases these raw material components directly from suppliers . these non-trade receivables , which are included in the consolidated balance sheets in other current assets , totaled $ 2.4 billion and $ 1.6 billion as of september 29 , 2007 and september 30 , 2006 , respectively . the company does not reflect the sale of these components in net sales and does not recognize any profits on these sales until the products are sold through to the end customer at which time the profit is recognized as a reduction of cost of sales . derivative financial instruments the company uses derivatives to partially offset its business exposure to foreign exchange risk . foreign currency forward and option contracts are used to offset the foreign exchange risk on certain existing assets and liabilities and to hedge the foreign exchange risk on expected future cash flows on certain forecasted revenue and cost of sales . the company 2019s accounting policies for these instruments are based on whether the instruments are designated as hedge or non-hedge instruments . the company records all derivatives on the balance sheet at fair value. .","['52.0', '46.0', '6.0', '0.13043', '2.4', '1.6', '0.8']" "['what portion of the total area the company uses is owned by them?', 'and what is that ratio only for facilities in the us?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 2 : properties information concerning applied 2019s properties is set forth below: .
1( square feet in thousands )united statesother countriestotal
2owned453024176947
3leased103713412378
4total556737589325
because of the interrelation of applied 2019s operations , properties within a country may be shared by the segments operating within that country . the company 2019s headquarters offices are in santa clara , california . products in semiconductor systems are manufactured in santa clara , california ; austin , texas ; gloucester , massachusetts ; kalispell , montana ; rehovot , israel ; and singapore . remanufactured equipment products in the applied global services segment are produced primarily in austin , texas . products in the display and adjacent markets segment are manufactured in alzenau , germany and tainan , taiwan . other products are manufactured in treviso , italy . applied also owns and leases offices , plants and warehouse locations in many locations throughout the world , including in europe , japan , north america ( principally the united states ) , israel , china , india , korea , southeast asia and taiwan . these facilities are principally used for manufacturing ; research , development and engineering ; and marketing , sales and customer support . applied also owns a total of approximately 269 acres of buildable land in montana , texas , california , israel and italy that could accommodate additional building space . applied considers the properties that it owns or leases as adequate to meet its current and future requirements . applied regularly assesses the size , capability and location of its global infrastructure and periodically makes adjustments based on these assessments. .","['0.74499', '0.81372']" "['what was the average price paid per share in 2013?', 'and what was the number of shares repurchased in that year?', 'what was, then, the total value of those shares?', 'and how much is that in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis of financial condition and results of operations 82 fifth third bancorp to 100 million shares of its outstanding common stock in the open market or in privately negotiated transactions , and to utilize any derivative or similar instrument to affect share repurchase transactions . this share repurchase authorization replaced the board 2019s previous authorization . on may 21 , 2013 , the bancorp entered into an accelerated share repurchase transaction with a counterparty pursuant to which the bancorp purchased 25035519 shares , or approximately $ 539 million , of its outstanding common stock on may 24 , 2013 . the bancorp repurchased the shares of its common stock as part of its 100 million share repurchase program previously announced on march 19 , 2013 . at settlement of the forward contract on october 1 , 2013 , the bancorp received an additional 4270250 shares which were recorded as an adjustment to the basis in the treasury shares purchased on the acquisition date . on november 13 , 2013 , the bancorp entered into an accelerated share repurchase transaction with a counterparty pursuant to which the bancorp purchased 8538423 shares , or approximately $ 200 million , of its outstanding common stock on november 18 , 2013 . the bancorp repurchased the shares of its common stock as part of its board approved 100 million share repurchase program previously announced on march 19 , 2013 . the bancorp expects the settlement of the transaction to occur on or before february 28 , 2014 . on december 10 , 2013 , the bancorp entered into an accelerated share repurchase transaction with a counterparty pursuant to which the bancorp purchased 19084195 shares , or approximately $ 456 million , of its outstanding common stock on december 13 , 2013 . the bancorp repurchased the shares of its common stock as part of its board approved 100 million share repurchase program previously announced on march 19 , 2013 . the bancorp expects the settlement of the transaction to occur on or before march 26 , 2014 . on january 28 , 2014 , the bancorp entered into an accelerated share repurchase transaction with a counterparty pursuant to which the bancorp purchased 3950705 shares , or approximately $ 99 million , of its outstanding common stock on january 31 , 2014 . the bancorp repurchased the shares of its common stock as part of its board approved 100 million share repurchase program previously announced on march 19 , 2013 . the bancorp expects the settlement of the transaction to occur on or before march 26 , 2014 . table 61 : share repurchases .
1for the years ended december 31201320122011
2shares authorized for repurchase at january 1630466821920151819201518
3additional authorizations ( a )4554105786269178-
4share repurchases ( b )-65516126 ( 65516126 )-42424014 ( 42424014 )-
5shares authorized for repurchase at december 31430716136304668219201518
6average price paid per share$ 18.80$ 14.82n/a
( a ) in march 2013 , the bancorp announced that its board of directors had authorized management to purchase 100 million shares of the bancorp 2019s common stock through the open market or in any private transaction . the authorization does not include specific price targets or an expiration date . this share repurchase authorization replaces the board 2019s previous authorization pursuant to which approximately 54 million shares remained available for repurchase by the bancorp . ( b ) excludes 1863097 , 2059003 and 1164254 shares repurchased during 2013 , 2012 , and 2011 , respectively , in connection with various employee compensation plans . these repurchases are not included in the calculation for average price paid and do not count against the maximum number of shares that may yet be repurchased under the board of directors 2019 authorization . stress tests and ccar the frb issued guidelines known as ccar , which provide a common , conservative approach to ensure bhcs , including the bancorp , hold adequate capital to maintain ready access to funding , continue operations and meet their obligations to creditors and counterparties , and continue to serve as credit intermediaries , even in adverse conditions . the ccar process requires the submission of a comprehensive capital plan that assumes a minimum planning horizon of nine quarters under various economic scenarios . the mandatory elements of the capital plan are an assessment of the expected use and sources of capital over the planning horizon , a description of all planned capital actions over the planning horizon , a discussion of any expected changes to the bancorp 2019s business plan that are likely to have a material impact on its capital adequacy or liquidity , a detailed description of the bancorp 2019s process for assessing capital adequacy and the bancorp 2019s capital policy . the capital plan must reflect the revised capital framework that the frb adopted in connection with the implementation of the basel iii accord , including the framework 2019s minimum regulatory capital ratios and transition arrangements . the frb 2019s review of the capital plan will assess the comprehensiveness of the capital plan , the reasonableness of the assumptions and the analysis underlying the capital plan . additionally , the frb reviews the robustness of the capital adequacy process , the capital policy and the bancorp 2019s ability to maintain capital above the minimum regulatory capital ratios as they transition to basel iii and above a basel i tier 1 common ratio of 5 percent under baseline and stressful conditions throughout a nine- quarter planning horizon . the frb issued stress testing rules that implement section 165 ( i ) ( 1 ) and ( i ) ( 2 ) of the dfa . large bhcs , including the bancorp , are subject to the final stress testing rules . the rules require both supervisory and company-run stress tests , which provide forward- looking information to supervisors to help assess whether institutions have sufficient capital to absorb losses and support operations during adverse economic conditions . in march of 2013 , the frb announced it had completed the 2013 ccar . for bhcs that proposed capital distributions in their plan , the frb either objected to the plan or provided a non- objection whereby the frb concurred with the proposed 2013 capital distributions . the frb indicated to the bancorp that it did not object to the following proposed capital actions for the period beginning april 1 , 2013 and ending march 31 , 2014 : f0b7 increase in the quarterly common stock dividend to $ 0.12 per share ; f0b7 repurchase of up to $ 750 million in trups subject to the determination of a regulatory capital event and replacement with the issuance of a similar amount of tier ii-qualifying subordinated debt ; f0b7 conversion of the $ 398 million in outstanding series g 8.5% ( 8.5 % ) convertible preferred stock into approximately 35.5 million common shares issued to the holders . if this conversion were to occur , the bancorp would intend to repurchase common shares equivalent to those issued in the conversion up to $ 550 million in market value , and issue $ 550 million in preferred stock; .","['18.8', '43071613.0', '809746324.4', '809.74632']" "['what percentage of the total exposure net of all collateral has a rating equivalent of a+/a1 to a-/a3?', 'what percentage of the ratings profile of derivative receivables were junk-rated in 2013?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis 126 jpmorgan chase & co./2014 annual report while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure . to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) . these measures all incorporate netting and collateral benefits , where applicable . peak exposure to a counterparty is an extreme measure of exposure calculated at a 97.5% ( 97.5 % ) confidence level . dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be equivalent to the risk of loan exposures . the measurement is done by equating the unexpected loss in a derivative counterparty exposure ( which takes into consideration both the loss volatility and the credit rating of the counterparty ) with the unexpected loss in a loan exposure ( which takes into consideration only the credit rating of the counterparty ) . dre is a less extreme measure of potential credit loss than peak and is the primary measure used by the firm for credit approval of derivative transactions . finally , avg is a measure of the expected fair value of the firm 2019s derivative receivables at future time periods , including the benefit of collateral . avg exposure over the total life of the derivative contract is used as the primary metric for pricing purposes and is used to calculate credit capital and the cva , as further described below . the three year avg exposure was $ 37.5 billion and $ 35.4 billion at december 31 , 2014 and 2013 , respectively , compared with derivative receivables , net of all collateral , of $ 59.4 billion and $ 51.3 billion at december 31 , 2014 and 2013 , respectively . the fair value of the firm 2019s derivative receivables incorporates an adjustment , the cva , to reflect the credit quality of counterparties . the cva is based on the firm 2019s avg to a counterparty and the counterparty 2019s credit spread in the credit derivatives market . the primary components of changes in cva are credit spreads , new deal activity or unwinds , and changes in the underlying market environment . the firm believes that active risk management is essential to controlling the dynamic credit risk in the derivatives portfolio . in addition , the firm 2019s risk management process takes into consideration the potential impact of wrong-way risk , which is broadly defined as the potential for increased correlation between the firm 2019s exposure to a counterparty ( avg ) and the counterparty 2019s credit quality . many factors may influence the nature and magnitude of these correlations over time . to the extent that these correlations are identified , the firm may adjust the cva associated with that counterparty 2019s avg . the firm risk manages exposure to changes in cva by entering into credit derivative transactions , as well as interest rate , foreign exchange , equity and commodity derivative transactions . the accompanying graph shows exposure profiles to the firm 2019s current derivatives portfolio over the next 10 years as calculated by the dre and avg metrics . the two measures generally show that exposure will decline after the first year , if no new trades are added to the portfolio . the following table summarizes the ratings profile by derivative counterparty of the firm 2019s derivative receivables , including credit derivatives , net of other liquid securities collateral , for the dates indicated . the ratings scale is based on the firm 2019s internal ratings , which generally correspond to the ratings as defined by s&p and moody 2019s . ratings profile of derivative receivables rating equivalent 2014 2013 ( a ) december 31 , ( in millions , except ratios ) exposure net of all collateral % ( % ) of exposure net of all collateral exposure net of all collateral % ( % ) of exposure net of all collateral .
1rating equivalent december 31 ( in millions except ratios )rating equivalent exposure net of all collateralrating equivalent % ( % ) of exposure net of all collateralexposure net of all collateral% ( % ) of exposure net of all collateral
2aaa/aaa to aa-/aa3$ 1920232% ( 32 % )$ 1295325% ( 25 % )
3a+/a1 to a-/a313940241293025
4bbb+/baa1 to bbb-/baa319008321522030
5bb+/ba1 to b-/b3638411680613
6ccc+/caa1 and below837134157
7total$ 59371100% ( 100 % )$ 51324100% ( 100 % )
( a ) the prior period amounts have been revised to conform with the current period presentation. .","['0.23479', '20.0']" "['what is the change in the balance of foreign currency forward contracts liability from 2010 to 2011?', 'what is the balance of foreign currency forward contracts liability in 2010?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: from time to time , we may elect to use foreign currency forward contracts to reduce the risk from exchange rate fluctuations on intercompany transactions and projected inventory purchases for our european and canadian subsidiaries . in addition , we may elect to enter into foreign currency forward contracts to reduce the risk associated with foreign currency exchange rate fluctuations on pound sterling denominated balance sheet items . we do not enter into derivative financial instruments for speculative or trading purposes . based on the foreign currency forward contracts outstanding as of december 31 , 2011 , we receive u.s . dollars in exchange for canadian dollars at a weighted average contractual forward foreign currency exchange rate of 1.03 cad per $ 1.00 , u.s . dollars in exchange for euros at a weighted average contractual foreign currency exchange rate of 20ac0.77 per $ 1.00 and euros in exchange for pounds sterling at a weighted average contractual foreign currency exchange rate of a30.84 per 20ac1.00 . as of december 31 , 2011 , the notional value of our outstanding foreign currency forward contracts for our canadian subsidiary was $ 51.1 million with contract maturities of 1 month or less , and the notional value of our outstanding foreign currency forward contracts for our european subsidiary was $ 50.0 million with contract maturities of 1 month . as of december 31 , 2011 , the notional value of our outstanding foreign currency forward contract used to mitigate the foreign currency exchange rate fluctuations on pound sterling denominated balance sheet items was 20ac10.5 million , or $ 13.6 million , with a contract maturity of 1 month . the foreign currency forward contracts are not designated as cash flow hedges , and accordingly , changes in their fair value are recorded in other expense , net on the consolidated statements of income . the fair values of our foreign currency forward contracts were liabilities of $ 0.7 million and $ 0.6 million as of december 31 , 2011 and 2010 , respectively , and were included in accrued expenses on the consolidated balance sheet . refer to note 10 to the consolidated financial statements for a discussion of the fair value measurements . included in other expense , net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts: .
1year ended december 31 , ( in thousands )year ended december 31 , 2011year ended december 31 , 20102009
2unrealized foreign currency exchange rate gains ( losses )$ -4027 ( 4027 )$ -1280 ( 1280 )$ 5222
3realized foreign currency exchange rate gains ( losses )298-2638 ( 2638 )-261 ( 261 )
4unrealized derivative losses-31 ( 31 )-809 ( 809 )-1060 ( 1060 )
5realized derivative gains ( losses )16963549-4412 ( 4412 )
we enter into foreign currency forward contracts with major financial institutions with investment grade credit ratings and are exposed to credit losses in the event of non-performance by these financial institutions . this credit risk is generally limited to the unrealized gains in the foreign currency forward contracts . however , we monitor the credit quality of these financial institutions and consider the risk of counterparty default to be minimal . although we have entered into foreign currency forward contracts to minimize some of the impact of foreign currency exchange rate fluctuations on future cash flows , we cannot be assured that foreign currency exchange rate fluctuations will not have a material adverse impact on our financial condition and results of operations . inflation inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results . although we do not believe that inflation has had a material impact on our financial position or results of operations to date , a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling , general and administrative expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs. .","['0.1', '0.6', '0.16667']" "['what was the change of hqla from 12/31/16 to 12/31/17?', 'what was the increase of hqla in excess of net outflows between 2016 and 2017?', 'and the percentage change of this value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: liquidity monitoring and measurement stress testing liquidity stress testing is performed for each of citi 2019s major entities , operating subsidiaries and/or countries . stress testing and scenario analyses are intended to quantify the potential impact of an adverse liquidity event on the balance sheet and liquidity position , and to identify viable funding alternatives that can be utilized . these scenarios include assumptions about significant changes in key funding sources , market triggers ( such as credit ratings ) , potential uses of funding and geopolitical and macroeconomic conditions . these conditions include expected and stressed market conditions as well as company-specific events . liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over a variety of time horizons and over different stressed conditions . liquidity limits are set accordingly . to monitor the liquidity of an entity , these stress tests and potential mismatches are calculated with varying frequencies , with several tests performed daily . given the range of potential stresses , citi maintains contingency funding plans on a consolidated basis and for individual entities . these plans specify a wide range of readily available actions for a variety of adverse market conditions or idiosyncratic stresses . short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal liquidity stress metrics that citi has developed for a 30-day stress scenario , citi also monitors its liquidity by reference to the lcr , as calculated pursuant to the u.s . lcr rules . generally , the lcr is designed to ensure that banks maintain an adequate level of hqla to meet liquidity needs under an acute 30-day stress scenario . the lcr is calculated by dividing hqla by estimated net outflows over a stressed 30-day period , with the net outflows determined by applying prescribed outflow factors to various categories of liabilities , such as deposits , unsecured and secured wholesale borrowings , unused lending commitments and derivatives- related exposures , partially offset by inflows from assets maturing within 30 days . banks are required to calculate an add-on to address potential maturity mismatches between contractual cash outflows and inflows within the 30-day period in determining the total amount of net outflows . the minimum lcr requirement is 100% ( 100 % ) , effective january 2017 . pursuant to the federal reserve board 2019s final rule regarding lcr disclosures , effective april 1 , 2017 , citi began to disclose lcr in the prescribed format . the table below sets forth the components of citi 2019s lcr calculation and hqla in excess of net outflows for the periods indicated : in billions of dollars dec . 31 , sept . 30 , dec . 31 .
1in billions of dollarsdec . 31 2017sept . 30 2017dec . 31 2016
2hqla$ 446.4$ 448.6$ 403.7
3net outflows364.3365.1332.5
4lcr123% ( 123 % )123% ( 123 % )121% ( 121 % )
5hqla in excess of net outflows$ 82.1$ 83.5$ 71.3
note : amounts set forth in the table above are presented on an average basis . as set forth in the table above , citi 2019s lcr increased year- over-year , as the increase in the hqla ( as discussed above ) more than offset an increase in modeled net outflows . the increase in modeled net outflows was primarily driven by changes in assumptions , including changes in methodology to better align citi 2019s outflow assumptions with those embedded in its resolution planning . sequentially , citi 2019s lcr remained unchanged . long-term liquidity measurement : net stable funding ratio ( nsfr ) in 2016 , the federal reserve board , the fdic and the occ issued a proposed rule to implement the basel iii nsfr requirement . the u.s.-proposed nsfr is largely consistent with the basel committee 2019s final nsfr rules . in general , the nsfr assesses the availability of a bank 2019s stable funding against a required level . a bank 2019s available stable funding would include portions of equity , deposits and long-term debt , while its required stable funding would be based on the liquidity characteristics of its assets , derivatives and commitments . prescribed factors would be required to be applied to the various categories of asset and liabilities classes . the ratio of available stable funding to required stable funding would be required to be greater than 100% ( 100 % ) . while citi believes that it is compliant with the proposed u.s . nsfr rules as of december 31 , 2017 , it will need to evaluate a final version of the rules , which are expected to be released during 2018 . citi expects that the nsfr final rules implementation period will be communicated along with the final version of the rules. .","['42.7', '10.8', '0.15147']" "['what was the difference in 401 ( k ) contributions between the years of 2016 and 2017?', 'and what was the total of 401 ( k ) contributions in the year of 2016?', 'how much does that difference represent in relation to these contributions of 2016?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: valuation techniques 2013 cash equivalents are mostly comprised of short-term money-market instruments and are valued at cost , which approximates fair value . u.s . equity securities and international equity securities categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year . for u.s . equity securities and international equity securities not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker or investment manager . these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager . commingled equity funds categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year . for commingled equity funds not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker or investment manager . these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor . fixed income investments categorized as level 2 are valued by the trustee using pricing models that use verifiable observable market data ( e.g. , interest rates and yield curves observable at commonly quoted intervals and credit spreads ) , bids provided by brokers or dealers or quoted prices of securities with similar characteristics . fixed income investments are categorized as level 3 when valuations using observable inputs are unavailable . the trustee typically obtains pricing based on indicative quotes or bid evaluations from vendors , brokers or the investment manager . in addition , certain other fixed income investments categorized as level 3 are valued using a discounted cash flow approach . significant inputs include projected annuity payments and the discount rate applied to those payments . certain commingled equity funds , consisting of equity mutual funds , are valued using the nav . the nav valuations are based on the underlying investments and typically redeemable within 90 days . private equity funds consist of partnership and co-investment funds . the nav is based on valuation models of the underlying securities , which includes unobservable inputs that cannot be corroborated using verifiable observable market data . these funds typically have redemption periods between eight and 12 years . real estate funds consist of partnerships , most of which are closed-end funds , for which the nav is based on valuation models and periodic appraisals . these funds typically have redemption periods between eight and 10 years . hedge funds consist of direct hedge funds for which the nav is generally based on the valuation of the underlying investments . redemptions in hedge funds are based on the specific terms of each fund , and generally range from a minimum of one month to several months . contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules . we made contributions of $ 5.0 billion to our qualified defined benefit pension plans in 2018 , including required and discretionary contributions . as a result of these contributions , we do not expect to make contributions to our qualified defined benefit pension plans in 2019 . the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2018 ( in millions ) : .
1201920202021202220232024 2013 2028
2qualified defined benefit pension plans$ 2350$ 2390$ 2470$ 2550$ 2610$ 13670
3retiree medical and life insurance plans170180180180170810
defined contribution plans we maintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees . under the provisions of our 401 ( k ) plans , we match most employees 2019 eligible contributions at rates specified in the plan documents . our contributions were $ 658 million in 2018 , $ 613 million in 2017 and $ 617 million in 2016 , the majority of which were funded using our common stock . our defined contribution plans held approximately 33.3 million and 35.5 million shares of our common stock as of december 31 , 2018 and 2017. .","['-4.0', '617.0', '-0.00648']" "['what percentage of the total of the interest only products home equity lines of credit draw periods is represented by the ones scheduled to end in 2017?', 'and what is the value of the interest only products home equity lines that are scheduled to end in 2015?', 'what is that for 2014?', 'what is, then, the total value of the interest only products home equity lines of credit draw periods scheduled to end in both years combined?', 'including 2013, what then becomes this total value?', 'and what is the average between those three years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: consist of first and second liens , the charge-off amounts for the pool are proportionate to the composition of first and second liens in the pool . our experience has been that the ratio of first to second lien loans has been consistent over time and is appropriately represented in our pools used for roll-rate calculations . generally , our variable-rate home equity lines of credit have either a seven or ten year draw period , followed by a 20 year amortization term . during the draw period , we have home equity lines of credit where borrowers pay interest only and home equity lines of credit where borrowers pay principal and interest . based upon outstanding balances at december 31 , 2012 , the following table presents the periods when home equity lines of credit draw periods are scheduled to end . table 39 : home equity lines of credit 2013 draw period end in millions interest product principal interest product .
1in millionsinterestonlyproductprincipalandinterestproduct
22013$ 1338$ 221
320142048475
420152024654
520161571504
620173075697
72018 and thereafter54974825
8total ( a )$ 15553$ 7376
( a ) includes approximately $ 166 million , $ 208 million , $ 213 million , $ 61 million , $ 70 million and $ 526 million of home equity lines of credit with balloon payments with draw periods scheduled to end in 2013 , 2014 , 2015 , 2016 , 2017 and 2018 and thereafter , respectively . we view home equity lines of credit where borrowers are paying principal and interest under the draw period as less risky than those where the borrowers are paying interest only , as these borrowers have a demonstrated ability to make some level of principal and interest payments . based upon outstanding balances , and excluding purchased impaired loans , at december 31 , 2012 , for home equity lines of credit for which the borrower can no longer draw ( e.g. , draw period has ended or borrowing privileges have been terminated ) , approximately 3.86% ( 3.86 % ) were 30-89 days past due and approximately 5.96% ( 5.96 % ) were greater than or equal to 90 days past due . generally , when a borrower becomes 60 days past due , we terminate borrowing privileges , and those privileges are not subsequently reinstated . at that point , we continue our collection/recovery processes , which may include a loss mitigation loan modification resulting in a loan that is classified as a tdr . see note 5 asset quality in the notes to consolidated financial statements in item 8 of this report for additional information . loan modifications and troubled debt restructurings consumer loan modifications we modify loans under government and pnc-developed programs based upon our commitment to help eligible homeowners and borrowers avoid foreclosure , where appropriate . initially , a borrower is evaluated for a modification under a government program . if a borrower does not qualify under a government program , the borrower is then evaluated under a pnc program . our programs utilize both temporary and permanent modifications and typically reduce the interest rate , extend the term and/or defer principal . temporary and permanent modifications under programs involving a change to loan terms are generally classified as tdrs . further , certain payment plans and trial payment arrangements which do not include a contractual change to loan terms may be classified as tdrs . additional detail on tdrs is discussed below as well as in note 5 asset quality in the notes to consolidated financial statements in item 8 of this report . a temporary modification , with a term between three and 60 months , involves a change in original loan terms for a period of time and reverts to a calculated exit rate for the remaining term of the loan as of a specific date . a permanent modification , with a term greater than 60 months , is a modification in which the terms of the original loan are changed . permanent modifications primarily include the government-created home affordable modification program ( hamp ) or pnc-developed hamp-like modification programs . for consumer loan programs , such as residential mortgages and home equity loans and lines , we will enter into a temporary modification when the borrower has indicated a temporary hardship and a willingness to bring current the delinquent loan balance . examples of this situation often include delinquency due to illness or death in the family , or a loss of employment . permanent modifications are entered into when it is confirmed that the borrower does not possess the income necessary to continue making loan payments at the current amount , but our expectation is that payments at lower amounts can be made . residential mortgage and home equity loans and lines have been modified with changes in terms for up to 60 months , although the majority involve periods of three to 24 months . we also monitor the success rates and delinquency status of our loan modification programs to assess their effectiveness in serving our customers 2019 needs while mitigating credit losses . the following tables provide the number of accounts and unpaid principal balance of modified consumer real estate related loans as well as the number of accounts and unpaid principal balance of modified loans that were 60 days or more past due as of six months , nine months , twelve months and fifteen months after the modification date . the pnc financial services group , inc . 2013 form 10-k 91 .","['0.19771', '1338.0', '2048.0', '3386.0', '5410.0', '1803.33333']" "['what was the total indemnification and repurchase liability for estimated losses on indemnification and repurchase claims for the years of 2010 and 2011, combined?', 'and, only in 2011, how much did the home equity loans represent in relation to that total indemnification and repurchase liability, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: agreements associated with the agency securitizations , most sale agreements do not provide for penalties or other remedies if we do not respond timely to investor indemnification or repurchase requests . origination and sale of residential mortgages is an ongoing business activity and , accordingly , management continually assesses the need to recognize indemnification and repurchase liabilities pursuant to the associated investor sale agreements . we establish indemnification and repurchase liabilities for estimated losses on sold first and second-lien mortgages and home equity loans/lines for which indemnification is expected to be provided or for loans that are expected to be repurchased . for the first and second-lien mortgage sold portfolio , we have established an indemnification and repurchase liability pursuant to investor sale agreements based on claims made and our estimate of future claims on a loan by loan basis . these relate primarily to loans originated during 2006-2008 . for the home equity loans/lines sold portfolio , we have established indemnification and repurchase liabilities based upon this same methodology for loans sold during 2005-2007 . indemnification and repurchase liabilities are initially recognized when loans are sold to investors and are subsequently evaluated by management . initial recognition and subsequent adjustments to the indemnification and repurchase liability for the sold residential mortgage portfolio are recognized in residential mortgage revenue on the consolidated income statement . since pnc is no longer engaged in the brokered home equity lending business , only subsequent adjustments are recognized to the home equity loans/lines indemnification and repurchase liability . these adjustments are recognized in other noninterest income on the consolidated income statement . management 2019s subsequent evaluation of these indemnification and repurchase liabilities is based upon trends in indemnification and repurchase requests , actual loss experience , risks in the underlying serviced loan portfolios , and current economic conditions . as part of its evaluation , management considers estimated loss projections over the life of the subject loan portfolio . at december 31 , 2011 and december 31 , 2010 , the total indemnification and repurchase liability for estimated losses on indemnification and repurchase claims totaled $ 130 million and $ 294 million , respectively , and was included in other liabilities on the consolidated balance sheet . an analysis of the changes in this liability during 2011 and 2010 follows : analysis of indemnification and repurchase liability for asserted claims and unasserted claims .
1in millions2011 residential mortgages ( a )2011 home equity loans/lines ( b )2011 total2011 residential mortgages ( a )2011 home equity loans/lines ( b )total
2january 1$ 144$ 150$ 294$ 229$ 41$ 270
3reserve adjustments net1024106120144264
4losses 2013 loan repurchases and settlements-163 ( 163 )-107 ( 107 )-270 ( 270 )-205 ( 205 )-35 ( 35 )-240 ( 240 )
5december 31$ 83$ 47$ 130$ 144$ 150$ 294
( a ) repurchase obligation associated with sold loan portfolios of $ 121.4 billion and $ 139.8 billion at december 31 , 2011 and december 31 , 2010 , respectively . ( b ) repurchase obligation associated with sold loan portfolios of $ 4.5 billion and $ 6.5 billion at december 31 , 2011 and december 31 , 2010 , respectively . pnc is no longer engaged in the brokered home equity lending business , which was acquired with national city . management believes our indemnification and repurchase liabilities appropriately reflect the estimated probable losses on investor indemnification and repurchase claims at december 31 , 2011 and 2010 . while management seeks to obtain all relevant information in estimating the indemnification and repurchase liability , the estimation process is inherently uncertain and imprecise and , accordingly , it is reasonably possible that future indemnification and repurchase losses could be more or less than our established liability . factors that could affect our estimate include the volume of valid claims driven by investor strategies and behavior , our ability to successfully negotiate claims with investors , housing prices , and other economic conditions . at december 31 , 2011 , we estimate that it is reasonably possible that we could incur additional losses in excess of our indemnification and repurchase liability of up to $ 85 million . this estimate of potential additional losses in excess of our liability is based on assumed higher investor demands , lower claim rescissions , and lower home prices than our current assumptions . reinsurance agreements we have two wholly-owned captive insurance subsidiaries which provide reinsurance to third-party insurers related to insurance sold to our customers . these subsidiaries enter into various types of reinsurance agreements with third-party insurers where the subsidiary assumes the risk of loss through either an excess of loss or quota share agreement up to 100% ( 100 % ) reinsurance . in excess of loss agreements , these subsidiaries assume the risk of loss for an excess layer of coverage up to specified limits , once a defined first loss percentage is met . in quota share agreements , the subsidiaries and third-party insurers share the responsibility for payment of all claims . these subsidiaries provide reinsurance for accidental death & dismemberment , credit life , accident & health , lender placed 200 the pnc financial services group , inc . 2013 form 10-k .","['424.0', '0.36154']" "['what was the number of owned sites in the us and mexico?', 'and including brazil?', 'and the total amount including india?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: ( 201cati 201d ) and spectrasite communications , llc ( 201cspectrasite 201d ) . we conduct our international operations through our subsidiary , american tower international , inc. , which in turn conducts operations through its various international operating subsidiaries . our international operations consist primarily of our operations in mexico and brazil , and also include operations in india , which we established in the second half of 2007 . we operate in two business segments : rental and management and network development services . for more information about our business segments , as well as financial information about the geographic areas in which we operate , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 201d and note 18 to our consolidated financial statements included in this annual report . products and services rental and management our primary business is our communications site leasing business , which we conduct through our rental and management segment . this segment accounted for approximately 97% ( 97 % ) , 98% ( 98 % ) and 98% ( 98 % ) of our total revenues for the years ended december 31 , 2008 , 2007 and 2006 , respectively . our rental and management segment is comprised of our domestic and international site leasing business , including the operation of wireless communications towers , broadcast communications towers and das networks , as well as rooftop management . wireless communications towers.we are a leading owner and operator of wireless communications towers in the united states , mexico and brazil , based on number of towers and revenue . we also own and operate communications towers in india , where we commenced operations in the second half of 2007 . in addition to owned wireless communications towers , we also manage wireless communications sites for property owners in the united states , mexico and brazil . approximately 92% ( 92 % ) , 91% ( 91 % ) and 91% ( 91 % ) of our rental and management segment revenue was attributable to our wireless communications towers for the years ended december 31 , 2008 , 2007 and 2006 , respectively . as of december 31 , 2008 , our wireless communications tower portfolio included the following : country number of owned sites ( approx ) coverage area united states . . . . . . . . . . . 19400 coverage spans 49 states and the district of columbia ; 90% ( 90 % ) of network provides coverage in the top 100 markets or core areas such as high traffic interstate corridors . mexico . . . . . . . . . . . . . . . . 2500 coverage primarily concentrated in highly populated areas , including mexico city , monterrey , guadalajara and acapulco . brazil . . . . . . . . . . . . . . . . . 1100 coverage primarily concentrated in major metropolitan areas in central and southern brazil , including sao paulo , rio de janeiro , brasilia and curitiba . india . . . . . . . . . . . . . . . . . . 200 initial-phase coverage ( operations established in the second half of 2007 ) . we lease space on our wireless communications towers to customers in a diverse range of wireless industries , including personal communications services , cellular , enhanced specialized mobile radio , wimax . paging and fixed microwave . our major domestic wireless customers include at&t mobility , sprint nextel , verizon wireless ( which completed its merger with alltel in january 2009 ) and t-mobile usa . our major international wireless customers include grupo iusacell ( iusacell celular and unefon in mexico ) , nextel international in mexico and brazil , telefonica ( movistar in mexico and vivo in brazil ) , america movil ( telcel in mexico and claro in brazil ) and telecom italia mobile ( tim ) in brazil . for the year ended december 31 .
1countrynumber of owned sites ( approx )coverage area
2united states19400coverage spans 49 states and the district of columbia ; 90% ( 90 % ) of network provides coverage in the top 100 markets or core areas such as high traffic interstate corridors .
3mexico2500coverage primarily concentrated in highly populated areas including mexico city monterrey guadalajara and acapulco .
4brazil1100coverage primarily concentrated in major metropolitan areas in central and southern brazil including sao paulo rio de janeiro brasilia and curitiba .
5india200initial-phase coverage ( operations established in the second half of 2007 ) .
( 201cati 201d ) and spectrasite communications , llc ( 201cspectrasite 201d ) . we conduct our international operations through our subsidiary , american tower international , inc. , which in turn conducts operations through its various international operating subsidiaries . our international operations consist primarily of our operations in mexico and brazil , and also include operations in india , which we established in the second half of 2007 . we operate in two business segments : rental and management and network development services . for more information about our business segments , as well as financial information about the geographic areas in which we operate , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 201d and note 18 to our consolidated financial statements included in this annual report . products and services rental and management our primary business is our communications site leasing business , which we conduct through our rental and management segment . this segment accounted for approximately 97% ( 97 % ) , 98% ( 98 % ) and 98% ( 98 % ) of our total revenues for the years ended december 31 , 2008 , 2007 and 2006 , respectively . our rental and management segment is comprised of our domestic and international site leasing business , including the operation of wireless communications towers , broadcast communications towers and das networks , as well as rooftop management . wireless communications towers.we are a leading owner and operator of wireless communications towers in the united states , mexico and brazil , based on number of towers and revenue . we also own and operate communications towers in india , where we commenced operations in the second half of 2007 . in addition to owned wireless communications towers , we also manage wireless communications sites for property owners in the united states , mexico and brazil . approximately 92% ( 92 % ) , 91% ( 91 % ) and 91% ( 91 % ) of our rental and management segment revenue was attributable to our wireless communications towers for the years ended december 31 , 2008 , 2007 and 2006 , respectively . as of december 31 , 2008 , our wireless communications tower portfolio included the following : country number of owned sites ( approx ) coverage area united states . . . . . . . . . . . 19400 coverage spans 49 states and the district of columbia ; 90% ( 90 % ) of network provides coverage in the top 100 markets or core areas such as high traffic interstate corridors . mexico . . . . . . . . . . . . . . . . 2500 coverage primarily concentrated in highly populated areas , including mexico city , monterrey , guadalajara and acapulco . brazil . . . . . . . . . . . . . . . . . 1100 coverage primarily concentrated in major metropolitan areas in central and southern brazil , including sao paulo , rio de janeiro , brasilia and curitiba . india . . . . . . . . . . . . . . . . . . 200 initial-phase coverage ( operations established in the second half of 2007 ) . we lease space on our wireless communications towers to customers in a diverse range of wireless industries , including personal communications services , cellular , enhanced specialized mobile radio , wimax . paging and fixed microwave . our major domestic wireless customers include at&t mobility , sprint nextel , verizon wireless ( which completed its merger with alltel in january 2009 ) and t-mobile usa . our major international wireless customers include grupo iusacell ( iusacell celular and unefon in mexico ) , nextel international in mexico and brazil , telefonica ( movistar in mexico and vivo in brazil ) , america movil ( telcel in mexico and claro in brazil ) and telecom italia mobile ( tim ) in brazil . for the year ended december 31 .","['21900.0', '23000.0', '23200.0']" "['what was the change in the net sales from 2011 to 2012?', 'and what were those net sales in 2011?', 'what percentage, then, did that change represent in relation to this 2011 amount?', 'and in that same period, what was the variation in the gross margin percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: $ 43.3 million in 2011 compared to $ 34.1 million in 2010 . the retail segment represented 13% ( 13 % ) and 15% ( 15 % ) of the company 2019s total net sales in 2011 and 2010 , respectively . the retail segment 2019s operating income was $ 4.7 billion , $ 3.2 billion , and $ 2.3 billion during 2012 , 2011 , and 2010 respectively . these year-over-year increases in retail operating income were primarily attributable to higher overall net sales that resulted in significantly higher average revenue per store during the respective years . gross margin gross margin for 2012 , 2011 and 2010 are as follows ( in millions , except gross margin percentages ) : .
1201220112010
2net sales$ 156508$ 108249$ 65225
3cost of sales878466443139541
4gross margin$ 68662$ 43818$ 25684
5gross margin percentage43.9% ( 43.9 % )40.5% ( 40.5 % )39.4% ( 39.4 % )
the gross margin percentage in 2012 was 43.9% ( 43.9 % ) , compared to 40.5% ( 40.5 % ) in 2011 . this year-over-year increase in gross margin was largely driven by lower commodity and other product costs , a higher mix of iphone sales , and improved leverage on fixed costs from higher net sales . the increase in gross margin was partially offset by the impact of a stronger u.s . dollar . the gross margin percentage during the first half of 2012 was 45.9% ( 45.9 % ) compared to 41.4% ( 41.4 % ) during the second half of 2012 . the primary drivers of higher gross margin in the first half of 2012 compared to the second half are a higher mix of iphone sales and improved leverage on fixed costs from higher net sales . additionally , gross margin in the second half of 2012 was also affected by the introduction of new products with flat pricing that have higher cost structures and deliver greater value to customers , price reductions on certain existing products , higher transition costs associated with product launches , and continued strengthening of the u.s . dollar ; partially offset by lower commodity costs . the gross margin percentage in 2011 was 40.5% ( 40.5 % ) , compared to 39.4% ( 39.4 % ) in 2010 . this year-over-year increase in gross margin was largely driven by lower commodity and other product costs . the company expects to experience decreases in its gross margin percentage in future periods , as compared to levels achieved during 2012 , and the company anticipates gross margin of about 36% ( 36 % ) during the first quarter of 2013 . expected future declines in gross margin are largely due to a higher mix of new and innovative products with flat or reduced pricing that have higher cost structures and deliver greater value to customers and anticipated component cost and other cost increases . future strengthening of the u.s . dollar could further negatively impact gross margin . the foregoing statements regarding the company 2019s expected gross margin percentage in future periods , including the first quarter of 2013 , are forward-looking and could differ from actual results because of several factors including , but not limited to those set forth above in part i , item 1a of this form 10-k under the heading 201crisk factors 201d and those described in this paragraph . in general , gross margins and margins on individual products will remain under downward pressure due to a variety of factors , including continued industry wide global product pricing pressures , increased competition , compressed product life cycles , product transitions and potential increases in the cost of components , as well as potential increases in the costs of outside manufacturing services and a potential shift in the company 2019s sales mix towards products with lower gross margins . in response to competitive pressures , the company expects it will continue to take product pricing actions , which would adversely affect gross margins . gross margins could also be affected by the company 2019s ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products . due to the company 2019s significant international operations , financial results can be significantly affected in the short-term by fluctuations in exchange rates. .","['48259.0', '108249.0', '0.44581', '1.1']" "['what is the total number of securities to be issued upon exercise of outstanding options warrants and rights?', 'what is the total number of securities remaining available for future issuance under equity compensation plans?', 'what is the sum?', 'what is the total number of securities remaining available for future issuance under equity compensation plans?', 'what is that divided by the earlier sum value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2018 . equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 399165 $ 0.00 3995600 equity compensation plans not approved by security holders ( 2 ) 2014 2014 2014 .
1plan categorynumber of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b )weighted-average exercise price of outstanding optionswarrants and rightsnumber of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )
2equity compensation plans approved by security holders399165$ 0.003995600
3equity compensation plans not approved by security holders ( 2 )201420142014
4total399165$ 0.003995600
( 1 ) includes grants made under the huntington ingalls industries , inc . 2012 long-term incentive stock plan ( the ""2012 plan"" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc . 2011 long-term incentive stock plan ( the ""2011 plan"" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation . of these shares , 27123 were stock rights granted under the 2011 plan . in addition , this number includes 31697 stock rights , 5051 restricted stock rights , and 335293 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement . ( 2 ) there are no awards made under plans not approved by security holders . item 13 . certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year . item 14 . principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year. .","['399165.0', '3995600.0', '4394765.0', '3995600.0', '0.90917']" "['what was the sum of employee purchases through the espp for 2000 and 2001?', 'what is the sum including purchases from 2002?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: echostar communications corporation notes to consolidated financial statements - continued closing price of the class a common stock on the last business day of each calendar quarter in which such shares of class a common stock are deemed sold to an employee under the espp . the espp shall terminate upon the first to occur of ( i ) october 1 , 2007 or ( ii ) the date on which the espp is terminated by the board of directors . during 2000 , 2001 and 2002 employees purchased approximately 58000 ; 80000 and 108000 shares of class a common stock through the espp , respectively . 401 ( k ) employee savings plan echostar sponsors a 401 ( k ) employee savings plan ( the 201c401 ( k ) plan 201d ) for eligible employees . voluntary employee contributions to the 401 ( k ) plan may be matched 50% ( 50 % ) by echostar , subject to a maximum annual contribution by echostar of $ 1000 per employee . matching 401 ( k ) contributions totaled approximately $ 1.6 million , $ 2.1 million and $ 2.4 million during the years ended december 31 , 2000 , 2001 and 2002 , respectively . echostar also may make an annual discretionary contribution to the plan with approval by echostar 2019s board of directors , subject to the maximum deductible limit provided by the internal revenue code of 1986 , as amended . these contributions may be made in cash or in echostar stock . forfeitures of unvested participant balances which are retained by the 401 ( k ) plan may be used to fund matching and discretionary contributions . expense recognized relating to discretionary contributions was approximately $ 7 million , $ 225 thousand and $ 17 million during the years ended december 31 , 2000 , 2001 and 2002 , respectively . 9 . commitments and contingencies leases future minimum lease payments under noncancelable operating leases as of december 31 , 2002 , are as follows ( in thousands ) : year ending december 31 .
12003$ 17274
2200414424
3200511285
420067698
520073668
6thereafter1650
7total minimum lease payments55999
total rent expense for operating leases approximated $ 9 million , $ 14 million and $ 16 million in 2000 , 2001 and 2002 , respectively . purchase commitments as of december 31 , 2002 , echostar 2019s purchase commitments totaled approximately $ 359 million . the majority of these commitments relate to echostar receiver systems and related components . all of the purchases related to these commitments are expected to be made during 2003 . echostar expects to finance these purchases from existing unrestricted cash balances and future cash flows generated from operations . patents and intellectual property many entities , including some of echostar 2019s competitors , now have and may in the future obtain patents and other intellectual property rights that cover or affect products or services directly or indirectly related to those that echostar offers . echostar may not be aware of all patents and other intellectual property rights that its products may potentially infringe . damages in patent infringement cases can include a tripling of actual damages in certain cases . further , echostar cannot estimate the extent to which it may be required in the future to obtain licenses with respect to .","['138000.0', '246000.0']" "['what is the estimated population served in missouri, in millions?', 'and how much is that, not in millions?', 'what is the number of customers in that same location?', 'how much, then, does the estimated population served represent in relation to the number of customers, in missouri?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part i item 1 . business our company founded in 1886 , american water works company , inc . ( the 201ccompany 201d or 201camerican water 201d ) is a holding company incorporated in delaware . american water is the largest and most geographically diverse investor owned publicly-traded united states water and wastewater utility company , as measured by both operating revenues and population served . we employ approximately 6700 professionals who provide drinking water , wastewater and other related services to an estimated 15 million people in 47 states , the district of columbia and ontario , canada . operating segments we conduct our business primarily through our regulated businesses segment . we also operate several market-based businesses that provide a broad range of related and complementary water and wastewater services , which include four operating segments that individually do not meet the criteria of a reportable segment in accordance with generally accepted accounting principles in the united states ( 201cgaap 201d ) . these four non- reportable operating segments are collectively presented as our 201cmarket-based businesses , 201d which is consistent with how management assesses the results of these businesses . additional information can be found in item 7 2014management 2019s discussion and analysis of financial condition and results of operations and note 19 2014segment information in the notes to consolidated financial statements . regulated businesses our primary business involves the ownership of subsidiaries that provide water and wastewater utility services to residential , commercial , industrial and other customers , including sale for resale and public authority customers . our subsidiaries that provide these services operate in approximately 1600 communities in 16 states in the united states and are generally subject to regulation by certain state commissions or other entities engaged in utility regulation , referred to as public utility commissions or ( 201cpucs 201d ) . the federal and state governments also regulate environmental , health and safety , and water quality matters . we report the results of the services provided by our utilities in our regulated businesses segment . our regulated businesses segment 2019s operating revenues were $ 2743 million for 2015 , $ 2674 million for 2014 and $ 2594 million for 2013 , accounting for 86.8% ( 86.8 % ) , 88.8% ( 88.8 % ) and 90.1% ( 90.1 % ) , respectively , of total operating revenues for the same periods . the following table summarizes our regulated businesses 2019 operating revenues , number of customers and estimated population served by state , each as of december 31 , 2015 : operating revenues ( in millions ) % ( % ) of total number of customers % ( % ) of total estimated population served ( in millions ) % ( % ) of total .
1new jerseyoperatingrevenues ( in millions ) $ 704% ( % ) of total 25.7% ( 25.7 % )number ofcustomers 660580% ( % ) of total 20.3% ( 20.3 % )estimatedpopulationserved ( in millions ) 2.7% ( % ) of total 22.3% ( 22.3 % )
2pennsylvania61422.4% ( 22.4 % )67240720.7% ( 20.7 % )2.319.0% ( 19.0 % )
3illinois ( a )2709.8% ( 9.8 % )3130589.6% ( 9.6 % )1.310.7% ( 10.7 % )
4missouri2699.8% ( 9.8 % )47324514.5% ( 14.5 % )1.512.4% ( 12.4 % )
5indiana2067.5% ( 7.5 % )2959949.1% ( 9.1 % )1.310.7% ( 10.7 % )
6california1987.2% ( 7.2 % )1749425.4% ( 5.4 % )0.65.0% ( 5.0 % )
7west virginia ( b )1294.7% ( 4.7 % )1690375.2% ( 5.2 % )0.65.0% ( 5.0 % )
8subtotal ( top seven states )239087.1% ( 87.1 % )275926384.8% ( 84.8 % )10.385.1% ( 85.1 % )
9other ( c )35312.9% ( 12.9 % )49342815.2% ( 15.2 % )1.814.9% ( 14.9 % )
10total regulated businesses$ 2743100.0% ( 100.0 % )3252691100.0% ( 100.0 % )12.1100.0% ( 100.0 % )
( a ) includes illinois-american water company and american lake water company . ( b ) includes west virginia-american water company and its subsidiary bluefield valley water works company . ( c ) includes data from our utilities in the following states : georgia , hawaii , iowa , kentucky , maryland , michigan , new york , tennessee and virginia. .","['1.5', '1500000.0', '473245.0', '0.3155']" "['what was the difference in the net earnings between the years of 2004 and 2003?', 'how much does that difference represent in relation to the 2003 net earning?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: ( c ) includes the effects of items not considered in the assessment of the operating performance of our business segments which increased operating profit by $ 230 million , $ 150 million after tax ( $ 0.34 per share ) . also includes expenses of $ 16 million , $ 11 million after tax ( $ 0.03 per share ) for a debt exchange , and a reduction in income tax expense of $ 62 million ( $ 0.14 per share ) resulting from a tax benefit related to claims we filed for additional extraterritorial income exclusion ( eti ) tax benefits . on a combined basis , these items increased earnings by $ 201 million after tax ( $ 0.45 per share ) . ( d ) includes the effects of items not considered in the assessment of the operating performance of our business segments which , on a combined basis , increased operating profit by $ 173 million , $ 113 million after tax ( $ 0.25 per share ) . ( e ) includes the effects of items not considered in the assessment of the operating performance of our business segments which decreased operating profit by $ 61 million , $ 54 million after tax ( $ 0.12 per share ) . also includes a charge of $ 154 million , $ 100 million after tax ( $ 0.22 per share ) for the early repayment of debt , and a reduction in income tax expense resulting from the closure of an internal revenue service examination of $ 144 million ( $ 0.32 per share ) . on a combined basis , these items reduced earnings by $ 10 million after tax ( $ 0.02 per share ) . ( f ) includes the effects of items not considered in the assessment of the operating performance of our business segments which , on a combined basis , decreased operating profit by $ 7 million , $ 6 million after tax ( $ 0.01 per share ) . also includes a charge of $ 146 million , $ 96 million after tax ( $ 0.21 per share ) for the early repayment of debt . ( g ) we define return on invested capital ( roic ) as net earnings plus after-tax interest expense divided by average invested capital ( stockholders 2019 equity plus debt ) , after adjusting stockholders 2019 equity by adding back adjustments related to postretirement benefit plans . we believe that reporting roic provides investors with greater visibility into how effectively we use the capital invested in our operations . we use roic to evaluate multi-year investment decisions and as a long-term performance measure , and also use it as a factor in evaluating management performance under certain of our incentive compensation plans . roic is not a measure of financial performance under generally accepted accounting principles , and may not be defined and calculated by other companies in the same manner . roic should not be considered in isolation or as an alternative to net earnings as an indicator of performance . we calculate roic as follows : ( in millions ) 2007 2006 2005 2004 2003 .
1( in millions )20072006200520042003
2net earnings$ 3033$ 2529$ 1825$ 1266$ 1053
3interest expense ( multiplied by 65% ( 65 % ) ) 1229235241276317
4return$ 3262$ 2764$ 2066$ 1542$ 1370
5average debt2 5$ 4416$ 4727$ 5077$ 5932$ 6612
6average equity3 576617686759070156170
7average benefit plan adjustments3 4 531712006154512961504
8average invested capital$ 15248$ 14419$ 14212$ 14243$ 14286
9return on invested capital21.4% ( 21.4 % )19.2% ( 19.2 % )14.5% ( 14.5 % )10.8% ( 10.8 % )9.6% ( 9.6 % )
1 represents after-tax interest expense utilizing the federal statutory rate of 35% ( 35 % ) . 2 debt consists of long-term debt , including current maturities of long-term debt , and short-term borrowings ( if any ) . 3 equity includes non-cash adjustments , primarily for unrecognized benefit plan actuarial losses and prior service costs in 2007 and 2006 , the adjustment for the adoption of fas 158 in 2006 , and the additional minimum pension liability in years prior to 2007 . 4 average benefit plan adjustments reflect the cumulative value of entries identified in our statement of stockholders equity under the captions 201cpostretirement benefit plans , 201d 201cadjustment for adoption of fas 158 201d and 201cminimum pension liability . 201d the total of annual benefit plan adjustments to equity were : 2007 = $ 1706 million ; 2006 = ( $ 1883 ) million ; 2005 = ( $ 105 ) million ; 2004 = ( $ 285 ) million ; 2003 = $ 331 million ; 2002 = ( $ 1537 million ) ; and 2001 = ( $ 33 million ) . as these entries are recorded in the fourth quarter , the value added back to our average equity in a given year is the cumulative impact of all prior year entries plus 20% ( 20 % ) of the current year entry value . 5 yearly averages are calculated using balances at the start of the year and at the end of each quarter. .","['213.0', '0.20228']" "['what were the total projected benefit payments for the five year period ended in 2025?', 'what was, then, the annual average of projected benefit payments in that period?', 'and what was the total of those projected benefit payments in 2020?', 'how much, then, does that average of projected benefit payments represent in relation to this 2020 total?', 'and what is the difference between this value and the number one?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: mutual and pooled funds shares of mutual funds are valued at the net asset value ( nav ) quoted on the exchange where the fund is traded and are classified as level 1 assets . units of pooled funds are valued at the per unit nav determined by the fund manager and are classified as level 2 assets . the investments are utilizing nav as a practical expedient for fair value . corporate and government bonds corporate and government bonds are classified as level 2 assets , as they are either valued at quoted market prices from observable pricing sources at the reporting date or valued based upon comparable securities with similar yields and credit ratings . mortgage and asset-backed securities mortgage and asset 2013backed securities are classified as level 2 assets , as they are either valued at quoted market prices from observable pricing sources at the reporting date or valued based upon comparable securities with similar yields , credit ratings , and purpose of the underlying loan . real estate pooled funds real estate pooled funds are classified as level 3 assets , as they are carried at the estimated fair value of the underlying properties . estimated fair value is calculated utilizing a combination of key inputs , such as revenue and expense growth rates , terminal capitalization rates , and discount rates . these key inputs are consistent with practices prevailing within the real estate investment management industry . other pooled funds other pooled funds classified as level 2 assets are valued at the nav of the shares held at year end , which is based on the fair value of the underlying investments . securities and interests classified as level 3 are carried at the estimated fair value of the underlying investments . the underlying investments are valued based on bids from brokers or other third-party vendor sources that utilize expected cash flow streams and other uncorroborated data , including counterparty credit quality , default risk , discount rates , and the overall capital market liquidity . insurance contracts insurance contracts are classified as level 3 assets , as they are carried at contract value , which approximates the estimated fair value . the estimated fair value is based on the fair value of the underlying investment of the insurance company . contributions and projected benefit payments pension contributions to funded plans and benefit payments for unfunded plans for fiscal year 2015 were $ 137.5 . contributions resulted primarily from an assessment of long-term funding requirements of the plans and tax planning . benefit payments to unfunded plans were due primarily to the timing of retirements and cost reduction actions . we anticipate contributing $ 100 to $ 120 to the defined benefit pension plans in 2016 . these contributions are driven primarily by benefit payments for unfunded plans , which are dependent upon timing of retirements and actions to reorganize the business . projected benefit payments , which reflect expected future service , are as follows: .
1u.s .international
22016$ 129.0$ 52.0
32017135.853.5
42018142.255.3
52019149.657.5
62020157.457.8
72021 20132025917.9332.3
these estimated benefit payments are based on assumptions about future events . actual benefit payments may vary significantly from these estimates. .","['917.9', '183.58', '157.4', '1.16633', '0.16633']" "['what were the receivables for 2016?', 'and in 2015?', 'so what was the difference in this value between the two years?', 'and the specific value for 2015 again?', 'so what was the percentage change during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy new orleans , inc . and subsidiaries management 2019s financial discussion and analysis entergy new orleans 2019s receivables from the money pool were as follows as of december 31 for each of the following years. .
12016201520142013
2( in thousands )( in thousands )( in thousands )( in thousands )
3$ 14215$ 15794$ 442$ 4737
see note 4 to the financial statements for a description of the money pool . entergy new orleans has a credit facility in the amount of $ 25 million scheduled to expire in november 2018 . the credit facility allows entergy new orleans to issue letters of credit against $ 10 million of the borrowing capacity of the facility . as of december 31 , 2016 , there were no cash borrowings and a $ 0.8 million letter of credit was outstanding under the facility . in addition , entergy new orleans is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations under miso . as of december 31 , 2016 , a $ 6.2 million letter of credit was outstanding under entergy new orleans 2019s letter of credit facility . see note 4 to the financial statements for additional discussion of the credit facilities . entergy new orleans obtained authorization from the ferc through october 2017 for short-term borrowings not to exceed an aggregate amount of $ 100 million at any time outstanding . see note 4 to the financial statements for further discussion of entergy new orleans 2019s short-term borrowing limits . the long-term securities issuances of entergy new orleans are limited to amounts authorized by the city council , and the current authorization extends through june 2018 . state and local rate regulation the rates that entergy new orleans charges for electricity and natural gas significantly influence its financial position , results of operations , and liquidity . entergy new orleans is regulated and the rates charged to its customers are determined in regulatory proceedings . a governmental agency , the city council , is primarily responsible for approval of the rates charged to customers . retail rates see 201calgiers asset transfer 201d below for discussion of the transfer from entergy louisiana to entergy new orleans of certain assets that serve algiers customers . in march 2013 , entergy louisiana filed a rate case for the algiers area , which is in new orleans and is regulated by the city council . entergy louisiana requested a rate increase of $ 13 million over three years , including a 10.4% ( 10.4 % ) return on common equity and a formula rate plan mechanism identical to its lpsc request . in january 2014 the city council advisors filed direct testimony recommending a rate increase of $ 5.56 million over three years , including an 8.13% ( 8.13 % ) return on common equity . in june 2014 the city council unanimously approved a settlement that includes the following : 2022 a $ 9.3 million base rate revenue increase to be phased in on a levelized basis over four years ; 2022 recovery of an additional $ 853 thousand annually through a miso recovery rider ; and 2022 the adoption of a four-year formula rate plan requiring the filing of annual evaluation reports in may of each year , commencing may 2015 , with resulting rates being implemented in october of each year . the formula rate plan includes a midpoint target authorized return on common equity of 9.95% ( 9.95 % ) with a +/- 40 basis point bandwidth . the rate increase was effective with bills rendered on and after the first billing cycle of july 2014 . additional compliance filings were made with the city council in october 2014 for approval of the form of certain rate riders , including among others , a ninemile 6 non-fuel cost recovery interim rider , allowing for contemporaneous recovery of capacity .","['14215.0', '15794.0', '-1579.0', '15794.0', '-0.09997']" "['what was the ratio of the beginning gross utb to the end balance?', 'what were the total accrued interest and penalties included in the gross unrecognized tax benefits for 1/1/07 and 12/31/07?', 'and as a percentage of the gross utb?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the company files income tax returns in the u.s . federal jurisdiction , and various states and foreign jurisdictions . with few exceptions , the company is no longer subject to u.s . federal , state and local , or non-u.s . income tax examinations by tax authorities for years before 1999 . it is anticipated that its examination for the company 2019s u.s . income tax returns for the years 2002 through 2004 will be completed by the end of first quarter 2008 . as of december 31 , 2007 , the irs has proposed adjustments to the company 2019s tax positions for which the company is fully reserved . payments relating to any proposed assessments arising from the 2002 through 2004 audit may not be made until a final agreement is reached between the company and the irs on such assessments or upon a final resolution resulting from the administrative appeals process or judicial action . in addition to the u.s . federal examination , there is also limited audit activity in several u.s . state and foreign jurisdictions . currently , the company expects the liability for unrecognized tax benefits to change by an insignificant amount during the next 12 months . the company adopted the provisions of fasb interpretation no . 48 , 201caccounting for uncertainty in income taxes , 201d on january 1 , 2007 . as a result of the implementation of interpretation 48 , the company recognized an immaterial increase in the liability for unrecognized tax benefits , 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 gross unrecognized tax benefits ( 201cutb 201d ) is as follows : ( millions ) federal , state , and foreign tax .
1( millions )federal state and foreign tax
2gross utb balance at january 1 2007$ 691
3additions based on tax positions related to the current year79
4additions for tax positions of prior years143
5reductions for tax positions of prior years-189 ( 189 )
6settlements-24 ( 24 )
7reductions due to lapse of applicable statute of limitations-20 ( 20 )
8gross utb balance at december 31 2007$ 680
9net utb impacting the effective tax rate at december 31 2007$ 334
the total amount of unrecognized tax benefits that , if recognized , would affect the effective tax rate as of january 1 , 2007 and december 31 , 2007 , respectively , are $ 261 million and $ 334 million . the ending net utb results from adjusting the gross balance at december 31 , 2007 for items such as federal , state , and non-u.s . deferred items , interest and penalties , and deductible taxes . the net utb is included as components of accrued income taxes and other liabilities within the consolidated balance sheet . the company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense . at january 1 , 2007 and december 31 , 2007 , accrued interest and penalties on a gross basis were $ 65 million and $ 69 million , respectively . included in these interest and penalty amounts is interest and penalties related to tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility . because of the impact of deferred tax accounting , other than interest and penalties , the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period . in 2007 , the company completed the preparation and filing of its 2006 u.s . federal and state income tax returns , which did not result in any material changes to the company 2019s financial position . in 2006 , an audit of the company 2019s u.s . tax returns for years through 2001 was completed . the company and the internal revenue service reached a final settlement for these years , including an agreement on the amount of a refund claim to be filed by the company . the company also substantially resolved audits in certain european countries . in addition , the company completed the preparation and filing of its 2005 u.s . federal income tax return and the corresponding 2005 state income tax returns . the adjustments from amounts previously estimated in the u.s . federal and state income tax returns ( both positive and negative ) included lower u.s . taxes on dividends received from the company's foreign subsidiaries . the company also made quarterly adjustments ( both positive and negative ) to its reserves for tax contingencies . considering the developments noted above and other factors , including the impact on open audit years of the recent resolution of issues in various audits , these reassessments resulted in a reduction of the reserves in 2006 by $ 149 million , inclusive of the expected amount of certain refund claims . in 2005 , the company announced its intent to reinvest $ 1.7 billion of foreign earnings in the united states pursuant to the provisions of the american jobs creation act of 2004 . this act provided the company the opportunity to tax- .","['2.06886', '134.0', '0.19392']" "['what is the number of restricted shares that is supposed to vest after 2021?', 'and what is the total number of restricted shares?', 'what percentage, then, of this total number do those shares represent?', 'and what percentage do the restricted shares supposed to vest in 2018 represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the intrinsic value of restricted stock awards vested during the years ended december 31 , 2016 , 2015 and 2014 was $ 25 million , $ 31 million and $ 17 million , respectively . restricted stock awards made to employees have vesting periods ranging from 1 year with variable vesting dates to 10 years . following is a summary of the future vesting of our outstanding restricted stock awards : vesting of restricted shares .
1yearvesting of restricted shares
220171476832
320182352443
420194358728
52020539790
62021199850
7thereafter110494
8total outstanding9038137
the related compensation costs less estimated forfeitures is generally recognized ratably over the vesting period of the restricted stock awards . upon vesting , the grants will be paid in our class p common shares . during 2016 , 2015 and 2014 , we recorded $ 66 million , $ 52 million and $ 51 million , respectively , in expense related to restricted stock awards and capitalized approximately $ 9 million , $ 15 million and $ 6 million , respectively . at december 31 , 2016 and 2015 , unrecognized restricted stock awards compensation costs , less estimated forfeitures , was approximately $ 133 million and $ 154 million , respectively . pension and other postretirement benefit plans savings plan we maintain a defined contribution plan covering eligible u.s . employees . we contribute 5% ( 5 % ) of eligible compensation for most of the plan participants . certain plan participants 2019 contributions and company contributions are based on collective bargaining agreements . the total expense for our savings plan was approximately $ 48 million , $ 46 million , and $ 42 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively . pension plans our u.s . pension plan is a defined benefit plan that covers substantially all of our u.s . employees and provides benefits under a cash balance formula . a participant in the cash balance plan accrues benefits through contribution credits based on a combination of age and years of service , times eligible compensation . interest is also credited to the participant 2019s plan account . a participant becomes fully vested in the plan after three years , and may take a lump sum distribution upon termination of employment or retirement . certain collectively bargained and grandfathered employees continue to accrue benefits through career pay or final pay formulas . two of our subsidiaries , kinder morgan canada inc . and trans mountain pipeline inc . ( as general partner of trans mountain pipeline l.p. ) , are sponsors of pension plans for eligible canadian and trans mountain pipeline employees . the plans include registered defined benefit pension plans , supplemental unfunded arrangements ( which provide pension benefits in excess of statutory limits ) and defined contributory plans . benefits under the defined benefit components accrue through career pay or final pay formulas . the net periodic benefit costs , contributions and liability amounts associated with our canadian plans are not material to our consolidated income statements or balance sheets ; however , we began to include the activity and balances associated with our canadian plans ( including our canadian opeb plans discussed below ) in the following disclosures on a prospective basis beginning in 2016 . the associated net periodic benefit costs for these combined canadian plans of $ 12 million and $ 10 million for the years ended december 31 , 2015 and 2014 , respectively , were reported separately in prior years . other postretirement benefit plans we and certain of our u.s . subsidiaries provide other postretirement benefits ( opeb ) , including medical benefits for closed groups of retired employees and certain grandfathered employees and their dependents , and limited postretirement life insurance benefits for retired employees . our canadian subsidiaries also provide opeb benefits to current and future retirees and their dependents . medical benefits under these opeb plans may be subject to deductibles , co-payment provisions , dollar .","['110494.0', '9038137.0', '0.01223', '0.26028']" "['how many shares were purchased during october 2012?', 'what about the total number of shares purchased during the fourth quarter of 2012?', 'what fraction of fourth quarter purchases occurred during october?', 'what about in percentage terms?', 'what is the number of repurchased shares during october 2012?', 'what about repurchased shares during fourth quarter of 2012?', 'what proportion does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: repurchase of equity securities the following table provides information regarding our purchases of our equity securities during the period from october 1 , 2012 to december 31 , 2012 . total number of shares ( or units ) purchased 1 average price paid per share ( or unit ) 2 total number of shares ( or units ) purchased as part of publicly announced plans or programs 3 maximum number ( or approximate dollar value ) of shares ( or units ) that may yet be purchased under the plans or programs 3 .
1total number ofshares ( or units ) purchased1average price paidper share ( or unit ) 2total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3maximum number ( or approximate dollar value ) of shares ( or units ) that mayyet be purchased under theplans or programs3
2october 1 - 3113566$ 10.260$ 148858924
3november 1 - 305345171$ 9.985343752$ 195551133
4december 1 - 318797959$ 10.878790000$ 99989339
5total14156696$ 10.5314133752
1 includes shares of our common stock , par value $ 0.10 per share , withheld under the terms of grants under employee stock-based compensation plans to offset tax withholding obligations that occurred upon vesting and release of restricted shares ( the 201cwithheld shares 201d ) . we repurchased 13566 withheld shares in october 2012 , 1419 withheld shares in november 2012 and 7959 withheld shares in december 2012 , for a total of 22944 withheld shares during the three-month period . 2 the average price per share for each of the months in the fiscal quarter and for the three-month period was calculated by dividing the sum of the applicable period of the aggregate value of the tax withholding obligations and the aggregate amount we paid for shares acquired under our stock repurchase program , described in note 5 to the consolidated financial statements , by the sum of the number of withheld shares and the number of shares acquired in our stock repurchase program . 3 on february 24 , 2012 , we announced in a press release that our board had approved a share repurchase program to repurchase from time to time up to $ 300.0 million of our common stock ( the 201c2012 share repurchase program 201d ) , in addition to amounts available on existing authorizations . on november 20 , 2012 , we announced in a press release that our board had authorized an increase in our 2012 share repurchase program to $ 400.0 million of our common stock . on february 22 , 2013 , we announced that our board had approved a new share repurchase program to repurchase from time to time up to $ 300.0 million of our common stock . the new authorization is in addition to any amounts remaining available for repurchase under the 2012 share repurchase program . there is no expiration date associated with the share repurchase programs. .","['13566.0', '14156696.0', '0.00096', '0.09583', '13566.0', '22944.0', '0.59127']" "['what was the net revenue in 2002, in millions?', 'and what was it in 2003, also in millions?', 'what was, then, the change in net revenue over the year?', 'and what was the increase in fuel cost recovery revenues in that same period?', 'how much, then, does this increase represent in relation to the that change in net revenue, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy gulf states , inc . management's financial discussion and analysis .
1( in millions )
22002 net revenue$ 1130.7
3volume/weather17.8
4fuel write-offs in 200215.3
5net wholesale revenue10.2
6base rate decreases-23.3 ( 23.3 )
7nisco gain recognized in 2002-15.2 ( 15.2 )
8rate refund provisions-11.3 ( 11.3 )
9other-14.1 ( 14.1 )
102003 net revenue$ 1110.1
the volume/weather variance was due to higher electric sales volume in the service territory . billed usage increased a total of 517 gwh in the residential and commercial sectors . the increase was partially offset by a decrease in industrial usage of 470 gwh due to the loss of two large industrial customers to cogeneration . the customers accounted for approximately 1% ( 1 % ) of entergy gulf states' net revenue in 2002 . in 2002 , deferred fuel costs of $ 8.9 million related to a texas fuel reconciliation case were written off and $ 6.5 million in expense resulted from an adjustment in the deregulated asset plan percentage as the result of a power uprate at river bend . the increase in net wholesale revenue was primarily due to an increase in sales volume to municipal and co- op customers and also to affiliated systems related to entergy's generation resource planning . the base rate decreases were effective june 2002 and january 2003 , both in the louisiana jurisdiction . the january 2003 base rate decrease of $ 22.1 million had a minimal impact on net income due to a corresponding reduction in nuclear depreciation and decommissioning expenses associated with the change in accounting to reflect an assumed extension of river bend's useful life . in 2002 , a gain of $ 15.2 million was recognized for the louisiana portion of the 1988 nelson units 1 and 2 sale . entergy gulf states received approval from the lpsc to discontinue applying amortization of the gain against recoverable fuel , resulting in the recognition of the deferred gain in income . rate refund provisions caused a decrease in net revenue due to additional provisions recorded in 2003 compared to 2002 for potential rate actions and refunds . gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to an increase of $ 440.2 million in fuel cost recovery revenues as a result of higher fuel rates in both the louisiana and texas jurisdictions . fuel and purchased power expenses increased $ 471.1 million due to an increase in the market prices of natural gas and purchased power . other income statement variances 2004 compared to 2003 other operation and maintenance expenses decreased primarily due to : 2022 voluntary severance program accruals of $ 22.5 million in 2003 ; and 2022 a decrease of $ 4.3 million in nuclear material and labor costs due to reduced staff in 2004. .","['1130.7', '1110.1', '20.6', '440.2', '21.36893']" "['what is the difference between the united parcel service inc. share price of 12/31/2015 and that of 12/31/2010?', 'how much does that difference represents in relation to the united parcel service inc. share price of 12/31/2010?', 'what is the standard & poor 2019s 500 index of 12/31/2015?', 'what is the difference between that and that of 12/31/2010?', 'how much does that difference represents in relation to the standard & poor 2019s 500 index of 12/31/2010?', 'what is the difference between the answer a1 and the answer a3?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the sec , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing . the following graph shows a five year comparison of cumulative total shareowners 2019 returns for our class b common stock , the standard & poor 2019s 500 index , and the dow jones transportation average . the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2010 in the standard & poor 2019s 500 index , the dow jones transportation average , and our class b common stock. .
112/31/201012/31/201112/31/201212/31/201312/31/201412/31/2015
2united parcel service inc .$ 100.00$ 103.88$ 107.87$ 158.07$ 171.77$ 160.61
3standard & poor 2019s 500 index$ 100.00$ 102.11$ 118.43$ 156.77$ 178.22$ 180.67
4dow jones transportation average$ 100.00$ 100.01$ 107.49$ 151.97$ 190.08$ 158.23
.","['60.61', '0.6061', '180.67', '80.67', '0.8067', '-0.2006']" "['what is the net revenues of 2009 in million?', 'what is the net revenues decrease from 2008 to 2009 in million?', 'what is the net revenues of 2008 in million?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 . the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 . the following table details our related mutual fund investment gains and losses ( in millions ) during the past two years. .
120082009change
2other than temporary impairments recognized$ -91.3 ( 91.3 )$ -36.1 ( 36.1 )$ 55.2
3capital gain distributions received5.62.0-3.6 ( 3.6 )
4net gain ( loss ) realized on fund dispositions-4.5 ( 4.5 )7.411.9
5net loss recognized on fund holdings$ -90.2 ( 90.2 )$ -26.7 ( 26.7 )$ 63.5
lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments . there is no impairment of any of our mutual fund investments at december 31 , 2009 . the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 and .9% ( .9 % ) lower than our present estimate of 38.0% ( 38.0 % ) for the 2010 effective tax rate . our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) . 2008 versus 2007 . investment advisory revenues decreased 6.3% ( 6.3 % ) , or $ 118 million , to $ 1.76 billion in 2008 as average assets under our management decreased $ 16 billion to $ 358.2 billion . the average annualized fee rate earned on our assets under management was 49.2 basis points in 2008 , down from the 50.2 basis points earned in 2007 , as lower equity market valuations resulted in a greater percentage of our assets under management being attributable to lower fee fixed income portfolios . continuing stress on the financial markets and resulting lower equity valuations as 2008 progressed resulted in lower average assets under our management , lower investment advisory fees and lower net income as compared to prior periods . net revenues decreased 5% ( 5 % ) , or $ 112 million , to $ 2.12 billion . operating expenses were $ 1.27 billion in 2008 , up 2.9% ( 2.9 % ) or $ 36 million from 2007 . net operating income for 2008 decreased $ 147.9 million , or 14.8% ( 14.8 % ) , to $ 848.5 million . higher operating expenses in 2008 and decreased market valuations during the latter half of 2008 , which lowered our assets under management and advisory revenues , resulted in our 2008 operating margin declining to 40.1% ( 40.1 % ) from 44.7% ( 44.7 % ) in 2007 . non-operating investment losses in 2008 were $ 52.3 million as compared to investment income of $ 80.4 million in 2007 . investment losses in 2008 include non-cash charges of $ 91.3 million for the other than temporary impairment of certain of the firm 2019s investments in sponsored mutual funds . net income in 2008 fell 27% ( 27 % ) or nearly $ 180 million from 2007 . diluted earnings per share , after the retrospective application of new accounting guidance effective in 2009 , decreased to $ 1.81 , down $ .59 or 24.6% ( 24.6 % ) from $ 2.40 in 2007 . a non-operating charge to recognize other than temporary impairments of our sponsored mutual fund investments reduced diluted earnings per share by $ .21 in 2008 . investment advisory revenues earned from the t . rowe price mutual funds distributed in the united states decreased 8.5% ( 8.5 % ) , or $ 114.5 million , to $ 1.24 billion . average mutual fund assets were $ 216.1 billion in 2008 , down $ 16.7 billion from 2007 . mutual fund assets at december 31 , 2008 , were $ 164.4 billion , down $ 81.6 billion from the end of 2007 . net inflows to the mutual funds during 2008 were $ 3.9 billion , including $ 1.9 billion to the money funds , $ 1.1 billion to the bond funds , and $ .9 billion to the stock funds . the value , equity index 500 , and emerging markets stock funds combined to add $ 4.1 billion , while the mid-cap growth and equity income stock funds had net redemptions of $ 2.2 billion . net fund inflows of $ 6.2 billion originated in our target-date retirement funds , which in turn invest in other t . rowe price funds . fund net inflow amounts in 2008 are presented net of $ 1.3 billion that was transferred to target-date trusts from the retirement funds during the year . decreases in market valuations and income not reinvested lowered our mutual fund assets under management by $ 85.5 billion during 2008 . investment advisory revenues earned on the other investment portfolios that we manage decreased $ 3.6 million to $ 522.2 million . average assets in these portfolios were $ 142.1 billion during 2008 , up slightly from $ 141.4 billion in 2007 . these minor changes , each less than 1% ( 1 % ) , are attributable to the timing of declining equity market valuations and cash flows among our separate account and subadvised portfolios . net inflows , primarily from institutional investors , were $ 13.2 billion during 2008 , including the $ 1.3 billion transferred from the retirement funds to target-date trusts . decreases in market valuations , net of income , lowered our assets under management in these portfolios by $ 55.3 billion during 2008 . management 2019s discussion & analysis 21 .","['2120.0', '112.0', '2232.0']" "['what was the total of benefit payments in 2012?', 'and what was that in 2011?', 'how much, then, does the 2012 total represent in relation to this 2011 one?', 'and what is this value without the portion equivalent to the 2011 total?', 'and concerning the the incremental severance expense, what was the amount of the one related to the severance plan in 2009?', 'what was the total severance expense in that year?', 'what percentage, then, of this total expense does that amount represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) the company does not make any contributions to its postretirement plan other than funding benefits payments . the following table summarizes expected net benefit payments from the company 2019s general assets through 2019 : benefit payments expected subsidy receipts benefit payments .
1benefit paymentsexpected subsidy receiptsnet benefit payments
22010$ 2714$ 71$ 2643
320113028912937
4201233691113258
5201336601343526
6201440191513868
72015 2013 201922686107121615
the company provides limited postemployment benefits to eligible former u.s . employees , primarily severance under a formal severance plan ( the 201cseverance plan 201d ) . the company accounts for severance expense by accruing the expected cost of the severance benefits expected to be provided to former employees after employment over their relevant service periods . the company updates the assumptions in determining the severance accrual by evaluating the actual severance activity and long-term trends underlying the assumptions . as a result of updating the assumptions , the company recorded incremental severance expense ( benefit ) related to the severance plan of $ 3471 , $ 2643 and $ ( 3418 ) , respectively , during the years 2009 , 2008 and 2007 . these amounts were part of total severance expenses of $ 135113 , $ 32997 and $ 21284 in 2009 , 2008 and 2007 , respectively , included in general and administrative expenses in the accompanying consolidated statements of operations . note 14 . debt on april 28 , 2008 , the company extended its committed unsecured revolving credit facility , dated as of april 28 , 2006 ( the 201ccredit facility 201d ) , for an additional year . the new expiration date of the credit facility is april 26 , 2011 . the available funding under the credit facility will remain at $ 2500000 through april 27 , 2010 and then decrease to $ 2000000 during the final year of the credit facility agreement . other terms and conditions in the credit facility remain unchanged . the company 2019s option to request that each lender under the credit facility extend its commitment was provided pursuant to the original terms of the credit facility agreement . borrowings under the facility are available to provide liquidity in the event of one or more settlement failures by mastercard international customers and , subject to a limit of $ 500000 , for general corporate purposes . the facility fee and borrowing cost are contingent upon the company 2019s credit rating . at december 31 , 2009 , the facility fee was 7 basis points on the total commitment , or approximately $ 1774 annually . interest on borrowings under the credit facility would be charged at the london interbank offered rate ( libor ) plus an applicable margin of 28 basis points or an alternative base rate , and a utilization fee of 10 basis points would be charged if outstanding borrowings under the facility exceed 50% ( 50 % ) of commitments . at the inception of the credit facility , the company also agreed to pay upfront fees of $ 1250 and administrative fees of $ 325 , which are being amortized over five years . facility and other fees associated with the credit facility totaled $ 2222 , $ 2353 and $ 2477 for each of the years ended december 31 , 2009 , 2008 and 2007 , respectively . mastercard was in compliance with the covenants of the credit facility and had no borrowings under the credit facility at december 31 , 2009 or december 31 , 2008 . the majority of credit facility lenders are members or affiliates of members of mastercard international . in june 1998 , mastercard international issued ten-year unsecured , subordinated notes ( the 201cnotes 201d ) paying a fixed interest rate of 6.67% ( 6.67 % ) per annum . mastercard repaid the entire principal amount of $ 80000 on june 30 , 2008 pursuant to the terms of the notes . the interest expense on the notes was $ 2668 and $ 5336 for each of the years ended december 31 , 2008 and 2007 , respectively. .","['3369.0', '3028.0', '1.11262', '0.11262', '3471.0', '135113.0', '0.02569']" "['what was the number of restricted stock units outstanding on november 1, 2014?', 'what was the price per share?', 'what is the total value of restricted stock units outstanding at the end of 2014?', 'what was the total value of the restricted stock units at the end of 2015?', 'what is the difference?', 'what is the ratio of the value at the end of 2015 to the end of 2014?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: analog devices , inc . notes to consolidated financial statements 2014 ( continued ) a summary of the company 2019s restricted stock unit award activity as of october 31 , 2015 and changes during the fiscal year then ended is presented below : restricted stock units outstanding ( in thousands ) weighted- average grant- date fair value per share .
1restrictedstock unitsoutstanding ( in thousands )weighted-average grant-date fair valueper share
2restricted stock units outstanding at november 1 20143188$ 43.46
3units granted818$ 52.25
4restrictions lapsed-1151 ( 1151 )$ 39.72
5forfeited-157 ( 157 )$ 45.80
6restricted stock units outstanding at october 31 20152698$ 47.59
as of october 31 , 2015 , there was $ 108.8 million of total unrecognized compensation cost related to unvested share- based awards comprised of stock options and restricted stock units . that cost is expected to be recognized over a weighted- average period of 1.3 years . the total grant-date fair value of shares that vested during fiscal 2015 , 2014 and 2013 was approximately $ 65.6 million , $ 57.4 million and $ 63.9 million , respectively . common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 . in the aggregate , the board of directors have authorized the company to repurchase $ 5.6 billion of the company 2019s common stock under the program . under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions . unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program . as of october 31 , 2015 , the company had repurchased a total of approximately 140.7 million shares of its common stock for approximately $ 5.0 billion under this program . an additional $ 544.5 million remains available for repurchase of shares under the current authorized program . the repurchased shares are held as authorized but unissued shares of common stock . the company also , from time to time , repurchases shares in settlement of employee minimum tax withholding obligations due upon the vesting of restricted stock units or the exercise of stock options . the withholding amount is based on the employees minimum statutory withholding requirement . any future common stock repurchases will be dependent upon several factors , including the company's financial performance , outlook , liquidity and the amount of cash the company has available in the united states . preferred stock the company has 471934 authorized shares of $ 1.00 par value preferred stock , none of which is issued or outstanding . the board of directors is authorized to fix designations , relative rights , preferences and limitations on the preferred stock at the time of issuance . 4 . industry , segment and geographic information the company operates and tracks its results in one reportable segment based on the aggregation of six operating segments . the company designs , develops , manufactures and markets a broad range of integrated circuits ( ics ) . the chief executive officer has been identified as the company's chief operating decision maker . the company has determined that all of the company's operating segments share the following similar economic characteristics , and therefore meet the criteria established for operating segments to be aggregated into one reportable segment , namely : 2022 the primary source of revenue for each operating segment is the sale of integrated circuits . 2022 the integrated circuits sold by each of the company's operating segments are manufactured using similar semiconductor manufacturing processes and raw materials in either the company 2019s own production facilities or by third-party wafer fabricators using proprietary processes . 2022 the company sells its products to tens of thousands of customers worldwide . many of these customers use products spanning all operating segments in a wide range of applications . 2022 the integrated circuits marketed by each of the company's operating segments are sold globally through a direct sales force , third-party distributors , independent sales representatives and via our website to the same types of customers . all of the company's operating segments share a similar long-term financial model as they have similar economic characteristics . the causes for variation in operating and financial performance are the same among the company's operating segments and include factors such as ( i ) life cycle and price and cost fluctuations , ( ii ) number of competitors , ( iii ) product .","['3188.0', '43.46', '138550.48', '128397.82', '-10152.66', '-0.07328']" "['what was the change in the free cash flow from 2012 to 2013?', 'and how much does this change represent in relation to that free cash flow in 2012, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: constitutes an event of default under our other debt instruments , including our senior notes , and , therefore , our senior notes would also be subject to acceleration of maturity . if such acceleration were to occur , we would not have sufficient liquidity available to repay the indebtedness . we would likely have to seek an amendment under our credit facilities for relief from the financial covenants or repay the debt with proceeds from the issuance of new debt or equity , or asset sales , if necessary . we may be unable to amend our credit facilities or raise sufficient capital to repay such obligations in the event the maturities are accelerated . financial assurance we must provide financial assurance to governmental agencies and a variety of other entities under applicable environmental regulations relating to our landfill operations for capping , closure and post-closure costs , and related to our performance under certain collection , landfill and transfer station contracts . we satisfy these financial assurance requirements by providing surety bonds , letters of credit , or insurance policies ( the financial assurance instruments ) , or trust deposits , which are included in restricted cash and marketable securities and other assets in our consolidated balance sheets . the amount of the financial assurance requirements for capping , closure and post-closure costs is determined by applicable state environmental regulations . the financial assurance requirements for capping , closure and post-closure costs may be associated with a portion of the landfill or the entire landfill . generally , states require a third-party engineering specialist to determine the estimated capping , closure and post-closure costs that are used to determine the required amount of financial assurance for a landfill . the amount of financial assurance required can , and generally will , differ from the obligation determined and recorded under u.s . gaap . the amount of the financial assurance requirements related to contract performance varies by contract . additionally , we must provide financial assurance for our insurance program and collateral for certain performance obligations . we do not expect a material increase in financial assurance requirements during 2014 , although the mix of financial assurance instruments may change . these financial instruments are issued in the normal course of business and are not considered indebtedness . because we currently have no liability for the financial assurance instruments , they are not reflected in our consolidated balance sheets ; however , we record capping , closure and post-closure liabilities and self-insurance liabilities as they are incurred . the underlying obligations of the financial assurance instruments , in excess of those already reflected in our consolidated balance sheets , would be recorded if it is probable that we would be unable to fulfill our related obligations . we do not expect this to occur . off-balance sheet arrangements we have no off-balance sheet debt or similar obligations , other than financial assurance instruments and operating leases , that are not classified as debt . we do not guarantee any third-party debt . free cash flow we define free cash flow , which is not a measure determined in accordance with u.s . gaap , as cash provided by operating activities less purchases of property and equipment , plus proceeds from sales of property and equipment as presented in our consolidated statements of cash flows . our free cash flow for the years ended december 31 , 2013 , 2012 and 2011 is calculated as follows ( in millions of dollars ) : .
1201320122011
2cash provided by operating activities$ 1548.2$ 1513.8$ 1766.7
3purchases of property and equipment-880.8 ( 880.8 )-903.5 ( 903.5 )-936.5 ( 936.5 )
4proceeds from sales of property and equipment23.928.734.6
5free cash flow$ 691.3$ 639.0$ 864.8
.","['52.3', '0.08185']" "['what were the expected benefit payments in 2007 and 2008 combined?', 'and the value for 2009 specifically?', 'now combined with the other two years?', 'and now including 2010?', 'and also combined with 2011?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the following table displays the expected benefit payments in the years indicated : ( dollars in thousands ) .
12007$ 117
22008140
32009203
42010263
52011328
6next 5 years2731
1 4 . d i v i d e n d r e s t r i c t i o n s a n d s t a t u t o r y f i n a n c i a l i n f o r m a t i o n a . d i v i d e n d r e s t r i c t i o n s under bermuda law , group is prohibited from declaring or paying a dividend if such payment would reduce the realizable value of its assets to an amount less than the aggregate value of its liabilities and its issued share capital and share premium ( addi- tional paid-in capital ) accounts . group 2019s ability to pay dividends and its operating expenses is dependent upon dividends from its subsidiaries . the payment of such dividends by insurer subsidiaries is limited under bermuda law and the laws of the var- ious u.s . states in which group 2019s insurance and reinsurance subsidiaries are domiciled or deemed domiciled . the limitations are generally based upon net income and compliance with applicable policyholders 2019 surplus or minimum solvency margin and liquidity ratio requirements as determined in accordance with the relevant statutory accounting practices . under bermuda law , bermuda re is prohibited from declaring or making payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio . as a long-term insurer , bermuda re is also unable to declare or pay a dividend to anyone who is not a policyholder unless , after payment of the dividend , the value of the assets in its long-term business fund , as certified by its approved actuary , exceeds its liabilities for long-term business by at least the $ 250000 minimum solvency margin . prior approval of the bermuda monetary authority is required if bermuda re 2019s dividend payments would reduce its prior year-end total statutory capital by 15.0% ( 15.0 % ) or more . delaware law provides that an insurance company which is a member of an insurance holding company system and is domi- ciled in the state shall not pay dividends without giving prior notice to the insurance commissioner of delaware and may not pay dividends without the approval of the insurance commissioner if the value of the proposed dividend , together with all other dividends and distributions made in the preceding twelve months , exceeds the greater of ( 1 ) 10% ( 10 % ) of statutory surplus or ( 2 ) net income , not including realized capital gains , each as reported in the prior year 2019s statutory annual statement . in addition , no dividend may be paid in excess of unassigned earned surplus . at december 31 , 2006 , everest re had $ 270.4 million available for payment of dividends in 2007 without the need for prior regulatory approval . b . s t a t u t o r y f i n a n c i a l i n f o r m a t i o n everest re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the national association of insurance commissioners ( 201cnaic 201d ) and the delaware insurance department . prescribed statutory accounting practices are set forth in the naic accounting practices and procedures manual . the capital and statutory surplus of everest re was $ 2704.1 million ( unaudited ) and $ 2327.6 million at december 31 , 2006 and 2005 , respectively . the statutory net income of everest re was $ 298.7 million ( unaudited ) for the year ended december 31 , 2006 , the statutory net loss was $ 26.9 million for the year ended december 31 , 2005 and the statutory net income $ 175.8 million for the year ended december 31 , 2004 . bermuda re prepares its statutory financial statements in conformity with the accounting principles set forth in bermuda in the insurance act 1978 , amendments thereto and related regulations . the statutory capital and surplus of bermuda re was $ 1893.9 million ( unaudited ) and $ 1522.5 million at december 31 , 2006 and 2005 , respectively . the statutory net income of bermuda re was $ 409.8 million ( unaudited ) for the year ended december 31 , 2006 , the statutory net loss was $ 220.5 million for the year ended december 31 , 2005 and the statutory net income was $ 248.7 million for the year ended december 31 , 2004 . 1 5 . c o n t i n g e n c i e s in the ordinary course of business , the company is involved in lawsuits , arbitrations and other formal and informal dispute resolution procedures , the outcomes of which will determine the company 2019s rights and obligations under insurance , reinsur- ance and other contractual agreements . in some disputes , the company seeks to enforce its rights under an agreement or to collect funds owing to it . in other matters , the company is resisting attempts by others to collect funds or enforce alleged rights . these disputes arise from time to time and as they arise are addressed , and ultimately resolved , through both informal and formal means , including negotiated resolution , arbitration and litigation . in all such matters , the company believes that .","['257.0', '203.0', '460.0', '723.0', '1051.0']" "['what was the experience loss in uk?', 'what was the experience loss in us?', 'what is the sum of the uk and us?', 'what is the total sum including other combined experience loss?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: period . the discount reflects our incremental borrowing rate , which matches the lifetime of the liability . significant changes in the discount rate selected or the estimations of sublease income in the case of leases could impact the amounts recorded . other associated costs with restructuring activities we recognize other costs associated with restructuring activities as they are incurred , including moving costs and consulting and legal fees . pensions we sponsor defined benefit pension plans throughout the world . our most significant plans are located in the u.s. , the u.k. , the netherlands and canada . our significant u.s. , u.k . and canadian pension plans are closed to new entrants . we have ceased crediting future benefits relating to salary and service for our u.s. , u.k . and canadian plans . recognition of gains and losses and prior service certain changes in the value of the obligation and in the value of plan assets , which may occur due to various factors such as changes in the discount rate and actuarial assumptions , actual demographic experience and/or plan asset performance are not immediately recognized in net income . such changes are recognized in other comprehensive income and are amortized into net income as part of the net periodic benefit cost . unrecognized gains and losses that have been deferred in other comprehensive income , as previously described , are amortized into compensation and benefits expense as a component of periodic pension expense based on the average expected future service of active employees for our plans in the netherlands and canada , or the average life expectancy of the u.s . and u.k . plan members . after the effective date of the plan amendments to cease crediting future benefits relating to service , unrecognized gains and losses are also be based on the average life expectancy of members in the canadian plans . we amortize any prior service expense or credits that arise as a result of plan changes over a period consistent with the amortization of gains and losses . as of december 31 , 2013 , our pension plans have deferred losses that have not yet been recognized through income in the consolidated financial statements . we amortize unrecognized actuarial losses outside of a corridor , which is defined as 10% ( 10 % ) of the greater of market-related value of plan assets or projected benefit obligation . to the extent not offset by future gains , incremental amortization as calculated above will continue to affect future pension expense similarly until fully amortized . the following table discloses our combined experience loss , the number of years over which we are amortizing the experience loss , and the estimated 2014 amortization of loss by country ( amounts in millions ) : .
1u.k .u.s .other
2combined experience loss$ 2012$ 1219$ 402
3amortization period ( in years )292611 - 23
4estimated 2014 amortization of loss$ 53$ 44$ 10
the unrecognized prior service cost at december 31 , 2013 was $ 27 million in the u.k . and other plans . for the u.s . pension plans we use a market-related valuation of assets approach to determine the expected return on assets , which is a component of net periodic benefit cost recognized in the consolidated statements of income . this approach recognizes 20% ( 20 % ) of any gains or losses in the current year's value of market-related assets , with the remaining 80% ( 80 % ) spread over the next four years . as this approach recognizes gains or losses over a five-year period , the future value of assets and therefore , our net periodic benefit cost will be impacted as previously deferred gains or losses are recorded . as of december 31 , 2013 , the market-related value of assets was $ 1.8 billion . we do not use the market-related valuation approach to determine the funded status of the u.s . plans recorded in the consolidated statements of financial position . instead , we record and present the funded status in the consolidated statements of financial position based on the fair value of the plan assets . as of december 31 , 2013 , the fair value of plan assets was $ 1.9 billion . our non-u.s . plans use fair value to determine expected return on assets. .","['2012.0', '1219.0', '3231.0', '3633.0']" "['what was the change in the noncontrolling interest relating to the remaining units from 2009 to 2010?', 'and what was that noncontrolling interest in 2009?', 'how much, then, in percentage, does that change represent in relation to this 2009 interest?', 'in that same year of 2010, what was the total par value of the redeemed preferred a units?', 'and how much is that in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: kimco realty corporation and subsidiaries notes to consolidated financial statements , continued the units consisted of ( i ) approximately 81.8 million preferred a units par value $ 1.00 per unit , which pay the holder a return of 7.0% ( 7.0 % ) per annum on the preferred a par value and are redeemable for cash by the holder at any time after one year or callable by the company any time after six months and contain a promote feature based upon an increase in net operating income of the properties capped at a 10.0% ( 10.0 % ) increase , ( ii ) 2000 class a preferred units , par value $ 10000 per unit , which pay the holder a return equal to libor plus 2.0% ( 2.0 % ) per annum on the class a preferred par value and are redeemable for cash by the holder at any time after november 30 , 2010 , ( iii ) 2627 class b-1 preferred units , par value $ 10000 per unit , which pay the holder a return equal to 7.0% ( 7.0 % ) per annum on the class b-1 preferred par value and are redeemable by the holder at any time after november 30 , 2010 , for cash or at the company 2019s option , shares of the company 2019s common stock , equal to the cash redemption amount , as defined , ( iv ) 5673 class b-2 preferred units , par value $ 10000 per unit , which pay the holder a return equal to 7.0% ( 7.0 % ) per annum on the class b-2 preferred par value and are redeemable for cash by the holder at any time after november 30 , 2010 , and ( v ) 640001 class c downreit units , valued at an issuance price of $ 30.52 per unit which pay the holder a return at a rate equal to the company 2019s common stock dividend and are redeemable by the holder at any time after november 30 , 2010 , for cash or at the company 2019s option , shares of the company 2019s common stock equal to the class c cash amount , as defined . the following units have been redeemed as of december 31 , 2010 : redeemed par value redeemed ( in millions ) redemption type .
1typeunits redeemedpar value redeemed ( in millions )redemption type
2preferred a units2200000$ 2.2cash
3class a preferred units2000$ 20.0cash
4class b-1 preferred units2438$ 24.4cash
5class b-2 preferred units5576$ 55.8cash/charitable contribution
6class c downreit units61804$ 1.9cash
noncontrolling interest relating to the remaining units was $ 110.4 million and $ 113.1 million as of december 31 , 2010 and 2009 , respectively . during 2006 , the company acquired two shopping center properties located in bay shore and centereach , ny . included in noncontrolling interests was approximately $ 41.6 million , including a discount of $ 0.3 million and a fair market value adjustment of $ 3.8 million , in redeemable units ( the 201credeemable units 201d ) , issued by the company in connection with these transactions . the prop- erties were acquired through the issuance of $ 24.2 million of redeemable units , which are redeemable at the option of the holder ; approximately $ 14.0 million of fixed rate redeemable units and the assumption of approximately $ 23.4 million of non-recourse debt . the redeemable units consist of ( i ) 13963 class a units , par value $ 1000 per unit , which pay the holder a return of 5% ( 5 % ) per annum of the class a par value and are redeemable for cash by the holder at any time after april 3 , 2011 , or callable by the company any time after april 3 , 2016 , and ( ii ) 647758 class b units , valued at an issuance price of $ 37.24 per unit , which pay the holder a return at a rate equal to the company 2019s common stock dividend and are redeemable by the holder at any time after april 3 , 2007 , for cash or at the option of the company for common stock at a ratio of 1:1 , or callable by the company any time after april 3 , 2026 . the company is restricted from disposing of these assets , other than through a tax free transaction , until april 2016 and april 2026 for the centereach , ny , and bay shore , ny , assets , respectively . during 2007 , 30000 units , or $ 1.1 million par value , of theclass bunits were redeemed by the holder in cash at the option of the company . noncontrolling interest relating to the units was $ 40.4 million and $ 40.3 million as of december 31 , 2010 and 2009 , respectively . noncontrolling interests also includes 138015 convertible units issued during 2006 , by the company , which were valued at approxi- mately $ 5.3 million , including a fair market value adjustment of $ 0.3 million , related to an interest acquired in an office building located in albany , ny . these units are redeemable at the option of the holder after one year for cash or at the option of the company for the company 2019s common stock at a ratio of 1:1 . the holder is entitled to a distribution equal to the dividend rate of the company 2019s common stock . the company is restricted from disposing of these assets , other than through a tax free transaction , until january 2017. .","['-2.7', '113.1', '-0.02387', '4840000.0', '4.84']" "['what was the value of discb at the end of 2018?', 'what is that less $100?', 'what is that divided by 100?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph the following graph sets forth the cumulative total shareholder return on our series a common stock , series b common stock and series c common stock as compared with the cumulative total return of the companies listed in the standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and a peer group of companies comprised of cbs corporation class b common stock , scripps network interactive , inc . ( acquired by the company in march 2018 ) , time warner , inc . ( acquired by at&t inc . in june 2018 ) , twenty-first century fox , inc . class a common stock ( news corporation class a common stock prior to june 2013 ) , viacom , inc . class b common stock and the walt disney company . the graph assumes $ 100 originally invested on december 31 , 2013 in each of our series a common stock , series b common stock and series c common stock , the s&p 500 index , and the stock of our peer group companies , including reinvestment of dividends , for the years ended december 31 , 2014 , 2015 , 2016 , 2017 and 2018 . two peer companies , scripps networks interactive , inc . and time warner , inc. , were acquired in 2018 . the stock performance chart shows the peer group including scripps networks interactive , inc . and time warner , inc . and excluding both acquired companies for the entire five year period . december 31 , december 31 , december 31 , december 31 , december 31 , december 31 .
1december 312013december 312014december 312015december 312016december 312017december 312018
2disca$ 100.00$ 74.58$ 57.76$ 59.34$ 48.45$ 53.56
3discb$ 100.00$ 80.56$ 58.82$ 63.44$ 53.97$ 72.90
4disck$ 100.00$ 80.42$ 60.15$ 63.87$ 50.49$ 55.04
5s&p 500$ 100.00$ 111.39$ 110.58$ 121.13$ 144.65$ 135.63
6peer group incl . acquired companies$ 100.00$ 116.64$ 114.02$ 127.96$ 132.23$ 105.80
7peer group ex . acquired companies$ 100.00$ 113.23$ 117.27$ 120.58$ 127.90$ 141.58
equity compensation plan information information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive proxy statement for our 2019 annual meeting of stockholders under the caption 201csecurities authorized for issuance under equity compensation plans , 201d which is incorporated herein by reference. .","['72.9', '-27.1', '-0.271']" "['what is the change in second generation tenant improvements from 2012 to 2013?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 36 duke realty corporation annual report 2013 leasing/capital costs tenant improvements and lease-related costs pertaining to our initial leasing of newly completed space , or vacant space in acquired properties , are referred to as first generation expenditures . such first generation expenditures for tenant improvements are included within ""development of real estate investments"" in our consolidated statements of cash flows , while such expenditures for lease-related costs are included within ""other deferred leasing costs."" cash expenditures related to the construction of a building's shell , as well as the associated site improvements , are also included within ""development of real estate investments"" in our consolidated statements of cash flows . tenant improvements and leasing costs to re-let rental space that we previously leased to tenants are referred to as second generation expenditures . building improvements that are not specific to any tenant but serve to improve integral components of our real estate properties are also second generation expenditures . one of our principal uses of our liquidity is to fund the second generation leasing/capital expenditures of our real estate investments . the following table summarizes our second generation capital expenditures by type of expenditure ( in thousands ) : .
1201320122011
2second generation tenant improvements$ 39892$ 26643$ 50079
3second generation leasing costs386173105938130
4building improvements13289618211055
5total second generation capital expenditures$ 91798$ 63884$ 99264
6development of real estate investments$ 427355$ 264755$ 162070
7other deferred leasing costs$ 35376$ 27772$ 26311
second generation tenant improvements and leasing costs increased due to a shift in industrial leasing volume from renewal leases to second generation leases ( see data in the key performance indicators section of management's discussion and analysis of financial condition and results of operations ) , which are generally more capital intensive . additionally , although the overall renewal volume was lower , renewals for office leases , which are generally more capital intensive than industrial leases , increased from 2012 . during 2013 , we increased our investment across all product types in non-tenant specific building improvements . the increase in capital expenditures for the development of real estate investments was the result of our increased focus on wholly owned development projects . we had wholly owned properties under development with an expected cost of $ 572.6 million at december 31 , 2013 , compared to projects with an expected cost of $ 468.8 million and $ 124.2 million at december 31 , 2012 and 2011 , respectively . cash outflows for real estate development investments were $ 427.4 million , $ 264.8 million and $ 162.1 million for december 31 , 2013 , 2012 and 2011 , respectively . we capitalized $ 31.3 million , $ 30.4 million and $ 25.3 million of overhead costs related to leasing activities , including both first and second generation leases , during the years ended december 31 , 2013 , 2012 and 2011 , respectively . we capitalized $ 27.1 million , $ 20.0 million and $ 10.4 million of overhead costs related to development activities , including construction , development and tenant improvement projects on first and second generation space , during the years ended december 31 , 2013 , 2012 and 2011 , respectively . combined overhead costs capitalized to leasing and development totaled 35.7% ( 35.7 % ) , 31.1% ( 31.1 % ) and 20.6% ( 20.6 % ) of our overall pool of overhead costs at december 31 , 2013 , 2012 and 2011 , respectively . further discussion of the capitalization of overhead costs can be found herein , in the discussion of general and administrative expenses in the comparison sections of management's discussion and analysis of financial condition and results of operations. .","['13249.0', '0.49728']" "['what was the senior fixed-rate in 2013?', 'and what is the sum of the number one and this percentage as a portion of the number one?', 'considering that this senior fixed rate accumulates on top of the previous one, what will be its total cumulative value at the end of ten years?', 'what was the issued amount in 2013?', 'what, then, is going to be the total matured value of this amount at the end of those ten years, considering the cumulative senior fixed rate?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: maturities of long-term debt in each of the next five years and beyond are as follows: .
12014$ 907.4
22015453.0
32016433.0
42017453.8
52018439.9
6thereafter2876.6
7total$ 5563.7
on 4 february 2013 , we issued a $ 400.0 senior fixed-rate 2.75% ( 2.75 % ) note that matures on 3 february 2023 . additionally , on 7 august 2013 , we issued a 2.0% ( 2.0 % ) eurobond for 20ac300 million ( $ 397 ) that matures on 7 august 2020 . various debt agreements to which we are a party also include financial covenants and other restrictions , including restrictions pertaining to the ability to create property liens and enter into certain sale and leaseback transactions . as of 30 september 2013 , we are in compliance with all the financial and other covenants under our debt agreements . as of 30 september 2013 , we have classified commercial paper of $ 400.0 maturing in 2014 as long-term debt because we have the ability and intent to refinance the debt under our $ 2500.0 committed credit facility maturing in 2018 . our current intent is to refinance this debt via the u.s . public or private placement markets . on 30 april 2013 , we entered into a five-year $ 2500.0 revolving credit agreement with a syndicate of banks ( the 201c2013 credit agreement 201d ) , under which senior unsecured debt is available to us and certain of our subsidiaries . the 2013 credit agreement provides us with a source of liquidity and supports our commercial paper program . this agreement increases the previously existing facility by $ 330.0 , extends the maturity date to 30 april 2018 , and modifies the financial covenant to a maximum ratio of total debt to total capitalization ( total debt plus total equity plus redeemable noncontrolling interest ) no greater than 70% ( 70 % ) . no borrowings were outstanding under the 2013 credit agreement as of 30 september 2013 . the 2013 credit agreement terminates and replaces our previous $ 2170.0 revolving credit agreement dated 8 july 2010 , as subsequently amended , which was to mature 30 june 2015 and had a financial covenant of long-term debt divided by the sum of long-term debt plus equity of no greater than 60% ( 60 % ) . no borrowings were outstanding under the previous agreement at the time of its termination and no early termination penalties were incurred . effective 11 june 2012 , we entered into an offshore chinese renminbi ( rmb ) syndicated credit facility of rmb1000.0 million ( $ 163.5 ) , maturing in june 2015 . there are rmb250.0 million ( $ 40.9 ) in outstanding borrowings under this commitment at 30 september 2013 . additional commitments totaling $ 383.0 are maintained by our foreign subsidiaries , of which $ 309.0 was borrowed and outstanding at 30 september 2013. .","['0.0275', '1.0275', '1.31165', '400.0', '524.66041']" "['what is the daily earnings at risk in 2002?', 'what about in 2001?', 'what is the net change?', 'what growth rate does this represent?', 'what about the net change in average daily earnings at risk from 2001 to 2002?', 'what is the average daily earnings at risk in 2001?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy corporation and subsidiaries management's financial discussion and analysis annually , beginning in 2006 , if power market prices drop below the ppa prices . accordingly , because the price is not fixed , the table above does not report power from that plant as sold forward after 2005 . under the ppas with nypa for the output of power from indian point 3 and fitzpatrick , the non-utility nuclear business is obligated to produce at an average capacity factor of 85% ( 85 % ) with a financial true-up payment to nypa should nypa's cost to purchase power due to an output shortfall be higher than the ppas' price . the calculation of any true-up payments is based on two two-year periods . for the first period , which ran through november 20 , 2002 , indian point 3 and fitzpatrick operated at 95% ( 95 % ) and 97% ( 97 % ) , respectively , under the true-up formula . credits of up to 5% ( 5 % ) reflecting period one generation above 85% ( 85 % ) can be used to offset any output shortfalls in the second period , which runs through the end of the ppas on december 31 , 2004 . entergy continually monitors industry trends in order to determine whether asset impairments or other losses could result from a decline in value , or cancellation , of merchant power projects , and records provisions for impairments and losses accordingly . marketing and trading the earnings of entergy's energy commodity services segment are exposed to commodity price market risks primarily through entergy's 50%-owned , unconsolidated investment in entergy-koch . entergy-koch trading ( ekt ) uses value-at-risk models as one measure of the market risk of a loss in fair value for ekt's natural gas and power trading portfolio . actual future gains and losses in portfolios will differ from those estimated based upon actual fluctuations in market rates , operating exposures , and the timing thereof , and changes in the portfolio of derivative financial instruments during the year . to manage its portfolio , ekt enters into various derivative and contractual transactions in accordance with the policy approved by the trading committee of the governing board of entergy-koch . the trading portfolio consists of physical and financial natural gas and power as well as other energy and weather-related contracts . these contracts take many forms , including futures , forwards , swaps , and options . characteristics of ekt's value-at-risk method and the use of that method are as follows : fffd value-at-risk is used in conjunction with stress testing , position reporting , and profit and loss reporting in order to measure and control the risk inherent in the trading and mark-to-market portfolios . fffd ekt estimates its value-at-risk using a model based on j.p . morgan's risk metrics methodology combined with a monte carlo simulation approach . fffd ekt estimates its daily value-at-risk for natural gas and power using a 97.5% ( 97.5 % ) confidence level . ekt's daily value-at-risk is a measure that indicates that , if prices moved against the positions , the loss in neutralizing the portfolio would not be expected to exceed the calculated value-at-risk . fffd ekt seeks to limit the daily value-at-risk on any given day to a certain dollar amount approved by the trading committee . ekt's value-at-risk measures , which it calls daily earnings at risk ( de@r ) , for its trading portfolio were as follows: .
120022001
2de@r at end of period$ 15.2 million$ 5.5 million
3average de@r for the period$ 10.8 million$ 6.4 million
ekt's de@r increased in 2002 compared to 2001 as a result of an increase in the size of the position held and an increase in the volatility of natural gas prices in the latter part of the year . for all derivative and contractual transactions , ekt is exposed to losses in the event of nonperformance by counterparties to these transactions . relevant considerations when assessing ekt's credit risk exposure include: .","['15.2', '5.5', '9.7', '1.76364', '4.4', '6.4', '0.6875']" "['for the combined years of 2010 and 2011, what were the total earnings from the black rock business segment?', 'and in that first year, what was the noncash expense in connection with the redemption of tarp preferred stock?', 'and what was the total net interest income?', 'which one, then, was greater in 2010?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: corporate & institutional banking corporate & institutional banking earned $ 1.9 billion in 2011 and $ 1.8 billion in 2010 . the increase in earnings was primarily due to an improvement in the provision for credit losses , which was a benefit in 2011 , partially offset by a reduction in the value of commercial mortgage servicing rights and lower net interest income . we continued to focus on adding new clients , increasing cross sales , and remaining committed to strong expense discipline . asset management group asset management group earned $ 141 million for 2011 compared with $ 137 million for 2010 . assets under administration were $ 210 billion at december 31 , 2011 and $ 212 billion at december 31 , 2010 . earnings for 2011 reflected a benefit from the provision for credit losses and growth in noninterest income , partially offset by higher noninterest expense and lower net interest income . for 2011 , the business delivered strong sales production , grew high value clients and benefitted from significant referrals from other pnc lines of business . over time and with stabilized market conditions , the successful execution of these strategies and the accumulation of our strong sales performance are expected to create meaningful growth in assets under management and noninterest income . residential mortgage banking residential mortgage banking earned $ 87 million in 2011 compared with $ 269 million in 2010 . the decline in earnings was driven by an increase in noninterest expense associated with increased costs for residential mortgage foreclosure- related expenses , primarily as a result of ongoing governmental matters , and lower net interest income , partially offset by an increase in loan originations and higher loans sales revenue . blackrock our blackrock business segment earned $ 361 million in 2011 and $ 351 million in 2010 . the higher business segment earnings from blackrock for 2011 compared with 2010 were primarily due to an increase in revenue . non-strategic assets portfolio this business segment ( formerly distressed assets portfolio ) consists primarily of acquired non-strategic assets that fall outside of our core business strategy . non-strategic assets portfolio had earnings of $ 200 million in 2011 compared with a loss of $ 57 million in 2010 . the increase was primarily attributable to a lower provision for credit losses partially offset by lower net interest income . 201cother 201d reported earnings of $ 376 million for 2011 compared with earnings of $ 386 million for 2010 . the decrease in earnings primarily reflected the noncash charge related to the redemption of trust preferred securities in the fourth quarter of 2011 and the gain related to the sale of a portion of pnc 2019s blackrock shares in 2010 partially offset by lower integration costs in 2011 . consolidated income statement review our consolidated income statement is presented in item 8 of this report . net income for 2011 was $ 3.1 billion compared with $ 3.4 billion for 2010 . results for 2011 include the impact of $ 324 million of residential mortgage foreclosure-related expenses primarily as a result of ongoing governmental matters , a $ 198 million noncash charge related to redemption of trust preferred securities and $ 42 million for integration costs . results for 2010 included the $ 328 million after-tax gain on our sale of gis , $ 387 million for integration costs , and $ 71 million of residential mortgage foreclosure-related expenses . for 2010 , net income attributable to common shareholders was also impacted by a noncash reduction of $ 250 million in connection with the redemption of tarp preferred stock . pnc 2019s results for 2011 were driven by good performance in a challenging environment of low interest rates , slow economic growth and new regulations . net interest income and net interest margin year ended december 31 dollars in millions 2011 2010 .
1year ended december 31dollars in millions20112010
2net interest income$ 8700$ 9230
3net interest margin3.92% ( 3.92 % )4.14% ( 4.14 % )
changes in net interest income and margin result from the interaction of the volume and composition of interest-earning assets and related yields , interest-bearing liabilities and related rates paid , and noninterest-bearing sources of funding . see the statistical information ( unaudited ) 2013 analysis of year-to-year changes in net interest income and average consolidated balance sheet and net interest analysis in item 8 and the discussion of purchase accounting accretion in the consolidated balance sheet review in item 7 of this report for additional information . the decreases in net interest income and net interest margin for 2011 compared with 2010 were primarily attributable to a decrease in purchase accounting accretion on purchased impaired loans primarily due to lower excess cash recoveries . a decline in average loan balances and the low interest rate environment , partially offset by lower funding costs , also contributed to the decrease . the pnc financial services group , inc . 2013 form 10-k 35 .","['712.0', '250.0', '9230.0', 'no']" "['what was the reduction of sales in 2006?', 'what was the reduction in sales in 2004?', 'what is the sum of these values?', 'what is the increase in sales in 2005?', 'what is the sum of reduction values plus the 2005 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 .
1december 30 2006december 31 2005
2inventories at fifo net$ 1380573$ 1294310
3adjustments to state inventories at lifo8276772789
4inventories 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. .","['9978.0', '11212.0', '21190.0', '526.0', '20664.0']" "['what was the difference in the fair value of significant unobservable inputs between 2008 and 2009?', 'and the specific value for 2008?', 'so then what is the percentage change between the two years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: mastercard incorporated notes to consolidated financial statements 2014continued the municipal bond portfolio is comprised of tax exempt bonds and is diversified across states and sectors . the portfolio has an average credit quality of double-a . the short-term bond funds invest in fixed income securities , including corporate bonds , mortgage-backed securities and asset-backed securities . the company holds investments in ars . interest on these securities is exempt from u.s . federal income tax and the interest rate on the securities typically resets every 35 days . the securities are fully collateralized by student loans with guarantees , ranging from approximately 95% ( 95 % ) to 98% ( 98 % ) of principal and interest , by the u.s . government via the department of education . beginning on february 11 , 2008 , the auction mechanism that normally provided liquidity to the ars investments began to fail . since mid-february 2008 , all investment positions in the company 2019s ars investment portfolio have experienced failed auctions . the securities for which auctions have failed have continued to pay interest in accordance with the contractual terms of such instruments and will continue to accrue interest and be auctioned at each respective reset date until the auction succeeds , the issuer redeems the securities or they mature . during 2008 , ars were reclassified as level 3 from level 2 . as of december 31 , 2010 , the ars market remained illiquid , but issuer call and redemption activity in the ars student loan sector has occurred periodically since the auctions began to fail . during 2010 and 2009 , the company did not sell any ars in the auction market , but there were calls at par . the table below includes a roll-forward of the company 2019s ars investments from january 1 , 2009 to december 31 , 2010 . significant unobservable inputs ( level 3 ) ( in millions ) .
1significant unobservable inputs ( level 3 ) ( in millions )
2fair value december 31 2008$ 192
3calls at par-28 ( 28 )
4recovery of unrealized losses due to issuer calls5
5increase in fair value11
6fair value december 31 2009180
7calls at par-94 ( 94 )
8recovery of unrealized losses due to issuer calls13
9increase in fair value7
10fair value december 31 2010$ 106
the company evaluated the estimated impairment of its ars portfolio to determine if it was other-than- temporary . the company considered several factors including , but not limited to , the following : ( 1 ) the reasons for the decline in value ( changes in interest rates , credit event , or market fluctuations ) ; ( 2 ) assessments as to whether it is more likely than not that it will hold and not be required to sell the investments for a sufficient period of time to allow for recovery of the cost basis ; ( 3 ) whether the decline is substantial ; and ( 4 ) the historical and anticipated duration of the events causing the decline in value . the evaluation for other-than-temporary impairments is a quantitative and qualitative process , which is subject to various risks and uncertainties . the risks and uncertainties include changes in credit quality , market liquidity , timing and amounts of issuer calls and interest rates . as of december 31 , 2010 , the company believed that the unrealized losses on the ars were not related to credit quality but rather due to the lack of liquidity in the market . the company believes that it is more .","['-12.0', '192.0', '-0.0625']" "['what is the difference in total proved undeveloped reserves during 2010?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: for the estimates of our oil sands mining reserves has 33 years of experience in petroleum engineering and has conducted surface mineable oil sands evaluations since 1986 . he is a member of spe , having served as regional director from 1998 through 2001 and is a registered practicing professional engineer in the province of alberta . audits of estimates third-party consultants are engaged to provide independent estimates for fields that comprise 80 percent of our total proved reserves over a rolling four-year period for the purpose of auditing the in-house reserve estimates . we met this goal for the four-year period ended december 31 , 2011 . we established a tolerance level of 10 percent such that initial estimates by the third-party consultants are accepted if they are within 10 percent of our internal estimates . should the third-party consultants 2019 initial analysis fail to reach our tolerance level , both our team and the consultants re-examine the information provided , request additional data and refine their analysis if appropriate . this resolution process is continued until both estimates are within 10 percent . this process did not result in significant changes to our reserve estimates in 2011 or 2009 . there were no third-party audits performed in 2010 . during 2011 , netherland , sewell & associates , inc . ( 201cnsai 201d ) prepared a certification of december 31 , 2010 reserves for the alba field in equatorial guinea . the nsai summary report is filed as an exhibit to this annual report on form 10-k . the senior members of the nsai team have over 50 years of industry experience between them , having worked for large , international oil and gas companies before joining nsai . the team lead has a master of science in mechanical engineering and is a member of spe . the senior technical advisor has a bachelor of science degree in geophysics and is a member of the society of exploration geophysicists , the american association of petroleum geologists and the european association of geoscientists and engineers . both are licensed in the state of texas . ryder scott company ( 201cryder scott 201d ) performed audits of several of our fields in 2011 and 2009 . their summary report on audits performed in 2011 is filed as an exhibit to this annual report on form 10-k . the team lead for ryder scott has over 20 years of industry experience , having worked for a major international oil and gas company before joining ryder scott . he has a bachelor of science degree in mechanical engineering , is a member of spe and is a registered professional engineer in the state of texas . the corporate reserves group also performs separate , detailed technical reviews of reserve estimates for significant fields that were acquired recently or for properties with other indicators such as excessively short or long lives , performance above or below expectations or changes in economic or operating conditions . changes in proved undeveloped reserves as of december 31 , 2011 , 395 mmboe of proved undeveloped reserves were reported , a decrease of 10 mmboe from december 31 , 2010 . the following table shows changes in total proved undeveloped reserves for 2011: .
1beginning of year405
2revisions of previous estimates15
3improved recovery1
4purchases of reserves in place91
5extensions discoveries and other additions49
6transfer to proved developed-166 ( 166 )
7end of year395
significant additions to proved undeveloped reserves during 2011 include 91 mmboe due to acreage acquisition in the eagle ford shale , 26 mmboe related to anadarko woodford shale development , 10 mmboe for development drilling in the bakken shale play and 8 mmboe for additional drilling in norway . additionally , 139 mmboe were transferred from proved undeveloped to proved developed reserves due to startup of the jackpine upgrader expansion in canada . costs incurred in 2011 , 2010 and 2009 relating to the development of proved undeveloped reserves , were $ 1107 million , $ 1463 million and $ 792 million . projects can remain in proved undeveloped reserves for extended periods in certain situations such as behind-pipe zones where reserves will not be accessed until the primary producing zone depletes , large development projects which take more than five years to complete , and the timing of when additional gas compression is needed . of the 395 mmboe of proved undeveloped reserves at year end 2011 , 34 percent of the volume is associated with projects that have been included in proved reserves for more than five years . the majority of this volume is related to a compression project in equatorial guinea that was sanctioned by our board of directors in 2004 and is expected to be completed by 2016 . performance of this field has exceeded expectations , and estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010 . production is not expected to experience a natural decline from facility-limited plateau production until 2014 , or possibly 2015 . the timing of the installation of compression is being driven by the reservoir performance. .","['-10.0', '-0.02469']" "['what was the net change in value of the open claims ending balance from 2005 to 2006?', 'was was the 2005 balance?', 'what is the net change over the 2005 balance?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: potentially responsible parties , and existing technology , laws , and regulations . the ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties involved , site- specific cost sharing arrangements with other potentially responsible parties , the degree of contamination by various wastes , the scarcity and quality of volumetric data related to many of the sites , and the speculative nature of remediation costs . current obligations are not expected to have a material adverse effect on our consolidated results of operations , financial condition , or liquidity . 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 with 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 work . annual expenses for personal injury-related events were $ 240 million in 2006 , $ 247 million in 2005 , and $ 288 million in 2004 . as of december 31 , 2006 and 2005 , we had accrued liabilities of $ 631 million and $ 619 million for future personal injury costs , respectively , of which $ 233 million and $ 274 million was recorded in current liabilities as accrued casualty costs , respectively . our personal injury liability is discounted to present value using applicable u.s . treasury rates . approximately 87% ( 87 % ) of the recorded liability related to asserted claims , and approximately 13% ( 13 % ) related to unasserted claims . estimates can vary over time due to evolving trends in litigation . our personal injury claims activity was as follows : claims activity 2006 2005 2004 .
1claims activity200620052004
2open claims beginning balance419740284085
3new claims419045844366
4settled or dismissed claims-4261 ( 4261 )-4415 ( 4415 )-4423 ( 4423 )
5open claims ending balance at december 31412641974028
depreciation 2013 the railroad industry is capital intensive . properties are carried at cost . provisions for depreciation are computed principally on the straight-line method based on estimated service lives of depreciable property . the lives are calculated using a separate composite annual percentage rate for each depreciable property group , based on the results of internal depreciation studies . we are required to submit a report on depreciation studies and proposed depreciation rates to the stb for review and approval every three years for equipment property and every six years for road property . the cost ( net of salvage ) of depreciable railroad property retired or replaced in the ordinary course of business is charged to accumulated depreciation , and no gain or loss is recognized . a gain or loss is recognized in other income for all other property upon disposition because the gain or loss is not part of rail operations . the cost of internally developed software is capitalized and amortized over a five-year period . significant capital spending in recent years increased the total value of our depreciable assets . cash capital spending totaled $ 2.2 billion for the year ended december 31 , 2006 . for the year ended december 31 , 2006 , depreciation expense was $ 1.2 billion . we use various methods to estimate useful lives for each group of depreciable property . due to the capital intensive nature of the business and the large base of depreciable assets , variances to those estimates could have a material effect on our consolidated financial statements . if the estimated useful lives of all depreciable assets were increased by one year , annual depreciation expense would decrease by approximately $ 43 million . if the estimated useful lives of all assets to be depreciated were decreased by one year , annual depreciation expense would increase by approximately $ 45 million . 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 future tax consequences of events that have been recognized in our financial statements or tax returns . these .","['-71.0', '4197.0', '-0.01692']" "['what was the net change in the increase in fair value between 2005 and 2006?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the fair value of the interest agreements at december 31 , 2007 and december 31 , 2006 was $ 3 million and $ 1 million , respectively . the company is exposed to credit loss in the event of nonperformance by the counterparties to its swap contracts . the company minimizes its credit risk on these transactions by only dealing with leading , creditworthy financial institutions and does not anticipate nonperformance . in addition , the contracts are distributed among several financial institutions , all of whom presently have investment grade credit ratings , thus minimizing credit risk concentration . stockholders 2019 equity derivative instruments activity , net of tax , included in non-owner changes to equity within the consolidated statements of stockholders 2019 equity for the years ended december 31 , 2007 and 2006 is as follows: .
1200720062005
2balance at january 1$ 16$ 2$ -272 ( 272 )
3increase ( decrease ) in fair value-6 ( 6 )7528
4reclassifications to earnings-10 ( 10 )-61 ( 61 )246
5balance at december 31$ 2014$ 16$ 2
net investment in foreign operations hedge at december 31 , 2007 and 2006 , the company did not have any hedges of foreign currency exposure of net investments in foreign operations . investments hedge during the first quarter of 2006 , the company entered into a zero-cost collar derivative ( the 201csprint nextel derivative 201d ) to protect itself economically against price fluctuations in its 37.6 million shares of sprint nextel corporation ( 201csprint nextel 201d ) non-voting common stock . during the second quarter of 2006 , as a result of sprint nextel 2019s spin-off of embarq corporation through a dividend to sprint nextel shareholders , the company received approximately 1.9 million shares of embarq corporation . the floor and ceiling prices of the sprint nextel derivative were adjusted accordingly . the sprint nextel derivative was not designated as a hedge under the provisions of sfas no . 133 , 201caccounting for derivative instruments and hedging activities . 201d accordingly , to reflect the change in fair value of the sprint nextel derivative , the company recorded a net gain of $ 99 million for the year ended december 31 , 2006 , included in other income ( expense ) in the company 2019s consolidated statements of operations . in december 2006 , the sprint nextel derivative was terminated and settled in cash and the 37.6 million shares of sprint nextel were converted to common shares and sold . the company received aggregate cash proceeds of approximately $ 820 million from the settlement of the sprint nextel derivative and the subsequent sale of the 37.6 million sprint nextel shares . the company recognized a loss of $ 126 million in connection with the sale of the remaining shares of sprint nextel common stock . as described above , the company recorded a net gain of $ 99 million in connection with the sprint nextel derivative . prior to the merger of sprint corporation ( 201csprint 201d ) and nextel communications , inc . ( 201cnextel 201d ) , the company had entered into variable share forward purchase agreements ( the 201cvariable forwards 201d ) to hedge its nextel common stock . the company did not designate the variable forwards as a hedge of the sprint nextel shares received as a result of the merger . accordingly , the company recorded $ 51 million of gains for the year ended december 31 , 2005 reflecting the change in value of the variable forwards . the variable forwards were settled during the fourth quarter of 2005 . fair value of financial instruments the company 2019s financial instruments include cash equivalents , sigma fund investments , short-term investments , accounts receivable , long-term finance receivables , accounts payable , accrued liabilities , derivatives and other financing commitments . the company 2019s sigma fund and investment portfolios and derivatives are recorded in the company 2019s consolidated balance sheets at fair value . all other financial instruments , with the exception of long-term debt , are carried at cost , which is not materially different than the instruments 2019 fair values. .","['47.0', '1.67857']" "['as of december 31, 2009, what was the total of derivative receivables related to the netting adjustment 2013 cash collateral received/paid?', 'and what was the total of the liquid securities collateral received by the firm?', 'what was, then, the combined total of both amounts as of that date?', 'and in that same year, how much did the gross derivative fair value receivables represent in relation to the payables one?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: jpmorgan chase & co./2009 annual report 181 the following table shows the current credit risk of derivative receivables after netting adjustments , and the current liquidity risk of derivative payables after netting adjustments , as of december 31 , 2009. .
1december 31 2009 ( in millions )derivative receivablesderivative payables
2gross derivative fair value$ 1565518$ 1519183
3nettingadjustment 2013 offsetting receivables/payables-1419840 ( 1419840 )-1419840 ( 1419840 )
4nettingadjustment 2013 cash collateral received/paid-65468 ( 65468 )-39218 ( 39218 )
5carrying value on consolidated balance sheets$ 80210$ 60125
in addition to the collateral amounts reflected in the table above , at december 31 , 2009 , the firm had received and posted liquid secu- rities collateral in the amount of $ 15.5 billion and $ 11.7 billion , respectively . the firm also receives and delivers collateral at the initiation of derivative transactions , which is available as security against potential exposure that could arise should the fair value of the transactions move in the firm 2019s or client 2019s favor , respectively . furthermore , the firm and its counterparties hold collateral related to contracts that have a non-daily call frequency for collateral to be posted , and collateral that the firm or a counterparty has agreed to return but has not yet settled as of the reporting date . at december 31 , 2009 , the firm had received $ 16.9 billion and delivered $ 5.8 billion of such additional collateral . these amounts were not netted against the derivative receivables and payables in the table above , because , at an individual counterparty level , the collateral exceeded the fair value exposure at december 31 , 2009 . credit derivatives credit derivatives are financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer ( the reference entity ) and which allow one party ( the protection purchaser ) to transfer that risk to another party ( the protection seller ) . credit derivatives expose the protection purchaser to the creditworthiness of the protection seller , as the protection seller is required to make payments under the contract when the reference entity experiences a credit event , such as a bankruptcy , a failure to pay its obligation or a restructuring . the seller of credit protection receives a premium for providing protection but has the risk that the underlying instrument referenced in the contract will be subject to a credit event . the firm is both a purchaser and seller of protection in the credit derivatives market and uses these derivatives for two primary purposes . first , in its capacity as a market-maker in the dealer/client business , the firm actively risk manages a portfolio of credit derivatives by purchasing and selling credit protection , pre- dominantly on corporate debt obligations , to meet the needs of customers . as a seller of protection , the firm 2019s exposure to a given reference entity may be offset partially , or entirely , with a contract to purchase protection from another counterparty on the same or similar reference entity . second , the firm uses credit derivatives to mitigate credit risk associated with its overall derivative receivables and traditional commercial credit lending exposures ( loans and unfunded commitments ) as well as to manage its exposure to residential and commercial mortgages . see note 3 on pages 156--- 173 of this annual report for further information on the firm 2019s mortgage-related exposures . in accomplishing the above , the firm uses different types of credit derivatives . following is a summary of various types of credit derivatives . credit default swaps credit derivatives may reference the credit of either a single refer- ence entity ( 201csingle-name 201d ) or a broad-based index , as described further below . the firm purchases and sells protection on both single- name and index-reference obligations . single-name cds and index cds contracts are both otc derivative contracts . single- name cds are used to manage the default risk of a single reference entity , while cds index are used to manage credit risk associated with the broader credit markets or credit market segments . like the s&p 500 and other market indices , a cds index is comprised of a portfolio of cds across many reference entities . new series of cds indices are established approximately every six months with a new underlying portfolio of reference entities to reflect changes in the credit markets . if one of the reference entities in the index experi- ences a credit event , then the reference entity that defaulted is removed from the index . cds can also be referenced against spe- cific portfolios of reference names or against customized exposure levels based on specific client demands : for example , to provide protection against the first $ 1 million of realized credit losses in a $ 10 million portfolio of exposure . such structures are commonly known as tranche cds . for both single-name cds contracts and index cds , upon the occurrence of a credit event , under the terms of a cds contract neither party to the cds contract has recourse to the reference entity . the protection purchaser has recourse to the protection seller for the difference between the face value of the cds contract and the fair value of the reference obligation at the time of settling the credit derivative contract , also known as the recovery value . the protection purchaser does not need to hold the debt instrument of the underlying reference entity in order to receive amounts due under the cds contract when a credit event occurs . credit-linked notes a credit linked note ( 201ccln 201d ) is a funded credit derivative where the issuer of the cln purchases credit protection on a referenced entity from the note investor . under the contract , the investor pays the issuer par value of the note at the inception of the transaction , and in return , the issuer pays periodic payments to the investor , based on the credit risk of the referenced entity . the issuer also repays the investor the par value of the note at maturity unless the reference entity experiences a specified credit event . in that event , the issuer is not obligated to repay the par value of the note , but rather , the issuer pays the investor the difference between the par value of the note .","['65468000000.0', '15500000000.0', '80968000000.0', '1.0305']" "['what is the benefit payment value in 2012?', 'what was the benefit payment value in 2011?', 'what is the ratio of 2012 to 2011?', 'what is that ratio less 1?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) the company does not make any contributions to its postretirement plan other than funding benefits payments . the following table summarizes expected net benefit payments from the company 2019s general assets through 2019 : benefit payments expected subsidy receipts benefit payments .
1benefit paymentsexpected subsidy receiptsnet benefit payments
22010$ 2714$ 71$ 2643
320113028912937
4201233691113258
5201336601343526
6201440191513868
72015 2013 201922686107121615
the company provides limited postemployment benefits to eligible former u.s . employees , primarily severance under a formal severance plan ( the 201cseverance plan 201d ) . the company accounts for severance expense by accruing the expected cost of the severance benefits expected to be provided to former employees after employment over their relevant service periods . the company updates the assumptions in determining the severance accrual by evaluating the actual severance activity and long-term trends underlying the assumptions . as a result of updating the assumptions , the company recorded incremental severance expense ( benefit ) related to the severance plan of $ 3471 , $ 2643 and $ ( 3418 ) , respectively , during the years 2009 , 2008 and 2007 . these amounts were part of total severance expenses of $ 135113 , $ 32997 and $ 21284 in 2009 , 2008 and 2007 , respectively , included in general and administrative expenses in the accompanying consolidated statements of operations . note 14 . debt on april 28 , 2008 , the company extended its committed unsecured revolving credit facility , dated as of april 28 , 2006 ( the 201ccredit facility 201d ) , for an additional year . the new expiration date of the credit facility is april 26 , 2011 . the available funding under the credit facility will remain at $ 2500000 through april 27 , 2010 and then decrease to $ 2000000 during the final year of the credit facility agreement . other terms and conditions in the credit facility remain unchanged . the company 2019s option to request that each lender under the credit facility extend its commitment was provided pursuant to the original terms of the credit facility agreement . borrowings under the facility are available to provide liquidity in the event of one or more settlement failures by mastercard international customers and , subject to a limit of $ 500000 , for general corporate purposes . the facility fee and borrowing cost are contingent upon the company 2019s credit rating . at december 31 , 2009 , the facility fee was 7 basis points on the total commitment , or approximately $ 1774 annually . interest on borrowings under the credit facility would be charged at the london interbank offered rate ( libor ) plus an applicable margin of 28 basis points or an alternative base rate , and a utilization fee of 10 basis points would be charged if outstanding borrowings under the facility exceed 50% ( 50 % ) of commitments . at the inception of the credit facility , the company also agreed to pay upfront fees of $ 1250 and administrative fees of $ 325 , which are being amortized over five years . facility and other fees associated with the credit facility totaled $ 2222 , $ 2353 and $ 2477 for each of the years ended december 31 , 2009 , 2008 and 2007 , respectively . mastercard was in compliance with the covenants of the credit facility and had no borrowings under the credit facility at december 31 , 2009 or december 31 , 2008 . the majority of credit facility lenders are members or affiliates of members of mastercard international . in june 1998 , mastercard international issued ten-year unsecured , subordinated notes ( the 201cnotes 201d ) paying a fixed interest rate of 6.67% ( 6.67 % ) per annum . mastercard repaid the entire principal amount of $ 80000 on june 30 , 2008 pursuant to the terms of the notes . the interest expense on the notes was $ 2668 and $ 5336 for each of the years ended december 31 , 2008 and 2007 , respectively. .","['3369.0', '3028.0', '1.11262', '0.11262']" "['what was the interest net of capitalized interest in 2017?', 'and what was it in 2016?', 'what was, then, the 2017 amount as a portion of the 2016?', 'and what is this value without the portion equivalent to the 2016 amount?', 'and concerning the subsequent year, what was the total of accrued capital expenditures in 2018 as a portion of that total in 2017?', 'and what becomes this value excluding the part representing to the 2017 total?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the diluted earnings per share calculation excludes stock options , sars , restricted stock and units and performance units and stock that were anti-dilutive . shares underlying the excluded stock options and sars totaled 2.6 million , 10.3 million and 10.2 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . for the year ended december 31 , 2016 , 4.5 million shares of restricted stock and restricted stock units and performance units and performance stock were excluded . 10 . supplemental cash flow information net cash paid for interest and income taxes was as follows for the years ended december 31 , 2017 , 2016 and 2015 ( in thousands ) : .
1201720162015
2interest net of capitalized interest$ 275305$ 252030$ 222088
3income taxes net of refunds received$ 188946$ -39293 ( 39293 )$ 41108
eog's accrued capital expenditures at december 31 , 2017 , 2016 and 2015 were $ 475 million , $ 388 million and $ 416 million , respectively . non-cash investing activities for the year ended december 31 , 2017 included non-cash additions of $ 282 million to eog's oil and gas properties as a result of property exchanges . non-cash investing activities for the year ended december 31 , 2016 included $ 3834 million in non-cash additions to eog's oil and gas properties related to the yates transaction ( see note 17 ) . 11 . business segment information eog's operations are all crude oil and natural gas exploration and production related . the segment reporting topic of the asc establishes standards for reporting information about operating segments in annual financial statements . operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker , or decision-making group , in deciding how to allocate resources and in assessing performance . eog's chief operating decision-making process is informal and involves the chairman of the board and chief executive officer and other key officers . this group routinely reviews and makes operating decisions related to significant issues associated with each of eog's major producing areas in the united states , trinidad , the united kingdom and china . for segment reporting purposes , the chief operating decision maker considers the major united states producing areas to be one operating segment. .","['275305.0', '252030.0', '1.09235', '0.09235', '1.22423', '0.22423']" "['what is the difference between the aggregate principal amount of fixed and floating rate senior notes and the cash proceeds that resulted from it?', 'what was the total of those cash proceeds?', 'and how much does that difference represent in relation to this total, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) other debentures and notes following are descriptions of the various other debentures and notes outstanding at december 31 , 2014 and 2013 , as listed in the table presented at the beginning of this note . geosouthern debt in december 2013 , in conjunction with the planned geosouthern acquisition , devon issued $ 2.25 billion aggregate principal amount of fixed and floating rate senior notes resulting in cash proceeds of approximately $ 2.2 billion , net of discounts and issuance costs . the floating rate senior notes due in 2015 bear interest at a rate equal to three-month libor plus 0.45 percent , which rate will be reset quarterly . the floating rate senior notes due in 2016 bears interest at a rate equal to three-month libor plus 0.54 percent , which rate will be reset quarterly . the schedule below summarizes the key terms of these notes ( in millions ) . .
1floating rate due december 15 2015$ 500
2floating rate due december 15 2016350
31.20% ( 1.20 % ) due december 15 2016 ( 1 )650
42.25% ( 2.25 % ) due december 15 2018750
5discount and issuance costs-2 ( 2 )
6net proceeds$ 2248
( 1 ) the 1.20% ( 1.20 % ) $ 650 million note due december 15 , 2016 was redeemed on november 13 , 2014 . the senior notes were classified as short-term debt on devon 2019s consolidated balance sheet as of december 31 , 2013 due to certain redemption features in the event that the geosouthern acquisition was not completed on or prior to june 30 , 2014 . on february 28 , 2014 , the geosouthern acquisition closed and thus the senior notes were subsequently classified as long-term debt . additionally , during december 2013 , devon entered into a term loan agreement with a group of major financial institutions pursuant to which devon could draw up to $ 2.0 billion to finance , in part , the geosouthern acquisition and to pay transaction costs . in february 2014 , devon drew the $ 2.0 billion of term loans for the geosouthern transaction , and the amount was subsequently repaid on june 30 , 2014 with the canadian divestiture proceeds that were repatriated to the u.s . in june 2014 , at which point the term loan was terminated. .","['0.05', '2.2', '0.02273']" "['what was the change in the value of s&p500 considering its price in 2010 and the original amount invested in it in 2007?', 'and how much does this change represent in relation to this original amount invested?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 28 , 2007 through october 28 , 2012 . this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period . the comparison assumes $ 100 was invested on october 28 , 2007 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any . dollar amounts in the graph are rounded to the nearest whole dollar . the performance shown in the graph represents past performance and should not be considered an indication of future performance . comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index and the rdg semiconductor composite index * $ 100 invested on 10/28/07 in stock or 10/31/07 in index , including reinvestment of dividends . indexes calculated on month-end basis . copyright a9 2012 s&p , a division of the mcgraw-hill companies inc . all rights reserved. .
110/28/200710/26/200810/25/200910/31/201010/30/201110/28/2012
2applied materials100.0061.2271.0669.2372.3762.92
3s&p 500 index100.0063.9070.1781.7688.37101.81
4rdg semiconductor composite index100.0054.7468.5984.4691.3382.37
dividends during fiscal 2012 , applied 2019s board of directors declared three quarterly cash dividends in the amount of $ 0.09 per share each and one quarterly cash dividend in the amount of $ 0.08 per share . during fiscal 2011 , applied 2019s board of directors declared three quarterly cash dividends in the amount of $ 0.08 per share each and one quarterly cash dividend in the amount of $ 0.07 per share . during fiscal 2010 , applied 2019s board of directors declared three quarterly cash dividends in the amount of $ 0.07 per share each and one quarterly cash dividend in the amount of $ 0.06 . dividends declared during fiscal 2012 , 2011 and 2010 amounted to $ 438 million , $ 408 million and $ 361 million , respectively . applied currently anticipates that it will continue to pay cash dividends on a quarterly basis in the future , although the declaration and amount of any future cash dividends are at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination that cash dividends are in the best interests of applied 2019s stockholders . 10/28/07 10/26/08 10/25/09 10/31/10 10/30/11 10/28/12 applied materials , inc . s&p 500 rdg semiconductor composite .","['-18.24', '-0.1824']" "['what is the change in earnings for non-utility nuclear from 2003 to 2004?', 'what is the earnings for non-utility nuclear in 2003?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy corporation and subsidiaries management's financial discussion and analysis other income ( deductions ) changed from $ 47.6 million in 2002 to ( $ 36.0 million ) in 2003 primarily due to a decrease in ""miscellaneous - net"" as a result of a $ 107.7 million accrual in the second quarter of 2003 for the loss that would be associated with a final , non-appealable decision disallowing abeyed river bend plant costs . see note 2 to the consolidated financial statements for more details regarding the river bend abeyed plant costs . the decrease was partially offset by an increase in interest and dividend income as a result of the implementation of sfas 143 . interest on long-term debt decreased from $ 462.0 million in 2002 to $ 433.5 million in 2003 primarily due to the redemption and refinancing of long-term debt . non-utility nuclear following are key performance measures for non-utility nuclear: .
1200420032002
2net mw in operation at december 31405840013955
3average realized price per mwh$ 41.26$ 39.38$ 40.07
4generation in gwh for the year325243237929953
5capacity factor for the year92% ( 92 % )92% ( 92 % )93% ( 93 % )
2004 compared to 2003 the decrease in earnings for non-utility nuclear from $ 300.8 million to $ 245.0 million was primarily due to the $ 154.5 million net-of-tax cumulative effect of a change in accounting principle that increased earnings in the first quarter of 2003 upon implementation of sfas 143 . see ""critical accounting estimates - sfas 143"" below for discussion of the implementation of sfas 143 . earnings before the cumulative effect of accounting change increased by $ 98.7 million primarily due to the following : 2022 lower operation and maintenance expenses , which decreased from $ 681.8 million in 2003 to $ 595.7 million in 2004 , primarily resulting from charges recorded in 2003 in connection with the voluntary severance program ; 2022 higher revenues , which increased from $ 1.275 billion in 2003 to $ 1.342 billion in 2004 , primarily resulting from higher contract pricing . the addition of a support services contract for the cooper nuclear station and increased generation in 2004 due to power uprates completed in 2003 and fewer planned and unplanned outages in 2004 also contributed to the higher revenues ; and 2022 miscellaneous income resulting from a reduction in the decommissioning liability for a plant , as discussed in note 8 to the consolidated financial statements . partially offsetting this increase were the following : 2022 higher income taxes , which increased from $ 88.6 million in 2003 to $ 142.6 million in 2004 ; and 2022 higher depreciation expense , which increased from $ 34.3 million in 2003 to $ 48.9 million in 2004 , due to additions to plant in service . 2003 compared to 2002 the increase in earnings for non-utility nuclear from $ 200.5 million to $ 300.8 million was primarily due to the $ 154.5 million net-of-tax cumulative effect of a change in accounting principle recognized in the first quarter of 2003 upon implementation of sfas 143 . see ""critical accounting estimates - sfas 143"" below for discussion of the implementation of sfas 143 . income before the cumulative effect of accounting change decreased by $ 54.2 million . the decrease was primarily due to $ 83.0 million ( $ 50.6 million net-of-tax ) of charges recorded in connection with the voluntary severance program . except for the effect of the voluntary severance program , operation and maintenance expenses in 2003 per mwh of generation were in line with 2002 operation and maintenance expenses. .","['-55.8', '300.8', '-0.18551']" "['what was the value of citi at the end of 2015?', 'what was the net change of the value of citi in 2015 less a $100 initial investment?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: performance graph comparison of five-year cumulative total return the following graph and table compare the cumulative total return on citi 2019s common stock , which is listed on the nyse under the ticker symbol 201cc 201d and held by 81805 common stockholders of record as of january 31 , 2016 , with the cumulative total return of the s&p 500 index and the s&p financial index over the five-year period through december 31 , 2015 . the graph and table assume that $ 100 was invested on december 31 , 2010 in citi 2019s common stock , the s&p 500 index and the s&p financial index , and that all dividends were reinvested . comparison of five-year cumulative total return for the years ended date citi s&p 500 financials .
1datecitis&p 500s&p financials
231-dec-2010100.00100.00100.00
330-dec-201155.67102.1182.94
431-dec-201283.81118.45106.84
531-dec-2013110.49156.82144.90
631-dec-2014114.83178.28166.93
731-dec-2015110.14180.75164.39
.","['110.14', '10.14', '0.1014']" "['what was the change in the price of shares from the highest value during the quarter ended 12/31/07 and the closing price on 2/29/08?', 'and the growth rate during this time?', 'what was the average number of shares per registered holder as of 2/29/08?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our class a common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2007 and 2006. .
12007highlow
2quarter ended march 31$ 41.31$ 36.63
3quarter ended june 3043.8437.64
4quarter ended september 3045.4536.34
5quarter ended december 3146.5340.08
62006highlow
7quarter ended march 31$ 32.68$ 26.66
8quarter ended june 3035.7527.35
9quarter ended september 3036.9229.98
10quarter ended december 3138.7435.21
on february 29 , 2008 , the closing price of our class a common stock was $ 38.44 per share as reported on the nyse . as of february 29 , 2008 , we had 395748826 outstanding shares of class a common stock and 528 registered holders . dividends we have never paid a dividend on any class of our common stock . we anticipate that we may retain future earnings , if any , to fund the development and growth of our business . the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 201c7.50% ( 201c7.50 % ) notes 201d ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 201c7.125% ( 201c7.125 % ) notes 201d ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants . the loan agreement for our revolving credit facility and the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied . in addition , while spectrasite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes , certain of spectrasite 2019s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization . for more information about the restrictions under the loan agreement for the revolving credit facility , our notes indentures and the loan agreement related to the securitization , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 3 to our consolidated financial statements included in this annual report. .","['-8.09', '-0.17387', '749524.29167']" "['what was the total of remaining shares, in millions?', 'and how much is that, not in millions?', 'what would be the cost to repurchase those shares, considering the 2009 weighted average share price?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest . cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) . the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes . in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) . the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility . in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 . there were no outstanding amounts due under either revolving facility at the times of their termination . the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions . the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 . the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement . additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum . the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc . for the company 2019s non-credit enhanced , long- term , senior , unsecured debt . there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s . dollar denominated borrowing would have been 1.05 percent . the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets . the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less . the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency . ppg 2019s non-u.s . operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 . these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees . short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec . 31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures . the company 2019s revolving credit agreements include a financial ratio covenant . the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments . as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments . additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions . those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements . none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates . interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively . in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) . the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares . in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k .
1( millions )20112010
2other weighted average 3.72% ( 3.72 % ) as of dec . 31 2011 and 3.39% ( 3.39 % ) as of december 31 20103324
3total$ 33$ 24
notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest . cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) . the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes . in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) . the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility . in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 . there were no outstanding amounts due under either revolving facility at the times of their termination . the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions . the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 . the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement . additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum . the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc . for the company 2019s non-credit enhanced , long- term , senior , unsecured debt . there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s . dollar denominated borrowing would have been 1.05 percent . the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets . the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less . the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency . ppg 2019s non-u.s . operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 . these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees . short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec . 31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures . the company 2019s revolving credit agreements include a financial ratio covenant . the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments . as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments . additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions . those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements . none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates . interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively . in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) . the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares . in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k .","['0.1', '100000.0', '5666000.0']" "['what is the r&d expense from 2016 to 2017?', 'what us the r&d expense in 2015?', 'what is the total for three years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents other equity method investments infraservs . we hold indirect ownership interests in several german infraserv groups that own and develop industrial parks and provide on-site general and administrative support to tenants . our ownership interest in the equity investments in infraserv affiliates are as follows : as of december 31 , 2017 ( in percentages ) infraserv gmbh & co . gendorf kg ( 1 ) ................................................................................................... . 39 .
1as of december 31 2017 ( in percentages )
2infraserv gmbh & co . gendorf kg ( 1 )39
3infraserv gmbh & co . hoechst kg32
4infraserv gmbh & co . knapsack kg ( 1 )27
infraserv gmbh & co . knapsack kg ( 1 ) ................................................................................................ . 27 ______________________________ ( 1 ) see note 29 - subsequent events in the accompanying consolidated financial statements for further information . research and development our business models leverage innovation and conduct research and development activities to develop new , and optimize existing , production technologies , as well as to develop commercially viable new products and applications . research and development expense was $ 72 million , $ 78 million and $ 119 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . we consider the amounts spent during each of the last three fiscal years on research and development activities to be sufficient to execute our current strategic initiatives . intellectual property we attach importance to protecting our intellectual property , including safeguarding our confidential information and through our patents , trademarks and copyrights , in order to preserve our investment in research and development , manufacturing and marketing . patents may cover processes , equipment , products , intermediate products and product uses . we also seek to register trademarks as a means of protecting the brand names of our company and products . patents . in most industrial countries , patent protection exists for new substances and formulations , as well as for certain unique applications and production processes . however , we do business in regions of the world where intellectual property protection may be limited and difficult to enforce . confidential information . we maintain stringent information security policies and procedures wherever we do business . such information security policies and procedures include data encryption , controls over the disclosure and safekeeping of confidential information and trade secrets , as well as employee awareness training . trademarks . amcel ae , aoplus ae , ateva ae , avicor ae , celanese ae , celanex ae , celcon ae , celfx ae , celstran ae , celvolit ae , clarifoil ae , dur- o-set ae , ecomid ae , ecovae ae , forflex ae , forprene ae , frianyl ae , fortron ae , ghr ae , gumfit ae , gur ae , hostaform ae , laprene ae , metalx ae , mowilith ae , mt ae , nilamid ae , nivionplast ae , nutrinova ae , nylfor ae , pibiflex ae , pibifor ae , pibiter ae , polifor ae , resyn ae , riteflex ae , slidex ae , sofprene ae , sofpur ae , sunett ae , talcoprene ae , tecnoprene ae , thermx ae , tufcor ae , vantage ae , vectra ae , vinac ae , vinamul ae , vitaldose ae , zenite ae and certain other branded products and services named in this document are registered or reserved trademarks or service marks owned or licensed by celanese . the foregoing is not intended to be an exhaustive or comprehensive list of all registered or reserved trademarks and service marks owned or licensed by celanese . fortron ae is a registered trademark of fortron industries llc . hostaform ae is a registered trademark of hoechst gmbh . mowilith ae and nilamid ae are registered trademarks of celanese in most european countries . we monitor competitive developments and defend against infringements on our intellectual property rights . neither celanese nor any particular business segment is materially dependent upon any one patent , trademark , copyright or trade secret . environmental and other regulation matters pertaining to environmental and other regulations are discussed in item 1a . risk factors , as well as note 2 - summary of accounting policies , note 16 - environmental and note 24 - commitments and contingencies in the accompanying consolidated financial statements. .","['150.0', '119.0', '269.0']" "['what was the ccg operating income in 2016?', 'and what was it in 2015?', 'what was, then, the change over the year?', 'what was the ccg operating income in 2015?', 'and how much does that change represent in relation to this 2015 ccg operating income?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis of financial condition and results of operations ( continued ) the following results drove changes in ccg operating income by approximately the amounts indicated: .
1( in millions )operating income reconciliation
2$ 106462016 ccg operating income
31250lower ccg platform unit cost
4905lower ccg operating expense
5625higher gross margin from ccg platform revenue1
6-645 ( 645 )higher factory start-up costs primarily driven by the ramp of our 10nm process technology
7345other
8$ 81662015 ccg operating income
9-2060 ( 2060 )higher ccg platform unit costs
10-1565 ( 1565 )lower gross margin from ccg platform revenue2
11435lower factory start-up costs primarily driven by the ramp of our 14nm process technology
12430lower production costs primarily on our 14nm products treated as period charges in 2014
13375lower operating expense
14224other
15$ 103272014 ccg operating income
1 higher gross margin from higher ccg platform revenue was driven by higher average selling prices on notebook and desktop platforms , offset by lower desktop and notebook platform unit sales . 2 lower gross margin from lower ccg platform revenue was driven by lower desktop and notebook platform unit sales , partially offset by higher average selling prices on desktop , notebook , and tablet platforms . data center group segment product overview the dcg operating segment offers platforms designed to provide leading energy-efficient performance for all server , network , and storage applications . in addition , dcg focuses on lowering the total cost of ownership on other specific workload- optimizations for the enterprise , cloud service providers , and communications service provider market segments . in 2016 , we launched the following platforms with an array of functionalities and advancements : 2022 intel ae xeon ae processor e5 v4 family , the foundation for high performing clouds and delivers energy-efficient performance for server , network , and storage workloads . 2022 intel xeon processor e7 v4 family , targeted at platforms requiring four or more cpus ; this processor family delivers high performance and is optimized for real-time analytics and in-memory computing , along with industry-leading reliability , availability , and serviceability . 2022 intel ae xeon phi 2122 product family , formerly code-named knights landing , with up to 72 high-performance intel processor cores , integrated memory and fabric , and a common software programming model with intel xeon processors . the intel xeon phi product family is designed for highly parallel compute and memory bandwidth-intensive workloads . intel xeon phi processors are positioned to increase the performance of supercomputers , enabling trillions of calculations per second , and to address emerging data analytics and artificial intelligence solutions . in 2017 , we expect to release our next generation of intel xeon processors for compute , storage , and network ; a next-generation intel xeon phi processor optimized for deep learning ; and a suite of single-socket products , including next-generation intel xeon e3 processors , next-generation intel atom processors , and next-generation intel xeon-d processors for dense solutions. .","['10646.0', '8166.0', '2480.0', '8166.0', '0.3037']" "['what was the cash dividends paid for 2018 and 2017?', 'and including the value for 2016?', 'what was the increase in the cash dividend per share between the 4th quarter of 2017 and 2018?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: flows of the company 2019s subsidiaries , the receipt of dividends and repayments of indebtedness from the company 2019s subsidiaries , compliance with delaware corporate and other laws , compliance with the contractual provisions of debt and other agreements , and other factors . the company 2019s dividend rate on its common stock is determined by the board of directors on a quarterly basis and takes into consideration , among other factors , current and possible future developments that may affect the company 2019s income and cash flows . when dividends on common stock are declared , they are typically paid in march , june , september and december . historically , dividends have been paid quarterly to holders of record less than 30 days prior to the distribution date . since the dividends on the company 2019s common stock are not cumulative , only declared dividends are paid . during 2018 , 2017 and 2016 , the company paid $ 319 million , $ 289 million and $ 261 million in cash dividends , respectively . the following table provides the per share cash dividends paid for the years ended december 31: .
1201820172016
2december$ 0.455$ 0.415$ 0.375
3september$ 0.455$ 0.415$ 0.375
4june$ 0.455$ 0.415$ 0.375
5march$ 0.415$ 0.375$ 0.34
on december 7 , 2018 , the company 2019s board of directors declared a quarterly cash dividend payment of $ 0.455 per share payable on march 1 , 2019 , to shareholders of record as of february 7 , 2019 . equity forward transaction see note 4 2014acquisitions and divestitures for information regarding the forward sale agreements entered into by the company on april 11 , 2018 , and the subsequent settlement of these agreements on june 7 , 2018 . regulatory restrictions the issuance of long-term debt or equity securities by the company or american water capital corp . ( 201cawcc 201d ) , the company 2019s wholly owned financing subsidiary , does not require authorization of any state puc if no guarantee or pledge of the regulated subsidiaries is utilized . however , state puc authorization is required to issue long-term debt at most of the company 2019s regulated subsidiaries . the company 2019s regulated subsidiaries normally obtain the required approvals on a periodic basis to cover their anticipated financing needs for a period of time or in connection with a specific financing . under applicable law , the company 2019s subsidiaries can pay dividends only from retained , undistributed or current earnings . a significant loss recorded at a subsidiary may limit the dividends that the subsidiary can distribute to american water . furthermore , the ability of the company 2019s subsidiaries to pay upstream dividends or repay indebtedness to american water is subject to compliance with applicable regulatory restrictions and financial obligations , including , for example , debt service and preferred and preference stock dividends , as well as applicable corporate , tax and other laws and regulations , and other agreements or covenants made or entered into by the company and its subsidiaries . note 10 : stock based compensation the company has granted stock options , stock units and dividend equivalents to non-employee directors , officers and other key employees of the company pursuant to the terms of its 2007 omnibus equity compensation plan ( the 201c2007 plan 201d ) . stock units under the 2007 plan generally vest based on ( i ) continued employment with the company ( 201crsus 201d ) , or ( ii ) continued employment with the company where distribution of the shares is subject to the satisfaction in whole or in part of stated performance-based goals ( 201cpsus 201d ) . the total aggregate number of shares of common stock that may be issued under the 2007 plan is 15.5 million . as of .","['608.0', '869.0', '0.04']" "['what was the net change in value of unrealized losses from 2007 to 2008?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) of certain of its assets and liabilities under its interest rate swap agreements held as of december 31 , 2006 and entered into during the first half of 2007 . in addition , the company paid $ 8.0 million related to a treasury rate lock agreement entered into and settled during the year ended december 31 , 2008 . the cost of the treasury rate lock is being recognized as additional interest expense over the 10-year term of the 7.00% ( 7.00 % ) notes . during the year ended december 31 , 2007 , the company also received $ 3.1 million in cash upon settlement of the assets and liabilities under ten forward starting interest rate swap agreements with an aggregate notional amount of $ 1.4 billion , which were designated as cash flow hedges to manage exposure to variability in cash flows relating to forecasted interest payments in connection with the certificates issued in the securitization in may 2007 . the settlement is being recognized as a reduction in interest expense over the five-year period for which the interest rate swaps were designated as hedges . the company also received $ 17.0 million in cash upon settlement of the assets and liabilities under thirteen additional interest rate swap agreements with an aggregate notional amount of $ 850.0 million that managed exposure to variability of interest rates under the credit facilities but were not considered cash flow hedges for accounting purposes . this gain is included in other income in the accompanying consolidated statement of operations for the year ended december 31 , 2007 . as of december 31 , 2008 and 2007 , other comprehensive ( loss ) income included the following items related to derivative financial instruments ( in thousands ) : .
120082007
2deferred loss on the settlement of the treasury rate lock net of tax$ -4332 ( 4332 )$ -4901 ( 4901 )
3deferred gain on the settlement of interest rate swap agreements entered into in connection with the securitization net oftax12381636
4unrealized losses related to interest rate swap agreements net of tax-16349 ( 16349 )-486 ( 486 )
during the years ended december 31 , 2008 and 2007 , the company recorded an aggregate net unrealized loss of approximately $ 15.8 million and $ 3.2 million , respectively ( net of a tax provision of approximately $ 10.2 million and $ 2.0 million , respectively ) in other comprehensive loss for the change in fair value of interest rate swaps designated as cash flow hedges and reclassified an aggregate of $ 0.1 million and $ 6.2 million , respectively ( net of an income tax provision of $ 2.0 million and an income tax benefit of $ 3.3 million , respectively ) into results of operations . 9 . fair valuemeasurements the company determines the fair market values of its financial instruments based on the fair value hierarchy established in sfas no . 157 , which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value . the standard describes three levels of inputs that may be used to measure fair value . level 1 quoted prices in active markets for identical assets or liabilities that the company has the ability to access at the measurement date . the company 2019s level 1 assets consist of available-for-sale securities traded on active markets as well as certain brazilian treasury securities that are highly liquid and are actively traded in over-the-counter markets . level 2 observable inputs other than level 1 prices , such as quoted prices for similar assets or liabilities ; quoted prices in markets that are not active ; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. .","['5.6', '0.54902']" "['what is the ratio of debt maturity for 2010 to 2006?', 'what is that value times 100?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: during 2005 , we amended our $ 1.0 billion unsecured revolving credit facility to extend its maturity date from march 27 , 2008 to march 27 , 2010 , and reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) and the commitment fee to 0.2% ( 0.2 % ) of the undrawn portion of the facility at december 31 , 2005 . in addition , in 2005 , we entered into two $ 100.0 million unsecured term loans , due 2010 , at an effective interest rate of libor plus 0.8% ( 0.8 % ) at december 31 , 2005 . during 2004 , we entered into an eight-year , $ 225.0 million unse- cured term loan , at libor plus 1.75% ( 1.75 % ) , which was amended in 2005 to reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) at december 31 , 2005 . the liquid yield option 2122 notes and the zero coupon convertible notes are unsecured zero coupon bonds with yields to maturity of 4.875% ( 4.875 % ) and 4.75% ( 4.75 % ) , respectively , due 2021 . each liquid yield option 2122 note and zero coupon convertible note was issued at a price of $ 381.63 and $ 391.06 , respectively , and will have a principal amount at maturity of $ 1000 . each liquid yield option 2122 note and zero coupon convertible note is convertible at the option of the holder into 11.7152 and 15.6675 shares of common stock , respec- tively , if the market price of our common stock reaches certain lev- els . these conditions were met at december 31 , 2005 and 2004 for the zero coupon convertible notes and at december 31 , 2004 for the liquid yield option 2122 notes . since february 2 , 2005 , we have the right to redeem the liquid yield option 2122 notes and commencing on may 18 , 2006 , we will have the right to redeem the zero coupon con- vertible notes at their accreted values for cash as a whole at any time , or from time to time in part . holders may require us to pur- chase any outstanding liquid yield option 2122 notes at their accreted value on february 2 , 2011 and any outstanding zero coupon con- vertible notes at their accreted value on may 18 , 2009 and may 18 , 2014 . we may choose to pay the purchase price in cash or common stock or a combination thereof . during 2005 , holders of our liquid yield option 2122 notes and zero coupon convertible notes converted approximately $ 10.4 million and $ 285.0 million , respectively , of the accreted value of these notes into approximately 0.3 million and 9.4 million shares , respec- tively , of our common stock and cash for fractional shares . in addi- tion , we called for redemption $ 182.3 million of the accreted bal- ance of outstanding liquid yield option 2122 notes . most holders of the liquid yield option 2122 notes elected to convert into shares of our common stock , rather than redeem for cash , resulting in the issuance of approximately 4.5 million shares . during 2005 , we prepaid a total of $ 297.0 million on a term loan secured by a certain celebrity ship and on a variable rate unsecured term loan . in 1996 , we entered into a $ 264.0 million capital lease to finance splendour of the seas and in 1995 we entered into a $ 260.0 million capital lease to finance legend of the seas . during 2005 , we paid $ 335.8 million in connection with the exercise of purchase options on these capital lease obligations . under certain of our agreements , the contractual interest rate and commitment fee vary with our debt rating . the unsecured senior notes and senior debentures are not redeemable prior to maturity . our debt agreements contain covenants that require us , among other things , to maintain minimum net worth and fixed charge cov- erage ratio and limit our debt to capital ratio . we are in compliance with all covenants as of december 31 , 2005 . following is a schedule of annual maturities on long-term debt as of december 31 , 2005 for each of the next five years ( in thousands ) : .
12006$ 600883
22007329493
32008245257
42009 ( 1 )361449
52010687376
1 the $ 137.9 million accreted value of the zero coupon convertible notes at december 31 , 2005 is included in year 2009 . the holders of our zero coupon convertible notes may require us to purchase any notes outstanding at an accreted value of $ 161.7 mil- lion on may 18 , 2009 . this accreted value was calculated based on the number of notes outstanding at december 31 , 2005 . we may choose to pay any amounts in cash or common stock or a combination thereof . note 6 . shareholders 2019 equity on september 25 , 2005 , we announced that we and an investment bank had finalized a forward sale agreement relating to an asr transaction . as part of the asr transaction , we purchased 5.5 million shares of our common stock from the investment bank at an initial price of $ 45.40 per share . total consideration paid to repurchase such shares , including commissions and other fees , was approxi- mately $ 249.1 million and was recorded in shareholders 2019 equity as a component of treasury stock . the forward sale contract matured in february 2006 . during the term of the forward sale contract , the investment bank purchased shares of our common stock in the open market to settle its obliga- tion related to the shares borrowed from third parties and sold to us . upon settlement of the contract , we received 218089 additional shares of our common stock . these incremental shares will be recorded in shareholders 2019 equity as a component of treasury stock in the first quarter of 2006 . our employee stock purchase plan ( 201cespp 201d ) , which has been in effect since january 1 , 1994 , facilitates the purchase by employees of up to 800000 shares of common stock . offerings to employees are made on a quarterly basis . subject to certain limitations , the pur- chase price for each share of common stock is equal to 90% ( 90 % ) of the average of the market prices of the common stock as reported on the new york stock exchange on the first business day of the pur- chase period and the last business day of each month of the pur- chase period . shares of common stock of 14476 , 13281 and 21280 38 royal caribbean cruises ltd . notes to the consolidated financial statements ( continued ) .","['1.14394', '114.39432']" "['what is the product of 2011 north american printing paper sales by 1000?', 'what is that divided by total 2011 sales?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: printing papers demand for printing papers products is closely corre- lated with changes in commercial printing and advertising activity , direct mail volumes and , for uncoated cut-size products , with changes in white- collar employment levels that affect the usage of copy and laser printer paper . pulp is further affected by changes in currency rates that can enhance or disadvantage producers in different geographic regions . principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs . pr int ing papers net sales for 2012 were about flat with 2011 and increased 5% ( 5 % ) from 2010 . operat- ing profits in 2012 were 31% ( 31 % ) lower than in 2011 , but 25% ( 25 % ) higher than in 2010 . excluding facility closure costs and impairment costs , operating profits in 2012 were 30% ( 30 % ) lower than in 2011 and 25% ( 25 % ) lower than in 2010 . benefits from higher sales volumes ( $ 58 mil- lion ) were more than offset by lower sales price real- izations and an unfavorable product mix ( $ 233 million ) , higher operating costs ( $ 30 million ) , higher maintenance outage costs ( $ 17 million ) , higher input costs ( $ 32 million ) and other items ( $ 6 million ) . in addition , operating profits in 2011 included a $ 24 million gain related to the announced repurposing of our franklin , virginia mill to produce fluff pulp and an $ 11 million impairment charge related to our inverurie , scotland mill that was closed in 2009 . printing papers .
1in millions201220112010
2sales$ 6230$ 6215$ 5940
3operating profit599872481
north american pr int ing papers net sales were $ 2.7 billion in 2012 , $ 2.8 billion in 2011 and $ 2.8 billion in 2010 . operating profits in 2012 were $ 331 million compared with $ 423 million ( $ 399 million excluding a $ 24 million gain associated with the repurposing of our franklin , virginia mill ) in 2011 and $ 18 million ( $ 333 million excluding facility clo- sure costs ) in 2010 . sales volumes in 2012 were flat with 2011 . average sales margins were lower primarily due to lower export sales prices and higher export sales volume . input costs were higher for wood and chemicals , but were partially offset by lower purchased pulp costs . freight costs increased due to higher oil prices . manufacturing operating costs were favorable reflecting strong mill performance . planned main- tenance downtime costs were slightly higher in 2012 . no market-related downtime was taken in either 2012 or 2011 . entering the first quarter of 2013 , sales volumes are expected to increase compared with the fourth quar- ter of 2012 reflecting seasonally stronger demand . average sales price realizations are expected to be relatively flat as sales price realizations for domestic and export uncoated freesheet roll and cutsize paper should be stable . input costs should increase for energy , chemicals and wood . planned maintenance downtime costs are expected to be about $ 19 million lower with an outage scheduled at our georgetown mill versus outages at our courtland and eastover mills in the fourth quarter of 2012 . braz i l ian papers net sales for 2012 were $ 1.1 bil- lion compared with $ 1.2 billion in 2011 and $ 1.1 bil- lion in 2010 . operating profits for 2012 were $ 163 million compared with $ 169 million in 2011 and $ 159 million in 2010 . sales volumes in 2012 were higher than in 2011 as international paper improved its segment position in the brazilian market despite weaker year-over-year conditions in most markets . average sales price realizations improved for domestic uncoated freesheet paper , but the benefit was more than offset by declining prices for exported paper . margins were favorably affected by an increased proportion of sales to the higher- margin domestic market . raw material costs increased for wood and chemicals , but costs for purchased pulp decreased . operating costs and planned maintenance downtime costs were lower than in 2011 . looking ahead to 2013 , sales volumes in the first quarter are expected to be lower than in the fourth quarter of 2012 due to seasonally weaker customer demand for uncoated freesheet paper . average sales price realizations are expected to increase in the brazilian domestic market due to the realization of an announced sales price increase for uncoated free- sheet paper , but the benefit should be partially offset by pricing pressures in export markets . average sales margins are expected to be negatively impacted by a less favorable geographic mix . input costs are expected to be about flat due to lower energy costs being offset by higher costs for wood , purchased pulp , chemicals and utilities . planned maintenance outage costs should be $ 4 million lower with no outages scheduled in the first quarter . operating costs should be favorably impacted by the savings generated by the start-up of a new biomass boiler at the mogi guacu mill . european papers net sales in 2012 were $ 1.4 bil- lion compared with $ 1.4 billion in 2011 and $ 1.3 bil- lion in 2010 . operating profits in 2012 were $ 179 million compared with $ 196 million ( $ 207 million excluding asset impairment charges related to our inverurie , scotland mill which was closed in 2009 ) in 2011 and $ 197 million ( $ 199 million excluding an asset impairment charge ) in 2010 . sales volumes in 2012 compared with 2011 were higher for uncoated freesheet paper in both europe and russia , while sales volumes for pulp were lower in both regions . average sales price realizations for uncoated .","['2800.0', '0.45052']" "['what was the change in the allowance for doubtful accounts from 2006 to 2007?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements ( continued ) note 2 2014financial instruments ( continued ) covered by collateral , third-party flooring arrangements , or credit insurance are outstanding with the company 2019s distribution and retail channel partners . one customer accounted for approximately 11% ( 11 % ) of trade receivables as of september 29 , 2007 , while no customers accounted for more than 10% ( 10 % ) of trade receivables as of september 30 , 2006 . the following table summarizes the activity in the allowance for doubtful accounts ( in millions ) : september 29 , september 30 , september 24 , 2007 2006 2005 .
1september 29 2007september 30 2006september 24 2005
2beginning allowance balance$ 52$ 46$ 47
3charged to costs and expenses12178
4deductions-17 ( 17 )-11 ( 11 )-9 ( 9 )
5ending allowance balance$ 47$ 52$ 46
vendor non-trade receivables the company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of raw material components to these manufacturing vendors who manufacture sub-assemblies or assemble final products for the company . the company purchases these raw material components directly from suppliers . these non-trade receivables , which are included in the consolidated balance sheets in other current assets , totaled $ 2.4 billion and $ 1.6 billion as of september 29 , 2007 and september 30 , 2006 , respectively . the company does not reflect the sale of these components in net sales and does not recognize any profits on these sales until the products are sold through to the end customer at which time the profit is recognized as a reduction of cost of sales . derivative financial instruments the company uses derivatives to partially offset its business exposure to foreign exchange risk . foreign currency forward and option contracts are used to offset the foreign exchange risk on certain existing assets and liabilities and to hedge the foreign exchange risk on expected future cash flows on certain forecasted revenue and cost of sales . the company 2019s accounting policies for these instruments are based on whether the instruments are designated as hedge or non-hedge instruments . the company records all derivatives on the balance sheet at fair value. .","['-5.0', '-0.09615']" "['what was the total of acquisition-related costs recorded in 201cselling, general, and administrative expenses 201d in 2017?', 'and what was that in 2016?', 'what was, then, the combined total of acquisition-related costs recorded in 201cselling, general, and administrative expenses 201d for the two years?', 'and how much does this combined total represent in relation to the total of current assets, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) transaction closed on january 23 , 2017 , and the consideration paid included the issuance of approximately 2.8 million shares of the company 2019s common stock ( fair value of $ 266.5 million ) and cash of $ 86.2 million . the company recognized in 201ccontingent consideration liabilities 201d a $ 162.9 million liability for the estimated fair value of the contingent milestone payments . the fair value of the contingent milestone payments will be remeasured each quarter , with changes in the fair value recognized within operating expenses on the consolidated statements of operations . for further information on the fair value of the contingent milestone payments , see note 10 . in connection with the acquisition , the company placed $ 27.6 million of the purchase price into escrow to satisfy any claims for indemnification made in accordance with the merger agreement . any funds remaining 15 months after the acquisition date will be disbursed to valtech 2019s former shareholders . acquisition-related costs of $ 0.6 million and $ 4.1 million were recorded in 201cselling , general , and administrative expenses 201d during the years ended december 31 , 2017 and 2016 , respectively . prior to the close of the transaction , valtech spun off its early- stage transseptal mitral valve replacement technology program . concurrent with the closing , the company entered into an agreement for an exclusive option to acquire that program and its associated intellectual property for approximately $ 200.0 million , subject to certain adjustments , plus an additional $ 50.0 million if a certain european regulatory approval is obtained within 10 years of the acquisition closing date . the option expires two years after the closing date of the transaction , but can be extended by up to one year depending on the results of certain clinical trials . valtech is a developer of a transcatheter mitral and tricuspid valve repair system . the company plans to add this technology to its portfolio of mitral and tricuspid repair products . the acquisition was accounted for as a business combination . tangible and intangible assets acquired were recorded based on their estimated fair values at the acquisition date . the excess of the purchase price over the fair value of net assets acquired was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : .
1current assets$ 22.7
2property and equipment net1.2
3goodwill316.5
4developed technology109.2
5ipr&d87.9
6other assets0.8
7current liabilities assumed-5.1 ( 5.1 )
8deferred income taxes-17.6 ( 17.6 )
9total purchase price515.6
10less : cash acquired-4.3 ( 4.3 )
11total purchase price net of cash acquired$ 511.3
goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s rest of world segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rates used to determine the fair value of the ipr&d ranged from 18.0% ( 18.0 % ) to 20.0% ( 20.0 % ) . completion of successful design developments , bench testing , pre-clinical studies .","['0.6', '4.1', '4.7', '0.20705']" "['what was the volatility in 2017?', 'and what was it in 2016?', 'what was, then, the change over the year?', 'and how much does this change represent in relation to the 2016 volatility, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: shareholder value award program svas are granted to officers and management and are payable in shares of our common stock . the number of shares actually issued , if any , varies depending on our stock price at the end of the three-year vesting period compared to pre-established target stock prices . we measure the fair value of the sva unit on the grant date using a monte carlo simulation model . the model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award . expected volatilities utilized in the model are based on implied volatilities from traded options on our stock , historical volatility of our stock price , and other factors . similarly , the dividend yield is based on historical experience and our estimate of future dividend yields . the risk-free interest rate is derived from the u.s . treasury yield curve in effect at the time of grant . the weighted-average fair values of the sva units granted during the years ended december 31 , 2018 , 2017 , and 2016 were $ 48.51 , $ 66.25 , and $ 48.68 , respectively , determined using the following assumptions: .
1( percents )201820172016
2expected dividend yield2.50% ( 2.50 % )2.50% ( 2.50 % )2.00% ( 2.00 % )
3risk-free interest rate2.311.380.92
4volatility22.2622.9121.68
pursuant to this program , approximately 0.7 million shares , 1.1 million shares , and 1.0 million shares were issued during the years ended december 31 , 2018 , 2017 , and 2016 , respectively . approximately 1.0 million shares are expected to be issued in 2019 . as of december 31 , 2018 , the total remaining unrecognized compensation cost related to nonvested svas was $ 55.7 million , which will be amortized over the weighted-average remaining requisite service period of 20 months . restricted stock units rsus are granted to certain employees and are payable in shares of our common stock . rsu shares are accounted for at fair value based upon the closing stock price on the date of grant . the corresponding expense is amortized over the vesting period , typically three years . the fair values of rsu awards granted during the years ended december 31 , 2018 , 2017 , and 2016 were $ 70.95 , $ 72.47 , and $ 71.46 , respectively . the number of shares ultimately issued for the rsu program remains constant with the exception of forfeitures . pursuant to this program , 1.3 million , 1.4 million , and 1.3 million shares were granted and approximately 1.0 million , 0.9 million , and 0.6 million shares were issued during the years ended december 31 , 2018 , 2017 , and 2016 , respectively . approximately 0.8 million shares are expected to be issued in 2019 . as of december 31 , 2018 , the total remaining unrecognized compensation cost related to nonvested rsus was $ 112.2 million , which will be amortized over the weighted- average remaining requisite service period of 21 months . note 12 : shareholders' equity during 2018 , 2017 , and 2016 , we repurchased $ 4.15 billion , $ 359.8 million and $ 540.1 million , respectively , of shares associated with our share repurchase programs . a payment of $ 60.0 million was made in 2016 for shares repurchased in 2017 . during 2018 , we repurchased $ 2.05 billion of shares , which completed the $ 5.00 billion share repurchase program announced in october 2013 and our board authorized an $ 8.00 billion share repurchase program . there were $ 2.10 billion repurchased under the $ 8.00 billion program in 2018 . as of december 31 , 2018 , there were $ 5.90 billion of shares remaining under the 2018 program . we have 5.0 million authorized shares of preferred stock . as of december 31 , 2018 and 2017 , no preferred stock was issued . we have an employee benefit trust that held 50.0 million shares of our common stock at both december 31 , 2018 and 2017 , to provide a source of funds to assist us in meeting our obligations under various employee benefit plans . the cost basis of the shares held in the trust was $ 3.01 billion at both december 31 , 2018 and 2017 , and is shown as a reduction of shareholders 2019 equity . any dividend transactions between us and the trust are eliminated . stock held by the trust is not considered outstanding in the computation of eps . the assets of the trust were not used to fund any of our obligations under these employee benefit plans during the years ended december 31 , 2018 , 2017 , and .","['22.91', '21.68', '1.23', '0.05673']" "['what is the number of securities approved by security holders that remain to be issued in the future by the price per security?', 'what is that simplified?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 12 2014security ownership of certain beneficial owners and management and related stockholder matters we incorporate by reference in this item 12 the information relating to ownership of our common stock by certain persons contained under the headings 201ccommon stock ownership of management 201d and 201ccommon stock ownership by certain other persons 201d from our proxy statement to be delivered in connection with our 2009 annual meeting of shareholders to be held on september 30 , 2009 . we have four compensation plans under which our equity securities are authorized for issuance . the global payments inc . amended and restated 2000 long-term incentive plan , global payments inc . amended and restated 2005 incentive plan , the non-employee director stock option plan , and employee stock purchase plan have been approved by security holders . the information in the table below is as of may 31 , 2009 . for more information on these plans , see note 11 to notes to consolidated financial statements . 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 column ( a ) ) equity compensation plans approved by security holders: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4292668 $ 28 6570132 ( 1 ) equity compensation plans not approved by security holders: . . . . . . . . . . . . . . . . . . . . . . . . 2014 2014 2014 .
1plan categorynumber of securities to be issued upon exercise of outstanding options warrants and rights ( a )weighted- average exercise price of outstanding options warrants andrights ( b )number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )
2equity compensation plans approved by security holders:4292668$ 286570132-1 ( 1 )
3equity compensation plans not approved by security holders:201420142014
4total4292668$ 286570132-1 ( 1 )
( 1 ) also includes shares of common stock available for issuance other than upon the exercise of an option , warrant or right under the global payments inc . 2000 long-term incentive plan , as amended and restated , the global payments inc . amended and restated 2005 incentive plan and an amended and restated 2000 non-employee director stock option plan . item 13 2014certain relationships and related transactions , and director independence we incorporate by reference in this item 13 the information regarding certain relationships and related transactions between us and some of our affiliates and the independence of our board of directors contained under the headings 201ccertain relationships and related transactions 201d and 201cother information about the board and its committees 2014director independence 201d from our proxy statement to be delivered in connection with our 2009 annual meeting of shareholders to be held on september 30 , 2009 . item 14 2014principal accounting fees and services we incorporate by reference in this item 14 the information regarding principal accounting fees and services contained under the heading 201cauditor information 201d from our proxy statement to be delivered in connection with our 2009 annual meeting of shareholders to be held on september 30 , 2009. .","['183963696.0', '183.9637']" "['in the year of 2008, how much did the net income represent in relation to the revenue?', 'and concerning the two subsequent years, how much did the restructuring and integration charges related to the integration in 2009 represent in relation to the ones in 2010?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: acquired is represented by allied 2019s infrastructure of market-based collection routes and its related integrated waste transfer and disposal channels , whose value has been included in goodwill . all of the goodwill and other intangible assets resulting from the allied acquisition are not deductible for income tax purposes . pro forma information the consolidated financial statements presented for republic include the operating results of allied from december 5 , 2008 , the date of the acquisition . the following pro forma information is presented assuming the acquisition had been completed as of january 1 , 2008 . the unaudited pro forma information presented has been prepared for illustrative purposes and is not intended to be indicative of the results of operations that would have actually occurred had the acquisition been consummated at the beginning of the periods presented or of future results of the combined operations . furthermore , the pro forma results do not give effect to all cost savings or incremental costs that occur as a result of the integration and consolidation of the acquisition ( in millions , except share and per share amounts ) . year ended december 31 , ( unaudited ) .
1year ended december 31 2008 ( unaudited )
2revenue$ 9362.2
3net income285.7
4basic earnings per share0.76
5diluted earnings per share0.75
the unaudited pro forma financial information includes adjustments for amortization of identifiable intangible assets , accretion of discounts to fair value associated with debt , environmental , self-insurance and other liabilities , accretion of capping , closure and post-closure obligations and amortization of the related assets , and provision for income taxes . restructuring charges as a result of the 2008 allied acquisition , we committed to a restructuring plan related to our corporate overhead and other administrative and operating functions . the plan included closing our corporate office in florida , consolidating administrative functions to arizona , the former headquarters of allied , and reducing staffing levels . the plan also included closing and consolidating certain operating locations and terminating certain leases . during the years ended december 31 , 2010 and 2009 , we incurred $ 11.4 million , net of adjustments , and $ 63.2 million , respectively , of restructuring and integration charges related to our integration of allied . these charges and adjustments primarily related to severance and other employee termination and relocation benefits and consulting and professional fees . substantially all the charges are recorded in our corporate segment . we do not expect to incur additional charges to complete our plan . we expect that the remaining charges will be paid during 2011 . republic services , inc . notes to consolidated financial statements , continued .","['0.03052', '5.54386']" "['what was the value of ups in 2003?', 'what was, then, the change in its value considering the amount originally invested in it in 2002?', 'and how much does this change represent in relation to this original amount invested?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing . the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average . the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2002 in the s&p 500 index , the dow jones transportation average , and the class b common stock of united parcel service , inc . comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 $ 180.00 $ 200.00 $ 220.00 2002 20072006200520042003 s&p 500 ups dj transport .
112/31/0212/31/0312/31/0412/31/0512/31/0612/31/07
2united parcel service inc .$ 100.00$ 119.89$ 139.55$ 124.88$ 127.08$ 122.64
3s&p 500 index$ 100.00$ 128.68$ 142.68$ 149.69$ 173.33$ 182.85
4dow jones transportation average$ 100.00$ 131.84$ 168.39$ 188.00$ 206.46$ 209.40
securities authorized for issuance under equity compensation plans the following table provides information as of december 31 , 2007 regarding compensation plans under which our class a common stock is authorized for issuance . these plans do not authorize the issuance of our class b common stock. .","['119.89', '19.89', '0.1989']" "['what was the net change in value of collateral posted from 2013 to 2014?', 'what was the 2013 value?', 'what is the change divided by the 2013 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements derivatives with credit-related contingent features certain of the firm 2019s derivatives have been transacted under bilateral agreements with counterparties who may require the firm to post collateral or terminate the transactions based on changes in the firm 2019s credit ratings . the firm assesses the impact of these bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies . a downgrade by any one rating agency , depending on the agency 2019s relative ratings of the firm at the time of the downgrade , may have an impact which is comparable to the impact of a downgrade by all rating agencies . the table below presents the aggregate fair value of net derivative liabilities under such agreements ( excluding application of collateral posted to reduce these liabilities ) , the related aggregate fair value of the assets posted as collateral , and the additional collateral or termination payments that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in the firm 2019s credit ratings. .
1$ in millionsas of december 2014as of december 2013
2net derivative liabilities under bilateral agreements$ 35764$ 22176
3collateral posted3082418178
4additional collateral or termination payments for a one-notch downgrade1072911
5additional collateral or termination payments for a two-notch downgrade28152989
additional collateral or termination payments for a one-notch downgrade 1072 911 additional collateral or termination payments for a two-notch downgrade 2815 2989 credit derivatives the firm enters into a broad array of credit derivatives in locations around the world to facilitate client transactions and to manage the credit risk associated with market- making and investing and lending activities . credit derivatives are actively managed based on the firm 2019s net risk position . credit derivatives are individually negotiated contracts and can have various settlement and payment conventions . credit events include failure to pay , bankruptcy , acceleration of indebtedness , restructuring , repudiation and dissolution of the reference entity . credit default swaps . single-name credit default swaps protect the buyer against the loss of principal on one or more bonds , loans or mortgages ( reference obligations ) in the event the issuer ( reference entity ) of the reference obligations suffers a credit event . the buyer of protection pays an initial or periodic premium to the seller and receives protection for the period of the contract . if there is no credit event , as defined in the contract , the seller of protection makes no payments to the buyer of protection . however , if a credit event occurs , the seller of protection is required to make a payment to the buyer of protection , which is calculated in accordance with the terms of the contract . credit indices , baskets and tranches . credit derivatives may reference a basket of single-name credit default swaps or a broad-based index . if a credit event occurs in one of the underlying reference obligations , the protection seller pays the protection buyer . the payment is typically a pro-rata portion of the transaction 2019s total notional amount based on the underlying defaulted reference obligation . in certain transactions , the credit risk of a basket or index is separated into various portions ( tranches ) , each having different levels of subordination . the most junior tranches cover initial defaults and once losses exceed the notional amount of these junior tranches , any excess loss is covered by the next most senior tranche in the capital structure . total return swaps . a total return swap transfers the risks relating to economic performance of a reference obligation from the protection buyer to the protection seller . typically , the protection buyer receives from the protection seller a floating rate of interest and protection against any reduction in fair value of the reference obligation , and in return the protection seller receives the cash flows associated with the reference obligation , plus any increase in the fair value of the reference obligation . 132 goldman sachs 2014 annual report .","['12646.0', '18178.0', '0.69568']" "['what was the balance of unpaid losses in the beginning of 2008?', 'and what was the total of losses and loss expenses paid?', 'what then became that balance after these losses and loss expenses paid?', 'and what was the total in other losses ( including foreign exchange revaluation )?', 'what then became that balance of unpaid losses after these other losses?', 'and including the losses and loss expenses that were acquired what became that balance?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: we are continuing to invest in people and infrastructure to grow our presence in lines of businesses globally where we see an opportunity for ace to grow market share at reasonable terms . we are also continuing to invest in our enterprise risk management capability , our systems and data environment , and our research and development capabilities . critical accounting estimates our consolidated financial statements include amounts that , either by their nature or due to requirements of accounting princi- ples generally accepted in the u.s . ( gaap ) , are determined using best estimates and assumptions . while we believe that the amounts included in our consolidated financial statements reflect our best judgment , actual amounts could ultimately materi- ally differ from those currently presented . we believe the items that require the most subjective and complex estimates are : 2022 unpaid loss and loss expense reserves , including long-tail asbestos and environmental ( a&e ) reserves ; 2022 future policy benefits reserves ; 2022 valuation of value of business acquired ( voba ) and amortization of deferred policy acquisition costs and voba ; 2022 the assessment of risk transfer for certain structured insurance and reinsurance contracts ; 2022 reinsurance recoverable , including a provision for uncollectible reinsurance ; 2022 impairments to the carrying value of our investment portfolio ; 2022 the valuation of deferred tax assets ; 2022 the valuation of derivative instruments related to guaranteed minimum income benefits ( gmib ) ; and 2022 the valuation of goodwill . we believe our accounting policies for these items are of critical importance to our consolidated financial statements . the following discussion provides more information regarding the estimates and assumptions required to arrive at these amounts and should be read in conjunction with the sections entitled : prior period development , asbestos and environmental and other run-off liabilities , reinsurance recoverable on ceded reinsurance , investments , net realized gains ( losses ) , and other income and expense items . unpaid losses and loss expenses as an insurance and reinsurance company , we are required , by applicable laws and regulations and gaap , to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers . the estimate of the liabilities includes provisions for claims that have been reported but unpaid at the balance sheet date ( case reserves ) and for future obligations from claims that have been incurred but not reported ( ibnr ) at the balance sheet date ( ibnr may also include a provision for additional devel- opment on reported claims in instances where the case reserve is viewed to be potentially insufficient ) . the reserves provide for liabilities that exist for the company as of the balance sheet date . the loss reserve also includes an estimate of expenses associated with processing and settling these unpaid claims ( loss expenses ) . at december 31 , 2008 , our gross unpaid loss and loss expense reserves were $ 37.2 billion and our net unpaid loss and loss expense reserves were $ 24.2 billion . with the exception of certain structured settlements , for which the timing and amount of future claim payments are reliably determi- nable , our loss reserves are not discounted for the time value of money . in connection with such structured settlements , we carry reserves of $ 106 million ( net of discount ) . the table below presents a roll-forward of our unpaid losses and loss expenses for the indicated periods . ( in millions of u.s . dollars ) losses reinsurance recoverable net losses .
1( in millions of u.s . dollars )gross lossesreinsurance recoverablenet losses
2balance at december 31 2006$ 35517$ 13509$ 22008
3losses and loss expenses incurred1083134807351
4losses and loss expenses paid-9516 ( 9516 )-3582 ( 3582 )-5934 ( 5934 )
5other ( including foreign exchange revaluation )280113167
6balance at december 31 2007371121352023592
7losses and loss expenses incurred1094433417603
8losses and loss expenses paid-9899 ( 9899 )-3572 ( 3572 )-6327 ( 6327 )
9other ( including foreign exchange revaluation )-1367 ( 1367 )-387 ( 387 )-980 ( 980 )
10losses and loss expenses acquired38633353
11balance at december 31 2008$ 37176$ 12935$ 24241
.","['7603.0', '-6327.0', '1276.0', '-980.0', '296.0', '649.0']" "['what was the service cost in 2013?', 'and what was it in 2012?', 'how much, then, did the 2013 amount represent in relation to this 2012 one?', 'and what is this value excluding the part equivalent to the 2012 amount?', 'and between those two years, what was the variation in the net amortization?', 'what is this variation as a percentage of that net amortization in 2012?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 13 . pension and other postretirement benefit plans the company has defined benefit pension plans covering eligible employees in the united states and in certain of its international subsidiaries . as a result of plan design changes approved in 2011 , beginning on january 1 , 2013 , active participants in merck 2019s primary u.s . defined benefit pension plans are accruing pension benefits using new cash balance formulas based on age , service , pay and interest . however , during a transition period from january 1 , 2013 through december 31 , 2019 , participants will earn the greater of the benefit as calculated under the employee 2019s legacy final average pay formula or their new cash balance formula . for all years of service after december 31 , 2019 , participants will earn future benefits under only the cash balance formula . in addition , the company provides medical benefits , principally to its eligible u.s . retirees and their dependents , through its other postretirement benefit plans . the company uses december 31 as the year-end measurement date for all of its pension plans and other postretirement benefit plans . net periodic benefit cost the net periodic benefit cost for pension and other postretirement benefit plans consisted of the following components: .
1years ended december 31pension benefits 2013pension benefits 2012pension benefits 2011pension benefits 2013pension benefits 20122011
2service cost$ 682$ 555$ 619$ 102$ 82$ 110
3interest cost665661718107121141
4expected return on plan assets-1097 ( 1097 )-970 ( 970 )-972 ( 972 )-126 ( 126 )-136 ( 136 )-142 ( 142 )
5net amortization336185201-50 ( 50 )-35 ( 35 )-17 ( 17 )
6termination benefits582759501829
7curtailments-23 ( 23 )-10 ( 10 )-86 ( 86 )-11 ( 11 )-7 ( 7 )1
8settlements23184201420142014
9net periodic benefit cost$ 644$ 466$ 543$ 72$ 43$ 122
the increase in net periodic benefit cost for pension and other postretirement benefit plans in 2013 as compared with 2012 is largely attributable to a change in the discount rate . the net periodic benefit cost attributable to u.s . pension plans included in the above table was $ 348 million in 2013 , $ 268 million in 2012 and $ 406 million in in connection with restructuring actions ( see note 3 ) , termination charges were recorded in 2013 , 2012 and 2011 on pension and other postretirement benefit plans related to expanded eligibility for certain employees exiting merck . also , in connection with these restructuring activities , curtailments were recorded in 2013 , 2012 and 2011 on pension and other postretirement benefit plans . in addition , settlements were recorded in 2013 , 2012 and 2011 on certain domestic and international pension plans . table of contents .","['682.0', '555.0', '1.22883', '0.22883', '151.0', '0.81622']" "['what was the value of r&d expenditures in 2017 divided by those in 2016?', 'what is that value less 1?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: research and development we are committed to investing in highly productive research and development capabilities , particularly in electro-mechanical systems . our research and development ( ""r&d"" ) expenditures were approximately $ 48.3 million , $ 47.3 million and $ 45.2 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . we concentrate on developing technology innovations that will deliver growth through the introduction of new products and solutions , and also on driving continuous improvements in product cost , quality , safety and sustainability . we manage our r&d team as a global group with an emphasis on a global collaborative approach to identify and develop new technologies and worldwide product platforms . we are organized on a regional basis to leverage expertise in local standards and configurations . in addition to regional engineering centers in each geographic region , we also operate a global engineering center of excellence in bangalore , india . seasonality our business experiences seasonality that varies by product line . because more construction and do-it-yourself projects occur during the second and third calendar quarters of each year in the northern hemisphere , our security product sales , typically , are higher in those quarters than in the first and fourth calendar quarters . however , our interflex business typically experiences higher sales in the fourth calendar quarter due to project timing . revenue by quarter for the years ended december 31 , 2017 , 2016 and 2015 are as follows: .
1first quartersecond quarterthird quarterfourth quarter
2201723% ( 23 % )26% ( 26 % )25% ( 25 % )26% ( 26 % )
3201622% ( 22 % )26% ( 26 % )26% ( 26 % )26% ( 26 % )
4201522% ( 22 % )25% ( 25 % )26% ( 26 % )27% ( 27 % )
employees we currently have approximately 10000 employees . environmental regulation we have a dedicated environmental program that is designed to reduce the utilization and generation of hazardous materials during the manufacturing process as well as to remediate identified environmental concerns . as to the latter , we are currently engaged in site investigations and remediation activities to address environmental cleanup from past operations at current and former production facilities . the company regularly evaluates its remediation programs and considers alternative remediation methods that are in addition to , or in replacement of , those currently utilized by the company based upon enhanced technology and regulatory changes . we are sometimes a party to environmental lawsuits and claims and have received notices of potential violations of environmental laws and regulations from the u.s . environmental protection agency ( the ""epa"" ) and similar state authorities . we have also been identified as a potentially responsible party ( ""prp"" ) for cleanup costs associated with off-site waste disposal at federal superfund and state remediation sites . for all such sites , there are other prps and , in most instances , our involvement is minimal . in estimating our liability , we have assumed that we will not bear the entire cost of remediation of any site to the exclusion of other prps who may be jointly and severally liable . the ability of other prps to participate has been taken into account , based on our understanding of the parties 2019 financial condition and probable contributions on a per site basis . additional lawsuits and claims involving environmental matters are likely to arise from time to time in the future . we incurred $ 3.2 million , $ 23.3 million , and $ 4.4 million of expenses during the years ended december 31 , 2017 , 2016 , and 2015 , respectively , for environmental remediation at sites presently or formerly owned or leased by us . as of december 31 , 2017 and 2016 , we have recorded reserves for environmental matters of $ 28.9 million and $ 30.6 million . of these amounts $ 8.9 million and $ 9.6 million , respectively , relate to remediation of sites previously disposed by us . given the evolving nature of environmental laws , regulations and technology , the ultimate cost of future compliance is uncertain. .","['1.02114', '0.02114']" "['what were north american paper sales in 2012?', 'what is that times 1000?', 'what is that value over total 2012 sales?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: million excluding a gain on a bargain purchase price adjustment on the acquisition of a majority share of our operations in turkey and restructuring costs ) compared with $ 53 million ( $ 72 million excluding restructuring costs ) in 2012 and $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our then joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 . sales volumes in 2013 were higher than in 2012 reflecting strong demand for packaging in the agricultural markets in morocco and turkey . in europe , sales volumes decreased slightly due to continuing weak demand for packaging in the industrial markets , and lower demand for packaging in the agricultural markets resulting from poor weather conditions . average sales margins were significantly lower due to input costs for containerboard rising ahead of box sales price increases . other input costs were also higher , primarily for energy . operating profits in 2013 and 2012 included net gains of $ 13 million and $ 10 million , respectively , for insurance settlements and italian government grants , partially offset by additional operating costs , related to the earthquakes in northern italy in may 2012 which affected our san felice box plant . entering the first quarter of 2014 , sales volumes are expected to increase slightly reflecting higher demand for packaging in the industrial markets . average sales margins are expected to gradually improve as a result of slight reductions in material costs and planned box price increases . other input costs should be about flat . brazilian industrial packaging includes the results of orsa international paper embalagens s.a. , a corrugated packaging producer in which international paper acquired a 75% ( 75 % ) share in january 2013 . net sales were $ 335 million in 2013 . operating profits in 2013 were a loss of $ 2 million ( a gain of $ 2 million excluding acquisition and integration costs ) . looking ahead to the first quarter of 2014 , sales volumes are expected to be seasonally lower than in the fourth quarter of 2013 . average sales margins should improve reflecting the partial implementation of an announced sales price increase and a more favorable product mix . operating costs and input costs are expected to be lower . asian industrial packaging net sales were $ 400 million in 2013 compared with $ 400 million in 2012 and $ 410 million in 2011 . operating profits for the packaging operations were a loss of $ 5 million in 2013 ( a loss of $ 1 million excluding restructuring costs ) compared with gains of $ 2 million in 2012 and $ 2 million in 2011 . operating profits were favorably impacted in 2013 by higher average sales margins and slightly higher sales volumes compared with 2012 , but these benefits were offset by higher operating costs . looking ahead to the first quarter of 2014 , sales volumes and average sales margins are expected to be seasonally soft . net sales for the distribution operations were $ 285 million in 2013 compared with $ 260 million in 2012 and $ 285 million in 2011 . operating profits were $ 3 million in 2013 , 2012 and 2011 . printing papers demand for printing papers products is closely correlated with changes in commercial printing and advertising activity , direct mail volumes and , for uncoated cut-size products , with changes in white- collar employment levels that affect the usage of copy and laser printer paper . pulp is further affected by changes in currency rates that can enhance or disadvantage producers in different geographic regions . principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs . printing papers net sales for 2013 were about flat with both 2012 and 2011 . operating profits in 2013 were 55% ( 55 % ) lower than in 2012 and 69% ( 69 % ) lower than in 2011 . excluding facility closure costs and impairment costs , operating profits in 2013 were 15% ( 15 % ) lower than in 2012 and 40% ( 40 % ) lower than in 2011 . benefits from lower operating costs ( $ 81 million ) and lower maintenance outage costs ( $ 17 million ) were more than offset by lower average sales price realizations ( $ 38 million ) , lower sales volumes ( $ 14 million ) , higher input costs ( $ 99 million ) and higher other costs ( $ 34 million ) . in addition , operating profits in 2013 included costs of $ 118 million associated with the announced closure of our courtland , alabama mill . during 2013 , the company accelerated depreciation for certain courtland assets , and diligently evaluated certain other assets for possible alternative uses by one of our other businesses . the net book value of these assets at december 31 , 2013 was approximately $ 470 million . during 2014 , we have continued our evaluation and expect to conclude as to any uses for these assets during the first quarter of 2014 . operating profits also included a $ 123 million impairment charge associated with goodwill and a trade name intangible asset in our india papers business . operating profits in 2011 included a $ 24 million gain related to the announced repurposing of our franklin , virginia mill to produce fluff pulp and an $ 11 million impairment charge related to our inverurie , scotland mill that was closed in 2009 . printing papers .
1in millions201320122011
2sales$ 6205$ 6230$ 6215
3operating profit271599872
north american printing papers net sales were $ 2.6 billion in 2013 , $ 2.7 billion in 2012 and $ 2.8 billion in 2011. .","['2.7', '2700.0', '0.43339']" "['what was the employee headcount in 2013 less that in 2012?', 'what was it in 2012?', 'what is the ratio of the change in employee headcount to that of 2012?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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. .
1( in millions )201420132012
2nonoperating income ( expense ) gaap basis$ -79 ( 79 )$ 116$ -54 ( 54 )
3less : net income ( loss ) attributableto nci ( 1 )-30 ( 30 )19-18 ( 18 )
4nonoperating income ( expense ) ( 2 )-49 ( 49 )97-36 ( 36 )
5gain related to the charitable contribution2014-80 ( 80 )2014
6compensation expense related to ( appreciation ) depreciation on deferred compensation plans-7 ( 7 )-10 ( 10 )-6 ( 6 )
7nonoperating 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. .","['900.0', '10500.0', '0.08571']" "['what is the net revenue in 2007?', 'what about in 2006?', 'what is the net increase in net revenue from 2006 to 2007?', 'what amount of revenue is generated from volume/weather> 37.5?', 'what proportion of total revenue does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy louisiana , llc management's financial discussion and analysis 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2007 to 2006 . amount ( in millions ) .
1amount ( in millions )
22006 net revenue$ 942.1
3base revenues78.4
4volume/weather37.5
5transmission revenue9.2
6purchased power capacity-80.0 ( 80.0 )
7other3.9
82007 net revenue$ 991.1
the base revenues variance is primarily due to increases effective september 2006 for the 2005 formula rate plan filing to recover lpsc-approved incremental deferred and ongoing capacity costs . see ""state and local rate regulation"" below and note 2 to the financial statements for a discussion of the formula rate plan filing . the volume/weather variance is due to increased electricity usage , including electricity sales during the unbilled service period . billed retail electricity usage increased a total of 666 gwh in all sectors compared to 2006 . see ""critical accounting estimates"" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues . the transmission revenue variance is primarily due to higher rates . the purchased power capacity variance is primarily due to higher purchased power capacity charges and the amortization of capacity charges effective september 2006 as a result of the formula rate plan filing in may 2006 . a portion of the purchased power capacity costs is offset in base revenues due to a base rate increase implemented to recover incremental deferred and ongoing purchased power capacity charges , as mentioned above . see ""state and local rate regulation"" below and note 2 to the financial statements for a discussion of the formula rate plan filing . gross operating revenues , fuel , purchased power expenses , and other regulatory charges ( credits ) gross operating revenues increased primarily due to : an increase of $ 143.1 million in fuel cost recovery revenues due to higher fuel rates and usage ; an increase of $ 78.4 million in base revenues , as discussed above ; and an increase of $ 37.5 million related to volume/weather , as discussed above . fuel and purchased power expenses increased primarily due to an increase in net area demand and an increase in deferred fuel expense as a result of higher fuel rates , as discussed above . other regulatory credits decreased primarily due to the deferral of capacity charges in 2006 in addition to the amortization of these capacity charges in 2007 as a result of the may 2006 formula rate plan filing ( for the 2005 test year ) with the lpsc to recover such costs through base rates effective september 2006 . see note 2 to the financial statements for a discussion of the formula rate plan and storm cost recovery filings with the lpsc. .","['991.1', '942.1', '49.0', '37.5', '0.76531']" "['what was the net change in advertising expense from 2002 to 2003?', 'what was advertising expense in 2002?', 'what is the net change divided by the 2002 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: guarantees we adopted fasb interpretation no . 45 ( 201cfin 45 201d ) , 201cguarantor 2019s accounting and disclosure requirements for guarantees , including indirect guarantees of indebtedness of others 201d at the beginning of our fiscal 2003 . see 201crecent accounting pronouncements 201d for further information regarding fin 45 . the lease agreements for our three office buildings in san jose , california provide for residual value guarantees . these lease agreements were in place prior to december 31 , 2002 and are disclosed in note 14 . in the normal course of business , we provide indemnifications of varying scope to customers against claims of intellectual property infringement made by third parties arising from the use of our products . historically , costs related to these indemnification provisions have not been significant and we are unable to estimate the maximum potential impact of these indemnification provisions on our future results of operations . we have commitments to make certain milestone and/or retention payments typically entered into in conjunction with various acquisitions , for which we have made accruals in our consolidated financial statements . in connection with our purchases of technology assets during fiscal 2003 , we entered into employee retention agreements totaling $ 2.2 million . we are required to make payments upon satisfaction of certain conditions in the agreements . as permitted under delaware law , we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is , or was serving , at our request in such capacity . the indemnification period covers all pertinent events and occurrences during the officer 2019s or director 2019s lifetime . the maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited ; however , we have director and officer insurance coverage that limits our exposure and enables us to recover a portion of any future amounts paid . we believe the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal . as part of our limited partnership interests in adobe ventures , we have provided a general indemnification to granite ventures , an independent venture capital firm and sole general partner of adobe ventures , for certain events or occurrences while granite ventures is , or was serving , at our request in such capacity provided that granite ventures acts in good faith on behalf of the partnerships . we are unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim , but believe the risk of having to make any payments under this general indemnification to be remote . we accrue for costs associated with future obligations which include costs for undetected bugs that are discovered only after the product is installed and used by customers . the accrual remaining at the end of fiscal 2003 primarily relates to new releases of our creative suites products during the fourth quarter of fiscal 2003 . the table below summarizes the activity related to the accrual during fiscal 2003 : balance at november 29 , 2002 accruals payments balance at november 28 , 2003 .
1balance at november 29 2002accrualspaymentsbalance at november 28 2003
2$ 2014$ 5554$ -2369 ( 2369 )$ 3185
advertising expenses we expense all advertising costs as incurred and classify these costs under sales and marketing expense . advertising expenses for fiscal years 2003 , 2002 , and 2001 were $ 24.0 million , $ 26.7 million and $ 30.5 million , respectively . foreign currency and other hedging instruments statement of financial accounting standards no . 133 ( 201csfas no . 133 201d ) , 201caccounting for derivative instruments and hedging activities , 201d establishes accounting and reporting standards for derivative instruments and hedging activities and requires us to recognize these as either assets or liabilities on the balance sheet and measure them at fair value . as described in note 15 , gains and losses resulting from .","['-2.7', '26.7', '-0.10112']" "['what was the difference in percent of debt securities between 2017 and 2018?', 'what was the percent of debt securities in 2017?', 'what is the value of the net difference divided by the 2017 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: masco corporation notes to consolidated financial statements ( continued ) m . employee retirement plans ( continued ) plan assets . our qualified defined-benefit pension plan weighted average asset allocation , which is based upon fair value , was as follows: .
120182017
2equity securities34% ( 34 % )55% ( 55 % )
3debt securities49% ( 49 % )28% ( 28 % )
4other17% ( 17 % )17% ( 17 % )
5total100% ( 100 % )100% ( 100 % )
for our qualified defined-benefit pension plans , we have adopted accounting guidance that defines fair value , establishes a framework for measuring fair value and prescribes disclosures about fair value measurements . accounting guidance defines fair value as ""the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date."" following is a description of the valuation methodologies used for assets measured at fair value . there have been no changes in the methodologies used at december 31 , 2018 compared to december 31 , 2017 . common and preferred stocks and short-term and other investments : valued at the closing price reported on the active market on which the individual securities are traded or based on the active market for similar securities . certain investments are valued based on net asset value ( ""nav"" ) , which approximates fair value . such basis is determined by referencing the respective fund's underlying assets . there are no unfunded commitments or other restrictions associated with these investments . private equity and hedge funds : valued based on an estimated fair value using either a market approach or an income approach , both of which require a significant degree of judgment . there is no active trading market for these investments and they are generally illiquid . due to the significant unobservable inputs , the fair value measurements used to estimate fair value are a level 3 input . certain investments are valued based on nav , which approximates fair value . such basis is determined by referencing the respective fund's underlying assets . there are no unfunded commitments or other restrictions associated with the investments valued at nav . corporate , government and other debt securities : valued based on either the closing price reported on the active market on which the individual securities are traded or using pricing models maximizing the use of observable inputs for similar securities . this includes basing value on yields currently available on comparable securities of issuers with similar credit ratings . certain investments are valued based on nav , which approximates fair value . such basis is determined by referencing the respective fund's underlying assets . there are unfunded commitments of $ 1 million and no other restrictions associated with these investments . common collective trust fund : valued based on an amortized cost basis , which approximates fair value . such basis is determined by reference to the respective fund's underlying assets , which are primarily cash equivalents . there are no unfunded commitments or other restrictions associated with this fund . buy-in annuity : valued based on the associated benefit obligation for which the buy-in annuity covers the benefits , which approximates fair value . such basis is determined based on various assumptions , including the discount rate , long-term rate of return on plan assets and mortality rate . the methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values . furthermore , while we believe our valuation methods are appropriate and consistent with other market participants , the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date . the following tables set forth , by level within the fair value hierarchy , the qualified defined-benefit pension plan assets at fair value as of december 31 , 2018 and 2017 , as well as those valued at nav using the practical expedient , which approximates fair value , in millions. .","['21.0', '28.0', '0.75']" "['what was the change in net sales for entergy wholesale commodities from the year of 2014 to 2015, in millions?', 'how much, in percentage, does that change represent in relation to the 2014 net sales?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy corporation and subsidiaries management 2019s financial discussion and analysis the miso deferral variance is primarily due to the deferral in 2014 of non-fuel miso-related charges , as approved by the lpsc and the mpsc . the deferral of non-fuel miso-related charges is partially offset in other operation and maintenance expenses . see note 2 to the financial statements for further discussion of the recovery of non-fuel miso-related charges . the waterford 3 replacement steam generator provision is due to a regulatory charge of approximately $ 32 million recorded in 2015 related to the uncertainty associated with the resolution of the waterford 3 replacement steam generator project . see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding . entergy wholesale commodities following is an analysis of the change in net revenue comparing 2015 to 2014 . amount ( in millions ) .
1amount ( in millions )
22014 net revenue$ 2224
3nuclear realized price changes-310 ( 310 )
4vermont yankee shutdown in december 2014-305 ( 305 )
5nuclear volume excluding vermont yankee effect20
6other37
72015 net revenue$ 1666
as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 558 million in 2015 primarily due to : 2022 lower realized wholesale energy prices , primarily due to significantly higher northeast market power prices in 2014 , and lower capacity prices in 2015 ; and 2022 a decrease in net revenue as a result of vermont yankee ceasing power production in december 2014 . the decrease was partially offset by higher volume in the entergy wholesale commodities nuclear fleet , excluding vermont yankee , resulting from fewer refueling outage days in 2015 as compared to 2014 , partially offset by more unplanned outage days in 2015 as compared to 2014. .","['-558.0', '-0.2509']" "[""in 2007, what amount of system energy's receivable from the money pool was replaced by a note receivable from entergy new orleans?"", 'and how much is that in thousands of dollars?', ""how much, then, does this amount in thousands represent in relation to the total system energy's receivable from the money pool, in percentage?""]","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: system energy resources , inc . management's financial discussion and analysis with syndicated bank letters of credit . in december 2004 , system energy amended these letters of credit and they now expire in may 2009 . system energy may refinance or redeem debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable . all debt and common stock issuances by system energy require prior regulatory approval . debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements . system energy has sufficient capacity under these tests to meet its foreseeable capital needs . system energy has obtained a short-term borrowing authorization from the ferc under which it may borrow , through march 31 , 2010 , up to the aggregate amount , at any one time outstanding , of $ 200 million . see note 4 to the financial statements for further discussion of system energy's short-term borrowing limits . system energy has also obtained an order from the ferc authorizing long-term securities issuances . the current long- term authorization extends through june 2009 . system energy's receivables from the money pool were as follows as of december 31 for each of the following years: .
12008200720062005
2( in thousands )( in thousands )( in thousands )( in thousands )
3$ 42915$ 53620$ 88231$ 277287
in may 2007 , $ 22.5 million of system energy's receivable from the money pool was replaced by a note receivable from entergy new orleans . see note 4 to the financial statements for a description of the money pool . nuclear matters system energy owns and operates grand gulf . system energy is , therefore , subject to the risks related to owning and operating a nuclear plant . these include risks from the use , storage , handling and disposal of high-level and low-level radioactive materials , regulatory requirement changes , including changes resulting from events at other plants , limitations on the amounts and types of insurance commercially available for losses in connection with nuclear operations , and technological and financial uncertainties related to decommissioning nuclear plants at the end of their licensed lives , including the sufficiency of funds in decommissioning trusts . in the event of an unanticipated early shutdown of grand gulf , system energy may be required to provide additional funds or credit support to satisfy regulatory requirements for decommissioning . environmental risks system energy's facilities and operations are subject to regulation by various governmental authorities having jurisdiction over air quality , water quality , control of toxic substances and hazardous and solid wastes , and other environmental matters . management believes that system energy is in substantial compliance with environmental regulations currently applicable to its facilities and operations . because environmental regulations are subject to change , future compliance costs cannot be precisely estimated . critical accounting estimates the preparation of system energy's financial statements in conformity with generally accepted accounting principles requires management to apply appropriate accounting policies and to make estimates and judgments that .","['22.5', '22500.0', '0.41962']" "['what was the number of vested shares in 2012?', 'what was the average price per share?', 'what is the total value of vested shares?', 'what is that divided by 1000?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 ) .
1number of shares ( in thousands )weighted average grant date fair value ( per share )
2restricted stock and restricted stock units at beginning of year407$ 9.84
3granted60718.13
4vested-134 ( 134 )10.88
5forfeited-9 ( 9 )13.72
6restricted stock and restricted stock units at end of year871$ 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. .","['134.0', '10.88', '1457.92', '1.45792']" "['what is the value of estimated tier 1 common under basel iii rules?', 'what is the tier 1 common ratio as of 2013?', 'what is the quotient of the value over the ratio?', 'what is that quotient multiplied by the 6.5% equity standard?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis 164 jpmorgan chase & co./2013 annual report firm ) is required to hold more than the additional 2.5% ( 2.5 % ) of tier 1 common . in addition , basel iii establishes a 6.5% ( 6.5 % ) tier i common equity standard for the definition of 201cwell capitalized 201d under the prompt corrective action ( 201cpca 201d ) requirements of the fdic improvement act ( 201cfdicia 201d ) . the tier i common equity standard is effective from the first quarter of 2015 . the following chart presents the basel iii minimum risk-based capital ratios during the transitional periods and on a fully phased-in basis . the chart also includes management 2019s target for the firm 2019s tier 1 common ratio . it is the firm 2019s current expectation that its basel iii tier 1 common ratio will exceed the regulatory minimums , both during the transition period and upon full implementation in 2019 and thereafter . the firm estimates that its tier 1 common ratio under the basel iii advanced approach on a fully phased-in basis would be 9.5% ( 9.5 % ) as of december 31 , 2013 , achieving management 2019s previously stated objectives . the tier 1 common ratio as calculated under the basel iii standardized approach is estimated at 9.4% ( 9.4 % ) as of december 31 , 2013 . the tier 1 common ratio under both basel i and basel iii are non-gaap financial measures . however , such measures are used by bank regulators , investors and analysts to assess the firm 2019s capital position and to compare the firm 2019s capital to that of other financial services companies . the following table presents a comparison of the firm 2019s tier 1 common under basel i rules to its estimated tier 1 common under the advanced approach of the basel iii rules , along with the firm 2019s estimated risk-weighted assets . key differences in the calculation of rwa between basel i and basel iii advanced approach include : ( 1 ) basel iii credit risk rwa is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters , whereas basel i rwa is based on fixed supervisory risk- weightings which vary only by counterparty type and asset class ; and ( 2 ) basel iii includes rwa for operational risk , whereas basel i does not . operational risk capital takes into consideration operational losses in the quarter following the period in which those losses were realized , and the calculation generally incorporates such losses irrespective of whether the issues or business activity giving rise to the losses have been remediated or reduced . the firm 2019s operational risk capital model continues to be refined in conjunction with the firm 2019s basel iii advanced approach parallel run . as a result of model enhancements in 2013 , as well as taking into consideration the legal expenses incurred by the firm in 2013 , the firm 2019s operational risk capital increased substantially in 2013 over 2012 . tier 1 common under basel iii includes additional adjustments and deductions not included in basel i tier 1 common , such as the inclusion of accumulated other comprehensive income ( 201caoci 201d ) related to afs securities and defined benefit pension and other postretirement employee benefit ( 201copeb 201d ) plans . december 31 , 2013 ( in millions , except ratios ) .
1tier 1 common under basel i rules$ 148887
2adjustments related to aoci for afs securities and defined benefit pension and opeb plans1474
3add back of basel i deductions ( a )1780
4deduction for deferred tax asset related to net operating loss and foreign tax credit carryforwards-741 ( 741 )
5all other adjustments-198 ( 198 )
6estimated tier 1 common under basel iii rules$ 151202
7estimated risk-weighted assets under basel iii advanced approach ( b )$ 1590873
8estimated tier 1 common ratio under basel iii advanced approach ( c )9.5% ( 9.5 % )
estimated risk-weighted assets under basel iii advanced approach ( b ) $ 1590873 estimated tier 1 common ratio under basel iii advanced approach ( c ) 9.5% ( 9.5 % ) ( a ) certain exposures , which are deducted from capital under basel i , are risked-weighted under basel iii. .","['151202.0', '0.094', '1608531.91489', '104554.57447']" "['what was the north american industrial packaging net sales in 2012?', 'and converted to the thousands?', 'so what was the percentage of north american industrial packaging net sales to industrial packaging sales during this year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: ( $ 125 million ) and higher maintenance outage costs ( $ 18 million ) . additionally , operating profits in 2012 include costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging busi- ness of $ 17 million and a $ 3 million gain for other items , while operating costs in 2011 included costs associated with signing an agreement to acquire temple-inland of $ 20 million and a gain of $ 7 million for other items . industrial packaging .
1in millions201220112010
2sales$ 13280$ 10430$ 9840
3operating profit10661147826
north american industr ia l packaging net sales were $ 11.6 billion in 2012 compared with $ 8.6 billion in 2011 and $ 8.4 billion in 2010 . operating profits in 2012 were $ 1.0 billion ( $ 1.3 billion exclud- ing costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) compared with $ 1.1 billion ( both including and excluding costs associated with signing an agree- ment to acquire temple-inland ) in 2011 and $ 763 million ( $ 776 million excluding facility closure costs ) in 2010 . sales volumes for the legacy business were about flat in 2012 compared with 2011 . average sales price was lower mainly due to export containerboard sales prices which bottomed out in the first quarter but climbed steadily the rest of the year . input costs were lower for recycled fiber , wood and natural gas , but higher for starch . freight costs also increased . plan- ned maintenance downtime costs were higher than in 2011 . operating costs were higher largely due to routine inventory valuation adjustments operating profits in 2012 benefited from $ 235 million of temple-inland synergies . market-related downtime in 2012 was about 570000 tons compared with about 380000 tons in 2011 . operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills . operating profits in 2011 included charges of $ 20 million for costs associated with the signing of the agreement to acquire temple- inland . looking ahead to 2013 , sales volumes in the first quarter compared with the fourth quarter of 2012 are expected to increase slightly for boxes due to a higher number of shipping days . average sales price realizations are expected to reflect the pass-through to box customers of a containerboard price increase implemented in 2012 . input costs are expected to be higher for recycled fiber , wood and starch . planned maintenance downtime costs are expected to be about $ 26 million higher with outages scheduled at eight mills compared with six mills in the 2012 fourth quarter . manufacturing operating costs are expected to be lower . european industr ia l packaging net sales were $ 1.0 billion in 2012 compared with $ 1.1 billion in 2011 and $ 990 million in 2010 . operating profits in 2012 were $ 53 million ( $ 72 million excluding restructuring costs ) compared with $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 and $ 70 mil- lion ( $ 73 million before closure costs for our etienne mill ) in 2010 . sales volumes in 2012 were lower than in 2011 reflecting decreased demand for packaging in the industrial market due to a weaker overall economic environment in southern europe . demand for pack- aging in the agricultural markets was about flat year- over-year . average sales margins increased due to sales price increases implemented during 2011 and 2012 and lower board costs . other input costs were higher , primarily for energy and distribution . operat- ing profits in 2012 included a net gain of $ 10 million for an insurance settlement , partially offset by addi- tional operating costs , related to the earthquakes in northern italy in may which affected our san felice box plant . entering the first quarter of 2013 , sales volumes are expected to be stable reflecting a seasonal decrease in market demand in agricultural markets offset by an increase in industrial markets . average sales margins are expected to improve due to lower input costs for containerboard . other input costs should be about flat . operating costs are expected to be higher reflecting the absence of the earthquake insurance settlement that was received in the 2012 fourth quar- asian industr ia l packaging net sales and operating profits include the results of sca pack- aging since the acquisition on june 30 , 2010 , includ- ing the impact of incremental integration costs . net sales for the packaging operations were $ 400 million in 2012 compared with $ 410 million in 2011 and $ 255 million in 2010 . operating profits for the packaging operations were $ 2 million in 2012 compared with $ 2 million in 2011 and a loss of $ 7 million ( a loss of $ 4 million excluding facility closure costs ) in 2010 . operating profits were favorably impacted by higher average sales margins in 2012 compared with 2011 , but this benefit was offset by lower sales volumes and higher raw material costs and operating costs . looking ahead to the first quarter of 2013 , sales volumes and average sales margins are expected to decrease due to seasonality . net sales for the distribution operations were $ 260 million in 2012 compared with $ 285 million in 2011 and $ 240 million in 2010 . operating profits were $ 3 million in 2012 compared with $ 3 million in 2011 and about breakeven in 2010. .","['11.6', '11600.0', '0.87349']" "['what was the difference in the value of performance shares less shares not related to post merger services?', 'what is the percent of shares not related to post-merger services?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: during the year ended december 31 , 2011 , we granted 354660 performance share units having a fair value based on our grant date closing stock price of $ 28.79 . these units are payable in stock and are subject to certain financial performance criteria . the fair value of these performance share unit awards is based on the grant date closing stock price of each respective award grant and will apply to the number of units ultimately awarded . the number of shares ultimately issued for each award will be based on our financial performance as compared to peer group companies over the performance period and can range from zero to 200% ( 200 % ) . as of december 31 , 2011 , estimated share payouts for outstanding non-vested performance share unit awards ranged from 150% ( 150 % ) to 195% ( 195 % ) . for the legacy frontier performance share units assumed at july 1 , 2011 , performance is based on market performance criteria , which is calculated as the total shareholder return achieved by hollyfrontier stockholders compared with the average shareholder return achieved by an equally-weighted peer group of independent refining companies over a three-year period . these share unit awards are payable in stock based on share price performance relative to the defined peer group and can range from zero to 125% ( 125 % ) of the initial target award . these performance share units were valued at july 1 , 2011 using a monte carlo valuation model , which simulates future stock price movements using key inputs including grant date and measurement date stock prices , expected stock price performance , expected rate of return and volatility of our stock price relative to the peer group over the three-year performance period . the fair value of these performance share units at july 1 , 2011 was $ 8.6 million . of this amount , $ 7.3 million relates to post-merger services and will be recognized ratably over the remaining service period through 2013 . a summary of performance share unit activity and changes during the year ended december 31 , 2011 is presented below: .
1performance share unitsgrants
2outstanding at january 1 2011 ( non-vested )556186
3granted ( 1 )354660
4vesting and transfer of ownership to recipients-136058 ( 136058 )
5outstanding at december 31 2011 ( non-vested )774788
( 1 ) includes 225116 non-vested performance share grants under the legacy frontier plan that were outstanding and retained by hollyfrontier at july 1 , 2011 . for the year ended december 31 , 2011 we issued 178148 shares of our common stock having a fair value of $ 2.6 million related to vested performance share units . based on the weighted average grant date fair value of $ 20.71 there was $ 11.7 million of total unrecognized compensation cost related to non-vested performance share units . that cost is expected to be recognized over a weighted-average period of 1.1 years . note 7 : cash and cash equivalents and investments in marketable securities our investment portfolio at december 31 , 2011 consisted of cash , cash equivalents and investments in debt securities primarily issued by government and municipal entities . we also hold 1000000 shares of connacher oil and gas limited common stock that was received as partial consideration upon the sale of our montana refinery in we invest in highly-rated marketable debt securities , primarily issued by government and municipal entities that have maturities at the date of purchase of greater than three months . we also invest in other marketable debt securities with the maximum maturity or put date of any individual issue generally not greater than two years from the date of purchase . all of these instruments , including investments in equity securities , are classified as available- for-sale . as a result , they are reported at fair value using quoted market prices . interest income is recorded as earned . unrealized gains and losses , net of related income taxes , are reported as a component of accumulated other comprehensive income . upon sale , realized gains and losses on the sale of marketable securities are computed based on the specific identification of the underlying cost of the securities sold and the unrealized gains and losses previously reported in other comprehensive income are reclassified to current earnings. .","['1.3', '0.15116']" "['what was the combined estimated pretax pension expense for 2012 and 2013?', 'and the average?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: securities have historically returned approximately 10% ( 10 % ) annually over long periods of time , while u.s . debt securities have returned approximately 6% ( 6 % ) annually over long periods . application of these historical returns to the plan 2019s allocation ranges for equities and bonds produces a result between 7.25% ( 7.25 % ) and 8.75% ( 8.75 % ) and is one point of reference , among many other factors , that is taken into consideration . we also examine the plan 2019s actual historical returns over various periods and consider the current economic environment . recent experience is considered in our evaluation with appropriate consideration that , especially for short time periods , recent returns are not reliable indicators of future returns . while annual returns can vary significantly ( actual returns for 2012 , 2011 , and 2010 were +15.29% ( +15.29 % ) , +.11% ( +.11 % ) , and +14.87% ( +14.87 % ) , respectively ) , the selected assumption represents our estimated long-term average prospective returns . acknowledging the potentially wide range for this assumption , we also annually examine the assumption used by other companies with similar pension investment strategies , so that we can ascertain whether our determinations markedly differ from others . in all cases , however , this data simply informs our process , which places the greatest emphasis on our qualitative judgment of future investment returns , given the conditions existing at each annual measurement date . taking into consideration all of these factors , the expected long-term return on plan assets for determining net periodic pension cost for 2012 was 7.75% ( 7.75 % ) , the same as it was for 2011 . after considering the views of both internal and external capital market advisors , particularly with regard to the effects of the recent economic environment on long-term prospective fixed income returns , we are reducing our expected long-term return on assets to 7.50% ( 7.50 % ) for determining pension cost for under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods . each one percentage point difference in actual return compared with our expected return causes expense in subsequent years to increase or decrease by up to $ 8 million as the impact is amortized into results of operations . we currently estimate a pretax pension expense of $ 73 million in 2013 compared with pretax expense of $ 89 million in 2012 . this year-over-year expected decrease reflects the impact of favorable returns on plan assets experienced in 2012 as well as the effects of the lower discount rate required to be used in the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2013 estimated expense as a baseline . table 27 : pension expense - sensitivity analysis change in assumption ( a ) estimated increase to 2013 pension expense ( in millions ) .
1change in assumption ( a )estimatedincrease to 2013pensionexpense ( in millions )
2.5% ( .5 % ) decrease in discount rate$ 21
3.5% ( .5 % ) decrease in expected long-term return on assets$ 19
4.5% ( .5 % ) increase in compensation rate$ 2
( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant . our pension plan contribution requirements are not particularly sensitive to actuarial assumptions . investment performance has the most impact on contribution requirements and will drive the amount of required contributions in future years . also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan . we do not expect to be required by law to make any contributions to the plan during 2013 . we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees , which are described more fully in note 15 employee benefit plans in the notes to consolidated financial statements in item 8 of this report . the pnc financial services group , inc . 2013 form 10-k 77 .","['162.0', '81.0']" "['how much were the short-term borrowings as of 12/31/14?', 'and as of 12/31/13?', 'and the total value combining these two years?', 'and the average value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) net cash used in investing activities during 2013 primarily related to payments for capital expenditures and acquisitions . capital expenditures of $ 173.0 related primarily to computer hardware and software and leasehold improvements . we made payments of $ 61.5 related to acquisitions completed during 2013 , net of cash acquired . financing activities net cash used in financing activities during 2014 primarily related to the purchase of long-term debt , the repurchase of our common stock and payment of dividends . during 2014 , we redeemed all $ 350.0 in aggregate principal amount of the 6.25% ( 6.25 % ) notes , repurchased 14.9 shares of our common stock for an aggregate cost of $ 275.1 , including fees , and made dividend payments of $ 159.0 on our common stock . this was offset by the issuance of $ 500.0 in aggregate principal amount of our 4.20% ( 4.20 % ) notes . net cash used in financing activities during 2013 primarily related to the purchase of long-term debt , the repurchase of our common stock and payment of dividends . we redeemed all $ 600.0 in aggregate principal amount of our 10.00% ( 10.00 % ) notes . in addition , we repurchased 31.8 shares of our common stock for an aggregate cost of $ 481.8 , including fees , and made dividend payments of $ 126.0 on our common stock . foreign exchange rate changes the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 101.0 in 2014 . the decrease was primarily a result of the u.s . dollar being stronger than several foreign currencies , including the canadian dollar , brazilian real , australian dollar and the euro as of december 31 , 2014 compared to december 31 , 2013 . the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 94.1 in 2013 . the decrease was primarily a result of the u.s . dollar being stronger than several foreign currencies , including the australian dollar , brazilian real , canadian dollar , japanese yen , and south african rand as of december 31 , 2013 compared to december 31 , 2012. .
1balance sheet datadecember 31 , 2014december 31 , 2013
2cash cash equivalents and marketable securities$ 1667.2$ 1642.1
3short-term borrowings$ 107.2$ 179.1
4current portion of long-term debt2.1353.6
5long-term debt1623.51129.8
6total debt$ 1732.8$ 1662.5
liquidity outlook we expect our cash flow from operations , cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months . we also have a committed corporate credit facility as well as uncommitted facilities available to support our operating needs . we continue to maintain a disciplined approach to managing liquidity , with flexibility over significant uses of cash , including our capital expenditures , cash used for new acquisitions , our common stock repurchase program and our common stock dividends . from time to time , we evaluate market conditions and financing alternatives for opportunities to raise additional funds or otherwise improve our liquidity profile , enhance our financial flexibility and manage market risk . our ability to access the capital markets depends on a number of factors , which include those specific to us , such as our credit rating , and those related to the financial markets , such as the amount or terms of available credit . there can be no guarantee that we would be able to access new sources of liquidity on commercially reasonable terms , or at all. .","['107.2', '179.1', '286.3', '143.15']" "['in 2010, what was the ratio of trading assets derivative receivables to the derivative payables?', 'what was the 2020 net derivative balance, in billions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: jpmorgan chase & co./2010 annual report 187 trading assets and liabilities trading assets include debt and equity instruments held for trading purposes that jpmorgan chase owns ( 201clong 201d positions ) , certain loans managed on a fair value basis and for which the firm has elected the fair value option , and physical commodities inventories that are generally accounted for at the lower of cost or fair value . trading liabilities include debt and equity instruments that the firm has sold to other parties but does not own ( 201cshort 201d positions ) . the firm is obligated to purchase instruments at a future date to cover the short positions . included in trading assets and trading liabilities are the reported receivables ( unrealized gains ) and payables ( unre- alized losses ) related to derivatives . trading assets and liabilities are carried at fair value on the consolidated balance sheets . bal- ances reflect the reduction of securities owned ( long positions ) by the amount of securities sold but not yet purchased ( short posi- tions ) when the long and short positions have identical committee on uniform security identification procedures ( 201ccusips 201d ) . trading assets and liabilities 2013average balances average trading assets and liabilities were as follows for the periods indicated. .
1year ended december 31 ( in millions )201020092008
2trading assets 2013 debt and equity instruments ( a )$ 354441$ 318063$ 384102
3trading assets 2013 derivative receivables84676110457121417
4trading liabilities 2013 debt and equity instruments ( a ) ( b )781596022478841
5trading liabilities 2013 derivative payables657147790193200
( a ) balances reflect the reduction of securities owned ( long positions ) by the amount of securities sold , but not yet purchased ( short positions ) when the long and short positions have identical cusips . ( b ) primarily represent securities sold , not yet purchased . note 4 2013 fair value option the fair value option provides an option to elect fair value as an alternative measurement for selected financial assets , financial liabilities , unrecognized firm commitments , and written loan com- mitments not previously carried at fair value . elections elections were made by the firm to : 2022 mitigate income statement volatility caused by the differences in the measurement basis of elected instruments ( for example , cer- tain instruments elected were previously accounted for on an accrual basis ) while the associated risk management arrange- ments are accounted for on a fair value basis ; 2022 eliminate the complexities of applying certain accounting models ( e.g. , hedge accounting or bifurcation accounting for hybrid in- struments ) ; and 2022 better reflect those instruments that are managed on a fair value basis . elections include the following : 2022 loans purchased or originated as part of securitization ware- housing activity , subject to bifurcation accounting , or man- aged on a fair value basis . 2022 securities financing arrangements with an embedded deriva- tive and/or a maturity of greater than one year . 2022 owned beneficial interests in securitized financial assets that contain embedded credit derivatives , which would otherwise be required to be separately accounted for as a derivative in- strument . 2022 certain tax credits and other equity investments acquired as part of the washington mutual transaction . 2022 structured notes issued as part of ib 2019s client-driven activities . ( structured notes are financial instruments that contain em- bedded derivatives. ) 2022 long-term beneficial interests issued by ib 2019s consolidated securitization trusts where the underlying assets are carried at fair value. .","['1.28855', '18962.0']" "['what was the value of net revenue in 2007?', 'and in 2006?', 'so by how much did this value change over these years?', 'and the percentage change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy mississippi , inc . management's financial discussion and analysis the net wholesale revenue variance is primarily due to lower profit on joint account sales and reduced capacity revenue from the municipal energy agency of mississippi . gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues increased primarily due to an increase of $ 152.5 million in fuel cost recovery revenues due to higher fuel rates , partially offset by a decrease of $ 43 million in gross wholesale revenues due to a decrease in net generation and purchases in excess of decreased net area demand resulting in less energy available for resale sales coupled with a decrease in system agreement remedy receipts . fuel and purchased power expenses increased primarily due to increases in the average market prices of natural gas and purchased power , partially offset by decreased demand and decreased recovery from customers of deferred fuel costs . other regulatory charges increased primarily due to increased recovery through the grand gulf rider of grand gulf capacity costs due to higher rates and increased recovery of costs associated with the power management recovery rider . there is no material effect on net income due to quarterly adjustments to the power management recovery rider . 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2007 to 2006 . amount ( in millions ) .
1amount ( in millions )
22006 net revenue$ 466.1
3base revenue7.9
4volume/weather4.5
5transmission revenue4.1
6transmission equalization4.0
7reserve equalization3.8
8attala costs-10.2 ( 10.2 )
9other6.7
102007 net revenue$ 486.9
the base revenue variance is primarily due to a formula rate plan increase effective july 2007 . the formula rate plan filing is discussed further in ""state and local rate regulation"" below . the volume/weather variance is primarily due to increased electricity usage primarily in the residential and commercial sectors , including the effect of more favorable weather on billed electric sales in 2007 compared to 2006 . billed electricity usage increased 214 gwh . the increase in usage was partially offset by decreased usage in the industrial sector . the transmission revenue variance is due to higher rates and the addition of new transmission customers in late 2006 . the transmission equalization variance is primarily due to a revision made in 2006 of transmission equalization receipts among entergy companies . the reserve equalization variance is primarily due to a revision in 2006 of reserve equalization payments among entergy companies due to a ferc ruling regarding the inclusion of interruptible loads in reserve .","['486.9', '466.1', '20.8', '0.04463']" "['what is the total minimum payments for operating leases in 2006?', 'what are they for capital leases?', 'what is the sum?', 'what is the value for capital leases?', 'what is that over the sum?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 .
1millions of dollarsoperatingleasescapital leases
22007$ 624$ 180
32008546173
42009498168
52010456148
62011419157
7later years29141090
8total minimum lease payments$ 5457$ 1916
9amount representing interestn/a-680 ( 680 )
10present value of minimum lease paymentsn/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. .","['5457.0', '1916.0', '7373.0', '1916.0', '0.25987']" "['what was the change in redeemable noncontrolling interests and call options with affiliates from 2021 to 2022?', 'and what was the total of redeemable noncontrolling interests and call options with affiliates in 2021?', 'how much, then, does that change represent in relation to this 2021 total?', 'and how much is that in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have guaranteed certain obligations of our subsidiaries relating principally to operating leases and uncommitted lines of credit of certain subsidiaries . as of december 31 , 2018 and 2017 , the amount of parent company guarantees on lease obligations was $ 824.5 and $ 829.2 , respectively , the amount of parent company guarantees primarily relating to uncommitted lines of credit was $ 349.1 and $ 308.8 , respectively , and the amount of parent company guarantees related to daylight overdrafts , primarily utilized to manage intra-day overdrafts due to timing of transactions under cash pooling arrangements without resulting in incremental borrowings , was $ 207.8 and $ 182.2 , respectively . in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee . as of december 31 , 2018 , there were no material assets pledged as security for such parent company guarantees . contingent acquisition obligations the following table details the estimated future contingent acquisition obligations payable in cash as of december 31 .
120192020202120222023thereaftertotal
2deferred acquisition payments$ 65.7$ 20.0$ 23.6$ 4.7$ 10.2$ 2.7$ 126.9
3redeemable noncontrolling interests and call options with affiliates130.130.642.95.73.52.5115.3
4total contingent acquisition payments$ 95.8$ 50.6$ 66.5$ 10.4$ 13.7$ 5.2$ 242.2
1 we have entered into certain acquisitions that contain both redeemable noncontrolling interests and call options with similar terms and conditions . the estimated amounts listed would be paid in the event of exercise at the earliest exercise date . we have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of december 31 , 2018 . these estimated payments of $ 24.9 are included within the total payments expected to be made in 2019 , and will continue to be carried forward into 2020 or beyond until exercised or expired . redeemable noncontrolling interests are included in the table at current exercise price payable in cash , not at applicable redemption value , in accordance with the authoritative guidance for classification and measurement of redeemable securities . the majority of these payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revision in accordance with the terms of the respective agreements . see note 5 for further information relating to the payment structure of our acquisitions . legal matters we are involved in various legal proceedings , and subject to investigations , inspections , audits , inquiries and similar actions by governmental authorities arising in the normal course of business . the types of allegations that arise in connection with such legal proceedings vary in nature , but can include claims related to contract , employment , tax and intellectual property matters . we evaluate all cases each reporting period and record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount , or potential range , of loss can be reasonably estimated . in certain cases , we cannot reasonably estimate the potential loss because , for example , the litigation is in its early stages . while any outcome related to litigation or such governmental proceedings in which we are involved cannot be predicted with certainty , management believes that the outcome of these matters , individually and in the aggregate , will not have a material adverse effect on our financial condition , results of operations or cash flows . as previously disclosed , on april 10 , 2015 , a federal judge in brazil authorized the search of the records of an agency 2019s offices in s e3o paulo and brasilia , in connection with an ongoing investigation by brazilian authorities involving payments potentially connected to local government contracts . the company had previously investigated the matter and taken a number of remedial and disciplinary actions . the company has been in the process of concluding a settlement related to these matters with government agencies , and that settlement was fully executed in april 2018 . the company has previously provided for such settlement in its consolidated financial statements. .","['37.2', '42.9', '0.86713', '86.71329']" "['what was the change in the fair value from 2010 to 2011?', 'and what was the fair value in 2010?', 'how much, then, does that change represent in relation to this 2010 fair value?', 'and how much is that in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: interest-earning assets including unearned income in the accretion of fair value adjustments on discounts recognized on acquired or purchased loans is recognized based on the constant effective yield of the financial instrument . the timing and amount of revenue that we recognize in any period is dependent on estimates , judgments , assumptions , and interpretation of contractual terms . changes in these factors can have a significant impact on revenue recognized in any period due to changes in products , market conditions or industry norms . residential and commercial mortgage servicing rights we elect to measure our residential mortgage servicing rights ( msrs ) at fair value . this election was made to be consistent with our risk management strategy to hedge changes in the fair value of these assets as described below . the fair value of residential msrs is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows , taking into consideration actual and expected mortgage loan prepayment rates , discount rates , servicing costs , and other economic factors which are determined based on current market conditions . assumptions incorporated into the residential msrs valuation model reflect management 2019s best estimate of factors that a market participant would use in valuing the residential msrs . although sales of residential msrs do occur , residential msrs do not trade in an active market with readily observable prices so the precise terms and conditions of sales are not available . as a benchmark for the reasonableness of its residential msrs fair value , pnc obtains opinions of value from independent parties ( 201cbrokers 201d ) . these brokers provided a range ( +/- 10 bps ) based upon their own discounted cash flow calculations of our portfolio that reflected conditions in the secondary market , and any recently executed servicing transactions . pnc compares its internally-developed residential msrs value to the ranges of values received from the brokers . if our residential msrs fair value falls outside of the brokers 2019 ranges , management will assess whether a valuation adjustment is warranted . for 2011 and 2010 , pnc 2019s residential msrs value has not fallen outside of the brokers 2019 ranges . we consider our residential msrs value to represent a reasonable estimate of fair value . commercial msrs are purchased or originated when loans are sold with servicing retained . commercial msrs do not trade in an active market with readily observable prices so the precise terms and conditions of sales are not available . commercial msrs are initially recorded at fair value and are subsequently accounted for at the lower of amortized cost or fair value . commercial msrs are periodically evaluated for impairment . for purposes of impairment , the commercial mortgage servicing rights are stratified based on asset type , which characterizes the predominant risk of the underlying financial asset . the fair value of commercial msrs is estimated by using an internal valuation model . the model calculates the present value of estimated future net servicing cash flows considering estimates of servicing revenue and costs , discount rates and prepayment speeds . pnc employs risk management strategies designed to protect the value of msrs from changes in interest rates and related market factors . residential msrs values are economically hedged with securities and derivatives , including interest-rate swaps , options , and forward mortgage-backed and futures contracts . as interest rates change , these financial instruments are expected to have changes in fair value negatively correlated to the change in fair value of the hedged residential msrs portfolio . the hedge relationships are actively managed in response to changing market conditions over the life of the residential msrs assets . commercial msrs are economically hedged at a macro level or with specific derivatives to protect against a significant decline in interest rates . selecting appropriate financial instruments to economically hedge residential or commercial msrs requires significant management judgment to assess how mortgage rates and prepayment speeds could affect the future values of msrs . hedging results can frequently be less predictable in the short term , but over longer periods of time are expected to protect the economic value of the msrs . the fair value of residential and commercial msrs and significant inputs to the valuation model as of december 31 , 2011 are shown in the tables below . the expected and actual rates of mortgage loan prepayments are significant factors driving the fair value . management uses a third-party model to estimate future residential loan prepayments and internal proprietary models to estimate future commercial loan prepayments . these models have been refined based on current market conditions . future interest rates are another important factor in the valuation of msrs . management utilizes market implied forward interest rates to estimate the future direction of mortgage and discount rates . the forward rates utilized are derived from the current yield curve for u.s . dollar interest rate swaps and are consistent with pricing of capital markets instruments . changes in the shape and slope of the forward curve in future periods may result in volatility in the fair value estimate . residential mortgage servicing rights dollars in millions december 31 december 31 .
1dollars in millionsdecember 31 2011december 312010
2fair value$ 647$ 1033
3weighted-average life ( in years ) ( a )3.65.8
4weighted-average constant prepayment rate ( a )22.10% ( 22.10 % )12.61% ( 12.61 % )
5weighted-average option adjusted spread11.77% ( 11.77 % )12.18% ( 12.18 % )
weighted-average constant prepayment rate ( a ) 22.10% ( 22.10 % ) 12.61% ( 12.61 % ) weighted-average option adjusted spread 11.77% ( 11.77 % ) 12.18% ( 12.18 % ) ( a ) changes in weighted-average life and weighted-average constant prepayment rate reflect the cumulative impact of changes in rates , prepayment expectations and model changes . the pnc financial services group , inc . 2013 form 10-k 65 .","['386.0', '1033.0', '0.37367', '37.36689']" "['what is the value of netapp inc on 4/14 less 100?', 'what is that value divided by 100?', 'what was the price of the s&p information technology on 4/14?', 'what is that number less 100?', 'what is that divided by 100?', 'what is the difference between the netapp and s&p ratios?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: performance graph the following graph shows a five-year comparison of the cumulative total return on our common stock , the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index from april 24 , 2009 through april 25 , 2014 . the past performance of our common stock is not indicative of the future performance of our common stock . comparison of 5 year cumulative total return* among netapp , inc. , the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index .
14/094/104/114/124/134/14
2netapp inc .$ 100.00$ 189.45$ 284.75$ 212.19$ 190.66$ 197.58
3nasdaq composite100.00144.63170.44182.57202.25253.22
4s&p 500100.00138.84162.75170.49199.29240.02
5s&p 500 information technology100.00143.49162.37186.06189.18236.12
we believe that a number of factors may cause the market price of our common stock to fluctuate significantly . see 201citem 1a . risk factors . 201d sale of unregistered securities .","['97.58', '0.9758', '236.12', '136.12', '1.3612', '-38.54']" "['what was the amount of nonvested shares as of 12/31/09?', 'now converted to millions?', 'and considering the amount of shares forfeited, in millions?', 'so what was the remaining compensation expense per share for unvested awards?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: changes in our performance retention awards during 2009 were as follows : shares ( thous. ) weighted-average grant-date fair value .
1shares ( thous. )weighted-averagegrant-date fair value
2nonvested at january 1 2009873$ 50.70
3granted44947.28
4vested-240 ( 240 )43.23
5forfeited-22 ( 22 )53.86
6nonvested at december 31 20091060$ 50.88
at december 31 , 2009 , there was $ 22 million of total unrecognized compensation expense related to nonvested performance retention awards , which is expected to be recognized over a weighted-average period of 1.3 years . a portion of this expense is subject to achievement of the roic levels established for the performance stock unit grants . 5 . retirement plans pension and other postretirement benefits pension plans 2013 we provide defined benefit retirement income to eligible non-union employees through qualified and non-qualified ( supplemental ) pension plans . qualified and non-qualified pension benefits are based on years of service and the highest compensation during the latest years of employment , with specific reductions made for early retirements . other postretirement benefits ( opeb ) 2013 we provide defined contribution medical and life insurance benefits for eligible retirees . these benefits are funded as medical claims and life insurance premiums are plan amendment effective january 1 , 2010 , medicare-eligible retirees who are enrolled in the union pacific retiree medical program will receive a contribution to a health reimbursement account , which can be used to pay eligible out-of-pocket medical expenses . the impact of the plan amendment is reflected in the projected benefit obligation ( pbo ) at december 31 , 2009 . funded status we are required by gaap to separately recognize the overfunded or underfunded status of our pension and opeb plans as an asset or liability . the funded status represents the difference between the pbo and the fair value of the plan assets . the pbo is the present value of benefits earned to date by plan participants , including the effect of assumed future salary increases . the pbo of the opeb plan is equal to the accumulated benefit obligation , as the present value of the opeb liabilities is not affected by salary increases . plan assets are measured at fair value . we use a december 31 measurement date for plan assets and obligations for all our retirement plans. .","['1060.0', '1060000.0', '22000000.0', '20.75472']" "['what is the net change of the balance of cash and cash equivalents during 2017?', 'what was the balance at the start of 2017?', 'what is the net change over the starting balance?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 ) .
1( in millions )december 31 2017december 31 2016
2cash and cash equivalents ( 1 )$ 6894$ 6091
3cash and cash equivalents held by consolidated vres ( 2 )-63 ( 63 )-53 ( 53 )
4subtotal68316038
5credit facility 2014 undrawn40004000
6total 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 .","['803.0', '6091.0', '0.13183']" "['what was the rent expense in 2012?', 'what was the rent expense in 2011?', 'what is the difference?', 'what was the rent expense in 2011?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: other off-balance sheet commitments lease commitments the company leases various equipment and facilities , including retail space , under noncancelable operating lease arrangements . the company does not currently utilize any other off-balance sheet financing arrangements . the major facility leases are typically for terms not exceeding 10 years and generally provide renewal options for terms not exceeding five additional years . leases for retail space are for terms ranging from five to 20 years , the majority of which are for 10 years , and often contain multi-year renewal options . as of september 29 , 2012 , the company 2019s total future minimum lease payments under noncancelable operating leases were $ 4.4 billion , of which $ 3.1 billion related to leases for retail space . rent expense under all operating leases , including both cancelable and noncancelable leases , was $ 488 million , $ 338 million and $ 271 million in 2012 , 2011 and 2010 , respectively . future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of september 29 , 2012 , are as follows ( in millions ) : .
12013$ 516
22014556
32015542
42016513
52017486
6thereafter1801
7total minimum lease payments$ 4414
other commitments as of september 29 , 2012 , the company had outstanding off-balance sheet third-party manufacturing commitments and component purchase commitments of $ 21.1 billion . in addition to the off-balance sheet commitments mentioned above , the company had outstanding obligations of $ 988 million as of september 29 , 2012 , which were comprised mainly of commitments to acquire capital assets , including product tooling and manufacturing process equipment , and commitments related to advertising , research and development , internet and telecommunications services and other obligations . contingencies the company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and have not been fully adjudicated , certain of which are discussed in part i , item 3 of this form 10-k under the heading 201clegal proceedings 201d and in part i , item 1a of this form 10-k under the heading 201crisk factors . 201d in the opinion of management , there was not at least a reasonable possibility the company may have incurred a material loss , or a material loss in excess of a recorded accrual , with respect to loss contingencies . however , the outcome of litigation is inherently uncertain . therefore , although management considers the likelihood of such an outcome to be remote , if one or more of these legal matters were resolved against the company in a reporting period for amounts in excess of management 2019s expectations , the company 2019s consolidated financial statements for that reporting period could be materially adversely affected . apple inc . vs samsung electronics co. , ltd , et al . on august 24 , 2012 , a jury returned a verdict awarding the company $ 1.05 billion in its lawsuit against samsung electronics and affiliated parties in the united states district court , northern district of california , san jose division . because the award is subject to entry of final judgment and may be subject to appeal , the company has not recognized the award in its consolidated financial statements for the year ended september 29 , 2012. .","['488.0', '338.0', '150.0', '338.0', '0.44379']" "['what is the net change in the total accumulated other comprehensive losses from 2015 to 2016?', 'what about from 2016 to 2017?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: note 17 . accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: .
1( losses ) earnings ( in millions )( losses ) earnings 2017( losses ) earnings 20162015
2currency translation adjustments$ -5761 ( 5761 )$ -6091 ( 6091 )$ -6129 ( 6129 )
3pension and other benefits-2816 ( 2816 )-3565 ( 3565 )-3332 ( 3332 )
4derivatives accounted for as hedges429759
5total accumulated other comprehensive losses$ -8535 ( 8535 )$ -9559 ( 9559 )$ -9402 ( 9402 )
reclassifications from other comprehensive earnings the movements in accumulated other comprehensive losses and the related tax impact , for each of the components above , that are due to current period activity and reclassifications to the income statement are shown on the consolidated statements of comprehensive earnings for the years ended december 31 , 2017 , 2016 , and 2015 . for the years ended december 31 , 2017 , 2016 , and 2015 , $ 2 million , $ ( 5 ) million and $ 1 million of net currency translation adjustment gains/ ( losses ) were transferred from other comprehensive earnings to marketing , administration and research costs in the consolidated statements of earnings , respectively , upon liquidation of subsidiaries . for additional information , see note 13 . benefit plans and note 15 . financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments . note 18 . contingencies : tobacco-related litigation legal proceedings covering a wide range of matters are pending or threatened against us , and/or our subsidiaries , and/or our indemnitees in various jurisdictions . our indemnitees include distributors , licensees and others that have been named as parties in certain cases and that we have agreed to defend , as well as to pay costs and some or all of judgments , if any , that may be entered against them . pursuant to the terms of the distribution agreement between altria group , inc . ( ""altria"" ) and pmi , pmi will indemnify altria and philip morris usa inc . ( ""pm usa"" ) , a u.s . tobacco subsidiary of altria , for tobacco product claims based in substantial part on products manufactured by pmi or contract manufactured for pmi by pm usa , and pm usa will indemnify pmi for tobacco product claims based in substantial part on products manufactured by pm usa , excluding tobacco products contract manufactured for pmi . it is possible that there could be adverse developments in pending cases against us and our subsidiaries . an unfavorable outcome or settlement of pending tobacco-related litigation could encourage the commencement of additional litigation . damages claimed in some of the tobacco-related litigation are significant and , in certain cases in brazil , canada and nigeria , range into the billions of u.s . dollars . the variability in pleadings in multiple jurisdictions , together with the actual experience of management in litigating claims , demonstrate that the monetary relief that may be specified in a lawsuit bears little relevance to the ultimate outcome . much of the tobacco-related litigation is in its early stages , and litigation is subject to uncertainty . however , as discussed below , we have to date been largely successful in defending tobacco-related litigation . we and our subsidiaries record provisions in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated . at the present time , while it is reasonably possible that an unfavorable outcome in a case may occur , after assessing the information available to it ( i ) management has not concluded that it is probable that a loss has been incurred in any of the pending tobacco-related cases ; ( ii ) management is unable to estimate the possible loss or range of loss for any of the pending tobacco-related cases ; and ( iii ) accordingly , no estimated loss has been accrued in the consolidated financial statements for unfavorable outcomes in these cases , if any . legal defense costs are expensed as incurred. .","['-157.0', '1024.0']" "['what was the net cash provided by operating activities in 2013?', 'and what was the net cash used in investing activities in that same year?', 'what was, then, the balance between the provided and the spent net cash in that year?', 'and what would be the total net change, considering this balance and the net cash ( used in ) provided by financing activities?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) corporate and other expenses decreased slightly during 2012 by $ 4.7 to $ 137.3 compared to 2011 , primarily due to lower office and general expenses , partially offset by an increase in temporary help to support our information-technology system-upgrade initiatives . liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity , capital resources and uses of capital. .
1cash flow datayears ended december 31 , 2013years ended december 31 , 2012years ended december 31 , 2011
2net income adjusted to reconcile net income to net cashprovided by operating activities1$ 598.4$ 697.2$ 735.7
3net cash used in working capital b2-9.6 ( 9.6 )-293.2 ( 293.2 )-359.4 ( 359.4 )
4changes in other non-current assets and liabilities using cash4.1-46.8 ( 46.8 )-102.8 ( 102.8 )
5net cash provided by operating activities$ 592.9$ 357.2$ 273.5
6net cash used in investing activities-224.5 ( 224.5 )-210.2 ( 210.2 )-58.8 ( 58.8 )
7net cash ( used in ) provided by financing activities-1212.3 ( 1212.3 )131.3-541.0 ( 541.0 )
1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets , amortization of restricted stock and other non-cash compensation , non-cash loss related to early extinguishment of debt , and deferred income taxes . 2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities . operating activities net cash provided by operating activities during 2013 was $ 592.9 , which was an increase of $ 235.7 as compared to 2012 , primarily as a result of an improvement in working capital usage of $ 283.6 , offset by a decrease in net income . due to the seasonality of our business , we typically generate cash from working capital in the second half of a year and use cash from working capital in the first half of a year , with the largest impacts in the first and fourth quarters . the improvement in working capital in 2013 was impacted by our media businesses and an ongoing focus on working capital management at our agencies . net cash provided by operating activities during 2012 was $ 357.2 , which was an increase of $ 83.7 as compared to 2011 , primarily as a result of a decrease in working capital usage of $ 66.2 . the net working capital usage in 2012 was primarily impacted by our media businesses . the timing of media buying on behalf of our clients affects our working capital and operating cash flow . in most of our businesses , our agencies enter into commitments to pay production and media costs on behalf of clients . to the extent possible we pay production and media charges after we have received funds from our clients . the amounts involved substantially exceed our revenues , and primarily affect the level of accounts receivable , expenditures billable to clients , accounts payable and accrued liabilities . our assets include both cash received and accounts receivable from clients for these pass-through arrangements , while our liabilities include amounts owed on behalf of clients to media and production suppliers . our accrued liabilities are also affected by the timing of certain other payments . for example , while annual cash incentive awards are accrued throughout the year , they are generally paid during the first quarter of the subsequent year . investing activities net cash used in investing activities during 2013 primarily relates to payments for capital expenditures and acquisitions . capital expenditures of $ 173.0 relate primarily to computer hardware and software and leasehold improvements . we made payments of $ 61.5 related to acquisitions completed during 2013. .","['592.9', '-224.5', '368.4', '-843.9']" "['what is the asset retirement liability as of september 24 2005?', 'what about 2004?', 'what is the net change from 2004 to 2005?', 'what is the asset retirement liability as of september 24 2004?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements ( continued ) note 1 2014summary of significant accounting policies ( continued ) present value is accreted over the life of the related lease as an operating expense . all of the company 2019s existing asset retirement obligations are associated with commitments to return property subject to operating leases to original condition upon lease termination . the following table reconciles changes in the company 2019s asset retirement liabilities for fiscal 2006 and 2005 ( in millions ) : .
1asset retirement liability as of september 25 2004$ 8.2
2additional asset retirement obligations recognized2.8
3accretion recognized0.7
4asset retirement liability as of september 24 2005$ 11.7
5additional asset retirement obligations recognized2.5
6accretion recognized0.5
7asset retirement liability as of september 30 2006$ 14.7
long-lived assets including goodwill and other acquired intangible assets the company reviews property , plant , and equipment and certain identifiable intangibles , excluding goodwill , for impairment in accordance with sfas no . 144 , accounting for the impairment of long-lived assets and for long-lived assets to be disposed of . long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable . recoverability of these assets is measured by comparison of its carrying amount to future undiscounted cash flows the assets are expected to generate . if property , plant , and equipment and certain identifiable intangibles are considered to be impaired , the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair market value . for the three fiscal years ended september 30 , 2006 , the company had no material impairment of its long-lived assets , except for the impairment of certain assets in connection with the restructuring actions described in note 6 of these notes to consolidated financial statements . sfas no . 142 , goodwill and other intangible assets requires that goodwill and intangible assets with indefinite useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that they may be impaired . the company performs its goodwill impairment tests on or about august 30 of each year . the company did not recognize any goodwill or intangible asset impairment charges in 2006 , 2005 , or 2004 . the company established reporting units based on its current reporting structure . for purposes of testing goodwill for impairment , goodwill has been allocated to these reporting units to the extent it relates to each reporting sfas no . 142 also requires that intangible assets with definite lives be amortized over their estimated useful lives and reviewed for impairment in accordance with sfas no . 144 . the company is currently amortizing its acquired intangible assets with definite lives over periods ranging from 3 to 10 years . foreign currency translation the company translates the assets and liabilities of its international non-u.s . functional currency subsidiaries into u.s . dollars using exchange rates in effect at the end of each period . revenue and expenses for these subsidiaries are translated using rates that approximate those in effect during the period . gains and losses from these translations are credited or charged to foreign currency translation .","['11.7', '8.2', '3.5', '8.2', '0.42683']" "['in 2005, what was the percentage of total net sales that were food and ingredients?', 'and the percentage of this value for 2006?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: years 2002 , 2003 , 2004 , and the first two quarters of fiscal 2005 . the restatement related to tax matters . the company provided information to the sec staff relating to the facts and circumstances surrounding the restatement . on july 28 , 2006 , the company filed an amendment to its annual report on form 10-k for the fiscal year ended may 29 , 2005 . the filing amended item 6 . selected financial data and exhibit 12 , computation of ratios of earnings to fixed charges , for fiscal year 2001 , and certain restated financial information for fiscal years 1999 and 2000 , all related to the application of certain of the company 2019s reserves for the three years and fiscal year 1999 income tax expense . the company provided information to the sec staff relating to the facts and circumstances surrounding the amended filing . the company reached an agreement with the sec staff concerning matters associated with these amended filings . that proposed settlement was approved by the securities and exchange commission on july 17 , 2007 . on july 24 , 2007 , the sec filed its complaint against the company in the united states district court for the district of colorado , followed by an executed consent , which without the company admitting or denying the allegations of the complaint , reflects the terms of the settlement , including payment by the company of a civil penalty of $ 45 million and the company 2019s agreement to be permanently enjoined from violating certain provisions of the federal securities laws . additionally , the company made approximately $ 2 million in indemnity payments on behalf of former employees concluding separate settlements with the sec . the company recorded charges of $ 25 million in fiscal 2004 , $ 21.5 million in the third quarter of fiscal 2005 , and $ 1.2 million in the first quarter of fiscal 2007 in connection with the expected settlement of these matters . three purported class actions were filed in united states district court for nebraska , rantala v . conagra foods , inc. , et . al. , case no . 805cv349 , and bright v . conagra foods , inc. , et . al. , case no . 805cv348 on july 18 , 2005 , and boyd v . conagra foods , inc. , et . al. , case no . 805cv386 on august 8 , 2005 . the lawsuits are against the company , its directors and its employee benefits committee on behalf of participants in the company 2019s employee retirement income savings plans . the lawsuits allege violations of the employee retirement income security act ( erisa ) in connection with the events resulting in the company 2019s april 2005 restatement of its financial statements and related matters . the company has reached a settlement with the plaintiffs in these actions subject to court approval . the settlement includes a $ 4 million payment , most of which will be paid by an insurer . the company has also agreed to make certain prospective changes to its benefit plans as part of the settlement . 2006 vs . 2005 net sales ( $ in millions ) reporting segment fiscal 2006 net sales fiscal 2005 net sales % ( % ) increase/ ( decrease ) .
1reporting segmentfiscal 2006 net salesfiscal 2005 net sales% ( % ) increase/ ( decrease )
2consumer foods$ 6504$ 6598( 1 ) % ( % )
3food and ingredients318929867% ( 7 % )
4trading and merchandising11861224( 3 ) % ( % )
5international foods6035765% ( 5 % )
6total$ 11482$ 113841% ( 1 % )
overall , company net sales increased $ 98 million to $ 11.5 billion in fiscal 2006 , primarily reflecting favorable results in the food and ingredients and international foods segments . price increases driven by higher input costs for potatoes , wheat milling and dehydrated vegetables within the food and ingredients segment , coupled with the strength of foreign currencies within the international foods segment enhanced net sales . these increases were partially offset by volume declines in the consumer foods segment , principally related to certain shelf stable brands and declines in the trading and merchandising segment related to decreased volumes and certain divestitures and closures. .","['0.2623', '0.27774']" "['in 2015, what was the change on the effective borrowing rate due to the use of swaps?', 'and what was that same change in 2014?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: morgan stanley notes to consolidated financial statements 2014 ( continued ) senior debt securities often are denominated in various non-u.s . dollar currencies and may be structured to provide a return that is equity-linked , credit-linked , commodity-linked or linked to some other index ( e.g. , the consumer price index ) . senior debt also may be structured to be callable by the company or extendible at the option of holders of the senior debt securities . debt containing provisions that effectively allow the holders to put or extend the notes aggregated $ 2902 million at december 31 , 2015 and $ 2175 million at december 31 , 2014 . in addition , in certain circumstances , certain purchasers may be entitled to cause the repurchase of the notes . the aggregated value of notes subject to these arrangements was $ 650 million at december 31 , 2015 and $ 551 million at december 31 , 2014 . subordinated debt and junior subordinated debentures generally are issued to meet the capital requirements of the company or its regulated subsidiaries and primarily are u.s . dollar denominated . during 2015 , morgan stanley capital trusts vi and vii redeemed all of their issued and outstanding 6.60% ( 6.60 % ) capital securities , respectively , and the company concurrently redeemed the related underlying junior subordinated debentures . senior debt 2014structured borrowings . the company 2019s index-linked , equity-linked or credit-linked borrowings include various structured instruments whose payments and redemption values are linked to the performance of a specific index ( e.g. , standard & poor 2019s 500 ) , a basket of stocks , a specific equity security , a credit exposure or basket of credit exposures . to minimize the exposure resulting from movements in the underlying index , equity , credit or other position , the company has entered into various swap contracts and purchased options that effectively convert the borrowing costs into floating rates based upon libor . the company generally carries the entire structured borrowings at fair value . the swaps and purchased options used to economically hedge the embedded features are derivatives and also are carried at fair value . changes in fair value related to the notes and economic hedges are reported in trading revenues . see note 3 for further information on structured borrowings . subordinated debt and junior subordinated debentures . included in the long-term borrowings are subordinated notes of $ 10404 million having a contractual weighted average coupon of 4.45% ( 4.45 % ) at december 31 , 2015 and $ 8339 million having a contractual weighted average coupon of 4.57% ( 4.57 % ) at december 31 , 2014 . junior subordinated debentures outstanding by the company were $ 2870 million at december 31 , 2015 having a contractual weighted average coupon of 6.22% ( 6.22 % ) at december 31 , 2015 and $ 4868 million at december 31 , 2014 having a contractual weighted average coupon of 6.37% ( 6.37 % ) at december 31 , 2014 . maturities of the subordinated and junior subordinated notes range from 2022 to 2067 , while maturities of certain junior subordinated debentures can be extended to 2052 at the company 2019s option . asset and liability management . in general , securities inventories that are not financed by secured funding sources and the majority of the company 2019s assets are financed with a combination of deposits , short-term funding , floating rate long-term debt or fixed rate long-term debt swapped to a floating rate . fixed assets are generally financed with fixed rate long-term debt . the company uses interest rate swaps to more closely match these borrowings to the duration , holding period and interest rate characteristics of the assets being funded and to manage interest rate risk . these swaps effectively convert certain of the company 2019s fixed rate borrowings into floating rate obligations . in addition , for non-u.s . dollar currency borrowings that are not used to fund assets in the same currency , the company has entered into currency swaps that effectively convert the borrowings into u.s . dollar obligations . the company 2019s use of swaps for asset and liability management affected its effective average borrowing rate . effective average borrowing rate. .
1201520142013
2weighted average coupon of long-term borrowings at period-end ( 1 )4.0% ( 4.0 % )4.2% ( 4.2 % )4.4% ( 4.4 % )
3effective average borrowing rate for long-term borrowings after swaps at period-end ( 1 )2.1% ( 2.1 % )2.3% ( 2.3 % )2.2% ( 2.2 % )
.","['1.9', '1.9']" "['what is the sum, in millions, of promissory notes issued in 2009 and 2010?', 'what is the total sum including 2008?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: ( v ) bankruptcy , insolvency , or other similar proceedings , ( vi ) our inability to pay debts , ( vii ) judgment defaults of $ 15 million or more , ( viii ) customary erisa and environmental defaults , ( ix ) actual or asserted invalidity of any material provision of the loan documentation or impairment of a portion of the collateral , ( x ) failure of subordinated indebtedness to be validly and sufficiently subordinated , and ( xi ) a change of control . borrowings under the credit agreement accrue interest at variable rates , which depend on the type ( u.s . dollar or canadian dollar ) and duration of the borrowing , plus an applicable margin rate . the weighted-average interest rates , including the effect of interest rate swap agreements , on borrowings outstanding against our senior secured credit facility at december 31 , 2010 and 2009 were 3.97% ( 3.97 % ) and 4.53% ( 4.53 % ) , respectively . borrowings against the senior secured credit facility totaled $ 590.1 million and $ 595.7 million at december 31 , 2010 and 2009 , respectively , of which $ 50.0 million and $ 7.5 million were classified as current maturities , respectively . we also incur commitment fees on the unused portion of our revolving credit facility ranging from 0.38% ( 0.38 % ) to 0.50% ( 0.50 % ) . as part of the consideration for business acquisitions completed during 2010 , 2009 and 2008 , we issued promissory notes totaling approximately $ 5.5 million , $ 1.2 million and $ 1.6 million , respectively . the notes bear interest at annual rates of 2.0% ( 2.0 % ) to 4.0% ( 4.0 % ) , and interest is payable at maturity or in monthly installments . note 6 . derivative instruments and hedging activities we are exposed to market risks , including the effect of changes in interest rates , foreign currency exchange rates and commodity prices . under our current policies , we use derivatives to manage our exposure to variable interest rates on our credit agreement , but we do not attempt to hedge our foreign currency and commodity price risks . we do not hold or issue derivatives for trading purposes . at december 31 , 2010 , we had interest rate swap agreements in place to hedge a portion of the variable interest rate risk on our variable rate term loans , with the objective of minimizing the impact of interest rate fluctuations and stabilizing cash flows . beginning on the effective dates of the interest rate swap agreements , on a monthly basis through the maturity date , we have paid and will pay the fixed interest rate and have received and will receive payment at a variable rate of interest based on the london interbank offered rate ( 201clibor 201d ) on the notional amount . the interest rate swap agreements qualify as cash flow hedges , and we have elected to apply hedge accounting for these swap agreements . as a result , the effective portion of changes in the fair value of the interest rate swap agreements is recorded in other comprehensive income and is reclassified to interest expense when the underlying interest payment has an impact on earnings . the ineffective portion of changes in the fair value of the interest rate swap agreements is reported in interest expense . the following table summarizes the terms of our interest rate swap agreements as of december 31 , 2010: .
1notional amounteffective datematurity datefixed interest rate*
2$ 200000000april 14 2008april 14 20114.99% ( 4.99 % )
3$ 250000000october 14 2010october 14 20153.81% ( 3.81 % )
4$ 100000000april 14 2011october 14 20133.34% ( 3.34 % )
* includes applicable margin of 2.25% ( 2.25 % ) per annum currently in effect under the credit agreement as of december 31 , 2010 , the fair market value of the $ 200 million notional amount swap was a liability of $ 1.4 million , included in other accrued expenses on our consolidated balance sheet . the fair market value of the other swap contracts was an asset of $ 4.8 million , included in other assets on our consolidated balance sheet as of december 31 , 2010 . as of december 31 , 2009 , the fair market value of the interest rate swap contracts was a liability of $ 10.2 million and was included in other accrued expenses ( $ 5.0 million ) and other noncurrent liabilities ( $ 5.2 million ) on our consolidated balance sheet. .","['6.7', '8.3']" "['what was the pre-tax earnings at the end of 2014?', 'what was the pre-tax earnings at the end of 2013?', 'what is the net difference?', 'what was the pre-tax earnings at the end of 2013?', 'what was the percent change year over year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis institutional client services our institutional client services segment is comprised of : fixed income , currency and commodities client execution . includes client execution activities related to making markets in interest rate products , credit products , mortgages , currencies and commodities . 2030 interest rate products . government bonds , money market instruments such as commercial paper , treasury bills , repurchase agreements and other highly liquid securities and instruments , as well as interest rate swaps , options and other derivatives . 2030 credit products . investment-grade corporate securities , high-yield securities , credit derivatives , bank and bridge loans , municipal securities , emerging market and distressed debt , and trade claims . 2030 mortgages . commercial mortgage-related securities , loans and derivatives , residential mortgage-related securities , loans and derivatives ( including u.s . government agency-issued collateralized mortgage obligations , other prime , subprime and alt-a securities and loans ) , and other asset-backed securities , loans and derivatives . 2030 currencies . most currencies , including growth-market currencies . 2030 commodities . crude oil and petroleum products , natural gas , base , precious and other metals , electricity , coal , agricultural and other commodity products . equities . includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as otc transactions . equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees . the table below presents the operating results of our institutional client services segment. .
1$ in millionsyear ended december 2014year ended december 2013year ended december 2012
2fixed income currency and commodities client execution$ 8461$ 8651$ 9914
3equities client execution1207925943171
4commissions and fees315331033053
5securities services150413731986
6total equities673670708210
7total net revenues151971572118124
8operating expenses108801179212490
9pre-tax earnings$ 4317$ 3929$ 5634
1 . net revenues related to the americas reinsurance business were $ 317 million for 2013 and $ 1.08 billion for 2012 . in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business . 42 goldman sachs 2014 annual report .","['4317.0', '3929.0', '388.0', '3929.0', '0.09875']" "['what was the dividend yield in 2008?', 'and what would be the result of that yield as a percentage of 1 plus the number 1?', 'considering this value as cumulative for each year, what is going to be the total impact of that yield in the fair value of options when the expected life ends?', 'what is, then, going to be the the estimated future value of these options, when the expected life ends?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: .
1200820072006
2weighted average fair value of options granted$ 18.47$ 33.81$ 20.01
3expected volatility0.38450.36770.3534
4dividend yield3.75% ( 3.75 % )0.76% ( 0.76 % )1.00% ( 1.00 % )
5expected life of options in years6.06.06.3
6risk-free interest rate2% ( 2 % )4% ( 4 % )5% ( 5 % )
the black-scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable . in addition , option valuation models require the input of highly subjective assumptions , including the expected stock price volatility . because the company 2019s employee stock options have characteristics significantly different from those of traded options , and because changes in the subjective input assumptions can materially affect the fair value estimate , in management 2019s opinion , the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options . the fair value of the rsus was determined based on the market value at the date of grant . the total fair value of awards vested during 2008 , 2007 , and 2006 was $ 35384 , $ 17840 , and $ 9413 , respectively . the total stock based compensation expense calculated using the black-scholes option valuation model in 2008 , 2007 , and 2006 was $ 38872 , $ 22164 , and $ 11913 , respectively.the aggregate intrinsic values of options outstanding and exercisable at december 27 , 2008 were $ 8.2 million and $ 8.2 million , respectively . the aggregate intrinsic value of options exercised during the year ended december 27 , 2008 was $ 0.6 million . aggregate intrinsic value represents the positive difference between the company 2019s closing stock price on the last trading day of the fiscal period , which was $ 19.39 on december 27 , 2008 , and the exercise price multiplied by the number of options exercised . as of december 27 , 2008 , there was $ 141.7 million of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under the stock compensation plans . that cost is expected to be recognized over a period of five years . employee stock purchase plan the shareholders also adopted an employee stock purchase plan ( espp ) . up to 2000000 shares of common stock have been reserved for the espp . shares will be offered to employees at a price equal to the lesser of 85% ( 85 % ) of the fair market value of the stock on the date of purchase or 85% ( 85 % ) of the fair market value on the enrollment date . the espp is intended to qualify as an 201cemployee stock purchase plan 201d under section 423 of the internal revenue code . during 2008 , 2007 , and 2006 , 362902 , 120230 , and 124693 shares , respectively were purchased under the plan for a total purchase price of $ 8782 , $ 5730 , and $ 3569 , respectively . at december 27 , 2008 , approximately 663679 shares were available for future issuance . 10 . earnings per share the following table sets forth the computation of basic and diluted net income per share: .","['0.0375', '1.0375', '1.24718', '23.03539']" "['what was the change in 401 ( k ) contributions from 2000 to 2001?', 'and how much does this change represent in relation to the 401 ( k ) contributions in 2000, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the following table illustrates the effect on net loss and net loss per share if the company had applied the fair value recognition provisions of sfas no . 123 to stock-based compensation . the estimated fair value of each option is calculated using the black-scholes option-pricing model ( in thousands , except per share amounts ) : .
1200220012000
2net loss as reported$ -1141879 ( 1141879 )$ -450094 ( 450094 )$ -194628 ( 194628 )
3less : total stock-based employee compensation expense determined under fair value basedmethod for all awards net of related tax effect-38126 ( 38126 )-50540 ( 50540 )-51186 ( 51186 )
4pro-forma net loss$ -1180005 ( 1180005 )$ -500634 ( 500634 )$ -245814 ( 245814 )
5basic and diluted net loss per share 2014as reported$ -5.84 ( 5.84 )$ -2.35 ( 2.35 )$ -1.15 ( 1.15 )
6basic and diluted net loss per share 2014pro-forma$ -6.04 ( 6.04 )$ -2.61 ( 2.61 )$ -1.46 ( 1.46 )
fair value of financial instruments 2014as of december 31 , 2002 , the carrying amounts of the company 2019s 5.0% ( 5.0 % ) convertible notes , the 2.25% ( 2.25 % ) convertible notes , the 6.25% ( 6.25 % ) convertible notes and the senior notes were approximately $ 450.0 million , $ 210.9 million , $ 212.7 million and $ 1.0 billion , respectively , and the fair values of such notes were $ 291.4 million , $ 187.2 million , $ 144.4 million and $ 780.0 million , respectively . as of december 31 , 2001 , the carrying amount of the company 2019s 5.0% ( 5.0 % ) convertible notes , the 2.25% ( 2.25 % ) convertible notes , the 6.25% ( 6.25 % ) convertible notes and the senior notes were approximately $ 450.0 million , $ 204.1 million , $ 212.8 million and $ 1.0 billion , respectively , and the fair values of such notes were $ 268.3 million , $ 173.1 million , $ 158.2 million and $ 805.0 million , respectively . fair values were determined based on quoted market prices . the carrying values of all other financial instruments reasonably approximate the related fair values as of december 31 , 2002 and 2001 . retirement plan 2014the company has a 401 ( k ) plan covering substantially all employees who meet certain age and employment requirements . under the plan , the company matches 35% ( 35 % ) of participants 2019 contributions up to a maximum 5% ( 5 % ) of a participant 2019s compensation . the company contributed approximately $ 979000 , $ 1540000 and $ 1593000 to the plan for the years ended december 31 , 2002 , 2001 and 2000 , respectively . recent accounting pronouncements 2014in june 2001 , the fasb issued sfas no . 143 , 201caccounting for asset retirement obligations . 201d this statement establishes accounting standards for the recognition and measurement of liabilities associated with the retirement of tangible long-lived assets and the related asset retirement costs . the requirements of sfas no . 143 are effective for the company as of january 1 , 2003 . the company will adopt this statement in the first quarter of 2003 and does not expect the impact of adopting this statement to have a material impact on its consolidated financial position or results of operations . in august 2001 , the fasb issued sfas no . 144 , 201caccounting for the impairment or disposal of long-lived assets . 201d sfas no . 144 supersedes sfas no . 121 , 201caccounting for the impairment of long-lived assets and for long-lived assets to be disposed of , 201d but retains many of its fundamental provisions . sfas no . 144 also clarifies certain measurement and classification issues from sfas no . 121 . in addition , sfas no . 144 supersedes the accounting and reporting provisions for the disposal of a business segment as found in apb no . 30 , 201creporting the results of operations 2014reporting the effects of disposal of a segment of a business and extraordinary , unusual and infrequently occurring events and transactions 201d . however , sfas no . 144 retains the requirement in apb no . 30 to separately report discontinued operations , and broadens the scope of such requirement to include more types of disposal transactions . the scope of sfas no . 144 excludes goodwill and other intangible assets that are not to be amortized , as the accounting for such items is prescribed by sfas no . 142 . the company implemented sfas no . 144 on january 1 , 2002 . accordingly , all relevant impairment assessments and decisions concerning discontinued operations have been made under this standard in 2002. .","['-53000.0', '-0.03327']" "['what was the value of s&p500 in 2017?', 'and what was it in 2013?', 'what was, then, the change over the years?', 'what was the value of s&p500 in 2013?', 'and how much does that change represent in relation to this 2013 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2013 , and the reinvestment of dividends thereafter , if any , in the company 2019s common stock versus the standard and poor 2019s s&p 500 retail index ( 201cs&p 500 retail index 201d ) and the standard and poor 2019s s&p 500 index ( 201cs&p 500 201d ) . .
1company/indexdecember 31 , 2013december 31 , 2014december 31 , 2015december 31 , 2016december 31 , 2017december 31 , 2018
2o 2019reilly automotive inc .$ 100$ 150$ 197$ 216$ 187$ 268
3s&p 500 retail index100110137143184208
4s&p 500$ 100$ 111$ 111$ 121$ 145$ 136
.","['145.0', '100.0', '45.0', '100.0', '0.45']" "['what was the net change in value of net sales from 2011 to 2012?', 'what were net sales in 2011?', 'what is the change in value divided by the 2011 net sales?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: $ 43.3 million in 2011 compared to $ 34.1 million in 2010 . the retail segment represented 13% ( 13 % ) and 15% ( 15 % ) of the company 2019s total net sales in 2011 and 2010 , respectively . the retail segment 2019s operating income was $ 4.7 billion , $ 3.2 billion , and $ 2.3 billion during 2012 , 2011 , and 2010 respectively . these year-over-year increases in retail operating income were primarily attributable to higher overall net sales that resulted in significantly higher average revenue per store during the respective years . gross margin gross margin for 2012 , 2011 and 2010 are as follows ( in millions , except gross margin percentages ) : .
1201220112010
2net sales$ 156508$ 108249$ 65225
3cost of sales878466443139541
4gross margin$ 68662$ 43818$ 25684
5gross margin percentage43.9% ( 43.9 % )40.5% ( 40.5 % )39.4% ( 39.4 % )
the gross margin percentage in 2012 was 43.9% ( 43.9 % ) , compared to 40.5% ( 40.5 % ) in 2011 . this year-over-year increase in gross margin was largely driven by lower commodity and other product costs , a higher mix of iphone sales , and improved leverage on fixed costs from higher net sales . the increase in gross margin was partially offset by the impact of a stronger u.s . dollar . the gross margin percentage during the first half of 2012 was 45.9% ( 45.9 % ) compared to 41.4% ( 41.4 % ) during the second half of 2012 . the primary drivers of higher gross margin in the first half of 2012 compared to the second half are a higher mix of iphone sales and improved leverage on fixed costs from higher net sales . additionally , gross margin in the second half of 2012 was also affected by the introduction of new products with flat pricing that have higher cost structures and deliver greater value to customers , price reductions on certain existing products , higher transition costs associated with product launches , and continued strengthening of the u.s . dollar ; partially offset by lower commodity costs . the gross margin percentage in 2011 was 40.5% ( 40.5 % ) , compared to 39.4% ( 39.4 % ) in 2010 . this year-over-year increase in gross margin was largely driven by lower commodity and other product costs . the company expects to experience decreases in its gross margin percentage in future periods , as compared to levels achieved during 2012 , and the company anticipates gross margin of about 36% ( 36 % ) during the first quarter of 2013 . expected future declines in gross margin are largely due to a higher mix of new and innovative products with flat or reduced pricing that have higher cost structures and deliver greater value to customers and anticipated component cost and other cost increases . future strengthening of the u.s . dollar could further negatively impact gross margin . the foregoing statements regarding the company 2019s expected gross margin percentage in future periods , including the first quarter of 2013 , are forward-looking and could differ from actual results because of several factors including , but not limited to those set forth above in part i , item 1a of this form 10-k under the heading 201crisk factors 201d and those described in this paragraph . in general , gross margins and margins on individual products will remain under downward pressure due to a variety of factors , including continued industry wide global product pricing pressures , increased competition , compressed product life cycles , product transitions and potential increases in the cost of components , as well as potential increases in the costs of outside manufacturing services and a potential shift in the company 2019s sales mix towards products with lower gross margins . in response to competitive pressures , the company expects it will continue to take product pricing actions , which would adversely affect gross margins . gross margins could also be affected by the company 2019s ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products . due to the company 2019s significant international operations , financial results can be significantly affected in the short-term by fluctuations in exchange rates. .","['48259.0', '108249.0', '0.44581']" "['what were the storage costs in 2017, in millions?', 'and what were they in 2016, also in millions?', 'what was, then, in millions, the total storage costs in the two years combined?', 'including 2015, what then becomes that total?', 'and what were the average storage costs between the three years, in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: hollyfrontier corporation notes to consolidated financial statements continued .
1( in thousands )
22018$ 148716
32019132547
42020119639
52021107400
62022102884
7thereafter857454
8total$ 1468640
transportation and storage costs incurred under these agreements totaled $ 140.5 million , $ 135.1 million and $ 137.7 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively . these amounts do not include contractual commitments under our long-term transportation agreements with hep , as all transactions with hep are eliminated in these consolidated financial statements . we have a crude oil supply contract that requires the supplier to deliver a specified volume of crude oil or pay a shortfall fee for the difference in the actual barrels delivered to us less the specified barrels per the supply contract . for the contract year ended august 31 , 2017 , the actual number of barrels delivered to us was substantially less than the specified barrels , and we recorded a reduction to cost of goods sold and accumulated a shortfall fee receivable of $ 26.0 million during this period . in september 2017 , the supplier notified us they are disputing the shortfall fee owed and in october 2017 notified us of their demand for arbitration . we offset the receivable with payments of invoices for deliveries of crude oil received subsequent to august 31 , 2017 , which is permitted under the supply contract . we believe the disputes and claims made by the supplier are without merit . in march , 2006 , a subsidiary of ours sold the assets of montana refining company under an asset purchase agreement ( 201capa 201d ) . calumet montana refining llc , the current owner of the assets , has submitted requests for reimbursement of approximately $ 20.0 million pursuant to contractual indemnity provisions under the apa for various costs incurred , as well as additional claims related to environmental matters . we have rejected most of the claims for payment , and this matter is scheduled for arbitration beginning in july 2018 . we have accrued the costs we believe are owed pursuant to the apa , and we estimate that any reasonably possible losses beyond the amounts accrued are not material . note 20 : segment information effective fourth quarter of 2017 , we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our business . accordingly , our tulsa refineries 2019 lubricants operations , previously reported in the refining segment , are now combined with the operations of our petro-canada lubricants business ( acquired february 1 , 2017 ) and reported in the lubricants and specialty products segment . our prior period segment information has been retrospectively adjusted to reflect our current segment presentation . our operations are organized into three reportable segments , refining , lubricants and specialty products and hep . our operations that are not included in the refining , lubricants and specialty products and hep segments are included in corporate and other . intersegment transactions are eliminated in our consolidated financial statements and are included in eliminations . corporate and other and eliminations are aggregated and presented under corporate , other and eliminations column . the refining segment represents the operations of the el dorado , tulsa , navajo , cheyenne and woods cross refineries and hfc asphalt ( aggregated as a reportable segment ) . refining activities involve the purchase and refining of crude oil and wholesale and branded marketing of refined products , such as gasoline , diesel fuel and jet fuel . these petroleum products are primarily marketed in the mid-continent , southwest and rocky mountain regions of the united states . hfc asphalt operates various asphalt terminals in arizona , new mexico and oklahoma. .","['140.5', '135.1', '275.6', '413.3', '137.76667']" "['what was the number of mexican pesos purchased during fiscal 2007, converted to the thousands place?', 'and the dollar value of this purchase?', 'so what was the exchange rate from pesos to dollars?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 2014 ( continued ) note 12 2014related party transactions in the course of settling money transfer transactions , we purchase foreign currency from consultoria internacional casa de cambio ( 201ccisa 201d ) , a mexican company partially owned by certain of our employees . as of march 31 , 2008 , mr . ra fal lim f3n cortes , a 10% ( 10 % ) shareholder of cisa , was no longer an employee , and we no longer considered cisa a related party . we purchased 6.1 billion mexican pesos for $ 560.3 million during the ten months ended march 31 , 2008 and 8.1 billion mexican pesos for $ 736.0 million during fiscal 2007 from cisa . we believe these currency transactions were executed at prevailing market exchange rates . also from time to time , money transfer transactions are settled at destination facilities owned by cisa . we incurred related settlement expenses , included in cost of service in the accompanying consolidated statements of income of $ 0.5 million in the ten months ended march 31 , 2008 . in fiscal 2007 and 2006 , we incurred related settlement expenses , included in cost of service in the accompanying consolidated statements of income of $ 0.7 and $ 0.6 million , respectively . in the normal course of business , we periodically utilize the services of contractors to provide software development services . one of our employees , hired in april 2005 , is also an employee , officer , and part owner of a firm that provides such services . the services provided by this firm primarily relate to software development in connection with our planned next generation front-end processing system in the united states . during fiscal 2008 , we capitalized fees paid to this firm of $ 0.3 million . as of may 31 , 2008 and 2007 , capitalized amounts paid to this firm of $ 4.9 million and $ 4.6 million , respectively , were included in property and equipment in the accompanying consolidated balance sheets . in addition , we expensed amounts paid to this firm of $ 0.3 million , $ 0.1 million and $ 0.5 million in the years ended may 31 , 2008 , 2007 and 2006 , respectively . note 13 2014commitments and contingencies leases we conduct a major part of our operations using leased facilities and equipment . many of these leases have renewal and purchase options and provide that we pay the cost of property taxes , insurance and maintenance . rent expense on all operating leases for fiscal 2008 , 2007 and 2006 was $ 30.4 million , $ 27.1 million , and $ 24.4 million , respectively . future minimum lease payments for all noncancelable leases at may 31 , 2008 were as follows : operating leases .
1operating leases
22009$ 22883
3201016359
4201111746
520125277
620133365
7thereafter7816
8total future minimum lease payments$ 67446
we are party to a number of other claims and lawsuits incidental to our business . in the opinion of management , the reasonably possible outcome of such matters , individually or in the aggregate , will not have a material adverse impact on our financial position , liquidity or results of operations. .","['-991.9', '736.0', '-1.34769']" "['what is the value of an investment in edwards lifesciences in 2014?', 'what about the initial value?', 'what is the net change?', 'what is the initial value of the investment?', 'what rate of return does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 12feb201521095992 performance graph the following graph compares the performance of our common stock with that of the s&p 500 index and the s&p 500 healthcare equipment index . the cumulative total return listed below assumes an initial investment of $ 100 on december 31 , 2009 and reinvestment of dividends . comparison of 5 year cumulative total return rs $ 200 2009 2010 2011 201420132012 edwards lifesciences corporation s&p 500 s&p 500 healthcare equipment december 31 .
1total cumulative return20102011201220132014
2edwards lifesciences$ 186.16$ 162.81$ 207.65$ 151.43$ 293.33
3s&p 500115.06117.49136.30180.44205.14
4s&p 500 healthcare equipment index96.84102.07120.66153.85194.33
.","['293.33', '100.0', '193.33', '100.0', '1.9333']" "['what was the multi-asset value in 2012?', 'what was the value in 2011?', 'what is the net change in value?', 'what was the 2011 value?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: although many clients use both active and passive strategies , the application of these strategies differs greatly . for example , clients may use index products to gain exposure to a market or asset class pending reallocation to an active manager . this has the effect of increasing turnover of index aum . in addition , institutional non-etp 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 2012 equity aum of $ 1.845 trillion increased by $ 285.4 billion , or 18% ( 18 % ) , from the end of 2011 , largely due to flows into regional , country-specific and global mandates and the effect of higher market valuations . equity aum growth included $ 54.0 billion in net new business and $ 3.6 billion in new assets related to the acquisition of claymore . net new business of $ 54.0 billion was driven by net inflows of $ 53.0 billion and $ 19.1 billion into ishares and non-etp index accounts , respectively . passive inflows were offset by active net outflows of $ 18.1 billion , with net outflows of $ 10.0 billion and $ 8.1 billion from fundamental and scientific active equity products , respectively . passive strategies represented 84% ( 84 % ) of equity aum with the remaining 16% ( 16 % ) in active mandates . institutional investors represented 62% ( 62 % ) of equity aum , while ishares , and retail and hnw represented 29% ( 29 % ) and 9% ( 9 % ) , respectively . at year-end 2012 , 63% ( 63 % ) of equity aum was managed for clients in the americas ( defined as the united states , caribbean , canada , latin america and iberia ) compared with 28% ( 28 % ) and 9% ( 9 % ) managed for clients in emea and asia-pacific , 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 similar u.s . equity strategies . accordingly , fluctuations in international equity markets , which do not consistently move in tandem with u.s . markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues . fixed income fixed income aum ended 2012 at $ 1.259 trillion , rising $ 11.6 billion , or 1% ( 1 % ) , relative to december 31 , 2011 . growth in aum reflected $ 43.3 billion in net new business , excluding the two large previously mentioned low-fee outflows , $ 75.4 billion in market and foreign exchange gains and $ 3.0 billion in new assets related to claymore . net new business was led by flows into domestic specialty and global bond mandates , with net inflows of $ 28.8 billion , $ 13.6 billion and $ 3.1 billion into ishares , non-etp index and model-based products , respectively , partially offset by net outflows of $ 2.2 billion from fundamental strategies . fixed income aum was split between passive and active strategies with 48% ( 48 % ) and 52% ( 52 % ) , respectively . institutional investors represented 74% ( 74 % ) of fixed income aum while ishares and retail and hnw represented 15% ( 15 % ) and 11% ( 11 % ) , respectively . at year-end 2012 , 59% ( 59 % ) of fixed income aum was managed for clients in the americas compared with 33% ( 33 % ) and 8% ( 8 % ) managed for clients in emea and asia- pacific , respectively . multi-asset class component changes in multi-asset class aum ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .
1( dollar amounts in millions )12/31/2011net new businessnet acquiredmarket /fx app ( dep )12/31/2012
2asset allocation$ 126067$ 1575$ 78$ 12440$ 140160
3target date/risk49063145262014629569884
4fiduciary50040-284 ( 284 )2014794857704
5multi-asset$ 225170$ 15817$ 78$ 26683$ 267748
multi-asset class aum totaled $ 267.7 billion at year-end 2012 , up 19% ( 19 % ) , or $ 42.6 billion , reflecting $ 15.8 billion in net new business and $ 26.7 billion in portfolio valuation gains . blackrock 2019s multi-asset class team manages a variety of bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , currencies , bonds 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 . at december 31 , 2012 , institutional investors represented 66% ( 66 % ) of multi-asset class aum , while retail and hnw accounted for the remaining aum . additionally , 58% ( 58 % ) of multi-asset class aum is managed for clients based in the americas with 37% ( 37 % ) and 5% ( 5 % ) managed for clients in emea and asia-pacific , respectively . flows reflected ongoing institutional demand for our advice in an increasingly .","['267748.0', '225170.0', '42578.0', '225170.0', '0.18909']" "['what was the value of shares repurchased during 2015, divided by 1000?', 'how many shares were repurchased in 2015?', 'what was the average price per share?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules . there were no contributions to our legacy qualified defined benefit pension plans during 2016 . we do not plan to make contributions to our legacy pension plans in 2017 because none are required using current assumptions including investment returns on plan assets . we made $ 23 million in contributions during 2016 to our newly established sikorsky pension plan and expect to make $ 45 million in contributions to this plan during 2017 . the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2016 ( in millions ) : .
1201720182019202020212022 2013 2026
2qualified defined benefit pension plans$ 2260$ 2340$ 2420$ 2510$ 2590$ 13920
3retiree medical and life insurance plans180180190190190870
defined contribution plans we maintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees . under the provisions of our 401 ( k ) plans , we match most employees 2019 eligible contributions at rates specified in the plan documents . our contributions were $ 617 million in 2016 , $ 393 million in 2015 and $ 385 million in 2014 , the majority of which were funded in our common stock . our defined contribution plans held approximately 36.9 million and 40.0 million shares of our common stock as of december 31 , 2016 and 2015 . note 12 2013 stockholders 2019 equity at december 31 , 2016 and 2015 , our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock . of the 290 million shares of common stock issued and outstanding as of december 31 , 2016 , 289 million shares were considered outstanding for consolidated balance sheet presentation purposes ; the remaining shares were held in a separate trust . of the 305 million shares of common stock issued and outstanding as of december 31 , 2015 , 303 million shares were considered outstanding for consolidated balance sheet presentation purposes ; the remaining shares were held in a separate trust . no shares of preferred stock were issued and outstanding at december 31 , 2016 or 2015 . repurchases of common stock during 2016 , we repurchased 8.9 million shares of our common stock for $ 2.1 billion . during 2015 and 2014 , we paid $ 3.1 billion and $ 1.9 billion to repurchase 15.2 million and 11.5 million shares of our common stock . on september 22 , 2016 , our board of directors approved a $ 2.0 billion increase to our share repurchase program . inclusive of this increase , the total remaining authorization for future common share repurchases under our program was $ 3.5 billion as of december 31 , 2016 . as we repurchase our common shares , we reduce common stock for the $ 1 of par value of the shares repurchased , with the excess purchase price over par value recorded as a reduction of additional paid-in capital . due to the volume of repurchases made under our share repurchase program , additional paid-in capital was reduced to zero , with the remainder of the excess purchase price over par value of $ 1.7 billion and $ 2.4 billion recorded as a reduction of retained earnings in 2016 and 2015 . we paid dividends totaling $ 2.0 billion ( $ 6.77 per share ) in 2016 , $ 1.9 billion ( $ 6.15 per share ) in 2015 and $ 1.8 billion ( $ 5.49 per share ) in 2014 . we have increased our quarterly dividend rate in each of the last three years , including a 10% ( 10 % ) increase in the quarterly dividend rate in the fourth quarter of 2016 . we declared quarterly dividends of $ 1.65 per share during each of the first three quarters of 2016 and $ 1.82 per share during the fourth quarter of 2016 ; $ 1.50 per share during each of the first three quarters of 2015 and $ 1.65 per share during the fourth quarter of 2015 ; and $ 1.33 per share during each of the first three quarters of 2014 and $ 1.50 per share during the fourth quarter of 2014. .","['0.0031', '15.2', '0.0002']" "['what was the fair value of the performance share units in july 2011, in millions?', 'of that amount, how much is related to post-merger services, also in millions?', 'what is, then, the amount of fair value of performance share units that does not relate to post-merger services, in millions?', 'and how much does this amount represent in relation to the total fair value of performance share units, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: during the year ended december 31 , 2011 , we granted 354660 performance share units having a fair value based on our grant date closing stock price of $ 28.79 . these units are payable in stock and are subject to certain financial performance criteria . the fair value of these performance share unit awards is based on the grant date closing stock price of each respective award grant and will apply to the number of units ultimately awarded . the number of shares ultimately issued for each award will be based on our financial performance as compared to peer group companies over the performance period and can range from zero to 200% ( 200 % ) . as of december 31 , 2011 , estimated share payouts for outstanding non-vested performance share unit awards ranged from 150% ( 150 % ) to 195% ( 195 % ) . for the legacy frontier performance share units assumed at july 1 , 2011 , performance is based on market performance criteria , which is calculated as the total shareholder return achieved by hollyfrontier stockholders compared with the average shareholder return achieved by an equally-weighted peer group of independent refining companies over a three-year period . these share unit awards are payable in stock based on share price performance relative to the defined peer group and can range from zero to 125% ( 125 % ) of the initial target award . these performance share units were valued at july 1 , 2011 using a monte carlo valuation model , which simulates future stock price movements using key inputs including grant date and measurement date stock prices , expected stock price performance , expected rate of return and volatility of our stock price relative to the peer group over the three-year performance period . the fair value of these performance share units at july 1 , 2011 was $ 8.6 million . of this amount , $ 7.3 million relates to post-merger services and will be recognized ratably over the remaining service period through 2013 . a summary of performance share unit activity and changes during the year ended december 31 , 2011 is presented below: .
1performance share unitsgrants
2outstanding at january 1 2011 ( non-vested )556186
3granted ( 1 )354660
4vesting and transfer of ownership to recipients-136058 ( 136058 )
5outstanding at december 31 2011 ( non-vested )774788
( 1 ) includes 225116 non-vested performance share grants under the legacy frontier plan that were outstanding and retained by hollyfrontier at july 1 , 2011 . for the year ended december 31 , 2011 we issued 178148 shares of our common stock having a fair value of $ 2.6 million related to vested performance share units . based on the weighted average grant date fair value of $ 20.71 there was $ 11.7 million of total unrecognized compensation cost related to non-vested performance share units . that cost is expected to be recognized over a weighted-average period of 1.1 years . note 7 : cash and cash equivalents and investments in marketable securities our investment portfolio at december 31 , 2011 consisted of cash , cash equivalents and investments in debt securities primarily issued by government and municipal entities . we also hold 1000000 shares of connacher oil and gas limited common stock that was received as partial consideration upon the sale of our montana refinery in we invest in highly-rated marketable debt securities , primarily issued by government and municipal entities that have maturities at the date of purchase of greater than three months . we also invest in other marketable debt securities with the maximum maturity or put date of any individual issue generally not greater than two years from the date of purchase . all of these instruments , including investments in equity securities , are classified as available- for-sale . as a result , they are reported at fair value using quoted market prices . interest income is recorded as earned . unrealized gains and losses , net of related income taxes , are reported as a component of accumulated other comprehensive income . upon sale , realized gains and losses on the sale of marketable securities are computed based on the specific identification of the underlying cost of the securities sold and the unrealized gains and losses previously reported in other comprehensive income are reclassified to current earnings. .","['8.6', '7.3', '1.3', '0.15116']" "['what was the sum of future minimum sponsorship and other payments in 2017 and 2018?', 'what was the value in 2019?', 'what is the total sum for the 3 years?', 'what is that sum divided by the total future minimum sponsorship and other payments?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 2016 , as well as significant sponsorship and other marketing agreements entered into during the period after december 31 , 2016 through the date of this report : ( in thousands ) .
12017$ 176138
22018166961
32019142987
42020124856
52021118168
62022 and thereafter626495
7total future minimum sponsorship and other payments$ 1355605
total future minimum sponsorship and other payments $ 1355605 the amounts listed above are the minimum compensation obligations and guaranteed royalty fees required to be paid under the company 2019s sponsorship and other marketing agreements . the amounts listed above do not include additional performance incentives and product supply obligations provided under certain agreements . it is not possible to determine how much the company will spend on product supply obligations on an annual basis as contracts generally do not stipulate specific cash amounts to be spent on products . the amount of product provided to the sponsorships depends on many factors including general playing conditions , the number of sporting events in which they participate and the company 2019s decisions regarding product and marketing initiatives . in addition , the costs to design , develop , source and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers . in connection with various contracts and agreements , the company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items . generally , such indemnification obligations do not apply in situations in which the counterparties are grossly negligent , engage in willful misconduct , or act in bad faith . based on the company 2019s historical experience and the estimated probability of future loss , the company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations . from time to time , the company is involved in litigation and other proceedings , including matters related to commercial and intellectual property disputes , as well as trade , regulatory and other claims related to its business . other than as described below , the company believes that all current proceedings are routine in nature and incidental to the conduct of its business , and that the ultimate resolution of any such proceedings will not have a material adverse effect on its consolidated financial position , results of operations or cash flows . on february 10 , 2017 , a shareholder filed a securities case in the united states district court for the district of maryland ( the 201ccourt 201d ) against the company , the company 2019s chief executive officer and the company 2019s former chief financial officer ( brian breece v . under armour , inc. ) . on february 16 , 2017 , a second shareholder filed a securities case in the court against the same defendants ( jodie hopkins v . under armour , inc. ) . the plaintiff in each case purports to represent a class of shareholders for the period between april 21 , 2016 and january 30 , 2017 , inclusive . the complaints allege violations of section 10 ( b ) ( and rule 10b-5 ) of the securities exchange act of 1934 , as amended ( the 201cexchange act 201d ) and section 20 ( a ) control person liability under the exchange act against the officers named in the complaints . in general , the allegations in each case concern disclosures and statements made by .","['343099.0', '142987.0', '486086.0', '0.35857']" "['what is the value of deferred taxes, current, after the application times -1?', 'what is that value plus the value of deferred taxes, long-term?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part ii , item 8 20 . pension and other benefit plans adoption of sfas 158 in september 2006 , the financial accounting standards board issued sfas 158 ( employer 2019s accounting for defined benefit pension and other postretirement plans , an amendment of fasb statements no . 87 , 88 , 106 and 132 ( r ) ) . sfas 158 required schlumberger to recognize the funded status ( i.e. , the difference between the fair value of plan assets and the benefit obligation ) of its defined benefit pension and other postretirement plans ( collectively 201cpostretirement benefit plans 201d ) in its december 31 , 2006 consolidated balance sheet , with a corresponding adjustment to accumulated other comprehensive income , net of tax . the adjustment to accumulated other comprehensive income at adoption represents the net unrecognized actuarial losses and unrecognized prior service costs which were previously netted against schlumberger 2019s postretirement benefit plans 2019 funded status in the consolidated balance sheet pursuant to the provisions of sfas 87 ( employers 2019 accounting for pensions ) and sfas 106 ( employer 2019s accounting for postretirement benefits other than pensions ) . these amounts will subsequently be recognized as net periodic postretirement cost consistent with schlumberger 2019s historical accounting policy for amortizing such amounts . the adoption of sfas 158 had no effect on schlumberger 2019s consolidated statement of income for the year ended december 31 , 2006 , or for any prior period , and it will not affect schlumberger 2019s operating results in future periods . additionally , sfas 158 did not have an effect on schlumberger 2019s consolidated balance sheet at december 31 , sfas 158 also required companies to measure the fair value of plan assets and benefit obligations as of the date of the fiscal year-end balance sheet . this provision of sfas 158 is not applicable as schlumberger already uses a measurement date of december 31 for its postretirement benefit plans . the incremental effect of applying sfas 158 on the consolidated balance sheet at december 31 , 2006 for all of schlumberger 2019s postretirement benefit plans is presented in the following table : ( stated in millions ) prior to application of sfas 158 sfas 158 adoption adjustments application of sfas 158 .
1prior to application of sfas 158sfas 158 adoption adjustmentsafter application of sfas 158
2deferred taxes ( current )$ 191$ -28 ( 28 )$ 163
3deferred taxes ( long-term )$ 186$ 227$ 413
4other assets$ 416$ -243 ( 243 )$ 173
5accounts payable and accrued liabilities$ 3925$ -77 ( 77 )$ 3848
6postretirement benefits$ 713$ 323$ 1036
7accumulated other comprehensive loss$ -879 ( 879 )$ -290 ( 290 )$ -1169 ( 1169 )
as a result of the adoption of sfas 158 , schlumberger 2019s total liabilities increased by approximately 2% ( 2 % ) and stockholders 2019 equity decreased by approximately 3% ( 3 % ) . the impact on schlumberger 2019s total assets was insignificant . united states defined benefit pension plans schlumberger and its united states subsidiary sponsor several defined benefit pension plans that cover substantially all employees hired prior to october 1 , 2004 . the benefits are based on years of service and compensation on a career-average pay basis . the funding policy with respect to qualified pension plans is to annually contribute amounts that are based upon a number of factors including the actuarial accrued liability , amounts that are deductible for income tax purposes , legal funding requirements and available cash flow . these contributions are intended to provide for benefits earned to date and those expected to be earned in the future. .","['-28.0', '199.0']" ['what portion of total proved undeveloped reserves is in the us in 2013?'],"In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) proved undeveloped reserves the following table presents the changes in devon 2019s total proved undeveloped reserves during 2014 ( in mmboe ) . .
1u.s .canadatotal
2proved undeveloped reserves as of december 31 2013258443701
3extensions and discoveries1538161
4revisions due to prices-1 ( 1 )-34 ( 34 )-35 ( 35 )
5revisions other than price-61 ( 61 )18-43 ( 43 )
6sale of reserves-4 ( 4 )-2 ( 2 )-6 ( 6 )
7conversion to proved developed reserves-40 ( 40 )-49 ( 49 )-89 ( 89 )
8proved undeveloped reserves as of december 31 2014305384689
at december 31 , 2014 , devon had 689 mmboe of proved undeveloped reserves . this represents a 2 percent decrease as compared to 2013 and represents 25 percent of total proved reserves . drilling and development activities increased devon 2019s proved undeveloped reserves 161 mmboe and resulted in the conversion of 89 mmboe , or 13 percent , of the 2013 proved undeveloped reserves to proved developed reserves . costs incurred related to the development and conversion of devon 2019s proved undeveloped reserves were approximately $ 1.0 billion for 2014 . additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 43 mmboe primarily due to evaluations of certain u.s . onshore dry-gas areas , which devon does not expect to develop in the next five years . the largest revisions , which were approximately 69 mmboe , relate to the dry-gas areas in the barnett shale in north texas . a significant amount of devon 2019s proved undeveloped reserves at the end of 2014 related to its jackfish operations . at december 31 , 2014 and 2013 , devon 2019s jackfish proved undeveloped reserves were 384 mmboe and 441 mmboe , respectively . development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35000 barrel daily facility capacity . processing plant capacity is controlled by factors such as total steam processing capacity and steam-oil ratios . furthermore , development of these projects involves the up-front construction of steam injection/distribution and bitumen processing facilities . due to the large up-front capital investments and large reserves required to provide economic returns , the project conditions meet the specific circumstances requiring a period greater than 5 years for conversion to developed reserves . as a result , these reserves are classified as proved undeveloped for more than five years . currently , the development schedule for these reserves extends though the year 2031 . price revisions 2014 2013 reserves increased 9 mmboe primarily due to higher gas prices in the barnett shale and the anadarko basin , partially offset by higher bitumen prices , which result in lower after-royalty volumes , in canada . 2013 2013 reserves increased 94 mmboe primarily due to higher gas prices . of this increase , 43 mmboe related to the barnett shale and 19 mmboe related to the rocky mountain area . 2012 2013 reserves decreased 171 mmboe primarily due to lower gas prices . of this decrease , 100 mmboe related to the barnett shale and 25 mmboe related to the rocky mountain area. .",['0.36805'] "['what was the value of deposits in 2001 to gulf states?', 'what was the value of deposits in 2002 to gulf states?', 'what is the net change in value?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: domestic utility companies and system energy notes to respective financial statements derived from another portion of the entity that continues to apply sfas 71 should not be written off ; rather , they should be considered regulatory assets of the segment that will continue to apply sfas 71 . see note 2 to the domestic utility companies and system energy financial statements for discussion of transition to competition activity in the retail regulatory jurisdictions served by the domestic utility companies . only texas currently has an enacted retail open access law , but entergy believes that significant issues remain to be addressed by regulators , and the enacted law does not provide sufficient detail to reasonably determine the impact on entergy gulf states' regulated operations . cash and cash equivalents entergy considers all unrestricted highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents . investments with original maturities of more than three months are classified as other temporary investments on the balance sheet . investments entergy applies the provisions of sfas 115 , 201caccounting for investments for certain debt and equity securities , 201d in accounting for investments in decommissioning trust funds . as a result , entergy records the decommissioning trust funds at their fair value on the balance sheet . as of december 31 , 2002 and 2001 , the fair value of the securities held in such funds differs from the amounts deposited plus the earnings on the deposits by the following ( in millions ) : .
120022001
2entergy arkansas$ 35.3$ 69.8
3entergy gulf states$ 1.4$ 18.5
4entergy louisiana( $ 0.3 )$ 8.2
5system energy( $ 14.5 )( $ 1.6 )
in accordance with the regulatory treatment for decommissioning trust funds , entergy arkansas , entergy gulf states ( for the regulated portion of river bend ) , and entergy louisiana have recorded an offsetting amount of unrealized gains/ ( losses ) on investment securities in accumulated depreciation . for the nonregulated portion of river bend , entergy gulf states has recorded an offsetting amount of unrealized gains/ ( losses ) in other deferred credits . system energy's offsetting amount of unrealized gains/ ( losses ) on investment securities is in other regulatory liabilities . derivatives and hedging entergy implemented sfas 133 , 201caccounting for derivative instruments and hedging activities 201d on january 1 , 2001 . the statement requires that all derivatives be recognized in the balance sheet , either as assets or liabilities , at fair value . the changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income , depending on whether a derivative is designated as part of a hedge transaction and , if it is , the type of hedge transaction . for cash-flow hedge transactions in which entergy is hedging the variability of cash flows related to a variable-rate asset , liability , or forecasted transaction , changes in the fair value of the derivative instrument are reported in other comprehensive income . the gains and losses on the derivative instrument that are reported in other comprehensive income are reclassified as earnings in the periods in which earnings are impacted by the variability of the cash flows of the hedged item . the ineffective portions of all hedges are recognized in current- period earnings . contracts for commodities that will be delivered in quantities expected to be used or sold in the ordinary course of business , including certain purchases and sales of power and fuel , are not classified as derivatives. .","['18.5', '1.4', '17.1', '12.21429']" "['in 2010, what percentage did the deepwater write-down represent in relation the total of impairments?', 'and concerning the huntington beach facility in california, what was the recognized asset impairment expense as a percentage of the total carrying value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 may require the government to acquire an ownership interest and the current expectation of future losses . our evaluation indicated that the long-lived assets were no longer recoverable and , accordingly , they were written down to their estimated fair value of $ 24 million based on a discounted cash flow analysis . the long-lived assets had a carrying amount of $ 66 million prior to the recognition of asset impairment expense . kelanitissa is a build- operate-transfer ( bot ) generation facility and payments under its ppa are scheduled to decline over the ppa term . it is possible that further impairment charges may be required in the future as kelanitissa gets closer to the bot date . kelanitissa is reported in the asia generation reportable segment . asset impairment expense for the year ended december 31 , 2010 consisted of : ( in millions ) .
12010 ( in millions )
2southland ( huntington beach )$ 200
3tisza ii85
4deepwater79
5other25
6total$ 389
southland 2014in september 2010 , a new environmental policy on the use of ocean water to cool generation facilities was issued in california that requires generation plants to comply with the policy by december 31 , 2020 and would require significant capital expenditure or plants 2019 shutdown . the company 2019s huntington beach gas-fired generation facility in california , which is part of aes 2019 southland business , was impacted by the new policy . the company performed an asset impairment test and determined the fair value of the asset group using a discounted cash flow analysis . the carrying value of the asset group of $ 288 million exceeded the fair value of $ 88 million resulting in the recognition of asset impairment expense of $ 200 million for the year ended december 31 , 2010 . southland is reported in the north america generation reportable segment . tisza ii 2014during the third quarter of 2010 , the company entered into annual negotiations with the offtaker of tisza ii . as a result of these preliminary negotiations , as well as the further deterioration of the economic environment in hungary , the company determined that an indicator of impairment existed at september 30 , 2010 . thus , the company performed an asset impairment test and determined that based on the undiscounted cash flow analysis , the carrying amount of the tisza ii asset group was not recoverable . the fair value of the asset group was then determined using a discounted cash flow analysis . the carrying value of the tisza ii asset group of $ 160 million exceeded the fair value of $ 75 million resulting in the recognition of asset impairment expense of $ 85 million during the year ended december 31 , 2010 . deepwater 2014in 2010 , deepwater , our 160 mw petcoke-fired merchant power plant located in texas , experienced deteriorating market conditions due to increasing petcoke prices and diminishing power prices . as a result , deepwater incurred operating losses and was shut down from time to time to avoid negative operating margin . in the fourth quarter of 2010 , management concluded that , on an undiscounted cash flow basis , the carrying amount of the asset group was no longer recoverable . the fair value of deepwater was determined using a discounted cash flow analysis and $ 79 million of impairment expense was recognized . deepwater is reported in the north america generation reportable segment. .","['0.20308', '0.69444']" "['what was the weighted average shares outstanding for diluted net earnings per share in 2008?', 'and in 2007?', 'so what was the difference between these two years?', 'and the percentage change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: reasonably possible that such matters will be resolved in the next twelve months , but we do not anticipate that the resolution of these matters would result in any material impact on our results of operations or financial position . foreign jurisdictions have statutes of limitations generally ranging from 3 to 5 years . years still open to examination by foreign tax authorities in major jurisdictions include australia ( 2003 onward ) , canada ( 2002 onward ) , france ( 2006 onward ) , germany ( 2005 onward ) , italy ( 2005 onward ) , japan ( 2002 onward ) , puerto rico ( 2005 onward ) , singapore ( 2003 onward ) , switzerland ( 2006 onward ) and the united kingdom ( 2006 onward ) . our tax returns are currently under examination in various foreign jurisdictions . the most significant foreign tax jurisdiction under examination is the united kingdom . it is reasonably possible that such audits will be resolved in the next twelve months , but we do not anticipate that the resolution of these audits would result in any material impact on our results of operations or financial position . 13 . capital stock and earnings per share we are authorized to issue 250 million shares of preferred stock , none of which were issued or outstanding as of december 31 , 2008 . the numerator for both basic and diluted earnings per share is net earnings available to common stockholders . the denominator for basic earnings per share is the weighted average number of common shares outstanding during the period . the denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive stock options and other equity awards . the following is a reconciliation of weighted average shares for the basic and diluted share computations for the years ending december 31 ( in millions ) : .
1200820072006
2weighted average shares outstanding for basic net earnings per share227.3235.5243.0
3effect of dilutive stock options and other equity awards1.02.02.4
4weighted average shares outstanding for diluted net earnings per share228.3237.5245.4
weighted average shares outstanding for basic net earnings per share 227.3 235.5 243.0 effect of dilutive stock options and other equity awards 1.0 2.0 2.4 weighted average shares outstanding for diluted net earnings per share 228.3 237.5 245.4 for the year ended december 31 , 2008 , an average of 11.2 million options to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock . for the years ended december 31 , 2007 and 2006 , an average of 3.1 million and 7.6 million options , respectively , were not included . during 2008 , we repurchased approximately 10.8 million shares of our common stock at an average price of $ 68.72 per share for a total cash outlay of $ 737.0 million , including commissions . in april 2008 , we announced that our board of directors authorized a $ 1.25 billion share repurchase program which expires december 31 , 2009 . approximately $ 1.13 billion remains authorized under this plan . 14 . segment data we design , develop , manufacture and market orthopaedic and dental reconstructive implants , spinal implants , trauma products and related surgical products which include surgical supplies and instruments designed to aid in orthopaedic surgical procedures and post-operation rehabilitation . we also provide other healthcare-related services . revenue related to these services currently represents less than 1 percent of our total net sales . we manage operations through three major geographic segments 2013 the americas , which is comprised principally of the united states and includes other north , central and south american markets ; europe , which is comprised principally of europe and includes the middle east and africa ; and asia pacific , which is comprised primarily of japan and includes other asian and pacific markets . this structure is the basis for our reportable segment information discussed below . management evaluates operating segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations and corporate expenses , share-based compensation expense , settlement , certain claims , acquisition , integration and other expenses , inventory step-up , in-process research and development write-offs and intangible asset amortization expense . global operations include research , development engineering , medical education , brand management , corporate legal , finance , and human resource functions , and u.s . and puerto rico-based manufacturing operations and logistics . intercompany transactions have been eliminated from segment operating profit . management reviews accounts receivable , inventory , property , plant and equipment , goodwill and intangible assets by reportable segment exclusive of u.s and puerto rico-based manufacturing operations and logistics and corporate assets . z i m m e r h o l d i n g s , i n c . 2 0 0 8 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c48761 pcn : 058000000 ***%%pcmsg|58 |00011|yes|no|02/24/2009 19:25|0|0|page is valid , no graphics -- color : d| .","['228.3', '237.5', '-9.2', '-0.03874']" "['what was the value of total other accrued liabilities in 2012?', 'what was the value in 2011?', 'what is the net change?', 'what is the net change divided by the 2011 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements ( continued ) management performs detailed reviews of its receivables on a monthly and/or quarterly basis to assess the adequacy of the allowances based on historical and current trends and other factors affecting credit losses and to determine if any impairment has occurred . a receivable is impaired when it is probable that all amounts related to the receivable will not be collected according to the contractual terms of the agreement . in circumstances where the company is aware of a specific customer 2019s inability to meet its financial obligations , a specific reserve is recorded against amounts due to reduce the net recognized receivable to the amount reasonably expected to be collected . additions to the allowances for doubtful accounts are maintained through adjustments to the provision for credit losses , which are charged to current period earnings ; amounts determined to be uncollectable are charged directly against the allowances , while amounts recovered on previously charged-off accounts increase the allowances . net charge-offs include the principal amount of losses charged off as well as charged-off interest and fees . recovered interest and fees previously charged-off are recorded through the allowances for doubtful accounts and increase the allowances . finance receivables are assessed for charge- off when an account becomes 120 days past due and are charged-off typically within 60 days of asset repossession . contract receivables related to equipment leases are generally charged-off when an account becomes 150 days past due , while contract receivables related to franchise finance and van leases are generally charged off up to 180 days past the asset return . for finance and contract receivables , customer bankruptcies are generally charged-off upon notification that the associated debt is not being reaffirmed or , in any event , no later than 180 days past due . snap-on does not believe that its trade accounts , finance or contract receivables represent significant concentrations of credit risk because of the diversified portfolio of individual customers and geographical areas . see note 3 for further information on receivables and allowances for doubtful accounts . other accrued liabilities : supplemental balance sheet information for 201cother accrued liabilities 201d as of 2012 and 2011 year end is as follows : ( amounts in millions ) 2012 2011 .
1( amounts in millions )20122011
2income taxes$ 19.6$ 11.7
3accrued restructuring7.28.4
4accrued warranty18.918.6
5deferred subscription revenue24.824.9
6accrued property payroll and other tax32.930.4
7accrued selling and promotion expense26.629.1
8other117.9132.8
9total other accrued liabilities$ 247.9$ 255.9
inventories : snap-on values its inventory at the lower of cost or market and adjusts for the value of inventory that is estimated to be excess , obsolete or otherwise unmarketable . snap-on records allowances for excess and obsolete inventory based on historical and estimated future demand and market conditions . allowances for raw materials are largely based on an analysis of raw material age and actual physical inspection of raw material for fitness for use . as part of evaluating the adequacy of allowances for work-in-progress and finished goods , management reviews individual product stock-keeping units ( skus ) by product category and product life cycle . cost adjustments for each product category/product life-cycle state are generally established and maintained based on a combination of historical experience , forecasted sales and promotions , technological obsolescence , inventory age and other actual known conditions and circumstances . should actual product marketability and raw material fitness for use be affected by conditions that are different from management estimates , further adjustments to inventory allowances may be required . snap-on adopted the 201clast-in , first-out 201d ( 201clifo 201d ) inventory valuation method in 1973 for its u.s . locations . snap-on 2019s u.s . inventories accounted for on a lifo basis consist of purchased product and inventory manufactured at the company 2019s heritage u.s . manufacturing facilities ( primarily hand tools and tool storage ) . as snap-on began acquiring businesses in the 1990 2019s , the company retained the 201cfirst-in , first-out 201d ( 201cfifo 201d ) inventory valuation methodology used by the predecessor businesses prior to their acquisition by snap-on ; the company does not adopt the lifo inventory valuation methodology for new acquisitions . see note 4 for further information on inventories . 72 snap-on incorporated .","['247.9', '255.9', '-8.0', '-0.03126']" "['what was the net change in the dividend yield percent from 2011 to 2012?', 'what is that divided by the 2011 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: republic services , inc . notes to consolidated financial statements 2014 ( continued ) in december 2008 , the board of directors amended and restated the republic services , inc . 2006 incentive stock plan ( formerly known as the allied waste industries , inc . 2006 incentive stock plan ( the 2006 plan ) ) . allied 2019s stockholders approved the 2006 plan in may 2006 . the 2006 plan was amended and restated in december 2008 to reflect that republic services , inc . is the new sponsor of the plan , that any references to shares of common stock is to shares of common stock of republic services , inc. , and to adjust outstanding awards and the number of shares available under the plan to reflect the acquisition . the 2006 plan , as amended and restated , provides for the grant of non-qualified stock options , incentive stock options , shares of restricted stock , shares of phantom stock , stock bonuses , restricted stock units , stock appreciation rights , performance awards , dividend equivalents , cash awards , or other stock-based awards . awards granted under the 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon the closing of the acquisition . awards may be granted under the 2006 plan , as amended and restated , after december 5 , 2008 only to employees and consultants of allied waste industries , inc . and its subsidiaries who were not employed by republic services , inc . prior to such date . at december 31 , 2012 , there were approximately 15.5 million shares of common stock reserved for future grants under the 2006 plan . stock options we use a binomial option-pricing model to value our stock option grants . we recognize compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award , or to the employee 2019s retirement eligible date , if earlier . expected volatility is based on the weighted average of the most recent one year volatility and a historical rolling average volatility of our stock over the expected life of the option . the risk-free interest rate is based on federal reserve rates in effect for bonds with maturity dates equal to the expected term of the option . we use historical data to estimate future option exercises , forfeitures ( at 3.0% ( 3.0 % ) for each of the period presented ) and expected life of the options . when appropriate , separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes . the weighted-average estimated fair values of stock options granted during the years ended december 31 , 2012 , 2011 and 2010 were $ 4.77 , $ 5.35 and $ 5.28 per option , respectively , which were calculated using the following weighted-average assumptions: .
1201220112010
2expected volatility27.8% ( 27.8 % )27.3% ( 27.3 % )28.6% ( 28.6 % )
3risk-free interest rate0.8% ( 0.8 % )1.7% ( 1.7 % )2.4% ( 2.4 % )
4dividend yield3.2% ( 3.2 % )2.7% ( 2.7 % )2.9% ( 2.9 % )
5expected life ( in years )4.54.44.3
6contractual life ( in years )7.07.07.0
.","['0.5', '0.18519']" "['what was the principal payment in 2020, in millions?', 'and how much would it be in thousands of dollars?', 'how much, then, does the principal payment in 2020, in thousands of dollars, represent in relation to the total senior secured transition bonds?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy corporation and subsidiaries notes to financial statements entergy new orleans securitization bonds - hurricane isaac in may 2015 the city council issued a financing order authorizing the issuance of securitization bonds to recover entergy new orleans 2019s hurricane isaac storm restoration costs of $ 31.8 million , including carrying costs , the costs of funding and replenishing the storm recovery reserve in the amount of $ 63.9 million , and approximately $ 3 million of up-front financing costs associated with the securitization . in july 2015 , entergy new orleans storm recovery funding i , l.l.c. , a company wholly owned and consolidated by entergy new orleans , issued $ 98.7 million of storm cost recovery bonds . the bonds have a coupon of 2.67% ( 2.67 % ) and an expected maturity date of june 2024 . although the principal amount is not due until the date given above , entergy new orleans storm recovery funding expects to make principal payments on the bonds over the next five years in the amounts of $ 11.4 million for 2016 , $ 10.6 million for 2017 , $ 11 million for 2018 , $ 11.2 million for 2019 , and $ 11.6 million for 2020 . with the proceeds , entergy new orleans storm recovery funding purchased from entergy new orleans the storm recovery property , which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds . the storm recovery property is reflected as a regulatory asset on the consolidated entergy new orleans balance sheet . the creditors of entergy new orleans do not have recourse to the assets or revenues of entergy new orleans storm recovery funding , including the storm recovery property , and the creditors of entergy new orleans storm recovery funding do not have recourse to the assets or revenues of entergy new orleans . entergy new orleans has no payment obligations to entergy new orleans storm recovery funding except to remit storm recovery charge collections . entergy texas securitization bonds - hurricane rita in april 2007 the puct issued a financing order authorizing the issuance of securitization bonds to recover $ 353 million of entergy texas 2019s hurricane rita reconstruction costs and up to $ 6 million of transaction costs , offset by $ 32 million of related deferred income tax benefits . in june 2007 , entergy gulf states reconstruction funding i , llc , a company that is now wholly-owned and consolidated by entergy texas , issued $ 329.5 million of senior secured transition bonds ( securitization bonds ) as follows : amount ( in thousands ) .
1amount ( in thousands )
2senior secured transition bonds series a:
3tranche a-1 ( 5.51% ( 5.51 % ) ) due october 2013$ 93500
4tranche a-2 ( 5.79% ( 5.79 % ) ) due october 2018121600
5tranche a-3 ( 5.93% ( 5.93 % ) ) due june 2022114400
6total senior secured transition bonds$ 329500
although the principal amount of each tranche is not due until the dates given above , entergy gulf states reconstruction funding expects to make principal payments on the bonds over the next five years in the amounts of $ 26 million for 2016 , $ 27.6 million for 2017 , $ 29.2 million for 2018 , $ 30.9 million for 2019 , and $ 32.8 million for 2020 . all of the scheduled principal payments for 2016 are for tranche a-2 , $ 23.6 million of the scheduled principal payments for 2017 are for tranche a-2 and $ 4 million of the scheduled principal payments for 2017 are for tranche a-3 . all of the scheduled principal payments for 2018-2020 are for tranche a-3 . with the proceeds , entergy gulf states reconstruction funding purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds . the transition property is reflected as a regulatory asset on the consolidated entergy texas balance sheet . the creditors of entergy texas do not have recourse to the assets or revenues of entergy gulf states reconstruction funding , including the transition property , and the creditors of entergy gulf states reconstruction funding do not have recourse to the assets or revenues of entergy texas . entergy texas has no payment obligations to entergy gulf states reconstruction funding except to remit transition charge collections. .","['32.8', '32800.0', '0.09954']" "['what were the number of asbestos cases at the end of 2009?', 'what was the number of cases at the end of 2010?', 'what was the net change in value?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: asbestos claims the company and several of its us subsidiaries are defendants in asbestos cases . during the year ended december 31 , 2010 , asbestos case activity is as follows: .
1asbestos cases
2as of december 31 2009526
3case adjustments2
4new cases filed41
5resolved cases-70 ( 70 )
6as of december 31 2010499
because many of these cases involve numerous plaintiffs , the company is subject to claims significantly in excess of the number of actual cases . the company has reserves for defense costs related to claims arising from these matters . award proceedings in relation to domination agreement and squeeze-out on october 1 , 2004 , celanese gmbh and the company 2019s subsidiary , bcp holdings gmbh ( 201cbcp holdings 201d ) , a german limited liability company , entered into a domination agreement pursuant to which the bcp holdings became obligated to offer to acquire all outstanding celanese gmbh shares from the minority shareholders of celanese gmbh in return for payment of fair cash compensation ( the 201cpurchaser offer 201d ) . the amount of this fair cash compensation was determined to be a41.92 per share in accordance with applicable german law . all minority shareholders who elected not to sell their shares to the bcp holdings under the purchaser offer were entitled to remain shareholders of celanese gmbh and to receive from the bcp holdings a gross guaranteed annual payment of a3.27 per celanese gmbh share less certain corporate taxes in lieu of any dividend . as of march 30 , 2005 , several minority shareholders of celanese gmbh had initiated special award proceedings seeking the court 2019s review of the amounts of the fair cash compensation and of the guaranteed annual payment offered in the purchaser offer under the domination agreement . in the purchaser offer , 145387 shares were tendered at the fair cash compensation of a41.92 , and 924078 shares initially remained outstanding and were entitled to the guaranteed annual payment under the domination agreement . as a result of these proceedings , the amount of the fair cash consideration and the guaranteed annual payment paid under the domination agreement could be increased by the court so that all minority shareholders , including those who have already tendered their shares in the purchaser offer for the fair cash compensation , could claim the respective higher amounts . on december 12 , 2006 , the court of first instance appointed an expert to assist the court in determining the value of celanese gmbh . on may 30 , 2006 the majority shareholder of celanese gmbh adopted a squeeze-out resolution under which all outstanding shares held by minority shareholders should be transferred to bcp holdings for a fair cash compensation of a66.99 per share ( the 201csqueeze-out 201d ) . this shareholder resolution was challenged by shareholders but the squeeze-out became effective after the disputes were settled on december 22 , 2006 . award proceedings were subsequently filed by 79 shareholders against bcp holdings with the frankfurt district court requesting the court to set a higher amount for the squeeze-out compensation . pursuant to a settlement agreement between bcp holdings and certain former celanese gmbh shareholders , if the court sets a higher value for the fair cash compensation or the guaranteed payment under the purchaser offer or the squeeze-out compensation , former celanese gmbh shareholders who ceased to be shareholders of celanese gmbh due to the squeeze-out will be entitled to claim for their shares the higher of the compensation amounts determined by the court in these different proceedings related to the purchaser offer and the squeeze-out . if the fair cash compensation determined by the court is higher than the squeeze-out compensation of a 66.99 , then 1069465 shares will be entitled to an adjustment . if the court confirms the value of the fair cash compensation under the domination agreement but determines a higher value for the squeeze-out compensation , 924078 shares %%transmsg*** transmitting job : d77691 pcn : 148000000 ***%%pcmsg|148 |00010|yes|no|02/08/2011 16:10|0|0|page is valid , no graphics -- color : n| .","['499.0', '526.0', '-27.0', '-0.05133']" "['what is the final year of tax examination for the company in virginia?', 'and what is the first one?', 'what is, then, the total period of that examination, in years?', 'and what is this period of examination for the company in mississippi?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: as of december 31 , 2012 and 2011 , the estimated value of the company's uncertain tax positions were liabilities of $ 19 million and $ 6 million , respectively . assuming sustainment of these positions , the reversal of $ 1 million of the amounts accrued would favorably affect the company's effective federal income tax rate in future periods . accrued interest and penalties with respect to unrecognized tax benefits were $ 2 million and $ 3 million as of december 31 , 2012 and 2011 , respectively . during 2011 , the company recorded a reduction of $ 10 million to its liability for uncertain tax positions relating to tax periods prior to the spin-off for which northrop grumman is the primary obligor . during 2010 , northrop grumman reached final settlement with the irs and the u . s . congressional joint committee on taxation on the irs examination of northrop grumman's tax returns for the years 2004 through 2006 . as a result of this settlement , the company recognized tax benefits of $ 8 million as a reduction to the provision for income taxes . in connection with the settlement , the company also recorded a reduction of $ 10 million to its liability for uncertain tax positions , including previously accrued interest , of $ 2 million . the following table summarizes the tax years that are either currently under examination or remain open under the statute of limitations and subject to examination by the major tax jurisdictions in which the company operates: .
1jurisdiction united statesjurisdiction 2007jurisdiction -2012
2california2007-2012
3louisiana2007-2012
4mississippi2009-2012
5virginia2006-2012
although the company believes it has adequately provided for all uncertain tax positions , amounts asserted by taxing authorities could be greater than the company's accrued position . accordingly , additional provisions on federal and state income tax related matters could be recorded in the future as revised estimates are made or the underlying matters are effectively settled or otherwise resolved . conversely , the company could settle positions with the tax authorities for amounts lower than have been accrued . the company believes it is reasonably possible that during the next 12 months the company's liability for uncertain tax positions may decrease by approximately $ 14 million . the company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense . the irs is currently conducting an examination of northrop grumman's consolidated tax returns , of which hii was part , for the years 2007 through 2009 . open tax years related to state jurisdictions remain subject to examination . as of march 31 , 2011 , the date of the spin-off , the company's liability for uncertain tax positions was approximately $ 4 million , net of federal benefit , which related solely to state income tax positions . under the terms of the separation agreement , northrop grumman is obligated to reimburse hii for any settlement liabilities paid by hii to any government authority for tax periods prior to the spin-off , which include state income taxes . accordingly , the company has recorded a reimbursement receivable of approximately $ 4 million , net of federal benefit , in other assets related to uncertain tax positions for state income taxes as of the date of the spin-off . deferred income taxes - deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes . such amounts are classified in the consolidated statements of financial position as current or non-current assets or liabilities based upon the classification of the related assets and liabilities. .","['2012.0', '2006.0', '6.0', '3.0']" "['what is the net change in net revenue from 2002 to 2003?', 'what is the net revenue in 2002?', 'what growth rate does this represent?', 'what is the damage cost related to the storm in 2002?', 'what percentage of total revenue in 2002 does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy arkansas , inc . management's financial discussion and analysis fuel and purchased power expenses increased primarily due to increased recovery of deferred fuel and purchased power costs primarily due to an increase in april 2004 in the energy cost recovery rider and the true-ups to the 2003 and 2002 energy cost recovery rider filings . other regulatory credits decreased primarily due to the over-recovery of grand gulf costs due to an increase in the grand gulf rider effective january 2004 . 2003 compared to 2002 net revenue , which is entergy arkansas' measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory credits . following is an analysis of the change in net revenue comparing 2003 to 2002. .
1( in millions )
22002 net revenue$ 1095.9
3march 2002 settlement agreement-154.0 ( 154.0 )
4volume/weather-7.7 ( 7.7 )
5asset retirement obligation30.1
6net wholesale revenue16.6
7deferred fuel cost revisions10.2
8other7.6
92003 net revenue$ 998.7
the march 2002 settlement agreement resolved a request for recovery of ice storm costs incurred in december 2000 with an offset of those costs for funds contributed to pay for future stranded costs . a 1997 settlement provided for the collection of earnings in excess of an 11% ( 11 % ) return on equity in a transition cost account ( tca ) to offset stranded costs if retail open access were implemented . in mid- and late december 2000 , two separate ice storms left 226000 and 212500 entergy arkansas customers , respectively , without electric power in its service area . entergy arkansas filed a proposal to recover costs plus carrying charges associated with power restoration caused by the ice storms . entergy arkansas' final storm damage cost determination reflected costs of approximately $ 195 million . the apsc approved a settlement agreement submitted in march 2002 by entergy arkansas , the apsc staff , and the arkansas attorney general . in the march 2002 settlement , the parties agreed that $ 153 million of the ice storm costs would be classified as incremental ice storm expenses that can be offset against the tca on a rate class basis , and any excess of ice storm costs over the amount available in the tca would be deferred and amortized over 30 years , although such excess costs were not allowed to be included as a separate component of rate base . the allocated ice storm expenses exceeded the available tca funds by $ 15.8 million which was recorded as a regulatory asset in june 2002 . in accordance with the settlement agreement and following the apsc's approval of the 2001 earnings review related to the tca , entergy arkansas filed to return $ 18.1 million of the tca to certain large general service class customers that paid more into the tca than their allocation of storm costs . the apsc approved the return of funds to the large general service customer class in the form of refund checks in august 2002 . as part of the implementation of the march 2002 settlement agreement provisions , the tca procedure ceased with the 2001 earnings evaluation . of the remaining ice storm costs , $ 32.2 million was addressed through established ratemaking procedures , including $ 22.2 million classified as capital additions , while $ 3.8 million of the ice storm costs was not recovered through rates . the effect on net income of the march 2002 settlement agreement and 2001 earnings review was a $ 2.2 million increase in 2003 , because the decrease in net revenue was offset by the decrease in operation and maintenance expenses discussed below. .","['-97.2', '1095.9', '-0.08869', '195.0', '0.17794']" "['what was the liability balance by the end of 2015?', 'and what was it in the beginning of that year?', 'what was, then, the change throughout the year?', 'and between that year and the one before, what was the change in the amount of cash spent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: movement in exit cost liabilities the movement in exit cost liabilities for pmi was as follows : ( in millions ) .
1liability balance january 1 2014$ 308
2charges net391
3cash spent-360 ( 360 )
4currency/other-69 ( 69 )
5liability balance december 31 2014$ 270
6charges net68
7cash spent-232 ( 232 )
8currency/other-52 ( 52 )
9liability balance december 31 2015$ 54
cash payments related to exit costs at pmi were $ 232 million , $ 360 million and $ 21 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively . future cash payments for exit costs incurred to date are expected to be approximately $ 54 million , and will be substantially paid by the end of 2017 . the pre-tax asset impairment and exit costs shown above are primarily a result of the following : the netherlands on april 4 , 2014 , pmi announced the initiation by its affiliate , philip morris holland b.v . ( 201cpmh 201d ) , of consultations with employee representatives on a proposal to discontinue cigarette production at its factory located in bergen op zoom , the netherlands . pmh reached an agreement with the trade unions and their members on a social plan and ceased cigarette production on september 1 , 2014 . during 2014 , total pre-tax asset impairment and exit costs of $ 489 million were recorded for this program in the european union segment . this amount includes employee separation costs of $ 343 million , asset impairment costs of $ 139 million and other separation costs of $ 7 million . separation program charges pmi recorded other pre-tax separation program charges of $ 68 million , $ 41 million and $ 51 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively . the 2015 other pre-tax separation program charges primarily related to severance costs for the organizational restructuring in the european union segment . the 2014 other pre-tax separation program charges primarily related to severance costs for factory closures in australia and canada and the restructuring of the u.s . leaf purchasing model . the 2013 pre-tax separation program charges primarily related to the restructuring of global and regional functions based in switzerland and australia . contract termination charges during 2013 , pmi recorded exit costs of $ 258 million related to the termination of distribution agreements in eastern europe , middle east & africa ( due to a new business model in egypt ) and asia . asset impairment charges during 2014 , pmi recorded other pre-tax asset impairment charges of $ 5 million related to a factory closure in canada. .","['54.0', '270.0', '-216.0', '-128.0']" "['what was the change in the total of cash and investments from 2012 to 2013?', 'and how much does this change represent in relation to that total in 2012, in percentage?', 'in that same year of 2013, what was the recognized gain of the proceeds from the clear wire transactions?', 'and what was the total of those proceeds?', 'what percentage, then, of these proceeds does that recognized gain represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the fair value of our grants receivable is determined using a discounted cash flow model , which discounts future cash flows using an appropriate yield curve . as of december 28 , 2013 , and december 29 , 2012 , the carrying amount of our grants receivable was classified within other current assets and other long-term assets , as applicable . our long-term debt recognized at amortized cost is comprised of our senior notes and our convertible debentures . the fair value of our senior notes is determined using active market prices , and it is therefore classified as level 1 . the fair value of our convertible long-term debt is determined using discounted cash flow models with observable market inputs , and it takes into consideration variables such as interest rate changes , comparable securities , subordination discount , and credit-rating changes , and it is therefore classified as level 2 . the nvidia corporation ( nvidia ) cross-license agreement liability in the preceding table was incurred as a result of entering into a long-term patent cross-license agreement with nvidia in january 2011 . we agreed to make payments to nvidia over six years . as of december 28 , 2013 , and december 29 , 2012 , the carrying amount of the liability arising from the agreement was classified within other accrued liabilities and other long-term liabilities , as applicable . the fair value is determined using a discounted cash flow model , which discounts future cash flows using our incremental borrowing rates . note 5 : cash and investments cash and investments at the end of each period were as follows : ( in millions ) dec 28 , dec 29 .
1( in millions )dec 282013dec 292012
2available-for-sale investments$ 18086$ 14001
3cash854593
4equity method investments1038992
5loans receivable1072979
6non-marketable cost method investments12701202
7reverse repurchase agreements8002850
8trading assets84415685
9total cash and investments$ 31561$ 26302
in the third quarter of 2013 , we sold our shares in clearwire corporation , which had been accounted for as available-for-sale marketable equity securities , and our interest in clearwire communications , llc ( clearwire llc ) , which had been accounted for as an equity method investment . in total , we received proceeds of $ 470 million on these transactions and recognized a gain of $ 439 million , which is included in gains ( losses ) on equity investments , net on the consolidated statements of income . proceeds received and gains recognized for each investment are included in the ""available-for-sale investments"" and ""equity method investments"" sections that follow . table of contents intel corporation notes to consolidated financial statements ( continued ) .","['5259.0', '0.19995', '439.0', '470.0', '0.93404']" "['what was the performance price of the teleflex in 2017?', 'and what was the change in this price since 2012?', 'what was this change as a portion of the 2012 performance price of that stock?', 'in that same period, what was that change for the s&p 500 index?', 'and what percentage did this change represent in relation to the performance price of this stock in 2012?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph the following graph provides a comparison of five year cumulative total stockholder returns of teleflex common stock , the standard a0& poor 2019s ( s&p ) 500 stock index and the s&p 500 healthcare equipment & supply index . the annual changes for the five-year period shown on the graph are based on the assumption that $ 100 had been invested in teleflex common stock and each index on december a031 , 2012 and that all dividends were reinvested . market performance .
1company / index201220132014201520162017
2teleflex incorporated100134166192237368
3s&p 500 index100132151153171208
4s&p 500 healthcare equipment & supply index100128161171181238
s&p 500 healthcare equipment & supply index 100 128 161 171 181 238 .","['368.0', '268.0', '2.68', '108.0', '1.08']" "['what was the difference in the balance of deferred tax assets from 2016 to 2018?', 'what was the value of the balance of deferred tax assets in 2016?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: westrock company notes to consolidated financial statements fffd ( continued ) at september 30 , 2018 and september 30 , 2017 , gross net operating losses for foreign reporting purposes of approximately $ 698.4 million and $ 673.7 million , respectively , were available for carryforward . a majority of these loss carryforwards generally expire between fiscal 2020 and 2038 , while a portion have an indefinite carryforward . the tax effected values of these net operating losses are $ 185.8 million and $ 182.6 million at september 30 , 2018 and 2017 , respectively , exclusive of valuation allowances of $ 161.5 million and $ 149.6 million at september 30 , 2018 and 2017 , respectively . at september 30 , 2018 and 2017 , we had state tax credit carryforwards of $ 64.8 million and $ 54.4 million , respectively . these state tax credit carryforwards generally expire within 5 to 10 years ; however , certain state credits can be carried forward indefinitely . valuation allowances of $ 56.1 million and $ 47.3 million at september 30 , 2018 and 2017 , respectively , have been provided on these assets . these valuation allowances have been recorded due to uncertainty regarding our ability to generate sufficient taxable income in the appropriate taxing jurisdiction . the following table represents a summary of the valuation allowances against deferred tax assets for fiscal 2018 , 2017 and 2016 ( in millions ) : .
1201820172016
2balance at beginning of fiscal year$ 219.1$ 177.2$ 100.2
3increases50.854.324.8
4allowances related to purchase accounting ( 1 )0.112.463.0
5reductions-40.6 ( 40.6 )-24.8 ( 24.8 )-10.8 ( 10.8 )
6balance at end of fiscal year$ 229.4$ 219.1$ 177.2
( 1 ) amounts in fiscal 2018 and 2017 relate to the mps acquisition . adjustments in fiscal 2016 relate to the combination and the sp fiber acquisition . consistent with prior years , we consider a portion of our earnings from certain foreign subsidiaries as subject to repatriation and we provide for taxes accordingly . however , we consider the unremitted earnings and all other outside basis differences from all other foreign subsidiaries to be indefinitely reinvested . accordingly , we have not provided for any taxes that would be due . as of september 30 , 2018 , we estimate our outside basis difference in foreign subsidiaries that are considered indefinitely reinvested to be approximately $ 1.5 billion . the components of the outside basis difference are comprised of purchase accounting adjustments , undistributed earnings , and equity components . except for the portion of our earnings from certain foreign subsidiaries where we provided for taxes , we have not provided for any taxes that would be due upon the reversal of the outside basis differences . however , in the event of a distribution in the form of dividends or dispositions of the subsidiaries , we may be subject to incremental u.s . income taxes , subject to an adjustment for foreign tax credits , and withholding taxes or income taxes payable to the foreign jurisdictions . as of september 30 , 2018 , the determination of the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis differences is not practicable. .","['52.2', '177.2', '0.29458']" "['what are operating expenses in 2015?', 'what about in in 2016?', 'what is the difference in operating expenses from 2015 to 2016?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 2015 compared to 2014 mfc 2019s net sales in 2015 decreased $ 322 million , or 5% ( 5 % ) , compared to the same period in 2014 . the decrease was attributable to lower net sales of approximately $ 345 million for air and missile defense programs due to fewer deliveries ( primarily pac-3 ) and lower volume ( primarily thaad ) ; and approximately $ 85 million for tactical missile programs due to fewer deliveries ( primarily guided multiple launch rocket system ( gmlrs ) ) and joint air-to-surface standoff missile , partially offset by increased deliveries for hellfire . these decreases were partially offset by higher net sales of approximately $ 55 million for energy solutions programs due to increased volume . mfc 2019s operating profit in 2015 decreased $ 62 million , or 5% ( 5 % ) , compared to 2014 . the decrease was attributable to lower operating profit of approximately $ 100 million for fire control programs due primarily to lower risk retirements ( primarily lantirn and sniper ) ; and approximately $ 65 million for tactical missile programs due to lower risk retirements ( primarily hellfire and gmlrs ) and fewer deliveries . these decreases were partially offset by higher operating profit of approximately $ 75 million for air and missile defense programs due to increased risk retirements ( primarily thaad ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 60 million lower in 2015 compared to 2014 . backlog backlog decreased in 2016 compared to 2015 primarily due to lower orders on pac-3 , hellfire , and jassm . backlog increased in 2015 compared to 2014 primarily due to higher orders on pac-3 , lantirn/sniper and certain tactical missile programs , partially offset by lower orders on thaad . trends we expect mfc 2019s net sales to increase in the mid-single digit percentage range in 2017 as compared to 2016 driven primarily by our air and missile defense programs . operating profit is expected to be flat or increase slightly . accordingly , operating profit margin is expected to decline from 2016 levels as a result of contract mix and fewer risk retirements in 2017 compared to 2016 . rotary and mission systems as previously described , on november 6 , 2015 , we acquired sikorsky and aligned the sikorsky business under our rms business segment . the 2015 results of the acquired sikorsky business have been included in our financial results from the november 6 , 2015 acquisition date through december 31 , 2015 . as a result , our consolidated operating results and rms business segment operating results for the year ended december 31 , 2015 do not reflect a full year of sikorsky operations . our rms business segment provides design , manufacture , service and support for a variety of military and civil helicopters , ship and submarine mission and combat systems ; mission systems and sensors for rotary and fixed-wing aircraft ; sea and land-based missile defense systems ; radar systems ; the littoral combat ship ( lcs ) ; simulation and training services ; and unmanned systems and technologies . in addition , rms supports the needs of government customers in cybersecurity and delivers communication and command and control capabilities through complex mission solutions for defense applications . rms 2019 major programs include black hawk and seahawk helicopters , aegis combat system ( aegis ) , lcs , space fence , advanced hawkeye radar system , tpq-53 radar system , ch-53k development helicopter , and vh-92a helicopter program . rms 2019 operating results included the following ( in millions ) : .
1201620152014
2net sales$ 13462$ 9091$ 8732
3operating profit906844936
4operating margin6.7% ( 6.7 % )9.3% ( 9.3 % )10.7% ( 10.7 % )
5backlog atyear-end$ 28400$ 30100$ 13300
2016 compared to 2015 rms 2019 net sales in 2016 increased $ 4.4 billion , or 48% ( 48 % ) , compared to 2015 . the increase was primarily attributable to higher net sales of approximately $ 4.6 billion from sikorsky , which was acquired on november 6 , 2015 . net sales for 2015 include sikorsky 2019s results subsequent to the acquisition date , net of certain revenue adjustments required to account for the acquisition of this business . this increase was partially offset by lower net sales of approximately $ 70 million for training .","['8247.0', '12556.0', '4309.0', '0.52249']" "['what was the total long term debt in 2013?', 'what was the total long term debt in 2012?', 'what was the net difference?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: as of december 31 , 2013 and 2012 , our liabilities associated with unrecognized tax benefits are not material . we and our subsidiaries file income tax returns in the u.s . federal jurisdiction and various foreign jurisdictions . with few exceptions , the statute of limitations is no longer open for u.s . federal or non-u.s . income tax examinations for the years before 2010 , other than with respect to refunds . u.s . income taxes and foreign withholding taxes have not been provided on earnings of $ 222 million , $ 211 million , and $ 193 million that have not been distributed by our non-u.s . companies as of december 31 , 2013 , 2012 , and 2011 . our intention is to permanently reinvest these earnings , thereby indefinitely postponing their remittance to the u.s . if these earnings were remitted , we estimate that the additional income taxes after foreign tax credits would have been approximately $ 50 million in 2013 , $ 45 million in 2012 , and $ 41 million in 2011 . our federal and foreign income tax payments , net of refunds received , were $ 787 million in 2013 , $ 890 million in 2012 , and $ 722 million in 2011 . our 2013 net payments reflect a $ 550 million refund from the irs primarily attributable to our tax-deductible discretionary pension contributions during the fourth quarter of 2012 ; our 2012 net payments reflect a $ 153 million refund from the irs related to a 2011 capital loss carryback claim ; and our 2011 net payments reflect a $ 250 million refund from the irs related to estimated taxes paid for 2010 . as of december 31 , 2013 and 2012 , we had federal and foreign taxes receivable of $ 313 million and $ 662 million recorded within other current assets on our balance sheet , primarily attributable to our tax-deductible discretionary pension contributions in the fourth quarter of 2013 and 2012 and our debt exchange transaction in the fourth quarter of 2012 . note 9 2013 debt our long-term debt consisted of the following ( in millions ) : .
120132012
2notes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042$ 5642$ 5642
3notes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2016 to 2036916930
4notes with a rate of 7.38% ( 7.38 % ) due 20132014150
5other debt476478
6total long-term debt70347200
7less : unamortized discounts-882 ( 882 )-892 ( 892 )
8total long-term debt net of unamortized discounts61526308
9less : current maturities of long-term debt2014-150 ( 150 )
10total long-term debt net$ 6152$ 6158
in december 2012 , we issued notes totaling $ 1.3 billion with a fixed interest rate of 4.07% ( 4.07 % ) maturing in december 2042 ( the new notes ) in exchange for outstanding notes totaling $ 1.2 billion with interest rates ranging from 5.50% ( 5.50 % ) to 8.50% ( 8.50 % ) maturing in 2023 to 2040 ( the old notes ) . in connection with the exchange , we paid a premium of $ 393 million , of which $ 225 million was paid in cash and $ 168 million was in the form of new notes . this premium , in addition to $ 194 million in remaining unamortized discounts related to the old notes , will be amortized as additional interest expense over the term of the new notes using the effective interest method . we may , at our option , redeem some or all of the new notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest . interest on the new notes is payable on june 15 and december 15 of each year , beginning on june 15 , 2013 . the new notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness . in september 2011 , we issued $ 2.0 billion of long-term notes in a registered public offering and in october 2011 , we used a portion of the proceeds to redeem all of our $ 500 million long-term notes maturing in 2013 . in 2011 , we repurchased $ 84 million of our long-term notes through open-market purchases . we paid premiums of $ 48 million in connection with the early extinguishments of debt , which were recognized in other non-operating income ( expense ) , net . at december 31 , 2013 and 2012 , we had in place with a group of banks a $ 1.5 billion revolving credit facility that expires in august 2016 . we may request and the banks may grant , at their discretion , an increase to the credit facility by an additional amount up to $ 500 million . there were no borrowings outstanding under the credit facility through december 31 , 2013 . borrowings under the credit facility would be unsecured and bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the credit facility . each bank 2019s obligation to make loans under the credit facility is subject .","['6152.0', '6308.0', '0.97527', '0.00015']" "['in 2018, what was the total purchase price of the common stock acquired under the espp?', 'and between that year and the previous one, what was the variation in the grant date fair value per share?', 'what was that fair value in 2017?', 'how much, then, did that change represent in relation to this 2017 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: condition are valued using a monte carlo model . expected volatility is based on historical volatilities of traded common stock of the company and comparative companies using daily stock prices over the past three years . the expected term is three years and the risk-free interest rate is based on the three-year u.s . treasury rate in effect as of the measurement date . the following table provides the weighted average assumptions used in the monte carlo simulation and the weighted average grant date fair values of psus granted for the years ended december 31: .
1201820172016
2expected volatility17.23% ( 17.23 % )17.40% ( 17.40 % )15.90% ( 15.90 % )
3risk-free interest rate2.36% ( 2.36 % )1.53% ( 1.53 % )0.91% ( 0.91 % )
4expected life ( years )3.03.03.0
5grant date fair value per share$ 73.62$ 72.81$ 77.16
the grant date fair value of psus that vest ratably and have market and/or performance conditions are amortized through expense over the requisite service period using the graded-vesting method . if dividends are paid with respect to shares of the company 2019s common stock before the rsus and psus are distributed , the company credits a liability for the value of the dividends that would have been paid if the rsus and psus were shares of company common stock . when the rsus and psus are distributed , the company pays the participant a lump sum cash payment equal to the value of the dividend equivalents accrued . the company accrued dividend equivalents totaling $ 1 million , less than $ 1 million and $ 1 million to accumulated deficit in the accompanying consolidated statements of changes in shareholders 2019 equity for the years ended december 31 , 2018 , 2017 and 2016 , respectively . employee stock purchase plan the company maintains a nonqualified employee stock purchase plan ( the 201cespp 201d ) through which employee participants may use payroll deductions to acquire company common stock at a discount . prior to february 5 , 2019 , the purchase price of common stock acquired under the espp was the lesser of 90% ( 90 % ) of the fair market value of the common stock at either the beginning or the end of a three -month purchase period . on july 27 , 2018 , the espp was amended , effective february 5 , 2019 , to permit employee participants to acquire company common stock at 85% ( 85 % ) of the fair market value of the common stock at the end of the purchase period . as of december 31 , 2018 , there were 1.9 million shares of common stock reserved for issuance under the espp . the espp is considered compensatory . during the years ended december 31 , 2018 , 2017 and 2016 , the company issued 95 thousand , 93 thousand and 93 thousand shares , respectively , under the espp. .","['66.258', '0.81', '72.81', '0.01112']" "['what was the change in annual sales of printing papers and graphic arts supplies and equipment from 2008 to 2009?', 'and the percentage change?', 'what was the change in this value between 2007 and 2008?', 'and the percentage change during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs . however , average margins benefitted from a more favorable mix of products sold . raw material costs were lower , primarily for resins . freight costs were also favorable , while operating costs increased . shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment . average sales margins improved reflecting a more favorable mix of products sold . raw material costs were higher , but were partially offset by lower freight costs . operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 . charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 . entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels . raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease . foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly . input costs for resins should be higher , but will be partially offset by lower costs for bleached board . shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments . operating costs are expected to be favorable reflecting the benefits of business reorganization efforts . european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 . operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 . sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets . average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe . entering 2010 , sales volumes for the first quarter are expected to remain strong . average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold . input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia . asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 . operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 . the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals . the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd . joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine . distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments . customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending . distribution 2019s margins are relatively stable across an economic cycle . providing customers with the best choice and value in both products and supply chain services is a key competitive factor . additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability . distribution in millions 2009 2008 2007 .
1in millions200920082007
2sales$ 6525$ 7970$ 7320
3operating profit50103108
distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 . annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 . trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers . revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 . trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix . facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .","['1.1', '0.21154', '0.5', '0.10638']" "['what is the weighted-average useful life of other intangible assets?', 'and what was that for software?', 'how much, then, does the weighted-average useful life for other intangible assets represent in relation to this software one?', 'and how much is that in percentage?', 'what is the difference between this percentage and the number one, or one hundred percent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: discounted cash flow model ( dcf ) to estimate the current fair value of its reporting units when testing for impairment , as management believes forecasted cash flows are the best indicator of such fair value . a number of significant assumptions and estimates are involved in the application of the dcf model to forecast operating cash flows , including sales growth ( volumes and pricing ) , production costs , capital spending , and discount rate . most of these assumptions vary significantly among the reporting units . cash flow forecasts are generally based on approved business unit operating plans for the early years and historical relationships in later years . the wacc rate for the individual reporting units is estimated with the assistance of valuation experts . arconic would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit 2019s fair value without exceeding the total amount of goodwill allocated to that reporting unit . in connection with the interim impairment evaluation of long-lived assets for the disks operations ( an asset group within the aen business unit ) in the second quarter of 2018 , which resulted from a decline in forecasted financial performance for the business in connection with its updated three-year strategic plan , the company also performed an interim impairment evaluation of goodwill for the aen reporting unit . the estimated fair value of the reporting unit was substantially in excess of the carrying value ; thus , there was no impairment of goodwill . goodwill impairment tests in 2017 and 2016 indicated that goodwill was not impaired for any of the company 2019s reporting units , except for the arconic forgings and extrusions ( afe ) business whose estimated fair value was lower than its carrying value . as such , arconic recorded an impairment for the full amount of goodwill in the afe reporting unit of $ 719 . the decrease in the afe fair value was primarily due to unfavorable performance that was impacting operating margins and a higher discount rate due to an increase in the risk-free rate of return , while the carrying value increased compared to prior year . other intangible assets . intangible assets with indefinite useful lives are not amortized while intangible assets with finite useful lives are amortized generally on a straight-line basis over the periods benefited . the following table details the weighted- average useful lives of software and other intangible assets by reporting segment ( numbers in years ) : .
1softwareother intangible assets
2engineered products and solutions533
3global rolled products59
4transportation and construction solutions516
revenue recognition . the company's contracts with customers are comprised of acknowledged purchase orders incorporating the company 2019s standard terms and conditions , or for larger customers , may also generally include terms under negotiated multi-year agreements . these contracts with customers typically consist of the manufacture of products which represent single performance obligations that are satisfied upon transfer of control of the product to the customer . the company produces fastening systems ; seamless rolled rings ; investment castings , including airfoils and forged jet engine components ; extruded , machined and formed aircraft parts ; aluminum sheet and plate ; integrated aluminum structural systems ; architectural extrusions ; and forged aluminum commercial vehicle wheels . transfer of control is assessed based on alternative use of the products we produce and our enforceable right to payment for performance to date under the contract terms . transfer of control and revenue recognition generally occur upon shipment or delivery of the product , which is when title , ownership and risk of loss pass to the customer and is based on the applicable shipping terms . the shipping terms vary across all businesses and depend on the product , the country of origin , and the type of transportation ( truck , train , or vessel ) . an invoice for payment is issued at time of shipment . the company 2019s objective is to have net 30-day terms . our business units set commercial terms on which arconic sells products to its customers . these terms are influenced by industry custom , market conditions , product line ( specialty versus commodity products ) , and other considerations . in certain circumstances , arconic receives advanced payments from its customers for product to be delivered in future periods . these advanced payments are recorded as deferred revenue until the product is delivered and title and risk of loss have passed to the customer in accordance with the terms of the contract . deferred revenue is included in other current liabilities and other noncurrent liabilities and deferred credits on the accompanying consolidated balance sheet . environmental matters . expenditures for current operations are expensed or capitalized , as appropriate . expenditures relating to existing conditions caused by past operations , which will not contribute to future revenues , are expensed . liabilities are recorded when remediation costs are probable and can be reasonably estimated . the liability may include costs such as site investigations , consultant fees , feasibility studies , outside contractors , and monitoring expenses . estimates are generally not discounted or reduced by potential claims for recovery . claims for recovery are recognized when probable and as agreements are reached with third parties . the estimates also include costs related to other potentially responsible parties to the extent that arconic has reason to believe such parties will not fully pay their proportionate share . the liability is continuously reviewed and adjusted to reflect current remediation progress , prospective estimates of required activity , and other factors that may be relevant , including changes in technology or regulations . litigation matters . for asserted claims and assessments , liabilities are recorded when an unfavorable outcome of a matter is .","['33.0', '5.0', '6.6', '660.0', '560.0']" "['what is the value of operating leases in 2020 divided by 1000?', 'what was the value of the rent expense?', 'what is the difference in values?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 9 . lease commitments the company leases certain land , facilities , equipment and software under various operating leases that expire at various dates through 2057 . the lease agreements frequently include renewal and escalation clauses and require the company to pay taxes , insurance and maintenance costs . total rental expense under operating leases was approximatelya $ 92.3 million in fiscal 2019 , $ 84.9 million in fiscal 2018 and $ 58.8 million in fiscal 2017 . the following is a schedule of futureff minimum rental payments required under long-term operating leases at november 2 , 2019 : operating fiscal years leases .
1fiscal yearsoperating leases
22020$ 79789
3202167993
4202240338
5202337673
6202432757
7later years190171
8total$ 448721
10 . commitments and contingencies from time to time , in the ordinary course of the company 2019s business , various claims , charges and litigation are asserted or commenced against the company arising from , or related to , among other things , contractual matters , patents , trademarks , personal injury , environmental matters , product liability , insurance coverage , employment or employment benefits . as to such claims and litigation , the company can give no assurance that it will prevail . the company does not believe that any current legal matters will have a material adverse effect on the company 2019s financial position , results of operations or cash flows . 11 . retirement plans the company and its subsidiaries have various savings and retirement plans covering substantially all employees . defined contribution plans the company maintains a defined contribution plan for the benefit of its eligible u.s . employees . this plan provides for company contributions of up to 5% ( 5 % ) of each participant 2019s total eligible compensation . in addition , the company contributes an amount equal to each participant 2019s pre-tax contribution , if any , up to a maximum of 3% ( 3 % ) of each participant 2019s total eligible compensation . the total expense related to the defined contribution plans for u.s . employees was $ 47.7 million in fiscal 2019 , $ 41.4 million in fiscal 2018 and $ 35.8 million in fiscal 2017 . non-qualified deferred compensation plan the deferred compensation plan ( dcp ) allows certain members of management and other highly-compensated employees and non-employee directors to defer receipt of all or any portion of their compensation . the dcp was established to provide participants with the opportunity to defer receiving all or a portion of their compensation , which includes salary , bonus , commissions and director fees . under the dcp , the company provides all participants ( other than non-employee directors ) with company contributions equal to 8% ( 8 % ) of eligible deferred contributions . the dcp is a non-qualified plan that is maintained in a rabbi trust . the fair value of the investments held in the rabbi trust are presented separately as deferred compensation plan investments , with the current portion of the investment included in prepaid expenses and other current assets in the consolidated balance sheets . see note 2j , fair value , for further information on these investments . the deferred compensation obligation represents dcp participant accumulated deferrals and earnings thereon since the inception of the dcp net of withdrawals . the deferred compensation obligation is presented separately as deferred compensation plan liability , with the current portion of the obligation in accrued liabilities in the consolidated balance sheets . the company 2019s liability under the dcp is an unsecured general obligation of the company . analog devices , inc . notes to consolidated financial statements 2014 ( continued ) .","['79.789', '92.3', '-12.511', '-0.13555']" "['what is the total pro-forma net loss in 2004, in millions?', 'what about in total dollars?', 'how many shares would be outstanding if this is divided by the eps?', 'what about in millons?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) sfas no . 148 . in accordance with apb no . 25 , the company recognizes compensation expense based on the excess , if any , of the quoted stock price at the grant date of the award or other measurement date over the amount an employee must pay to acquire the stock . the company 2019s stock option plans are more fully described in note 14 . in december 2004 , the fasb issued sfas no . 123 ( revised 2004 ) , 201cshare-based payment 201d ( sfas 123r ) , as further described below . during the year ended december 31 , 2005 , the company reevaluated the assumptions used to estimate the fair value of stock options issued to employees . as a result , the company lowered its expected volatility assumption for options granted after july 1 , 2005 to approximately 30% ( 30 % ) and increased the expected life of option grants to 6.25 years using the simplified method permitted by sec sab no . 107 , 201dshare-based payment 201d ( sab no . 107 ) . the company made this change based on a number of factors , including the company 2019s execution of its strategic plans to sell non-core businesses , reduce leverage and refinance its debt , and its recent merger with spectrasite , inc . ( see note 2. ) management had previously based its volatility assumptions on historical volatility since inception , which included periods when the company 2019s capital structure was more highly leveraged than current levels and expected levels for the foreseeable future . management 2019s estimate of future volatility is based on its consideration of all available information , including historical volatility , implied volatility of publicly traded options , the company 2019s current capital structure and its publicly announced future business plans . for comparative purposes , a 10% ( 10 % ) change in the volatility assumption would change pro forma stock option expense and pro forma net loss by approximately $ 0.1 million for the year ended december 31 , 2005 . ( see note 14. ) the following table illustrates the effect on net loss and net loss per common share if the company had applied the fair value recognition provisions of sfas no . 123 ( as amended ) to stock-based compensation . the estimated fair value of each option is calculated using the black-scholes option-pricing model ( in thousands , except per share amounts ) : .
1200520042003
2net loss as reported$ -171590 ( 171590 )$ -247587 ( 247587 )$ -325321 ( 325321 )
3add : stock-based employee compensation expense net of related tax effect included in net loss as reported710422972077
4less : total stock-based employee compensation expense determined under fair value based method for all awards net of related taxeffect-22238 ( 22238 )-23906 ( 23906 )-31156 ( 31156 )
5pro-forma net loss$ -186724 ( 186724 )$ -269196 ( 269196 )$ -354400 ( 354400 )
6basic and diluted net loss per share as reported$ -0.57 ( 0.57 )$ -1.10 ( 1.10 )$ -1.56 ( 1.56 )
7basic and diluted net loss per share pro-forma$ -0.62 ( 0.62 )$ -1.20 ( 1.20 )$ -1.70 ( 1.70 )
the company has modified certain option awards to revise vesting and exercise terms for certain terminated employees and recognized charges of $ 7.0 million , $ 3.0 million and $ 2.3 million for the years ended december 31 , 2005 , 2004 and 2003 , respectively . in addition , the stock-based employee compensation amounts above for the year ended december 31 , 2005 , include approximately $ 2.4 million of unearned compensation amortization related to unvested stock options assumed in the merger with spectrasite , inc . such charges are reflected in impairments , net loss on sale of long-lived assets , restructuring and merger related expense with corresponding adjustments to additional paid-in capital and unearned compensation in the accompanying consolidated financial statements . recent accounting pronouncements 2014in december 2004 , the fasb issued sfas 123r , which supersedes apb no . 25 , and amends sfas no . 95 , 201cstatement of cash flows . 201d this statement addressed the accounting for share-based payments to employees , including grants of employee stock options . under the new standard .","['269196.0', '269196000.0', '224330000.0', '224.33']" "['what is the total number of containerboard mills and corrugated manufacturing operations?', 'is the valdosta mill acreage greater than the ounce mill acres, considering the leased cutting rights to approx. 88,000 acres of timberland?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 1b . unresolved staff comments item 2 . properties the table below provides a summary of our containerboard mills , the principal products produced and each mill 2019s year-end 2011 annual practical maximum capacity based upon all of our paper machines 2019 production capabilities , as reported to the af&pa : location function capacity ( tons ) counce , tn . . . . . . . . . . . . . . . . . . . . . . . . . kraft linerboard mill 1043000 valdosta , ga . . . . . . . . . . . . . . . . . . . . . . . kraft linerboard mill 556000 tomahawk , wi . . . . . . . . . . . . . . . . . . . . . . semi-chemical medium mill 538000 filer city , mi . . . . . . . . . . . . . . . . . . . . . . . semi-chemical medium mill 438000 .
1locationfunction kraft linerboard mill kraft linerboard mill semi-chemical medium mill semi-chemical medium millcapacity ( tons ) 1043000 556000 538000 438000
2counce tnvaldosta gatomahawk wi
3filer city mifiler city mifiler city mi
4total2575000
we currently own our four containerboard mills and 44 of our corrugated manufacturing operations ( 37 corrugated plants and seven sheet plants ) . we also own one warehouse and miscellaneous other property , which includes sales offices and woodlands management offices . these sales offices and woodlands management offices generally have one to four employees and serve as administrative offices . pca leases the space for four corrugated plants , 23 sheet plants , six regional design centers , and numerous other distribution centers , warehouses and facilities . the equipment in these leased facilities is , in virtually all cases , owned by pca , except for forklifts and other rolling stock which are generally leased . we lease the cutting rights to approximately 88000 acres of timberland located near our valdosta mill ( 77000 acres ) and our counce mill ( 11000 acres ) . on average , these cutting rights agreements have terms with approximately 12 years remaining . our corporate headquarters is located in lake forest , illinois . the headquarters facility is leased for the next ten years with provisions for two additional five year lease extensions . item 3 . legal proceedings during september and october 2010 , pca and eight other u.s . and canadian containerboard producers were named as defendants in five purported class action lawsuits filed in the united states district court for the northern district of illinois , alleging violations of the sherman act . the lawsuits have been consolidated in a single complaint under the caption kleen products llc v packaging corp . of america et al . the consolidated complaint alleges that the defendants conspired to limit the supply of containerboard , and that the purpose and effect of the alleged conspiracy was to artificially increase prices of containerboard products during the period from august 2005 to the time of filing of the complaints . the complaint was filed as a purported class action suit on behalf of all purchasers of containerboard products during such period . the complaint seeks treble damages and costs , including attorney 2019s fees . the defendants 2019 motions to dismiss the complaint were denied by the court in april 2011 . pca believes the allegations are without merit and will defend this lawsuit vigorously . however , as the lawsuit is in the early stages of discovery , pca is unable to predict the ultimate outcome or estimate a range of reasonably possible losses . pca is a party to various other legal actions arising in the ordinary course of our business . these legal actions cover a broad variety of claims spanning our entire business . as of the date of this filing , we believe it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on our financial condition , results of operations or cash flows. .","['48.0', 'yes']" "['what was the net value change in devon 2019s level 3 plan assets from 2009 to 2010?', 'what was the value in 2009?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: devon energy corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the following methods and assumptions were used to estimate the fair values in the tables above . fixed-income securities 2014 devon 2019s fixed-income securities consist of u.s . treasury obligations , bonds issued by investment-grade companies from diverse industries , and asset-backed securities . these fixed-income securities are actively traded securities that can be redeemed upon demand . the fair values of these level 1 securities are based upon quoted market prices . devon 2019s fixed income securities also include commingled funds that primarily invest in long-term bonds and u.s . treasury securities . these fixed income securities can be redeemed on demand but are not actively traded . the fair values of these level 2 securities are based upon the net asset values provided by the investment managers . equity securities 2014 devon 2019s equity securities include a commingled global equity fund that invests in large , mid and small capitalization stocks across the world 2019s developed and emerging markets . these equity securities can be redeemed on demand but are not actively traded . the fair values of these level 2 securities are based upon the net asset values provided by the investment managers . at december 31 , 2010 , devon 2019s equity securities consisted of investments in u.s . large and small capitalization companies and international large capitalization companies . these equity securities were actively traded securities that could be redeemed upon demand . the fair values of these level 1 securities are based upon quoted market prices . at december 31 , 2010 , devon 2019s equity securities also included a commingled fund that invested in large capitalization companies . these equity securities could be redeemed on demand but were not actively traded . the fair values of these level 2 securities are based upon the net asset values provided by the investment managers . other securities 2014 devon 2019s other securities include commingled , short-term investment funds . these securities can be redeemed on demand but are not actively traded . the fair values of these level 2 securities are based upon the net asset values provided by investment managers . devon 2019s hedge fund and alternative investments include an investment in an actively traded global mutual fund that focuses on alternative investment strategies and a hedge fund of funds that invests both long and short using a variety of investment strategies . devon 2019s hedge fund of funds is not actively traded and devon is subject to redemption restrictions with regards to this investment . the fair value of this level 3 investment represents the fair value as determined by the hedge fund manager . included below is a summary of the changes in devon 2019s level 3 plan assets ( in millions ) . .
1december 31 2009$ 51
2purchases3
3investment returns4
4december 31 201058
5purchases33
6investment returns-1 ( 1 )
7december 31 2011$ 90
.","['7.0', '51.0', '0.13725']" "['what was the loss on datacenter and related legal fees from 2015 to 2016?', 'and what was the total change in operating expenses in that period?', 'what portion, then, of this total change did that loss represent?', 'and what portion did the increase in license costs represent, in that period?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: recognized total losses and expenses of $ 28.6 million , including a net loss on write-down to fair value of the assets and certain other transaction fees of $ 27.1 million within other expenses and $ 1.5 million of legal and other fees . 2022 professional fees and outside services expense decreased in 2017 compared to 2016 , largely due to higher legal and regulatory fees in 2016 related to our business activities and product offerings as well as higher professional fees related to a greater reliance on consultants for security and systems enhancement work . the overall decrease in operating expenses in 2017 when compared with 2016 was partially offset by the following increases : 2022 licensing and other fee sharing agreements expense increased due to higher expense resulting from incentive payments made to facilitate the transition of the russell contract open interest , as well as increased costs of revenue sharing agreements for certain licensed products . the overall increase in 2017 was partially offset by lower expense related to revenue sharing agreements for certain equity and energy contracts due to lower volume for these products compared to 2016 . 2022 compensation and benefits expense increased as a result of higher average headcount primarily in our international locations as well as normal cost of living adjustments . 2016 compared with 2015 operating expenses increased by $ 54.4 million in 2016 when compared with 2015 . the following table shows the estimated impact of key factors resulting in the net decrease in operating expenses . ( dollars in millions ) over-year change change as a percentage of 2015 expenses .
1( dollars in millions )year-over-yearchangechange as apercentage of2015 expenses
2loss on datacenter and related legal fees$ 28.62% ( 2 % )
3professional fees and outside services24.42
4foreign currency exchange rate fluctuation13.21
5licensing and other fee agreements12.01
6reorganization severance and retirement costs-8.1 ( 8.1 )-1 ( 1 )
7real estate taxes and fees-10.0 ( 10.0 )-1 ( 1 )
8other expenses net-5.7 ( 5.7 )2014
9total$ 54.44% ( 4 % )
overall operating expenses increased in 2016 when compared with 2015 due to the following reasons : 2022 in 2016 , we recognized total losses and expenses of $ 28.6 million , including a net loss on write-down to fair value of the assets and certain other transaction fees of $ 27.1 million within other expenses and $ 1.5 million of legal and other fees as a result of our sale and leaseback of our datacenter . 2022 professional fees and outside services expense increased in 2016 largely due to an increase in legal and regulatory efforts related to our business activities and product offerings as well as an increase in professional fees related to a greater reliance on consultants for security and systems enhancement work . 2022 in 2016 , we recognized a net loss of $ 24.5 million due to an unfavorable change in exchange rates on foreign cash balances , compared with a net loss of $ 11.3 million in 2015 . 2022 licensing and other fee sharing agreements expense increased due to higher expense related to revenue sharing agreements for certain equity and energy contracts due to both higher volume and an increase in license rates for certain equity and energy products. .","['28.6', '54.4', '0.52574', '0.22059']" "['what is the diluted earnings per sharein 2014?', 'what about in 2013?', 'what is the net change?', 'what percentage increase does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors , including those we discuss under 201crisk factors 201d and elsewhere in this form 10-k . you should read 201crisk factors 201d and 201cforward-looking statements . 201d executive overview general american water works company , inc . ( herein referred to as 201camerican water 201d or the 201ccompany 201d ) is the largest investor-owned united states water and wastewater utility company , as measured both by operating revenues and population served . our approximately 6400 employees provide drinking water , wastewater and other water related services to an estimated 15 million people in 47 states and in one canadian province . our primary business involves the ownership of water and wastewater utilities that provide water and wastewater services to residential , commercial , industrial and other customers . our regulated businesses that provide these services are generally subject to economic regulation by state regulatory agencies in the states in which they operate . the federal government and the states also regulate environmental , health and safety and water quality matters . our regulated businesses provide services in 16 states and serve approximately 3.2 million customers based on the number of active service connections to our water and wastewater networks . we report the results of these businesses in our regulated businesses segment . we also provide services that are not subject to economic regulation by state regulatory agencies . we report the results of these businesses in our market-based operations segment . in 2014 , we continued the execution of our strategic goals . our commitment to growth through investment in our regulated infrastructure and expansion of our regulated customer base and our market-based operations , combined with operational excellence led to continued improvement in regulated operating efficiency , improved performance of our market-based operations , and enabled us to provide increased value to our customers and investors . during the year , we focused on growth , addressed regulatory lag , made more efficient use of capital and improved our regulated operation and maintenance ( 201co&m 201d ) efficiency ratio . 2014 financial results for the year ended december 31 , 2014 , we continued to increase net income , while making significant capital investment in our infrastructure and implementing operational efficiency improvements to keep customer rates affordable . highlights of our 2014 operating results compared to 2013 and 2012 include: .
1201420132012
2income from continuing operations$ 2.39$ 2.07$ 2.10
3income ( loss ) from discontinued operations net of tax$ -0.04 ( 0.04 )$ -0.01 ( 0.01 )$ -0.09 ( 0.09 )
4diluted earnings per share$ 2.35$ 2.06$ 2.01
continuing operations income from continuing operations included 4 cents per diluted share of costs resulting from the freedom industries chemical spill in west virginia in 2014 and included 14 cents per diluted share in 2013 related to a tender offer . earnings from continuing operations , adjusted for these two items , increased 10% ( 10 % ) , or 22 cents per share , mainly due to favorable operating results from our regulated businesses segment due to higher revenues and lower operating expenses , partially offset by higher depreciation expenses . also contributing to the overall increase in income from continuing operations was lower interest expense in 2014 compared to the same period in 2013. .","['2.35', '2.01', '0.34', '0.16915']" "['in 2003, how much did the total of investor services represent in relation to the one of treasury services revenues?', 'and what was the total of treasury & securities services in that year?', 'what would be these total services without the the benefit of the special gain?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: j.p . morgan chase & co . / 2003 annual report 33 corporate credit allocation in 2003 , tss was assigned a corporate credit allocation of pre- tax earnings and the associated capital related to certain credit exposures managed within ib 2019s credit portfolio on behalf of clients shared with tss . prior periods have been revised to reflect this allocation . for 2003 , the impact to tss of this change increased pre-tax operating results by $ 36 million and average allocated capital by $ 712 million , and it decreased sva by $ 65 million . pre-tax operating results were $ 46 million lower than in 2002 , reflecting lower loan volumes and higher related expenses , slightly offset by a decrease in credit costs . business outlook tss revenue in 2004 is expected to benefit from improved global equity markets and from two recent acquisitions : the november 2003 acquisition of the bank one corporate trust portfolio , and the january 2004 acquisition of citigroup 2019s electronic funds services business . tss also expects higher costs as it integrates these acquisitions and continues strategic investments to sup- port business expansion . by client segment tss dimensions of 2003 revenue diversification by business revenue by geographic region investor services 36% ( 36 % ) other 1% ( 1 % ) institutional trust services 23% ( 23 % ) treasury services 40% ( 40 % ) large corporations 21% ( 21 % ) middle market 18% ( 18 % ) banks 11% ( 11 % ) nonbank financial institutions 44% ( 44 % ) public sector/governments 6% ( 6 % ) europe , middle east & africa 27% ( 27 % ) asia/pacific 9% ( 9 % ) the americas 64% ( 64 % ) ( a ) includes the elimination of revenue related to shared activities with chase middle market in the amount of $ 347 million . year ended december 31 , operating revenue .
1year ended december 31 , ( in millions )year ended december 31 , 2003year ended december 31 , 2002change
2treasury services$ 1927$ 18186% ( 6 % )
3investor services14491513-4 ( 4 )
4institutional trust services ( a )9288647
5other ( a ) ( b )-312 ( 312 )-303 ( 303 )-3 ( 3 )
6total treasury & securities services$ 3992$ 38923% ( 3 % )
( a ) includes a portion of the $ 41 million gain on sale of a nonstrategic business in 2003 : $ 1 million in institutional trust services and $ 40 million in other . ( b ) includes the elimination of revenues related to shared activities with chase middle market , and a $ 50 million gain on sale of a non-u.s . securities clearing firm in 2002. .","['0.75195', '3992.0', '3951.0']" "['as of may 27, 2018, how much did the net notional value of commodity derivatives related to agricultural inputs represent in relation to the total of that net notional value?', 'and from 2017 to that year, what was the change in the netmark-to-market valuation of certain commodity positions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: unallocated corporate items for fiscal 2018 , 2017 and 2016 included: .
1in millionsfiscal year 2018fiscal year 2017fiscal year 2016
2net gain ( loss ) onmark-to-marketvaluation of commodity positions$ 14.3$ -22.0 ( 22.0 )$ -69.1 ( 69.1 )
3net loss on commodity positions reclassified from unallocated corporate items to segmentoperating profit11.332.0127.9
4netmark-to-marketrevaluation of certain grain inventories6.53.94.0
5netmark-to-marketvaluation of certain commodity positions recognized in unallocated corporate items$ 32.1$ 13.9$ 62.8
net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 32.1 $ 13.9 $ 62.8 as of may 27 , 2018 , the net notional value of commodity derivatives was $ 238.8 million , of which $ 147.9 million related to agricultural inputs and $ 90.9 million related to energy inputs . these contracts relate to inputs that generally will be utilized within the next 12 months . interest rate risk we are exposed to interest rate volatility with regard to future issuances of fixed-rate debt , and existing and future issuances of floating-rate debt . primary exposures include u.s . treasury rates , libor , euribor , and commercial paper rates in the united states and europe . we use interest rate swaps , forward-starting interest rate swaps , and treasury locks to hedge our exposure to interest rate changes , to reduce the volatility of our financing costs , and to achieve a desired proportion of fixed rate versus floating-rate debt , based on current and projected market conditions . generally under these swaps , we agree with a counterparty to exchange the difference between fixed-rate and floating-rate interest amounts based on an agreed upon notional principal amount . floating interest rate exposures 2014 floating-to-fixed interest rate swaps are accounted for as cash flow hedges , as are all hedges of forecasted issuances of debt . effectiveness is assessed based on either the perfectly effective hypothetical derivative method or changes in the present value of interest payments on the underlying debt . effective gains and losses deferred to aoci are reclassified into earnings over the life of the associated debt . ineffective gains and losses are recorded as net interest . the amount of hedge ineffectiveness was a $ 2.6 million loss in fiscal 2018 , and less than $ 1 million in fiscal 2017 and 2016 . fixed interest rate exposures 2014 fixed-to-floating interest rate swaps are accounted for as fair value hedges with effectiveness assessed based on changes in the fair value of the underlying debt and derivatives , using incremental borrowing rates currently available on loans with similar terms and maturities . ineffective gains and losses on these derivatives and the underlying hedged items are recorded as net interest . the amount of hedge ineffectiveness was a $ 3.4 million loss in fiscal 2018 , a $ 4.3 million gain in fiscal 2017 , and less than $ 1 million in fiscal 2016 . in advance of planned debt financing related to the acquisition of blue buffalo , we entered into $ 3800.0 million of treasury locks due april 19 , 2018 , with an average fixed rate of 2.9 percent , of which $ 2300.0 million were entered into in the third quarter of fiscal 2018 and $ 1500.0 million were entered into in the fourth quarter of fiscal 2018 . all of these treasury locks were cash settled for $ 43.9 million during the fourth quarter of fiscal 2018 , concurrent with the issuance of our $ 850.0 million 5.5-year fixed-rate notes , $ 800.0 million 7-year fixed- rate notes , $ 1400.0 million 10-year fixed-rate notes , $ 500.0 million 20-year fixed-rate notes , and $ 650.0 million 30-year fixed-rate notes . in advance of planned debt financing , in fiscal 2018 , we entered into $ 500.0 million of treasury locks due october 15 , 2017 with an average fixed rate of 1.8 percent . all of these treasury locks were cash settled for $ 3.7 million during the second quarter of fiscal 2018 , concurrent with the issuance of our $ 500.0 million 5-year fixed-rate notes. .","['0.61935', '18.2']" "['what was the percentage of stock-based compensation consisting of stock options?', 'what rate of income tax benefit is based on stock compensation?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: note 9 : stock based compensation the company has granted stock option and restricted stock unit ( 201crsus 201d ) awards to non-employee directors , officers and other key employees of the company pursuant to the terms of its 2007 omnibus equity compensation plan ( the 201c2007 plan 201d ) . the total aggregate number of shares of common stock that may be issued under the 2007 plan is 15.5 . as of december 31 , 2015 , 8.4 shares were available for grant under the 2007 plan . shares issued under the 2007 plan may be authorized-but-unissued shares of company stock or reacquired shares of company stock , including shares purchased by the company on the open market . the company recognizes compensation expense for stock awards over the vesting period of the award . the following table presents stock-based compensation expense recorded in operation and maintenance expense in the accompanying consolidated statements of operations for the years ended december 31: .
1201520142013
2stock options$ 2$ 2$ 3
3rsus8109
4espp111
5stock-based compensation111313
6income tax benefit-4 ( 4 )-5 ( 5 )-5 ( 5 )
7stock-based compensation expense net of tax$ 7$ 8$ 8
there were no significant stock-based compensation costs capitalized during the years ended december 31 , 2015 , 2014 and 2013 . the cost of services received from employees in exchange for the issuance of stock options and restricted stock awards is measured based on the grant date fair value of the awards issued . the value of stock options and rsus awards at the date of the grant is amortized through expense over the three-year service period . all awards granted in 2015 , 2014 and 2013 are classified as equity . the company receives a tax deduction based on the intrinsic value of the award at the exercise date for stock options and the distribution date for rsus . for each award , throughout the requisite service period , the company recognizes the tax benefits , which have been included in deferred income tax assets , related to compensation costs . the tax deductions in excess of the benefits recorded throughout the requisite service period are recorded to common stockholders 2019 equity or the statement of operations and are presented in the financing section of the consolidated statements of cash flows . the company stratified its grant populations and used historic employee turnover rates to estimate employee forfeitures . the estimated rate is compared to the actual forfeitures at the end of the reporting period and adjusted as necessary . stock options in 2015 , 2014 and 2013 , the company granted non-qualified stock options to certain employees under the 2007 plan . the stock options vest ratably over the three-year service period beginning on january 1 of the year of the grant . these awards have no performance vesting conditions and the grant date fair value is amortized through expense over the requisite service period using the straight-line method and is included in operations and maintenance expense in the accompanying consolidated statements of operations. .","['0.18182', '0.36364']" "['what was the sum of total intangible assets in 2013 and 2014?', 'what was the value of intangible assets in 2014?', 'what is the 2014 value divided by the total value?', 'what is that value times 100?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: royal caribbean cruises ltd . 79 notes to the consolidated financial statements in 2012 , we determined the implied fair value of good- will for the pullmantur reporting unit was $ 145.5 mil- lion and recognized an impairment charge of $ 319.2 million based on a probability-weighted discounted cash flow model further discussed below . this impair- ment charge was recognized in earnings during the fourth quarter of 2012 and is reported within impair- ment of pullmantur related assets within our consoli- dated statements of comprehensive income ( loss ) . during the fourth quarter of 2014 , we performed a qualitative assessment of whether it was more-likely- than-not that our royal caribbean international reporting unit 2019s fair value was less than its carrying amount before applying the two-step goodwill impair- ment test . the qualitative analysis included assessing the impact of certain factors such as general economic conditions , limitations on accessing capital , changes in forecasted operating results , changes in fuel prices and fluctuations in foreign exchange rates . based on our qualitative assessment , we concluded that it was more-likely-than-not that the estimated fair value of the royal caribbean international reporting unit exceeded its carrying value and thus , we did not pro- ceed to the two-step goodwill impairment test . no indicators of impairment exist primarily because the reporting unit 2019s fair value has consistently exceeded its carrying value by a significant margin , its financial performance has been solid in the face of mixed economic environments and forecasts of operating results generated by the reporting unit appear suffi- cient to support its carrying value . we also performed our annual impairment review of goodwill for pullmantur 2019s reporting unit during the fourth quarter of 2014 . we did not perform a quali- tative assessment but instead proceeded directly to the two-step goodwill impairment test . we estimated the fair value of the pullmantur reporting unit using a probability-weighted discounted cash flow model . the principal assumptions used in the discounted cash flow model are projected operating results , weighted- average cost of capital , and terminal value . signifi- cantly impacting these assumptions are the transfer of vessels from our other cruise brands to pullmantur . the discounted cash flow model used our 2015 pro- jected operating results as a base . to that base , we added future years 2019 cash flows assuming multiple rev- enue and expense scenarios that reflect the impact of different global economic environments beyond 2015 on pullmantur 2019s reporting unit . we assigned a probability to each revenue and expense scenario . we discounted the projected cash flows using rates specific to pullmantur 2019s reporting unit based on its weighted-average cost of capital . based on the probability-weighted discounted cash flows , we deter- mined the fair value of the pullmantur reporting unit exceeded its carrying value by approximately 52% ( 52 % ) resulting in no impairment to pullmantur 2019s goodwill . pullmantur is a brand targeted primarily at the spanish , portuguese and latin american markets , with an increasing focus on latin america . the persistent economic instability in these markets has created sig- nificant uncertainties in forecasting operating results and future cash flows used in our impairment analyses . we continue to monitor economic events in these markets for their potential impact on pullmantur 2019s business and valuation . further , the estimation of fair value utilizing discounted expected future cash flows includes numerous uncertainties which require our significant judgment when making assumptions of expected revenues , operating costs , marketing , sell- ing and administrative expenses , interest rates , ship additions and retirements as well as assumptions regarding the cruise vacation industry 2019s competitive environment and general economic and business conditions , among other factors . if there are changes to the projected future cash flows used in the impairment analyses , especially in net yields or if certain transfers of vessels from our other cruise brands to the pullmantur fleet do not take place , it is possible that an impairment charge of pullmantur 2019s reporting unit 2019s goodwill may be required . of these factors , the planned transfers of vessels to the pullmantur fleet is most significant to the projected future cash flows . if the transfers do not occur , we will likely fail step one of the impairment test . note 4 . intangible assets intangible assets are reported in other assets in our consolidated balance sheets and consist of the follow- ing ( in thousands ) : .
120142013
2indefinite-life intangible asset 2014pullmantur trademarks and trade names$ 214112$ 204866
3foreign currency translation adjustment-26074 ( 26074 )9246
4total$ 188038$ 214112
during the fourth quarter of 2014 , 2013 and 2012 , we performed the annual impairment review of pullmantur 2019s trademarks and trade names using a discounted cash flow model and the relief-from-royalty method to compare the fair value of these indefinite-lived intan- gible assets to its carrying value . the royalty rate used is based on comparable royalty agreements in the tourism and hospitality industry . we used a dis- count rate comparable to the rate used in valuing the pullmantur reporting unit in our goodwill impairment test . based on the results of our testing , we did not .","['402150.0', '188038.0', '0.46758', '46.75817']" "['what was the expected amortization expense in 2019?', 'what was it in 2018?', 'what is the difference of 2019 less 2018?', 'what is that difference over the 2018 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 92 | 2017 form 10-k finite-lived intangible assets are amortized over their estimated useful lives and tested for impairment if events or changes in circumstances indicate that the asset may be impaired . in 2016 , gross customer relationship intangibles of $ 96 million and related accumulated amortization of $ 27 million as well as gross intellectual property intangibles of $ 111 million and related accumulated amortization of $ 48 million from the resource industries segment were impaired . the fair value of these intangibles was determined to be insignificant based on an income approach using expected cash flows . the fair value determination is categorized as level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs . the total impairment of $ 132 million was a result of restructuring activities and is included in other operating ( income ) expense in statement 1 . see note 25 for information on restructuring costs . amortization expense related to intangible assets was $ 323 million , $ 326 million and $ 337 million for 2017 , 2016 and 2015 , respectively . as of december 31 , 2017 , amortization expense related to intangible assets is expected to be : ( millions of dollars ) .
120182019202020212022thereafter
2$ 322$ 316$ 305$ 287$ 268$ 613
b . goodwill there were no goodwill impairments during 2017 or 2015 . our annual impairment tests completed in the fourth quarter of 2016 indicated the fair value of each reporting unit was substantially above its respective carrying value , including goodwill , with the exception of our surface mining & technology reporting unit . the surface mining & technology reporting unit , which primarily serves the mining industry , is a part of our resource industries segment . the goodwill assigned to this reporting unit is largely from our acquisition of bucyrus international , inc . in 2011 . its product portfolio includes large mining trucks , electric rope shovels , draglines , hydraulic shovels and related parts . in addition to equipment , surface mining & technology also develops and sells technology products and services to provide customer fleet management , equipment management analytics and autonomous machine capabilities . the annual impairment test completed in the fourth quarter of 2016 indicated that the fair value of surface mining & technology was below its carrying value requiring the second step of the goodwill impairment test process . the fair value of surface mining & technology was determined primarily using an income approach based on a discounted ten year cash flow . we assigned the fair value to surface mining & technology 2019s assets and liabilities using various valuation techniques that required assumptions about royalty rates , dealer attrition , technological obsolescence and discount rates . the resulting implied fair value of goodwill was below the carrying value . accordingly , we recognized a goodwill impairment charge of $ 595 million , which resulted in goodwill of $ 629 million remaining for surface mining & technology as of october 1 , 2016 . the fair value determination is categorized as level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs . there was a $ 17 million tax benefit associated with this impairment charge. .","['316.0', '322.0', '-6.0', '-0.01863']" "['what was the change in the total gross amount of unrecognized tax benefits from 2013 to 2014?', 'and how much does this change represent in relation to that gross amount in 2013, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: adobe systems incorporated notes to consolidated financial statements ( continued ) accounting for uncertainty in income taxes during fiscal 2014 and 2013 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : .
120142013
2beginning balance$ 136098$ 160468
3gross increases in unrecognized tax benefits 2013 prior year tax positions14420244
4gross increases in unrecognized tax benefits 2013 current year tax positions1887716777
5settlements with taxing authorities-995 ( 995 )-55851 ( 55851 )
6lapse of statute of limitations-1630 ( 1630 )-4066 ( 4066 )
7foreign exchange gains and losses-3646 ( 3646 )-1474 ( 1474 )
8ending balance$ 148848$ 136098
as of november 28 , 2014 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 14.6 million . we file income tax returns in the u.s . on a federal basis and in many u.s . state and foreign jurisdictions . we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities . our major tax jurisdictions are ireland , california and the u.s . for ireland , california and the u.s. , the earliest fiscal years open for examination are 2008 , 2008 and 2010 , respectively . we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examinations . we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position . in july 2013 , a u.s . income tax examination covering fiscal 2008 and 2009 was completed . our accrued tax and interest related to these years was $ 48.4 million and was previously reported in long-term income taxes payable . we settled the tax obligation resulting from this examination with cash and income tax assets totaling $ 41.2 million , and the resulting $ 7.2 million income tax benefit was recorded in the third quarter of fiscal 2013 . the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process . these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities . we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both . given the uncertainties described above , we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 5 million . note 10 . restructuring fiscal 2014 restructuring plan in the fourth quarter of fiscal 2014 , in order to better align our global resources for digital media and digital marketing , we initiated a restructuring plan to vacate our research and development facility in china and our sales and marketing facility in russia . this plan consisted of reductions of approximately 350 full-time positions and we recorded restructuring charges of approximately $ 18.8 million related to ongoing termination benefits for the positions eliminated . during fiscal 2015 , we intend to vacate both of these facilities . the amount accrued for the fair value of future contractual obligations under these operating leases was insignificant . other restructuring plans during the past several years , we have implemented other restructuring plans consisting of reductions in workforce and the consolidation of facilities to better align our resources around our business strategies . as of november 28 , 2014 , we considered our other restructuring plans to be substantially complete . we continue to make cash outlays to settle obligations under these plans , however the current impact to our consolidated financial statements is not significant. .","['12750.0', '0.09368']" "['what is the value of total accounts payable and other current liabilities at the end of 2010?', 'what was the value at the end of 2009?', 'what is the net change in value?', 'what was the 2009 value?', 'what is the net change over the 2009 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease . amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease . 12 . accounts payable and other current liabilities dec . 31 , dec . 31 , millions 2010 2009 .
1millionsdec . 31 2010dec . 31 2009
2accounts payable$ 677$ 612
3dividends and interest383347
4accrued wages and vacation357339
5income and other taxes337224
6accrued casualty costs325379
7equipment rents payable8689
8other548480
9total accounts payable and other currentliabilities$ 2713$ 2470
13 . financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices . we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes . derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period . we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk- management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness . changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings . we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements . market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item . we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements . at december 31 , 2010 and 2009 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities . determination of fair value 2013 we determine the fair values of our derivative financial instrument positions based upon current fair values as quoted by recognized dealers or the present value of expected future cash flows . interest rate fair value hedges 2013 we manage our overall exposure to fluctuations in interest rates by adjusting the proportion of fixed and floating rate debt instruments within our debt portfolio over a given period . we generally manage the mix of fixed and floating rate debt through the issuance of targeted amounts of each as debt matures or as we require incremental borrowings . we employ derivatives , primarily swaps , as one of the tools to obtain the targeted mix . in addition , we also obtain flexibility in managing interest costs and the interest rate mix within our debt portfolio by evaluating the issuance of and managing outstanding callable fixed-rate debt securities . swaps allow us to convert debt from fixed rates to variable rates and thereby hedge the risk of changes in the debt 2019s fair value attributable to the changes in interest rates . we account for swaps as fair value hedges using the short-cut method ; therefore , we do not record any ineffectiveness within our consolidated financial statements. .","['2713.0', '2470.0', '243.0', '2470.0', '0.09838']" "['how many options outstanding were there at of december 31, 2008?', 'how many options outstanding were there at of december 31, 2005?', 'what was the net change in number of options?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited and subsidiaries the following table shows changes in the company 2019s stock options for the years ended december 31 , 2008 , 2007 , and number of options weighted average exercise price .
1number of optionsweightedaverageexercise price
2options outstanding december 31 200512643761$ 36.53
3granted1505215$ 56.29
4exercised-1982560 ( 1982560 )$ 33.69
5forfeited-413895 ( 413895 )$ 39.71
6options outstanding december 31 200611752521$ 39.43
7granted1549091$ 56.17
8exercised-1830004 ( 1830004 )$ 35.73
9forfeited-200793 ( 200793 )$ 51.66
10options outstanding december 31 200711270815$ 42.12
11granted1612507$ 60.17
12exercised-2650733 ( 2650733 )$ 36.25
13forfeited-309026 ( 309026 )$ 54.31
14options outstanding december 31 20089923563$ 46.24
the weighted-average remaining contractual term was 5.8 years for the stock options outstanding and 4.6 years for the stock options exercisable at december 31 , 2008 . the total intrinsic value was approximately $ 66 million for stock options out- standing and $ 81 million for stock options exercisable at december 31 , 2008 . the weighted-average fair value for the stock options granted for the year ended december 31 , 2008 was $ 17.60 . the total intrinsic value for stock options exercised dur- ing the years ended december 31 , 2008 , 2007 , and 2006 , was approximately $ 54 million , $ 44 million , and $ 43 million , respectively . the amount of cash received during the year ended december 31 , 2008 , from the exercise of stock options was $ 97 million . restricted stock the company 2019s 2004 ltip also provides for grants of restricted stock . the company generally grants restricted stock with a 4-year vesting period , based on a graded vesting schedule . the restricted stock is granted at market close price on the date of grant . included in the company 2019s share-based compensation expense in the year ended december 31 , 2008 , is a portion of the cost related to the unvested restricted stock granted in the years 2004 to 2008. .","['9923563.0', '12643761.0', '-2720198.0', '-0.21514']" "['what are the total pre-tax catastrophe losses in 2014?', 'what about 2013?', 'what is the total for these two years?', 'what about the total if the pre-tax catastrophe losses of 2012 are included?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: available information . the company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8- k , proxy statements and amendments to those reports are available free of charge through the company 2019s internet website at http://www.everestregroup.com as soon as reasonably practicable after such reports are electronically filed with the securities and exchange commission ( the 201csec 201d ) . item 1a . risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities . if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly . risks relating to our business fluctuations in the financial markets could result in investment losses . prolonged and severe disruptions in the overall public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio . although financial markets have significantly improved since 2008 , they could deteriorate in the future . there could also be disruption in individual market sectors , such as occurred in the energy sector during the fourth quarter of 2014 . such declines in the financial markets could result in significant realized and unrealized losses on investments and could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings . our results could be adversely affected by catastrophic events . we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism . any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations . subsequent to april 1 , 2010 , we define a catastrophe as an event that causes a loss on property exposures before reinsurance of at least $ 10.0 million , before corporate level reinsurance and taxes . prior to april 1 , 2010 , we used a threshold of $ 5.0 million . by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of contract specific reinsurance but before cessions under corporate reinsurance programs , were as follows: .
1calendar year:pre-tax catastrophe losses
2( dollars in millions )
32014$ 62.2
42013195.0
52012410.0
620111300.4
72010571.1
our losses from future catastrophic events could exceed our projections . we use projections of possible losses from future catastrophic events of varying types and magnitudes as a strategic underwriting tool . we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement of retrocessional coverage or other actions to limit the extent of potential losses in a given geographic area . these loss projections are approximations , reliant on a mix of quantitative and qualitative processes , and actual losses may exceed the projections by a material amount , resulting in a material adverse effect on our financial condition and results of operations. .","['62.2', '195.0', '257.2', '667.2']" "['what is the net sales from north american industrial packaging in 2013, in billions?', 'what about in millions?', 'what about the total sales in 2013, in millions?', 'what portion is generated from north american industrial packaging?', 'how about the net sales from north american industrial packaging in 2012, in billions?', 'and total sales in 2012?', 'what proportion does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: areas exceeding 14.1 million acres ( 5.7 million hectares ) . products and brand designations appearing in italics are trademarks of international paper or a related company . industry segment results industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production , as well as with demand for processed foods , poultry , meat and agricultural products . in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . industrial packaging net sales and operating profits include the results of the temple-inland packaging operations from the date of acquisition in february 2012 and the results of the brazil packaging business from the date of acquisition in january 2013 . in addition , due to the acquisition of a majority share of olmuksa international paper sabanci ambalaj sanayi ve ticaret a.s. , ( now called olmuksan international paper or olmuksan ) net sales for our corrugated packaging business in turkey are included in the business segment totals beginning in the first quarter of 2013 and the operating profits reflect a higher ownership percentage than in previous years . net sales for 2013 increased 12% ( 12 % ) to $ 14.8 billion compared with $ 13.3 billion in 2012 , and 42% ( 42 % ) compared with $ 10.4 billion in 2011 . operating profits were 69% ( 69 % ) higher in 2013 than in 2012 and 57% ( 57 % ) higher than in 2011 . excluding costs associated with the acquisition and integration of temple-inland , the divestiture of three containerboard mills and other special items , operating profits in 2013 were 36% ( 36 % ) higher than in 2012 and 59% ( 59 % ) higher than in 2011 . benefits from the net impact of higher average sales price realizations and an unfavorable mix ( $ 749 million ) were offset by lower sales volumes ( $ 73 million ) , higher operating costs ( $ 64 million ) , higher maintenance outage costs ( $ 16 million ) and higher input costs ( $ 102 million ) . additionally , operating profits in 2013 include costs of $ 62 million associated with the integration of temple-inland , a gain of $ 13 million related to a bargain purchase adjustment on the acquisition of a majority share of our operations in turkey , and a net gain of $ 1 million for other items , while operating profits in 2012 included costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging business of $ 17 million and a $ 3 million gain for other items . industrial packaging .
1in millions201320122011
2sales$ 14810$ 13280$ 10430
3operating profit180110661147
north american industrial packaging net sales were $ 12.5 billion in 2013 compared with $ 11.6 billion in 2012 and $ 8.6 billion in 2011 . operating profits in 2013 were $ 1.8 billion ( both including and excluding costs associated with the integration of temple-inland and other special items ) compared with $ 1.0 billion ( $ 1.3 billion excluding costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) in 2012 and $ 1.1 billion ( both including and excluding costs associated with signing an agreement to acquire temple-inland ) in 2011 . sales volumes decreased in 2013 compared with 2012 reflecting flat demand for boxes and the impact of commercial decisions . average sales price realizations were significantly higher mainly due to the realization of price increases for domestic containerboard and boxes . input costs were higher for wood , energy and recycled fiber . freight costs also increased . planned maintenance downtime costs were higher than in 2012 . manufacturing operating costs decreased , but were offset by inflation and higher overhead and distribution costs . the business took about 850000 tons of total downtime in 2013 of which about 450000 were market- related and 400000 were maintenance downtime . in 2012 , the business took about 945000 tons of total downtime of which about 580000 were market-related and about 365000 were maintenance downtime . operating profits in 2013 included $ 62 million of costs associated with the integration of temple-inland . operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills . looking ahead to 2014 , compared with the fourth quarter of 2013 , sales volumes in the first quarter are expected to increase for boxes due to a higher number of shipping days offset by the impact from the severe winter weather events impacting much of the u.s . input costs are expected to be higher for energy , recycled fiber , wood and starch . planned maintenance downtime spending is expected to be about $ 51 million higher with outages scheduled at six mills compared with four mills in the 2013 fourth quarter . manufacturing operating costs are expected to be lower . however , operating profits will be negatively impacted by the adverse winter weather in the first quarter of 2014 . emea industrial packaging net sales in 2013 include the sales of our packaging operations in turkey which are now fully consolidated . net sales were $ 1.3 billion in 2013 compared with $ 1.0 billion in 2012 and $ 1.1 billion in 2011 . operating profits in 2013 were $ 43 million ( $ 32 .","['12.5', '12500.0', '14810.0', '0.84402', '11600.0', '13280.0', '0.87349']" "['what is the change in value of an investment in the applied materials from 2009 to 2014?', 'what is the change in value of an investment in the s&p500 from 2009 to 2014?', 'what is the difference in the change of investment values?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 25 , 2009 through october 26 , 2014 . this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period . the comparison assumes $ 100 was invested on october 25 , 2009 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any . dollar amounts in the graph are rounded to the nearest whole dollar . the performance shown in the graph represents past performance and should not be considered an indication of future performance . comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index 201cs&p 201d is a registered trademark of standard & poor 2019s financial services llc , a subsidiary of the mcgraw-hill companies , inc. .
110/25/200910/31/201010/30/201110/28/201210/27/201310/26/2014
2applied materials100.0097.43101.8588.54151.43183.29
3s&p 500 index100.00116.52125.94145.09184.52216.39
4rdg semiconductor composite index100.00121.00132.42124.95163.20207.93
dividends during fiscal 2014 , applied 2019s board of directors declared four quarterly cash dividends of $ 0.10 per share each . during fiscal 2013 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.10 per share each and one quarterly cash dividend of $ 0.09 per share . during fiscal 2012 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.09 per share each and one quarterly cash dividend of $ 0.08 . dividends declared during fiscal 2014 , 2013 and 2012 totaled $ 487 million , $ 469 million and $ 438 million , respectively . applied currently anticipates that it will continue to pay cash dividends on a quarterly basis in the future , although the declaration and amount of any future cash dividends are at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination that cash dividends are in the best interests of applied 2019s stockholders . $ 100 invested on 10/25/09 in stock or 10/31/09 in index , including reinvestment of dividends . indexes calculated on month-end basis . and the rdg semiconductor composite index 183145 97 102 121 132 10/25/09 10/31/10 10/30/11 10/28/12 10/27/13 10/26/14 applied materials , inc . s&p 500 rdg semiconductor composite .","['83.29', '116.39', '33.1']" "['what were the number of global cruise guests in 2016?', 'what was the number of european guests?', 'what is the difference?', 'what is the difference divided by the total global cruise guests in 2016?', 'what is that times 100?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the following table details the growth in global weighted average berths and the global , north american , european and asia/pacific cruise guests over the past five years ( in thousands , except berth data ) : weighted- average supply of berths marketed globally ( 1 ) caribbean cruises ltd . total berths ( 2 ) global cruise guests ( 1 ) american cruise guests ( 1 ) ( 3 ) european cruise guests ( 1 ) ( 4 ) asia/pacific cruise guests ( 1 ) ( 5 ) .
1yearweighted-averagesupply ofberthsmarketedglobally ( 1 )royal caribbean cruises ltd . total berths ( 2 )globalcruiseguests ( 1 )north american cruise guests ( 1 ) ( 3 )european cruise guests ( 1 ) ( 4 )asia/pacific cruise guests ( 1 ) ( 5 )
2201242500098650208131164162251474
3201343200098750213431171064302045
42014448000105750220391226963872382
52015469000112700230001200465873129
62016493000123270240001258165423636
_______________________________________________________________________________ ( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a combination of data that we obtain from various publicly available cruise industry trade information sources . we use data obtained from seatrade insider , cruise industry news and company press releases to estimate weighted-average supply of berths and clia and g.p . wild to estimate cruise guest information . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) total berths include our berths related to our global brands and partner brands . ( 3 ) our estimates include the united states and canada . ( 4 ) our estimates include european countries relevant to the industry ( e.g. , nordics , germany , france , italy , spain and the united kingdom ) . ( 5 ) our estimates include the southeast asia ( e.g. , singapore , thailand and the philippines ) , east asia ( e.g. , china and japan ) , south asia ( e.g. , india and pakistan ) and oceanian ( e.g. , australia and fiji islands ) regions . north america the majority of industry cruise guests are sourced from north america , which represented approximately 52% ( 52 % ) of global cruise guests in 2016 . the compound annual growth rate in cruise guests sourced from this market was approximately 2% ( 2 % ) from 2012 to 2016 . europe industry cruise guests sourced from europe represented approximately 27% ( 27 % ) of global cruise guests in 2016 . the compound annual growth rate in cruise guests sourced from this market was approximately 1% ( 1 % ) from 2012 to 2016 . asia/pacific industry cruise guests sourced from the asia/pacific region represented approximately 15% ( 15 % ) of global cruise guests in 2016 . the compound annual growth rate in cruise guests sourced from this market was approximately 25% ( 25 % ) from 2012 to 2016 . the asia/pacific region is experiencing the highest growth rate of the major regions , although it will continue to represent a relatively small sector compared to north america . competition we compete with a number of cruise lines . our principal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , p&o cruises , princess cruises and seabourn ; disney cruise line ; msc cruises ; and norwegian cruise line holdings ltd , which owns norwegian cruise line , oceania cruises and regent seven seas cruises . cruise lines compete with .","['24000.0', '6542.0', '17458.0', '0.72742', '72.74167']" "['what is the backlog at the end of 2006?', 'what about 2005?', 'what is the difference 1100.0?', 'what is the backlog at the end of 2005?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: air mobility sales declined by $ 535 million primarily due to c-130j deliveries ( 12 in 2006 compared to 15 in 2005 ) and lower volume on the c-5 program . combat aircraft sales increased by $ 292 million mainly due to higher f-35 and f-22 volume , partially offset by reduced volume on f-16 programs . other aeronautics programs sales increased by $ 83 million primarily due to higher volume in sustainment services activities . operating profit for the segment increased 21% ( 21 % ) in 2007 compared to 2006 . operating profit increases in combat aircraft more than offset decreases in other aeronautics programs and air mobility . combat aircraft operating profit increased $ 326 million mainly due to improved performance on f-22 and f-16 programs . air mobility and other aeronautics programs declined $ 77 million due to lower operating profit in support and sustainment activities . operating profit for the segment increased 20% ( 20 % ) in 2006 compared to 2005 . operating profit increased in both combat aircraft and air mobility . combat aircraft increased $ 114 million , mainly due to higher volume on the f-35 and f-22 programs , and improved performance on f-16 programs . the improvement for the year was also attributable in part to the fact that in 2005 , operating profit included a reduction in earnings on the f-35 program . air mobility operating profit increased $ 84 million , mainly due to improved performance on c-130j sustainment activities in 2006 . backlog decreased in 2007 as compared to 2006 primarily as a result of sales volume on the f-35 program . this decrease was offset partially by increased orders on the f-22 and c-130j programs . electronic systems electronic systems 2019 operating results included the following : ( in millions ) 2007 2006 2005 .
1( in millions )200720062005
2net sales$ 11143$ 10519$ 9811
3operating profit141012641078
4backlog at year-end212001970018600
net sales for electronic systems increased by 6% ( 6 % ) in 2007 compared to 2006 . sales increased in missiles & fire control ( m&fc ) , maritime systems & sensors ( ms2 ) , and platform , training & energy ( pt&e ) . m&fc sales increased $ 258 million mainly due to higher volume in fire control systems and air defense programs , which more than offset declines in tactical missile programs . ms2 sales grew $ 254 million due to volume increases in undersea and radar systems activities that were offset partially by decreases in surface systems activities . pt&e sales increased $ 113 million , primarily due to higher volume in platform integration activities , which more than offset declines in distribution technology activities . net sales for electronic systems increased by 7% ( 7 % ) in 2006 compared to 2005 . higher volume in platform integration activities led to increased sales of $ 329 million at pt&e . ms2 sales increased $ 267 million primarily due to surface systems activities . air defense programs contributed to increased sales of $ 118 million at m&fc . operating profit for the segment increased by 12% ( 12 % ) in 2007 compared to 2006 , representing an increase in all three lines of business during the year . operating profit increased $ 70 million at pt&e primarily due to higher volume and improved performance on platform integration activities . ms2 operating profit increased $ 32 million due to higher volume on undersea and tactical systems activities that more than offset lower volume on surface systems activities . at m&fc , operating profit increased $ 32 million due to higher volume in fire control systems and improved performance in tactical missile programs , which partially were offset by performance on certain international air defense programs in 2006 . operating profit for the segment increased by 17% ( 17 % ) in 2006 compared to 2005 . operating profit increased by $ 74 million at ms2 mainly due to higher volume on surface systems and undersea programs . pt&e operating profit increased $ 61 million mainly due to improved performance on distribution technology activities . higher volume on air defense programs contributed to a $ 52 million increase in operating profit at m&fc . the increase in backlog during 2007 over 2006 resulted primarily from increased orders for certain tactical missile programs and fire control systems at m&fc and platform integration programs at pt&e. .","['19700.0', '18600.0', '1100.0', '18600.0', '0.05914']" "['what was the total amount of the north american consumer packaging net sales in 2012, in millions?', 'and what were the total consumer packaging sales in that year?', 'what percentage, then, of this total sales did that total amount represent?', 'and what was this same percentage representation of these north american packaging net sales in 2011?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: freesheet paper were higher in russia , but lower in europe reflecting weak economic conditions and market demand . average sales price realizations for pulp decreased . lower input costs for wood and purchased fiber were partially offset by higher costs for energy , chemicals and packaging . freight costs were also higher . planned maintenance downtime costs were higher due to executing a significant once-every-ten-years maintenance outage plus the regularly scheduled 18-month outage at the saillat mill while outage costs in russia and poland were lower . manufacturing operating costs were favor- entering 2013 , sales volumes in the first quarter are expected to be seasonally weaker in russia , but about flat in europe . average sales price realizations for uncoated freesheet paper are expected to decrease in europe , but increase in russia . input costs should be higher in russia , especially for wood and energy , but be slightly lower in europe . no maintenance outages are scheduled for the first quarter . ind ian papers includes the results of andhra pradesh paper mills ( appm ) of which a 75% ( 75 % ) interest was acquired on october 14 , 2011 . net sales were $ 185 million in 2012 and $ 35 million in 2011 . operat- ing profits were a loss of $ 16 million in 2012 and a loss of $ 3 million in 2011 . asian pr int ing papers net sales were $ 85 mil- lion in 2012 , $ 75 million in 2011 and $ 80 million in 2010 . operating profits were improved from break- even in past years to $ 1 million in 2012 . u.s . pulp net sales were $ 725 million in 2012 compared with $ 725 million in 2011 and $ 715 million in 2010 . operating profits were a loss of $ 59 million in 2012 compared with gains of $ 87 million in 2011 and $ 107 million in 2010 . sales volumes in 2012 increased from 2011 primarily due to the start-up of pulp production at the franklin mill in the third quarter of 2012 . average sales price realizations were significantly lower for both fluff pulp and market pulp . input costs were lower , primarily for wood and energy . freight costs were slightly lower . mill operating costs were unfavorable primarily due to costs associated with the start-up of the franklin mill . planned maintenance downtime costs were lower . in the first quarter of 2013 , sales volumes are expected to be flat with the fourth quarter of 2012 . average sales price realizations are expected to improve reflecting the realization of sales price increases for paper and tissue pulp that were announced in the fourth quarter of 2012 . input costs should be flat . planned maintenance downtime costs should be about $ 9 million higher than in the fourth quarter of 2012 . manufacturing costs related to the franklin mill should be lower as we continue to improve operations . consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity . in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . consumer packaging net sales in 2012 decreased 15% ( 15 % ) from 2011 and 7% ( 7 % ) from 2010 . operating profits increased 64% ( 64 % ) from 2011 and 29% ( 29 % ) from 2010 . net sales and operating profits include the shorewood business in 2011 and 2010 . exclud- ing asset impairment and other charges associated with the sale of the shorewood business , and facility closure costs , 2012 operating profits were 27% ( 27 % ) lower than in 2011 , but 23% ( 23 % ) higher than in 2010 . benefits from lower raw material costs ( $ 22 million ) , lower maintenance outage costs ( $ 5 million ) and other items ( $ 2 million ) were more than offset by lower sales price realizations and an unfavorable product mix ( $ 66 million ) , lower sales volumes and increased market-related downtime ( $ 22 million ) , and higher operating costs ( $ 40 million ) . in addition , operating profits in 2012 included a gain of $ 3 million related to the sale of the shorewood business while operating profits in 2011 included a $ 129 million fixed asset impairment charge for the north ameri- can shorewood business and $ 72 million for other charges associated with the sale of the shorewood business . consumer packaging .
1in millions201220112010
2sales$ 3170$ 3710$ 3400
3operating profit268163207
north american consumer packaging net sales were $ 2.0 billion in 2012 compared with $ 2.5 billion in 2011 and $ 2.4 billion in 2010 . operating profits were $ 165 million ( $ 162 million excluding a gain related to the sale of the shorewood business ) in 2012 compared with $ 35 million ( $ 236 million excluding asset impairment and other charges asso- ciated with the sale of the shorewood business ) in 2011 and $ 97 million ( $ 105 million excluding facility closure costs ) in 2010 . coated paperboard sales volumes in 2012 were lower than in 2011 reflecting weaker market demand . average sales price realizations were lower , primar- ily for folding carton board . input costs for wood increased , but were partially offset by lower costs for chemicals and energy . planned maintenance down- time costs were slightly lower . market-related down- time was about 113000 tons in 2012 compared with about 38000 tons in 2011. .","['2000.0', '3170.0', '0.63091', '0.67385']" "['what was the change in the total gains/ ( losses ) on financial assets and financial liabilities at fair value from 2017 to 2018?', 'and what was that change from 2016 to 2017?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements gains and losses on financial assets and financial liabilities accounted for at fair value under the fair value option the table below presents the gains and losses recognized as a result of the firm electing to apply the fair value option to certain financial assets and financial liabilities . these gains and losses are included in 201cmarket making 201d and 201cother principal transactions . 201d the table below also includes gains and losses on the embedded derivative component of hybrid financial instruments included in unsecured short-term borrowings and unsecured long-term borrowings . these gains and losses would have been recognized under other u.s . gaap even if the firm had not elected to account for the entire hybrid instrument at fair value . the amounts in the table exclude contractual interest , which is included in 201cinterest income 201d and 201cinterest expense , 201d for all instruments other than hybrid financial instruments . see note 23 for further information about interest income and interest expense . gains/ ( losses ) on financial assets and financial liabilities at fair value under the fair value option year ended december in millions 2012 2011 2010 receivables from customers and counterparties 1 $ 190 $ 97 $ ( 97 ) .
1in millionsgains/ ( losses ) on financial assets and financial liabilities at fair value under the fair value option year ended december 2012gains/ ( losses ) on financial assets and financial liabilities at fair value under the fair value option year ended december 2011gains/ ( losses ) on financial assets and financial liabilities at fair value under the fair value option year ended december 2010
2receivables from customers andcounterparties1$ 190$ 97$ -97 ( 97 )
3other secured financings-190 ( 190 )-63 ( 63 )-227 ( 227 )
4unsecured short-term borrowings2-973 ( 973 )2149-1455 ( 1455 )
5unsecured long-term borrowings3-1523 ( 1523 )2336-1169 ( 1169 )
6other liabilities and accrued expenses4-1486 ( 1486 )-911 ( 911 )50
7other5-81 ( 81 )90-10 ( 10 )
8total$ -4063 ( 4063 )$ 3698$ -2908 ( 2908 )
1 . primarily consists of gains/ ( losses ) on certain reinsurance contracts and certain transfers accounted for as receivables rather than purchases . 2 . includes gains/ ( losses ) on the embedded derivative component of hybrid financial instruments of $ ( 814 ) million , $ 2.01 billion , and $ ( 1.49 ) billion as of december 2012 , december 2011 and december 2010 , respectively . 3 . includes gains/ ( losses ) on the embedded derivative component of hybrid financial instruments of $ ( 887 ) million , $ 1.80 billion and $ ( 1.32 ) billion as of december 2012 , december 2011 and december 2010 , respectively . 4 . primarily consists of gains/ ( losses ) on certain insurance contracts . 5 . primarily consists of gains/ ( losses ) on resale and repurchase agreements , securities borrowed and loaned and deposits . excluding the gains and losses on the instruments accounted for under the fair value option described above , 201cmarket making 201d and 201cother principal transactions 201d primarily represent gains and losses on 201cfinancial instruments owned , at fair value 201d and 201cfinancial instruments sold , but not yet purchased , at fair value . 201d 150 goldman sachs 2012 annual report .","['-7761.0', '6606.0']" "['what portion ot total net revenue is generated by noninterest revenue\tin 2009?', 'what is the noninterest revenue in 2010?', 'what about the total net revenue?', 'what portion is generated by noninterest revenue?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: jpmorgan chase & co./2010 annual report 59 consolidated results of operations this following section provides a comparative discussion of jpmorgan chase 2019s consolidated results of operations on a reported basis for the three-year period ended december 31 , 2010 . factors that related primarily to a single business segment are discussed in more detail within that business segment . for a discussion of the critical accounting estimates used by the firm that affect the consolidated results of operations , see pages 149 2013 154 of this annual report . revenue year ended december 31 , ( in millions ) 2010 2009 2008 .
1year ended december 31 ( in millions )201020092008
2investment banking fees$ 6190$ 7087$ 5526
3principal transactions108949796-10699 ( 10699 )
4lending- and deposit-related fees634070455088
5asset management administrationand commissions134991254013943
6securities gains296511101560
7mortgage fees and related income387036783467
8credit card income589171107419
9other income20449162169
10noninterest revenue516934928228473
11net interest income510015115238779
12total net revenue$ 102694$ 100434$ 67252
2010 compared with 2009 total net revenue for 2010 was $ 102.7 billion , up by $ 2.3 billion , or 2% ( 2 % ) , from 2009 . results for 2010 were driven by a higher level of securities gains and private equity gains in corporate/private equity , higher asset management fees in am and administration fees in tss , and higher other income in several businesses , partially offset by lower credit card income . investment banking fees decreased from 2009 due to lower equity underwriting and advisory fees , partially offset by higher debt underwriting fees . competitive markets combined with flat industry-wide equity underwriting and completed m&a volumes , resulted in lower equity underwriting and advisory fees ; while strong industry-wide loan syndication and high-yield bond volumes drove record debt underwriting fees in ib . for additional information on investment banking fees , which are primarily recorded in ib , see ib segment results on pages 69 201371 of this annual report . principal transactions revenue , which consists of revenue from the firm 2019s trading and private equity investing activities , increased compared with 2009 . this was driven by the private equity business , which had significant private equity gains in 2010 , compared with a small loss in 2009 , reflecting improvements in market conditions . trading revenue decreased , reflecting lower results in corporate , offset by higher revenue in ib primarily reflecting gains from the widening of the firm 2019s credit spread on certain structured and derivative liabilities . for additional information on principal transactions revenue , see ib and corporate/private equity segment results on pages 69 201371 and 89 2013 90 , respectively , and note 7 on pages 199 2013200 of this annual report . lending- and deposit-related fees decreased in 2010 from 2009 levels , reflecting lower deposit-related fees in rfs associated , in part , with newly-enacted legislation related to non-sufficient funds and overdraft fees ; this was partially offset by higher lending- related service fees in ib , primarily from growth in business volume , and in cb , primarily from higher commitment and letter-of-credit fees . for additional information on lending- and deposit-related fees , which are mostly recorded in ib , rfs , cb and tss , see segment results for ib on pages 69 201371 , rfs on pages 72 201378 , cb on pages 82 201383 and tss on pages 84 201385 of this annual report . asset management , administration and commissions revenue increased from 2009 . the increase largely reflected higher asset management fees in am , driven by the effect of higher market levels , net inflows to products with higher margins and higher performance fees ; and higher administration fees in tss , reflecting the effects of higher market levels and net inflows of assets under custody . this increase was partially offset by lower brokerage commissions in ib , as a result of lower market volumes . for additional information on these fees and commissions , see the segment discussions for am on pages 86 201388 and tss on pages 84 201385 of this annual report . securities gains were significantly higher in 2010 compared with 2009 , resulting primarily from the repositioning of the portfolio in response to changes in the interest rate environment and to rebalance exposure . for additional information on securities gains , which are mostly recorded in the firm 2019s corporate segment , see the corporate/private equity segment discussion on pages 89 201390 of this annual report . mortgage fees and related income increased in 2010 compared with 2009 , driven by higher mortgage production revenue , reflecting increased mortgage origination volumes in rfs and am , and wider margins , particularly in rfs . this increase was largely offset by higher repurchase losses in rfs ( recorded as contra- revenue ) , which were attributable to higher estimated losses related to repurchase demands , predominantly from gses . for additional information on mortgage fees and related income , which is recorded primarily in rfs , see rfs 2019s mortgage banking , auto & other consumer lending discussion on pages 74 201377 of this annual report . for additional information on repurchase losses , see the repurchase liability discussion on pages 98 2013101 and note 30 on pages 275 2013280 of this annual report . credit card income decreased during 2010 , predominantly due to the impact of the accounting guidance related to vies , effective january 1 , 2010 , that required the firm to consolidate the assets and liabilities of its firm-sponsored credit card securitization trusts . adoption of the new guidance resulted in the elimination of all servicing fees received from firm-sponsored credit card securitization trusts ( which was offset by related increases in net .","['0.49069', '51693.0', '102694.0', '0.50337']" "['what was the hqla in excess of net outflows at the end of 2017?', 'what was the balance at the end of 2016?', 'what is the net difference?', 'what was the starting value?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: liquidity monitoring and measurement stress testing liquidity stress testing is performed for each of citi 2019s major entities , operating subsidiaries and/or countries . stress testing and scenario analyses are intended to quantify the potential impact of an adverse liquidity event on the balance sheet and liquidity position , and to identify viable funding alternatives that can be utilized . these scenarios include assumptions about significant changes in key funding sources , market triggers ( such as credit ratings ) , potential uses of funding and geopolitical and macroeconomic conditions . these conditions include expected and stressed market conditions as well as company-specific events . liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over a variety of time horizons and over different stressed conditions . liquidity limits are set accordingly . to monitor the liquidity of an entity , these stress tests and potential mismatches are calculated with varying frequencies , with several tests performed daily . given the range of potential stresses , citi maintains contingency funding plans on a consolidated basis and for individual entities . these plans specify a wide range of readily available actions for a variety of adverse market conditions or idiosyncratic stresses . short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal liquidity stress metrics that citi has developed for a 30-day stress scenario , citi also monitors its liquidity by reference to the lcr , as calculated pursuant to the u.s . lcr rules . generally , the lcr is designed to ensure that banks maintain an adequate level of hqla to meet liquidity needs under an acute 30-day stress scenario . the lcr is calculated by dividing hqla by estimated net outflows over a stressed 30-day period , with the net outflows determined by applying prescribed outflow factors to various categories of liabilities , such as deposits , unsecured and secured wholesale borrowings , unused lending commitments and derivatives- related exposures , partially offset by inflows from assets maturing within 30 days . banks are required to calculate an add-on to address potential maturity mismatches between contractual cash outflows and inflows within the 30-day period in determining the total amount of net outflows . the minimum lcr requirement is 100% ( 100 % ) , effective january 2017 . pursuant to the federal reserve board 2019s final rule regarding lcr disclosures , effective april 1 , 2017 , citi began to disclose lcr in the prescribed format . the table below sets forth the components of citi 2019s lcr calculation and hqla in excess of net outflows for the periods indicated : in billions of dollars dec . 31 , sept . 30 , dec . 31 .
1in billions of dollarsdec . 31 2017sept . 30 2017dec . 31 2016
2hqla$ 446.4$ 448.6$ 403.7
3net outflows364.3365.1332.5
4lcr123% ( 123 % )123% ( 123 % )121% ( 121 % )
5hqla in excess of net outflows$ 82.1$ 83.5$ 71.3
note : amounts set forth in the table above are presented on an average basis . as set forth in the table above , citi 2019s lcr increased year- over-year , as the increase in the hqla ( as discussed above ) more than offset an increase in modeled net outflows . the increase in modeled net outflows was primarily driven by changes in assumptions , including changes in methodology to better align citi 2019s outflow assumptions with those embedded in its resolution planning . sequentially , citi 2019s lcr remained unchanged . long-term liquidity measurement : net stable funding ratio ( nsfr ) in 2016 , the federal reserve board , the fdic and the occ issued a proposed rule to implement the basel iii nsfr requirement . the u.s.-proposed nsfr is largely consistent with the basel committee 2019s final nsfr rules . in general , the nsfr assesses the availability of a bank 2019s stable funding against a required level . a bank 2019s available stable funding would include portions of equity , deposits and long-term debt , while its required stable funding would be based on the liquidity characteristics of its assets , derivatives and commitments . prescribed factors would be required to be applied to the various categories of asset and liabilities classes . the ratio of available stable funding to required stable funding would be required to be greater than 100% ( 100 % ) . while citi believes that it is compliant with the proposed u.s . nsfr rules as of december 31 , 2017 , it will need to evaluate a final version of the rules , which are expected to be released during 2018 . citi expects that the nsfr final rules implementation period will be communicated along with the final version of the rules. .","['82.1', '71.3', '10.8', '71.3', '0.15147']" "['what was the 2004 net revenue?', 'what was the 2003 net revenue?', 'what was the difference?', 'what was the value for volume/weather?', 'what is the ratio of volume/weather to the difference in revenue?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy new orleans , inc . management's financial discussion and analysis results of operations net income ( loss ) 2004 compared to 2003 net income increased $ 20.2 million primarily due to higher net revenue . 2003 compared to 2002 entergy new orleans had net income of $ 7.9 million in 2003 compared to a net loss in 2002 . the increase was due to higher net revenue and lower interest expense , partially offset by higher other operation and maintenance expenses and depreciation and amortization expenses . net revenue 2004 compared to 2003 net revenue , which is entergy new orleans' measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory credits . following is an analysis of the change in net revenue comparing 2004 to 2003. .
1( in millions )
22003 net revenue$ 208.3
3base rates10.6
4volume/weather8.3
52004 deferrals7.5
6price applied to unbilled electric sales3.7
7other0.6
82004 net revenue$ 239.0
the increase in base rates was effective june 2003 . the rate increase is discussed in note 2 to the domestic utility companies and system energy financial statements . the volume/weather variance is primarily due to increased billed electric usage of 162 gwh in the industrial service sector . the increase was partially offset by milder weather in the residential and commercial sectors . the 2004 deferrals variance is due to the deferral of voluntary severance plan and fossil plant maintenance expenses in accordance with a stipulation approved by the city council in august 2004 . the stipulation allows for the recovery of these costs through amortization of a regulatory asset . the voluntary severance plan and fossil plant maintenance expenses are being amortized over a five-year period that became effective january 2004 and january 2003 , respectively . the formula rate plan is discussed in note 2 to the domestic utility companies and system energy financial statements . the price applied to unbilled electric sales variance is due to an increase in the fuel price applied to unbilled sales. .","['239.0', '208.3', '30.7', '8.3', '0.27036']" "['as of december 31, 2014, what was the company 2019s proportionate share of debt from the aggregate debt of all unconsolidated real estate joint ventures?', 'and what was that aggregate debt?', 'what portion, then, of this aggregate debt did that proportional share one represent?', 'and what was the combined total of both debts, in billions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: guaranteed by the company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the company is obligated to make ( see guarantee table above ) . non-recourse mortgage debt is generally defined as debt whereby the lenders 2019 sole recourse with respect to borrower defaults is limited to the value of the property collateralized by the mortgage . the lender generally does not have recourse against any other assets owned by the borrower or any of the constituent members of the borrower , except for certain specified exceptions listed in the particular loan documents ( see footnote 7 of the notes to consolidated financial statements included in this form 10-k ) . these investments include the following joint ventures : venture ownership interest number of properties total gla thousands ) recourse mortgage payable ( in millions ) number of encumbered properties average interest weighted average ( months ) .
1venturekimco ownership interestnumber of propertiestotal gla ( in thousands )non- recourse mortgage payable ( in millions )number of encumbered propertiesaverage interest rateweighted average term ( months )
2kimpru ( a )15.0% ( 15.0 % )6010573$ 920.4395.53% ( 5.53 % )23.0
3riocan venture ( b )50.0% ( 50.0 % )459307$ 642.6284.29% ( 4.29 % )39.9
4kir ( c )48.6% ( 48.6 % )5411519$ 866.4465.04% ( 5.04 % )61.9
5big shopping centers ( d )50.1% ( 50.1 % )61029$ 144.665.52% ( 5.52 % )22.0
6kimstone ( e ) ( g )33.3% ( 33.3 % )395595$ 704.4384.45% ( 4.45 % )28.7
7cpp ( f )55.0% ( 55.0 % )72425$ 112.125.05% ( 5.05 % )10.1
( a ) represents the company 2019s joint ventures with prudential real estate investors . ( b ) represents the company 2019s joint ventures with riocan real estate investment trust . ( c ) represents the company 2019s joint ventures with certain institutional investors . ( d ) represents the company 2019s remaining joint venture with big shopping centers ( tlv:big ) , an israeli public company ( see footnote 7 of the notes to consolidated financial statements included in this form 10-k ) . ( e ) represents the company 2019s joint ventures with blackstone . ( f ) represents the company 2019s joint ventures with the canadian pension plan investment board ( cppib ) . ( g ) on february 2 , 2015 , the company purchased the remaining 66.7% ( 66.7 % ) interest in the 39-property kimstone portfolio for a gross purchase price of $ 1.4 billion , including the assumption of $ 638.0 million in mortgage debt ( see footnote 26 of the notes to consolidated financial statements included in this form 10-k ) . the company has various other unconsolidated real estate joint ventures with varying structures . as of december 31 , 2014 , these other unconsolidated joint ventures had individual non-recourse mortgage loans aggregating $ 1.2 billion . the aggregate debt as of december 31 , 2014 , of all of the company 2019s unconsolidated real estate joint ventures is $ 4.6 billion , of which the company 2019s proportionate share of this debt is $ 1.8 billion . as of december 31 , 2014 , these loans had scheduled maturities ranging from one month to 19 years and bear interest at rates ranging from 1.92% ( 1.92 % ) to 8.39% ( 8.39 % ) . approximately $ 525.7 million of the aggregate outstanding loan balance matures in 2015 , of which the company 2019s proportionate share is $ 206.0 million . these maturing loans are anticipated to be repaid with operating cash flows , debt refinancing and partner capital contributions , as deemed appropriate ( see footnote 7 of the notes to consolidated financial statements included in this form 10-k ) . .","['1.8', '4.6', '0.3913', '6.4']" "['what was the value of liquid assets?', 'what was the value of securities available for sale?', 'what is the sum?', 'what is the liquid asset value?', 'what is that divided by the prior sum of values?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the pnc financial services group , inc . 2013 form 10-k 65 liquidity and capital management liquidity risk has two fundamental components . the first is potential loss assuming we were unable to meet our funding requirements at a reasonable cost . the second is the potential inability to operate our businesses because adequate contingent liquidity is not available . we manage liquidity risk at the consolidated company level ( bank , parent company and nonbank subsidiaries combined ) to help ensure that we can obtain cost-effective funding to meet current and future obligations under both normal 201cbusiness as usual 201d and stressful circumstances , and to help ensure that we maintain an appropriate level of contingent liquidity . management monitors liquidity through a series of early warning indicators that may indicate a potential market , or pnc-specific , liquidity stress event . in addition , management performs a set of liquidity stress tests over multiple time horizons with varying levels of severity and maintains a contingency funding plan to address a potential liquidity stress event . in the most severe liquidity stress simulation , we assume that our liquidity position is under pressure , while the market in general is under systemic pressure . the simulation considers , among other things , the impact of restricted access to both secured and unsecured external sources of funding , accelerated run-off of customer deposits , valuation pressure on assets and heavy demand to fund committed obligations . parent company liquidity guidelines are designed to help ensure that sufficient liquidity is available to meet our parent company obligations over the succeeding 24-month period . liquidity-related risk limits are established within our enterprise liquidity management policy and supporting policies . management committees , including the asset and liability committee , and the board of directors and its risk committee regularly review compliance with key established limits . in addition to these liquidity monitoring measures and tools described above , we also monitor our liquidity by reference to the liquidity coverage ratio ( lcr ) which is further described in the supervision and regulation section in item 1 of this report . pnc and pnc bank calculate the lcr on a daily basis and as of december 31 , 2018 , the lcr for pnc and pnc bank exceeded the fully phased-in requirement of 100% ( 100 % ) . we provide additional information regarding regulatory liquidity requirements and their potential impact on us in the supervision and regulation section of item 1 business and item 1a risk factors of this report . sources of liquidity our largest source of liquidity on a consolidated basis is the customer deposit base generated by our banking businesses . these deposits provide relatively stable and low-cost funding . total deposits increased to $ 267.8 billion at december 31 , 2018 from $ 265.1 billion at december 31 , 2017 driven by growth in interest-bearing deposits partially offset by a decrease in noninterest-bearing deposits . see the funding sources section of the consolidated balance sheet review in this report for additional information related to our deposits . additionally , certain assets determined by us to be liquid as well as unused borrowing capacity from a number of sources are also available to manage our liquidity position . at december 31 , 2018 , our liquid assets consisted of short-term investments ( federal funds sold , resale agreements , trading securities and interest-earning deposits with banks ) totaling $ 22.1 billion and securities available for sale totaling $ 63.4 billion . the level of liquid assets fluctuates over time based on many factors , including market conditions , loan and deposit growth and balance sheet management activities . our liquid assets included $ 2.7 billion of securities available for sale and trading securities pledged as collateral to secure public and trust deposits , repurchase agreements and for other purposes . in addition , $ 4.9 billion of securities held to maturity were also pledged as collateral for these purposes . we also obtain liquidity through various forms of funding , including long-term debt ( senior notes , subordinated debt and fhlb borrowings ) and short-term borrowings ( securities sold under repurchase agreements , commercial paper and other short-term borrowings ) . see note 10 borrowed funds and the funding sources section of the consolidated balance sheet review in this report for additional information related to our borrowings . total senior and subordinated debt , on a consolidated basis , decreased due to the following activity : table 24 : senior and subordinated debt .
1in billions2018
2january 1$ 33.3
3issuances4.5
4calls and maturities-6.8 ( 6.8 )
5other-.1 ( .1 )
6december 31$ 30.9
.","['22.1', '63.4', '85.5', '22.1', '0.25848']" "['what was the difference between the value of the nyse composite index in 2007 and 2002?', 'how much does that difference represent in relation to the 2002 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph the following performance graph compares the cumulative total return ( including dividends ) to the holders of our common stock from december 31 , 2002 through december 31 , 2007 , with the cumulative total returns of the nyse composite index , the ftse nareit composite reit index ( the 201call reit index 201d ) , the ftse nareit healthcare equity reit index ( the 201chealthcare reit index 201d ) and the russell 1000 index over the same period . the comparison assumes $ 100 was invested on december 31 , 2002 in our common stock and in each of the foregoing indices and assumes reinvestment of dividends , as applicable . we have included the nyse composite index in the performance graph because our common stock is listed on the nyse . we have included the other indices because we believe that they are either most representative of the industry in which we compete , or otherwise provide a fair basis for comparison with ventas , and are therefore particularly relevant to an assessment of our performance . the figures in the table below are rounded to the nearest dollar. .
112/31/200212/31/200312/31/200412/31/200512/31/200612/31/2007
2ventas$ 100$ 206$ 270$ 331$ 457$ 512
3nyse composite index$ 100$ 132$ 151$ 166$ 200$ 217
4all reit index$ 100$ 138$ 181$ 196$ 262$ 215
5healthcare reit index$ 100$ 154$ 186$ 189$ 273$ 279
6russell 1000 index$ 100$ 130$ 145$ 154$ 178$ 188
ventas nyse composite index all reit index healthcare reit index russell 1000 index .","['117.0', '1.17']" "['what is the difference between the weighted-average number of diluted shares of 2018 and 2017?', 'what is the weighted-average number of diluted shares of 2017?', 'how much does that difference represents in relation to the weighted-average number of diluted shares of 2017?', 'and how much does that represents in 100 basis (percent)?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: note 18 2013 earnings per share ( eps ) basic eps is calculated by dividing net earnings attributable to allegion plc by the weighted-average number of ordinary shares outstanding for the applicable period . diluted eps is calculated after adjusting the denominator of the basic eps calculation for the effect of all potentially dilutive ordinary shares , which in the company 2019s case , includes shares issuable under share-based compensation plans . the following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations: .
1in millions201820172016
2weighted-average number of basic shares95.095.195.8
3shares issuable under incentive stock plans0.70.91.1
4weighted-average number of diluted shares95.796.096.9
at december 31 , 2018 , 0.1 million stock options were excluded from the computation of weighted-average diluted shares outstanding because the effect of including these shares would have been anti-dilutive . note 19 2013 net revenues net revenues are recognized based on the satisfaction of performance obligations under the terms of a contract . a performance obligation is a promise in a contract to transfer control of a distinct product or to provide a service , or a bundle of products or services , to a customer , and is the unit of account under asc 606 . the company has two principal revenue streams , tangible product sales and services . approximately 99% ( 99 % ) of consolidated net revenues involve contracts with a single performance obligation , which is the transfer of control of a product or bundle of products to a customer . transfer of control typically occurs when goods are shipped from the company's facilities or at other predetermined control transfer points ( for instance , destination terms ) . net revenues are measured as the amount of consideration expected to be received in exchange for transferring control of the products and takes into account variable consideration , such as sales incentive programs including discounts and volume rebates . the existence of these programs does not preclude revenue recognition but does require the company's best estimate of the variable consideration to be made based on expected activity , as these items are reserved for as a deduction to net revenues over time based on the company's historical rates of providing these incentives and annual forecasted sales volumes . the company also offers a standard warranty with most product sales and the value of such warranty is included in the contractual price . the corresponding cost of the warranty obligation is accrued as a liability ( see note 20 ) . the company's remaining net revenues involve services , including installation and consulting . unlike the single performance obligation to ship a product or bundle of products , the service revenue stream delays revenue recognition until the service performance obligations are satisfied . in some instances , customer acceptance provisions are included in sales arrangements to give the buyer the ability to ensure the service meets the criteria established in the order . in these instances , revenue recognition is deferred until the performance obligations are satisfied , which could include acceptance terms specified in the arrangement being fulfilled through customer acceptance or a demonstration that established criteria have been satisfied . during the year ended december 31 , 2018 , no adjustments related to performance obligations satisfied in previous periods were recorded . upon adoption of asc 606 , the company used the practical expedients to omit the disclosure of remaining performance obligations for contracts with an original expected duration of one year or less and for contracts where the company has the right to invoice for performance completed to date . the transaction price is not adjusted for the effects of a significant financing component , as the time period between control transfer of goods and services is less than one year . sales , value-added and other similar taxes collected by the company are excluded from net revenues . the company has also elected to account for shipping and handling activities that occur after control of the related goods transfers as fulfillment activities instead of performance obligations . these activities are included in cost of goods sold in the consolidated statements of comprehensive income . the company 2019s payment terms are generally consistent with the industries in which their businesses operate . the following table shows the company's net revenues for the years ended december 31 , based on the two principal revenue streams , tangible product sales and services , disaggregated by business segment . net revenues are shown by tangible product sales and services , as contract terms , conditions and economic factors affecting the nature , amount , timing and uncertainty around revenue recognition and cash flows are substantially similar within each of the two principal revenue streams: .","['-0.3', '96.0', '-0.00312', '-0.3125']" "['what was the difference in the deferred purchase price receivables from 2015 to 2016?', 'what was the value in 2015?', 'what is the difference divided by the 2015 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: arconic and its subsidiaries file income tax returns in the u.s . federal jurisdiction and various states and foreign jurisdictions . with a few minor exceptions , arconic is no longer subject to income tax examinations by tax authorities for years prior to 2006 . all u.s . tax years prior to 2016 have been audited by the internal revenue service . various state and foreign jurisdiction tax authorities are in the process of examining arconic 2019s income tax returns for various tax years through 2015 . a reconciliation of the beginning and ending amount of unrecognized tax benefits ( excluding interest and penalties ) was as follows: .
1december 31,201620152014
2balance at beginning of year$ 18$ 7$ 8
3additions for tax positions of the current year12--
4additions for tax positions of prior years-144
5reductions for tax positions of prior years--2 ( 2 )-3 ( 3 )
6settlements with tax authorities-1 ( 1 )--1 ( 1 )
7expiration of the statute of limitations-1 ( 1 )-1 ( 1 )-
8foreign currency translation---1 ( 1 )
9balance at end of year$ 28$ 18$ 7
for all periods presented , a portion of the balance at end of year pertains to state tax liabilities , which are presented before any offset for federal tax benefits . the effect of unrecognized tax benefits , if recorded , that would impact the annual effective tax rate for 2016 , 2015 , and 2014 would be approximately 6% ( 6 % ) , 7% ( 7 % ) , and 4% ( 4 % ) , respectively , of pretax book income . arconic does not anticipate that changes in its unrecognized tax benefits will have a material impact on the statement of consolidated operations during 2017 ( see tax in note l for a matter for which no reserve has been recognized ) . it is arconic 2019s policy to recognize interest and penalties related to income taxes as a component of the provision for income taxes on the accompanying statement of consolidated operations . in 2016 , 2015 , and 2014 , arconic did not recognize any interest or penalties . due to the expiration of the statute of limitations , settlements with tax authorities , and refunded overpayments , arconic recognized interest income of $ 1 in 2015 but did not recognize any interest income in 2016 or 2014 . as of december 31 , 2016 and 2015 , the amount accrued for the payment of interest and penalties was $ 2 and $ 1 , respectively . s . receivables sale of receivables programs arconic has an arrangement with three financial institutions to sell certain customer receivables without recourse on a revolving basis . the sale of such receivables is completed through the use of a bankruptcy remote special purpose entity , which is a consolidated subsidiary of arconic . this arrangement provides for minimum funding of $ 200 up to a maximum of $ 400 for receivables sold . on march 30 , 2012 , arconic initially sold $ 304 of customer receivables in exchange for $ 50 in cash and $ 254 of deferred purchase price under this arrangement . arconic has received additional net cash funding of $ 300 for receivables sold ( $ 1758 in draws and $ 1458 in repayments ) since the program 2019s inception , including $ 100 ( $ 500 in draws and $ 400 in repayments ) in 2016 . no draws or repayments occurred in 2015 . as of december 31 , 2016 and 2015 , the deferred purchase price receivable was $ 83 and $ 249 , respectively , which was included in other receivables on the accompanying consolidated balance sheet . the deferred purchase price receivable is reduced as collections of the underlying receivables occur ; however , as this is a revolving program , the sale of new receivables will result in an increase in the deferred purchase price receivable . the net change in the deferred purchase price receivable was reflected in the ( increase ) decrease in receivables line item on the accompanying statement of consolidated cash flows . this activity is reflected as an operating cash flow because the related customer receivables are the result of an operating activity with an insignificant , short-term interest rate risk. .","['-166.0', '249.0', '-0.66667']" "['what was the change in warranty reserve balance from 2008 to 2009?', 'what was the value in 2008?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: investments prior to our acquisition of keystone on october 12 , 2007 , we held common shares of keystone , which were classified as an available-for-sale investment security . accordingly , the investment was included in other assets at its fair value , with the unrealized gain excluded from earnings and included in accumulated other comprehensive income , net of applicable taxes . upon our acquisition of keystone on october 12 , 2007 , the unrealized gain was removed from accumulated other comprehensive income , net of applicable taxes , and the original cost of the common shares was considered a component of the purchase price . fair value of financial instruments our debt is reflected on the balance sheet at cost . based on current market conditions , our interest rate margins are below the rate available in the market , which causes the fair value of our debt to fall below the carrying value . the fair value of our term loans ( see note 6 , 201clong-term obligations 201d ) is approximately $ 570 million at december 31 , 2009 , as compared to the carrying value of $ 596 million . 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 , 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 approach to value our financial assets and liabilities , which include the cash surrender value of life insurance , deferred compensation liabilities and interest rate swaps . the market approach utilizes available market information to estimate fair value . required fair value disclosures are included in note 8 , 201cfair value measurements . 201d accrued expenses we self-insure a portion of employee medical benefits under the terms of our employee health insurance program . we purchase certain stop-loss insurance to limit our liability exposure . we also self-insure a portion of our property and casualty risk , which includes automobile liability , general liability , workers 2019 compensation and property under deductible insurance programs . the insurance premium costs are expensed over the contract periods . a reserve for liabilities associated with these losses is established for claims filed and claims incurred but not yet reported based upon our estimate of ultimate cost , which is calculated using analyses of historical data . we monitor new claims and claim development as well as trends related to the claims incurred but not reported in order to assess the adequacy of our insurance reserves . self-insurance reserves on the consolidated balance sheets are net of claims deposits of $ 0.7 million and $ 0.8 million , at december 31 , 2009 and 2008 , respectively . while we do not expect the amounts ultimately paid to differ significantly from our estimates , our insurance reserves and corresponding expenses could be affected if future claim experience differs significantly from historical trends and assumptions . product warranties some of our mechanical products are sold with a standard six-month 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 ) : .
1balance as of january 1 2008$ 580
2warranty expense3681
3warranty claims-3721 ( 3721 )
4balance as of december 31 2008540
5warranty expense5033
6warranty claims-4969 ( 4969 )
7balance as of december 31 2009$ 604
.","['64.0', '540.0', '0.11852']" "['what was the ending balance of ipr&d assets as of 12/31/15?', 'and the foreign currency translation impact?', 'considering this impact, what was the value of assets?', 'and converted into the millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 . goodwill and in-process research and development ( continued ) the company has no accumulated impairment losses on goodwill . the company performed a step 0 qualitative assessment during the annual impairment review for fiscal 2015 as of october 31 , 2014 and concluded that it is not more likely than not that the fair value of the company 2019s single reporting unit is less than its carrying amount . therefore , the two-step goodwill impairment test for the reporting unit was not necessary in fiscal 2015 . as described in note 3 . 201cacquisitions , 201d in july 2014 , the company acquired ecp and ais and recorded $ 18.5 million of ipr&d . the estimated fair value of the ipr&d was determined using a probability-weighted income approach , which discounts expected future cash flows to present value . the projected cash flows from the expandable catheter pump technology were based on certain key assumptions , including estimates of future revenue and expenses , taking into account the stage of development of the technology at the acquisition date and the time and resources needed to complete development . the company used a discount rate of 22.5% ( 22.5 % ) and cash flows that have been probability adjusted to reflect the risks of product commercialization , which the company believes are appropriate and representative of market participant assumptions . the carrying value of the company 2019s ipr&d assets and the change in the balance for the year ended march 31 , 2015 is as follows : march 31 , ( in $ 000 2019s ) .
1march 31 2015 ( in $ 000 2019s )
2beginning balance$ 2014
3additions18500
4foreign currency translation impact-3789 ( 3789 )
5ending balance$ 14711
note 9 . stockholders 2019 equity class b preferred stock the company has authorized 1000000 shares of class b preferred stock , $ .01 par value , of which the board of directors can set the designation , rights and privileges . no shares of class b preferred stock have been issued or are outstanding . stock repurchase program in november 2012 , the company 2019s board of directors authorized a stock repurchase program for up to $ 15.0 million of its common stock . the company financed the stock repurchase program with its available cash . during the year ended march 31 , 2013 , the company repurchased 1123587 shares for $ 15.0 million in open market purchases at an average cost of $ 13.39 per share , including commission expense . the company completed the purchase of common stock under this stock repurchase program in january 2013 . note 10 . stock award plans and stock-based compensation stock award plans the company grants stock options and restricted stock awards to employees and others . all outstanding stock options of the company as of march 31 , 2015 were granted with an exercise price equal to the fair market value on the date of grant . outstanding stock options , if not exercised , expire 10 years from the date of grant . the company 2019s 2008 stock incentive plan ( the 201cplan 201d ) authorizes the grant of a variety of equity awards to the company 2019s officers , directors , employees , consultants and advisers , including awards of unrestricted and restricted stock , restricted stock units , incentive and nonqualified stock options to purchase shares of common stock , performance share awards and stock appreciation rights . the plan provides that options may only be granted at the current market value on the date of grant . each share of stock issued pursuant to a stock option or stock appreciation right counts as one share against the maximum number of shares issuable under the plan , while each share of stock issued .","['14711.0', '3789.0', '10922.0', '10922000.0']" "['what was the sum of the cash flows for 2011 and 2012?', 'what is the value of cash flows in 2010?', 'what is the sum of all 3 years?', 'what is the average cash flow per year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: we measure cash flow as net cash provided by operating activities reduced by expenditures for property additions . we use this non-gaap financial measure of cash flow to focus management and investors on the amount of cash available for debt repayment , dividend distributions , acquisition opportunities , and share repurchases . our cash flow metric is reconciled to the most comparable gaap measure , as follows: .
1( dollars in millions )201220112010
2net cash provided by operating activities$ 1758$ 1595$ 1008
3additions to properties-533 ( 533 )-594 ( 594 )-474 ( 474 )
4cash flow$ 1225$ 1001$ 534
5year-over-year change22.4% ( 22.4 % )87.5% ( 87.5 % )
year-over-year change 22.4 % ( % ) 87.5 % ( % ) year-over-year changes in cash flow ( as defined ) were driven by improved performance in working capital resulting from the benefit derived from the pringles acquisition , as well as changes in the level of capital expenditures during the three-year period . investing activities our net cash used in investing activities for 2012 amounted to $ 3245 million , an increase of $ 2658 million compared with 2011 primarily attributable to the $ 2668 acquisition of pringles in capital spending in 2012 included investments in our supply chain infrastructure , and to support capacity requirements in certain markets , including pringles . in addition , we continued the investment in our information technology infrastructure related to the reimplementation and upgrade of our sap platform . net cash used in investing activities of $ 587 million in 2011 increased by $ 122 million compared with 2010 , reflecting capital projects for our reimplementation and upgrade of our sap platform and investments in our supply chain . cash paid for additions to properties as a percentage of net sales has decreased to 3.8% ( 3.8 % ) in 2012 , from 4.5% ( 4.5 % ) in 2011 , which was an increase from 3.8% ( 3.8 % ) in financing activities in february 2013 , we issued $ 250 million of two-year floating-rate u.s . dollar notes , and $ 400 million of ten-year 2.75% ( 2.75 % ) u.s . dollar notes . the proceeds from these notes will be used for general corporate purposes , including , together with cash on hand , repayment of the $ 750 million aggregate principal amount of our 4.25% ( 4.25 % ) u.s . dollar notes due march 2013 . the floating-rate notes bear interest equal to three-month libor plus 23 basis points , subject to quarterly reset . the notes contain customary covenants that limit the ability of kellogg company and its restricted subsidiaries ( as defined ) to incur certain liens or enter into certain sale and lease-back transactions , as well as a change of control provision . our net cash provided by financing activities was $ 1317 for 2012 , compared to net cash used in financing activities of $ 957 and $ 439 for 2011 and 2010 , respectively . the increase in cash provided from financing activities in 2012 compared to 2011 and 2010 , was primarily due to the issuance of debt related to the acquisition of pringles . total debt was $ 7.9 billion at year-end 2012 and $ 6.0 billion at year-end 2011 . in march 2012 , we entered into interest rate swaps on our $ 500 million five-year 1.875% ( 1.875 % ) fixed rate u.s . dollar notes due 2016 , $ 500 million ten-year 4.15% ( 4.15 % ) fixed rate u.s . dollar notes due 2019 and $ 500 million of our $ 750 million seven-year 4.45% ( 4.45 % ) fixed rate u.s . dollar notes due 2016 . the interest rate swaps effectively converted these notes from their fixed rates to floating rate obligations through maturity . in may 2012 , we issued $ 350 million of three-year 1.125% ( 1.125 % ) u.s . dollar notes , $ 400 million of five-year 1.75% ( 1.75 % ) u.s . dollar notes and $ 700 million of ten-year 3.125% ( 3.125 % ) u.s . dollar notes , resulting in aggregate net proceeds after debt discount of $ 1.442 billion . the proceeds of these notes were used for general corporate purposes , including financing a portion of the acquisition of pringles . in may 2012 , we issued cdn . $ 300 million of two-year 2.10% ( 2.10 % ) fixed rate canadian dollar notes , using the proceeds from these notes for general corporate purposes , which included repayment of intercompany debt . this repayment resulted in cash available to be used for a portion of the acquisition of pringles . in december 2012 , we repaid $ 750 million five-year 5.125% ( 5.125 % ) u.s . dollar notes at maturity with commercial paper . in february 2011 , we entered into interest rate swaps on $ 200 million of our $ 750 million seven-year 4.45% ( 4.45 % ) fixed rate u.s . dollar notes due 2016 . the interest rate swaps effectively converted this portion of the notes from a fixed rate to a floating rate obligation through maturity . in april 2011 , we repaid $ 945 million ten-year 6.60% ( 6.60 % ) u.s . dollar notes at maturity with commercial paper . in may 2011 , we issued $ 400 million of seven-year 3.25% ( 3.25 % ) fixed rate u.s . dollar notes , using the proceeds of $ 397 million for general corporate purposes and repayment of commercial paper . during 2011 , we entered into interest rate swaps with notional amounts totaling $ 400 million , which effectively converted these notes from a fixed rate to a floating rate obligation through maturity . in november 2011 , we issued $ 500 million of five-year 1.875% ( 1.875 % ) fixed rate u . s . dollar notes , using the proceeds of $ 498 million for general corporate purposes and repayment of commercial paper . during 2012 , we entered into interest rate swaps which effectively converted these notes from a fixed rate to a floating rate obligation through maturity . in april 2010 , our board of directors approved a share repurchase program authorizing us to repurchase shares of our common stock amounting to $ 2.5 billion during 2010 through 2012 . this three year authorization replaced previous share buyback programs which had authorized stock repurchases of up to $ 1.1 billion for 2010 and $ 650 million for 2009 . under this program , we repurchased approximately 1 million , 15 million and 21 million shares of common stock for $ 63 million , $ 793 million and $ 1.1 billion during 2012 , 2011 and 2010 , respectively . in december 2012 , our board of directors approved a share repurchase program authorizing us to repurchase shares of our common stock amounting to $ 300 million during 2013 . we paid quarterly dividends to shareholders totaling $ 1.74 per share in 2012 , $ 1.67 per share in 2011 and $ 1.56 per share in 2010 . total cash paid for dividends increased by 3.0% ( 3.0 % ) in 2012 and 3.4% ( 3.4 % ) in 2011 . in march 2011 , we entered into an unsecured four- year credit agreement which allows us to borrow , on a revolving credit basis , up to $ 2.0 billion . our long-term debt agreements contain customary covenants that limit kellogg company and some of its subsidiaries from incurring certain liens or from entering into certain sale and lease-back transactions . some agreements also contain change in control provisions . however , they do not contain acceleration of maturity clauses that are dependent on credit ratings . a change in our credit ratings could limit our access to the u.s . short-term debt market and/or increase the cost of refinancing long-term debt in the future . however , even under these circumstances , we would continue to have access to our four-year credit agreement , which expires in march 2015 . this source of liquidity is unused and available on an unsecured basis , although we do not currently plan to use it . capital and credit markets , including commercial paper markets , continued to experience instability and disruption as the u.s . and global economies underwent a period of extreme uncertainty . throughout this period of uncertainty , we continued to have access to the u.s. , european , and canadian commercial paper markets . our commercial paper and term debt credit ratings were not affected by the changes in the credit environment . we monitor the financial strength of our third-party financial institutions , including those that hold our cash and cash equivalents as well as those who serve as counterparties to our credit facilities , our derivative financial instruments , and other arrangements . we are in compliance with all covenants as of december 29 , 2012 . we continue to believe that we will be able to meet our interest and principal repayment obligations and maintain our debt covenants for the foreseeable future , while still meeting our operational needs , including the pursuit of selected bolt-on acquisitions . this will be accomplished through our strong cash flow , our short- term borrowings , and our maintenance of credit facilities on a global basis. .","['2226.0', '534.0', '2760.0', '920.0']" "['what were total interest payments in 2010?', 'what were they in 2009?', 'what is the net change in values?', 'what was the 2009 value?', 'what is the net change divided by the 2009 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest . cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) . the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes . in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) . the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility . in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 . there were no outstanding amounts due under either revolving facility at the times of their termination . the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions . the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 . the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement . additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum . the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc . for the company 2019s non-credit enhanced , long- term , senior , unsecured debt . there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s . dollar denominated borrowing would have been 1.05 percent . the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets . the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less . the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency . ppg 2019s non-u.s . operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 . these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees . short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec . 31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures . the company 2019s revolving credit agreements include a financial ratio covenant . the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments . as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments . additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions . those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements . none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates . interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively . in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) . the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares . in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k .
1( millions )20112010
2other weighted average 3.72% ( 3.72 % ) as of dec . 31 2011 and 3.39% ( 3.39 % ) as of december 31 20103324
3total$ 33$ 24
notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest . cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) . the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes . in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) . the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility . in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 . there were no outstanding amounts due under either revolving facility at the times of their termination . the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions . the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 . the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement . additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum . the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc . for the company 2019s non-credit enhanced , long- term , senior , unsecured debt . there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s . dollar denominated borrowing would have been 1.05 percent . the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets . the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less . the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency . ppg 2019s non-u.s . operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 . these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees . short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec . 31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures . the company 2019s revolving credit agreements include a financial ratio covenant . the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments . as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments . additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions . those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements . none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates . interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively . in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) . the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares . in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k .","['189.0', '201.0', '-12.0', '201.0', '-0.0597']" "['what was the amount of total unrecognized compensation expense related to nonvested performance retention awards?', 'and converted to the ten millions?', 'so what was the annual compensation expense for the remaining unvested performance retention awards?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: changes in our performance retention awards during 2009 were as follows : shares ( thous. ) weighted-average grant-date fair value .
1shares ( thous. )weighted-averagegrant-date fair value
2nonvested at january 1 2009873$ 50.70
3granted44947.28
4vested-240 ( 240 )43.23
5forfeited-22 ( 22 )53.86
6nonvested at december 31 20091060$ 50.88
at december 31 , 2009 , there was $ 22 million of total unrecognized compensation expense related to nonvested performance retention awards , which is expected to be recognized over a weighted-average period of 1.3 years . a portion of this expense is subject to achievement of the roic levels established for the performance stock unit grants . 5 . retirement plans pension and other postretirement benefits pension plans 2013 we provide defined benefit retirement income to eligible non-union employees through qualified and non-qualified ( supplemental ) pension plans . qualified and non-qualified pension benefits are based on years of service and the highest compensation during the latest years of employment , with specific reductions made for early retirements . other postretirement benefits ( opeb ) 2013 we provide defined contribution medical and life insurance benefits for eligible retirees . these benefits are funded as medical claims and life insurance premiums are plan amendment effective january 1 , 2010 , medicare-eligible retirees who are enrolled in the union pacific retiree medical program will receive a contribution to a health reimbursement account , which can be used to pay eligible out-of-pocket medical expenses . the impact of the plan amendment is reflected in the projected benefit obligation ( pbo ) at december 31 , 2009 . funded status we are required by gaap to separately recognize the overfunded or underfunded status of our pension and opeb plans as an asset or liability . the funded status represents the difference between the pbo and the fair value of the plan assets . the pbo is the present value of benefits earned to date by plan participants , including the effect of assumed future salary increases . the pbo of the opeb plan is equal to the accumulated benefit obligation , as the present value of the opeb liabilities is not affected by salary increases . plan assets are measured at fair value . we use a december 31 measurement date for plan assets and obligations for all our retirement plans. .","['22.0', '22000000.0', '16923076.92308']" "['what was the value of unrecognized tax benefits as of september 28, 2012?', 'what was the value of unrecognized tax benefits as of september 30, 2011?', 'what was the change in value?', 'what was the value of unrecognized tax benefits as of september 30, 2011?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: skyworks solutions , inc . notes to consolidated financial statements 2014 ( continued ) maintained a valuation allowance of $ 47.0 million . this valuation allowance is comprised of $ 33.6 million related to u.s . state tax credits , of which $ 3.6 million are state tax credits acquired from aati in fiscal year 2012 , and $ 13.4 million related to foreign deferred tax assets . if these benefits are recognized in a future period the valuation allowance on deferred tax assets will be reversed and up to a $ 46.6 million income tax benefit , and up to a $ 0.4 million reduction to goodwill may be recognized . the company will need to generate $ 209.0 million of future united states federal taxable income to utilize our united states deferred tax assets as of september 28 , 2012 . deferred tax assets are recognized for foreign operations when management believes it is more likely than not that the deferred tax assets will be recovered during the carry forward period . the company will continue to assess its valuation allowance in future periods . as of september 28 , 2012 , the company has united states federal net operating loss carry forwards of approximately $ 74.3 million , including $ 29.5 million related to the acquisition of sige , which will expire at various dates through 2030 and $ 28.1 million related to the acquisition of aati , which will expire at various dates through 2031 . the utilization of these net operating losses is subject to certain annual limitations as required under internal revenue code section 382 and similar state income tax provisions . the company also has united states federal income tax credit carry forwards of $ 37.8 million , of which $ 30.4 million of federal income tax credit carry forwards have not been recorded as a deferred tax asset . the company also has state income tax credit carry forwards of $ 33.6 million , for which the company has provided a valuation allowance . the united states federal tax credits expire at various dates through 2032 . the state tax credits relate primarily to california research tax credits which can be carried forward indefinitely . the company has continued to expand its operations and increase its investments in numerous international jurisdictions . these activities will increase the company 2019s earnings attributable to foreign jurisdictions . as of september 28 , 2012 , no provision has been made for united states federal , state , or additional foreign income taxes related to approximately $ 371.5 million of undistributed earnings of foreign subsidiaries which have been or are intended to be permanently reinvested . it is not practicable to determine the united states federal income tax liability , if any , which would be payable if such earnings were not permanently reinvested . the company 2019s gross unrecognized tax benefits totaled $ 52.4 million and $ 32.1 million as of september 28 , 2012 and september 30 , 2011 , respectively . of the total unrecognized tax benefits at september 28 , 2012 , $ 38.8 million would impact the effective tax rate , if recognized . the remaining unrecognized tax benefits would not impact the effective tax rate , if recognized , due to the company 2019s valuation allowance and certain positions which were required to be capitalized . there are no positions which the company anticipates could change within the next twelve months . a reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows ( in thousands ) : unrecognized tax benefits .
1unrecognized tax benefits
2balance at september 30 2011$ 32136
3increases based on positions related to prior years9004
4increases based on positions related to current year11265
5decreases relating to settlements with taxing authorities2014
6decreases relating to lapses of applicable statutes of limitations-25 ( 25 )
7balance at september 28 2012$ 52380
page 114 annual report .","['52380.0', '32136.0', '20244.0', '32136.0', '0.62995']" "['what is the net value change in loans reported from 2012 to 2013?', 'what is the percent change from 2012 to 2013?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis 130 jpmorgan chase & co./2013 annual report wholesale credit portfolio the wholesale credit environment remained favorable throughout 2013 driving an increase in commercial client activity . discipline in underwriting across all areas of lending continues to remain a key point of focus , consistent with evolving market conditions and the firm 2019s risk management activities . the wholesale portfolio is actively managed , in part by conducting ongoing , in-depth reviews of credit quality and of industry , product and client concentrations . during the year , wholesale criticized assets and nonperforming assets decreased from higher levels experienced in 2012 , including a reduction in nonaccrual loans by 39% ( 39 % ) . as of december 31 , 2013 , wholesale exposure ( primarily cib , cb and am ) increased by $ 13.7 billion from december 31 , 2012 , primarily driven by increases of $ 11.4 billion in lending-related commitments and $ 8.4 billion in loans reflecting increased client activity primarily in cb and am . these increases were partially offset by a $ 9.2 billion decrease in derivative receivables . derivative receivables decreased predominantly due to reductions in interest rate derivatives driven by an increase in interest rates and reductions in commodity derivatives due to market movements . the decreases were partially offset by an increase in equity derivatives driven by a rise in equity markets . wholesale credit portfolio december 31 , credit exposure nonperforming ( d ) .
1december 31 , ( in millions )december 31 , 2013december 31 , 201220132012
2loans retained$ 308263$ 306222$ 821$ 1434
3loans held-for-sale1129044062618
4loans at fair value ( a )20112555197265
5loans 2013 reported32156431318310441717
6derivative receivables6575974983415239
7receivables from customers and other ( b )267442364820142014
8total wholesale credit-related assets41406741181414591956
9lending-related commitments446232434814206355
10total wholesale credit exposure$ 860299$ 846628$ 1665$ 2311
11credit portfolio management derivatives notional net ( c )$ -27996 ( 27996 )$ -27447 ( 27447 )$ -5 ( 5 )$ -25 ( 25 )
12liquid securities and other cash collateral held against derivatives-14435 ( 14435 )-15201 ( 15201 )nana
receivables from customers and other ( b ) 26744 23648 2014 2014 total wholesale credit- related assets 414067 411814 1459 1956 lending-related commitments 446232 434814 206 355 total wholesale credit exposure $ 860299 $ 846628 $ 1665 $ 2311 credit portfolio management derivatives notional , net ( c ) $ ( 27996 ) $ ( 27447 ) $ ( 5 ) $ ( 25 ) liquid securities and other cash collateral held against derivatives ( 14435 ) ( 15201 ) na na ( a ) during 2013 , certain loans that resulted from restructurings that were previously classified as performing were reclassified as nonperforming loans . prior periods were revised to conform with the current presentation . ( b ) receivables from customers and other primarily includes margin loans to prime and retail brokerage customers ; these are classified in accrued interest and accounts receivable on the consolidated balance sheets . ( c ) represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures ; these derivatives do not qualify for hedge accounting under u.s . gaap . excludes the synthetic credit portfolio . for additional information , see credit derivatives on pages 137 2013138 , and note 6 on pages 220 2013233 of this annual report . ( d ) excludes assets acquired in loan satisfactions. .","['8381.0', '0.02676']" "['what was the investment on the alcoainc . in 2014?', 'and what was it in 2013?', 'how much, then, does the 2014 investment represent in relation to the 2013 one?', 'and what is the difference between this value and the number one?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph the following graph compares the most recent five-year performance of alcoa 2019s common stock with ( 1 ) the standard & poor 2019s 500 ae index and ( 2 ) the standard & poor 2019s 500 ae materials index , a group of 27 companies categorized by standard & poor 2019s as active in the 201cmaterials 201d market sector . such information shall not be deemed to be 201cfiled . 201d five-year cumulative total return based upon an initial investment of $ 100 on december 31 , 2010 with dividends reinvested alcoa inc . s&p 500 ae index s&p 500 ae materials index dec-'10 dec-'11 dec-'12 dec-'14 dec-'15dec-'13 .
1as of december 31,201020112012201320142015
2alcoainc .$ 100$ 57$ 58$ 72$ 107$ 68
3s&p 500 aeindex100102118157178181
4s&p 500 aematerials index10090104130139128
s&p 500 ae index 100 102 118 157 178 181 s&p 500 ae materials index 100 90 104 130 139 128 copyright a9 2016 standard & poor 2019s , a division of the mcgraw-hill companies inc . all rights reserved . source : research data group , inc . ( www.researchdatagroup.com/s&p.htm ) .","['107.0', '72.0', '1.48611', '0.48611']" "['what is the common equity dividends declared per common share in 2016?', 'what about in 2015?', 'what is the total dividends declared in these two years?', 'what about the total dividends declared from 2014 to 2016?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the goldman sachs group , inc . and subsidiaries notes to consolidated financial statements in connection with the firm 2019s prime brokerage and clearing businesses , the firm agrees to clear and settle on behalf of its clients the transactions entered into by them with other brokerage firms . the firm 2019s obligations in respect of such transactions are secured by the assets in the client 2019s account as well as any proceeds received from the transactions cleared and settled by the firm on behalf of the client . in connection with joint venture investments , the firm may issue loan guarantees under which it may be liable in the event of fraud , misappropriation , environmental liabilities and certain other matters involving the borrower . the firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications . however , management believes that it is unlikely the firm will have to make any material payments under these arrangements , and no material liabilities related to these guarantees and indemnifications have been recognized in the consolidated statements of financial condition as of december 2016 and december 2015 . other representations , warranties and indemnifications . the firm provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties . the firm may also provide indemnifications protecting against changes in or adverse application of certain u.s . tax laws in connection with ordinary-course transactions such as securities issuances , borrowings or derivatives . in addition , the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld , due either to a change in or an adverse application of certain non-u.s . tax laws . these indemnifications generally are standard contractual terms and are entered into in the ordinary course of business . generally , there are no stated or notional amounts included in these indemnifications , and the contingencies triggering the obligation to indemnify are not expected to occur . the firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications . however , management believes that it is unlikely the firm will have to make any material payments under these arrangements , and no material liabilities related to these arrangements have been recognized in the consolidated statements of financial condition as of december 2016 and december 2015 . guarantees of subsidiaries . group inc . fully and unconditionally guarantees the securities issued by gs finance corp. , a wholly-owned finance subsidiary of the group inc . has guaranteed the payment obligations of goldman , sachs & co . ( gs&co. ) and gs bank usa , subject to certain exceptions . in addition , group inc . guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by- transaction basis , as negotiated with counterparties . group inc . is unable to develop an estimate of the maximum payout under its subsidiary guarantees ; however , because these guaranteed obligations are also obligations of consolidated subsidiaries , group inc . 2019s liabilities as guarantor are not separately disclosed . note 19 . shareholders 2019 equity common equity dividends declared per common share were $ 2.60 in 2016 , $ 2.55 in 2015 and $ 2.25 in 2014 . on january 17 , 2017 , group inc . declared a dividend of $ 0.65 per common share to be paid on march 30 , 2017 to common shareholders of record on march 2 , 2017 . the firm 2019s share repurchase program is intended to help maintain the appropriate level of common equity . the share repurchase program is effected primarily through regular open-market purchases ( which may include repurchase plans designed to comply with rule 10b5-1 ) , the amounts and timing of which are determined primarily by the firm 2019s current and projected capital position , but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firm 2019s common stock . prior to repurchasing common stock , the firm must receive confirmation that the federal reserve board does not object to such capital actions . the table below presents the amount of common stock repurchased by the firm under the share repurchase program. .
1in millions except per share amountsyear ended december 2016year ended december 2015year ended december 2014
2common share repurchases36.622.131.8
3average cost per share$ 165.88$ 189.41$ 171.79
4total cost of common share repurchases$ 6069$ 4195$ 5469
172 goldman sachs 2016 form 10-k .","['2.6', '2.55', '5.15', '7.4']" "['what was the value in unrecognized tax benefits at the end of 2008?', 'what was the value in unrecognized tax benefits at the start of 2008?', 'what is the difference in values?', 'what is the percent change during the year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the following is a reconciliation of the total amounts of unrecognized tax benefits for the year : ( in thousands ) .
1unrecognized tax benefit 2014january 1 2008$ 7928
2ansoft unrecognized tax benefit 2014acquired july 31 20083525
3gross increases 2014tax positions in prior period2454
4gross decreases 2014tax positions in prior period-1572 ( 1572 )
5gross increases 2014tax positions in current period2255
6reductions due to a lapse of the applicable statute of limitations-1598 ( 1598 )
7changes due to currency fluctuation-259 ( 259 )
8settlements-317 ( 317 )
9unrecognized tax benefit 2014december 31 2008$ 12416
included in the balance of unrecognized tax benefits at december 31 , 2008 are $ 5.6 million of tax benefits that , if recognized , would affect the effective tax rate . also included in the balance of unrecognized tax benefits at december 31 , 2008 are $ 5.0 million of tax benefits that , if recognized , would result in a decrease to goodwill recorded in purchase business combinations , and $ 1.9 million of tax benefits that , if recognized , would result in adjustments to other tax accounts , primarily deferred taxes . the company believes it is reasonably possible that uncertain tax positions of approximately $ 2.6 million as of december 31 , 2008 will be resolved within the next twelve months . the company recognizes interest and penalties related to unrecognized tax benefits as income tax expense . related to the uncertain tax benefits noted above , the company recorded interest of $ 171000 during 2008 . penalties recorded during 2008 were insignificant . in total , as of december 31 , 2008 , the company has recognized a liability for penalties of $ 498000 and interest of $ 1.8 million . the company is subject to taxation in the u.s . and various states and foreign jurisdictions . the company 2019s 2005 through 2008 tax years are open to examination by the internal revenue service . the 2005 and 2006 federal returns are currently under examination . the company also has various foreign subsidiaries with tax filings under examination , as well as numerous foreign and state tax filings subject to examination for various years . 10 . pension and profit-sharing plans the company has 401 ( k ) /profit-sharing plans for all qualifying full-time domestic employees that permit participants to make contributions by salary reduction pursuant to section 401 ( k ) of the internal revenue code . the company makes matching contributions on behalf of each eligible participant in an amount equal to 100% ( 100 % ) of the first 3% ( 3 % ) and an additional 25% ( 25 % ) of the next 5% ( 5 % ) , for a maximum total of 4.25% ( 4.25 % ) of the employee 2019s compensation . the company may make a discretionary profit sharing contribution in the amount of 0% ( 0 % ) to 5% ( 5 % ) based on the participant 2019s eligible compensation , provided the employee is employed at the end of the year and has worked at least 1000 hours . the qualifying domestic employees of the company 2019s ansoft subsidiary , acquired on july 31 , 2008 , also participate in a 401 ( k ) plan . there is no matching employer contribution associated with this plan . the company also maintains various defined contribution pension arrangements for its international employees . expenses related to the company 2019s retirement programs were $ 3.7 million in 2008 , $ 4.7 million in 2007 and $ 4.1 million in 2006 . 11 . non-compete and employment agreements employees of the company have signed agreements under which they have agreed not to disclose trade secrets or confidential information and , where legally permitted , that restrict engagement in or connection with any business that is competitive with the company anywhere in the world while employed by the company ( and .","['12416.0', '7928.0', '4488.0', '0.56609']" "['what is the sum of compensation expense associated with the awards granted for 2013 and 2014?', 'what is the average per year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: under the terms of the ansys , inc . long-term incentive plan , in the first quarter of 2012 , 2011 and 2010 , the company granted 100000 , 92500 and 80500 performance-based restricted stock units , respectively . vesting of the full award or a portion thereof is based on the company 2019s performance as measured by total shareholder return relative to the median percentage appreciation of the nasdaq composite index over a specified measurement period , subject to each participant 2019s continued employment with the company through the conclusion of the measurement period . the measurement period for the restricted stock units granted pursuant to the long-term incentive plan is a three-year period beginning january 1 of the year of the grant . each restricted stock unit relates to one share of the company 2019s common stock . the value of each restricted stock unit granted in 2012 , 2011 and 2010 was estimated on the grant date to be $ 33.16 , $ 32.05 and $ 25.00 , respectively . the estimate of the grant-date value of the restricted stock units was made using a monte carlo simulation model . the determination of the fair value of the awards was affected by the grant date and a number of variables , each of which has been identified in the chart below . share-based compensation expense based on the fair value of the award is being recorded from the grant date through the conclusion of the three-year measurement period . on december 31 , 2012 , employees earned 76500 restricted stock units , which will be issued in the first quarter of 2013 . total compensation expense associated with the awards recorded for the years ended december 31 , 2012 , 2011 and 2010 was $ 2.6 million , $ 1.6 million and $ 590000 , respectively . total compensation expense associated with the awards granted for the years ending december 31 , 2013 and 2014 is expected to be $ 2.2 million and $ 1.2 million , respectively. .
1assumption used in monte carlo lattice pricing modelyear ended december 31 , 2012year ended december 31 , 2011 and 2010
2risk-free interest rate0.16% ( 0.16 % )1.35% ( 1.35 % )
3expected dividend yield0% ( 0 % )0% ( 0 % )
4expected volatility 2014ansys stock price28% ( 28 % )40% ( 40 % )
5expected volatility 2014nasdaq composite index20% ( 20 % )25% ( 25 % )
6expected term2.802.90
7correlation factor0.750.70
in accordance with the merger agreement , the company granted performance-based restricted stock units to key members of apache management and employees , with a maximum value of $ 13.0 million to be earned annually over a three-fiscal-year period beginning january 1 , 2012 . additional details regarding these awards are provided within note 3 . 14 . stock repurchase program in february 2012 , ansys announced that its board of directors approved an increase to its authorized stock repurchase program . under the company 2019s stock repurchase program , ansys repurchased 1.5 million shares during the year ended december 31 , 2012 at an average price per share of $ 63.65 , for a total cost of $ 95.5 million . during the year ended december 31 , 2011 , the company repurchased 247443 shares at an average price per share of $ 51.34 , for a total cost of $ 12.7 million . as of december 31 , 2012 , 1.5 million shares remained authorized for repurchase under the program . 15 . employee stock purchase plan the company 2019s 1996 employee stock purchase plan ( the 201cpurchase plan 201d ) was adopted by the board of directors on april 19 , 1996 and was subsequently approved by the company 2019s stockholders . the stockholders approved an amendment to the purchase plan on may 6 , 2004 to increase the number of shares available for offerings to 1.6 million shares . the purchase plan was amended and restated in 2007 . the purchase plan is administered by the compensation committee . offerings under the purchase plan commence on each february 1 and august 1 , and have a duration of six months . an employee who owns or is deemed to own shares of stock representing in excess of 5% ( 5 % ) of the combined voting power of all classes of stock of the company may not participate in the purchase plan . during each offering , an eligible employee may purchase shares under the purchase plan by authorizing payroll deductions of up to 10% ( 10 % ) of his or her cash compensation during the offering period . the maximum number of shares that may be purchased by any participating employee during any offering period is limited to 3840 shares ( as adjusted by the compensation committee from time to time ) . unless the employee has previously withdrawn from the offering , his accumulated payroll deductions will be used to purchase common stock on the last business day of the period at a price equal to 90% ( 90 % ) of the fair market value of the common stock on the first or last day of the offering period , whichever is lower . under applicable tax rules , an employee may purchase no more than $ 25000 worth of common stock in any calendar year . at december 31 , 2012 , 1233385 shares of common stock had been issued under the purchase plan , of which 1184082 were issued as of december 31 , 2011 . the total compensation expense recorded under the purchase plan during the years ended december 31 , 2012 , 2011 and 2010 was $ 710000 , $ 650000 and $ 500000 , respectively . table of contents .","['3.4', '1.7']" "[""what was the change in the pmi's share price from 2012 to 2013?"", 'and how much did this change represent in relation to that price in 2012?', 'and in the two years subsequent to this period, what was the change in the price of that share?', 'what is this change as a portion of the 2014 price?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's peer group and the s&p 500 index . the graph assumes the investment of $ 100 as of december 31 , 2012 , in pmi common stock ( at prices quoted on the new york stock exchange ) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis . date pmi pmi peer group ( 1 ) s&p 500 index .
1datepmipmi peer group ( 1 )s&p 500 index
2december 31 2012$ 100.00$ 100.00$ 100.00
3december 31 2013$ 108.50$ 122.80$ 132.40
4december 31 2014$ 106.20$ 132.50$ 150.50
5december 31 2015$ 120.40$ 143.50$ 152.60
6december 31 2016$ 130.80$ 145.60$ 170.80
7december 31 2017$ 156.80$ 172.70$ 208.10
( 1 ) the pmi peer group presented in this graph is the same as that used in the prior year , except reynolds american inc . was removed following the completion of its acquisition by british american tobacco p.l.c . on july 25 , 2017 . the pmi peer group was established based on a review of four characteristics : global presence ; a focus on consumer products ; and net revenues and a market capitalization of a similar size to those of pmi . the review also considered the primary international tobacco companies . as a result of this review , the following companies constitute the pmi peer group : altria group , inc. , anheuser-busch inbev sa/nv , british american tobacco p.l.c. , the coca-cola company , colgate-palmolive co. , diageo plc , heineken n.v. , imperial brands plc , japan tobacco inc. , johnson & johnson , kimberly-clark corporation , the kraft-heinz company , mcdonald's corp. , mondel z international , inc. , nestl e9 s.a. , pepsico , inc. , the procter & gamble company , roche holding ag , and unilever nv and plc . note : figures are rounded to the nearest $ 0.10. .","['8.5', '0.085', '14.2', '0.13371']" "['what is the highest annual incentive award in 2008?', 'what about the lowest?', 'what is the difference among the highest and the lowest annual incentive award?', 'what is the second highest annual incentive award?', 'what is the difference among the first two highest annual incentive award?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: after reviewing earnings per share and operating cash flow results against the performance objectives in the above table , the personnel committee set the entergy achievement multiplier at 140% ( 140 % ) of target . under the terms of the executive incentive plan , the entergy achievement multiplier is automatically increased by 25 percent for the members of the office of the chief executive ( including mr . denault and mr . smith , but not the other named executive officers ) , subject to the personnel committee's discretion to adjust the automatic multiplier downward or eliminate it altogether . in accordance with section 162 ( m ) of the internal revenue code , the multiplier which entergy refers to as the management effectiveness factor is intended to provide the committee , through the exercise of negative discretion , a mechanism to take into consideration the specific achievement factors relating to the overall performance of entergy corporation . in january 2009 , the committee exercised its negative discretion to eliminate the management effectiveness factor , reflecting the personnel committee's determination that the entergy achievement multiplier , in and of itself without the management effectiveness factor , was consistent with the performance levels achieved by management . the annual incentive award for the named executive officers ( other than mr . leonard , mr . denault and mr . smith ) is awarded from an incentive pool approved by the committee . from this pool , each named executive officer's supervisor determines the annual incentive payment based on the entergy achievement multiplier . the supervisor has the discretion to increase or decrease the multiple used to determine an incentive award based on individual and business unit performance . the incentive awards are subject to the ultimate approval of entergy's chief executive officer . the following table shows the executive and management incentive plans payments as a percentage of base salary for 2008 : named exeutive officer target percentage base salary 2008 annual incentive award .
1named exeutive officertargetpercentage base salary2008 annual incentive award
2j . wayne leonard120% ( 120 % )168% ( 168 % )$ 2169720
3leo p . denault70% ( 70 % )98% ( 98 % )$ 617400
4richard j . smith70% ( 70 % )98% ( 98 % )$ 632100
5e . renae conley60% ( 60 % )102% ( 102 % )$ 415000
6hugh t . mcdonald50% ( 50 % )50% ( 50 % )$ 160500
7joseph f . domino50% ( 50 % )72% ( 72 % )$ 230000
8roderick k . west40% ( 40 % )80% ( 80 % )$ 252000
9haley fisackerly40% ( 40 % )46% ( 46 % )$ 125700
10theodore h . bunting jr .60% ( 60 % )117% ( 117 % )$ 400023
11carolyn shanks50% ( 50 % )72% ( 72 % )$ 229134
12jay a . lewis40% ( 40 % )60% ( 60 % )$ 128505
while ms . shanks and mr . lewis are no longer ceo-entergy mississippi and principal financial officer for the subsidiaries , respectively , ms . shanks continues to participate in the executive incentive plan , and mr . lewis continues to participate in the management incentive plan as they remain employees of entergy since the contemplated enexus separation has not occurred and enexus remains a subsidiary of entergy . nuclear retention plan some of entergy's executives , but not any of the named executive officers , participate in a special retention plan for officers and other leaders with special expertise in the nuclear industry . the committee authorized the plan to attract and retain management talent in the nuclear power field , a field which requires unique technical and other expertise that is in great demand in the utility industry . the plan provides for bonuses to be paid over a three-year employment period . subject to continued employment with a participating company , a participating employee is eligible to receive a special cash bonus consisting of three payments , each consisting of an amount from 15% ( 15 % ) to 30% ( 30 % ) of such participant's base salary. .","['2169720.0', '125700.0', '2044020.0', '632100.0', '1537620.0']" "['what is the goodwill in 2010?', 'what about in 2009?', 'what is the increase?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: holding other assumptions constant , the following table reflects what a one hundred basis point increase and decrease in our estimated long-term rate of return on plan assets would have on our estimated 2011 pension expense ( in millions ) : change in long-term rate of return on plan assets .
1increase ( decrease ) in expensechange in long-term rateof return on plan assets increasechange in long-term rateof return on plan assets decrease
2u.s . plans$ -14 ( 14 )$ 14
3u.k . plans-35 ( 35 )35
4the netherlands plan-5 ( 5 )5
5canada plans-2 ( 2 )2
estimated future contributions we estimate contributions of approximately $ 403 million in 2011 as compared with $ 288 million in goodwill and other intangible assets goodwill represents the excess of cost over the fair market value of the net assets acquired . we classify our intangible assets acquired as either trademarks , customer relationships , technology , non-compete agreements , or other purchased intangibles . our goodwill and other intangible balances at december 31 , 2010 increased to $ 8.6 billion and $ 3.6 billion , respectively , compared to $ 6.1 billion and $ 791 million , respectively , at december 31 , 2009 , primarily as a result of the hewitt acquisition . although goodwill is not amortized , we test it for impairment at least annually in the fourth quarter . in the fourth quarter , we also test acquired trademarks ( which also are not amortized ) for impairment . we test more frequently if there are indicators of impairment or whenever business circumstances suggest that the carrying value of goodwill or trademarks may not be recoverable . these indicators may include a sustained significant decline in our share price and market capitalization , a decline in our expected future cash flows , or a significant adverse change in legal factors or in the business climate , among others . no events occurred during 2010 or 2009 that indicate the existence of an impairment with respect to our reported goodwill or trademarks . we perform impairment reviews at the reporting unit level . a reporting unit is an operating segment or one level below an operating segment ( referred to as a 2018 2018component 2019 2019 ) . a component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component . an operating segment shall be deemed to be a reporting unit if all of its components are similar , if none of its components is a reporting unit , or if the segment comprises only a single component . the goodwill impairment test is a two step analysis . step one requires the fair value of each reporting unit to be compared to its book value . management must apply judgment in determining the estimated fair value of the reporting units . if the fair value of a reporting unit is determined to be greater than the carrying value of the reporting unit , goodwill and trademarks are deemed not to be impaired and no further testing is necessary . if the fair value of a reporting unit is less than the carrying value , we perform step two . step two uses the calculated fair value of the reporting unit to perform a hypothetical purchase price allocation to the fair value of the assets and liabilities of the reporting unit . the difference between the fair value of the reporting unit calculated in step one and the fair value of the underlying assets and liabilities of the reporting unit is the implied fair value of the reporting unit 2019s goodwill . a charge is recorded in the financial statements if the carrying value of the reporting unit 2019s goodwill is greater than its implied fair value. .","['8.6', '6.1', '2.5', '0.40984']" "['what was the sum of the 2015 and 2016 loan balances?', 'what is that divided by 3?', 'what is 2% of that value?', 'what is that times 1000000?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: be adjusted by reference to a grid ( the 201cpricing grid 201d ) based on the consolidated leverage ratio and ranges between 1.00% ( 1.00 % ) to 1.25% ( 1.25 % ) for adjusted libor loans and 0.00% ( 0.00 % ) to 0.25% ( 0.25 % ) for alternate base rate loans . the weighted average interest rate under the outstanding term loans and revolving credit facility borrowings was 1.6% ( 1.6 % ) and 1.3% ( 1.3 % ) during the years ended december 31 , 2016 and 2015 , respectively . the company pays a commitment fee on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit . as of december 31 , 2016 , the commitment fee was 15.0 basis points . since inception , the company incurred and deferred $ 3.9 million in financing costs in connection with the credit agreement . 3.250% ( 3.250 % ) senior notes in june 2016 , the company issued $ 600.0 million aggregate principal amount of 3.250% ( 3.250 % ) senior unsecured notes due june 15 , 2026 ( the 201cnotes 201d ) . the proceeds were used to pay down amounts outstanding under the revolving credit facility . interest is payable semi-annually on june 15 and december 15 beginning december 15 , 2016 . prior to march 15 , 2026 ( three months prior to the maturity date of the notes ) , the company may redeem some or all of the notes at any time or from time to time at a redemption price equal to the greater of 100% ( 100 % ) of the principal amount of the notes to be redeemed or a 201cmake-whole 201d amount applicable to such notes as described in the indenture governing the notes , plus accrued and unpaid interest to , but excluding , the redemption date . on or after march 15 , 2026 ( three months prior to the maturity date of the notes ) , the company may redeem some or all of the notes at any time or from time to time at a redemption price equal to 100% ( 100 % ) of the principal amount of the notes to be redeemed , plus accrued and unpaid interest to , but excluding , the redemption date . the indenture governing the notes contains covenants , including limitations that restrict the company 2019s ability and the ability of certain of its subsidiaries to create or incur secured indebtedness and enter into sale and leaseback transactions and the company 2019s ability to consolidate , merge or transfer all or substantially all of its properties or assets to another person , in each case subject to material exceptions described in the indenture . the company incurred and deferred $ 5.3 million in financing costs in connection with the notes . other long term debt in december 2012 , the company entered into a $ 50.0 million recourse loan collateralized by the land , buildings and tenant improvements comprising the company 2019s corporate headquarters . the loan has a seven year term and maturity date of december 2019 . the loan bears interest at one month libor plus a margin of 1.50% ( 1.50 % ) , and allows for prepayment without penalty . the loan includes covenants and events of default substantially consistent with the company 2019s credit agreement discussed above . the loan also requires prior approval of the lender for certain matters related to the property , including transfers of any interest in the property . as of december 31 , 2016 and 2015 , the outstanding balance on the loan was $ 42.0 million and $ 44.0 million , respectively . the weighted average interest rate on the loan was 2.0% ( 2.0 % ) and 1.7% ( 1.7 % ) for the years ended december 31 , 2016 and 2015 , respectively . the following are the scheduled maturities of long term debt as of december 31 , 2016 : ( in thousands ) .
12017$ 27000
2201827000
3201963000
4202025000
5202186250
62022 and thereafter600000
7total scheduled maturities of long term debt$ 828250
8current maturities of long term debt$ 27000
.","['86.0', '28.66667', '0.57333', '57333.33333']" "['as of december 31, 2010, what percentage of commercial paper outstanding was due to non-bank subsidiaries?', 'and what percentage was due to bank subsidiaries?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: secured financing is primarily conducted through citi 2019s broker-dealer subsidiaries to facilitate customer matched-book activity and to efficiently fund a portion of the trading inventory . secured financing appears as a liability on citi 2019s consolidated balance sheet ( 201csecurities loaned or sold under agreements to repurchase 201d ) . as of december 31 , 2010 , secured financing was $ 189.6 billion and averaged approximately $ 207 billion during the quarter ended december 31 , 2010 . secured financing at december 31 , 2010 increased by $ 35 billion from $ 154.3 billion at december 31 , 2009 . during the same period , reverse repos and securities borrowing increased by $ 25 billion . the majority of secured financing is collateralized by highly liquid government , government-backed and government agency securities . this collateral comes primarily from citi 2019s trading assets and its secured lending , and is part of citi 2019s client matched-book activity given that citi both borrows and lends similar asset types on a secured basis . the minority of secured financing is collateralized by less liquid collateral , and supports both citi 2019s trading assets as well as the business of secured lending to customers , which is also part of citi 2019s client matched-book activity . the less liquid secured borrowing is carefully calibrated by asset quality , tenor and counterparty exposure , including those that might be sensitive to ratings stresses , in order to increase the reliability of the funding . citi believes there are several potential mitigants available to it in the event of stress on the secured financing markets for less liquid collateral . citi 2019s significant liquidity resources in its non-bank entities as of december 31 , 2010 , supplemented by collateralized liquidity transfers between entities , provide a cushion . within the matched-book activity , the secured lending positions , which are carefully managed in terms of collateral and tenor , could be unwound to provide additional liquidity under stress . citi also has excess funding capacity for less liquid collateral with existing counterparties that can be accessed during potential dislocation . in addition , citi has the ability to adjust the size of select trading books to provide further mitigation . at december 31 , 2010 , commercial paper outstanding for citigroup 2019s non- bank entities and bank subsidiaries , respectively , was as follows : in billions of dollars non-bank bank ( 1 ) citigroup .
1in billions of dollarsnon-bankbank-1 ( 1 )total citigroup
2commercial paper$ 9.7$ 15.0$ 24.7
( 1 ) includes $ 15 billion of commercial paper related to vies consolidated effective january 1 , 2010 with the adoption of sfas 166/167 . other short-term borrowings of approximately $ 54 billion ( as set forth in the secured financing and short-term borrowings table above ) include $ 42.4 billion of borrowings from banks and other market participants , which includes borrowings from the federal home loan banks . this represented a decrease of approximately $ 11 billion as compared to year-end 2009 . the average balance of borrowings from banks and other market participants for the quarter ended december 31 , 2010 was approximately $ 43 billion . other short-term borrowings also include $ 11.7 billion of broker borrowings at december 31 , 2010 , which averaged approximately $ 13 billion for the quarter ended december 31 , 2010 . see notes 12 and 19 to the consolidated financial statements for further information on citigroup 2019s and its affiliates 2019 outstanding long-term debt and short-term borrowings . liquidity transfer between entities liquidity is generally transferable within the non-bank , subject to regulatory restrictions ( if any ) and standard legal terms . similarly , the non-bank can generally transfer excess liquidity into citi 2019s bank subsidiaries , such as citibank , n.a . in addition , citigroup 2019s bank subsidiaries , including citibank , n.a. , can lend to the citigroup parent and broker-dealer in accordance with section 23a of the federal reserve act . as of december 31 , 2010 , the amount available for lending under section 23a was approximately $ 26.6 billion , provided the funds are collateralized appropriately. .","['0.39271', '0.60729']" "['what was the total interest income, in millions, for the years of 2016 and 2017, combined?', 'and what was the average interest income between those two years, also in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 7a . quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items . from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks . derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes . interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations . the majority of our debt ( approximately 94% ( 94 % ) and 93% ( 93 % ) as of december 31 , 2017 and 2016 , respectively ) bears interest at fixed rates . we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows . the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below . increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .
1as of december 31,increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest ratesincrease/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
22017$ -20.2 ( 20.2 )$ 20.6
32016-26.3 ( 26.3 )26.9
we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates . we did not have any interest rate swaps outstanding as of december 31 , 2017 . we had $ 791.0 of cash , cash equivalents and marketable securities as of december 31 , 2017 that we generally invest in conservative , short-term bank deposits or securities . the interest income generated from these investments is subject to both domestic and foreign interest rate movements . during 2017 and 2016 , we had interest income of $ 19.4 and $ 20.1 , respectively . based on our 2017 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 7.9 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2017 levels . foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates . since we report revenues and expenses in u.s . dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s . dollars ) from foreign operations . the foreign currencies that most impacted our results during 2017 included the british pound sterling and , to a lesser extent , brazilian real and south african rand . based on 2017 exchange rates and operating results , if the u.s . dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2017 levels . the functional currency of our foreign operations is generally their respective local currency . assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented . the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets . our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk . however , certain subsidiaries may enter into transactions in currencies other than their functional currency . assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement . currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses . we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures . we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .","['39.5', '19.75']" "['what is the net change in the value of operating income from 2016 to 2017?', 'what is that divided by the 2016 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: income tax expense .
1( in millions )gaap 2017gaap 2016gaap 2015gaap 2017gaap 20162015
2operating income ( 1 )$ 5272$ 4570$ 4664$ 5287$ 4674$ 4695
3total nonoperating income ( expense ) ( 1 ) ( 2 )-32 ( 32 )-108 ( 108 )-69 ( 69 )-32 ( 32 )-108 ( 108 )-70 ( 70 )
4income before income taxes ( 2 )$ 5240$ 4462$ 4595$ 5255$ 4566$ 4625
5income tax expense ( 3 )$ 270$ 1290$ 1250$ 1539$ 1352$ 1312
6effective 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 .","['702.0', '0.15361']" "['what was the net change in the dividend payment from 2007 to 2008?', 'what was the 2007 dividend payment?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 34| | duke realty corporation annual report 2009 property investment we evaluate development and acquisition opportunities based upon market outlook , supply and long-term growth potential . our ability to make future property investments is dependent upon our continued access to our longer-term sources of liquidity including the issuances of debt or equity securities as well as generating cash flow by disposing of selected properties . in light of current economic conditions , management continues to evaluate our investment priorities and is focused on accretive growth . we have continued to operate at a substantially reduced level of new development activity , as compared to recent years , and are focused on the core operations of our existing base of properties . recurring expenditures one of our principal uses of our liquidity is to fund the recurring leasing/capital expenditures of our real estate investments . the following is a summary of our recurring capital expenditures for the years ended december 31 , 2009 , 2008 and 2007 , respectively ( in thousands ) : dividends and distributions we are required to meet the distribution requirements of the internal revenue code of 1986 , as amended ( the 201ccode 201d ) , in order to maintain our reit status . because depreciation and impairments are non-cash expenses , cash flow will typically be greater than operating income . we paid dividends per share of $ 0.76 , $ 1.93 and $ 1.91 for the years ended december 31 , 2009 , 2008 and 2007 , respectively . we expect to continue to distribute at least an amount equal to our taxable earnings , to meet the requirements to maintain our reit status , and additional amounts as determined by our board of directors . distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant . at december 31 , 2009 we had six series of preferred shares outstanding . the annual dividend rates on our preferred shares range between 6.5% ( 6.5 % ) and 8.375% ( 8.375 % ) and are paid in arrears quarterly. .
1200920082007
2recurring tenant improvements$ 29321$ 36885$ 45296
3recurring leasing costs404122820532238
4building improvements932197248402
5totals$ 79054$ 74814$ 85936
.","['0.02', '1.91', '0.01047']" "['what was the change in value for total intangibles 2014 net from 2007 to 2008?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: on the underlying exposure . for derivative contracts that are designated and qualify as cash fl ow hedges , the effective portion of gains and losses on these contracts is reported as a component of other comprehensive income and reclassifi ed into earnings in the same period the hedged transaction affects earnings . hedge ineffectiveness is immediately recognized in earnings . derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in current earnings during the period of change . we may enter into foreign currency forward and option contracts to reduce the effect of fl uctuating currency exchange rates ( principally the euro , the british pound , and the japanese yen ) . foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures . forward contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies . these contracts are recorded at fair value with the gain or loss recognized in other 2014net . the purchased option contracts are used to hedge anticipated foreign currency transactions , primarily intercompany inventory activities expected to occur within the next year . these contracts are designated as cash fl ow hedges of those future transactions and the impact on earnings is included in cost of sales . we may enter into foreign currency forward contracts and currency swaps as fair value hedges of fi rm commitments . forward and option contracts generally have maturities not exceeding 12 months . in the normal course of business , our operations are exposed to fl uctuations in interest rates . these fl uctuations can vary the costs of fi nancing , investing , and operating . we address a portion of these risks through a controlled program of risk management that includes the use of derivative fi nancial instruments . the objective of controlling these risks is to limit the impact of fl uctuations in interest rates on earnings . our primary interest rate risk exposure results from changes in short-term u.s . dollar interest rates . in an effort to manage interest rate exposures , we strive to achieve an acceptable balance between fi xed and fl oating rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance . interest rate swaps or collars that convert our fi xed- rate debt or investments to a fl oating rate are designated as fair value hedges of the underlying instruments . interest rate swaps or collars that convert fl oating rate debt or investments to a fi xed rate are designated as cash fl ow hedg- es . interest expense on the debt is adjusted to include the payments made or received under the swap agreements . goodwill and other intangibles : goodwill is not amortized . all other intangibles arising from acquisitions and research alliances have fi nite lives and are amortized over their estimated useful lives , ranging from 5 to 20 years , using the straight-line method . the weighted-average amortization period for developed product technology is approximately 12 years . amortization expense for 2008 , 2007 , and 2006 was $ 193.4 million , $ 172.8 million , and $ 7.6 million before tax , respectively . the estimated amortization expense for each of the fi ve succeeding years approximates $ 280 million before tax , per year . substantially all of the amortization expense is included in cost of sales . see note 3 for further discussion of goodwill and other intangibles acquired in 2008 and 2007 . goodwill and other intangible assets at december 31 were as follows: .
120082007
2goodwill$ 1167.5$ 745.7
3developed product technology 2014 gross3035.41767.5
4less accumulated amortization-346.6 ( 346.6 )-162.6 ( 162.6 )
5developed product technology 2014 net2688.81604.9
6other intangibles 2014 gross243.2142.8
7less accumulated amortization-45.4 ( 45.4 )-38.0 ( 38.0 )
8other intangibles 2014 net197.8104.8
9total intangibles 2014 net$ 4054.1$ 2455.4
goodwill and net other intangibles are reviewed to assess recoverability at least annually and when certain impairment indicators are present . no signifi cant impairments occurred with respect to the carrying value of our goodwill or other intangible assets in 2008 , 2007 , or 2006 . property and equipment : property and equipment is stated on the basis of cost . provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives ( 12 to 50 years for buildings and 3 to 18 years for equipment ) . we review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the .","['1598.7', '0.6511']" "['together, what were the allowance for other funds and for borrowed funds used during construction in 2016?', 'and the percentage of this value that was borrowed?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: income taxes american water and its subsidiaries participate in a consolidated federal income tax return for u.s . tax purposes . members of the consolidated group are charged with the amount of federal income tax expense determined as if they filed separate returns . certain income and expense items are accounted for in different time periods for financial reporting than for income tax reporting purposes . the company provides deferred income taxes on the difference between the tax basis of assets and liabilities and the amounts at which they are carried in the financial statements . these deferred income taxes are based on the enacted tax rates expected to be in effect when these temporary differences are projected to reverse . in addition , the regulated utility subsidiaries recognize regulatory assets and liabilities for the effect on revenues expected to be realized as the tax effects of temporary differences , previously flowed through to customers , reverse . investment tax credits have been deferred by the regulated utility subsidiaries and are being amortized to income over the average estimated service lives of the related assets . the company recognizes accrued interest and penalties related to tax positions as a component of income tax expense and accounts for sales tax collected from customers and remitted to taxing authorities on a net basis . see note 13 2014income taxes . allowance for funds used during construction afudc is a non-cash credit to income with a corresponding charge to utility plant that represents the cost of borrowed funds or a return on equity funds devoted to plant under construction . the regulated utility subsidiaries record afudc to the extent permitted by the pucs . the portion of afudc attributable to borrowed funds is shown as a reduction of interest , net in the accompanying consolidated statements of operations . any portion of afudc attributable to equity funds would be included in other income ( expenses ) in the accompanying consolidated statements of operations . afudc is summarized in the following table for the years ended december 31: .
1201720162015
2allowance for other funds used during construction$ 19$ 15$ 13
3allowance for borrowed funds used during construction868
environmental costs the company 2019s water and wastewater operations and the operations of its market-based businesses are subject to u.s . federal , state , local and foreign requirements relating to environmental protection , and as such , the company periodically becomes subject to environmental claims in the normal course of business . environmental expenditures that relate to current operations or provide a future benefit are expensed or capitalized as appropriate . remediation costs that relate to an existing condition caused by past operations are accrued , on an undiscounted basis , when it is probable that these costs will be incurred and can be reasonably estimated . a conservation agreement entered into by a subsidiary of the company with the national oceanic and atmospheric administration in 2010 and amended in 2017 required the company to , among other provisions , implement certain measures to protect the steelhead trout and its habitat in the carmel river watershed in the state of california . the company agreed to pay $ 1 million annually commencing in 2010 with the final payment being made in 2021 . remediation costs accrued amounted to $ 6 million and less than $ 1 million as of december 31 , 2017 and 2016 , respectively . derivative financial instruments the company uses derivative financial instruments for purposes of hedging exposures to fluctuations in interest rates . these derivative contracts are entered into for periods consistent with the related underlying .","['21.0', '0.28571']" "['what was the change in value of the wti crude oil benchmark from 2009 to 2011?', 'and how much does that change represent in relation to the value of the wti crude oil benchmark in 2009?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 7 . management 2019s discussion and analysis of financial condition and results of operations we are an international energy company with operations in the u.s. , canada , africa , the middle east and europe . our operations are organized into three reportable segments : 2022 e&p which explores for , produces and markets liquid hydrocarbons and natural gas on a worldwide basis . 2022 osm which mines , extracts and transports bitumen from oil sands deposits in alberta , canada , and upgrades the bitumen to produce and market synthetic crude oil and vacuum gas oil . 2022 ig which produces and markets products manufactured from natural gas , such as lng and methanol , in eg . certain sections of management 2019s discussion and analysis of financial condition and results of operations include forward-looking statements concerning trends or events potentially affecting our business . these statements typically contain words such as 201canticipates , 201d 201cbelieves , 201d 201cestimates , 201d 201cexpects , 201d 201ctargets , 201d 201cplans , 201d 201cprojects , 201d 201ccould , 201d 201cmay , 201d 201cshould , 201d 201cwould 201d or similar words indicating that future outcomes are uncertain . in accordance with 201csafe harbor 201d provisions of the private securities litigation reform act of 1995 , these statements are accompanied by cautionary language identifying important factors , though not necessarily all such factors , which could cause future outcomes to differ materially from those set forth in forward-looking statements . for additional risk factors affecting our business , see item 1a . risk factors in this annual report on form 10-k . management 2019s discussion and analysis of financial condition and results of operations should be read in conjunction with the information under item 1 . business , item 1a . risk factors and item 8 . financial statements and supplementary data found in this annual report on form 10-k . spin-off downstream business on june 30 , 2011 , the spin-off of marathon 2019s downstream business was completed , creating two independent energy companies : marathon oil and mpc . marathon shareholders at the close of business on the record date of june 27 , 2011 received one share of mpc common stock for every two shares of marathon common stock held . fractional shares of mpc common stock were not distributed and any fractional share of mpc common stock otherwise issuable to a marathon shareholder was sold in the open market on such shareholder 2019s behalf , and such shareholder received a cash payment with respect to that fractional share . a private letter tax ruling received in june 2011 from the irs affirmed the tax-free nature of the spin-off . activities related to the downstream business have been treated as discontinued operations in all periods presented in this annual report on form 10-k ( see item 8 . financial statements and supplementary data 2014note 3 to the consolidated financial statements for additional information ) . overview 2013 market conditions exploration and production prevailing prices for the various grades of crude oil and natural gas that we produce significantly impact our revenues and cash flows . prices of crude oil have been volatile in recent years . in 2011 , crude prices increased over 2010 levels , with increases in brent averages outstripping those in wti . during much of 2010 , both wti and brent crude oil monthly average prices remained in the $ 75 to $ 85 per barrel range . crude oil prices reached a low of $ 33.98 in february 2009 , following global demand declines in an economic recession , but recovered quickly ending 2009 at $ 79.36 . the following table lists benchmark crude oil and natural gas price annual averages for the past three years. .
1benchmark201120102009
2wti crude oil ( dollars per bbl )$ 95.11$ 79.61$ 62.09
3brent ( europe ) crude oil ( dollars per bbl )111.2679.5161.49
4henry hub natural gas ( dollars per mmbtu ) ( a )$ 4.04$ 4.39$ 3.99
wti crude oil ( dollars per bbl ) $ 95.11 $ 79.61 $ 62.09 brent ( europe ) crude oil ( dollars per bbl ) 111.26 79.51 61.49 henry hub natural gas ( dollars per mmbtu ) ( a ) $ 4.04 $ 4.39 $ 3.99 ( a ) settlement date average . our u.s . crude oil production was approximately 58 percent sour in 2011 and 68 percent in 2010 . sour crude contains more sulfur than light sweet wti does . sour crude oil also tends to be heavier than light sweet crude oil and sells at a discount to light sweet crude oil because of higher refining costs and lower refined product values . our international crude oil production is relatively sweet and is generally sold in relation to the brent crude benchmark . the differential between wti and brent average prices widened significantly in 2011 to $ 16.15 in comparison to differentials of less than $ 1.00 in 2010 and 2009. .","['33.02', '0.53181']" "['what was net revenue in 2010?', 'what was net revenue in 2009?', 'what was the difference in net revenues?', 'what is the value of retail elastic price to the difference in net revenue?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy corporation and subsidiaries management's financial discussion and analysis refer to 201cselected financial data - five-year comparison of entergy corporation and subsidiaries 201d which accompanies entergy corporation 2019s financial statements in this report for further information with respect to operating statistics . in november 2007 the board approved a plan to pursue a separation of entergy 2019s non-utility nuclear business from entergy through a spin-off of the business to entergy shareholders . in april 2010 , entergy announced that it planned to unwind the business infrastructure associated with the proposed spin-off transaction . as a result of the plan to unwind the business infrastructure , entergy recorded expenses in 2010 for the write-off of certain capitalized costs incurred in connection with the planned spin-off transaction . these costs are discussed in more detail below and throughout this section . net revenue utility following is an analysis of the change in net revenue comparing 2010 to 2009 . amount ( in millions ) .
1amount ( in millions )
22009 net revenue$ 4694
3volume/weather231
4retail electric price137
5provision for regulatory proceedings26
6rough production cost equalization19
7ano decommissioning trust-24 ( 24 )
8fuel recovery-44 ( 44 )
9other12
102010 net revenue$ 5051
the volume/weather variance is primarily due to an increase of 8362 gwh , or 8% ( 8 % ) , in billed electricity usage in all retail sectors , including the effect on the residential sector of colder weather in the first quarter 2010 compared to 2009 and warmer weather in the second and third quarters 2010 compared to 2009 . the industrial sector reflected strong sales growth on continuing signs of economic recovery . the improvement in this sector was primarily driven by inventory restocking and strong exports with the chemicals , refining , and miscellaneous manufacturing sectors leading the improvement . the retail electric price variance is primarily due to : increases in the formula rate plan riders at entergy gulf states louisiana effective november 2009 , january 2010 , and september 2010 , at entergy louisiana effective november 2009 , and at entergy mississippi effective july 2009 ; a base rate increase at entergy arkansas effective july 2010 ; rate actions at entergy texas , including base rate increases effective in may and august 2010 ; a formula rate plan provision of $ 16.6 million recorded in the third quarter 2009 for refunds that were made to customers in accordance with settlements approved by the lpsc ; and the recovery in 2009 by entergy arkansas of 2008 extraordinary storm costs , as approved by the apsc , which ceased in january 2010 . the recovery of storm costs is offset in other operation and maintenance expenses . see note 2 to the financial statements for further discussion of the proceedings referred to above. .","['5051.0', '4694.0', '357.0', '0.38375']" "['what was the total of berths as of 2011?', 'and what was the average number of those berths per ship?', 'what would, then, be the annual average of berths per ship, considering that they are expected to be placed in service in the north american cruise market between the years of 2012 and 2016?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part i berths at the end of 2011 . there are approximately 10 ships with an estimated 34000 berths that are expected to be placed in service in the north american cruise market between 2012 and 2016 . europe in europe , cruising represents a smaller but growing sector of the vacation industry . it has experienced a compound annual growth rate in cruise guests of approximately 9.6% ( 9.6 % ) from 2007 to 2011 and we believe this market has significant continued growth poten- tial . we estimate that europe was served by 104 ships with approximately 100000 berths at the beginning of 2007 and by 121 ships with approximately 155000 berths at the end of 2011 . there are approximately 10 ships with an estimated 28000 berths that are expected to be placed in service in the european cruise market between 2012 and 2016 . the following table details the growth in the global , north american and european cruise markets in terms of cruise guests and estimated weighted-average berths over the past five years : global cruise guests ( 1 ) weighted-average supply of berths marketed globally ( 1 ) north american cruise guests ( 2 ) weighted-average supply of berths marketed in north america ( 1 ) european cruise guests ( 3 ) weighted-average supply of berths marketed in europe ( 1 ) .
1yearglobal cruiseguests ( 1 )weighted-averagesupplyofberthsmarketedglobally ( 1 )northamericancruiseguests ( 2 )weighted-average supply ofberths marketedin northamerica ( 1 )europeancruiseguestsweighted-averagesupply ofberthsmarketed ineurope ( 1 )
2200716586000327000102470002120004080000105000
3200817184000347000100930002190004500000120000
4200917340000363000101980002220005000000131000
5201018800000391000107810002320005540000143000
6201120227000412000116250002450005894000149000
( 1 ) source : our estimates of the number of global cruise guests , and the weighted-average supply of berths marketed globally , in north america and europe are based on a combination of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider and cruise line international association . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) source : cruise line international association based on cruise guests carried for at least two consecutive nights for years 2007 through 2010 . year 2011 amounts represent our estimates ( see number 1 above ) . ( 3 ) source : european cruise council for years 2007 through 2010 . year 2011 amounts represent our estimates ( see number 1 above ) . other markets in addition to expected industry growth in north america and europe as discussed above , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe . we compete with a number of cruise lines ; however , our principal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line and oceania cruises . cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consum- ers 2019 leisure time . demand for such activities is influ- enced by political and general economic conditions . companies within the vacation market are dependent on consumer discretionary spending . operating strategies our principal operating strategies are to : and employees and protect the environment in which our vessels and organization operate , to better serve our global guest base and grow our business , order to enhance our revenues while continuing to expand and diversify our guest mix through interna- tional guest sourcing , and ensure adequate cash and liquidity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , our brands throughout the world , revitalization of existing ships and the transfer of key innovations across each brand , while expanding our fleet with the new state-of-the-art cruise ships recently delivered and on order , by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , support ongoing operations and initiatives , and the principal industry distribution channel , while enhancing our consumer outreach programs. .","['34000.0', '3400.0', '850.0']" "['what was the net change in operating income from 2010 to 2011?', 'what was the operating income in 2010?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: reinsurance commissions , fees and other revenue increased 1% ( 1 % ) driven by a favorable foreign currency translation of 2% ( 2 % ) and was partially offset by a 1% ( 1 % ) decline in dispositions , net of acquisitions and other . organic revenue was flat primarily resulting from strong growth in the capital market transactions and advisory business , partially offset by declines in global facultative placements . operating income operating income increased $ 120 million , or 10% ( 10 % ) , from 2010 to $ 1.3 billion in 2011 . in 2011 , operating income margins in this segment were 19.3% ( 19.3 % ) , up 70 basis points from 18.6% ( 18.6 % ) in 2010 . operating margin improvement was primarily driven by revenue growth , reduced costs of restructuring initiatives and realization of the benefits of those restructuring plans , which was partially offset by the negative impact of expense increases related to investment in the business , lease termination costs , legacy receivables write-off , and foreign currency exchange rates . hr solutions .
1years ended december 31,201120102009
2revenue$ 4501$ 2111$ 1267
3operating income448234203
4operating margin10.0% ( 10.0 % )11.1% ( 11.1 % )16.0% ( 16.0 % )
in october 2010 , we completed the acquisition of hewitt , one of the world 2019s leading human resource consulting and outsourcing companies . hewitt operates globally together with aon 2019s existing consulting and outsourcing operations under the newly created aon hewitt brand . hewitt 2019s operating results are included in aon 2019s results of operations beginning october 1 , 2010 . our hr solutions segment generated approximately 40% ( 40 % ) of our consolidated total revenues in 2011 and provides a broad range of human capital services , as follows : 2022 health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees . benefits consulting includes health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services . effective january 1 , 2012 , this line of business will be included in the results of the risk solutions segment . 2022 retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration . 2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . 2022 benefits administration applies our hr expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services . our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions . 2022 human resource business processing outsourcing ( 2018 2018hr bpo 2019 2019 ) provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and .","['214.0', '234.0', '0.91453']" "['what is the commercial lending commitments in 2018?', 'what about in 2017?', 'what is the net change?', 'what about the net change in the commercial lending commitments held for investment from 2017 to 2018?', 'what is the commercial lending commitments held for investment in 2017?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the goldman sachs group , inc . and subsidiaries notes to consolidated financial statements lending commitments the firm 2019s lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing . these commitments are presented net of amounts syndicated to third parties . the total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial additional portions of these commitments . in addition , commitments can expire unused or be reduced or cancelled at the counterparty 2019s request . the table below presents information about lending commitments. .
1$ in millionsas of december 2018as of december 2017
2held for investment$ 120997$ 124504
3held for sale86029838
4at fair value79839404
5total$ 137582$ 143746
in the table above : 2030 held for investment lending commitments are accounted for on an accrual basis . see note 9 for further information about such commitments . 2030 held for sale lending commitments are accounted for at the lower of cost or fair value . 2030 gains or losses related to lending commitments at fair value , if any , are generally recorded , net of any fees in other principal transactions . 2030 substantially all lending commitments relates to the firm 2019s investing & lending segment . commercial lending . the firm 2019s commercial lending commitments were primarily extended to investment-grade corporate borrowers . such commitments included $ 93.99 billion as of december 2018 and $ 85.98 billion as of december 2017 , related to relationship lending activities ( principally used for operating and general corporate purposes ) and $ 27.92 billion as of december 2018 and $ 42.41 billion as of december 2017 , related to other investment banking activities ( generally extended for contingent acquisition financing and are often intended to be short-term in nature , as borrowers often seek to replace them with other funding sources ) . the firm also extends lending commitments in connection with other types of corporate lending , as well as commercial real estate financing . see note 9 for further information about funded loans . sumitomo mitsui financial group , inc . ( smfg ) provides the firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ) . the notional amount of such loan commitments was $ 15.52 billion as of december 2018 and $ 25.70 billion as of december 2017 . the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million . in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.0 billion , of which $ 550 million of protection had been provided as of both december 2018 and december 2017 . the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg . these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index . warehouse financing . the firm provides financing to clients who warehouse financial assets . these arrangements are secured by the warehoused assets , primarily consisting of consumer and corporate loans . contingent and forward starting collateralized agreements / forward starting collateralized financings forward starting collateralized agreements includes resale and securities borrowing agreements , and forward starting collateralized financings includes repurchase and secured lending agreements that settle at a future date , generally within three business days . the firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements . the firm 2019s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused . letters of credit the firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements . investment commitments investment commitments includes commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages . investment commitments included $ 2.42 billion as of december 2018 and $ 2.09 billion as of december 2017 , related to commitments to invest in funds managed by the firm . if these commitments are called , they would be funded at market value on the date of investment . goldman sachs 2018 form 10-k 159 .","['93.99', '85.98', '8.01', '-3507.0', '124504.0', '-0.02817']" "['what was the total production from canada?', 'and for north america onshore?', 'so what was the proprtion of production from canada to north america onshore?', 'and converted to the hundreds?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: likely than not that some portion or all of the deferred tax assets will not be realized . the accruals for deferred tax assets and liabilities are subject to a significant amount of judgment by management and are reviewed and adjusted routinely based on changes in facts and circumstances . material changes in these accruals may occur in the future , based on the progress of ongoing tax audits , changes in legislation and resolution of pending tax matters . forward-looking estimates we are providing our 2011 forward-looking estimates in this section . these estimates were based on our examination of historical operating trends , the information used to prepare our december 31 , 2010 , reserve reports and other data in our possession or available from third parties . the forward-looking estimates in this report were prepared assuming demand , curtailment , producibility and general market conditions for our oil , gas and ngls during 2011 will be similar to 2010 , unless otherwise noted . we make reference to the 201cdisclosure regarding forward-looking statements 201d at the beginning of this report . amounts related to our canadian operations have been converted to u.s . dollars using an estimated average 2011 exchange rate of $ 0.95 dollar to $ 1.00 canadian dollar . during 2011 , our operations are substantially comprised of our ongoing north america onshore operations . we also have international operations in brazil and angola that we are divesting . we have entered into agreements to sell our assets in brazil for $ 3.2 billion and our assets in angola for $ 70 million , plus contingent consideration . as a result of these divestitures , all revenues , expenses and capital related to our international operations are reported as discontinued operations in our financial statements . additionally , all forward-looking estimates in this document exclude amounts related to our international operations , unless otherwise noted . north america onshore operating items the following 2011 estimates relate only to our north america onshore assets . oil , gas and ngl production set forth below are our estimates of oil , gas and ngl production for 2011 . we estimate that our combined oil , gas and ngl production will total approximately 236 to 240 mmboe . ( mmbbls ) ( mmbbls ) ( mmboe ) .
1oil ( mmbbls )gas ( bcf )ngls ( mmbbls )total ( mmboe )
2u.s . onshore1773634174
3canada28199364
4north america onshore4593537238
oil and gas prices we expect our 2011 average prices for the oil and gas production from each of our operating areas to differ from the nymex price as set forth in the following table . the expected ranges for prices are exclusive of the anticipated effects of the financial contracts presented in the 201ccommodity price risk management 201d section below . the nymex price for oil is determined using the monthly average of settled prices on each trading day for benchmark west texas intermediate crude oil delivered at cushing , oklahoma . the nymex price for gas is determined using the first-of-month south louisiana henry hub price index as published monthly in inside .","['64.0', '238.0', '0.26891', '26.89076']" "['what was the value of north american consumer packaging net sales in 2014 multiplied by 1000?', 'what was total sales in 2014?', 'what percent of total sales were na consumer packaging sales?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: russia and europe . average sales price realizations for uncoated freesheet paper decreased in both europe and russia , reflecting weak economic conditions and soft market demand . in russia , sales prices in rubles increased , but this improvement is masked by the impact of the currency depreciation against the u.s . dollar . input costs were significantly higher for wood in both europe and russia , partially offset by lower chemical costs . planned maintenance downtime costs were $ 11 million lower in 2014 than in 2013 . manufacturing and other operating costs were favorable . entering 2015 , sales volumes in the first quarter are expected to be seasonally weaker in russia , and about flat in europe . average sales price realizations for uncoated freesheet paper are expected to remain steady in europe , but increase in russia . input costs should be lower for oil and wood , partially offset by higher chemicals costs . indian papers net sales were $ 178 million in 2014 , $ 185 million ( $ 174 million excluding excise duties which were included in net sales in 2013 and prior periods ) in 2013 and $ 185 million ( $ 178 million excluding excise duties ) in 2012 . operating profits were $ 8 million ( a loss of $ 12 million excluding a gain related to the resolution of a legal contingency ) in 2014 , a loss of $ 145 million ( a loss of $ 22 million excluding goodwill and trade name impairment charges ) in 2013 and a loss of $ 16 million in 2012 . average sales price realizations improved in 2014 compared with 2013 due to the impact of price increases implemented in 2013 . sales volumes were flat , reflecting weak economic conditions . input costs were higher , primarily for wood . operating costs and planned maintenance downtime costs were lower in 2014 . looking ahead to the first quarter of 2015 , sales volumes are expected to be seasonally higher . average sales price realizations are expected to decrease due to competitive pressures . asian printing papers net sales were $ 59 million in 2014 , $ 90 million in 2013 and $ 85 million in 2012 . operating profits were $ 0 million in 2014 and $ 1 million in both 2013 and 2012 . u.s . pulp net sales were $ 895 million in 2014 compared with $ 815 million in 2013 and $ 725 million in 2012 . operating profits were $ 57 million in 2014 compared with $ 2 million in 2013 and a loss of $ 59 million in 2012 . sales volumes in 2014 increased from 2013 for both fluff pulp and market pulp reflecting improved market demand . average sales price realizations increased significantly for fluff pulp , while prices for market pulp were also higher . input costs for wood and energy were higher . operating costs were lower , but planned maintenance downtime costs were $ 1 million higher . compared with the fourth quarter of 2014 , sales volumes in the first quarter of 2015 , are expected to decrease for market pulp , but be slightly higher for fluff pulp . average sales price realizations are expected to to be stable for fluff pulp and softwood market pulp , while hardwood market pulp prices are expected to improve . input costs should be flat . planned maintenance downtime costs should be about $ 13 million higher than in the fourth quarter of 2014 . consumer packaging demand and pricing for consumer packaging products correlate closely with consumer spending and general economic activity . in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . consumer packaging net sales in 2014 decreased 1% ( 1 % ) from 2013 , but increased 7% ( 7 % ) from 2012 . operating profits increased 11% ( 11 % ) from 2013 , but decreased 34% ( 34 % ) from 2012 . excluding sheet plant closure costs , costs associated with the permanent shutdown of a paper machine at our augusta , georgia mill and costs related to the sale of the shorewood business , 2014 operating profits were 11% ( 11 % ) lower than in 2013 , and 30% ( 30 % ) lower than in 2012 . benefits from higher average sales price realizations and a favorable mix ( $ 60 million ) were offset by lower sales volumes ( $ 11 million ) , higher operating costs ( $ 9 million ) , higher planned maintenance downtime costs ( $ 12 million ) , higher input costs ( $ 43 million ) and higher other costs ( $ 7 million ) . in addition , operating profits in 2014 include $ 8 million of costs associated with sheet plant closures , while operating profits in 2013 include costs of $ 45 million related to the permanent shutdown of a paper machine at our augusta , georgia mill and $ 2 million of costs associated with the sale of the shorewood business . consumer packaging .
1in millions201420132012
2sales$ 3403$ 3435$ 3170
3operating profit178161268
north american consumer packaging net sales were $ 2.0 billion in 2014 compared with $ 2.0 billion in 2013 and $ 2.0 billion in 2012 . operating profits were $ 92 million ( $ 100 million excluding sheet plant closure costs ) in 2014 compared with $ 63 million ( $ 110 million excluding paper machine shutdown costs and costs related to the sale of the shorewood business ) in 2013 and $ 165 million ( $ 162 million excluding a gain associated with the sale of the shorewood business in 2012 ) . coated paperboard sales volumes in 2014 were lower than in 2013 reflecting weaker market demand . the business took about 41000 tons of market-related downtime in 2014 compared with about 24000 tons in 2013 . average sales price realizations increased year- .","['2000.0', '3403.0', '0.58772']" "['what was the total combined value of the market change and the fx impact in the asset allocation and balanced segment, in millions?', 'and what was the total of that asset allocation and balanced segment?', 'and what was the total of the multi-asset segment?', 'what percentage, then, of this multi-asset segment did that asset allocation and balanced one represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 . althoughmany 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 . 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 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion . net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively . ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities . ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion . blackrock 2019s effective fee rates fluctuate due to changes in aummix . 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 do not consistently move in tandemwith u.s . markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues . fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 . the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements . in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies . flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion . fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds . active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion . multi-asset class blackrock 2019s multi-asset class teammanages 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 class aum for 2015 are presented below . ( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 .
1( in millions )december 312014net inflows ( outflows )acquisition ( 1 )market changefx impactdecember 312015
2asset allocation and balanced$ 183032$ 12926$ 2014$ -6731 ( 6731 )$ -3391 ( 3391 )$ 185836
3target date/risk1286112182014-1308 ( 1308 )-1857 ( 1857 )125664
4fiduciary6619439852014627-6373 ( 6373 )64433
5futureadvisor201438366-1 ( 1 )2014403
6multi-asset$ 377837$ 17167$ 366$ -7413 ( 7413 )$ -11621 ( 11621 )$ 376336
( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 . the futureadvisor acquisition amount does not include aum that was held in ishares holdings . multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients . defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings . retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes . notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 . the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion . 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 andmulti-asset income suites. .","['10122.0', '185836.0', '376336.0', '0.4938']" "['what was the aggregate amount of losses for 201cmarket making?', 'and converted to the thousands?', 'and the value for 201d?', 'and the difference between the 201cmarket making and this value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements level 3 rollforward if a derivative was transferred to level 3 during a reporting period , its entire gain or loss for the period is included in level 3 . transfers between levels are reported at the beginning of the reporting period in which they occur . in the tables below , negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities . gains and losses on level 3 derivatives should be considered in the context of the following : 2030 a derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant level 3 input . 2030 if there is one significant level 3 input , the entire gain or loss from adjusting only observable inputs ( i.e. , level 1 and level 2 inputs ) is classified as level 3 . 2030 gains or losses that have been reported in level 3 resulting from changes in level 1 or level 2 inputs are frequently offset by gains or losses attributable to level 1 or level 2 derivatives and/or level 1 , level 2 and level 3 cash instruments . as a result , gains/ ( losses ) included in the level 3 rollforward below do not necessarily represent the overall impact on the firm 2019s results of operations , liquidity or capital resources . the tables below present changes in fair value for all derivatives categorized as level 3 as of the end of the year. .
1in millionslevel 3 derivative assets and liabilities at fair value for the year ended december 2013 asset/ ( liability ) balance beginning of yearlevel 3 derivative assets and liabilities at fair value for the year ended december 2013 net realized gains/ ( losses )level 3 derivative assets and liabilities at fair value for the year ended december 2013 net unrealized gains/ ( losses ) relating to instruments still held at year-endlevel 3 derivative assets and liabilities at fair value for the year ended december 2013 purchaseslevel 3 derivative assets and liabilities at fair value for the year ended december 2013 saleslevel 3 derivative assets and liabilities at fair value for the year ended december 2013 settlementslevel 3 derivative assets and liabilities at fair value for the year ended december 2013 transfers into level 3level 3 derivative assets and liabilities at fair value for the year ended december 2013 transfers out of level 3level 3 derivative assets and liabilities at fair value for the year ended december 2013 asset/ ( liability ) balance endof year
2interest rates 2014 net$ -355 ( 355 )$ -78 ( 78 )$ 168$ 1$ -8 ( 8 )$ 196$ -9 ( 9 )$ -1 ( 1 )$ -86 ( 86 )
3credit 2014 net6228-1 ( 1 )-977 ( 977 )201-315 ( 315 )-1508 ( 1508 )695-147 ( 147 )4176
4currencies 2014 net35-93 ( 93 )-419 ( 419 )22-6 ( 6 )169139-47 ( 47 )-200 ( 200 )
5commodities 2014 net-304 ( 304 )-6 ( 6 )5821-48 ( 48 )28150860
6equities 2014 net-1248 ( 1248 )-67 ( 67 )-202 ( 202 )77-472 ( 472 )1020-15 ( 15 )-52 ( 52 )-959 ( 959 )
7total derivatives 2014 net$ 4356$ ( 245 ) 1$ ( 1372 ) 1$ 322$ -849 ( 849 )$ 158$ 860$ -239 ( 239 )$ 2991
1 . the aggregate amounts include losses of approximately $ 1.29 billion and $ 324 million reported in 201cmarket making 201d and 201cother principal transactions , 201d respectively . the net unrealized loss on level 3 derivatives of $ 1.37 billion for 2013 principally resulted from changes in level 2 inputs and was primarily attributable to losses on certain credit derivatives , principally due to the impact of tighter credit spreads , and losses on certain currency derivatives , primarily due to changes in foreign exchange rates . transfers into level 3 derivatives during 2013 primarily reflected transfers of credit derivative assets from level 2 , principally due to reduced transparency of upfront credit points and correlation inputs used to value these derivatives . transfers out of level 3 derivatives during 2013 primarily reflected transfers of certain credit derivatives to level 2 , principally due to unobservable credit spread and correlation inputs no longer being significant to the valuation of these derivatives and unobservable inputs not being significant to the net risk of certain portfolios . goldman sachs 2013 annual report 143 .","['1.29', '1290.0', '324.0', '966.0']" "['what was the total intangibles in 2005?', 'and in 2004?', 'so what was the difference in this value between the two years?', 'and the value for 2004 again?', 'so what was the percentage increase during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the company has selected december 1 as the date to perform its annual impairment test . in performing its 2005 and 2004 testing , the company completed an internal appraisal and estimated the fair value of the rental and management reporting unit that contains goodwill utilizing future discounted cash flows and market information . based on the appraisals performed , the company determined that goodwill in its rental and management segment was not impaired . the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : .
120052004
2acquired customer base and network location intangibles$ 2606546$ 1369607
3deferred financing costs6562389736
4acquired licenses and other intangibles5170343404
5total27238721502747
6less accumulated amortization-646560 ( 646560 )-517444 ( 517444 )
7other intangible assets net$ 2077312$ 985303
the company amortizes its intangible assets over periods ranging from three to fifteen years . amortization of intangible assets for the years ended december 31 , 2005 and 2004 aggregated approximately $ 136.0 million and $ 97.8 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) . the company expects to record amortization expense of approximately $ 183.6 million , $ 178.3 million , $ 174.4 million , $ 172.7 million and $ 170.3 million , for the years ended december 31 , 2006 , 2007 , 2008 , 2009 and 2010 , respectively . these amounts are subject to changes in estimates until the preliminary allocation of the spectrasite purchase price is finalized . 6 . notes receivable in 2000 , the company loaned tv azteca , s.a . de c.v . ( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million . the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) . the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) . as of december 31 , 2005 and 2004 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets . the term of the loan is seventy years ; however , the loan may be prepaid by tv azteca without penalty during the last fifty years of the agreement . the discount on the loan is being amortized to interest income 2014tv azteca , net , using the effective interest method over the seventy-year term of the loan . simultaneous with the signing of the loan agreement , the company also entered into a seventy year economic rights agreement with tv azteca regarding space not used by tv azteca on approximately 190 of its broadcast towers . in exchange for the issuance of the below market interest rate loan discussed above and the annual payment of $ 1.5 million to tv azteca ( under the economic rights agreement ) , the company has the right to market and lease the unused tower space on the broadcast towers ( the economic rights ) . tv azteca retains title to these towers and is responsible for their operation and maintenance . the company is entitled to 100% ( 100 % ) of the revenues generated from leases with tenants on the unused space and is responsible for any incremental operating expenses associated with those tenants. .","['2723872.0', '1502747.0', '1221125.0', '1502747.0', '0.8126']" "['what is the sum of cash for operating and investing activities in 2018?', 'what is the total sum including financing activities?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: compared to earlier levels . the pre-tax non-cash impairments of certain mineral rights and real estate discussed above under the caption fffdland and development impairments fffd are not included in segment income . liquidity and capital resources on january 29 , 2018 , we announced that a definitive agreement had been signed for us to acquire all of the outstanding shares of kapstone for $ 35.00 per share and the assumption of approximately $ 1.36 billion in net debt , for a total enterprise value of approximately $ 4.9 billion . in contemplation of the transaction , on march 6 , 2018 , we issued $ 600.0 million aggregate principal amount of 3.75% ( 3.75 % ) senior notes due 2025 and $ 600.0 million aggregate principal amount of 4.0% ( 4.0 % ) senior notes due 2028 in an unregistered offering pursuant to rule 144a and regulation s under the securities act of 1933 , as amended ( the fffdsecurities act fffd ) . in addition , on march 7 , 2018 , we entered into the delayed draw credit facilities ( as hereinafter defined ) that provide for $ 3.8 billion of senior unsecured term loans . on november 2 , 2018 , in connection with the closing of the kapstone acquisition , we drew upon the facility in full . the proceeds of the delayed draw credit facilities ( as hereinafter defined ) and other sources of cash were used to pay the consideration for the kapstone acquisition , to repay certain existing indebtedness of kapstone and to pay fees and expenses incurred in connection with the kapstone acquisition . we fund our working capital requirements , capital expenditures , mergers , acquisitions and investments , restructuring activities , dividends and stock repurchases from net cash provided by operating activities , borrowings under our credit facilities , proceeds from our new a/r sales agreement ( as hereinafter defined ) , proceeds from the sale of property , plant and equipment removed from service and proceeds received in connection with the issuance of debt and equity securities . see fffdnote 13 . debt fffdtt of the notes to consolidated financial statements for additional information . funding for our domestic operations in the foreseeable future is expected to come from sources of liquidity within our domestic operations , including cash and cash equivalents , and available borrowings under our credit facilities . as such , our foreign cash and cash equivalents are not expected to be a key source of liquidity to our domestic operations . at september 30 , 2018 , excluding the delayed draw credit facilities , we had approximately $ 3.2 billion of availability under our committed credit facilities , primarily under our revolving credit facility , the majority of which matures on july 1 , 2022 . this liquidity may be used to provide for ongoing working capital needs and for other general corporate purposes , including acquisitions , dividends and stock repurchases . certain restrictive covenants govern our maximum availability under the credit facilities . we test and report our compliance with these covenants as required and we were in compliance with all of these covenants at september 30 , 2018 . at september 30 , 2018 , we had $ 104.9 million of outstanding letters of credit not drawn cash and cash equivalents were $ 636.8 million at september 30 , 2018 and $ 298.1 million at september 30 , 2017 . we used a significant portion of the cash and cash equivalents on hand at september 30 , 2018 in connection with the closing of the kapstone acquisition . approximately 20% ( 20 % ) of the cash and cash equivalents at september 30 , 2018 were held outside of the u.s . at september 30 , 2018 , total debt was $ 6415.2 million , $ 740.7 million of which was current . at september 30 , 2017 , total debt was $ 6554.8 million , $ 608.7 million of which was current . cash flow activityy .
1( in millions )year ended september 30 , 2018year ended september 30 , 2017year ended september 30 , 2016
2net cash provided by operating activities$ 2420.9$ 1900.5$ 1688.4
3net cash used for investing activities$ -1298.9 ( 1298.9 )$ -1285.8 ( 1285.8 )$ -1351.4 ( 1351.4 )
4net cash used for financing activities$ -755.1 ( 755.1 )$ -655.4 ( 655.4 )$ -231.0 ( 231.0 )
net cash provided by operating activities during fiscal 2018 increased $ 520.4 million from fiscal 2017 primarily due to higher cash earnings and lower cash taxes due to the impact of the tax act . net cash provided by operating activities during fiscal 2017 increased $ 212.1 million from fiscal 2016 primarily due to a $ 111.6 million net increase in cash flow from working capital changes plus higher after-tax cash proceeds from our land and development segment fffds accelerated monetization . the changes in working capital in fiscal 2018 , 2017 and 2016 included a .","['1122.0', '366.9']" "['what was the change in the total of current assets from 2006 to 2007?', 'and what is this change as a percentage of that total in 2006?', 'in that same period, what was the change in the total of current liabilities?', 'what was this total in 2006?', 'what percentage, then, did that change represent in relation to this 2006 amount?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 2007 annual report 39 corporate snap-on 2019s general corporate expenses totaled $ 53.8 million in 2006 , up from $ 46.4 million in 2005 , primarily due to $ 15.2 million of increased stock-based and performance-based incentive compensation , including $ 6.3 million from the january 1 , 2006 , adoption of sfas no . 123 ( r ) . increased expenses in 2006 also included $ 4.2 million of higher insurance and other costs . these expense increases were partially offset by $ 9.5 million of benefits from rci initiatives . see note 13 to the consolidated financial statements for information on the company 2019s adoption of sfas no . 123 ( r ) . financial condition snap-on 2019s growth has historically been funded by a combination of cash provided by operating activities and debt financing . snap-on believes that its cash from operations , coupled with its sources of borrowings , are sufficient to fund its anticipated requirements for working capital , capital expenditures , restructuring activities , acquisitions , common stock repurchases and dividend payments . due to snap-on 2019s credit rating over the years , external funds have been available at a reasonable cost . as of the close of business on february 15 , 2008 , snap-on 2019s long-term debt and commercial paper was rated a3 and p-2 by moody 2019s investors service and a- and a-2 by standard & poor 2019s . snap-on believes that the strength of its balance sheet , combined with its cash flows from operating activities , affords the company the financial flexibility to respond to both internal growth opportunities and those available through acquisitions . the following discussion focuses on information included in the accompanying consolidated balance sheets . snap-on has been focused on improving asset utilization by making more effective use of its investment in certain working capital items . the company assesses management 2019s operating performance and effectiveness relative to those components of working capital , particularly accounts receivable and inventories , that are more directly impacted by operational decisions . as of december 29 , 2007 , working capital ( current assets less current liabilities ) of $ 548.2 million was up $ 117.0 million from $ 431.2 million as of december 30 , 2006 . the increase in year-over-year working capital primarily reflects higher levels of 201ccash and cash equivalents 201d of $ 29.6 million , lower 201cnotes payable and current maturities of long-term debt 201d of $ 27.7 million , and $ 27.7 million of increased 201caccounts receivable 2013 net of allowances . 201d the following represents the company 2019s working capital position as of december 29 , 2007 , and december 30 , 2006 . ( amounts in millions ) 2007 2006 .
1( amounts in millions ) ad20072006
2cash and cash equivalents$ 93.0$ 63.4
3accounts receivable 2013 net of allowances586.9559.2
4inventories322.4323.0
5other current assets185.1167.6
6total current assets1187.41113.2
7accounts payable-171.6 ( 171.6 )-178.8 ( 178.8 )
8notes payable and current maturities of long-term debt-15.9 ( 15.9 )-43.6 ( 43.6 )
9other current liabilities-451.7 ( 451.7 )-459.6 ( 459.6 )
10total current liabilities-639.2 ( 639.2 )-682.0 ( 682.0 )
11total working capital$ 548.2$ 431.2
accounts receivable at the end of 2007 was $ 586.9 million , up $ 27.7 million from year-end 2006 levels . the year-over- year increase in accounts receivable primarily reflects the impact of higher sales in the fourth quarter of 2007 and $ 25.1 million of currency translation . this increase in accounts receivable was partially offset by lower levels of receivables as a result of an improvement in days sales outstanding from 76 days at year-end 2006 to 73 days at year-end 2007. .","['74.2', '0.06665', '-42.8', '682.0', '-0.06276']" "['what is the difference in ccg operating income between 2014 and 2015?', 'and the specific amount for 2014 again?', 'so then what is the growth rate over these years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis of financial condition and results of operations ( continued ) the following results drove changes in ccg operating income by approximately the amounts indicated: .
1( in millions )operating income reconciliation
2$ 106462016 ccg operating income
31250lower ccg platform unit cost
4905lower ccg operating expense
5625higher gross margin from ccg platform revenue1
6-645 ( 645 )higher factory start-up costs primarily driven by the ramp of our 10nm process technology
7345other
8$ 81662015 ccg operating income
9-2060 ( 2060 )higher ccg platform unit costs
10-1565 ( 1565 )lower gross margin from ccg platform revenue2
11435lower factory start-up costs primarily driven by the ramp of our 14nm process technology
12430lower production costs primarily on our 14nm products treated as period charges in 2014
13375lower operating expense
14224other
15$ 103272014 ccg operating income
1 higher gross margin from higher ccg platform revenue was driven by higher average selling prices on notebook and desktop platforms , offset by lower desktop and notebook platform unit sales . 2 lower gross margin from lower ccg platform revenue was driven by lower desktop and notebook platform unit sales , partially offset by higher average selling prices on desktop , notebook , and tablet platforms . data center group segment product overview the dcg operating segment offers platforms designed to provide leading energy-efficient performance for all server , network , and storage applications . in addition , dcg focuses on lowering the total cost of ownership on other specific workload- optimizations for the enterprise , cloud service providers , and communications service provider market segments . in 2016 , we launched the following platforms with an array of functionalities and advancements : 2022 intel ae xeon ae processor e5 v4 family , the foundation for high performing clouds and delivers energy-efficient performance for server , network , and storage workloads . 2022 intel xeon processor e7 v4 family , targeted at platforms requiring four or more cpus ; this processor family delivers high performance and is optimized for real-time analytics and in-memory computing , along with industry-leading reliability , availability , and serviceability . 2022 intel ae xeon phi 2122 product family , formerly code-named knights landing , with up to 72 high-performance intel processor cores , integrated memory and fabric , and a common software programming model with intel xeon processors . the intel xeon phi product family is designed for highly parallel compute and memory bandwidth-intensive workloads . intel xeon phi processors are positioned to increase the performance of supercomputers , enabling trillions of calculations per second , and to address emerging data analytics and artificial intelligence solutions . in 2017 , we expect to release our next generation of intel xeon processors for compute , storage , and network ; a next-generation intel xeon phi processor optimized for deep learning ; and a suite of single-socket products , including next-generation intel xeon e3 processors , next-generation intel atom processors , and next-generation intel xeon-d processors for dense solutions. .","['-2161.0', '10327.0', '-0.20926']" "['what is the net outflow as of dec 31, 2017?', 'what about as of dec 31, 2016?', 'what is the difference?', 'what is the net outflow as of dec 31, 2016?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: liquidity monitoring and measurement stress testing liquidity stress testing is performed for each of citi 2019s major entities , operating subsidiaries and/or countries . stress testing and scenario analyses are intended to quantify the potential impact of an adverse liquidity event on the balance sheet and liquidity position , and to identify viable funding alternatives that can be utilized . these scenarios include assumptions about significant changes in key funding sources , market triggers ( such as credit ratings ) , potential uses of funding and geopolitical and macroeconomic conditions . these conditions include expected and stressed market conditions as well as company-specific events . liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over a variety of time horizons and over different stressed conditions . liquidity limits are set accordingly . to monitor the liquidity of an entity , these stress tests and potential mismatches are calculated with varying frequencies , with several tests performed daily . given the range of potential stresses , citi maintains contingency funding plans on a consolidated basis and for individual entities . these plans specify a wide range of readily available actions for a variety of adverse market conditions or idiosyncratic stresses . short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal liquidity stress metrics that citi has developed for a 30-day stress scenario , citi also monitors its liquidity by reference to the lcr , as calculated pursuant to the u.s . lcr rules . generally , the lcr is designed to ensure that banks maintain an adequate level of hqla to meet liquidity needs under an acute 30-day stress scenario . the lcr is calculated by dividing hqla by estimated net outflows over a stressed 30-day period , with the net outflows determined by applying prescribed outflow factors to various categories of liabilities , such as deposits , unsecured and secured wholesale borrowings , unused lending commitments and derivatives- related exposures , partially offset by inflows from assets maturing within 30 days . banks are required to calculate an add-on to address potential maturity mismatches between contractual cash outflows and inflows within the 30-day period in determining the total amount of net outflows . the minimum lcr requirement is 100% ( 100 % ) , effective january 2017 . pursuant to the federal reserve board 2019s final rule regarding lcr disclosures , effective april 1 , 2017 , citi began to disclose lcr in the prescribed format . the table below sets forth the components of citi 2019s lcr calculation and hqla in excess of net outflows for the periods indicated : in billions of dollars dec . 31 , sept . 30 , dec . 31 .
1in billions of dollarsdec . 31 2017sept . 30 2017dec . 31 2016
2hqla$ 446.4$ 448.6$ 403.7
3net outflows364.3365.1332.5
4lcr123% ( 123 % )123% ( 123 % )121% ( 121 % )
5hqla in excess of net outflows$ 82.1$ 83.5$ 71.3
note : amounts set forth in the table above are presented on an average basis . as set forth in the table above , citi 2019s lcr increased year- over-year , as the increase in the hqla ( as discussed above ) more than offset an increase in modeled net outflows . the increase in modeled net outflows was primarily driven by changes in assumptions , including changes in methodology to better align citi 2019s outflow assumptions with those embedded in its resolution planning . sequentially , citi 2019s lcr remained unchanged . long-term liquidity measurement : net stable funding ratio ( nsfr ) in 2016 , the federal reserve board , the fdic and the occ issued a proposed rule to implement the basel iii nsfr requirement . the u.s.-proposed nsfr is largely consistent with the basel committee 2019s final nsfr rules . in general , the nsfr assesses the availability of a bank 2019s stable funding against a required level . a bank 2019s available stable funding would include portions of equity , deposits and long-term debt , while its required stable funding would be based on the liquidity characteristics of its assets , derivatives and commitments . prescribed factors would be required to be applied to the various categories of asset and liabilities classes . the ratio of available stable funding to required stable funding would be required to be greater than 100% ( 100 % ) . while citi believes that it is compliant with the proposed u.s . nsfr rules as of december 31 , 2017 , it will need to evaluate a final version of the rules , which are expected to be released during 2018 . citi expects that the nsfr final rules implementation period will be communicated along with the final version of the rules. .","['364.3', '332.5', '31.8', '332.5', '0.09564']" "['what was the backlog at year-end in 2015?', 'and what was it in 2014?', 'what was, then, the total backlog at year-end for the two years?', 'including 2013, what then becomes that total for the three years?', 'and what is the backlog at year-end between those three years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: backlog backlog increased in 2015 compared to 2014 primarily due to higher orders on f-35 and c-130 programs . backlog decreased slightly in 2014 compared to 2013 primarily due to lower orders on f-16 and f-22 programs . trends we expect aeronautics 2019 2016 net sales to increase in the mid-single digit percentage range as compared to 2015 due to increased volume on the f-35 and c-130 programs , partially offset by decreased volume on the f-16 program . operating profit is also expected to increase in the low single-digit percentage range , driven by increased volume on the f-35 program offset by contract mix that results in a slight decrease in operating margins between years . information systems & global solutions our is&gs business segment provides advanced technology systems and expertise , integrated information technology solutions and management services across a broad spectrum of applications for civil , defense , intelligence and other government customers . is&gs 2019 technical services business provides a comprehensive portfolio of technical and sustainment services . is&gs has a portfolio of many smaller contracts as compared to our other business segments . is&gs has been impacted by the continued downturn in certain federal agencies 2019 information technology budgets and increased re-competition on existing contracts coupled with the fragmentation of large contracts into multiple smaller contracts that are awarded primarily on the basis of price . is&gs 2019 operating results included the following ( in millions ) : .
1201520142013
2net sales$ 5596$ 5654$ 6115
3operating profit508472498
4operating margins9.1% ( 9.1 % )8.3% ( 8.3 % )8.1% ( 8.1 % )
5backlog at year-end$ 4800$ 6000$ 6300
2015 compared to 2014 is&gs 2019 net sales decreased $ 58 million , or 1% ( 1 % ) , in 2015 as compared to 2014 . the decrease was attributable to lower net sales of approximately $ 395 million as a result of key program completions , lower customer funding levels and increased competition , coupled with the fragmentation of existing large contracts into multiple smaller contracts that are awarded primarily on the basis of price when re-competed ( including cms-citic ) . these decreases were partially offset by higher net sales of approximately $ 230 million for businesses acquired in 2014 ; and approximately $ 110 million due to the start-up of new programs and growth in recently awarded programs . is&gs 2019 operating profit increased $ 36 million , or 8% ( 8 % ) , in 2015 as compared to 2014 . the increase was attributable to improved program performance and risk retirements , offset by decreased operating profit resulting from the activities mentioned above for net sales . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 70 million higher in 2015 compared to 2014 . 2014 compared to 2013 is&gs 2019 net sales decreased $ 461 million , or 8% ( 8 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to lower net sales of about $ 475 million due to the wind-down or completion of certain programs , driven by reductions in direct warfighter support ( including jieddo ) ; and approximately $ 320 million due to decreased volume in technical services programs reflecting market pressures . the decreases were offset by higher net sales of about $ 330 million due to the start-up of new programs , growth in recently awarded programs and integration of recently acquired companies . is&gs 2019 operating profit decreased $ 26 million , or 5% ( 5 % ) , in 2014 as compared to 2013 . the decrease was primarily attributable to the activities mentioned above for sales , partially offset by severance recoveries related to the restructuring announced in november 2013 of approximately $ 20 million in 2014 . adjustments not related to volume , including net profit booking rate adjustments , were comparable in 2014 and 2013. .","['4800.0', '6000.0', '10800.0', '17100.0', '5700.0']" "['what is the difference between the net rent expense of the years 2009 and 2008?', 'how much does that difference represent, percentually, in relation to the net expense in the year of 2008?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements at december 31 , 2007 , future minimum rental payments required under operating leases for continuing operations that have initial or remaining noncancelable lease terms in excess of one year , net of sublease rental income , most of which pertain to real estate leases , are as follows : ( millions ) .
12008$ 317
22009275
32010236
42011214
52012191
6later years597
7total minimum payments required$ 1830
aon corporation .","['-42.0', '-0.13249']" "['what is the estimated pennsylvania population?', 'what is that number times 1000000?', 'what is the total number of pennsylvania customers divided by the estimated population?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part i item 1 . business our company founded in 1886 , american water works company , inc. , ( the 201ccompany , 201d 201camerican water 201d or 201caww 201d ) is a delaware holding company . american water is the most geographically diversified , as well as the largest publicly-traded , united states water and wastewater utility company , as measured by both operating revenues and population served . as a holding company , we conduct substantially all of our business operations through our subsidiaries . our approximately 6400 employees provide an estimated 15 million people with drinking water , wastewater and/or other water-related services in 47 states and one canadian province . operating segments we report our results of operations in two operating segments : the regulated businesses and the market- based operations . additional information with respect to our operating segment results is included in the section entitled 201citem 7 2014management 2019s discussion and analysis of financial condition and results of operations , 201d and note 18 of the consolidated financial statements . regulated businesses our primary business involves the ownership of subsidiaries that provide water and wastewater utility services to residential , commercial , industrial and other customers , including sale for resale and public authority customers . we report the results of this business in our regulated businesses segment . our subsidiaries that provide these services are generally subject to economic regulation by certain state commissions or other entities engaged in economic regulation , hereafter referred to as public utility commissions , or 201cpucs , 201d of the states in which we operate . the federal and state governments also regulate environmental , health and safety , and water quality matters . our regulated businesses segment operating revenues were $ 2674.3 million for 2014 , $ 2539.9 for 2013 , $ 2564.4 million for 2012 , accounting for 88.8% ( 88.8 % ) , 90.1% ( 90.1 % ) and 89.9% ( 89.9 % ) , respectively , of total operating revenues for the same periods . the following table sets forth our regulated businesses operating revenues , number of customers and an estimate of population served as of december 31 , 2014 : operating revenues ( in millions ) % ( % ) of total number of customers % ( % ) of total estimated population served ( in millions ) % ( % ) of total .
1new jerseyoperatingrevenues ( in millions ) $ 652.3% ( % ) of total 24.5% ( 24.5 % )number ofcustomers 648066% ( % ) of total 20.2% ( 20.2 % )estimatedpopulationserved ( in millions ) 2.7% ( % ) of total 22.7% ( 22.7 % )
2pennsylvania605.422.6% ( 22.6 % )66641520.7% ( 20.7 % )2.218.5% ( 18.5 % )
3missouri270.210.1% ( 10.1 % )46449814.4% ( 14.4 % )1.512.7% ( 12.7 % )
4illinois ( a )262.39.8% ( 9.8 % )3120179.7% ( 9.7 % )1.310.9% ( 10.9 % )
5california209.87.8% ( 7.8 % )1741985.4% ( 5.4 % )0.65.0% ( 5.0 % )
6indiana200.67.5% ( 7.5 % )2936669.1% ( 9.1 % )1.210.1% ( 10.1 % )
7west virginia ( b )127.04.7% ( 4.7 % )1703715.3% ( 5.3 % )0.65.0% ( 5.0 % )
8subtotal ( top seven states )2327.687.0% ( 87.0 % )272923184.8% ( 84.8 % )10.184.9% ( 84.9 % )
9other ( c )346.713.0% ( 13.0 % )48996115.2% ( 15.2 % )1.815.1% ( 15.1 % )
10total regulated businesses$ 2674.3100.0% ( 100.0 % )3219192100.0% ( 100.0 % )11.9100.0% ( 100.0 % )
( a ) includes illinois-american water company , which we refer to as ilawc and american lake water company , also a regulated subsidiary in illinois. .","['2.2', '2200000.0', '0.30292']" "['in the year of 2008, what was the aggregate net unrealized loss, including the net of a tax provision?', 'and from 2007 to that year, what was the change in the unrealized losses related to interest rate swap agreements net of tax?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) of certain of its assets and liabilities under its interest rate swap agreements held as of december 31 , 2006 and entered into during the first half of 2007 . in addition , the company paid $ 8.0 million related to a treasury rate lock agreement entered into and settled during the year ended december 31 , 2008 . the cost of the treasury rate lock is being recognized as additional interest expense over the 10-year term of the 7.00% ( 7.00 % ) notes . during the year ended december 31 , 2007 , the company also received $ 3.1 million in cash upon settlement of the assets and liabilities under ten forward starting interest rate swap agreements with an aggregate notional amount of $ 1.4 billion , which were designated as cash flow hedges to manage exposure to variability in cash flows relating to forecasted interest payments in connection with the certificates issued in the securitization in may 2007 . the settlement is being recognized as a reduction in interest expense over the five-year period for which the interest rate swaps were designated as hedges . the company also received $ 17.0 million in cash upon settlement of the assets and liabilities under thirteen additional interest rate swap agreements with an aggregate notional amount of $ 850.0 million that managed exposure to variability of interest rates under the credit facilities but were not considered cash flow hedges for accounting purposes . this gain is included in other income in the accompanying consolidated statement of operations for the year ended december 31 , 2007 . as of december 31 , 2008 and 2007 , other comprehensive ( loss ) income included the following items related to derivative financial instruments ( in thousands ) : .
120082007
2deferred loss on the settlement of the treasury rate lock net of tax$ -4332 ( 4332 )$ -4901 ( 4901 )
3deferred gain on the settlement of interest rate swap agreements entered into in connection with the securitization net oftax12381636
4unrealized losses related to interest rate swap agreements net of tax-16349 ( 16349 )-486 ( 486 )
during the years ended december 31 , 2008 and 2007 , the company recorded an aggregate net unrealized loss of approximately $ 15.8 million and $ 3.2 million , respectively ( net of a tax provision of approximately $ 10.2 million and $ 2.0 million , respectively ) in other comprehensive loss for the change in fair value of interest rate swaps designated as cash flow hedges and reclassified an aggregate of $ 0.1 million and $ 6.2 million , respectively ( net of an income tax provision of $ 2.0 million and an income tax benefit of $ 3.3 million , respectively ) into results of operations . 9 . fair valuemeasurements the company determines the fair market values of its financial instruments based on the fair value hierarchy established in sfas no . 157 , which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value . the standard describes three levels of inputs that may be used to measure fair value . level 1 quoted prices in active markets for identical assets or liabilities that the company has the ability to access at the measurement date . the company 2019s level 1 assets consist of available-for-sale securities traded on active markets as well as certain brazilian treasury securities that are highly liquid and are actively traded in over-the-counter markets . level 2 observable inputs other than level 1 prices , such as quoted prices for similar assets or liabilities ; quoted prices in markets that are not active ; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. .","['26.0', '-15863.0']" "['what value of gwh was generated in 2004?', 'what about in 2003?', 'what is net change in generated gwh?', 'what value of gwh was generated in 2003?', 'what growth rate does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy corporation and subsidiaries management's financial discussion and analysis other income ( deductions ) changed from $ 47.6 million in 2002 to ( $ 36.0 million ) in 2003 primarily due to a decrease in ""miscellaneous - net"" as a result of a $ 107.7 million accrual in the second quarter of 2003 for the loss that would be associated with a final , non-appealable decision disallowing abeyed river bend plant costs . see note 2 to the consolidated financial statements for more details regarding the river bend abeyed plant costs . the decrease was partially offset by an increase in interest and dividend income as a result of the implementation of sfas 143 . interest on long-term debt decreased from $ 462.0 million in 2002 to $ 433.5 million in 2003 primarily due to the redemption and refinancing of long-term debt . non-utility nuclear following are key performance measures for non-utility nuclear: .
1200420032002
2net mw in operation at december 31405840013955
3average realized price per mwh$ 41.26$ 39.38$ 40.07
4generation in gwh for the year325243237929953
5capacity factor for the year92% ( 92 % )92% ( 92 % )93% ( 93 % )
2004 compared to 2003 the decrease in earnings for non-utility nuclear from $ 300.8 million to $ 245.0 million was primarily due to the $ 154.5 million net-of-tax cumulative effect of a change in accounting principle that increased earnings in the first quarter of 2003 upon implementation of sfas 143 . see ""critical accounting estimates - sfas 143"" below for discussion of the implementation of sfas 143 . earnings before the cumulative effect of accounting change increased by $ 98.7 million primarily due to the following : 2022 lower operation and maintenance expenses , which decreased from $ 681.8 million in 2003 to $ 595.7 million in 2004 , primarily resulting from charges recorded in 2003 in connection with the voluntary severance program ; 2022 higher revenues , which increased from $ 1.275 billion in 2003 to $ 1.342 billion in 2004 , primarily resulting from higher contract pricing . the addition of a support services contract for the cooper nuclear station and increased generation in 2004 due to power uprates completed in 2003 and fewer planned and unplanned outages in 2004 also contributed to the higher revenues ; and 2022 miscellaneous income resulting from a reduction in the decommissioning liability for a plant , as discussed in note 8 to the consolidated financial statements . partially offsetting this increase were the following : 2022 higher income taxes , which increased from $ 88.6 million in 2003 to $ 142.6 million in 2004 ; and 2022 higher depreciation expense , which increased from $ 34.3 million in 2003 to $ 48.9 million in 2004 , due to additions to plant in service . 2003 compared to 2002 the increase in earnings for non-utility nuclear from $ 200.5 million to $ 300.8 million was primarily due to the $ 154.5 million net-of-tax cumulative effect of a change in accounting principle recognized in the first quarter of 2003 upon implementation of sfas 143 . see ""critical accounting estimates - sfas 143"" below for discussion of the implementation of sfas 143 . income before the cumulative effect of accounting change decreased by $ 54.2 million . the decrease was primarily due to $ 83.0 million ( $ 50.6 million net-of-tax ) of charges recorded in connection with the voluntary severance program . except for the effect of the voluntary severance program , operation and maintenance expenses in 2003 per mwh of generation were in line with 2002 operation and maintenance expenses. .","['32524.0', '32379.0', '145.0', '32379.0', '0.00448']" "['how much did the net capitalized costs in 2018 represent in relation to the ones in 2017?', 'and what is this value without the portion equivalent to the 2017 costs?', 'in that same period, what was the change in the accumulated depreciation depletion and amortization?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: eog resources , inc . supplemental information to consolidated financial statements ( continued ) capitalized costs relating to oil and gas producing activities . the following table sets forth the capitalized costs relating to eog's crude oil and natural gas producing activities at december 31 , 2018 and 2017: .
120182017
2proved properties$ 53624809$ 48845672
3unproved properties37052073710069
4total5733001652555741
5accumulated depreciation depletion and amortization-31674085 ( 31674085 )-29191247 ( 29191247 )
6net capitalized costs$ 25655931$ 23364494
costs incurred in oil and gas property acquisition , exploration and development activities . the acquisition , exploration and development costs disclosed in the following tables are in accordance with definitions in the extractive industries - oil and gas topic of the accounting standards codification ( asc ) . acquisition costs include costs incurred to purchase , lease or otherwise acquire property . exploration costs include additions to exploratory wells , including those in progress , and exploration expenses . development costs include additions to production facilities and equipment and additions to development wells , including those in progress. .","['1.09807', '0.09807', '2482838.0']" "['what is the net change in the balance of other long-term notes receivable during 2007?', 'what is the effect in cash flow from this change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) market and lease the unused tower space on the broadcast towers ( the economic rights ) . tv azteca retains title to these towers and is responsible for their operation and maintenance . the company is entitled to 100% ( 100 % ) of the revenues generated from leases with tenants on the unused space and is responsible for any incremental operating expenses associated with those tenants . the term of the economic rights agreement is seventy years ; however , tv azteca has the right to purchase , at fair market value , the economic rights from the company at any time during the last fifty years of the agreement . should tv azteca elect to purchase the economic rights ( in whole or in part ) , it would also be obligated to repay a proportional amount of the loan discussed above at the time of such election . the company 2019s obligation to pay tv azteca $ 1.5 million annually would also be reduced proportionally . the company has accounted for the annual payment of $ 1.5 million as a capital lease ( initially recording an asset and a corresponding liability of approximately $ 18.6 million ) . the capital lease asset and the discount on the note , which aggregate approximately $ 30.2 million , represent the cost to acquire the economic rights and are being amortized over the seventy-year life of the economic rights agreement . on a quarterly basis , the company assesses the recoverability of its note receivable from tv azteca . as of december 31 , 2007 and 2006 , the company has assessed the recoverability of the note receivable from tv azteca and concluded that no adjustment to its carrying value is required . a former executive officer and former director of the company served as a director of tv azteca from december 1999 to february 2006 . as of december 31 , 2007 and 2006 , the company also had other long-term notes receivable outstanding of approximately $ 4.3 million and $ 11.0 million , respectively . 8 . derivative financial instruments the company enters into interest rate protection agreements to manage exposure on the variable rate debt under its credit facilities and to manage variability in cash flows relating to forecasted interest payments . under these agreements , the company is exposed to credit risk to the extent that a counterparty fails to meet the terms of a contract . such exposure was limited to the current value of the contract at the time the counterparty fails to perform . the company believes its contracts as of december 31 , 2007 and 2006 are with credit worthy institutions . as of december 31 , 2007 and 2006 , the carrying amounts of the company 2019s derivative financial instruments , along with the estimated fair values of the related assets reflected in notes receivable and other long-term assets and ( liabilities ) reflected in other long-term liabilities in the accompanying consolidated balance sheet , are as follows ( in thousands except percentages ) : as of december 31 , 2007 notional amount interest rate term carrying amount and fair value .
1as of december 31 2007notional amountinterest ratetermcarrying amount and fair value
2interest rate swap agreement$ 1500003.95% ( 3.95 % )expiring in 2009$ -369 ( 369 )
3interest rate swap agreement1000004.08% ( 4.08 % )expiring in 2010-571 ( 571 )
4total$ 250000$ -940 ( 940 )
.","['6.7', '-6.7']" "['what is the sum of advertising costs in 2014 and 2015?', 'what is the sum including advertising costs in 2013?', 'what is the average cost per year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 38 2015 ppg annual report and form 10-k notes to the consolidated financial statements 1 . summary of significant accounting policies principles of consolidation the accompanying consolidated financial statements include the accounts of ppg industries , inc . ( 201cppg 201d or the 201ccompany 201d ) and all subsidiaries , both u.s . and non-u.s. , that it controls . ppg owns more than 50% ( 50 % ) of the voting stock of most of the subsidiaries that it controls . for those consolidated subsidiaries in which the company 2019s ownership is less than 100% ( 100 % ) , the outside shareholders 2019 interests are shown as noncontrolling interests . investments in companies in which ppg owns 20% ( 20 % ) to 50% ( 50 % ) of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting . as a result , ppg 2019s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statement of income and ppg 2019s share of these companies 2019 shareholders 2019 equity is included in 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 from sales is recognized by all operating segments when goods are shipped and title to inventory and risk of loss passes to the customer or when services have been rendered . shipping and handling costs amounts billed to customers for shipping and handling are reported in 201cnet sales 201d in the accompanying consolidated statement of income . shipping and handling costs incurred by the company for the delivery of goods to customers are included in 201ccost of sales , exclusive of depreciation and amortization 201d in the accompanying consolidated statement of income . selling , general and administrative costs amounts presented as 201cselling , general and administrative 201d in the accompanying consolidated statement of income are comprised of selling , customer service , distribution and advertising costs , as well as the costs of providing corporate- wide functional support in such areas as finance , law , human resources and planning . distribution costs pertain to the movement and storage of finished goods inventory at company- owned and leased warehouses , terminals and other distribution facilities . advertising costs advertising costs are expensed as incurred and totaled $ 324 million , $ 297 million and $ 235 million in 2015 , 2014 and 2013 , respectively . research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred. .
1( $ in millions )201520142013
2research and development 2013 total$ 505$ 509$ 479
3less depreciation on research facilities191716
4research and development net$ 486$ 492$ 463
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. .","['621.0', '856.0', '285.33333']" "['what is the total cost of common share repurchases in 2014?', 'what about in 2013?', 'what is the net change among these years?', 'what is the total cost of common share repurchases in 2013?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements guarantees of subsidiaries . group inc . fully and unconditionally guarantees the securities issued by gs finance corp. , a wholly-owned finance subsidiary of the group inc . has guaranteed the payment obligations of goldman , sachs & co . ( gs&co. ) , gs bank usa and goldman sachs execution & clearing , l.p . ( gsec ) , subject to certain exceptions . in november 2008 , the firm contributed subsidiaries into gs bank usa , and group inc . agreed to guarantee the reimbursement of certain losses , including credit-related losses , relating to assets held by the contributed entities . in connection with this guarantee , group inc . also agreed to pledge to gs bank usa certain collateral , including interests in subsidiaries and other illiquid assets . in addition , group inc . guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by- transaction basis , as negotiated with counterparties . group inc . is unable to develop an estimate of the maximum payout under its subsidiary guarantees ; however , because these guaranteed obligations are also obligations of consolidated subsidiaries , group inc . 2019s liabilities as guarantor are not separately disclosed . note 19 . shareholders 2019 equity common equity dividends declared per common share were $ 2.25 in 2014 , $ 2.05 in 2013 and $ 1.77 in 2012 . on january 15 , 2015 , group inc . declared a dividend of $ 0.60 per common share to be paid on march 30 , 2015 to common shareholders of record on march 2 , 2015 . the firm 2019s share repurchase program is intended to help maintain the appropriate level of common equity . the share repurchase program is effected primarily through regular open-market purchases ( which may include repurchase plans designed to comply with rule 10b5-1 ) , the amounts and timing of which are determined primarily by the firm 2019s current and projected capital position , but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firm 2019s common stock . prior to repurchasing common stock , the firm must receive confirmation that the federal reserve board does not object to such capital actions . the table below presents the amount of common stock repurchased by the firm under the share repurchase program during 2014 , 2013 and 2012. .
1in millions except per share amountsyear ended december 2014year ended december 2013year ended december 2012
2common share repurchases31.839.342.0
3average cost per share$ 171.79$ 157.11$ 110.31
4total cost of common share repurchases$ 5469$ 6175$ 4637
total cost of common share repurchases $ 5469 $ 6175 $ 4637 pursuant to the terms of certain share-based compensation plans , employees may remit shares to the firm or the firm may cancel restricted stock units ( rsus ) or stock options to satisfy minimum statutory employee tax withholding requirements and the exercise price of stock options . under these plans , during 2014 , 2013 and 2012 , employees remitted 174489 shares , 161211 shares and 33477 shares with a total value of $ 31 million , $ 25 million and $ 3 million , and the firm cancelled 5.8 million , 4.0 million and 12.7 million of rsus with a total value of $ 974 million , $ 599 million and $ 1.44 billion . under these plans , the firm also cancelled 15.6 million stock options with a total value of $ 2.65 billion during 2014 . 170 goldman sachs 2014 annual report .","['5469.0', '6175.0', '-706.0', '6175.0', '-0.11433']" "['combined, what was the high and low price for 2003 q1?', 'and the average of these values?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part ii item 5 . market for registrant 2019s common equity and related stockholder matters recent sales of unregistered securities during the fourth quarter of 2003 , aes issued an aggregated of 20.2 million shares of its common stock in exchange for $ 20 million aggregate principal amount of its senior notes . the shares were issued without registration in reliance upon section 3 ( a ) ( 9 ) under the securities act of 1933 . market information our common stock is currently traded on the new york stock exchange ( 2018 2018nyse 2019 2019 ) under the symbol 2018 2018aes . 2019 2019 the following tables set forth the high and low sale prices for our common stock as reported by the nyse for the periods indicated . price range of common stock .
12003 first quarterhigh $ 4.04low $ 2.722002 first quarterhigh $ 17.84low $ 4.11
2second quarter8.373.75second quarter9.173.55
3third quarter7.705.91third quarter4.611.56
4fourth quarter9.507.57fourth quarter3.570.95
holders as of march 3 , 2004 , there were 9026 record holders of our common stock , par value $ 0.01 per share . dividends under the terms of our senior secured credit facilities , which we entered into with a commercial bank syndicate , we are not allowed to pay cash dividends . in addition , under the terms of a guaranty we provided to the utility customer in connection with the aes thames project , we are precluded from paying cash dividends on our common stock if we do not meet certain net worth and liquidity tests . our project subsidiaries 2019 ability to declare and pay cash dividends to us is subject to certain limitations contained in the project loans , governmental provisions and other agreements that our project subsidiaries are subject to . see item 12 ( d ) of this form 10-k for information regarding securities authorized for issuance under equity compensation plans. .","['6.76', '3.38']" "['what is the sum of long term debt due in 2017 and 2018?', 'what is that divided by 1000?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term debt . ( d ) see note 10 to the financial statements for further discussion of the waterford 3 lease obligation and entergy louisiana 2019s acquisition of the equity participant 2019s beneficial interest in the waterford 3 leased assets and for further discussion of the grand gulf lease obligation . ( e ) this note does not have a stated interest rate , but has an implicit interest rate of 7.458% ( 7.458 % ) . ( f ) the fair value excludes lease obligations of $ 57 million at entergy louisiana and $ 34 million at system energy , and long-term doe obligations of $ 182 million at entergy arkansas , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 15 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2016 , for the next five years are as follows : amount ( in thousands ) .
1amount ( in thousands )
22017$ 307403
32018$ 828084
42019$ 724899
52020$ 795000
62021$ 1674548
in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . as part of the purchase agreement with nypa , entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date . in october 2015 , entergy announced a planned shutdown of fitzpatrick at the end of its fuel cycle . as a result of the announcement , entergy reduced this liability by $ 26.4 million pursuant to the terms of the purchase agreement . in august 2016 , entergy entered into a trust transfer agreement with nypa to transfer the decommissioning trust funds and decommissioning liabilities for the indian point 3 and fitzpatrick plants to entergy . as part of the trust transfer agreement , the original decommissioning agreements were amended , and the entergy subsidiaries 2019 obligation to make additional license extension payments to nypa was eliminated . in the third quarter 2016 , entergy removed the note payable of $ 35.1 million from the consolidated balance sheet . entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018 . entergy new orleans has obtained long-term financing authorization from the city council that extends through june 2018 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; .","['1135487.0', '1135.487']" "['what was the value of cash provided by operating activities in 2017?', 'what was the value in 2016?', 'what is the net change in value?', 'what was the 2016 value?', 'what is the net change divided by the 2016 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: in summary , our cash flows for each period were as follows : years ended ( in millions ) dec 30 , dec 31 , dec 26 .
1years ended ( in millions )dec 302017dec 312016dec 262015
2net cash provided by operating activities$ 22110$ 21808$ 19018
3net cash used for investing activities-15762 ( 15762 )-25817 ( 25817 )-8183 ( 8183 )
4net cash provided by ( used for ) financing activities-8475 ( 8475 )-5739 ( 5739 )1912
5net increase ( decrease ) in cash and cash equivalents$ -2127 ( 2127 )$ -9748 ( 9748 )$ 12747
operating activities cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities . for 2017 compared to 2016 , the $ 302 million increase in cash provided by operating activities was due to changes to working capital partially offset by adjustments for non-cash items and lower net income . tax reform did not have an impact on our 2017 cash provided by operating activities . the increase in cash provided by operating activities was driven by increased income before taxes and $ 1.0 billion receipts of customer deposits . these increases were partially offset by increased inventory and accounts receivable . income taxes paid , net of refunds , in 2017 compared to 2016 were $ 2.9 billion higher due to higher income before taxes , taxable gains on sales of asml , and taxes on the isecg divestiture . we expect approximately $ 2.0 billion of additional customer deposits in 2018 . for 2016 compared to 2015 , the $ 2.8 billion increase in cash provided by operating activities was due to adjustments for non-cash items and changes in working capital , partially offset by lower net income . the adjustments for non-cash items were higher in 2016 primarily due to restructuring and other charges and the change in deferred taxes , partially offset by lower depreciation . investing activities investing cash flows consist primarily of capital expenditures ; investment purchases , sales , maturities , and disposals ; and proceeds from divestitures and cash used for acquisitions . our capital expenditures were $ 11.8 billion in 2017 ( $ 9.6 billion in 2016 and $ 7.3 billion in 2015 ) . the decrease in cash used for investing activities in 2017 compared to 2016 was primarily due to higher net activity of available-for sale-investments in 2017 , proceeds from our divestiture of isecg in 2017 , and higher maturities and sales of trading assets in 2017 . this activity was partially offset by higher capital expenditures in 2017 . the increase in cash used for investing activities in 2016 compared to 2015 was primarily due to our completed acquisition of altera , net purchases of trading assets in 2016 compared to net sales of trading assets in 2015 , and higher capital expenditures in 2016 . this increase was partially offset by lower investments in non-marketable equity investments . financing activities financing cash flows consist primarily of repurchases of common stock , payment of dividends to stockholders , issuance and repayment of short-term and long-term debt , and proceeds from the sale of shares of common stock through employee equity incentive plans . the increase in cash used for financing activities in 2017 compared to 2016 was primarily due to net long-term debt activity , which was a use of cash in 2017 compared to a source of cash in 2016 . during 2017 , we repurchased $ 3.6 billion of common stock under our authorized common stock repurchase program , compared to $ 2.6 billion in 2016 . as of december 30 , 2017 , $ 13.2 billion remained available for repurchasing common stock under the existing repurchase authorization limit . we base our level of common stock repurchases on internal cash management decisions , and this level may fluctuate . proceeds from the sale of common stock through employee equity incentive plans totaled $ 770 million in 2017 compared to $ 1.1 billion in 2016 . our total dividend payments were $ 5.1 billion in 2017 compared to $ 4.9 billion in 2016 . we have paid a cash dividend in each of the past 101 quarters . in january 2018 , our board of directors approved an increase to our cash dividend to $ 1.20 per share on an annual basis . the board has declared a quarterly cash dividend of $ 0.30 per share of common stock for q1 2018 . the dividend is payable on march 1 , 2018 to stockholders of record on february 7 , 2018 . cash was used for financing activities in 2016 compared to cash provided by financing activities in 2015 , primarily due to fewer debt issuances and the repayment of debt in 2016 . this activity was partially offset by repayment of commercial paper in 2015 and fewer common stock repurchases in 2016 . md&a - results of operations consolidated results and analysis 37 .","['22110.0', '21808.0', '302.0', '21808.0', '0.01385']" "['what was the operating income in 2017?', 'how much did this change from 2016?', 'and the percentage increase during this time?', 'between 2017 and 2018 what was the difference in operating income for the technical solutions segment?', 'and the growth rate during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: december 2016 acquisition of camber and higher volumes in fleet support and oil and gas services , partially offset by lower nuclear and environmental volumes due to the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract . segment operating income 2018 - operating income in the technical solutions segment for the year ended december 31 , 2018 , was $ 32 million , compared to operating income of $ 21 million in 2017 . the increase was primarily due to an allowance for accounts receivable in 2017 on a nuclear and environmental commercial contract and higher income from operating investments at our nuclear and environmental joint ventures , partially offset by one time employee bonus payments in 2018 related to the tax act and lower performance in fleet support services . 2017 - operating income in the technical solutions segment for the year ended december 31 , 2017 , was $ 21 million , compared to operating income of $ 8 million in 2016 . the increase was primarily due to improved performance in oil and gas services and higher volume in mdis services following the december 2016 acquisition of camber , partially offset by the establishment of an allowance for accounts receivable on a nuclear and environmental commercial contract in 2017 and the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract . backlog total backlog as of december 31 , 2018 , was approximately $ 23 billion . total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) . backlog excludes unexercised contract options and unfunded idiq orders . for contracts having no stated contract values , backlog includes only the amounts committed by the customer . the following table presents funded and unfunded backlog by segment as of december 31 , 2018 and 2017: .
1( $ in millions )december 31 2018 fundeddecember 31 2018 unfundeddecember 31 2018 total backlogdecember 31 2018 fundeddecember 31 2018 unfundedtotal backlog
2ingalls$ 9943$ 1422$ 11365$ 5920$ 2071$ 7991
3newport news67674144109116976560812584
4technical solutions339380719478314792
5total backlog$ 17049$ 5946$ 22995$ 13374$ 7993$ 21367
we expect approximately 30% ( 30 % ) of the $ 23 billion total backlog as of december 31 , 2018 , to be converted into sales in 2019 . u.s . government orders comprised substantially all of the backlog as of december 31 , 2018 and 2017 . awards 2018 - the value of new contract awards during the year ended december 31 , 2018 , was approximately $ 9.8 billion . significant new awards during the period included contracts for the construction of three arleigh burke class ( ddg 51 ) destroyers , for the detail design and construction of richard m . mccool jr . ( lpd 29 ) , for procurement of long-lead-time material for enterprise ( cvn 80 ) , and for the construction of nsc 10 ( unnamed ) and nsc 11 ( unnamed ) . in addition , we received awards in 2019 valued at $ 15.2 billion for detail design and construction of the gerald r . ford class ( cvn 78 ) aircraft carriers enterprise ( cvn 80 ) and cvn 81 ( unnamed ) . 2017 - the value of new contract awards during the year ended december 31 , 2017 , was approximately $ 8.1 billion . significant new awards during this period included the detailed design and construction contract for bougainville ( lha 8 ) and the execution contract for the rcoh of uss george washington ( cvn 73 ) . .","['21.0', '13.0', '1.625', '11.0', '0.52381']" "['what was the change in revenues generated by the fis segment from 2016 to 2017?', 'and what is this change as a portion of those revenues in 2016?', 'in that year of 2017, what was the amount from the gfs segment?', 'and what were the total consolidated revenues?', 'what percentage, then, of this total did that amount represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 2022 expand client relationships - the overall market we serve continues to gravitate beyond single-application purchases to multi-solution partnerships . as the market dynamics shift , we expect our clients and prospects to rely more on our multidimensional service offerings . our leveraged solutions and processing expertise can produce meaningful value and cost savings for our clients through more efficient operating processes , improved service quality and convenience for our clients' customers . 2022 build global diversification - we continue to deploy resources in global markets where we expect to achieve meaningful scale . revenues by segment the table below summarizes our revenues by reporting segment ( in millions ) : .
1201720162015
2ifs$ 4630$ 4525$ 3809
3gfs413842502361
4corporate and other355466426
5total consolidated revenues$ 9123$ 9241$ 6596
integrated financial solutions ( ""ifs"" ) the ifs segment is focused primarily on serving north american regional and community bank and savings institutions for transaction and account processing , payment solutions , channel solutions , digital channels , fraud , risk management and compliance solutions , lending and wealth and retirement solutions , and corporate liquidity , capitalizing on the continuing trend to outsource these solutions . clients in this segment include regional and community banks , credit unions and commercial lenders , as well as government institutions , merchants and other commercial organizations . these markets are primarily served through integrated solutions and characterized by multi-year processing contracts that generate highly recurring revenues . the predictable nature of cash flows generated from this segment provides opportunities for further investments in innovation , integration , information and security , and compliance in a cost-effective manner . our solutions in this segment include : 2022 core processing and ancillary applications . our core processing software applications are designed to run banking processes for our financial institution clients , including deposit and lending systems , customer management , and other central management systems , serving as the system of record for processed activity . our diverse selection of market- focused core systems enables fis to compete effectively in a wide range of markets . we also offer a number of services that are ancillary to the primary applications listed above , including branch automation , back-office support systems and compliance support . 2022 digital solutions , including internet , mobile and ebanking . our comprehensive suite of retail delivery applications enables financial institutions to integrate and streamline customer-facing operations and back-office processes , thereby improving customer interaction across all channels ( e.g. , branch offices , internet , atm , mobile , call centers ) . fis' focus on consumer access has driven significant market innovation in this area , with multi-channel and multi-host solutions and a strategy that provides tight integration of services and a seamless customer experience . fis is a leader in mobile banking solutions and electronic banking enabling clients to manage banking and payments through the internet , mobile devices , accounting software and telephone . our corporate electronic banking solutions provide commercial treasury capabilities including cash management services and multi-bank collection and disbursement services that address the specialized needs of corporate clients . fis systems provide full accounting and reconciliation for such transactions , serving also as the system of record. .","['105.0', '0.0232', '4138.0', '9123.0', '0.45358']" "['what was net sales in 2015?', 'and in 2014?', 'what was the difference between these two years?', 'and the specific value for 2014 again?', 'so what was the change as a percentage of the original value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: segment includes awe and our share of earnings for our investment in ula , which provides expendable launch services to the u.s . government . space systems 2019 operating results included the following ( in millions ) : .
1201620152014
2net sales$ 9409$ 9105$ 9202
3operating profit128911711187
4operating margin13.7% ( 13.7 % )12.9% ( 12.9 % )12.9% ( 12.9 % )
5backlog atyear-end$ 18900$ 17400$ 20300
2016 compared to 2015 space systems 2019 net sales in 2016 increased $ 304 million , or 3% ( 3 % ) , compared to 2015 . the increase was attributable to net sales of approximately $ 410 million from awe following the consolidation of this business in the third quarter of 2016 ; and approximately $ 150 million for commercial space transportation programs due to increased launch-related activities ; and approximately $ 70 million of higher net sales for various programs ( primarily fleet ballistic missiles ) due to increased volume . these increases were partially offset by a decrease in net sales of approximately $ 340 million for government satellite programs due to decreased volume ( primarily sbirs and muos ) and the wind-down or completion of mission solutions programs . space systems 2019 operating profit in 2016 increased $ 118 million , or 10% ( 10 % ) , compared to 2015 . the increase was primarily attributable to a non-cash , pre-tax gain of approximately $ 127 million related to the consolidation of awe ; and approximately $ 80 million of increased equity earnings from joint ventures ( primarily ula ) . these increases were partially offset by a decrease of approximately $ 105 million for government satellite programs due to lower risk retirements ( primarily sbirs , muos and mission solutions programs ) and decreased volume . adjustments not related to volume , including net profit booking rate adjustments , were approximately $ 185 million lower in 2016 compared to 2015 . 2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 . the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume . these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume . space systems 2019 operating profit in 2015 decreased $ 16 million , or 1% ( 1 % ) , compared to 2014 . operating profit increased approximately $ 85 million for government satellite programs due primarily to increased risk retirements . this increase was offset by lower operating profit of approximately $ 65 million for commercial satellite programs due to performance matters on certain programs ; and approximately $ 35 million due to decreased equity earnings in joint ventures . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 105 million higher in 2015 compared to 2014 . equity earnings total equity earnings recognized by space systems ( primarily ula ) represented approximately $ 325 million , $ 245 million and $ 280 million , or 25% ( 25 % ) , 21% ( 21 % ) and 24% ( 24 % ) of this business segment 2019s operating profit during 2016 , 2015 and backlog backlog increased in 2016 compared to 2015 primarily due to the addition of awe 2019s backlog . backlog decreased in 2015 compared to 2014 primarily due to lower orders for government satellite programs and the orion program and higher sales on the orion program . trends we expect space systems 2019 2017 net sales to decrease in the mid-single digit percentage range as compared to 2016 , driven by program lifecycles on government satellite programs , partially offset by the recognition of awe net sales for a full year in 2017 versus a partial year in 2016 following the consolidation of awe in the third quarter of 2016 . operating profit .","['9105.0', '9202.0', '-97.0', '9202.0', '-0.01054']" "['what is the net change in weighted-average supply of berths market ed globally from 2012 to 2016?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the following table details the growth in global weighted average berths and the global , north american , european and asia/pacific cruise guests over the past five years ( in thousands , except berth data ) : weighted- average supply of berths marketed globally ( 1 ) caribbean cruises ltd . total berths ( 2 ) global cruise guests ( 1 ) american cruise guests ( 1 ) ( 3 ) european cruise guests ( 1 ) ( 4 ) asia/pacific cruise guests ( 1 ) ( 5 ) .
1yearweighted-averagesupply ofberthsmarketedglobally ( 1 )royal caribbean cruises ltd . total berths ( 2 )globalcruiseguests ( 1 )north american cruise guests ( 1 ) ( 3 )european cruise guests ( 1 ) ( 4 )asia/pacific cruise guests ( 1 ) ( 5 )
2201242500098650208131164162251474
3201343200098750213431171064302045
42014448000105750220391226963872382
52015469000112700230001200465873129
62016493000123270240001258165423636
_______________________________________________________________________________ ( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a combination of data that we obtain from various publicly available cruise industry trade information sources . we use data obtained from seatrade insider , cruise industry news and company press releases to estimate weighted-average supply of berths and clia and g.p . wild to estimate cruise guest information . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) total berths include our berths related to our global brands and partner brands . ( 3 ) our estimates include the united states and canada . ( 4 ) our estimates include european countries relevant to the industry ( e.g. , nordics , germany , france , italy , spain and the united kingdom ) . ( 5 ) our estimates include the southeast asia ( e.g. , singapore , thailand and the philippines ) , east asia ( e.g. , china and japan ) , south asia ( e.g. , india and pakistan ) and oceanian ( e.g. , australia and fiji islands ) regions . north america the majority of industry cruise guests are sourced from north america , which represented approximately 52% ( 52 % ) of global cruise guests in 2016 . the compound annual growth rate in cruise guests sourced from this market was approximately 2% ( 2 % ) from 2012 to 2016 . europe industry cruise guests sourced from europe represented approximately 27% ( 27 % ) of global cruise guests in 2016 . the compound annual growth rate in cruise guests sourced from this market was approximately 1% ( 1 % ) from 2012 to 2016 . asia/pacific industry cruise guests sourced from the asia/pacific region represented approximately 15% ( 15 % ) of global cruise guests in 2016 . the compound annual growth rate in cruise guests sourced from this market was approximately 25% ( 25 % ) from 2012 to 2016 . the asia/pacific region is experiencing the highest growth rate of the major regions , although it will continue to represent a relatively small sector compared to north america . competition we compete with a number of cruise lines . our principal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise line , costa cruises , cunard line , holland america line , p&o cruises , princess cruises and seabourn ; disney cruise line ; msc cruises ; and norwegian cruise line holdings ltd , which owns norwegian cruise line , oceania cruises and regent seven seas cruises . cruise lines compete with .","['68000.0', '0.16']" "['what is the total quarterly cash dividends per quarter in 2010 and 2011?', 'what is the total variation in stock price from april 1, 2011 to june 30, 2011?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents index to financial statements item 3 . legal proceedings . item 4 . mine safety disclosures . not applicable . part ii price range our common stock trades on the nasdaq global select market under the symbol 201cmktx 201d . the range of closing price information for our common stock , as reported by nasdaq , was as follows : on february 16 , 2012 , the last reported closing price of our common stock on the nasdaq global select market was $ 32.65 . holders there were 41 holders of record of our common stock as of february 16 , 2012 . dividend policy we initiated a regular quarterly dividend in the fourth quarter of 2009 . during 2010 and 2011 , we paid quarterly cash dividends of $ 0.07 per share and $ 0.09 per share , respectively . in january 2012 , our board of directors approved a quarterly cash dividend of $ 0.11 per share payable on march 1 , 2012 to stockholders of record as of the close of business on february 16 , 2012 . any future declaration and payment of dividends will be at the sole discretion of the company 2019s board of directors . the board of directors may take into account such matters as general business conditions , the company 2019s financial results , capital requirements , contractual , legal , and regulatory restrictions on the payment of dividends to the company 2019s stockholders or by the company 2019s subsidiaries to the parent and any such other factors as the board of directors may deem relevant . recent sales of unregistered securities item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities. .
12011:highlow
2january 1 2011 to march 31 2011$ 24.19$ 19.78
3april 1 2011 to june 30 2011$ 25.22$ 21.00
4july 1 2011 to september 30 2011$ 30.75$ 23.41
5october 1 2011 to december 31 2011$ 31.16$ 24.57
62010:highlow
7january 1 2010 to march 31 2010$ 16.20$ 13.25
8april 1 2010 to june 30 2010$ 17.40$ 13.45
9july 1 2010 to september 30 2010$ 17.30$ 12.39
10october 1 2010 to december 31 2010$ 20.93$ 16.93
.","['0.16', '4.22']" "['what was the net change in operating revenue from 2001 to 2002?', 'what was operating revenue in 2001?', 'what is the net change over the 2001 operating revenue?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: other taxes decreased in 2001 because its utility operations in virginia became subject to state income taxes in lieu of gross receipts taxes effective january 2001 . in addition , dominion recognized higher effective rates for foreign earnings and higher pretax income in relation to non-conventional fuel tax credits realized . dominion energy 2002 2001 2000 ( millions , except per share amounts ) .
1( millions except pershare amounts )200220012000
2operating revenue$ 5940$ 6144$ 4894
3operating expenses452047493939
4net income contribution770723489
5earnings per share contribution$ 2.72$ 2.86$ 2.07
6electricity supplied* ( million mwhrs )1019583
7gas transmission throughput ( bcf )597553567
* amounts presented are for electricity supplied by utility and merchant generation operations . operating results 2014 2002 dominion energy contributed $ 2.72 per diluted share on net income of $ 770 million for 2002 , a net income increase of $ 47 million and an earnings per share decrease of $ 0.14 over 2001 . net income for 2002 reflected lower operating revenue ( $ 204 million ) , operating expenses ( $ 229 million ) and other income ( $ 27 million ) . interest expense and income taxes , which are discussed on a consolidated basis , decreased $ 50 million over 2001 . the earnings per share decrease reflected share dilution . regulated electric sales revenue increased $ 179 million . favorable weather conditions , reflecting increased cooling and heating degree-days , as well as customer growth , are estimated to have contributed $ 133 million and $ 41 million , respectively . fuel rate recoveries increased approximately $ 65 million for 2002 . these recoveries are generally offset by increases in elec- tric fuel expense and do not materially affect income . partially offsetting these increases was a net decrease of $ 60 million due to other factors not separately measurable , such as the impact of economic conditions on customer usage , as well as variations in seasonal rate premiums and discounts . nonregulated electric sales revenue increased $ 9 million . sales revenue from dominion 2019s merchant generation fleet decreased $ 21 million , reflecting a $ 201 million decline due to lower prices partially offset by sales from assets acquired and constructed in 2002 and the inclusion of millstone operations for all of 2002 . revenue from the wholesale marketing of utility generation decreased $ 74 million . due to the higher demand of utility service territory customers during 2002 , less production from utility plant generation was available for profitable sale in the wholesale market . revenue from retail energy sales increased $ 71 million , reflecting primarily customer growth over the prior year . net revenue from dominion 2019s electric trading activities increased $ 33 million , reflecting the effect of favorable price changes on unsettled contracts and higher trading margins . nonregulated gas sales revenue decreased $ 351 million . the decrease included a $ 239 million decrease in sales by dominion 2019s field services and retail energy marketing opera- tions , reflecting to a large extent declining prices . revenue associated with gas trading operations , net of related cost of sales , decreased $ 112 million . the decrease included $ 70 mil- lion of realized and unrealized losses on the economic hedges of natural gas production by the dominion exploration & pro- duction segment . as described below under selected information 2014 energy trading activities , sales of natural gas by the dominion exploration & production segment at market prices offset these financial losses , resulting in a range of prices contemplated by dominion 2019s overall risk management strategy . the remaining $ 42 million decrease was due to unfavorable price changes on unsettled contracts and lower overall trading margins . those losses were partially offset by contributions from higher trading volumes in gas and oil markets . gas transportation and storage revenue decreased $ 44 million , primarily reflecting lower rates . electric fuel and energy purchases expense increased $ 94 million which included an increase of $ 66 million associated with dominion 2019s energy marketing operations that are not sub- ject to cost-based rate regulation and an increase of $ 28 million associated with utility operations . substantially all of the increase associated with non-regulated energy marketing opera- tions related to higher volumes purchased during the year . for utility operations , energy costs increased $ 66 million for pur- chases subject to rate recovery , partially offset by a $ 38 million decrease in fuel expenses associated with lower wholesale mar- keting of utility plant generation . purchased gas expense decreased $ 245 million associated with dominion 2019s field services and retail energy marketing oper- ations . this decrease reflected approximately $ 162 million asso- ciated with declining prices and $ 83 million associated with lower purchased volumes . liquids , pipeline capacity and other purchases decreased $ 64 million , primarily reflecting comparably lower levels of rate recoveries of certain costs of transmission operations in the cur- rent year period . the difference between actual expenses and amounts recovered in the period are deferred pending future rate adjustments . other operations and maintenance expense decreased $ 14 million , primarily reflecting an $ 18 million decrease in outage costs due to fewer generation unit outages in the current year . depreciation expense decreased $ 11 million , reflecting decreases in depreciation associated with changes in the esti- mated useful lives of certain electric generation property , par- tially offset by increased depreciation associated with state line and millstone operations . other income decreased $ 27 million , including a $ 14 mil- lion decrease in net realized investment gains in the millstone 37d o m i n i o n 2019 0 2 a n n u a l r e p o r t .","['-204.0', '6144.0', '-0.0332']" "['what is the value of global payments in 2014?', 'what is that less 100?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph the following line-graph presentation compares our cumulative shareholder returns with the standard & poor 2019s information technology index and the standard & poor 2019s 500 stock index for the past five years . the line graph assumes the investment of $ 100 in our common stock , the standard & poor 2019s information technology index , and the standard & poor 2019s 500 stock index on may 31 , 2003 and assumes reinvestment of all dividends . comparison of 5 year cumulative total return* among global payments inc. , the s&p 500 index and the s&p information technology index 5/03 5/04 5/05 5/06 5/07 5/08 global payments inc . s&p 500 s&p information technology * $ 100 invested on 5/31/03 in stock or index-including reinvestment of dividends . fiscal year ending may 31 . global payments s&p 500 information technology .
1global paymentss&p 500s&p information technology
2may 31 2003$ 100.00$ 100.00$ 100.00
3may 31 2004137.75118.33121.98
4may 31 2005205.20128.07123.08
5may 31 2006276.37139.14123.99
6may 31 2007238.04170.85152.54
7may 31 2008281.27159.41156.43
issuer purchases of equity securities in fiscal 2007 , our board of directors approved a share repurchase program that authorized the purchase of up to $ 100 million of global payments 2019 stock in the open market or as otherwise may be determined by us , subject to market conditions , business opportunities , and other factors . under this authorization , we have repurchased 2.3 million shares of our common stock . this authorization has no expiration date and may be suspended or terminated at any time . repurchased shares will be retired but will be available for future issuance. .","['137.75', '37.75', '0.3775']" "['what was the balance as of 12/31/12?', 'and as of 12/31/11?', 'and what was the difference between these two values?', 'and the value for 2011 specifically?', 'and the percentage change during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements when they are determined uncollectible . such determination includes analysis and consideration of the particular conditions of the account . changes in the allowances were as follows for the years ended december 31 , ( in thousands ) : .
1201220112010
2balance as of january 1$ 24412$ 22505$ 28520
3current year increases80281700816219
4write-offs net of recoveries and other-12034 ( 12034 )-15101 ( 15101 )-22234 ( 22234 )
5balance as of december 31$ 20406$ 24412$ 22505
functional currency 2014as a result of changes to the organizational structure of the company 2019s subsidiaries in latin america in 2010 , the company determined that effective january 1 , 2010 , the functional currency of its foreign subsidiary in brazil is the brazilian real . from that point forward , all assets and liabilities held by the subsidiary in brazil are translated into u.s . dollars at the exchange rate in effect at the end of the applicable reporting period . revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in equity . the change in functional currency from u.s . dollars to brazilian real gave rise to an increase in the net value of certain non-monetary assets and liabilities . the aggregate impact on such assets and liabilities was $ 39.8 million with an offsetting increase in accumulated other comprehensive income during the year ended december 31 , 2010 . as a result of the renegotiation of the company 2019s agreements with grupo iusacell , s.a . de c.v . ( 201ciusacell 201d ) , which included , among other changes , converting iusacell 2019s contractual obligations to the company from u.s . dollars to mexican pesos , the company determined that effective april 1 , 2010 , the functional currency of certain of its foreign subsidiaries in mexico is the mexican peso . from that point forward , all assets and liabilities held by those subsidiaries in mexico are translated into u.s . dollars at the exchange rate in effect at the end of the applicable reporting period . revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in equity . the change in functional currency from u.s . dollars to mexican pesos gave rise to a decrease in the net value of certain non-monetary assets and liabilities . the aggregate impact on such assets and liabilities was $ 33.6 million with an offsetting decrease in accumulated other comprehensive income . the functional currency of the company 2019s other foreign operating subsidiaries is also the respective local currency . all assets and liabilities held by the subsidiaries are translated into u.s . dollars at the exchange rate in effect at the end of the applicable fiscal reporting period . revenues and expenses are translated at the average monthly exchange rates . the cumulative translation effect is included in equity as a component of accumulated other comprehensive income . foreign currency transaction gains and losses are recognized in the consolidated statements of operations and are the result of transactions of a subsidiary being denominated in a currency other than its functional currency . cash and cash equivalents 2014cash and cash equivalents include cash on hand , demand deposits and short-term investments , including money market funds , with remaining maturities of three months or less when acquired , whose cost approximates fair value . restricted cash 2014the company classifies as restricted cash all cash pledged as collateral to secure obligations and all cash whose use is otherwise limited by contractual provisions , including cash on deposit in reserve accounts relating to the commercial mortgage pass-through certificates , series 2007-1 issued in the company 2019s securitization transaction and the secured cellular site revenue notes , series 2010-1 class c , series 2010-2 class c and series 2010-2 class f , assumed by the company as a result of the acquisition of certain legal entities from unison holdings , llc and unison site management ii , l.l.c . ( collectively , 201cunison 201d ) . .","['20406.0', '24412.0', '-4006.0', '24412.0', '-0.1641']" "['what was the change in the non interest income from 2011 to 2012?', 'and how much does this change represent in relation to that income in 2011, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: consolidated income statement review our consolidated income statement is presented in item 8 of this report . net income for 2012 was $ 3.0 billion compared with $ 3.1 billion for 2011 . revenue growth of 8 percent and a decline in the provision for credit losses were more than offset by a 16 percent increase in noninterest expense in 2012 compared to 2011 . further detail is included in the net interest income , noninterest income , provision for credit losses and noninterest expense portions of this consolidated income statement review . net interest income table 2 : net interest income and net interest margin year ended december 31 dollars in millions 2012 2011 .
1year ended december 31dollars in millions20122011
2net interest income$ 9640$ 8700
3net interest margin3.94% ( 3.94 % )3.92% ( 3.92 % )
changes in net interest income and margin result from the interaction of the volume and composition of interest-earning assets and related yields , interest-bearing liabilities and related rates paid , and noninterest-bearing sources of funding . see the statistical information ( unaudited ) 2013 average consolidated balance sheet and net interest analysis and analysis of year-to-year changes in net interest income in item 8 of this report and the discussion of purchase accounting accretion of purchased impaired loans in the consolidated balance sheet review in this item 7 for additional information . the increase in net interest income in 2012 compared with 2011 was primarily due to the impact of the rbc bank ( usa ) acquisition , organic loan growth and lower funding costs . purchase accounting accretion remained stable at $ 1.1 billion in both periods . the net interest margin was 3.94% ( 3.94 % ) for 2012 and 3.92% ( 3.92 % ) for 2011 . the increase in the comparison was primarily due to a decrease in the weighted-average rate accrued on total interest- bearing liabilities of 29 basis points , largely offset by a 21 basis point decrease on the yield on total interest-earning assets . the decrease in the rate on interest-bearing liabilities was primarily due to the runoff of maturing retail certificates of deposit and the redemption of additional trust preferred and hybrid capital securities during 2012 , in addition to an increase in fhlb borrowings and commercial paper as lower-cost funding sources . the decrease in the yield on interest-earning assets was primarily due to lower rates on new loan volume and lower yields on new securities in the current low rate environment . with respect to the first quarter of 2013 , we expect net interest income to decline by two to three percent compared to fourth quarter 2012 net interest income of $ 2.4 billion , due to a decrease in purchase accounting accretion of up to $ 50 to $ 60 million , including lower expected cash recoveries . for the full year 2013 , we expect net interest income to decrease compared with 2012 , assuming an expected decline in purchase accounting accretion of approximately $ 400 million , while core net interest income is expected to increase in the year-over-year comparison . we believe our net interest margin will come under pressure in 2013 , due to the expected decline in purchase accounting accretion and assuming that the current low rate environment continues . noninterest income noninterest income totaled $ 5.9 billion for 2012 and $ 5.6 billion for 2011 . the overall increase in the comparison was primarily due to an increase in residential mortgage loan sales revenue driven by higher loan origination volume , gains on sales of visa class b common shares and higher corporate service fees , largely offset by higher provision for residential mortgage repurchase obligations . asset management revenue , including blackrock , totaled $ 1.2 billion in 2012 compared with $ 1.1 billion in 2011 . this increase was primarily due to higher earnings from our blackrock investment . discretionary assets under management increased to $ 112 billion at december 31 , 2012 compared with $ 107 billion at december 31 , 2011 driven by stronger average equity markets , positive net flows and strong sales performance . for 2012 , consumer services fees were $ 1.1 billion compared with $ 1.2 billion in 2011 . the decline reflected the regulatory impact of lower interchange fees on debit card transactions partially offset by customer growth . as further discussed in the retail banking portion of the business segments review section of this item 7 , the dodd-frank limits on interchange rates were effective october 1 , 2011 and had a negative impact on revenue of approximately $ 314 million in 2012 and $ 75 million in 2011 . this impact was partially offset by higher volumes of merchant , customer credit card and debit card transactions and the impact of the rbc bank ( usa ) acquisition . corporate services revenue increased by $ .3 billion , or 30 percent , to $ 1.2 billion in 2012 compared with $ .9 billion in 2011 due to higher commercial mortgage servicing revenue and higher merger and acquisition advisory fees in 2012 . the major components of corporate services revenue are treasury management revenue , corporate finance fees , including revenue from capital markets-related products and services , and commercial mortgage servicing revenue , including commercial mortgage banking activities . see the product revenue portion of this consolidated income statement review for further detail . the pnc financial services group , inc . 2013 form 10-k 39 .","['0.3', '0.05357']" "['what was the change in the backlog from 2014 to 2015?', 'and what was that backlog in 2014?', 'how much, then, does that change represent in relation to this 2014 backlog, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: backlog applied manufactures systems to meet demand represented by order backlog and customer commitments . backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months . backlog by reportable segment as of october 25 , 2015 and october 26 , 2014 was as follows : 2015 2014 ( in millions , except percentages ) .
120152014( in millions except percentages )
2silicon systems$ 172055% ( 55 % )$ 140048% ( 48 % )
3applied global services81226% ( 26 % )77527% ( 27 % )
4display52516% ( 16 % )59320% ( 20 % )
5energy and environmental solutions853% ( 3 % )1495% ( 5 % )
6total$ 3142100% ( 100 % )$ 2917100% ( 100 % )
applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or order cancellations . customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties . delays in delivery schedules or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations . manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies that are used to manufacture systems . applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including germany , israel , italy , singapore , taiwan , the united states and other countries in asia . applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products , including some systems being completed at customer sites . although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible . accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers . applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by selecting and qualifying alternate suppliers for key parts ; monitoring the financial condition of key suppliers ; maintaining appropriate inventories of key parts ; qualifying new parts on a timely basis ; and ensuring quality and performance of parts. .","['225.0', '2917.0', '0.07713']" "['what is the the weighted average fair values of the company 2019s options granted in 2003?', 'what about 2002?', 'what is the difference in weighted average fair values between these years?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) pro forma disclosure 2014the company has adopted the disclosure-only provisions of sfas no . 123 , as amended by sfas no . 148 , and has presented such disclosure in note 1 . the 201cfair value 201d of each option grant is estimated on the date of grant using the black-scholes option pricing model . the weighted average fair values of the company 2019s options granted during 2004 , 2003 and 2002 were $ 7.05 , $ 6.32 , and $ 2.23 per share , respectively . key assumptions used to apply this pricing model are as follows: .
1200420032002
2approximate risk-free interest rate4.23% ( 4.23 % )4.00% ( 4.00 % )4.53% ( 4.53 % )
3expected life of option grants4 years4 years5 years
4expected volatility of underlying stock ( the company plan )80.6% ( 80.6 % )86.6% ( 86.6 % )92.3% ( 92.3 % )
5expected volatility of underlying stock ( atc mexico and atc south america plans )n/an/an/a
6expected dividendsn/an/an/a
voluntary option exchanges 2014in february 2004 , the company issued to eligible employees 1032717 options with an exercise price of $ 11.19 per share , the fair market value of the class a common stock on the date of grant . these options were issued in connection with a voluntary option exchange program entered into by the company in august 2003 , where the company accepted for surrender and cancelled options ( having an exercise price of $ 10.25 or greater ) to purchase 1831981 shares of its class a common stock . the program , which was offered to both full and part-time employees , excluding the company 2019s executive officers and its directors , called for the grant ( at least six months and one day from the surrender date to employees still employed on that date ) of new options exercisable for two shares of class a common stock for every three shares of class a common stock issuable upon exercise of a surrendered option . no options were granted to any employees who participated in the exchange offer between the cancellation date and the new grant date . in may 2002 , the company issued to eligible employees 2027612 options with an exercise price of $ 3.84 per share , the fair market value of the class a common stock on the date of grant . these options were issued in connection with a voluntary option exchange program entered into by the company in october 2001 , where the company accepted for surrender and cancelled options to purchase 3471211 shares of its class a common stock . the program , which was offered to both full and part-time employees , excluding most of the company 2019s executive officers , called for the grant ( at least six months and one day from the surrender date to employees still employed on that date ) of new options exercisable for two shares of class a common stock for every three shares of class a common stock issuable upon exercise of a surrendered option . no options were granted to any employees who participated in the exchange offer between the cancellation date and the new grant date . atc mexico holding stock option plan 2014the company maintains a stock option plan in its atc mexico subsidiary ( atc mexico plan ) . the atc mexico plan provides for the issuance of options to officers , employees , directors and consultants of atc mexico . the atc mexico plan limits the number of shares of common stock which may be granted to an aggregate of 360 shares , subject to adjustment based on changes in atc mexico 2019s capital structure . during 2002 , atc mexico granted options to purchase 318 shares of atc mexico common stock to officers and employees . such options were issued at one time with an exercise price of $ 10000 per share . the exercise price per share was at fair market value as determined by the board of directors with the assistance of an independent appraisal performed at the company 2019s request . the fair value of atc mexico plan options granted during 2002 were $ 3611 per share as determined by using the black-scholes option pricing model . as described in note 10 , all outstanding options were exercised in march 2004 . no options under the atc mexico plan were granted in 2004 or 2003 , or exercised or cancelled in 2003 or 2002 , and no options were exercisable as of december 31 , 2003 or 2002 . ( see note 10. ) .","['6.32', '2.23', '4.09', '1.83408']" "['what is the value of projected payments in 2009?', 'what is the value in 2008?', 'what is the net change in value?', 'what was the 2008 value?', 'what was the percent change, or growth rate?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: projected payments relating to these liabilities for the next five years ending december 31 , 2012 and the period from 2013 to 2017 are as follows ( in thousands ) : .
12008$ 980
220091185
32010978
420111022
520121425
62013 - 2017$ 8147
( 18 ) concentration of risk the company generates a significant amount of revenue from large customers , however , no customers accounted for more than 10% ( 10 % ) of total revenue or total segment revenue in the years ended december 31 , 2007 , 2006 and 2005 . financial instruments that potentially subject the company to concentrations of credit risk consist primarily of cash equivalents and trade receivables . the company places its cash equivalents with high credit quality financial institutions and , by policy , limits the amount of credit exposure with any one financial institution . concentrations of credit risk with respect to trade receivables are limited because a large number of geographically diverse customers make up the company 2019s customer base , thus spreading the trade receivables credit risk . the company controls credit risk through monitoring procedures . ( 19 ) segment information upon completion of the certegy merger , the company implemented a new organizational structure , which resulted in a new operating segment structure beginning with the reporting of first quarter 2006 results . effective as of february 1 , 2006 , the company 2019s operating segments are tps and lps . this structure reflects how the businesses are operated and managed . the primary components of the tps segment , which includes certegy 2019s card and check services , the financial institution processing component of the former financial institution software and services segment of fis and the operations acquired from efunds , are enterprise solutions , integrated financial solutions and international businesses . the primary components of the lps segment are mortgage information services businesses , which includes the mortgage lender processing component of the former financial institution software and services segment of fis , and the former lender services , default management , and information services segments of fis . fidelity national information services , inc . and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 ( continued ) .","['1185.0', '980.0', '205.0', '980.0', '0.20918']" "['what was the revenue in 2010?', 'and in 2009?', 'so how much did this value change between the two years?', 'and the specific value for 2009 again?', 'so what was the percentage change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: hr solutions .
1years ended december 31,201020092008
2revenue$ 2111$ 1267$ 1356
3operating income234203208
4operating margin11.1% ( 11.1 % )16.0% ( 16.0 % )15.3% ( 15.3 % )
in october 2010 , we completed the acquisition of hewitt , one of the world 2019s leading human resource consulting and outsourcing companies . hewitt operates globally together with aon 2019s existing consulting and outsourcing operations under the newly created aon hewitt brand . hewitt 2019s operating results are included in aon 2019s results of operations beginning october 1 , 2010 . our hr solutions segment generated approximately 25% ( 25 % ) of our consolidated total revenues in 2010 and provides a broad range of human capital services , as follows : consulting services : 2022 health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees . benefits consulting includes health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services . 2022 retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration . 2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries . 2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management . outsourcing services : 2022 benefits outsourcing applies our hr expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services . our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions . 2022 human resource business processing outsourcing ( 2018 2018hr bpo 2019 2019 ) provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core hr process transactions as well as other complementary services such as absence management , flexible spending , dependent audit and participant advocacy . beginning in late 2008 , the disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace . weak economic conditions globally continued throughout 2010 . the prolonged economic downturn is adversely impacting our clients 2019 financial condition and therefore the levels of business activities in the industries and geographies where we operate . while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting .","['2111.0', '1267.0', '844.0', '1267.0', '0.66614']" "['for the acquired technology segment, what was the expected annual amortization expense, in thousands?', 'and what was the sum of this segment and the contract-based intangible assets one?', 'including the customer-related intangible assets, what becomes this sum?', 'and how much does this final sum represent in relation to the total assets acquired segment, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: cash and a commitment to fund the capital needs of the business until such time as its cumulative funding is equal to funding that we have provided from inception through the effective date of the transaction . the transaction created a new joint venture which does business as comercia global payments brazil . as a result of the transaction , we deconsolidated global payments brazil , and we apply the equity method of accounting to our retained interest in comercia global payments brazil . we recorded a gain on the transaction of $ 2.1 million which is included in interest and other income in the consolidated statement of income for the fiscal year ended may 31 , 2014 . the results of the brazil operation from inception until the restructuring into a joint venture on september 30 , 2013 were not material to our consolidated results of operations , and the assets and liabilities that we derecognized were not material to our consolidated balance sheet . american express portfolio on october 24 , 2013 , we acquired a merchant portfolio in the czech republic from american express limited for $ 1.9 million . the acquired assets have been classified as customer-related intangible assets and contract-based intangible assets with estimated amortization periods of 10 years . paypros on march 4 , 2014 , we completed the acquisition of 100% ( 100 % ) of the outstanding stock of payment processing , inc . ( 201cpaypros 201d ) for $ 420.0 million in cash plus $ 7.7 million in cash for working capital , subject to adjustment based on a final determination of working capital . we funded the acquisition with a combination of cash on hand and proceeds from our new term loan . paypros , based in california , is a provider of fully-integrated payment solutions for small-to-medium sized merchants in the united states . paypros delivers its products and services through a network of technology-based enterprise software partners to vertical markets that are complementary to the markets served by accelerated payment technologies ( 201capt 201d ) , which we acquired in october 2012 . we acquired paypros to expand our direct distribution capabilities in the united states and to further enhance our existing integrated solutions offerings . this acquisition was recorded as a business combination , and the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values . due to the timing of this transaction , the allocation of the purchase price is preliminary pending final valuation of intangible assets and deferred income taxes as well as resolution of the working capital settlement discussed above . the purchase price of paypros was determined by analyzing the historical and prospective financial statements . acquisition costs associated with this purchase were not material . the following table summarizes the preliminary purchase price allocation ( in thousands ) : .
1goodwill$ 271577
2customer-related intangible assets147500
3contract-based intangible assets31000
4acquired technology10700
5fixed assets1680
6other assets4230
7total assets acquired466687
8deferred income taxes-38949 ( 38949 )
9net assets acquired$ 427738
the preliminary purchase price allocation resulted in goodwill , included in the north america merchant services segment , of $ 271.6 million . such goodwill is attributable primarily to synergies with the services offered and markets served by paypros . the goodwill associated with the acquisition is not deductible for tax purposes . the customer-related intangible assets and the contract-based intangible assets have an estimated amortization period of 13 years . the acquired technology has an estimated amortization period of 7 years. .","['1528.57143', '41700.0', '189200.0', '0.40541']" "['in the year of 2011, by what amount did the operating cash flow fall short from the target one?', 'and what was that target cash flow?', 'what percentage, then, did that amount represent in relation to it?', 'and in that year, what can be concluded to have been the actual operating cash flow?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the target awards for the other named executive officers were set as follows : joseph f . domino , ceo - entergy texas ( 50% ( 50 % ) ) ; hugh t . mcdonald , ceo - entergy arkansas ( 50% ( 50 % ) ) ; haley fisackerly , ceo - entergy mississippi ( 40% ( 40 % ) ) ; william m . mohl ( 60% ( 60 % ) ) , ceo - entergy gulf states and entergy louisiana ; charles l . rice , jr . ( 40% ( 40 % ) ) , ceo - entergy new orleans and theodore h . bunting , jr . - principal accounting officer - the subsidiaries ( 60% ( 60 % ) ) . the target awards for the named executive officers ( other than entergy named executive officers ) were set by their respective supervisors ( subject to ultimate approval of entergy 2019s chief executive officer ) who allocated a potential incentive pool established by the personnel committee among various of their direct and indirect reports . in setting the target awards , the supervisor took into account considerations similar to those used by the personnel committee in setting the target awards for entergy 2019s named executive officers . target awards are set based on an executive officer 2019s current position and executive management level within the entergy organization . executive management levels at entergy range from level 1 thorough level 4 . mr . denault and mr . taylor hold positions in level 2 whereas mr . bunting and mr . mohl hold positions in level 3 and mr . domino , mr . fisackerly , mr . mcdonald and mr . rice hold positions in level 4 . accordingly , their respective incentive targets differ one from another based on the external market data developed by the committee 2019s independent compensation consultant and the other factors noted above . in december 2010 , the committee determined the executive incentive plan targets to be used for purposes of establishing annual bonuses for 2011 . the committee 2019s determination of the target levels was made after full board review of management 2019s 2011 financial plan for entergy corporation , upon recommendation of the finance committee , and after the committee 2019s determination that the established targets aligned with entergy corporation 2019s anticipated 2011 financial performance as reflected in the financial plan . the targets established to measure management performance against as reported results were: .
1minimumtargetmaximum
2earnings per share ( $ )$ 6.10$ 6.60$ 7.10
3operating cash flow ( $ in billions )$ 2.97$ 3.35$ 3.70
operating cash flow ( $ in billions ) in january 2012 , after reviewing earnings per share and operating cash flow results against the performance objectives in the above table , the committee determined that entergy corporation had exceeded as reported earnings per share target of $ 6.60 by $ 0.95 in 2011 while falling short of the operating cash flow goal of $ 3.35 billion by $ 221 million in 2011 . in accordance with the terms of the annual incentive plan , in january 2012 , the personnel committee certified the 2012 entergy achievement multiplier at 128% ( 128 % ) of target . under the terms of the management effectiveness program , the entergy achievement multiplier is automatically increased by 25 percent for the members of the office of the chief executive if the pre- established underlying performance goals established by the personnel committee are satisfied at the end of the performance period , subject to the personnel committee's discretion to adjust the automatic multiplier downward or eliminate it altogether . in accordance with section 162 ( m ) of the internal revenue code , the multiplier which entergy refers to as the management effectiveness factor is intended to provide the committee a mechanism to take into consideration specific achievement factors relating to the overall performance of entergy corporation . in january 2012 , the committee eliminated the management effectiveness factor with respect to the 2011 incentive awards , reflecting the personnel committee's determination that the entergy achievement multiplier , in and of itself without the management effectiveness factor , was consistent with the performance levels achieved by management . the annual incentive awards for the named executive officers ( other than mr . leonard , mr . denault and mr . taylor ) are awarded from an incentive pool approved by the committee . from this pool , each named executive officer 2019s supervisor determines the annual incentive payment based on the entergy achievement multiplier . the supervisor has the discretion to increase or decrease the multiple used to determine an incentive award based on individual and business unit performance . the incentive awards are subject to the ultimate approval of entergy 2019s chief executive officer. .","['221.0', '3.35', '65.97015', '3.34978']" "['what was the implied total value of medway power limited, based on the ownership stake sold and the deal value?', 'converted to the hundred millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: in the fourth quarter of 2002 , aes lost voting control of one of the holding companies in the cemig ownership structure . this holding company indirectly owns the shares related to the cemig investment and indirectly holds the project financing debt related to cemig . as a result of the loss of voting control , aes stopped consolidating this holding company at december 31 , 2002 . other . during the fourth quarter of 2003 , the company sold its 25% ( 25 % ) ownership interest in medway power limited ( 2018 2018mpl 2019 2019 ) , a 688 mw natural gas-fired combined cycle facility located in the united kingdom , and aes medway operations limited ( 2018 2018aesmo 2019 2019 ) , the operating company for the facility , in an aggregate transaction valued at approximately a347 million ( $ 78 million ) . the sale resulted in a gain of $ 23 million which was recorded in continuing operations . mpl and aesmo were previously reported in the contract generation segment . in the second quarter of 2002 , the company sold its investment in empresa de infovias s.a . ( 2018 2018infovias 2019 2019 ) , a telecommunications company in brazil , for proceeds of $ 31 million to cemig , an affiliated company . the loss recorded on the sale was approximately $ 14 million and is recorded as a loss on sale of assets and asset impairment expenses in the accompanying consolidated statements of operations . in the second quarter of 2002 , the company recorded an impairment charge of approximately $ 40 million , after income taxes , on an equity method investment in a telecommunications company in latin america held by edc . the impairment charge resulted from sustained poor operating performance coupled with recent funding problems at the invested company . during 2001 , the company lost operational control of central electricity supply corporation ( 2018 2018cesco 2019 2019 ) , a distribution company located in the state of orissa , india . the state of orissa appointed an administrator to take operational control of cesco . cesco is accounted for as a cost method investment . aes 2019s investment in cesco is negative . in august 2000 , a subsidiary of the company acquired a 49% ( 49 % ) interest in songas for approximately $ 40 million . the company acquired an additional 16.79% ( 16.79 % ) of songas for approximately $ 12.5 million , and the company began consolidating this entity in 2002 . songas owns the songo songo gas-to-electricity project in tanzania . in december 2002 , the company signed a sales purchase agreement to sell 100% ( 100 % ) of our ownership interest in songas . the sale of songas closed in april 2003 ( see note 4 for further discussion of the transaction ) . the following tables present summarized comparative financial information ( in millions ) of the entities in which the company has the ability to exercise significant influence but does not control and that are accounted for using the equity method. .
1as of and for the years ended december 31,20032002 ( 1 )2001 ( 1 )
2revenues$ 2758$ 2832$ 6147
3operating income10396951717
4net income407229650
5current assets134710973700
6noncurrent assets7479675114942
7current liabilities143414183510
8noncurrent liabilities379533498297
9stockholder's equity359730816835
( 1 ) includes information pertaining to eletropaulo and light prior to february 2002 . in 2002 and 2001 , the results of operations and the financial position of cemig were negatively impacted by the devaluation of the brazilian real and the impairment charge recorded in 2002 . the brazilian real devalued 32% ( 32 % ) and 19% ( 19 % ) for the years ended december 31 , 2002 and 2001 , respectively. .","['312.0', '312000000.0']" "['what was the change in the total grant-date fair value of shares vested from 2015 to 2016?', 'and how much does this change represent in relation to that fair value in 2015, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: analog devices , inc . notes to consolidated financial statements 2014 ( continued ) the total intrinsic value of options exercised ( i.e . the difference between the market price at exercise and the price paid by the employee to exercise the options ) during fiscal 2016 , 2015 and 2014 was $ 46.6 million , $ 99.2 million and $ 130.6 million , respectively , and the total amount of proceeds received by the company from exercise of these options during fiscal 2016 , 2015 and 2014 was $ 61.5 million , $ 122.6 million and $ 200.1 million , respectively . a summary of the company 2019s restricted stock unit award activity as of october 29 , 2016 and changes during the fiscal year then ended is presented below : restricted stock units outstanding ( in thousands ) weighted- average grant- date fair value per share .
1restrictedstock unitsoutstanding ( in thousands )weighted-average grant-date fair valueper share
2restricted stock units outstanding at october 31 20152698$ 47.59
3units granted1099$ 51.59
4restrictions lapsed-905 ( 905 )$ 44.30
5forfeited-202 ( 202 )$ 50.34
6restricted stock units outstanding at october 29 20162690$ 50.11
as of october 29 , 2016 , there was $ 112.3 million of total unrecognized compensation cost related to unvested share- based awards comprised of stock options and restricted stock units . that cost is expected to be recognized over a weighted- average period of 1.4 years . the total grant-date fair value of shares that vested during fiscal 2016 , 2015 and 2014 was approximately $ 62.8 million , $ 65.6 million and $ 57.4 million , respectively . common stock repurchases the company 2019s common stock repurchase program has been in place since august 2004 . in the aggregate , the board of directors has authorized the company to repurchase $ 6.2 billion of the company 2019s common stock under the program . the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions . unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program . as of october 29 , 2016 , the company had repurchased a total of approximately 147.0 million shares of its common stock for approximately $ 5.4 billion under this program . an additional $ 792.5 million remains available for repurchase of shares under the current authorized program . the repurchased shares are held as authorized but unissued shares of common stock . as a result of the company's planned acquisition of linear technology corporation , see note 6 , acquisitions , of these notes to consolidated financial statements , the company temporarily suspended the common stock repurchase plan in the third quarter of 2016 . the company also , from time to time , repurchases shares in settlement of employee minimum tax withholding obligations due upon the vesting of restricted stock units or the exercise of stock options . the withholding amount is based on the employees minimum statutory withholding requirement . any future common stock repurchases will be dependent upon several factors , including the company's financial performance , outlook , liquidity and the amount of cash the company has available in the united states . preferred stock the company has 471934 authorized shares of $ 1.00 par value preferred stock , none of which is issued or outstanding . the board of directors is authorized to fix designations , relative rights , preferences and limitations on the preferred stock at the time of issuance. .","['-2.8', '-0.04268']" "['what was the value of purchase issuances and settlements at the end of 2010?', 'what was the value at the end of 2009?', 'what was the net change?', 'what was the 2009 value?', 'what is the net change divided by the 2009 value?', 'what is that number times 100?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to the consolidated financial statements non-financial assets and liabilities measured at fair value on a non-recurring basis during 2009 , we classified the atlantic star as held for sale and recognized a charge of $ 7.1 million to reduce the carrying value of the ship to its fair value less cost to sell based on a firm offer received during 2009 . this amount was recorded within other operating expenses in our consolidated statement of operations . we determined the fair market value of the atlantic star as of december 31 , 2010 based on comparable ship sales adjusted for the condition , age and size of the ship . we have categorized these inputs as level 3 because they are largely based on our own assump- tions . as of december 31 , 2010 , the carrying amount of the atlantic star which we still believe represents its fair value was $ 46.4 million . the following table presents a reconciliation of the company 2019s fuel call options 2019 beginning and ending balances as follows ( in thousands ) : fair value fair value measurements measurements using significant using significant unobservable unobservable year ended december 31 , 2010 inputs ( level 3 ) year ended december 31 , 2009 inputs ( level 3 ) fuel call options fuel call options balance at january 1 , 2010 $ 9998 balance at january 1 , 2009 $ 2007 2007 2007 2007 2014 total gains or losses ( realized/ unrealized ) total gains or losses ( realized/ unrealized ) .
1year ended december 31 2010 balance at january 1 2010fairvalue measurements using significant unobservable inputs ( level 3 ) fuel call options $ 9998year ended december 31 2009 balance at january 1 2009fairvalue measurements using significant unobservable inputs ( level 3 ) fuel call options $ 2014
2total gains or losses ( realized /unrealized )total gains or losses ( realized /unrealized )
3included in other income ( expense )-2824 ( 2824 )included in other income ( expense )-2538 ( 2538 )
4purchases issuances and settlements24539purchases issuances and settlements12536
5transfers in and/or ( out ) of level 3-31713 ( 31713 )transfers in and/or ( out ) of level 32014
6balance at december 31 2010$ 2014balance at december 31 2009$ 9998
7the amount of total gains or losses for the period included in other income ( expense ) attributable to the change in unrealized gains or losses relating to assets still held at thereporting date$ -2824 ( 2824 )the amount of total gains or losses for the period included in other income ( expense ) attributable to the change in unrealized gains or losses relating to assets still held atthe reporting date$ -2538 ( 2538 )
the amount of total gains or losses for the period included in other income ( expense ) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ ( 2824 ) the amount of total gains or losses for the period included in other income ( expense ) attributable to the change in unrealized gains or losses relating to assets still held at the reporting date $ ( 2538 ) during the fourth quarter of 2010 , we changed our valuation technique for fuel call options to a market approach method which employs inputs that are observable . the fair value for fuel call options is determined by using the prevailing market price for the instruments consisting of published price quotes for similar assets based on recent transactions in an active market . we believe that level 2 categorization is appropriate due to an increase in the observability and transparency of significant inputs . previously , we derived the fair value of our fuel call options using standard option pricing models with inputs based on the options 2019 contract terms and data either readily available or formulated from public market informa- tion . the fuel call options were categorized as level 3 because certain inputs , principally volatility , were unobservable . net transfers in and/or out of level 3 are reported as having occurred at the end of the quarter in which the transfer occurred ; therefore , gains or losses reflected in the table above for 2010 include fourth quarter fuel call option gains or losses . the reported fair values are based on a variety of factors and assumptions . accordingly , the fair values may not represent actual values of the financial instru- ments and long-lived assets that could have been realized as of december 31 , 2010 or december 31 , 2009 , or that will be realized in the future and do not include expenses that could be incurred in an actual sale or settlement . derivative instruments we are exposed to market risk attributable to changes in interest rates , foreign currency exchange rates and fuel prices . we manage these risks through a combi- nation of our normal operating and financing activities and through the use of derivative financial instruments pursuant to our hedging practices and policies . the financial impact of these hedging instruments is pri- marily offset by corresponding changes in the under- lying exposures being hedged . we achieve this by closely matching the amount , term and conditions of the derivative instrument with the underlying risk being hedged . we do not hold or issue derivative financial instruments for trading or other speculative purposes . we monitor our derivative positions using techniques including market valuations and sensitivity analyses. .","['24539.0', '12536.0', '12003.0', '12536.0', '0.95748', '95.74825']" "['what is the average spot rate in 2015?', 'what about in 2014?', 'what is the net change?', 'what percentage change does this represent?', 'what about the net change from 2015 to 2016?', 'what percentage change is from 2015 to 2016?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 31 , 2015 , the price was r$ 218/mwh . after the expiration of contract with eletropaulo , tiet ea's strategy is to contract most of its physical guarantee , as described in regulatory framework section below , and sell the remaining portion in the spot market . tiet ea's strategy is reassessed from time to time according to changes in market conditions , hydrology and other factors . tiet ea has been continuously selling its available energy from 2016 forward through medium-term bilateral contracts of three to five years . as of december 31 , 2016 , tiet ea's contracted portfolio position is 95% ( 95 % ) and 88% ( 88 % ) with average prices of r$ 157/ mwh and r$ 159/mwh ( inflation adjusted until december 2016 ) for 2016 and 2017 , respectively . as brazil is mostly a hydro-based country with energy prices highly tied to the hydrological situation , the deterioration of the hydrology since the beginning of 2014 caused an increase in energy prices going forward . tiet ea is closely monitoring and analyzing system supply conditions to support energy commercialization decisions . under the concession agreement , tiet ea has an obligation to increase its capacity by 15% ( 15 % ) . tiet ea , as well as other concession generators , have not yet met this requirement due to regulatory , environmental , hydrological and fuel constraints . the state of s e3o paulo does not have a sufficient potential for wind power and only has a small remaining potential for hydro projects . as such , the capacity increases in the state will mostly be derived from thermal gas capacity projects . due to the highly complex process to obtain an environmental license for coal projects , tiet ea decided to fulfill its obligation with gas-fired projects in line with the federal government plans . petrobras refuses to supply natural gas and to offer capacity in its pipelines and regasification terminals . therefore , there are no regulations for natural gas swaps in place , and it is unfeasible to bring natural gas to aes tiet ea . a legal case has been initiated by the state of s e3o paulo requiring the investment to be performed . tiet ea is in the process of analyzing options to meet the obligation . uruguaiana is a 640 mw gas-fired combined cycle power plant located in the town of uruguaiana in the state of rio grande do sul , commissioned in december 2000 . aes manages and has a 46% ( 46 % ) economic interest in the plant with the remaining interest held by bndes . the plant's operations were suspended in april 2009 due to the unavailability of gas . aes has evaluated several alternatives to bring gas supply on a competitive basis to uruguaiana . one of the challenges is the capacity restrictions on the argentinean pipeline , especially during the winter season when gas demand in argentina is very high . the plant operated on a short-term basis during february and march 2013 , march through may 2014 , and february through may 2015 due to the short-term supply of lng for the facility . the plant did not operate in 2016 . uruguaiana continues to work toward securing gas on a long-term basis . market structure 2014 brazil has installed capacity of 150136 mw , which is 65% ( 65 % ) hydroelectric , 19% ( 19 % ) thermal and 16% ( 16 % ) renewable ( biomass and wind ) . brazil's national grid is divided into four subsystems . tiet ea is in the southeast and uruguaiana is in the south subsystems of the national grid . regulatory framework 2014 in brazil , the ministry of mines and energy determines the maximum amount of energy that a plant can sell , called physical guarantee , which represents the long-term average expected energy production of the plant . under current rules , physical guarantee can be sold to distribution companies through long- term regulated auctions or under unregulated bilateral contracts with large consumers or energy trading companies . the national system operator ( ""ons"" ) is responsible for coordinating and controlling the operation of the national grid . the ons dispatches generators based on hydrological conditions , reservoir levels , electricity demand and the prices of fuel and thermal generation . given the importance of hydro generation in the country , the ons sometimes reduces dispatch of hydro facilities and increases dispatch of thermal facilities to protect reservoir levels in the system . in brazil , the system operator controls all hydroelectric generation dispatch and reservoir levels . a mechanism known as the energy reallocation mechanism ( ""mre"" ) was created to share hydrological risk across mre hydro generators . if the hydro plants generate less than the total mre physical guarantee , the hydro generators may need to purchase energy in the short-term market to fulfill their contract obligations . when total hydro generation is higher than the total mre physical guarantee , the surplus is proportionally shared among its participants and they are able to make extra revenue selling the excess energy on the spot market . the consequences of unfavorable hydrology are ( i ) thermal plants more expensive to the system being dispatched , ( ii ) lower hydropower generation with deficits in the mre and ( iii ) high spot prices . aneel defines the spot price cap for electricity in the brazilian market . the spot price caps as defined by aneel and average spot prices by calendar year are as follows ( r$ / .
1year2017201620152014
2spot price cap as defined by aneel534423388822
3average spot rate94287689
.","['287.0', '689.0', '-402.0', '-0.58345', '-193.0', '-0.67247']" "['what was the dividends declared from 8/17/04 to 9/30/04?', 'and the yearly dividend declared?', 'and the high for the quarter ended 3/31/05?', 'so what was the yearly dividend as a percentage of the quarterly high?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part ii item 5 . market for registrant 2019s common equity and related stockholder matters market information our common stock has been traded on the new york stock exchange ( 2018 2018nyse 2019 2019 ) under the symbol 2018 2018exr 2019 2019 since our ipo on august 17 , 2004 . prior to that time there was no public market for our common stock . the following table sets forth , for the periods indicated , the high and low bid price for our common stock as reported by the nyse and the per share dividends declared : dividends high low declared .
1highlowdividends declared
2period from august 17 2004 to september 30 2004$ 14.38$ 12.50$ 0.1113
3quarter ended december 31 200414.5512.600.2275
4quarter ended march 31 200514.3012.550.2275
5quarter ended june 30 200514.7512.190.2275
6quarter ended september 30 200516.7114.320.2275
7quarter ended december 31 200515.9013.000.2275
on february 28 , 2006 , the closing price of our common stock as reported by the nyse was $ 15.00 . at february 28 , 2006 , we had 166 holders of record of our common stock . holders of shares of common stock are entitled to receive distributions when declared by our board of directors out of any assets legally available for that purpose . as a reit , we are required to distribute at least 90% ( 90 % ) of our 2018 2018reit taxable income 2019 2019 is generally equivalent to our net taxable ordinary income , determined without regard to the deduction for dividends paid , to our stockholders annually in order to maintain our reit qualifications for u.s . federal income tax purposes . unregistered sales of equity securities and use of proceeds on june 20 , 2005 , we completed the sale of 6200000 shares of our common stock , $ .01 par value , for $ 83514 , which we reported in a current report on form 8-k filed with the securities and exchange commission on june 24 , 2005 . we used the proceeds for general corporate purposes , including debt repayment . the shares were issued pursuant to an exemption from registration under the securities act of 1933 , as amended. .","['0.2275', '0.91', '14.3', '0.06364']" "['what is the balance of cash flow hedges at the end of 2015?', 'what about the balance of foreign currency translation?', 'what is the sum of these two elements?', 'what about the sum of the balance of unrealized gains on securities is added?', 'and the total if the balance of defined benefit plan items is included?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: zimmer biomet holdings , inc . 2015 form 10-k annual report notes to consolidated financial statements ( continued ) interest to the date of redemption . in addition , the merger notes and the 3.375% ( 3.375 % ) senior notes due 2021 may be redeemed at our option without any make-whole premium at specified dates ranging from one month to six months in advance of the scheduled maturity date . between the closing date and june 30 , 2015 , we repaid the biomet senior notes we assumed in the merger . the fair value of the principal amount plus interest was $ 2798.6 million . these senior notes required us to pay a call premium in excess of the fair value of the notes when they were repaid . as a result , we recognized $ 22.0 million in non-operating other expense related to this call premium . the estimated fair value of our senior notes as of december 31 , 2015 , based on quoted prices for the specific securities from transactions in over-the-counter markets ( level 2 ) , was $ 8837.5 million . the estimated fair value of the japan term loan as of december 31 , 2015 , based upon publicly available market yield curves and the terms of the debt ( level 2 ) , was $ 96.4 million . the carrying value of the u.s . term loan approximates fair value as it bears interest at short-term variable market rates . we have entered into interest rate swap agreements which we designated as fair value hedges of underlying fixed- rate obligations on our senior notes due 2019 and 2021 . see note 14 for additional information regarding the interest rate swap agreements . we also have available uncommitted credit facilities totaling $ 35.8 million . at december 31 , 2015 and 2014 , the weighted average interest rate for our long-term borrowings was 2.9 percent and 3.5 percent , respectively . we paid $ 207.1 million , $ 67.5 million and $ 68.1 million in interest during 2015 , 2014 and 2013 , respectively . 13 . accumulated other comprehensive ( loss ) income oci refers to certain gains and losses that under gaap are included in comprehensive income but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders 2019 equity . amounts in oci may be reclassified to net earnings upon the occurrence of certain events . our oci is comprised of foreign currency translation adjustments , unrealized gains and losses on cash flow hedges , unrealized gains and losses on available-for-sale securities , and amortization of prior service costs and unrecognized gains and losses in actuarial assumptions on our defined benefit plans . foreign currency translation adjustments are reclassified to net earnings upon sale or upon a complete or substantially complete liquidation of an investment in a foreign entity . unrealized gains and losses on cash flow hedges are reclassified to net earnings when the hedged item affects net earnings . unrealized gains and losses on available-for-sale securities are reclassified to net earnings if we sell the security before maturity or if the unrealized loss is considered to be other-than-temporary . amounts related to defined benefit plans that are in oci are reclassified over the service periods of employees in the plan . the reclassification amounts are allocated to all employees in the plans and , therefore , the reclassified amounts may become part of inventory to the extent they are considered direct labor costs . see note 15 for more information on our defined benefit plans . the following table shows the changes in the components of oci , net of tax ( in millions ) : foreign currency translation hedges unrealized gains on securities defined benefit .
1foreign currency translationcash flow hedgesunrealized gains on securitiesdefined benefit plan items
2balance december 31 2014$ 111.8$ 70.1$ -0.4 ( 0.4 )$ -143.4 ( 143.4 )
3oci before reclassifications-305.2 ( 305.2 )52.7-0.2 ( 0.2 )-30.6 ( 30.6 )
4reclassifications2013-93.0 ( 93.0 )20139.2
5balance december 31 2015$ -193.4 ( 193.4 )$ 29.8$ -0.6 ( 0.6 )$ -164.8 ( 164.8 )
.","['29.8', '-193.4', '-163.6', '-164.2', '-329.0']" "['what is the value of an investment in $&p500 in 2010?', 'what about in 2011?', 'what change in value does this represent?', 'what is the value of an investment in $&p500 in 2010?', 'what roi does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2010 , and the reinvestment of dividends thereafter , if any , in the company's common stock versus the standard and poor's s&p 500 retail index ( ""s&p 500 retail index"" ) and the standard and poor's s&p 500 index ( ""s&p 500"" ) . .
1company/indexdecember 31 , 2010december 31 , 2011december 31 , 2012december 31 , 2013december 31 , 2014december 31 , 2015
2o'reilly automotive inc .$ 100$ 132$ 148$ 213$ 319$ 419
3s&p 500 retail index100103128185203252
4s&p 500$ 100$ 100$ 113$ 147$ 164$ 163
.","['100.0', '100.0', '0.0', '100.0', '0.0']" "['what was the value of acquired technology?', 'what was the value of contract-based intangible assets?', 'what is the sum?', 'what is the total sum, including customer-related intangible assets?', 'what is the proportion of these assets compared to total assets acquired?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: cash and a commitment to fund the capital needs of the business until such time as its cumulative funding is equal to funding that we have provided from inception through the effective date of the transaction . the transaction created a new joint venture which does business as comercia global payments brazil . as a result of the transaction , we deconsolidated global payments brazil , and we apply the equity method of accounting to our retained interest in comercia global payments brazil . we recorded a gain on the transaction of $ 2.1 million which is included in interest and other income in the consolidated statement of income for the fiscal year ended may 31 , 2014 . the results of the brazil operation from inception until the restructuring into a joint venture on september 30 , 2013 were not material to our consolidated results of operations , and the assets and liabilities that we derecognized were not material to our consolidated balance sheet . american express portfolio on october 24 , 2013 , we acquired a merchant portfolio in the czech republic from american express limited for $ 1.9 million . the acquired assets have been classified as customer-related intangible assets and contract-based intangible assets with estimated amortization periods of 10 years . paypros on march 4 , 2014 , we completed the acquisition of 100% ( 100 % ) of the outstanding stock of payment processing , inc . ( 201cpaypros 201d ) for $ 420.0 million in cash plus $ 7.7 million in cash for working capital , subject to adjustment based on a final determination of working capital . we funded the acquisition with a combination of cash on hand and proceeds from our new term loan . paypros , based in california , is a provider of fully-integrated payment solutions for small-to-medium sized merchants in the united states . paypros delivers its products and services through a network of technology-based enterprise software partners to vertical markets that are complementary to the markets served by accelerated payment technologies ( 201capt 201d ) , which we acquired in october 2012 . we acquired paypros to expand our direct distribution capabilities in the united states and to further enhance our existing integrated solutions offerings . this acquisition was recorded as a business combination , and the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values . due to the timing of this transaction , the allocation of the purchase price is preliminary pending final valuation of intangible assets and deferred income taxes as well as resolution of the working capital settlement discussed above . the purchase price of paypros was determined by analyzing the historical and prospective financial statements . acquisition costs associated with this purchase were not material . the following table summarizes the preliminary purchase price allocation ( in thousands ) : .
1goodwill$ 271577
2customer-related intangible assets147500
3contract-based intangible assets31000
4acquired technology10700
5fixed assets1680
6other assets4230
7total assets acquired466687
8deferred income taxes-38949 ( 38949 )
9net assets acquired$ 427738
the preliminary purchase price allocation resulted in goodwill , included in the north america merchant services segment , of $ 271.6 million . such goodwill is attributable primarily to synergies with the services offered and markets served by paypros . the goodwill associated with the acquisition is not deductible for tax purposes . the customer-related intangible assets and the contract-based intangible assets have an estimated amortization period of 13 years . the acquired technology has an estimated amortization period of 7 years. .","['10700.0', '31000.0', '41700.0', '189200.0', '0.40541']" "['what was the value of freight revenue from the agricultural group in 2012?', 'what was the value in 2011?', 'what is the ratio of 2012 to 2011?', 'what is the ratio of the value of freight revenue from the automotive group, 2012 to 2011?', 'is ratio 1 greater than 2?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 .
1millions201220112010
2agricultural$ 3280$ 3324$ 3018
3automotive180715101271
4chemicals323828152425
5coal391240843489
6industrial products349431662639
7intermodal395536093227
8total freight revenues$ 19686$ 18508$ 16069
9other revenues12401049896
10total 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. .","['3280.0', '3324.0', '0.98676', '1.19669', 'no']" "['from 2016 to 2017, what was the variation in the total amount spent on share repurchase?', 'and what is this variation as a percentage of that amount in 2016?', 'and over the next year, what was that variation in this amount, counted in millions?', 'and what percentage did this variation represent in relation to the 2017 amount spent on share repurchase?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: shareholder value award program svas are granted to officers and management and are payable in shares of our common stock . the number of shares actually issued , if any , varies depending on our stock price at the end of the three-year vesting period compared to pre-established target stock prices . we measure the fair value of the sva unit on the grant date using a monte carlo simulation model . the model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award . expected volatilities utilized in the model are based on implied volatilities from traded options on our stock , historical volatility of our stock price , and other factors . similarly , the dividend yield is based on historical experience and our estimate of future dividend yields . the risk-free interest rate is derived from the u.s . treasury yield curve in effect at the time of grant . the weighted-average fair values of the sva units granted during the years ended december 31 , 2018 , 2017 , and 2016 were $ 48.51 , $ 66.25 , and $ 48.68 , respectively , determined using the following assumptions: .
1( percents )201820172016
2expected dividend yield2.50% ( 2.50 % )2.50% ( 2.50 % )2.00% ( 2.00 % )
3risk-free interest rate2.311.380.92
4volatility22.2622.9121.68
pursuant to this program , approximately 0.7 million shares , 1.1 million shares , and 1.0 million shares were issued during the years ended december 31 , 2018 , 2017 , and 2016 , respectively . approximately 1.0 million shares are expected to be issued in 2019 . as of december 31 , 2018 , the total remaining unrecognized compensation cost related to nonvested svas was $ 55.7 million , which will be amortized over the weighted-average remaining requisite service period of 20 months . restricted stock units rsus are granted to certain employees and are payable in shares of our common stock . rsu shares are accounted for at fair value based upon the closing stock price on the date of grant . the corresponding expense is amortized over the vesting period , typically three years . the fair values of rsu awards granted during the years ended december 31 , 2018 , 2017 , and 2016 were $ 70.95 , $ 72.47 , and $ 71.46 , respectively . the number of shares ultimately issued for the rsu program remains constant with the exception of forfeitures . pursuant to this program , 1.3 million , 1.4 million , and 1.3 million shares were granted and approximately 1.0 million , 0.9 million , and 0.6 million shares were issued during the years ended december 31 , 2018 , 2017 , and 2016 , respectively . approximately 0.8 million shares are expected to be issued in 2019 . as of december 31 , 2018 , the total remaining unrecognized compensation cost related to nonvested rsus was $ 112.2 million , which will be amortized over the weighted- average remaining requisite service period of 21 months . note 12 : shareholders' equity during 2018 , 2017 , and 2016 , we repurchased $ 4.15 billion , $ 359.8 million and $ 540.1 million , respectively , of shares associated with our share repurchase programs . a payment of $ 60.0 million was made in 2016 for shares repurchased in 2017 . during 2018 , we repurchased $ 2.05 billion of shares , which completed the $ 5.00 billion share repurchase program announced in october 2013 and our board authorized an $ 8.00 billion share repurchase program . there were $ 2.10 billion repurchased under the $ 8.00 billion program in 2018 . as of december 31 , 2018 , there were $ 5.90 billion of shares remaining under the 2018 program . we have 5.0 million authorized shares of preferred stock . as of december 31 , 2018 and 2017 , no preferred stock was issued . we have an employee benefit trust that held 50.0 million shares of our common stock at both december 31 , 2018 and 2017 , to provide a source of funds to assist us in meeting our obligations under various employee benefit plans . the cost basis of the shares held in the trust was $ 3.01 billion at both december 31 , 2018 and 2017 , and is shown as a reduction of shareholders 2019 equity . any dividend transactions between us and the trust are eliminated . stock held by the trust is not considered outstanding in the computation of eps . the assets of the trust were not used to fund any of our obligations under these employee benefit plans during the years ended december 31 , 2018 , 2017 , and .","['-180.3', '-0.33383', '3790.2', '10.53419']" "['what was the total net revenue for 2009 and 2010?', 'and the change in net revenue between these two years?', 'so what was the growth rate of this value during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy new orleans , inc . management 2019s financial discussion and analysis the volume/weather variance is primarily due to an increase in electricity usage in the residential and commercial sectors due in part to a 4% ( 4 % ) increase in the average number of residential customers and a 3% ( 3 % ) increase in the average number of commercial customers , partially offset by the effect of less favorable weather on residential sales . gross operating revenues gross operating revenues decreased primarily due to : a decrease of $ 16.2 million in electric fuel cost recovery revenues due to lower fuel rates ; a decrease of $ 15.4 million in gross gas revenues primarily due to lower fuel cost recovery revenues as a result of lower fuel rates and the effect of milder weather ; and formula rate plan decreases effective october 2010 and october 2011 , as discussed above . the decrease was partially offset by an increase in gross wholesale revenue due to increased sales to affiliated customers and more favorable volume/weather , as discussed above . 2010 compared to 2009 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2010 to 2009 . amount ( in millions ) .
1amount ( in millions )
22009 net revenue$ 243.0
3volume/weather17.0
4net gas revenue14.2
5effect of 2009 rate case settlement-6.6 ( 6.6 )
6other5.3
72010 net revenue$ 272.9
the volume/weather variance is primarily due to an increase of 348 gwh , or 7% ( 7 % ) , in billed retail electricity usage primarily due to more favorable weather compared to last year . the net gas revenue variance is primarily due to more favorable weather compared to last year , along with the recognition of a gas regulatory asset associated with the settlement of entergy new orleans 2019s electric and gas formula rate plans . see note 2 to the financial statements for further discussion of the formula rate plan settlement . the effect of 2009 rate case settlement variance results from the april 2009 settlement of entergy new orleans 2019s rate case , and includes the effects of realigning non-fuel costs associated with the operation of grand gulf from the fuel adjustment clause to electric base rates effective june 2009 . see note 2 to the financial statements for further discussion of the rate case settlement . other income statement variances 2011 compared to 2010 other operation and maintenance expenses decreased primarily due to the deferral in 2011 of $ 13.4 million of 2010 michoud plant maintenance costs pursuant to the settlement of entergy new orleans 2019s 2010 test year formula rate plan filing approved by the city council in september 2011 and a decrease of $ 8.0 million in fossil- fueled generation expenses due to higher plant outage costs in 2010 due to a greater scope of work at the michoud plant . see note 2 to the financial statements for more discussion of the 2010 test year formula rate plan filing. .","['515.9', '29.9', '0.12305']" "['what was the total recognized expense related to defined contribution plans for the years of 2007 and 2008, combined?', 'including the year of 2016, what then becomes the total?', 'and what is the average recognized expense related to defined contribution plans between those three years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: contributions and future benefit payments we expect to make contributions of $ 28.1 million to our defined benefit , other postretirement , and postemployment benefits plans in fiscal 2009 . actual 2009 contributions could exceed our current projections , as influenced by our decision to undertake discretionary funding of our benefit trusts versus other competing investment priorities and future changes in government requirements . estimated benefit payments , which reflect expected future service , as appropriate , are expected to be paid from fiscal 2009-2018 as follows : in millions defined benefit pension postretirement benefit plans gross payments medicare subsidy receipts postemployment benefit ......................................................................................................................................................................................... .
1in millionsdefined benefit pension plansother postretirement benefit plans gross paymentsmedicare subsidy receiptspostemployment benefit plans
22009$ 176.3$ 56.0$ -6.1 ( 6.1 )$ 16.6
32010182.559.9-6.7 ( 6.7 )17.5
42011189.863.3-7.3 ( 7.3 )18.1
52012197.567.0-8.0 ( 8.0 )18.8
62013206.671.7-8.7 ( 8.7 )19.4
72014 2013 20181187.3406.8-55.3 ( 55.3 )106.3
defined contribution plans the general mills savings plan is a defined contribution plan that covers salaried and nonunion employees . it had net assets of $ 2309.9 million as of may 25 , 2008 and $ 2303.0 million as of may 27 , 2007.this plan is a 401 ( k ) savings plan that includes a number of investment funds and an employee stock ownership plan ( esop ) . we sponsor another savings plan for certain hourly employees with net assets of $ 16.0 million as of may 25 , 2008 . our total recognized expense related to defined contribution plans was $ 61.9 million in fiscal 2008 , $ 48.3 million in fiscal 2007 , and $ 45.5 million in fiscal 2006 . the esop originally purchased our common stock principally with funds borrowed from third parties and guaranteed by us.the esop shares are included in net shares outstanding for the purposes of calculating eps . the esop 2019s third-party debt was repaid on june 30 , 2007 . the esop 2019s only assets are our common stock and temporary cash balances.the esop 2019s share of the total defined contribution expense was $ 52.3 million in fiscal 2008 , $ 40.1 million in fiscal 2007 , and $ 37.6 million in fiscal 2006 . the esop 2019s expensewas calculated by the 201cshares allocated 201dmethod . the esop used our common stock to convey benefits to employees and , through increased stock ownership , to further align employee interests with those of stockholders.wematched a percentage of employee contributions to the general mills savings plan with a base match plus a variable year end match that depended on annual results . employees received our match in the form of common stock . our cash contribution to the esop was calculated so as to pay off enough debt to release sufficient shares to make our match . the esop used our cash contributions to the plan , plus the dividends received on the esop 2019s leveraged shares , to make principal and interest payments on the esop 2019s debt . as loan payments were made , shares became unencumbered by debt and were committed to be allocated . the esop allocated shares to individual employee accounts on the basis of the match of employee payroll savings ( contributions ) , plus reinvested dividends received on previously allocated shares . the esop incurred net interest of less than $ 1.0 million in each of fiscal 2007 and 2006 . the esop used dividends of $ 2.5 million in fiscal 2007 and $ 3.9 million in 2006 , along with our contributions of less than $ 1.0 million in each of fiscal 2007 and 2006 to make interest and principal payments . the number of shares of our common stock allocated to participants in the esop was 5.2 million as of may 25 , 2008 , and 5.4 million as of may 27 , 2007 . annual report 2008 81 .","['110.2', '155.7', '51.9']" "['on july 17, 2011, what was the aggregate purchase price of the communications sites acquired from colombia movil?', 'and what was the number of those sites?', 'what was, then, the average purchase price per site?', 'and in the next year, concerning the total fair value of the net assets acquired, what percentage did the hard assets represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements the allocation of the purchase price was finalized during the year ended december 31 , 2012 . the following table summarizes the allocation of the aggregate purchase consideration paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition ( in thousands ) : purchase price allocation .
1final purchase price allocation
2non-current assets$ 2
3property and equipment3590
4intangible assets ( 1 )1062
5other non-current liabilities-91 ( 91 )
6fair value of net assets acquired$ 4563
7goodwill ( 2 )89
( 1 ) consists of customer-related intangibles of approximately $ 0.4 million and network location intangibles of approximately $ 0.7 million . the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years . ( 2 ) the company expects that the goodwill recorded will be deductible for tax purposes . the goodwill was allocated to the company 2019s international rental and management segment . colombia 2014colombia movil acquisition 2014on july 17 , 2011 , the company entered into a definitive agreement with colombia movil s.a . e.s.p . ( 201ccolombia movil 201d ) , whereby atc sitios infraco , s.a.s. , a colombian subsidiary of the company ( 201catc infraco 201d ) , would purchase up to 2126 communications sites from colombia movil for an aggregate purchase price of approximately $ 182.0 million . from december 21 , 2011 through the year ended december 31 , 2012 , atc infraco completed the purchase of 1526 communications sites for an aggregate purchase price of $ 136.2 million ( including contingent consideration of $ 17.3 million ) , subject to post-closing adjustments . through a subsidiary , millicom international cellular s.a . ( 201cmillicom 201d ) exercised its option to acquire an indirect , substantial non-controlling interest in atc infraco . under the terms of the agreement , the company is required to make additional payments upon the conversion of certain barter agreements with other wireless carriers to cash paying lease agreements . based on the company 2019s current estimates , the value of potential contingent consideration payments required to be made under the amended agreement is expected to be between zero and $ 32.8 million and is estimated to be $ 17.3 million using a probability weighted average of the expected outcomes at december 31 , 2012 . during the year ended december 31 , 2012 , the company recorded a reduction in fair value of $ 1.2 million , which is included in other operating expenses in the consolidated statements of operations. .","['182.0', '2126.0', '0.08561', '0.78676']" "['what was the cost, in millions, of the total share repurchase activity in the year of 2011?', 'and how many shares were repurchased in that process, in millions?', 'what was, then, the cost of each share repurchased?', 'considering that same cost per share, what would be the total cost, in millions, to repurchase the remaining 9 million shares?', 'and what would be that cost if not in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders . cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively . higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 . cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings . operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities . see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital . we believe operating working capital represents the key components of working capital under the operating control of our businesses . operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively . a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) . ( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 . this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities . trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 . days sales outstanding was 66 days in 2011 , level with 2010 . inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 . inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 . total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively . spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 . capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively . capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively . we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings . in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company . the cost of these acquisitions , including assumed debt , was $ 193 million . dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively . ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders . we did not have a mandatory contribution to our u.s . defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million . in 2010 and 2009 , we made voluntary contributions to our u.s . defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively . we expect to make voluntary contributions to our u.s . defined benefit pension plans in 2012 of up to $ 60 million . contributions were made to our non-u.s . defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements . we expect to make mandatory contributions to our non-u.s . plans in 2012 of approximately $ 90 million . the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively . we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth . the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 . we can repurchase about 9 million shares under the current authorization from the board of directors . 26 2011 ppg annual report and form 10-k .
1( millions )20112010
2operating working capital$ 2739$ 2595
3operating working capital as % ( % ) of sales19.5% ( 19.5 % )19.2% ( % )
liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders . cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively . higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 . cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings . operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities . see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital . we believe operating working capital represents the key components of working capital under the operating control of our businesses . operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively . a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) . ( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 . this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities . trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 . days sales outstanding was 66 days in 2011 , level with 2010 . inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 . inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 . total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively . spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 . capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively . capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively . we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings . in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company . the cost of these acquisitions , including assumed debt , was $ 193 million . dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively . ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders . we did not have a mandatory contribution to our u.s . defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million . in 2010 and 2009 , we made voluntary contributions to our u.s . defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively . we expect to make voluntary contributions to our u.s . defined benefit pension plans in 2012 of up to $ 60 million . contributions were made to our non-u.s . defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements . we expect to make mandatory contributions to our non-u.s . plans in 2012 of approximately $ 90 million . the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively . we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth . the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 . we can repurchase about 9 million shares under the current authorization from the board of directors . 26 2011 ppg annual report and form 10-k .","['858.0', '10.2', '84.11765', '757.05882', '757058823.52941']" "['what was the change in the value of the american airlines group inc ., considering its value in 2015 and the original amount invested in it in september 2013?', 'and how much does this change represent in relation to this original amount invested?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents capital deployment program will be subject to market and economic conditions , applicable legal requirements and other relevant factors . our capital deployment program does not obligate us to continue a dividend for any fixed period , and payment of dividends may be suspended at any time at our discretion . stock performance graph the following stock performance graph and related information shall not be deemed 201csoliciting material 201d or 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filings under the securities act of 1933 or the exchange act , each as amended , except to the extent that we specifically incorporate it by reference into such filing . the following stock performance graph compares our cumulative total stockholder return on an annual basis on our common stock with the cumulative total return on the standard and poor 2019s 500 stock index and the amex airline index from december 9 , 2013 ( the first trading day of aag common stock ) through december 31 , 2015 . the comparison assumes $ 100 was invested on december 9 , 2013 in aag common stock and in each of the foregoing indices and assumes reinvestment of dividends . the stock performance shown on the graph below represents historical stock performance and is not necessarily indicative of future stock price performance. .
112/9/201312/31/201312/31/201412/31/2015
2american airlines group inc .$ 100$ 103$ 219$ 175
3amex airline index100102152127
4s&p 500100102114113
purchases of equity securities by the issuer and affiliated purchasers since july 2014 , our board of directors has approved several share repurchase programs aggregating $ 7.0 billion of authority of which , as of december 31 , 2015 , $ 2.4 billion remained unused under repurchase programs .","['75.0', '0.75']" "['what was the intrinsic value of incentive/performance unit and restricted share/ restricted share unit awards vested during 2016, in billions?', 'what was the intrinsic value of incentive/performance unit and restricted share/ restricted share unit awards vested during 2015, in billions?', 'what is the sum for 2015 and 2016?', 'what is the total value including 2014?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: at december 31 , 2015 and 2014 , options for 5 million and 6 million shares of common stock were exercisable at a weighted-average price of $ 55.42 and $ 56.21 , respectively . the total intrinsic value of options exercised was approximately $ .1 billion during 2016 , 2015 and 2014 . cash received from option exercises under all incentive plans for 2016 , 2015 and 2014 was approximately $ .1 billion , $ .1 billion and $ .2 billion , respectively . the tax benefit realized from option exercises under all incentive plans was insignificant for 2016 , 2015 and 2014 . shares of common stock available during the next year for the granting of options and other awards under the incentive plans were approximately 39 million shares at december 31 , 2016 . total shares of pnc common stock authorized for future issuance under all equity compensation plans totaled approximately 40 million shares at december 31 , 2016 . during 2016 , we issued approximately 2 million common shares from treasury stock in connection with stock option exercise activity . as with past exercise activity , we currently intend to utilize primarily treasury stock for any future stock option exercises . incentive/performance unit awards and restricted share/restricted share unit awards the fair value of nonvested incentive/performance unit awards and restricted share/restricted share unit awards is initially determined based on prices not less than the market value of our common stock on the date of grant with a reduction for estimated forfeitures . the value of certain incentive/ performance unit awards is subsequently remeasured based on the achievement of one or more financial and other performance goals . additionally , certain incentive/ performance unit awards require subsequent adjustment to their current market value due to certain discretionary risk review triggers . the weighted-average grant date fair value of incentive/ performance unit awards and restricted share/restricted share unit awards granted in 2016 , 2015 and 2014 was $ 78.37 , $ 91.57 and $ 80.79 per share , respectively . the total intrinsic value of incentive/performance unit and restricted share/ restricted share unit awards vested during 2016 , 2015 and 2014 was approximately $ .1 billion , $ .2 billion and $ .1 billion , respectively . we recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program . table 78 : nonvested incentive/performance unit awards and restricted share/restricted share unit awards 2013 rollforward ( a ) shares in millions nonvested incentive/ performance units shares weighted- average date fair nonvested restricted share/ restricted weighted- average grant date fair value .
1shares in millions december 31 2015nonvested incentive/ performance units shares 2weighted- average grant date fair value $ 79.27nonvested restricted share/ restricted share units 3weighted- average grant date fair value $ 79.26
2granted ( b )1$ 77.771$ 78.71
3vested/released ( b )-1 ( 1 )$ 71.59-1 ( 1 )$ 65.53
4december 31 20162$ 81.423$ 83.27
( a ) forfeited awards during 2016 were insignificant . ( b ) includes adjustments for achieving specific performance goals for incentive/ performance unit share awards granted in prior periods . in table 78 , the units and related weighted-average grant date fair value of the incentive/performance unit share awards exclude the effect of dividends on the underlying shares , as those dividends will be paid in cash if and when the underlying shares are issued to the participants . blackrock long-term incentive plans ( ltip ) blackrock adopted the 2002 ltip program to help attract and retain qualified professionals . at that time , we agreed to transfer up to four million shares of blackrock common stock to fund a portion of the 2002 ltip program and future ltip programs approved by blackrock 2019s board of directors . in 2009 , our obligation to deliver any remaining blackrock common shares was replaced with an obligation to deliver shares of blackrock 2019s series c preferred stock held by us . in 2016 , we transferred .5 million shares of blackrock series c preferred stock to blackrock in connection with our obligation . at december 31 , 2016 , we held approximately .8 million shares of blackrock series c preferred stock which were available to fund our obligations . see note 23 subsequent events for information on our february 1 , 2017 transfer of .5 million shares of the series c preferred stock to blackrock to satisfy a portion of our ltip obligation . we account for our blackrock series c preferred stock at fair value , which offsets the impact of marking-to-market the obligation to deliver these shares to blackrock . see note 6 fair value for additional information regarding the valuation of the blackrock series c preferred stock . the pnc financial services group , inc . 2013 form 10-k 139 .","['0.1', '0.2', '0.3', '0.4']" "['what is the balance of the goodwill for integrated agency networks at the end of 2009?', 'what about at the end of 2008?', 'what is the net change?', 'what percentage does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) sales of businesses and investments 2013 primarily includes realized gains and losses relating to the sales of businesses , cumulative translation adjustment balances from the liquidation of entities and sales of marketable securities and investments in publicly traded and privately held companies in our rabbi trusts . during 2009 , we realized a gain of $ 15.2 related to the sale of an investment in our rabbi trusts , which was partially offset by losses realized from the sale of various businesses . losses in 2007 primarily related to the sale of several businesses within draftfcb for a loss of $ 9.3 and charges at lowe of $ 7.8 as a result of the realization of cumulative translation adjustment balances from the liquidation of several businesses . vendor discounts and credit adjustments 2013 we are in the process of settling our liabilities related to vendor discounts and credits established during the restatement we presented in our 2004 annual report on form 10-k . these adjustments reflect the reversal of certain of these liabilities as a result of settlements with clients or vendors or where the statute of limitations has lapsed . litigation settlement 2013 during may 2008 , the sec concluded its investigation that began in 2002 into our financial reporting practices , resulting in a settlement charge of $ 12.0 . investment impairments 2013 in 2007 we realized an other-than-temporary charge of $ 5.8 relating to a $ 12.5 investment in auction rate securities , representing our total investment in auction rate securities . see note 12 for further information . note 5 : intangible assets goodwill goodwill is the excess purchase price remaining from an acquisition after an allocation of purchase price has been made to identifiable assets acquired and liabilities assumed based on estimated fair values . the changes in the carrying value of goodwill for our segments , integrated agency networks ( 201cian 201d ) and constituency management group ( 201ccmg 201d ) , for the years ended december 31 , 2009 and 2008 are listed below. .
1iancmgtotal 1
2balance as of december 31 2007$ 2789.7$ 441.9$ 3231.6
3current year acquisitions99.51.8101.3
4contingent and deferred payments for prior acquisitions28.91.130.0
5other ( primarily foreign currency translation )-128.1 ( 128.1 )-13.9 ( 13.9 )-142.0 ( 142.0 )
6balance as of december 31 2008$ 2790.0$ 430.9$ 3220.9
7current year acquisitions25.220145.2
8contingent and deferred payments for prior acquisitions14.2201414.2
9other ( primarily foreign currency translation )76.24.580.7
10balance as of december 31 2009$ 2885.6$ 435.4$ 3321.0
1 for all periods presented we have not recorded a goodwill impairment charge . 2 for acquisitions completed after january 1 , 2009 , amount includes contingent and deferred payments , which are recorded at fair value on the acquisition date . see note 6 for further information . see note 1 for further information regarding our annual impairment methodology . other intangible assets included in other intangible assets are assets with indefinite lives not subject to amortization and assets with definite lives subject to amortization . other intangible assets primarily include customer lists and trade names . intangible assets with definitive lives subject to amortization are amortized on a straight-line basis with estimated useful lives generally between 7 and 15 years . amortization expense for other intangible assets for the years ended december 31 , 2009 , 2008 and 2007 was $ 19.3 , $ 14.4 and $ 8.5 , respectively . the following table provides a summary of other intangible assets , which are included in other assets on our consolidated balance sheets. .","['2885.6', '2790.0', '95.6', '0.03427']" "['what was the difference in the beginning balance of open claims between 2005 and 2006?', 'so what was the percentage change during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: potentially responsible parties , and existing technology , laws , and regulations . the ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties involved , site- specific cost sharing arrangements with other potentially responsible parties , the degree of contamination by various wastes , the scarcity and quality of volumetric data related to many of the sites , and the speculative nature of remediation costs . current obligations are not expected to have a material adverse effect on our consolidated results of operations , financial condition , or liquidity . 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 with 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 work . annual expenses for personal injury-related events were $ 240 million in 2006 , $ 247 million in 2005 , and $ 288 million in 2004 . as of december 31 , 2006 and 2005 , we had accrued liabilities of $ 631 million and $ 619 million for future personal injury costs , respectively , of which $ 233 million and $ 274 million was recorded in current liabilities as accrued casualty costs , respectively . our personal injury liability is discounted to present value using applicable u.s . treasury rates . approximately 87% ( 87 % ) of the recorded liability related to asserted claims , and approximately 13% ( 13 % ) related to unasserted claims . estimates can vary over time due to evolving trends in litigation . our personal injury claims activity was as follows : claims activity 2006 2005 2004 .
1claims activity200620052004
2open claims beginning balance419740284085
3new claims419045844366
4settled or dismissed claims-4261 ( 4261 )-4415 ( 4415 )-4423 ( 4423 )
5open claims ending balance at december 31412641974028
depreciation 2013 the railroad industry is capital intensive . properties are carried at cost . provisions for depreciation are computed principally on the straight-line method based on estimated service lives of depreciable property . the lives are calculated using a separate composite annual percentage rate for each depreciable property group , based on the results of internal depreciation studies . we are required to submit a report on depreciation studies and proposed depreciation rates to the stb for review and approval every three years for equipment property and every six years for road property . the cost ( net of salvage ) of depreciable railroad property retired or replaced in the ordinary course of business is charged to accumulated depreciation , and no gain or loss is recognized . a gain or loss is recognized in other income for all other property upon disposition because the gain or loss is not part of rail operations . the cost of internally developed software is capitalized and amortized over a five-year period . significant capital spending in recent years increased the total value of our depreciable assets . cash capital spending totaled $ 2.2 billion for the year ended december 31 , 2006 . for the year ended december 31 , 2006 , depreciation expense was $ 1.2 billion . we use various methods to estimate useful lives for each group of depreciable property . due to the capital intensive nature of the business and the large base of depreciable assets , variances to those estimates could have a material effect on our consolidated financial statements . if the estimated useful lives of all depreciable assets were increased by one year , annual depreciation expense would decrease by approximately $ 43 million . if the estimated useful lives of all assets to be depreciated were decreased by one year , annual depreciation expense would increase by approximately $ 45 million . 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 future tax consequences of events that have been recognized in our financial statements or tax returns . these .","['169.0', '0.04196']" "['what was the change in the property, plant and equipment depreciation expense from 2013 to 2015?', 'and what was that expense in 2013?', 'how much does that change represent in relation to this 2013 expense?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: note 4 : property , plant and equipment the following table summarizes the major classes of property , plant and equipment by category as of december 31 : 2015 2014 range of remaining useful weighted average useful life utility plant : land and other non-depreciable assets . . . . . . . . . . $ 141 $ 137 sources of supply . . . . . . . . . . . . . . . . . . . . . . . . . . 705 681 12 to 127 years 51 years treatment and pumping facilities . . . . . . . . . . . . . . 3070 2969 3 to 101 years 39 years transmission and distribution facilities . . . . . . . . . 8516 7963 9 to 156 years 83 years services , meters and fire hydrants . . . . . . . . . . . . . 3250 3062 8 to 93 years 35 years general structures and equipment . . . . . . . . . . . . . 1227 1096 1 to 154 years 39 years waste treatment , pumping and disposal . . . . . . . . . 313 281 2 to 115 years 46 years waste collection . . . . . . . . . . . . . . . . . . . . . . . . . . . 473 399 5 to 109 years 56 years construction work in progress . . . . . . . . . . . . . . . . 404 303 total utility plant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18099 16891 nonutility property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 378 3 to 50 years 6 years total property , plant and equipment . . . . . . . . . . . . . . . $ 18504 $ 17269 property , plant and equipment depreciation expense amounted to $ 405 , $ 392 , and $ 374 for the years ended december 31 , 2015 , 2014 and 2013 , respectively and was included in depreciation and amortization expense in the accompanying consolidated statements of operations . the provision for depreciation expressed as a percentage of the aggregate average depreciable asset balances was 3.13% ( 3.13 % ) for the year ended december 31 , 2015 and 3.20% ( 3.20 % ) for years december 31 , 2014 and 2013 . note 5 : allowance for uncollectible accounts the following table summarizes the changes in the company 2019s allowances for uncollectible accounts for the years ended december 31: .
1201520142013
2balance as of january 1$ -35 ( 35 )$ -34 ( 34 )$ -27 ( 27 )
3amounts charged to expense-32 ( 32 )-37 ( 37 )-27 ( 27 )
4amounts written off384324
5recoveries of amounts written off-10 ( 10 )-7 ( 7 )-4 ( 4 )
6balance as of december 31$ -39 ( 39 )$ -35 ( 35 )$ -34 ( 34 )
.","['31.0', '374.0', '0.08289']" "['what was the change in the balance of unrecognized tax benefits during the year of 2010?', 'and how much does that change represent in relation to the beginning balance of that year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: a valuation allowance has been established for certain deferred tax assets related to the impairment of investments . accounting for uncertainty in income taxes during fiscal 2011 and 2010 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : beginning balance gross increases in unrecognized tax benefits 2013 prior year tax positions gross decreases in unrecognized tax benefits 2013 prior year tax positions gross increases in unrecognized tax benefits 2013 current year tax positions settlements with taxing authorities lapse of statute of limitations foreign exchange gains and losses ending balance $ 156925 11901 ( 4154 ) 32420 ( 29101 ) ( 3825 ) $ 163607 $ 218040 ( 7104 ) 15108 ( 70484 ) ( 7896 ) $ 156925 as of december 2 , 2011 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 12.3 million . we file income tax returns in the u.s . on a federal basis and in many u.s . state and foreign jurisdictions . we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities . our major tax jurisdictions are the u.s. , ireland and california . for california , ireland and the u.s. , the earliest fiscal years open for examination are 2005 , 2006 and 2008 , respectively . we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examination . we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position . in august 2011 , a canadian income tax examination covering our fiscal years 2005 through 2008 was completed . our accrued tax and interest related to these years was approximately $ 35 million and was previously reported in long-term income taxes payable . we reclassified approximately $ 17 million to short-term income taxes payable and decreased deferred tax assets by approximately $ 18 million in conjunction with the aforementioned resolution . the $ 17 million balance in short-term income taxes payable is partially secured by a letter of credit and is expected to be paid by the first quarter of fiscal 2012 . in october 2010 , a u.s . income tax examination covering our fiscal years 2005 through 2007 was completed . our accrued tax and interest related to these years was $ 59 million and was previously reported in long-term income taxes payable . we paid $ 20 million in conjunction with the aforementioned resolution . a net income statement tax benefit in the fourth quarter of fiscal 2010 of $ 39 million resulted . the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process . these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities . the company believes that before the end of fiscal 2012 , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both . given the uncertainties described above , we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 40 million . these amounts would decrease income tax expense under current gaap related to income taxes . note 11 . restructuring fiscal 2011 restructuring plan in the fourth quarter of fiscal 2011 , in order to better align our resources around our digital media and digital marketing strategies , we initiated a restructuring plan consisting of reductions of approximately 700 full-time positions worldwide and we recorded restructuring charges of approximately $ 78.6 million related to ongoing termination benefits for the position eliminated . table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) .
120112010
2beginning balance$ 156925$ 218040
3gross increases in unrecognized tax benefits 2013 prior year tax positions119019580
4gross decreases in unrecognized tax benefits 2013 prior year tax positions-4154 ( 4154 )-7104 ( 7104 )
5gross increases in unrecognized tax benefits 2013 current year tax positions3242015108
6settlements with taxing authorities-29101 ( 29101 )-70484 ( 70484 )
7lapse of statute of limitations-3825 ( 3825 )-7896 ( 7896 )
8foreign exchange gains and losses-559 ( 559 )-319 ( 319 )
9ending balance$ 163607$ 156925
a valuation allowance has been established for certain deferred tax assets related to the impairment of investments . accounting for uncertainty in income taxes during fiscal 2011 and 2010 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : beginning balance gross increases in unrecognized tax benefits 2013 prior year tax positions gross decreases in unrecognized tax benefits 2013 prior year tax positions gross increases in unrecognized tax benefits 2013 current year tax positions settlements with taxing authorities lapse of statute of limitations foreign exchange gains and losses ending balance $ 156925 11901 ( 4154 ) 32420 ( 29101 ) ( 3825 ) $ 163607 $ 218040 ( 7104 ) 15108 ( 70484 ) ( 7896 ) $ 156925 as of december 2 , 2011 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 12.3 million . we file income tax returns in the u.s . on a federal basis and in many u.s . state and foreign jurisdictions . we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities . our major tax jurisdictions are the u.s. , ireland and california . for california , ireland and the u.s. , the earliest fiscal years open for examination are 2005 , 2006 and 2008 , respectively . we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examination . we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position . in august 2011 , a canadian income tax examination covering our fiscal years 2005 through 2008 was completed . our accrued tax and interest related to these years was approximately $ 35 million and was previously reported in long-term income taxes payable . we reclassified approximately $ 17 million to short-term income taxes payable and decreased deferred tax assets by approximately $ 18 million in conjunction with the aforementioned resolution . the $ 17 million balance in short-term income taxes payable is partially secured by a letter of credit and is expected to be paid by the first quarter of fiscal 2012 . in october 2010 , a u.s . income tax examination covering our fiscal years 2005 through 2007 was completed . our accrued tax and interest related to these years was $ 59 million and was previously reported in long-term income taxes payable . we paid $ 20 million in conjunction with the aforementioned resolution . a net income statement tax benefit in the fourth quarter of fiscal 2010 of $ 39 million resulted . the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process . these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities . the company believes that before the end of fiscal 2012 , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both . given the uncertainties described above , we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 40 million . these amounts would decrease income tax expense under current gaap related to income taxes . note 11 . restructuring fiscal 2011 restructuring plan in the fourth quarter of fiscal 2011 , in order to better align our resources around our digital media and digital marketing strategies , we initiated a restructuring plan consisting of reductions of approximately 700 full-time positions worldwide and we recorded restructuring charges of approximately $ 78.6 million related to ongoing termination benefits for the position eliminated . table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) .","['-61115.0', '-0.28029']" "['what was the net change in the expected return from 2007 to 2008?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: fair valuation the following table shows the expected versus actual rate of return on plan assets for the u.s . pension and postretirement plans: .
1200820072006
2expected rate of return7.75% ( 7.75 % )8.0% ( 8.0 % )8.0% ( 8.0 % )
3actual rate of return( 5.42 ) % ( % )13.2% ( 13.2 % )14.7% ( 14.7 % )
for the foreign plans , pension expense for 2008 was reduced by the expected return of $ 487 million , compared with the actual return of $ ( 883 ) million . pension expense for 2007 and 2006 was reduced by expected returns of $ 477 million and $ 384 million , respectively . actual returns were higher in 2007 and 2006 than the expected returns in those years . discount rate the 2008 and 2007 discount rates for the u.s . pension and postretirement plans were selected by reference to a citigroup-specific analysis using each plan 2019s specific cash flows and compared with the moody 2019s aa long-term corporate bond yield for reasonableness . citigroup 2019s policy is to round to the nearest tenth of a percent . accordingly , at december 31 , 2008 , the discount rate was set at 6.1% ( 6.1 % ) for the pension plans and at 6.0% ( 6.0 % ) for the postretirement welfare plans . at december 31 , 2007 , the discount rate was set at 6.2% ( 6.2 % ) for the pension plans and 6.0% ( 6.0 % ) for the postretirement plans , referencing a citigroup-specific cash flow analysis . as of september 30 , 2006 , the u.s . pension plan was remeasured to reflect the freeze of benefits accruals for all non-grandfathered participants , effective january 1 , 2008 . under the september 30 , 2006 remeasurement and year-end analysis , the resulting plan-specific discount rate for the pension plan was 5.86% ( 5.86 % ) , which was rounded to 5.9% ( 5.9 % ) . the discount rates for the foreign pension and postretirement plans are selected by reference to high-quality corporate bond rates in countries that have developed corporate bond markets . however , where developed corporate bond markets do not exist , the discount rates are selected by reference to local government bond rates with a premium added to reflect the additional risk for corporate bonds . for additional information on the pension and postretirement plans , and on discount rates used in determining pension and postretirement benefit obligations and net benefit expense for the company 2019s plans , as well as the effects of a one percentage-point change in the expected rates of return and the discount rates , see note 9 to the company 2019s consolidated financial statements on page 144 . adoption of sfas 158 upon the adoption of sfas no . 158 , employer 2019s accounting for defined benefit pensions and other postretirement benefits ( sfas 158 ) , at december 31 , 2006 , the company recorded an after-tax charge to equity of $ 1.6 billion , which corresponds to the plans 2019 net pension and postretirement liabilities and the write-off of the existing prepaid asset , which relates to unamortized actuarial gains and losses , prior service costs/benefits and transition assets/liabilities . for a discussion of fair value of assets and liabilities , see 201csignificant accounting policies and significant estimates 201d on page 18 and notes 26 , 27 and 28 to the consolidated financial statements on pages 192 , 202 and 207. .","['10.0', '0.02096']" "['what is the sum of the value of weighted average diluted shares in 2013 and 2014?', 'what is the total sum including 2012?', 'what is the total sum divided by 3?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: related employer payroll tax costs ) . the contributions of these amounts are due by march 15 of the calendar year following the year in which the company realizes the benefits of the deductions . this arrangement has been accounted for as contingent consideration . pre-2009 business combinations were accounted for under a former accounting standard which , among other aspects , precluded the recognition of certain contingent consideration as of the business combination date . instead , under the former accounting standard , contingent consideration is accounted for as additional purchase price ( goodwill ) at the time the contingency is resolved . as of december 31 , 2013 , the company accrued $ 20.9 million related to this arrangement within other current liabilities , as the company realized the tax benefit of the compensation deductions during the 2013 tax year . the company made the related cash contribution during the first quarter of 2014 . 11 . earnings per share the numerator for both basic and diluted earnings per share is net income . the denominator for basic earnings per share is the weighted-average number of common shares outstanding during the period . the 2013 denominator was impacted by the common shares issued during both the ipo and the underwriters' exercise in full of the overallotment option granted to them in connection with the ipo . because such common shares were issued on july 2 , 2013 and july 31 , 2013 , respectively , they are only partially reflected in the 2013 denominator . such shares are fully reflected in the 2014 denominator . see note 9 for additional discussion of the ipo . the dilutive effect of outstanding restricted stock , restricted stock units , stock options , coworker stock purchase plan units and mpk plan units is reflected in the denominator for diluted earnings per share using the treasury stock method . the following is a reconciliation of basic shares to diluted shares: .
1( in millions )years ended december 31 , 2014years ended december 31 , 2013years ended december 31 , 2012
2weighted-average shares - basic170.6156.6145.1
3effect of dilutive securities2.22.10.7
4weighted-average shares - diluted172.8158.7145.8
there was an insignificant amount of potential common shares excluded from diluted earnings per share for the years ended december 31 , 2014 , 2013 and 2012 , as their inclusion would have had an anti-dilutive effect . 12 . deferred compensation plan on march 10 , 2010 , in connection with the company 2019s purchase of $ 28.5 million principal amount of its outstanding senior subordinated debt , the company established the restricted debt unit plan ( the 201crdu plan 201d ) , an unfunded nonqualified deferred compensation plan . the total number of rdus that could be granted under the rdu plan was 28500 . as of december 31 , 2014 , 28500 rdus were outstanding . rdus vested daily on a pro rata basis over the three-year period from january 1 , 2012 ( or , if later , the date of hire or the date of a subsequent rdu grant ) through december 31 , 2014 . all outstanding rdus were vested as of december 31 , 2014 . participants have no rights to the underlying debt . the total amount of compensation available to be paid under the rdu plan was initially to be based on two components , a principal component and an interest component . the principal component credits the rdu plan with a notional amount equal to the $ 28.5 million face value of the senior subordinated notes ( the ""debt pool"" ) , together with certain redemption premium equivalents as noted below . the interest component credited the rdu plan with amounts equal to the interest that would have been earned on the debt pool from march 10 , 2010 through maturity on october 12 , 2017 , except as discussed below . interest amounts for 2010 and 2011 were deferred until 2012 , and thereafter , interest amounts were paid to participants semi-annually on the interest payment due dates . the company used a portion of the ipo proceeds together with incremental borrowings to redeem $ 324.0 million of the total senior subordinated notes outstanding on august 1 , 2013 . in connection with the ipo and the partial redemption of the senior subordinated notes , the company amended the rdu plan to increase the retentive value of the plan . in accordance with the original terms of the rdu plan , the principal component of the rdus converted to a cash-denominated pool upon the redemption of the senior subordinated notes . in addition , the company added $ 0.1 table of contents cdw corporation and subsidiaries notes to consolidated financial statements .","['331.5', '477.3', '159.1']" "['what is the pension pretax expenses in 2012?', 'what about in 2013?', 'what is the change in the pension pretax expenses from 2012 to 2013?', 'what fraction change does this represent?', 'what about in percentage terms?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: securities have historically returned approximately 10% ( 10 % ) annually over long periods of time , while u.s . debt securities have returned approximately 6% ( 6 % ) annually over long periods . application of these historical returns to the plan 2019s allocation ranges for equities and bonds produces a result between 7.25% ( 7.25 % ) and 8.75% ( 8.75 % ) and is one point of reference , among many other factors , that is taken into consideration . we also examine the plan 2019s actual historical returns over various periods and consider the current economic environment . recent experience is considered in our evaluation with appropriate consideration that , especially for short time periods , recent returns are not reliable indicators of future returns . while annual returns can vary significantly ( actual returns for 2012 , 2011 , and 2010 were +15.29% ( +15.29 % ) , +.11% ( +.11 % ) , and +14.87% ( +14.87 % ) , respectively ) , the selected assumption represents our estimated long-term average prospective returns . acknowledging the potentially wide range for this assumption , we also annually examine the assumption used by other companies with similar pension investment strategies , so that we can ascertain whether our determinations markedly differ from others . in all cases , however , this data simply informs our process , which places the greatest emphasis on our qualitative judgment of future investment returns , given the conditions existing at each annual measurement date . taking into consideration all of these factors , the expected long-term return on plan assets for determining net periodic pension cost for 2012 was 7.75% ( 7.75 % ) , the same as it was for 2011 . after considering the views of both internal and external capital market advisors , particularly with regard to the effects of the recent economic environment on long-term prospective fixed income returns , we are reducing our expected long-term return on assets to 7.50% ( 7.50 % ) for determining pension cost for under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods . each one percentage point difference in actual return compared with our expected return causes expense in subsequent years to increase or decrease by up to $ 8 million as the impact is amortized into results of operations . we currently estimate a pretax pension expense of $ 73 million in 2013 compared with pretax expense of $ 89 million in 2012 . this year-over-year expected decrease reflects the impact of favorable returns on plan assets experienced in 2012 as well as the effects of the lower discount rate required to be used in the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2013 estimated expense as a baseline . table 27 : pension expense - sensitivity analysis change in assumption ( a ) estimated increase to 2013 pension expense ( in millions ) .
1change in assumption ( a )estimatedincrease to 2013pensionexpense ( in millions )
2.5% ( .5 % ) decrease in discount rate$ 21
3.5% ( .5 % ) decrease in expected long-term return on assets$ 19
4.5% ( .5 % ) increase in compensation rate$ 2
( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant . our pension plan contribution requirements are not particularly sensitive to actuarial assumptions . investment performance has the most impact on contribution requirements and will drive the amount of required contributions in future years . also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan . we do not expect to be required by law to make any contributions to the plan during 2013 . we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees , which are described more fully in note 15 employee benefit plans in the notes to consolidated financial statements in item 8 of this report . the pnc financial services group , inc . 2013 form 10-k 77 .","['89.0', '73.0', '16.0', '0.17978', '17.97753']" "['what were net currency losses in 2014?', 'what were they in 2013?', 'what is the net change in values?', 'what was the 2013 value?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents the following discussion of nonoperating income and expense excludes the results of the merger in order to provide a more meaningful year-over-year comparison . interest expense , net of capitalized interest decreased $ 249 million in 2014 from 2013 primarily due to a $ 149 million decrease in special charges recognized year-over-year as further described below , as well as refinancing activities that resulted in $ 100 million less interest expense recognized in 2014 . ( 1 ) in 2014 , we recognized $ 33 million of special charges relating to non-cash interest accretion on bankruptcy settlement obligations . in 2013 , we recognized $ 138 million of special charges relating to post-petition interest expense on unsecured obligations pursuant to the plan and penalty interest related to american 2019s 10.5% ( 10.5 % ) secured notes and 7.50% ( 7.50 % ) senior secured notes . in addition , in 2013 we recorded special charges of $ 44 million for debt extinguishment costs incurred as a result of the repayment of certain aircraft secured indebtedness , including cash interest charges and non-cash write offs of unamortized debt issuance costs . ( 2 ) as a result of the 2013 refinancing activities and the early extinguishment of american 2019s 7.50% ( 7.50 % ) senior secured notes in 2014 , we recognized $ 100 million less interest expense in 2014 as compared to 2013 . other nonoperating expense , net in 2014 consisted of $ 114 million of net foreign currency losses , including a $ 43 million special charge for venezuelan foreign currency losses , and $ 56 million in other nonoperating special charges primarily due to early debt extinguishment costs related to the prepayment of our 7.50% ( 7.50 % ) senior secured notes and other indebtedness . the foreign currency losses were driven primarily by the strengthening of the u.s . dollar relative to other currencies during 2014 , principally in the latin american market , including a 48% ( 48 % ) decrease in the value of the venezuelan bolivar and a 14% ( 14 % ) decrease in the value of the brazilian real . other nonoperating expense , net in 2013 consisted principally of net foreign currency losses of $ 56 million and early debt extinguishment charges of $ 29 million . reorganization items , net reorganization items refer to revenues , expenses ( including professional fees ) , realized gains and losses and provisions for losses that are realized or incurred as a direct result of the chapter 11 cases . the following table summarizes the components included in reorganization items , net on aag 2019s consolidated statement of operations for the year ended december 31 , 2013 ( in millions ) : .
12013
2labor-related deemed claim ( 1 )$ 1733
3aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 )325
4fair value of conversion discount ( 4 )218
5professional fees199
6other180
7total reorganization items net$ 2655
( 1 ) in exchange for employees 2019 contributions to the successful reorganization , including agreeing to reductions in pay and benefits , we agreed in the plan to provide each employee group a deemed claim , which was used to provide a distribution of a portion of the equity of the reorganized entity to those employees . each employee group received a deemed claim amount based upon a portion of the value of cost savings provided by that group through reductions to pay and benefits as well as through certain work rule changes . the total value of this deemed claim was approximately $ 1.7 billion . ( 2 ) amounts include allowed claims ( claims approved by the bankruptcy court ) and estimated allowed claims relating to ( i ) the rejection or modification of financings related to aircraft and ( ii ) entry of orders treated as unsecured claims with respect to facility agreements supporting certain issuances of special facility revenue bonds . the debtors recorded an estimated claim associated with the rejection or modification of a financing .","['114.0', '56.0', '58.0', '56.0', '1.03571']" "['what is the amount of future minimum rental payments due in 2011?', 'what is the amount of future minimum rental payments due in 2012?', 'what is the sum?', 'what is the total future minimum rental payments?', 'what is the sum of 2011 and 2012 divided by the total future minimum rental payments?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements mexico litigation 2014one of the company 2019s subsidiaries , spectrasite communications , inc . ( 201csci 201d ) , is involved in a lawsuit brought in mexico against a former mexican subsidiary of sci ( the subsidiary of sci was sold in 2002 , prior to the company 2019s merger with sci 2019s parent in 2005 ) . the lawsuit concerns a terminated tower construction contract and related agreements with a wireless carrier in mexico . the primary issue for the company is whether sci itself can be found liable to the mexican carrier . the trial and lower appellate courts initially found that sci had no such liability in part because mexican courts do not have the necessary jurisdiction over sci . following several decisions by mexican appellate courts , including the supreme court of mexico , and related appeals by both parties , an intermediate appellate court issued a new decision that would , if enforceable , reimpose liability on sci in september 2010 . in its decision , the intermediate appellate court identified potential damages of approximately $ 6.7 million , and on october 14 , 2010 , the company filed a new constitutional appeal to again dispute the decision . as a result , at this stage of the proceeding , the company is unable to determine whether the liability imposed on sci by the september 2010 decision will survive or to estimate its share , if any , of that potential liability if the decision survives the pending appeal . xcel litigation 2014on june 3 , 2010 , horse-shoe capital ( 201chorse-shoe 201d ) , a company formed under the laws of the republic of mauritius , filed a complaint in the supreme court of the state of new york , new york county , with respect to horse-shoe 2019s sale of xcel to american tower mauritius ( 201catmauritius 201d ) , the company 2019s wholly-owned subsidiary formed under the laws of the republic of mauritius . the complaint names atmauritius , ati and the company as defendants , and the dispute concerns the timing and amount of distributions to be made by atmauritius to horse-shoe from a $ 7.5 million holdback escrow account and a $ 15.7 million tax escrow account , each established by the transaction agreements at closing . the complaint seeks release of the entire holdback escrow account , plus an additional $ 2.8 million , as well as the release of approximately $ 12.0 million of the tax escrow account . the complaint also seeks punitive damages in excess of $ 69.0 million . the company filed an answer to the complaint in august 2010 , disputing both the amounts alleged to be owed under the escrow agreements as well as the timing of the escrow distributions . the company also asserted in its answer that the demand for punitive damages is meritless . the parties have filed cross-motions for summary judgment concerning the release of the tax escrow account and in january 2011 the court granted the company 2019s motion for summary judgment , finding no obligation for the company to release the disputed portion of the tax escrow until 2013 . other claims are pending . the company is vigorously defending the lawsuit . lease obligations 2014the company leases certain land , office and tower space under operating leases that expire over various terms . many of the leases contain renewal options with specified increases in lease payments upon exercise of the renewal option . escalation clauses present in operating leases , excluding those tied to cpi or other inflation-based indices , are recognized on a straight-line basis over the non-cancellable term of the lease . future minimum rental payments under non-cancellable operating leases include payments for certain renewal periods at the company 2019s option because failure to renew could result in a loss of the applicable tower site and related revenues from tenant leases , thereby making it reasonably assured that the company will renew the lease . such payments in effect at december 31 , 2010 are as follows ( in thousands ) : year ending december 31 .
12011$ 257971
22012254575
32013251268
42014246392
52015238035
6thereafter2584332
7total$ 3832573
.","['257971.0', '254575.0', '512546.0', '3832573.0', '0.13373']" "['what was the overall total decline in net sales?', 'and what was the offsetting increase to that decline due to the start-up of certain programs?', 'how much, then, does this offsetting increase represent in relation to that overall decline, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: aeronautics 2019 operating profit for 2012 increased $ 69 million , or 4% ( 4 % ) , compared to 2011 . the increase was attributable to higher operating profit of approximately $ 105 million from c-130 programs due to an increase in risk retirements ; about $ 50 million from f-16 programs due to higher aircraft deliveries partially offset by a decline in risk retirements ; approximately $ 50 million from f-35 production contracts due to increased production volume and risk retirements ; and about $ 50 million from the completion of purchased intangible asset amortization on certain f-16 contracts . partially offsetting the increases was lower operating profit of about $ 90 million from the f-35 development contract primarily due to the inception-to-date effect of reducing the profit booking rate in the second quarter of 2012 ; approximately $ 50 million from decreased production volume and risk retirements on the f-22 program partially offset by a resolution of a contractual matter in the second quarter of 2012 ; and approximately $ 45 million primarily due to a decrease in risk retirements on other sustainment activities partially offset by various other aeronautics programs due to increased risk retirements and volume . operating profit for c-5 programs was comparable to 2011 . adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 30 million lower for 2012 compared to 2011 . backlog backlog decreased in 2013 compared to 2012 mainly due to lower orders on f-16 , c-5 , and c-130 programs , partially offset by higher orders on the f-35 program . backlog decreased in 2012 compared to 2011 mainly due to lower orders on f-35 and c-130 programs , partially offset by higher orders on f-16 programs . trends we expect aeronautics 2019 net sales to increase in 2014 in the mid-single digit percentage range as compared to 2013 primarily due to an increase in net sales from f-35 production contracts . operating profit is expected to increase slightly from 2013 , resulting in a slight decrease in operating margins between the years due to program mix . information systems & global solutions our is&gs business segment provides advanced technology systems and expertise , integrated information technology solutions , and management services across a broad spectrum of applications for civil , defense , intelligence , and other government customers . is&gs has a portfolio of many smaller contracts as compared to our other business segments . is&gs has been impacted by the continued downturn in federal information technology budgets . is&gs 2019 operating results included the following ( in millions ) : .
1201320122011
2net sales$ 8367$ 8846$ 9381
3operating profit759808874
4operating margins9.1% ( 9.1 % )9.1% ( 9.1 % )9.3% ( 9.3 % )
5backlog at year-end830087009300
2013 compared to 2012 is&gs 2019 net sales decreased $ 479 million , or 5% ( 5 % ) , for 2013 compared to 2012 . the decrease was attributable to lower net sales of about $ 495 million due to decreased volume on various programs ( command and control programs for classified customers , ngi , and eram programs ) ; and approximately $ 320 million due to the completion of certain programs ( such as total information processing support services , the transportation worker identification credential ( twic ) , and odin ) . the decrease was partially offset by higher net sales of about $ 340 million due to the start-up of certain programs ( such as the disa gsm-o and the national science foundation antarctic support ) . is&gs 2019 operating profit decreased $ 49 million , or 6% ( 6 % ) , for 2013 compared to 2012 . the decrease was primarily attributable to lower operating profit of about $ 55 million due to certain programs nearing the end of their lifecycles , partially offset by higher operating profit of approximately $ 15 million due to the start-up of certain programs . adjustments not related to volume , including net profit booking rate adjustments and other matters , were comparable for 2013 compared to 2012 compared to 2011 is&gs 2019 net sales for 2012 decreased $ 535 million , or 6% ( 6 % ) , compared to 2011 . the decrease was attributable to lower net sales of approximately $ 485 million due to the substantial completion of various programs during 2011 ( primarily jtrs ; odin ; and u.k . census ) ; and about $ 255 million due to lower volume on numerous other programs ( primarily hanford; .","['815.0', '340.0', '0.41718']" "['as of 2016, what was the amount from the total loans receivable gross that was backed by commercial real estate?', 'and what was this total of loans receivable gross?', 'what percentage, then, of this total did that amount represent?', 'and what was this same percentage representation for those values in 2015?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the goldman sachs group , inc . and subsidiaries notes to consolidated financial statements long-term debt instruments the aggregate contractual principal amount of long-term other secured financings for which the fair value option was elected exceeded the related fair value by $ 361 million and $ 362 million as of december 2016 and december 2015 , respectively . the aggregate contractual principal amount of unsecured long-term borrowings for which the fair value option was elected exceeded the related fair value by $ 1.56 billion and $ 1.12 billion as of december 2016 and december 2015 , respectively . the amounts above include both principal- and non-principal-protected long-term borrowings . impact of credit spreads on loans and lending commitments the estimated net gain attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was $ 281 million for 2016 , $ 751 million for 2015 and $ 1.83 billion for 2014 , respectively . the firm generally calculates the fair value of loans and lending commitments for which the fair value option is elected by discounting future cash flows at a rate which incorporates the instrument-specific credit spreads . for floating-rate loans and lending commitments , substantially all changes in fair value are attributable to changes in instrument-specific credit spreads , whereas for fixed-rate loans and lending commitments , changes in fair value are also attributable to changes in interest rates . debt valuation adjustment the firm calculates the fair value of financial liabilities for which the fair value option is elected by discounting future cash flows at a rate which incorporates the firm 2019s credit spreads . the net dva on such financial liabilities was a loss of $ 844 million ( $ 544 million , net of tax ) for 2016 and was included in 201cdebt valuation adjustment 201d in the consolidated statements of comprehensive income . the gains/ ( losses ) reclassified to earnings from accumulated other comprehensive loss upon extinguishment of such financial liabilities were not material for 2016 . note 9 . loans receivable loans receivable is comprised of loans held for investment that are accounted for at amortized cost net of allowance for loan losses . interest on loans receivable is recognized over the life of the loan and is recorded on an accrual basis . the table below presents details about loans receivable. .
1$ in millionsas of december 2016as of december 2015
2corporate loans$ 24837$ 20740
3loans to private wealth management clients1382813961
4loans backed by commercial real estate47615271
5loans backed by residential real estate38652316
6other loans28903533
7total loans receivable gross5018145821
8allowance for loan losses-509 ( 509 )-414 ( 414 )
9total loans receivable$ 49672$ 45407
as of december 2016 and december 2015 , the fair value of loans receivable was $ 49.80 billion and $ 45.19 billion , respectively . as of december 2016 , had these loans been carried at fair value and included in the fair value hierarchy , $ 28.40 billion and $ 21.40 billion would have been classified in level 2 and level 3 , respectively . as of december 2015 , had these loans been carried at fair value and included in the fair value hierarchy , $ 23.91 billion and $ 21.28 billion would have been classified in level 2 and level 3 , respectively . the firm also extends lending commitments that are held for investment and accounted for on an accrual basis . as of december 2016 and december 2015 , such lending commitments were $ 98.05 billion and $ 93.92 billion , respectively . substantially all of these commitments were extended to corporate borrowers and were primarily related to the firm 2019s relationship lending activities . the carrying value and the estimated fair value of such lending commitments were liabilities of $ 327 million and $ 2.55 billion , respectively , as of december 2016 , and $ 291 million and $ 3.32 billion , respectively , as of december 2015 . as of december 2016 , had these lending commitments been carried at fair value and included in the fair value hierarchy , $ 1.10 billion and $ 1.45 billion would have been classified in level 2 and level 3 , respectively . as of december 2015 , had these lending commitments been carried at fair value and included in the fair value hierarchy , $ 1.35 billion and $ 1.97 billion would have been classified in level 2 and level 3 , respectively . goldman sachs 2016 form 10-k 147 .","['4761.0', '50181.0', '0.09488', '0.11503']" "['as of december 31, 2015, what was the amount of the loans extended under home equity lines of credit?', 'and what was the total citi 2019s home equity loan portfolio?', 'what percentage, then, of this total does that amount represent?', 'and what percentage did the fixed-rate home equity loans represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: during 2015 , continued management actions , primarily the sale or transfer to held-for-sale of approximately $ 1.5 billion of delinquent residential first mortgages , including $ 0.9 billion in the fourth quarter largely associated with the transfer of citifinancial loans to held-for-sale referenced above , were the primary driver of the overall improvement in delinquencies within citi holdings 2019 residential first mortgage portfolio . credit performance from quarter to quarter could continue to be impacted by the amount of delinquent loan sales or transfers to held-for-sale , as well as overall trends in hpi and interest rates . north america residential first mortgages 2014state delinquency trends the following tables set forth the six u.s . states and/or regions with the highest concentration of citi 2019s residential first mortgages. .
1in billions of dollars state ( 1 )in billions of dollars enr ( 2 )in billions of dollars enrdistributionin billions of dollars 90+dpd% ( 90+dpd % )in billions of dollars %ltv >100% ( >100 % ) ( 3 )in billions of dollars refreshedficoin billions of dollars enr ( 2 )in billions of dollars enrdistributionin billions of dollars 90+dpd% ( 90+dpd % )%ltv >100% ( >100 % ) ( 3 )refreshedfico
2ca$ 19.237% ( 37 % )0.2% ( 0.2 % )1% ( 1 % )754$ 18.931% ( 31 % )0.6% ( 0.6 % )2% ( 2 % )745
3ny/nj/ct ( 4 )12.7250.8175112.2201.92740
4va/md2.241.227193.053.08695
5il ( 4 )2.241.037352.542.59713
6fl ( 4 )2.241.147232.853.014700
7tx1.941.020147112.542.72014680
8other11.0211.3271018.2303.37677
9total ( 5 )$ 51.5100% ( 100 % )0.7% ( 0.7 % )1% ( 1 % )738$ 60.1100% ( 100 % )2.1% ( 2.1 % )4% ( 4 % )715
total ( 5 ) $ 51.5 100% ( 100 % ) 0.7% ( 0.7 % ) 1% ( 1 % ) 738 $ 60.1 100% ( 100 % ) 2.1% ( 2.1 % ) 4% ( 4 % ) 715 note : totals may not sum due to rounding . ( 1 ) certain of the states are included as part of a region based on citi 2019s view of similar hpi within the region . ( 2 ) ending net receivables . excludes loans in canada and puerto rico , loans guaranteed by u.s . government agencies , loans recorded at fair value and loans subject to long term standby commitments ( ltscs ) . excludes balances for which fico or ltv data are unavailable . ( 3 ) ltv ratios ( loan balance divided by appraised value ) are calculated at origination and updated by applying market price data . ( 4 ) new york , new jersey , connecticut , florida and illinois are judicial states . ( 5 ) improvement in state trends during 2015 was primarily due to the sale or transfer to held-for-sale of residential first mortgages , including the transfer of citifinancial residential first mortgages to held-for-sale in the fourth quarter of 2015 . foreclosures a substantial majority of citi 2019s foreclosure inventory consists of residential first mortgages . at december 31 , 2015 , citi 2019s foreclosure inventory included approximately $ 0.1 billion , or 0.2% ( 0.2 % ) , of the total residential first mortgage portfolio , compared to $ 0.6 billion , or 0.9% ( 0.9 % ) , at december 31 , 2014 , based on the dollar amount of ending net receivables of loans in foreclosure inventory , excluding loans that are guaranteed by u.s . government agencies and loans subject to ltscs . north america consumer mortgage quarterly credit trends 2014net credit losses and delinquencies 2014home equity citi 2019s home equity loan portfolio consists of both fixed-rate home equity loans and loans extended under home equity lines of credit . fixed-rate home equity loans are fully amortizing . home equity lines of credit allow for amounts to be drawn for a period of time with the payment of interest only and then , at the end of the draw period , the then-outstanding amount is converted to an amortizing loan ( the interest-only payment feature during the revolving period is standard for this product across the industry ) . after conversion , the home equity loans typically have a 20-year amortization period . as of december 31 , 2015 , citi 2019s home equity loan portfolio of $ 22.8 billion consisted of $ 6.3 billion of fixed-rate home equity loans and $ 16.5 billion of loans extended under home equity lines of credit ( revolving helocs ) . .","['16.5', '22.8', '0.72368', '0.27632']" "['what is the change in revenue from 2006 to 2007?', 'what growth rate does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy arkansas , inc . management's financial discussion and analysis gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 114 million in gross wholesale revenue due to an increase in the average price of energy available for resale sales and an increase in sales to affiliated customers ; an increase of $ 106.1 million in production cost allocation rider revenues which became effective in july 2007 as a result of the system agreement proceedings . as a result of the system agreement proceedings , entergy arkansas also has a corresponding increase in deferred fuel expense for payments to other entergy system companies such that there is no effect on net income . entergy arkansas makes payments over a seven-month period but collections from customers occur over a twelve-month period . the production cost allocation rider is discussed in note 2 to the financial statements and the system agreement proceedings are referenced below under ""federal regulation"" ; and an increase of $ 58.9 million in fuel cost recovery revenues due to changes in the energy cost recovery rider effective april 2008 and september 2008 , partially offset by decreased usage . the energy cost recovery rider filings are discussed in note 2 to the financial statements . the increase was partially offset by a decrease of $ 14.6 million related to volume/weather , as discussed above . fuel and purchased power expenses increased primarily due to an increase of $ 106.1 million in deferred system agreement payments , as discussed above and an increase in the average market price of purchased power . 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory credits . following is an analysis of the change in net revenue comparing 2007 to 2006 . amount ( in millions ) .
1amount ( in millions )
22006 net revenue$ 1074.5
3net wholesale revenue13.2
4transmission revenue11.8
5deferred fuel costs revisions8.6
6other2.5
72007 net revenue$ 1110.6
the net wholesale revenue variance is primarily due to lower wholesale revenues in the third quarter 2006 due to an october 2006 ferc order requiring entergy arkansas to make a refund to a coal plant co-owner resulting from a contract dispute , in addition to re-pricing revisions , retroactive to 2003 , of $ 5.9 million of purchased power agreements among entergy system companies as directed by the ferc . the transmission revenue variance is primarily due to higher rates and the addition of new transmission customers in late 2006 . the deferred fuel cost revisions variance is primarily due to the 2006 energy cost recovery true-up , made in the first quarter 2007 , which increased net revenue by $ 6.6 million . gross operating revenue and fuel and purchased power expenses gross operating revenues decreased primarily due to a decrease of $ 173.1 million in fuel cost recovery revenues due to a decrease in the energy cost recovery rider effective april 2007 . the energy cost recovery rider is discussed in note 2 to the financial statements . the decrease was partially offset by production cost allocation rider revenues of $ 124.1 million that became effective in july 2007 as a result of the system agreement proceedings . as .","['36.1', '0.0336']" "['what is the change in the balance of net total long-term debt from 2013 to 2014?', 'what is the average balance for these years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: as of december 31 , 2014 and 2013 , our liabilities associated with unrecognized tax benefits are not material . we and our subsidiaries file income tax returns in the u.s . federal jurisdiction and various foreign jurisdictions . with few exceptions , the statute of limitations is no longer open for u.s . federal or non-u.s . income tax examinations for the years before 2011 , other than with respect to refunds . u.s . income taxes and foreign withholding taxes have not been provided on earnings of $ 291 million , $ 222 million and $ 211 million that have not been distributed by our non-u.s . companies as of december 31 , 2014 , 2013 and 2012 . our intention is to permanently reinvest these earnings , thereby indefinitely postponing their remittance to the u.s . if these earnings had been remitted , we estimate that the additional income taxes after foreign tax credits would have been approximately $ 55 million in 2014 , $ 50 million in 2013 and $ 45 million in 2012 . our federal and foreign income tax payments , net of refunds received , were $ 1.5 billion in 2014 , $ 787 million in 2013 and $ 890 million in 2012 . our 2014 and 2013 net payments reflect a $ 200 million and $ 550 million refund from the irs primarily attributable to our tax-deductible discretionary pension contributions during the fourth quarters of 2013 and 2012 , and our 2012 net payments reflect a $ 153 million refund from the irs related to a 2011 capital loss carryback . note 8 2013 debt our long-term debt consisted of the following ( in millions ) : .
120142013
2notes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042$ 5642$ 5642
3notes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2016 to 2036916916
4other debt483476
5total long-term debt70417034
6less : unamortized discounts-872 ( 872 )-882 ( 882 )
7total long-term debt net$ 6169$ 6152
in august 2014 , we entered into a new $ 1.5 billion revolving credit facility with a syndicate of banks and concurrently terminated our existing $ 1.5 billion revolving credit facility which was scheduled to expire in august 2016 . the new credit facility expires august 2019 and we may request and the banks may grant , at their discretion , an increase to the new credit facility of up to an additional $ 500 million . the credit facility also includes a sublimit of up to $ 300 million available for the issuance of letters of credit . there were no borrowings outstanding under the new facility through december 31 , 2014 . borrowings under the new credit facility would be unsecured and bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the new credit facility . each bank 2019s obligation to make loans under the credit facility is subject to , among other things , our compliance with various representations , warranties and covenants , including covenants limiting our ability and certain of our subsidiaries 2019 ability to encumber assets and a covenant not to exceed a maximum leverage ratio , as defined in the credit facility . the leverage ratio covenant excludes the adjustments recognized in stockholders 2019 equity related to postretirement benefit plans . as of december 31 , 2014 , we were in compliance with all covenants contained in the credit facility , as well as in our debt agreements . we have agreements in place with financial institutions to provide for the issuance of commercial paper . there were no commercial paper borrowings outstanding during 2014 or 2013 . if we were to issue commercial paper , the borrowings would be supported by the credit facility . in april 2013 , we repaid $ 150 million of long-term notes with a fixed interest rate of 7.38% ( 7.38 % ) due to their scheduled maturities . during the next five years , we have scheduled long-term debt maturities of $ 952 million due in 2016 and $ 900 million due in 2019 . interest payments were $ 326 million in 2014 , $ 340 million in 2013 and $ 378 million in 2012 . all of our existing unsecured and unsubordinated indebtedness rank equally in right of payment . note 9 2013 postretirement plans defined benefit pension plans and retiree medical and life insurance plans many of our employees are covered by qualified defined benefit pension plans and we provide certain health care and life insurance benefits to eligible retirees ( collectively , postretirement benefit plans ) . we also sponsor nonqualified defined benefit pension plans to provide for benefits in excess of qualified plan limits . non-union represented employees hired after december 2005 do not participate in our qualified defined benefit pension plans , but are eligible to participate in a qualified .","['17.0', '8.5']" "['what was the number of global cruise guests in 2011?', 'and in 2007?', 'so by how much did this value change between these years?', 'and the value for 2007 again?', 'so what was the percentage change during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part i berths at the end of 2011 . there are approximately 10 ships with an estimated 34000 berths that are expected to be placed in service in the north american cruise market between 2012 and 2016 . europe in europe , cruising represents a smaller but growing sector of the vacation industry . it has experienced a compound annual growth rate in cruise guests of approximately 9.6% ( 9.6 % ) from 2007 to 2011 and we believe this market has significant continued growth poten- tial . we estimate that europe was served by 104 ships with approximately 100000 berths at the beginning of 2007 and by 121 ships with approximately 155000 berths at the end of 2011 . there are approximately 10 ships with an estimated 28000 berths that are expected to be placed in service in the european cruise market between 2012 and 2016 . the following table details the growth in the global , north american and european cruise markets in terms of cruise guests and estimated weighted-average berths over the past five years : global cruise guests ( 1 ) weighted-average supply of berths marketed globally ( 1 ) north american cruise guests ( 2 ) weighted-average supply of berths marketed in north america ( 1 ) european cruise guests ( 3 ) weighted-average supply of berths marketed in europe ( 1 ) .
1yearglobal cruiseguests ( 1 )weighted-averagesupplyofberthsmarketedglobally ( 1 )northamericancruiseguests ( 2 )weighted-average supply ofberths marketedin northamerica ( 1 )europeancruiseguestsweighted-averagesupply ofberthsmarketed ineurope ( 1 )
2200716586000327000102470002120004080000105000
3200817184000347000100930002190004500000120000
4200917340000363000101980002220005000000131000
5201018800000391000107810002320005540000143000
6201120227000412000116250002450005894000149000
( 1 ) source : our estimates of the number of global cruise guests , and the weighted-average supply of berths marketed globally , in north america and europe are based on a combination of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider and cruise line international association . in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base . ( 2 ) source : cruise line international association based on cruise guests carried for at least two consecutive nights for years 2007 through 2010 . year 2011 amounts represent our estimates ( see number 1 above ) . ( 3 ) source : european cruise council for years 2007 through 2010 . year 2011 amounts represent our estimates ( see number 1 above ) . other markets in addition to expected industry growth in north america and europe as discussed above , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe . we compete with a number of cruise lines ; however , our principal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line and oceania cruises . cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consum- ers 2019 leisure time . demand for such activities is influ- enced by political and general economic conditions . companies within the vacation market are dependent on consumer discretionary spending . operating strategies our principal operating strategies are to : and employees and protect the environment in which our vessels and organization operate , to better serve our global guest base and grow our business , order to enhance our revenues while continuing to expand and diversify our guest mix through interna- tional guest sourcing , and ensure adequate cash and liquidity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , our brands throughout the world , revitalization of existing ships and the transfer of key innovations across each brand , while expanding our fleet with the new state-of-the-art cruise ships recently delivered and on order , by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , support ongoing operations and initiatives , and the principal industry distribution channel , while enhancing our consumer outreach programs. .","['20227000.0', '16586000.0', '3641000.0', '16586000.0', '0.21952']" "['what was the price of delphi automotive plc as of 12/31/15?', 'and the difference between this price and the starting price as of 11/17/11?', 'and as a percentage of the original value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents stock performance graph * $ 100 invested on 11/17/11 in our stock or 10/31/11 in the relevant index , including reinvestment of dividends . fiscal year ending december 31 , 2015 . ( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana holding corp. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , fuel systems solutions inc. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , johnson controls inc. , lear corp. , lkq corp. , meritor inc. , standard motor products inc. , stoneridge inc. , superior industries international , tenneco inc. , tesla motors inc. , the goodyear tire & rubber co. , tower international inc. , visteon corp. , and wabco holdings inc . company index november 17 , december 31 , december 31 , december 31 , december 31 , december 31 .
1company indexnovember 17 2011december 31 2011december 31 2012december 31 2013december 31 2014december 31 2015
2delphi automotive plc ( 1 )$ 100.00$ 100.98$ 179.33$ 285.81$ 350.82$ 418.67
3s&p 500 ( 2 )100.00100.80116.93154.80175.99178.43
4automotive supplier peer group ( 3 )100.0089.62109.96166.26176.25171.91
dividends the company has declared and paid cash dividends of $ 0.25 per ordinary share in each quarter of 2014 and 2015 . in addition , in january 2016 , the board of directors increased the annual dividend rate to $ 1.16 per ordinary share , and declared a regular quarterly cash dividend of $ 0.29 per ordinary share , payable on february 29 , 2016 to shareholders of record at the close of business on february 17 , 2016. .","['418.67', '318.67', '3.1867']" "['what is the balance in company 2019s warranty liability at the end of 2012?', 'what about at the end of 2011?', 'what is the net change?', 'what is the balance in company 2019s warranty liability at the end of 2011?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: masco corporation notes to consolidated financial statements ( continued ) t . other commitments and contingencies litigation . we are subject to claims , charges , litigation and other proceedings in the ordinary course of our business , including those arising from or related to contractual matters , intellectual property , personal injury , environmental matters , product liability , construction defect , insurance coverage , personnel and employment disputes and other matters , including class actions . we believe we have adequate defenses in these matters and that the outcome of these matters is not likely to have a material adverse effect on us . however , there is no assurance that we will prevail in these matters , and we could in the future incur judgments , enter into settlements of claims or revise our expectations regarding the outcome of these matters , which could materially impact our results of operations . in july 2012 , the company reached a settlement agreement related to the columbus drywall litigation . the company and its insulation installation companies named in the suit agreed to pay $ 75 million in return for dismissal with prejudice and full release of all claims . the company and its insulation installation companies continue to deny that the challenged conduct was unlawful and admit no wrongdoing as part of the settlement . a settlement was reached to eliminate the considerable expense and uncertainty of this lawsuit . the company recorded the settlement expense in the second quarter of 2012 and the amount was paid in the fourth quarter of 2012 . warranty . at the time of sale , the company accrues a warranty liability for the estimated cost to provide products , parts or services to repair or replace products in satisfaction of warranty obligations . during the third quarter of 2012 , a business in the other specialty products segment recorded a $ 12 million increase in expected future warranty claims resulting from the completion of an analysis prepared by the company based upon its periodic assessment of recent business unit specific operating trends including , among others , home ownership demographics , sales volumes , manufacturing quality , an analysis of recent warranty claim activity and an estimate of current costs to service anticipated claims . changes in the company 2019s warranty liability were as follows , in millions: .
120122011
2balance at january 1$ 102$ 107
3accruals for warranties issued during the year4228
4accruals related to pre-existing warranties168
5settlements made ( in cash or kind ) during the year-38 ( 38 )-38 ( 38 )
6other net ( including currency translation )-4 ( 4 )-3 ( 3 )
7balance at december 31$ 118$ 102
investments . with respect to the company 2019s investments in private equity funds , the company had , at december 31 , 2012 , commitments to contribute up to $ 19 million of additional capital to such funds representing the company 2019s aggregate capital commitment to such funds less capital contributions made to date . the company is contractually obligated to make additional capital contributions to certain of its private equity funds upon receipt of a capital call from the private equity fund . the company has no control over when or if the capital calls will occur . capital calls are funded in cash and generally result in an increase in the carrying value of the company 2019s investment in the private equity fund when paid. .","['118.0', '102.0', '16.0', '102.0', '0.15686']" "['in the 2018 review of the net derivative receivable, how much did the total net of cash collateral represent in relation to the liquid securities and other cash collateral held against derivative receivables?', 'and what was that net of cash collateral in the year before?', 'what was, then, the decline in that cash from 2017 to 2018?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: jpmorgan chase & co./2018 form 10-k 117 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to address the financing needs of its clients . the contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or the firm fulfill its obligations under these guarantees , and the clients subsequently fail to perform according to the terms of these contracts . most of these commitments and guarantees are refinanced , extended , cancelled , or expire without being drawn upon or a default occurring . in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s expected future credit exposure or funding requirements . for further information on wholesale lending-related commitments , refer to note 27 . clearing services the firm provides clearing services for clients entering into certain securities and derivative contracts . through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by ccps . where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement . for further discussion of clearing services , refer to note 27 . derivative contracts derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates , foreign exchange , equities , and commodities . the firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities , including the counterparty credit risk arising from derivative receivables . the firm also uses derivative instruments to manage its own credit and other market risk exposure . the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed . for otc derivatives the firm is exposed to the credit risk of the derivative counterparty . for exchange-traded derivatives ( 201cetd 201d ) , such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp . where possible , the firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements . for a further discussion of derivative contracts , counterparties and settlement types , refer to note 5 . the following table summarizes the net derivative receivables for the periods presented . derivative receivables .
1december 31 ( in millions )20182017
2total net of cash collateral$ 54213$ 56523
3liquid securities and other cash collateral held against derivative receivables ( a )-15322 ( 15322 )-16108 ( 16108 )
4total net of all collateral$ 38891$ 40415
( a ) includes collateral related to derivative instruments where appropriate legal opinions have not been either sought or obtained with respect to master netting agreements . the fair value of derivative receivables reported on the consolidated balance sheets were $ 54.2 billion and $ 56.5 billion at december 31 , 2018 and 2017 , respectively . derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the firm . however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s . government and agency securities and other group of seven nations ( 201cg7 201d ) government securities ) and other cash collateral held by the firm aggregating $ 15.3 billion and $ 16.1 billion at december 31 , 2018 and 2017 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor . in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities , and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date . although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative contracts move in the firm 2019s favor . the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit . for additional information on the firm 2019s use of collateral agreements , refer to note 5 . while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure . to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) . these measures all incorporate netting and collateral benefits , where applicable . peak represents a conservative measure of potential exposure to a counterparty calculated in a manner that is broadly equivalent to a 97.5% ( 97.5 % ) confidence level over the life of the transaction . peak is the primary measure used by the firm for setting of credit limits for derivative contracts , senior management reporting and derivatives exposure management . dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be .","['3.53825', '56523.0', '2310.0']" "['what was the balance of level 3 in 2018?', 'and as of 2017?', 'so what was the change in value during these years?', 'so what was the percentage change during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: asset category target allocation total quoted prices in active markets for identical assets ( level 1 ) significant observable inputs ( level 2 ) significant unobservable inputs .
1level 3
2balance as of january 1 2018$ 278
3actual return on assets-23 ( 23 )
4purchases issuances and settlements net-25 ( 25 )
5balance as of december 31 2018$ 230
balance as of january 1 , 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 140 actual return on assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 purchases , issuances and settlements , net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 balance as of december 31 , 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 278 the company 2019s postretirement benefit plans have different levels of funded status and the assets are held under various trusts . the investments and risk mitigation strategies for the plans are tailored specifically for each trust . in setting new strategic asset mixes , consideration is given to the likelihood that the selected asset allocation will effectively fund the projected plan liabilities and meet the risk tolerance criteria of the company . the company periodically updates the long-term , strategic asset allocations for these plans through asset liability studies and uses various analytics to determine the optimal asset allocation . considerations include plan liability characteristics , liquidity needs , funding requirements , expected rates of return and the distribution of returns . in 2012 , the company implemented a de-risking strategy for the american water pension plan after conducting an asset-liability study to reduce the volatility of the funded status of the plan . as part of the de-risking strategy , the company revised the asset allocations to increase the matching characteristics of fixed- income assets relative to liabilities . the fixed income portion of the portfolio was designed to match the bond- .","['230.0', '140.0', '90.0', '0.64286']" "['what was the the difference in the risk free interest rate between 2004 and 2006?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: for the year ended december 31 , 2005 , we realized net losses of $ 1 million on sales of available-for- sale securities . unrealized gains of $ 1 million were included in other comprehensive income at december 31 , 2004 , net of deferred taxes of less than $ 1 million , related to these sales . for the year ended december 31 , 2004 , we realized net gains of $ 26 million on sales of available-for- sale securities . unrealized gains of $ 11 million were included in other comprehensive income at december 31 , 2003 , net of deferred taxes of $ 7 million , related to these sales . note 13 . equity-based compensation the 2006 equity incentive plan was approved by shareholders in april 2006 , and 20000000 shares of common stock were approved for issuance for stock and stock-based awards , including stock options , stock appreciation rights , restricted stock , deferred stock and performance awards . in addition , up to 8000000 shares from our 1997 equity incentive plan , that were available to issue or become available due to cancellations and forfeitures , may be awarded under the 2006 plan . the 1997 plan expired on december 18 , 2006 . as of december 31 , 2006 , 1305420 shares from the 1997 plan have been added to and may be awarded from the 2006 plan . as of december 31 , 2006 , 106045 awards have been made under the 2006 plan . we have stock options outstanding from previous plans , including the 1997 plan , under which no further grants can be made . the exercise price of non-qualified and incentive stock options and stock appreciation rights may not be less than the fair value of such shares at the date of grant . stock options and stock appreciation rights issued under the 2006 plan and the prior 1997 plan generally vest over four years and expire no later than ten years from the date of grant . for restricted stock awards issued under the 2006 plan and the prior 1997 plan , stock certificates are issued at the time of grant and recipients have dividend and voting rights . in general , these grants vest over three years . for deferred stock awards issued under the 2006 plan and the prior 1997 plan , no stock is issued at the time of grant . generally , these grants vest over two- , three- or four-year periods . performance awards granted under the 2006 equity incentive plan and the prior 1997 plan are earned over a performance period based on achievement of goals , generally over two- to three- year periods . payment for performance awards is made in shares of our common stock or in cash equal to the fair market value of our common stock , based on certain financial ratios after the conclusion of each performance period . we record compensation expense , equal to the estimated fair value of the options on the grant date , on a straight-line basis over the options 2019 vesting period . we use a black-scholes option-pricing model to estimate the fair value of the options granted . the weighted-average assumptions used in connection with the option-pricing model were as follows for the years indicated. .
1200620052004
2dividend yield1.41% ( 1.41 % )1.85% ( 1.85 % )1.35% ( 1.35 % )
3expected volatility26.5028.7027.10
4risk-free interest rate4.604.193.02
5expected option lives ( in years )7.87.85.0
compensation expense related to stock options , stock appreciation rights , restricted stock awards , deferred stock awards and performance awards , which we record as a component of salaries and employee benefits expense in our consolidated statement of income , was $ 208 million , $ 110 million and $ 74 million for the years ended december 31 , 2006 , 2005 and 2004 , respectively . the related total income tax benefit recorded in our consolidated statement of income was $ 83 million , $ 44 million and $ 30 million for 2006 , 2005 and 2004 , respectively . seq 87 copyarea : 38 . x 54 . trimsize : 8.25 x 10.75 typeset state street corporation serverprocess c:\\fc\\delivery_1024177\\2771-1-do_p.pdf chksum : 0 cycle 1merrill corporation 07-2771-1 thu mar 01 17:11:13 2007 ( v 2.247w--stp1pae18 ) .","['1.58', '0.52318']" "['what was the positive value of united states securities?', 'what is the positive value of euros?', 'what is the sum?', 'what is the sum of singapore and canadian dollars?', 'what is the total sum including malaysian ringgits?', 'what is the ratio of the sum of us and euro payments to the total?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: contracts as of december 31 , 2006 , which all mature in 2007 . forward contract notional amounts presented below are expressed in the stated currencies ( in thousands ) . forward currency contracts: .
1( pay ) /receive
2u.s . dollars-114000 ( 114000 )
3euros-4472 ( 4472 )
4singapore dollars37180
5canadian dollars81234
6malaysian ringgits85963
a movement of 10% ( 10 % ) in the value of the u.s . dollar against foreign currencies would impact our expected net earnings by approximately $ 0.1 million . item 8 . financial statements and supplementary data the financial statements and supplementary data required by this item are included herein , commencing on page f-1 . item 9 . changes in and disagreements with accountants on accounting and financial disclosure item 9a . controls and procedures ( a ) evaluation of disclosure controls and procedures our management , with the participation of our chief executive officer and chief financial officer , evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report . based on that evaluation , the chief executive officer and chief financial officer concluded that our disclosure controls and procedures as of the end of the period covered by this report are functioning effectively to provide reasonable assurance that the information required to be disclosed by us in reports filed under the securities exchange act of 1934 is ( i ) recorded , processed , summarized and reported within the time periods specified in the sec 2019s rules and forms and ( ii ) accumulated and communicated to our management , including the chief executive officer and chief financial officer , as appropriate to allow timely decisions regarding disclosure . a controls system cannot provide absolute assurance , however , that the objectives of the controls system are met , and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud , if any , within a company have been detected . ( b ) management 2019s report on internal control over financial reporting our management 2019s report on internal control over financial reporting is set forth on page f-2 of this annual report on form 10-k and is incorporated by reference herein . ( c ) change in internal control over financial reporting no change in our internal control over financial reporting occurred during our most recent fiscal quarter that has materially affected , or is reasonably likely to materially affect , our internal control over financial reporting . item 9b . other information .","['114000.0', '4472.0', '118472.0', '118414.0', '204377.0', '0.57967']" "['what is the net change in revenues from 2012 to 2013?', 'what is the value of volume/weather divided by the net change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: net revenue utility following is an analysis of the change in net revenue comparing 2013 to 2012 . amount ( in millions ) .
1amount ( in millions )
22012 net revenue$ 4969
3retail electric price236
4louisiana act 55 financing savings obligation165
5grand gulf recovery75
6volume/weather40
7fuel recovery35
8miso deferral12
9decommissioning trusts-23 ( 23 )
10other15
112013 net revenue$ 5524
the retail electric price variance is primarily due to : 2022 a formula rate plan increase at entergy louisiana , effective january 2013 , which includes an increase relating to the waterford 3 steam generator replacement project , which was placed in service in december 2012 . the net income effect of the formula rate plan increase is limited to a portion representing an allowed return on equity with the remainder offset by costs included in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes ; 2022 the recovery of hinds plant costs through the power management rider at entergy mississippi , as approved by the mpsc , effective with the first billing cycle of 2013 . the net income effect of the hinds plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the hinds plant costs in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes ; 2022 an increase in the capacity acquisition rider at entergy arkansas , as approved by the apsc , effective with the first billing cycle of december 2012 , relating to the hot spring plant acquisition . the net income effect of the hot spring plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the hot spring plant costs in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes ; 2022 increases in the energy efficiency rider , as approved by the apsc , effective july 2013 and july 2012 . energy efficiency revenues are offset by costs included in other operation and maintenance expenses and have no effect on net income ; 2022 an annual base rate increase at entergy texas , effective july 2012 , as a result of the puct 2019s order that was issued in september 2012 in the november 2011 rate case ; and 2022 a formula rate plan increase at entergy mississippi , effective september 2013 . see note 2 to the financial statements for a discussion of rate proceedings . the louisiana act 55 financing savings obligation variance results from a regulatory charge recorded in the second quarter 2012 because entergy gulf states louisiana and entergy louisiana agreed to share with customers the savings from an irs settlement related to the uncertain tax position regarding the hurricane katrina and hurricane rita louisiana act 55 financing . see note 3 to the financial statements for additional discussion of the tax settlement . entergy corporation and subsidiaries management's financial discussion and analysis .","['555.0', '0.07207']" "['what was the rent expense for the year ended 12/31/11?', 'and for the year ended 12/31/10?', 'what was the difference between these two years?', 'and the specific amount for the period ended 12/31/10 again?', 'so what was the percentage change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the company monitors the financial health and stability of its lenders under the revolving credit and long term debt facilities , however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities . in july 2011 , in connection with the company 2019s acquisition of its corporate headquarters , the company assumed a $ 38.6 million nonrecourse loan secured by a mortgage on the acquired property . the acquisition of the company 2019s corporate headquarters was accounted for as a business combination , and the carrying value of the loan secured by the acquired property approximates fair value . the assumed loan had an original term of approximately ten years with a scheduled maturity date of march 1 , 2013 . the loan includes a balloon payment of $ 37.3 million due at maturity , and may not be prepaid . the assumed loan is nonrecourse with the lender 2019s remedies for non-performance limited to action against the acquired property and certain required reserves and a cash collateral account , except for nonrecourse carve outs related to fraud , breaches of certain representations , warranties or covenants , including those related to environmental matters , and other standard carve outs for a loan of this type . the loan requires certain minimum cash flows and financial results from the property , and if those requirements are not met , additional reserves may be required . the assumed loan requires prior approval of the lender for certain matters related to the property , including material leases , changes to property management , transfers of any part of the property and material alterations to the property . the loan has an interest rate of 6.73% ( 6.73 % ) . in connection with the assumed loan , the company incurred and capitalized $ 0.8 million in deferred financing costs . as of december 31 , 2011 , the outstanding balance on the loan was $ 38.2 million . in addition , in connection with the assumed loan for the acquisition of its corporate headquarters , the company was required to set aside amounts in reserve and cash collateral accounts . as of december 31 , 2011 , $ 2.0 million of restricted cash was included in prepaid expenses and other current assets , and the remaining $ 3.0 million of restricted cash was included in other long term assets . interest expense was $ 3.9 million , $ 2.3 million and $ 2.4 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively . interest expense includes the amortization of deferred financing costs and interest expense under the credit and long term debt facilities , as well as the assumed loan discussed above . 8 . commitments and contingencies obligations under operating leases the company leases warehouse space , office facilities , space for its retail stores and certain equipment under non-cancelable operating leases . the leases expire at various dates through 2023 , excluding extensions at the company 2019s option , and include provisions for rental adjustments . the table below includes executed lease agreements for factory house stores that the company did not yet occupy as of december 31 , 2011 and does not include contingent rent the company may incur at its retail stores based on future sales above a specified limit . the following is a schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31 , 2011 : ( in thousands ) operating .
1( in thousands )operating
22012$ 22926
3201323470
4201426041
5201524963
6201618734
72017 and thereafter69044
8total future minimum lease payments$ 185178
included in selling , general and administrative expense was rent expense of $ 26.7 million , $ 21.3 million and $ 14.1 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively , under non-cancelable .","['26.7', '21.3', '5.4', '21.3', '0.25352']" "['what was the change in the backlog from 2013 to 2014?', 'and how much does this change represent in relation to that backlog in 2013, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: mission systems and training our mst business segment provides ship and submarine mission and combat systems ; mission systems and sensors for rotary and fixed-wing aircraft ; sea and land-based missile defense systems ; radar systems ; littoral combat ships ; simulation and training services ; and unmanned systems and technologies . mst 2019s major programs include aegis combat system ( aegis ) , littoral combat ship ( lcs ) , mh-60 , tpq-53 radar system and mk-41 vertical launching system . mst 2019s operating results included the following ( in millions ) : .
1201420132012
2net sales$ 7147$ 7153$ 7579
3operating profit843905737
4operating margins11.8% ( 11.8 % )12.7% ( 12.7 % )9.7% ( 9.7 % )
5backlog at year-end$ 11700$ 10800$ 10700
2014 compared to 2013 mst 2019s net sales for 2014 were comparable to 2013 . net sales decreased by approximately $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs ( including a portion of the terminated presidential helicopter program ) in 2013 that were not repeated in 2014 . the decreases were offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) . mst 2019s operating profit for 2014 decreased $ 62 million , or 7% ( 7 % ) , compared to 2013 . the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs ( including a portion of the terminated presidential helicopter program ) in 2013 that were not repeated in 2014 ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs . the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 50 million lower for 2014 compared to 2013 . 2013 compared to 2012 mst 2019s net sales for 2013 decreased $ 426 million , or 6% ( 6 % ) , compared to 2012 . the decrease was primarily attributable to lower net sales of approximately $ 275 million for various ship and aviation systems programs due to lower volume ( primarily ptds as final surveillance system deliveries occurred during the second quarter of 2012 ) ; about $ 195 million for various integrated warfare systems and sensors programs ( primarily naval systems ) due to lower volume ; approximately $ 65 million for various training and logistics programs due to lower volume ; and about $ 55 million for the aegis program due to lower volume . the decreases were partially offset by higher net sales of about $ 155 million for the lcs program due to increased volume . mst 2019s operating profit for 2013 increased $ 168 million , or 23% ( 23 % ) , compared to 2012 . the increase was primarily attributable to higher operating profit of approximately $ 120 million related to the settlement of contract cost matters on certain programs ( including a portion of the terminated presidential helicopter program ) ; about $ 55 million for integrated warfare systems and sensors programs ( primarily radar and halifax class modernization programs ) due to increased risk retirements ; and approximately $ 30 million for undersea systems programs due to increased risk retirements . the increases were partially offset by lower operating profit of about $ 55 million for training and logistics programs , primarily due to the recording of approximately $ 30 million of charges mostly related to lower-of-cost-or-market considerations ; and about $ 25 million for ship and aviation systems programs ( primarily ptds ) due to lower risk retirements and volume . operating profit related to the lcs program was comparable . adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 170 million higher for 2013 compared to 2012 . backlog backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) . backlog increased slightly in 2013 compared to 2012 mainly due to higher orders and lower sales on integrated warfare system and sensors programs ( primarily aegis ) and lower sales on various service programs , partially offset by lower orders on ship and aviation systems ( primarily mh-60 ) . .","['900.0', '0.08333']" "['what was the value of pre-tax catastrophe loss in 2008?', 'what was the value in 2007?', 'what is the net change?', 'what is the net change divided by the 2007 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: united kingdom . bermuda re 2019s uk branch conducts business in the uk and is subject to taxation in the uk . bermuda re believes that it has operated and will continue to operate its bermuda operation in a manner which will not cause them to be subject to uk taxation . if bermuda re 2019s bermuda operations were to become subject to uk income tax , there could be a material adverse impact on the company 2019s financial condition , results of operations and cash flow . ireland . holdings ireland and ireland re conduct business in ireland and are subject to taxation in ireland . available information . the company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8- k , proxy statements and amendments to those reports are available free of charge through the company 2019s internet website at http://www.everestre.com as soon as reasonably practicable after such reports are electronically filed with the securities and exchange commission ( the 201csec 201d ) . item 1a . risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities . if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly . risks relating to our business fluctuations in the financial markets could result in investment losses . prolonged and severe disruptions in the public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio . for the year ended december 31 , 2008 , we incurred $ 695.8 million of realized investment gains and $ 310.4 million of unrealized investment losses . although financial markets significantly improved during 2009 and 2010 , they could deteriorate in the future and again result in substantial realized and unrealized losses , which could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings . our results could be adversely affected by catastrophic events . we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism . any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations . subsequent to april 1 , 2010 , we define a catastrophe as an event that causes a loss on property exposures before reinsurance of at least $ 10.0 million , before corporate level reinsurance and taxes . prior to april 1 , 2010 , we used a threshold of $ 5.0 million . by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of contract specific reinsurance but before cessions under corporate reinsurance programs , were as follows: .
1calendar year:pre-tax catastrophe losses
2( dollars in millions )
32010$ 571.1
4200967.4
52008364.3
62007160.0
72006287.9
.","['364.3', '160.0', '204.3', '1.27687']" "['as of december 31, 2012, what amount of the long-term debt is included in the current liabilities section of the balance sheet?', 'and what is the total of that long-term debt?', 'what percentage, then, does that amount represent in relation to this total?', 'and what percentage did that total of long-term debt represent in relation to the total contractual obligations and commitments?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: contractual obligations fis 2019 long-term contractual obligations generally include its long-term debt , interest on long-term debt , lease payments on certain of its property and equipment and payments for data processing and maintenance . for more descriptive information regarding the company's long-term debt , see note 13 in the notes to consolidated financial statements . the following table summarizes fis 2019 significant contractual obligations and commitments as of december 31 , 2012 ( in millions ) : less than 1-3 3-5 more than total 1 year years years 5 years .
1totalless than 1 year1-3 years3-5 yearsmore than 5 years
2long-term debt$ 4385.5$ 153.9$ 757.1$ 2274.5$ 1200.0
3interest ( 1 )1137.6200.4372.9288.8275.5
4operating leases226.655.096.246.429.0
5data processing and maintenance246.7131.778.928.47.7
6other contractual obligations ( 2 )100.718.852.010.619.3
7total$ 6097.1$ 559.8$ 1357.1$ 2648.7$ 1531.5
( 1 ) these calculations assume that : ( a ) applicable margins remain constant ; ( b ) all variable rate debt is priced at the one-month libor rate in effect as of december 31 , 2012 ; ( c ) no new hedging transactions are effected ; ( d ) only mandatory debt repayments are made ; and ( e ) no refinancing occurs at debt maturity . ( 2 ) amount includes the payment for labor claims related to fis' former item processing and remittance operations in brazil ( see note 3 to the consolidated financial statements ) and amounts due to the brazilian venture partner . fis believes that its existing cash balances , cash flows from operations and borrowing programs will provide adequate sources of liquidity and capital resources to meet fis 2019 expected short-term liquidity needs and its long-term needs for the operations of its business , expected capital spending for the next 12 months and the foreseeable future and the satisfaction of these obligations and commitments . off-balance sheet arrangements fis does not have any off-balance sheet arrangements . item 7a . quantitative and qualitative disclosure about market risks market risk we are exposed to market risks primarily from changes in interest rates and foreign currency exchange rates . we use certain derivative financial instruments , including interest rate swaps and foreign currency forward exchange contracts , to manage interest rate and foreign currency risk . we do not use derivatives for trading purposes , to generate income or to engage in speculative activity . interest rate risk in addition to existing cash balances and cash provided by operating activities , we use fixed rate and variable rate debt to finance our operations . we are exposed to interest rate risk on these debt obligations and related interest rate swaps . the notes ( as defined in note 13 to the consolidated financial statements ) represent substantially all of our fixed-rate long-term debt obligations . the carrying value of the notes was $ 1950.0 million as of december 31 , 2012 . the fair value of the notes was approximately $ 2138.2 million as of december 31 , 2012 . the potential reduction in fair value of the notes from a hypothetical 10 percent increase in market interest rates would not be material to the overall fair value of the debt . our floating rate long-term debt obligations principally relate to borrowings under the fis credit agreement ( as also defined in note 13 to the consolidated financial statements ) . an increase of 100 basis points in the libor rate would increase our annual debt service under the fis credit agreement , after we include the impact of our interest rate swaps , by $ 9.3 million ( based on principal amounts outstanding as of december 31 , 2012 ) . we performed the foregoing sensitivity analysis based on the principal amount of our floating rate debt as of december 31 , 2012 , less the principal amount of such debt that was then subject to an interest rate swap converting such debt into fixed rate debt . this sensitivity analysis is based solely on .","['153.9', '4385.5', '0.03509', '0.71928']" "['combined, what was the total obligation for the mrrp in 2009 and 2010?', 'and the average for this vaue?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the company expects to amortize $ 1.7 million of actuarial loss from accumulated other comprehensive income ( loss ) into net periodic benefit costs in 2011 . at december 31 , 2010 , anticipated benefit payments from the plan in future years are as follows: .
1( in millions )year
22011$ 7.2
320128.2
420138.6
520149.5
6201510.0
72016-202062.8
savings plans . cme maintains a defined contribution savings plan pursuant to section 401 ( k ) of the internal revenue code , whereby all u.s . employees are participants and have the option to contribute to this plan . cme matches employee contributions up to 3% ( 3 % ) of the employee 2019s base salary and may make additional discretionary contributions of up to 2% ( 2 % ) of base salary . in addition , certain cme london-based employees are eligible to participate in a defined contribution plan . for cme london-based employees , the plan provides for company contributions of 10% ( 10 % ) of earnings and does not have any vesting requirements . salary and cash bonuses paid are included in the definition of earnings . aggregate expense for all of the defined contribution savings plans amounted to $ 6.3 million , $ 5.2 million and $ 5.8 million in 2010 , 2009 and 2008 , respectively . cme non-qualified plans . cme maintains non-qualified plans , under which participants may make assumed investment choices with respect to amounts contributed on their behalf . although not required to do so , cme invests such contributions in assets that mirror the assumed investment choices . the balances in these plans are subject to the claims of general creditors of the exchange and totaled $ 28.8 million and $ 23.4 million at december 31 , 2010 and 2009 , respectively . although the value of the plans is recorded as an asset in the consolidated balance sheets , there is an equal and offsetting liability . the investment results of these plans have no impact on net income as the investment results are recorded in equal amounts to both investment income and compensation and benefits expense . supplemental savings plan 2014cme maintains a supplemental plan to provide benefits for employees who have been impacted by statutory limits under the provisions of the qualified pension and savings plan . all cme employees hired prior to january 1 , 2007 are immediately vested in their supplemental plan benefits . all cme employees hired on or after january 1 , 2007 are subject to the vesting requirements of the underlying qualified plans . total expense for the supplemental plan was $ 0.9 million , $ 0.7 million and $ 1.3 million for 2010 , 2009 and 2008 , respectively . deferred compensation plan 2014a deferred compensation plan is maintained by cme , under which eligible officers and members of the board of directors may contribute a percentage of their compensation and defer income taxes thereon until the time of distribution . nymexmembers 2019 retirement plan and benefits . nymex maintained a retirement and benefit plan under the commodities exchange , inc . ( comex ) members 2019 recognition and retention plan ( mrrp ) . this plan provides benefits to certain members of the comex division based on long-term membership , and participation is limited to individuals who were comex division members prior to nymex 2019s acquisition of comex in 1994 . no new participants were permitted into the plan after the date of this acquisition . under the terms of the mrrp , the company is required to fund the plan with a minimum annual contribution of $ 0.4 million until it is fully funded . all benefits to be paid under the mrrp are based on reasonable actuarial assumptions which are based upon the amounts that are available and are expected to be available to pay benefits . total contributions to the plan were $ 0.8 million for each of 2010 , 2009 and for the period august 23 through december 31 , 2008 . at december 31 , 2010 and 2009 , the total obligation for the mrrp totaled $ 20.7 million and $ 20.5 million .","['41.2', '20.6']" "['what was the freight revenue in 2009?', 'what is that value times 1000000?', 'what is that value divided by the route miles?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 .
1millions of dollars200920082007
2agricultural$ 2666$ 3174$ 2605
3automotive85413441458
4chemicals210224942287
5energy311838103134
6industrial products214732733077
7intermodal248630232925
8total freight revenues$ 13373$ 17118$ 15486
9other revenues770852797
10total 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 .","['13373.0', '13373000000.0', '416682.2459']" "['what portion of total stock repurchases occurred during october 2014?', 'what is the net change in the number of shares repurchased during october and november?', 'what fraction does this represent?', 'what about the percentage change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: transfer agent and registrar for common stock the transfer agent and registrar for our common stock is : computershare shareowner services llc 480 washington boulevard 29th floor jersey city , new jersey 07310 telephone : ( 877 ) 363-6398 sales of unregistered securities not applicable . repurchase of equity securities the following table provides information regarding our purchases of our equity securities during the period from october 1 , 2014 to december 31 , 2014 . total number of shares ( or units ) purchased 1 average price paid per share ( or unit ) 2 total number of shares ( or units ) purchased as part of publicly announced plans or programs 3 maximum number ( or approximate dollar value ) of shares ( or units ) that may yet be purchased under the plans or programs 3 .
1total number ofshares ( or units ) purchased1average price paidper share ( or unit ) 2total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3maximum number ( or approximate dollar value ) of shares ( or units ) that mayyet be purchased under theplans or programs3
2october 1 - 315854930$ 18.935849517$ 159819370
3november 1 - 304266$ 20.292014$ 159819370
4december 1 - 31826744$ 19.67826639$ 143559758
5total6685940$ 19.026676156
1 included shares of our common stock , par value $ 0.10 per share , withheld under the terms of grants under employee stock-based compensation plans to offset tax withholding obligations that occurred upon vesting and release of restricted shares ( the 201cwithheld shares 201d ) . we repurchased 5413 withheld shares in october 2014 , 4266 withheld shares in november 2014 and 105 withheld shares in december 2014 . 2 the average price per share for each of the months in the fiscal quarter and for the three-month period was calculated by dividing the sum of the applicable period of the aggregate value of the tax withholding obligations and the aggregate amount we paid for shares acquired under our stock repurchase program , described in note 5 to the consolidated financial statements , by the sum of the number of withheld shares and the number of shares acquired in our stock repurchase program . 3 in february 2014 , the board authorized a new share repurchase program to repurchase from time to time up to $ 300.0 million , excluding fees , of our common stock ( the 201c2014 share repurchase program 201d ) . on february 13 , 2015 , we announced that our board had approved a new share repurchase program to repurchase from time to time up to $ 300.0 million , excluding fees , of our common stock . the new authorization is in addition to any amounts remaining available for repurchase under the 2014 share repurchase program . there is no expiration date associated with the share repurchase programs. .","['0.87571', '5850664.0', '0.99927', '99.92714']" "['what was the management fee earned for the year ended 12/31/16?', 'and the leasing fee for the same period?', 'how much combined was earned from these two fees?', 'and the development fee for that same period?', 'together, how much was earned from these three fees during this time?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: .
1contractual obligationspayments due by period ( in thousands ) totalpayments due by period ( in thousands ) 2017payments due by period ( in thousands ) 2018payments due by period ( in thousands ) 2019payments due by period ( in thousands ) 2020payments due by period ( in thousands ) 2021payments due by period ( in thousands ) thereafter
2long-term debt ( 1 )$ 3508789$ 203244$ 409257$ 366456$ 461309$ 329339$ 1739184
3line of credit ( 2 )561272650265026504817720142014
4share of unconsolidated joint ventures' debt ( 3 )91235244428466573711598123641754
5ground leases311120107455721575857935822277281
6development and construction backlog costs ( 4 )344700331553131472014201420142014
7other433577502734258014326390614480
8total contractual obligations$ 4355328$ 558138$ 466583$ 386402$ 531203$ 340303$ 2072699
( 1 ) our long-term debt consists of both secured and unsecured debt and includes both principal and interest . interest payments for variable rate debt were calculated using the interest rates as of december 31 , 2016 . repayment of our $ 250.0 million variable rate term note , which has a contractual maturity date in january 2019 , is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension , which we may exercise at our discretion . ( 2 ) our unsecured line of credit has a contractual maturity date in january 2019 , but is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension , which we may exercise at our discretion . interest payments for our unsecured line of credit were calculated using the most recent stated interest rate that was in effect.ff ( 3 ) our share of unconsolidated joint venture debt includes both principal and interest . interest expense for variable rate debt was calculated using the interest rate at december 31 , 2016 . ( 4 ) represents estimated remaining costs on the completion of owned development projects and third-party construction projects . related party y transactionstt we provide property and asset management , leasing , construction and other tenant-related services to ww unconsolidated companies in which we have equity interests . for the years ended december 31 , 2016 , 2015 and 2014 we earned management fees of $ 4.5 million , $ 6.8 million and $ 8.5 million , leasing fees of $ 2.4 million , $ 3.0 million and $ 3.4 million and construction and development fees of $ 8.0 million , $ 6.1 million and $ 5.8 million , respectively , from these companies , prior to elimination of our ownership percentage . yy we recorded these fees based ww on contractual terms that approximate market rates for these types of services and have eliminated our ownership percentages of these fees in the consolidated financial statements . commitments and contingenciesg the partnership has guaranteed the repayment of $ 32.9 million of economic development bonds issued by various municipalities in connection with certain commercial developments . we will be required to make payments under ww our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond ff debt service . management does not believe that it is probable that we will be required to make any significant payments in satisfaction of these guarantees . the partnership also has guaranteed the repayment of an unsecured loan of one of our unconsolidated subsidiaries . at december 31 , 2016 , the maximum guarantee exposure for this loan was approximately $ 52.1 million . we lease certain land positions with terms extending toww march 2114 , with a total future payment obligation of $ 311.1 million . the payments on these ground leases , which are classified as operating leases , are not material in any individual year . in addition to ground leases , we are party to other operating leases as part of conducting our business , including leases of office space from third parties , with a total future payment obligation of ff $ 43.4 million at december 31 , 2016 . no future payments on these leases are material in any individual year . we are subject to various legal proceedings and claims that arise in the ordinary course of business . in the opinion ww of management , the amount of any ultimate liability with respect to these actions is not expected to materially affect ff our consolidated financial statements or results of operations . we own certain parcels of land that are subject to special property tax assessments levied by quasi municipalww entities . to the extent that such special assessments are fixed and determinable , the discounted value of the fulltt .","['4.5', '2.4', '6.9', '8.0', '14.9']" "['what compensation expense was attributable to directors in 2016 and 2017?', 'what about including 2015?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: in 2017 , the company granted 440076 shares of restricted class a common stock and 7568 shares of restricted stock units . restricted common stock and restricted stock units generally have a vesting period of two to four years . the fair value related to these grants was $ 58.7 million , which is recognized as compensation expense on an accelerated basis over the vesting period . dividends are accrued on restricted class a common stock and restricted stock units and are paid once the restricted stock vests . in 2017 , the company also granted 203298 performance shares . the fair value related to these grants was $ 25.3 million , which is recognized as compensation expense on an accelerated and straight-lined basis over the vesting period . the vesting of these shares is contingent on meeting stated performance or market conditions . the following table summarizes restricted stock , restricted stock units , and performance shares activity for 2017 : number of shares weighted average grant date fair value .
1number of sharesweightedaveragegrant datefair value
2outstanding at december 31 20161820578$ 98
3granted650942129
4vested-510590 ( 510590 )87
5cancelled-401699 ( 401699 )95
6outstanding at december 31 20171559231116
the total fair value of restricted stock , restricted stock units , and performance shares that vested during 2017 , 2016 and 2015 was $ 66.0 million , $ 59.8 million and $ 43.3 million , respectively . under the espp , eligible employees may acquire shares of class a common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration . shares are purchased at the end of each offering period at a price of 90% ( 90 % ) of the closing price of the class a common stock as reported on the nasdaq global select market . compensation expense is recognized on the dates of purchase for the discount from the closing price . in 2017 , 2016 and 2015 , a total of 19936 , 19858 and 19756 shares , respectively , of class a common stock were issued to participating employees . these shares are subject to a six-month holding period . annual expense of $ 0.3 million for the purchase discount was recognized in 2017 , and $ 0.2 million was recognized in both 2016 and 2015 . non-executive directors receive an annual award of class a common stock with a value equal to $ 100000 . non-executive directors may also elect to receive some or all of the cash portion of their annual stipend , up to $ 60000 , in shares of stock based on the closing price at the date of distribution . as a result , 19736 shares , 26439 shares and 25853 shares of class a common stock were issued to non-executive directors during 2017 , 2016 and 2015 , respectively . these shares are not subject to any vesting restrictions . expense of $ 2.5 million , $ 2.4 million and $ 2.5 million related to these stock-based payments was recognized for the years ended december 31 , 2017 , 2016 and 2015 , respectively. .","['4.9', '7.4']" "['what was the net difference in asset retirement obligations between 2002 and 2003?', 'what is that value times 1000000?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: impairment of long-lived assets based on the projection of undiscounted cash flows whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable . in the event such cash flows are not expected to be sufficient to recover the recorded value of the assets , the assets are written down to their estimated fair values ( see note 5 ) . asset retirement obligations 2014effective january 1 , 2003 , the company adopted statement of financial accounting standards ( 2018 2018sfas 2019 2019 ) no . 143 , 2018 2018accounting for asset retirement obligations . 2019 2019 sfas no . 143 requires the company to record the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred . when a new liability is recorded the company will capitalize the costs of the liability by increasing the carrying amount of the related long-lived asset . the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset . upon settlement of the liability , the company settles the obligation for its recorded amount or incurs a gain or loss upon settlement . the company 2019s retirement obligations covered by sfas no . 143 include primarily active ash landfills , water treatment basins and the removal or dismantlement of certain plant and equipment . as of december 31 , 2003 and 2002 , the company had recorded liabilities of approximately $ 29 million and $ 15 million , respectively , related to asset retirement obligations . there are no assets that are legally restricted for purposes of settling asset retirement obligations . upon adoption of sfas no . 143 , the company recorded an additional liability of approximately $ 13 million , a net asset of approximately $ 9 million , and a cumulative effect of a change in accounting principle of approximately $ 2 million , after income taxes . amounts recorded related to asset retirement obligations during the years ended december 31 , 2003 were as follows ( in millions ) : .
1balance at december 31 2002$ 15
2additional liability recorded from cumulative effect of accounting change13
3accretion expense2
4change in the timing of estimated cash flows-1 ( 1 )
5balance at december 31 2003$ 29
proforma net ( loss ) income and ( loss ) earnings per share have not been presented for the years ended december 31 , 2002 and 2001 because the proforma application of sfas no . 143 to prior periods would result in proforma net ( loss ) income and ( loss ) earnings per share not materially different from the actual amounts reported for those periods in the accompanying consolidated statements of operations . had sfas 143 been applied during all periods presented the asset retirement obligation at january 1 , 2001 , december 31 , 2001 and december 31 , 2002 would have been approximately $ 21 million , $ 23 million and $ 28 million , respectively . included in other long-term liabilities is the accrual for the non-legal obligations for removal of assets in service at ipalco amounting to $ 361 million and $ 339 million at december 31 , 2003 and 2002 , respectively . deferred financing costs 2014financing costs are deferred and amortized over the related financing period using the effective interest method or the straight-line method when it does not differ materially from the effective interest method . deferred financing costs are shown net of accumulated amortization of $ 202 million and $ 173 million as of december 31 , 2003 and 2002 , respectively . project development costs 2014the company capitalizes the costs of developing new construction projects after achieving certain project-related milestones that indicate the project 2019s completion is probable . these costs represent amounts incurred for professional services , permits , options , capitalized interest , and other costs directly related to construction . these costs are transferred to construction in progress when significant construction activity commences , or expensed at the time the company determines that development of a particular project is no longer probable ( see note 5 ) . .","['14.0', '14000000.0']" "['what was the change in per diluted share earnings as adjusted from 2008 to 2009?', 'and what percentage did this change represent in relation to those earnings in 2008?', 'and concerning the receivables sales agreement, what was the increase in the size of the new program in the last 8 months of the year compared to the first 4 months in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: page 26 of 100 our calculation of adjusted net earnings is summarized below: .
1( $ in millions except per share amounts )201020092008
2net earnings attributable to ball corporation as reported$ 468.0$ 387.9$ 319.5
3discontinued operations net of tax74.92.2-4.6 ( 4.6 )
4business consolidation activities net of tax-9.3 ( 9.3 )13.027.1
5gains and equity earnings related to acquisitions net of tax-105.9 ( 105.9 )22122212
6gain on dispositions net of tax2212-30.7 ( 30.7 )-4.4 ( 4.4 )
7debt refinancing costs net of tax5.322122212
8adjusted net earnings$ 433.0$ 372.4$ 337.6
9per diluted share from continuing operations as reported$ 2.96$ 2.05$ 1.62
10per diluted share as adjusted2.361.961.74
debt facilities and refinancing interest-bearing debt at december 31 , 2010 , increased $ 216.1 million to $ 2.8 billion from $ 2.6 billion at december 31 , 2009 . in december 2010 , ball replaced its senior credit facilities due october 2011 with new senior credit facilities due december 2015 . the senior credit facilities bear interest at variable rates and include a $ 200 million term a loan denominated in u.s . dollars , a a351 million term b loan denominated in british sterling and a 20ac100 million term c loan denominated in euros . the facilities also include ( 1 ) a multi-currency , long-term revolving credit facility that provides the company with up to approximately $ 850 million and ( 2 ) a french multi-currency revolving facility that provides the company with up to $ 150 million . the revolving credit facilities expire in december 2015 . in november 2010 , ball issued $ 500 million of new 5.75 percent senior notes due in may 2021 . the net proceeds from this offering were used to repay the borrowings under our term d loan facility and for general corporate purposes . in march 2010 , ball issued $ 500 million of new 6.75 percent senior notes due in september 2020 . on that same date , the company issued a notice of redemption to call $ 509 million in 6.875 percent senior notes due december 2012 at a redemption price of 101.146 percent of the outstanding principal amount plus accrued interest . the redemption of the bonds occurred on april 21 , 2010 , and resulted in a charge of $ 8.1 million for the call premium and the write off of unamortized financing costs and unamortized premiums . the charge is included in the 2010 statement of earnings as a component of interest expense . at december 31 , 2010 , approximately $ 976 million was available under the company 2019s committed multi-currency revolving credit facilities . the company 2019s prc operations also had approximately $ 20 million available under a committed credit facility of approximately $ 52 million . in addition to the long-term committed credit facilities , the company had $ 372 million of short-term uncommitted credit facilities available at the end of 2010 , of which $ 76.2 million was outstanding and due on demand , as well as approximately $ 175 million of available borrowings under its accounts receivable securitization program . in october 2010 , the company renewed its receivables sales agreement for a period of one year . the size of the new program will vary between a maximum of $ 125 million for settlement dates in january through april and a maximum of $ 175 million for settlement dates in the remaining months . given our free cash flow projections and unused credit facilities that are available until december 2015 , our liquidity is strong and is expected to meet our ongoing operating cash flow and debt service requirements . while the recent financial and economic conditions have raised concerns about credit risk with counterparties to derivative transactions , the company mitigates its exposure by spreading the risk among various counterparties and limiting exposure to any one party . we also monitor the credit ratings of our suppliers , customers , lenders and counterparties on a regular basis . we were in compliance with all loan agreements at december 31 , 2010 , and all prior years presented , and have met all debt payment obligations . the u.s . note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividends , investments , financial ratios , guarantees and the incurrence of additional indebtedness . additional details about our debt and receivables sales agreements are available in notes 12 and 6 , respectively , accompanying the consolidated financial statements within item 8 of this report. .","['0.22', '0.12644', '50.0']" "['what was the cash flow from operations in 2007?', 'what was the cash flow from operations in 2006?', 'what is the difference?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: page 30 of 94 are included in capital spending amounts . another example is the company 2019s decision in 2007 to contribute an additional $ 44.5 million ( $ 27.3 million ) to its pension plans as part of its overall debt reduction plan . based on this , our consolidated free cash flow is summarized as follows: .
1( $ in millions )200720062005
2cash flows from operating activities$ 673.0$ 401.4$ 558.8
3incremental pension funding net of tax27.320132013
4capital spending-308.5 ( 308.5 )-279.6 ( 279.6 )-291.7 ( 291.7 )
5proceeds for replacement of fire-damaged assets48.661.32013
6free cash flow$ 440.4$ 183.1$ 267.1
based on information currently available , we estimate cash flows from operating activities for 2008 to be approximately $ 650 million , capital spending to be approximately $ 350 million and free cash flow to be in the $ 300 million range . capital spending of $ 259.9 million ( net of $ 48.6 million in insurance recoveries ) in 2007 was below depreciation and amortization expense of $ 281 million . we continue to invest capital in our best performing operations , including projects to increase custom can capabilities , improve beverage can and end making productivity and add more beverage can capacity in europe , as well as expenditures in the aerospace and technologies segment . of the $ 350 million of planned capital spending for 2008 , approximately $ 180 million will be spent on top-line sales growth projects . debt facilities and refinancing interest-bearing debt at december 31 , 2007 , decreased $ 93.1 million to $ 2358.6 million from $ 2451.7 million at december 31 , 2006 . the 2007 debt decrease from 2006 was primarily attributed to debt payments offset by higher foreign exchange rates . at december 31 , 2007 , $ 705 million was available under the company 2019s multi-currency revolving credit facilities . the company also had $ 345 million of short-term uncommitted credit facilities available at the end of the year , of which $ 49.7 million was outstanding . on october 13 , 2005 , ball refinanced its senior secured credit facilities and during the third and fourth quarters of 2005 , ball redeemed its 7.75% ( 7.75 % ) senior notes due august 2006 primarily through the drawdown of funds under the new credit facilities . the refinancing and redemption resulted in a pretax debt refinancing charge of $ 19.3 million ( $ 12.3 million after tax ) to reflect the call premium associated with the senior notes and the write off of unamortized debt issuance costs . the company has a receivables sales agreement that provides for the ongoing , revolving sale of a designated pool of trade accounts receivable of ball 2019s north american packaging operations , up to $ 250 million . the agreement qualifies as off-balance sheet financing under the provisions of statement of financial accounting standards ( sfas ) no . 140 , as amended by sfas no . 156 . net funds received from the sale of the accounts receivable totaled $ 170 million and $ 201.3 million at december 31 , 2007 and 2006 , respectively , and are reflected as a reduction of accounts receivable in the consolidated balance sheets . the company was not in default of any loan agreement at december 31 , 2007 , and has met all payment obligations . the u.s . note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividends , investments , financial ratios , guarantees and the incurrence of additional indebtedness . additional details about the company 2019s receivables sales agreement and debt are available in notes 7 and 13 , respectively , accompanying the consolidated financial statements within item 8 of this report. .","['673.0', '401.4', '271.6', '0.67663']" "['what is the operating earnings increase of 2003 compared with 2002 in percent?', 'what is the difference between 100% and that increase?', 'what is the product between the operating earnings in million of 2003 and that difference?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: business-related metrics as of or for the year ended december 31 .
1( in billions except ratios )20032002change
2loan and lease receivables$ 43.2$ 37.416% ( 16 % )
3average loan and lease receivables41.731.732
4automobile origination volume27.825.310
5automobile market share6.1% ( 6.1 % )5.7% ( 5.7 % )40bp
630+ day delinquency rate1.461.54-8 ( 8 )
7net charge-off ratio0.410.51-10 ( 10 )
8overhead ratio3536-100 ( 100 )
crb is the no . 1 bank in the new york tri-state area and a top five bank in texas ( both ranked by retail deposits ) , providing payment , liquidity , investment , insurance and credit products and services to three primary customer segments : small busi- ness , affluent and retail . within these segments , crb serves 326000 small businesses , 433000 affluent consumers and 2.6 million mass-market consumers . crb 2019s continued focus on expanding customer relationships resulted in a 14% ( 14 % ) increase in core deposits ( for this purpose , core deposits are total deposits less time deposits ) from december 31 , 2002 , and a 77% ( 77 % ) increase in the cross-sell of chase credit products over 2002 . in 2003 , mortgage and home equity originations through crb 2019s distribution channels were $ 3.4 billion and $ 4.7 billion , respectively . branch-originated credit cards totaled 77000 , contributing to 23% ( 23 % ) of crb customers holding chase credit cards . crb is compensated by cfs 2019s credit businesses for the home finance and credit card loans it origi- nates and does not retain these balances . chase regional banking while crb continues to position itself for growth , decreased deposit spreads related to the low-rate environment and increased credit costs resulted in an 80% ( 80 % ) decline in crb operating earnings from 2002 . this decrease was partly offset by an 8% ( 8 % ) increase in total average deposits . operating revenue of $ 2.6 billion decreased by 9% ( 9 % ) compared with 2002 . net interest income declined by 11% ( 11 % ) to $ 1.7 billion , primarily attributable to the lower interest rate environment . noninterest revenue decreased 6% ( 6 % ) to $ 927 million due to lower deposit service fees , decreased debit card fees and one-time gains in 2002 . crb 2019s revenue does not include funding profits earned on its deposit base ; these amounts are included in the results of global treasury . operating expense of $ 2.4 billion increased by 7% ( 7 % ) from 2002 . the increase was primarily due to investments in technology within the branch network ; also contributing were higher compensation expenses related to increased staff levels and higher severance costs as a result of continued restructuring . this increase in operating caf is the largest u.s . bank originator of automobile loans and leases , with more than 2.9 million accounts . in 2003 , caf had a record number of automobile loan and lease originations , growing by 10% ( 10 % ) over 2002 to $ 27.8 billion . loan and lease receivables of $ 43.2 billion at december 31 , 2003 , were 16% ( 16 % ) higher than at the prior year-end . despite a challenging operating environment reflecting slightly declining new car sales in 2003 and increased competition , caf 2019s market share among automobile finance companies improved to 6.1% ( 6.1 % ) in 2003 from 5.7% ( 5.7 % ) in 2002 . the increase in market share was the result of strong organic growth and an origination strategy that allies the business with manufac- turers and dealers . caf 2019s relationships with several major car manufacturers contributed to 2003 growth , as did caf 2019s dealer relationships , which increased from approximately 12700 dealers in 2002 to approximately 13700 dealers in 2003 . in 2003 , operating earnings were $ 205 million , 23% ( 23 % ) higher compared with 2002 . the increase in earnings was driven by continued revenue growth and improved operating efficiency . in 2003 , caf 2019s operating revenue grew by 23% ( 23 % ) to $ 842 million . net interest income grew by 33% ( 33 % ) compared with 2002 . the increase was driven by strong operating performance due to higher average loans and leases outstanding , reflecting continued strong origination volume and lower funding costs . operating expense of $ 292 million increased by 18% ( 18 % ) compared with 2002 . the increase in expenses was driven by higher average chase auto finance loans outstanding , higher origination volume and higher perform- ance-based incentives . caf 2019s overhead ratio improved from 36% ( 36 % ) in 2002 to 35% ( 35 % ) in 2003 , as a result of strong revenue growth , con- tinued productivity gains and disciplined expense management . credit costs increased 18% ( 18 % ) to $ 205 million , primarily reflecting a 32% ( 32 % ) increase in average loan and lease receivables . credit quality continued to be strong relative to 2002 , as evidenced by a lower net charge-off ratio and 30+ day delinquency rate . caf also comprises chase education finance , a top provider of government-guaranteed and private loans for higher education . loans are provided through a joint venture with sallie mae , a government-sponsored enterprise and the leader in funding and servicing education loans . chase education finance 2019s origination volume totaled $ 2.7 billion , an increase of 4% ( 4 % ) from last year . management 2019s discussion and analysis j.p . morgan chase & co . 42 j.p . morgan chase & co . / 2003 annual report .","['0.23', '99.77', '20452.85']" "['what was the interest and dividend income in 2011?', 'and what was the total other income in that year?', 'what percentage, then, did the interest and dividend income represent in relation to this one?', 'and what was this percentage representation in the previous year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: r&d expense increased 36% ( 36 % ) during 2011 compared to 2010 , it declined slightly as a percentage of net sales , due to the 66% ( 66 % ) year-over-year growth in the company 2019s net sales during 2011 . r&d expense increased 34% ( 34 % ) or $ 449 million to $ 1.8 billion in 2010 compared to 2009 . this increase was due primarily to an increase in headcount and related expenses in the current year to support expanded r&d activities . also contributing to this increase in r&d expense in 2010 was the capitalization in 2009 of software development costs of $ 71 million related to mac os x snow leopard . although total r&d expense increased 34% ( 34 % ) during 2010 , it declined as a percentage of net sales given the 52% ( 52 % ) year-over-year increase in net sales in the company continues to believe that focused investments in r&d are critical to its future growth and competitive position in the marketplace and are directly related to timely development of new and enhanced products that are central to the company 2019s core business strategy . as such , the company expects to make further investments in r&d to remain competitive . selling , general and administrative expense ( 201csg&a 201d ) sg&a expense increased $ 2.1 billion or 38% ( 38 % ) to $ 7.6 billion during 2011 compared to 2010 . this increase was due primarily to the company 2019s continued expansion of its retail segment , increased headcount and related costs , higher spending on professional services and marketing and advertising programs , and increased variable costs associated with the overall growth of the company 2019s net sales . sg&a expense increased $ 1.4 billion or 33% ( 33 % ) to $ 5.5 billion in 2010 compared to 2009 . this increase was due primarily to the company 2019s continued expansion of its retail segment , higher spending on marketing and advertising programs , increased share-based compensation expenses and variable costs associated with the overall growth of the company 2019s net sales . other income and expense other income and expense for the three years ended september 24 , 2011 , are as follows ( in millions ) : .
1201120102009
2interest and dividend income$ 519$ 311$ 407
3other expense net-104 ( 104 )-156 ( 156 )-81 ( 81 )
4total other income and expense$ 415$ 155$ 326
total other income and expense increased $ 260 million or 168% ( 168 % ) to $ 415 million during 2011 compared to $ 155 million and $ 326 million in 2010 and 2009 , respectively . the year-over-year increase in other income and expense during 2011 was due primarily to higher interest income and net realized gains on sales of marketable securities . the overall decrease in other income and expense in 2010 compared to 2009 was attributable to the significant declines in interest rates on a year-over-year basis , partially offset by the company 2019s higher cash , cash equivalents and marketable securities balances . additionally the company incurred higher premium expenses on its foreign exchange option contracts , which further reduced the total other income and expense . the weighted average interest rate earned by the company on its cash , cash equivalents and marketable securities was 0.77% ( 0.77 % ) , 0.75% ( 0.75 % ) and 1.43% ( 1.43 % ) during 2011 , 2010 and 2009 , respectively . during 2011 , 2010 and 2009 , the company had no debt outstanding and accordingly did not incur any related interest expense . provision for income taxes the company 2019s effective tax rates were approximately 24.2% ( 24.2 % ) , 24.4% ( 24.4 % ) and 31.8% ( 31.8 % ) for 2011 , 2010 and 2009 , respectively . the company 2019s effective rates for these periods differ from the statutory federal income tax rate of .","['519.0', '415.0', '1.2506', '2.00645']" "['throughout the year of 2009, what was the increase in the balance of non vested units, in thousands?', 'and what was that balance by the end of the year?', 'what was the weighted average fair value of these units?', 'what was, then, their total value?', 'and how much is that in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: during 2009 , the company extended the contractual life of 4 million fully vested share options held by 6 employees . as a result of that modification , the company recognized additional compensation expense of $ 1 million for the year ended december 31 , 2009 . restricted stock units ( 201crsus 201d ) performance-based rsus . the company grants performance-based rsus to the company 2019s executive officers and certain employees once per year . the company may also grant performance-based rsus to certain new employees or to employees who assume positions of increasing responsibility at the time those events occur . the number of performance-based rsus that ultimately vest is dependent on one or both of the following as per the terms of the specific award agreement : the achievement of 1 ) internal profitability targets ( performance condition ) and 2 ) market performance targets measured by the comparison of the company 2019s stock performance versus a defined peer group ( market condition ) . the performance-based rsus generally cliff-vest during the company 2019s quarter-end september 30 black-out period three years from the date of grant . the ultimate number of shares of the company 2019s series a common stock issued will range from zero to stretch , with stretch defined individually under each award , net of personal income taxes withheld . the market condition is factored into the estimated fair value per unit and compensation expense for each award will be based on the probability of achieving internal profitability targets , as applicable , and recognized on a straight-line basis over the term of the respective grant , less estimated forfeitures . for performance-based rsus granted without a performance condition , compensation expense is based on the fair value per unit recognized on a straight-line basis over the term of the grant , less estimated forfeitures . in april 2007 , the company granted performance-based rsus to certain employees that vest annually in equal tranches beginning october 1 , 2008 through october 1 , 2011 and include a market condition . the performance- based rsus awarded include a catch-up provision that provides for an additional year of vesting of previously unvested amounts , subject to certain maximums . compensation expense is based on the fair value per unit recognized on a straight-line basis over the term of the grant , less estimated forfeitures . a summary of changes in performance-based rsus outstanding is as follows : number of weighted average fair value ( in thousands ) ( in $ ) .
1number of units ( in thousands )weighted average fair value ( in $ )
2nonvested at december 31 2008118819.65
3granted42038.16
4vested-79 ( 79 )21.30
5forfeited-114 ( 114 )17.28
6nonvested at december 31 2009141525.24
the fair value of shares vested for performance-based rsus during the years ended december 31 , 2009 and 2008 was $ 2 million and $ 3 million , respectively . there were no vestings that occurred during the year ended december 31 , 2007 . fair value for the company 2019s performance-based rsus was estimated at the grant date using a monte carlo simulation approach . monte carlo simulation was utilized to randomly generate future stock returns for the company and each company in the defined peer group for each grant based on company-specific dividend yields , volatilities and stock return correlations . these returns were used to calculate future performance-based rsu vesting percentages and the simulated values of the vested performance-based rsus were then discounted to present value using a risk-free rate , yielding the expected value of these performance-based rsus . %%transmsg*** transmitting job : d70731 pcn : 119000000 ***%%pcmsg|119 |00016|yes|no|02/10/2010 16:17|0|0|page is valid , no graphics -- color : n| .","['227.0', '1415000.0', '25.24', '35714600.0', '35.7146']" "['what was the total fair value of incentive/performance unit share and restricted stock/unit awards in 2011?', 'and what was it in 2010?', 'what was, then, the change over the year?', 'what was the total fair value of incentive/performance unit share and restricted stock/unit awards in 2010?', 'and how much does that change represent in relation to this 2010 fair value, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: there were no options granted in excess of market value in 2011 , 2010 or 2009 . shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 33775543 at december 31 , 2011 . total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 35304422 shares at december 31 , 2011 , which includes shares available for issuance under the incentive plans and the employee stock purchase plan ( espp ) as described below . during 2011 , we issued 731336 shares from treasury stock in connection with stock option exercise activity . as with past exercise activity , we currently intend to utilize primarily treasury stock for any future stock option exercises . awards granted to non-employee directors in 2011 , 2010 and 2009 include 27090 , 29040 , and 39552 deferred stock units , respectively , awarded under the outside directors deferred stock unit plan . a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment until such awards are paid to the participants as cash . as there are no vesting or service requirements on these awards , total compensation expense is recognized in full on awarded deferred stock units on the date of grant . incentive/performance unit share awards and restricted stock/unit awards the fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant . the value of certain incentive/ performance unit share awards is subsequently remeasured based on the achievement of one or more financial and other performance goals generally over a three-year period . the personnel and compensation committee of the board of directors approves the final award payout with respect to incentive/performance unit share awards . restricted stock/unit awards have various vesting periods generally ranging from 36 months to 60 months . beginning in 2011 , we incorporated two changes to certain awards under our existing long-term incentive compensation programs . first , for certain grants of incentive performance units , the future payout amount will be subject to a negative annual adjustment if pnc fails to meet certain risk-related performance metrics . this adjustment is in addition to the existing financial performance metrics relative to our peers . these grants have a three-year performance period and are payable in either stock or a combination of stock and cash . second , performance-based restricted share units ( performance rsus ) were granted in 2011 to certain of our executives in lieu of stock options . these performance rsus ( which are payable solely in stock ) have a service condition , an internal risk-related performance condition , and an external market condition . satisfaction of the performance condition is based on four independent one-year performance periods . the weighted-average grant-date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2011 , 2010 and 2009 was $ 63.25 , $ 54.59 and $ 41.16 per share , respectively . we recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program . nonvested incentive/performance unit share awards and restricted stock/unit awards 2013 rollforward shares in thousands nonvested incentive/ performance unit shares weighted- average date fair nonvested restricted stock/ shares weighted- average date fair .
1shares in thousands december 31 2010nonvested incentive/ performance unit shares 363weighted- average grant date fair value $ 56.40nonvested restricted stock/ unit shares 2250weighted- average grant date fair value $ 49.95
2granted62364.21105962.68
3vested-156 ( 156 )59.54-706 ( 706 )51.27
4forfeited-91 ( 91 )52.24
5december 31 2011830$ 61.682512$ 54.87
in the chart above , the unit shares and related weighted- average grant-date fair value of the incentive/performance awards exclude the effect of dividends on the underlying shares , as those dividends will be paid in cash . at december 31 , 2011 , there was $ 61 million of unrecognized deferred compensation expense related to nonvested share- based compensation arrangements granted under the incentive plans . this cost is expected to be recognized as expense over a period of no longer than five years . the total fair value of incentive/performance unit share and restricted stock/unit awards vested during 2011 , 2010 and 2009 was approximately $ 52 million , $ 39 million and $ 47 million , respectively . liability awards we grant annually cash-payable restricted share units to certain executives . the grants were made primarily as part of an annual bonus incentive deferral plan . while there are time- based and service-related vesting criteria , there are no market or performance criteria associated with these awards . compensation expense recognized related to these awards was recorded in prior periods as part of annual cash bonus criteria . as of december 31 , 2011 , there were 753203 of these cash- payable restricted share units outstanding . 174 the pnc financial services group , inc . 2013 form 10-k .","['52.0', '39.0', '91.0', '39.0', '2.33333']" "['what is the price of class a common stock in the fourth quarter of 2014, taking into account the highest one?', 'what would that be of 2013?', 'what is, then, the difference between the prices of 2014 and 2013?', 'what is the price of class a common stock in the fourth quarter of 2013, taking into account the highest one?', 'how much does that difference represent in relation to this price, percentually?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities market price of and dividends on the registrant 2019s common equity and related stockholder matters market information . our class a common stock is quoted on the nasdaq global select market under the symbol 201cdish . 201d the high and low closing sale prices of our class a common stock during 2014 and 2013 on the nasdaq global select market ( as reported by nasdaq ) are set forth below. .
12014highlow
2first quarter$ 62.42$ 54.10
3second quarter65.6456.23
4third quarter66.7161.87
5fourth quarter79.4157.96
62013highlow
7first quarter$ 38.02$ 34.19
8second quarter42.5236.24
9third quarter48.0941.66
10fourth quarter57.9245.68
as of february 13 , 2015 , there were approximately 8208 holders of record of our class a common stock , not including stockholders who beneficially own class a common stock held in nominee or street name . as of february 10 , 2015 , 213247004 of the 238435208 outstanding shares of our class b common stock were beneficially held by charles w . ergen , our chairman , and the remaining 25188204 were held in trusts established by mr . ergen for the benefit of his family . there is currently no trading market for our class b common stock . dividends . on december 28 , 2012 , we paid a cash dividend of $ 1.00 per share , or approximately $ 453 million , on our outstanding class a and class b common stock to stockholders of record at the close of business on december 14 , 2012 . while we currently do not intend to declare additional dividends on our common stock , we may elect to do so from time to time . payment of any future dividends will depend upon our earnings and capital requirements , restrictions in our debt facilities , and other factors the board of directors considers appropriate . we currently intend to retain our earnings , if any , to support future growth and expansion , although we may repurchase shares of our common stock from time to time . see further discussion under 201citem 7 . management 2019s discussion and analysis of financial condition and results of operations 2013 liquidity and capital resources 201d in this annual report on form 10-k . securities authorized for issuance under equity compensation plans . see 201citem 12 . security ownership of certain beneficial owners and management and related stockholder matters 201d in this annual report on form 10-k. .","['79.41', '57.92', '21.49', '57.92', '0.37103']" "['what is the change in the balance of cash and cash equivalents from 2008 to 2009?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 26 | 2009 annual report in fiscal 2008 , revenues in the credit union systems and services business segment increased 14% ( 14 % ) from fiscal 2007 . all revenue components within the segment experienced growth during fiscal 2008 . license revenue generated the largest dollar growth in revenue as episys ae , our flagship core processing system aimed at larger credit unions , experienced strong sales throughout the year . support and service revenue , which is the largest component of total revenues for the credit union segment , experienced 34 percent growth in eft support and 10 percent growth in in-house support . gross profit in this business segment increased $ 9344 in fiscal 2008 compared to fiscal 2007 , due primarily to the increase in license revenue , which carries the highest margins . liquidity and capital resources we have historically generated positive cash flow from operations and have generally used funds generated from operations and short-term borrowings on our revolving credit facility to meet capital requirements . we expect this trend to continue in the future . the company 2019s cash and cash equivalents increased to $ 118251 at june 30 , 2009 from $ 65565 at june 30 , 2008 . the following table summarizes net cash from operating activities in the statement of cash flows : 2009 2008 2007 .
12008year ended june 30 2009 2008year ended june 30 2009 2008year ended june 30 2009
2net income$ 103102$ 104222$ 104681
3non-cash expenses743977042056348
4change in receivables21214-2913 ( 2913 )-28853 ( 28853 )
5change in deferred revenue21943510024576
6change in other assets and liabilities-14068 ( 14068 )417217495
7net cash from operating activities$ 206588$ 181001$ 174247
year ended june 30 , cash provided by operations increased $ 25587 to $ 206588 for the fiscal year ended june 30 , 2009 as compared to $ 181001 for the fiscal year ended june 30 , 2008 . this increase is primarily attributable to a decrease in receivables compared to the same period a year ago of $ 21214 . this decrease is largely the result of fiscal 2010 annual software maintenance billings being provided to customers earlier than in the prior year , which allowed more cash to be collected before the end of the fiscal year than in previous years . further , we collected more cash overall related to revenues that will be recognized in subsequent periods in the current year than in fiscal 2008 . cash used in investing activities for the fiscal year ended june 2009 was $ 59227 and includes $ 3027 in contingent consideration paid on prior years 2019 acquisitions . cash used in investing activities for the fiscal year ended june 2008 was $ 102148 and includes payments for acquisitions of $ 48109 , plus $ 1215 in contingent consideration paid on prior years 2019 acquisitions . capital expenditures for fiscal 2009 were $ 31562 compared to $ 31105 for fiscal 2008 . cash used for software development in fiscal 2009 was $ 24684 compared to $ 23736 during the prior year . net cash used in financing activities for the current fiscal year was $ 94675 and includes the repurchase of 3106 shares of our common stock for $ 58405 , the payment of dividends of $ 26903 and $ 13489 net repayment on our revolving credit facilities . cash used in financing activities was partially offset by proceeds of $ 3773 from the exercise of stock options and the sale of common stock ( through the employee stock purchase plan ) and $ 348 excess tax benefits from stock option exercises . during fiscal 2008 , net cash used in financing activities for the fiscal year was $ 101905 and includes the repurchase of 4200 shares of our common stock for $ 100996 , the payment of dividends of $ 24683 and $ 429 net repayment on our revolving credit facilities . cash used in financing activities was partially offset by proceeds of $ 20394 from the exercise of stock options and the sale of common stock and $ 3809 excess tax benefits from stock option exercises . beginning during fiscal 2008 , us financial markets and many of the largest us financial institutions have been shaken by negative developments in the home mortgage industry and the mortgage markets , and particularly the markets for subprime mortgage-backed securities . since that time , these and other such developments have resulted in a broad , global economic downturn . while we , as is the case with most companies , have experienced the effects of this downturn , we have not experienced any significant issues with our current collection efforts , and we believe that any future impact to our liquidity will be minimized by cash generated by recurring sources of revenue and due to our access to available lines of credit. .","['52686.0', '0.80357']" "['what is the net cash provided by operating activities in 2016?', 'what about in 2015?', 'what is the difference?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: in summary , our cash flows for each period were as follows : years ended ( in millions ) dec 30 , dec 31 , dec 26 .
1years ended ( in millions )dec 302017dec 312016dec 262015
2net cash provided by operating activities$ 22110$ 21808$ 19018
3net cash used for investing activities-15762 ( 15762 )-25817 ( 25817 )-8183 ( 8183 )
4net cash provided by ( used for ) financing activities-8475 ( 8475 )-5739 ( 5739 )1912
5net increase ( decrease ) in cash and cash equivalents$ -2127 ( 2127 )$ -9748 ( 9748 )$ 12747
operating activities cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities . for 2017 compared to 2016 , the $ 302 million increase in cash provided by operating activities was due to changes to working capital partially offset by adjustments for non-cash items and lower net income . tax reform did not have an impact on our 2017 cash provided by operating activities . the increase in cash provided by operating activities was driven by increased income before taxes and $ 1.0 billion receipts of customer deposits . these increases were partially offset by increased inventory and accounts receivable . income taxes paid , net of refunds , in 2017 compared to 2016 were $ 2.9 billion higher due to higher income before taxes , taxable gains on sales of asml , and taxes on the isecg divestiture . we expect approximately $ 2.0 billion of additional customer deposits in 2018 . for 2016 compared to 2015 , the $ 2.8 billion increase in cash provided by operating activities was due to adjustments for non-cash items and changes in working capital , partially offset by lower net income . the adjustments for non-cash items were higher in 2016 primarily due to restructuring and other charges and the change in deferred taxes , partially offset by lower depreciation . investing activities investing cash flows consist primarily of capital expenditures ; investment purchases , sales , maturities , and disposals ; and proceeds from divestitures and cash used for acquisitions . our capital expenditures were $ 11.8 billion in 2017 ( $ 9.6 billion in 2016 and $ 7.3 billion in 2015 ) . the decrease in cash used for investing activities in 2017 compared to 2016 was primarily due to higher net activity of available-for sale-investments in 2017 , proceeds from our divestiture of isecg in 2017 , and higher maturities and sales of trading assets in 2017 . this activity was partially offset by higher capital expenditures in 2017 . the increase in cash used for investing activities in 2016 compared to 2015 was primarily due to our completed acquisition of altera , net purchases of trading assets in 2016 compared to net sales of trading assets in 2015 , and higher capital expenditures in 2016 . this increase was partially offset by lower investments in non-marketable equity investments . financing activities financing cash flows consist primarily of repurchases of common stock , payment of dividends to stockholders , issuance and repayment of short-term and long-term debt , and proceeds from the sale of shares of common stock through employee equity incentive plans . the increase in cash used for financing activities in 2017 compared to 2016 was primarily due to net long-term debt activity , which was a use of cash in 2017 compared to a source of cash in 2016 . during 2017 , we repurchased $ 3.6 billion of common stock under our authorized common stock repurchase program , compared to $ 2.6 billion in 2016 . as of december 30 , 2017 , $ 13.2 billion remained available for repurchasing common stock under the existing repurchase authorization limit . we base our level of common stock repurchases on internal cash management decisions , and this level may fluctuate . proceeds from the sale of common stock through employee equity incentive plans totaled $ 770 million in 2017 compared to $ 1.1 billion in 2016 . our total dividend payments were $ 5.1 billion in 2017 compared to $ 4.9 billion in 2016 . we have paid a cash dividend in each of the past 101 quarters . in january 2018 , our board of directors approved an increase to our cash dividend to $ 1.20 per share on an annual basis . the board has declared a quarterly cash dividend of $ 0.30 per share of common stock for q1 2018 . the dividend is payable on march 1 , 2018 to stockholders of record on february 7 , 2018 . cash was used for financing activities in 2016 compared to cash provided by financing activities in 2015 , primarily due to fewer debt issuances and the repayment of debt in 2016 . this activity was partially offset by repayment of commercial paper in 2015 and fewer common stock repurchases in 2016 . md&a - results of operations consolidated results and analysis 37 .","['21808.0', '19018.0', '2790.0', '0.1467']" "['what was the change in the total amount of accrued income tax-related interest and penalties included in other long-term liabilities during 2007?', 'and how much does that change represent in relation to that total amount in the beginning of the year, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) company is currently unable to estimate the impact of the amount of such changes , if any , to previously recorded uncertain tax positions . a reconciliation of the beginning and ending amount of unrecognized tax benefits for the year ending december 31 , 2007 is as follows ( in thousands ) : .
1balance at january 1 2007$ 183953
2additions based on tax positions related to the current year2598
3additions for tax positions of prior years5412
4reductions for tax positions of prior years-120016 ( 120016 )
5cash advance in connection with proposed settlement-6682 ( 6682 )
6settlements with taxing authorities-5372 ( 5372 )
7reductions as a result of the lapse of statute of limitations-669 ( 669 )
8balance as of december 31 2007$ 59224
during the year ended december 31 , 2007 , the company recorded penalties and tax-related interest income of $ 2.5 million and interest income from tax refunds of $ 1.5 million for the year ended december 31 , 2007 . as of december 31 , 2007 and january 1 , 2007 , the total unrecognized tax benefits included in other long-term liabilities in the consolidated balance sheets was $ 29.6 million and $ 34.3 million , respectively . as of december 31 , 2007 and january 1 , 2007 , the total amount of accrued income tax-related interest and penalties included in other long-term liabilities in the consolidated balance sheets was $ 30.7 million and $ 33.2 million , respectively . in the fourth quarter of 2007 , the company entered into a tax amnesty program with the mexican tax authority . as of december 31 , 2007 , the company had met all of the administrative requirements of the program , which enabled the company to recognize certain tax benefits . this was confirmed by the mexican tax authority on february 5 , 2008 . these benefits include a reduction of uncertain tax benefits of $ 5.4 million along with penalties and interest of $ 12.5 million related to 2002 , all of which reduced income tax expense . in connection with the above program , the company paid $ 6.7 million to the mexican tax authority as a settlement offer for other uncertain tax positions related to 2003 and 2004 . this offer is currently under review by the mexican tax authority ; the company cannot yet determine the specific timing or the amount of any potential settlement . during 2007 , the statute of limitations on certain unrecognized tax benefits lapsed , which resulted in a $ 0.7 million decrease in the liability for uncertain tax benefits , all of which reduced the income tax provision . the company files numerous consolidated and separate income tax returns , including u.s . federal and state tax returns and foreign tax returns in mexico and brazil . as a result of the company 2019s ability to carry forward federal and state net operating losses , the applicable tax years remain open to examination until three years after the applicable loss carryforwards have been used or expired . however , the company has completed u.s . federal income tax examinations for tax years up to and including 2002 . the company is currently undergoing u.s . federal income tax examinations for tax years 2004 and 2005 . additionally , it is subject to examinations in various u.s . state jurisdictions for certain tax years , and is under examination in brazil for the 2001 through 2006 tax years and mexico for the 2002 tax year . sfas no . 109 , 201caccounting for income taxes , 201d requires that companies record a valuation allowance when it is 201cmore likely than not that some portion or all of the deferred tax assets will not be realized . 201d at december 31 , 2007 , the company has provided a valuation allowance of approximately $ 88.2 million , including approximately .","['-2.5', '-0.0753']" "['what were the research and development costs related to vegf trap-eye in 2009?', 'and what were they in 2008?', 'how much, then, did the 2009 costs represent in relation to these 2008 ones?', 'and for those same years, what was that ratio for the research and development costs related to arcalyst ae?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: we prepare estimates of research and development costs for projects in clinical development , which include direct costs and allocations of certain costs such as indirect labor , non-cash compensation expense , and manufacturing and other costs related to activities that benefit multiple projects , and , under our collaboration with bayer healthcare , the portion of bayer healthcare 2019s vegf trap-eye development expenses that we are obligated to reimburse . our estimates of research and development costs for clinical development programs are shown below : project costs year ended december 31 , increase ( decrease ) ( in millions ) 2009 2008 .
1project costs ( in millions )project costs 20092008( decrease )
2arcalyst ae$ 67.7$ 39.2$ 28.5
3vegf trap-eye109.882.727.1
4aflibercept23.332.1-8.8 ( 8.8 )
5regn8836.921.415.5
6other antibody candidates in clinical development74.427.447.0
7other research programs & unallocated costs86.772.114.6
8total research and development expenses$ 398.8$ 274.9$ 123.9
for the reasons described above in results of operations for the years ended december 31 , 2010 and 2009 , under the caption 201cresearch and development expenses 201d , and due to the variability in the costs necessary to develop a pharmaceutical product and the uncertainties related to future indications to be studied , the estimated cost and scope of the projects , and our ultimate ability to obtain governmental approval for commercialization , accurate and meaningful estimates of the total cost to bring our product candidates to market are not available . similarly , we are currently unable to reasonably estimate if our product candidates will generate material product revenues and net cash inflows . in 2008 , we received fda approval for arcalyst ae for the treatment of caps , a group of rare , inherited auto-inflammatory diseases that affect a very small group of people . we currently do not expect to generate material product revenues and net cash inflows from the sale of arcalyst ae for the treatment of caps . selling , general , and administrative expenses selling , general , and administrative expenses increased to $ 52.9 million in 2009 from $ 48.9 million in 2008 . in 2009 , we incurred ( i ) higher compensation expense , ( ii ) higher patent-related costs , ( iii ) higher facility-related costs due primarily to increases in administrative headcount , and ( iv ) higher patient assistance costs related to arcalyst ae . these increases were partly offset by ( i ) lower marketing costs related to arcalyst ae , ( ii ) a decrease in administrative recruitment costs , and ( iii ) lower professional fees related to various corporate matters . cost of goods sold during 2008 , we began recognizing revenue and cost of goods sold from net product sales of arcalyst ae . cost of goods sold in 2009 and 2008 was $ 1.7 million and $ 0.9 million , respectively , and consisted primarily of royalties and other period costs related to arcalyst ae commercial supplies . in 2009 and 2008 , arcalyst ae shipments to our customers consisted of supplies of inventory manufactured and expensed as research and development costs prior to fda approval in 2008 ; therefore , the costs of these supplies were not included in costs of goods sold . other income and expense investment income decreased to $ 4.5 million in 2009 from $ 18.2 million in 2008 , due primarily to lower yields on , and lower balances of , cash and marketable securities . in addition , in 2009 and 2008 , deterioration in the credit quality of specific marketable securities in our investment portfolio subjected us to the risk of not being able to recover these securities 2019 carrying values . as a result , in 2009 and 2008 , we recognized charges of $ 0.1 million and $ 2.5 million , respectively , related to these securities , which we considered to be other than temporarily impaired . in 2009 and 2008 , these charges were either wholly or partly offset by realized gains of $ 0.2 million and $ 1.2 million , respectively , on sales of marketable securities during the year. .","['27.1', '82.7', '0.32769', '0.72704']" "['what is the sum of total executive shares owned plus the unvested shares of mr. johnson?', 'what are the total of unvested shares of mr. johnson?', 'what is the total shared owned plus total unvested shares?', 'what are the unvested shares by mr. fadell?', 'what is the total sum?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: security ownership of 5% ( 5 % ) holders , directors , nominees and executive officers shares of common stock percent of common stock name of beneficial owner beneficially owned ( 1 ) outstanding .
1name of beneficial ownershares of common stock beneficially owned ( 1 )percent of common stock outstanding
2fidelity investments56583870-2 ( 2 )6.49% ( 6.49 % )
3steven p . jobs5546451*
4william v . campbell112900-3 ( 3 )*
5timothy d . cook13327-4 ( 4 )*
6millard s . drexler230000-5 ( 5 )*
7tony fadell288702-6 ( 6 )*
8albert a . gore jr .70000-7 ( 7 )*
9ronald b . johnson1450620-8 ( 8 )*
10arthur d . levinson365015-9 ( 9 )*
11peter oppenheimer14873-10 ( 10 )*
12eric e . schmidt12284-11 ( 11 )*
13jerome b . york90000-12 ( 12 )*
14all current executive officers and directors as a group ( 14 persons )8352396-13 ( 13 )1.00% ( 1.00 % )
all current executive officers and directors as a group ( 14 persons ) 8352396 ( 13 ) 1.00% ( 1.00 % ) ( 1 ) represents shares of the company 2019s common stock held and options held by such individuals that were exercisable at the table date or within 60 days thereafter . this does not include options or restricted stock units that vest more than 60 days after the table date . ( 2 ) based on a form 13g/a filed february 14 , 2007 by fmr corp . fmr corp . lists its address as 82 devonshire street , boston , ma 02109 , in such filing . ( 3 ) includes 110000 shares of the company 2019s common stock that mr . campbell has the right to acquire by exercise of stock options . ( 4 ) excludes 600000 unvested restricted stock units . ( 5 ) includes 40000 shares of the company 2019s common stock that mr . drexler holds indirectly and 190000 shares of the company 2019s common stock that mr . drexler has the right to acquire by exercise of stock options . ( 6 ) includes 275 shares of the company 2019s common stock that mr . fadell holds indirectly , 165875 shares of the company 2019s common stock that mr . fadell has the right to acquire by exercise of stock options within 60 days after the table date , 1157 shares of the company 2019s common stock held by mr . fadell 2019s spouse , and 117375 shares of the company 2019s common stock that mr . fadell 2019s spouse has the right to acquire by exercise of stock options within 60 days after the table date . excludes 210000 unvested restricted stock units held by mr . fadell and 40000 unvested restricted stock units held by mr . fadell 2019s spouse . ( 7 ) consists of 70000 shares of the company 2019s common stock that mr . gore has the right to acquire by exercise of stock options . ( 8 ) includes 1300000 shares of the company 2019s common stock that mr . johnson has the right to acquire by exercise of stock options and excludes 450000 unvested restricted stock units . ( 9 ) includes 2000 shares of the company 2019s common stock held by dr . levinson 2019s spouse and 110000 shares of the company 2019s common stock that dr . levinson has the right to acquire by exercise of stock options . ( 10 ) excludes 450000 unvested restricted stock units. .","['8802396.0', '450000.0', '9252396.0', '210000.0', '9462396.0']" "['what are the number of individual smoking and health cases in 2016?', 'what are the number of smoking and health class actions and aggregated claims litigation in 2016?', 'what is the sum?', 'what is the sum including health care cost recovery actions?', 'what is the number of 201clights/ultra lights 201d class actions?', 'what is the total sum of claims?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc verdicts have been appealed , there remains a risk that such relief may not be obtainable in all cases . this risk has been substantially reduced given that 47 states and puerto rico limit the dollar amount of bonds or require no bond at all . as discussed below , however , tobacco litigation plaintiffs have challenged the constitutionality of florida 2019s bond cap statute in several cases and plaintiffs may challenge state bond cap statutes in other jurisdictions as well . such challenges may include the applicability of state bond caps in federal court . states , including florida , may also seek to repeal or alter bond cap statutes through legislation . although altria group , inc . cannot predict the outcome of such challenges , it is possible that the consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries , could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome of one or more such challenges . altria group , inc . and its subsidiaries record provisions in the consolidated financial statements for pending litigation when they determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated . at the present time , while it is reasonably possible that an unfavorable outcome in a case may occur , except to the extent discussed elsewhere in this note 18 . contingencies : ( i ) management has concluded that it is not probable that a loss has been incurred in any of the pending tobacco-related cases ; ( ii ) management is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome in any of the pending tobacco-related cases ; and ( iii ) accordingly , management has not provided any amounts in the consolidated financial statements for unfavorable outcomes , if any . litigation defense costs are expensed as incurred . altria group , inc . and its subsidiaries have achieved substantial success in managing litigation . nevertheless , litigation is subject to uncertainty and significant challenges remain . it is possible that the consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries , could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation . altria group , inc . and each of its subsidiaries named as a defendant believe , and each has been so advised by counsel handling the respective cases , that it has valid defenses to the litigation pending against it , as well as valid bases for appeal of adverse verdicts . each of the companies has defended , and will continue to defend , vigorously against litigation challenges . however , altria group , inc . and its subsidiaries may enter into settlement discussions in particular cases if they believe it is in the best interests of altria group , inc . to do so . overview of altria group , inc . and/or pm usa tobacco- related litigation types and number of cases : claims related to tobacco products generally fall within the following categories : ( i ) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs ; ( ii ) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring and purporting to be brought on behalf of a class of individual plaintiffs , including cases in which the aggregated claims of a number of individual plaintiffs are to be tried in a single proceeding ; ( iii ) health care cost recovery cases brought by governmental ( both domestic and foreign ) plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits ; ( iv ) class action suits alleging that the uses of the terms 201clights 201d and 201cultra lights 201d constitute deceptive and unfair trade practices , common law or statutory fraud , unjust enrichment , breach of warranty or violations of the racketeer influenced and corrupt organizations act ( 201crico 201d ) ; and ( v ) other tobacco-related litigation described below . plaintiffs 2019 theories of recovery and the defenses raised in pending smoking and health , health care cost recovery and 201clights/ultra lights 201d cases are discussed below . the table below lists the number of certain tobacco-related cases pending in the united states against pm usa and , in some instances , altria group , inc . as of december 31 , 2017 , 2016 and .
1201720162015
2individual smoking and health cases ( 1 )927065
3smoking and health class actions and aggregated claims litigation ( 2 )455
4health care cost recovery actions ( 3 )111
5201clights/ultra lights 201d class actions3811
( 1 ) does not include 2414 cases brought by flight attendants seeking compensatory damages for personal injuries allegedly caused by exposure to environmental tobacco smoke ( 201cets 201d ) . the flight attendants allege that they are members of an ets smoking and health class action in florida , which was settled in 1997 ( broin ) . the terms of the court-approved settlement in that case allowed class members to file individual lawsuits seeking compensatory damages , but prohibited them from seeking punitive damages . also , does not include individual smoking and health cases brought by or on behalf of plaintiffs in florida state and federal courts following the decertification of the engle case ( discussed below in smoking and health litigation - engle class action ) . ( 2 ) includes as one case the 30 civil actions that were to be tried in six consolidated trials in west virginia ( in re : tobacco litigation ) . pm usa is a defendant in nine of the 30 cases . the parties have agreed to resolve the cases for an immaterial amount and have so notified the court . ( 3 ) see health care cost recovery litigation - federal government 2019s lawsuit below . international tobacco-related cases : as of january 29 , 2018 , pm usa is a named defendant in 10 health care cost recovery actions in canada , eight of which also name altria group , inc . as a defendant . pm usa and altria group , inc . are also named defendants in seven smoking and health class actions filed in various canadian provinces . see guarantees and other similar matters below for a discussion of the distribution agreement between altria group , inc . and pmi that provides for indemnities for certain liabilities concerning tobacco products. .","['70.0', '5.0', '75.0', '76.0', '8.0', '84.0']" "['what was the change in the performance value of the dj us containers & packaging from 2006 to 2008?', 'and how much does this change represent in relation to that performance value in 2006?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: shareholder return performance the line graph below compares the annual percentage change in ball corporation fffds cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2011 . it assumes $ 100 was invested on december 31 , 2006 , and that all dividends were reinvested . the dow jones containers & packaging index total return has been weighted by market capitalization . total return to stockholders ( assumes $ 100 investment on 12/31/06 ) total return analysis .
112/31/200612/31/200712/31/200812/31/200912/31/201012/31/2011
2ball corporation$ 100.00$ 104.05$ 97.04$ 121.73$ 161.39$ 170.70
3dj us containers & packaging$ 100.00$ 106.73$ 66.91$ 93.98$ 110.23$ 110.39
4s&p 500$ 100.00$ 105.49$ 66.46$ 84.05$ 96.71$ 98.75
copyright a9 2012 standard & poor fffds , a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) copyright a9 2012 dow jones & company . all rights reserved. .","['-33.09', '-0.3309']" "['what was the percentage of total maturities making up senior notes payable and other debt?', 'and the percentage of the maturities that are part of the total maturities in 2008?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: ventas , inc . notes to consolidated financial statements 2014 ( continued ) applicable indenture . the issuers may also redeem the 2015 senior notes , in whole at any time or in part from time to time , on or after june 1 , 2010 at varying redemption prices set forth in the applicable indenture , plus accrued and unpaid interest thereon to the redemption date . in addition , at any time prior to june 1 , 2008 , the issuers may redeem up to 35% ( 35 % ) of the aggregate principal amount of either or both of the 2010 senior notes and 2015 senior notes with the net cash proceeds from certain equity offerings at redemption prices equal to 106.750% ( 106.750 % ) and 107.125% ( 107.125 % ) , respectively , of the principal amount thereof , plus , in each case , accrued and unpaid interest thereon to the redemption date . the issuers may redeem the 2014 senior notes , in whole at any time or in part from time to time , ( i ) prior to october 15 , 2009 at a redemption price equal to 100% ( 100 % ) of the principal amount thereof , plus a make-whole premium as described in the applicable indenture and ( ii ) on or after october 15 , 2009 at varying redemption prices set forth in the applicable indenture , plus , in each case , accrued and unpaid interest thereon to the redemption date . the issuers may redeem the 2009 senior notes and the 2012 senior notes , in whole at any time or in part from time to time , at a redemption price equal to 100% ( 100 % ) of the principal amount thereof , plus accrued and unpaid interest thereon to the redemption date and a make-whole premium as described in the applicable indenture . if we experience certain kinds of changes of control , the issuers must make an offer to repurchase the senior notes , in whole or in part , at a purchase price in cash equal to 101% ( 101 % ) of the principal amount of the senior notes , plus any accrued and unpaid interest to the date of purchase ; provided , however , that in the event moody 2019s and s&p have confirmed their ratings at ba3 or higher and bb- or higher on the senior notes and certain other conditions are met , this repurchase obligation will not apply . mortgages at december 31 , 2007 , we had outstanding 121 mortgage loans totaling $ 1.57 billion that are collateralized by the underlying assets of the properties . outstanding principal balances on these loans ranged from $ 0.4 million to $ 59.4 million as of december 31 , 2007 . the loans generally bear interest at fixed rates ranging from 5.4% ( 5.4 % ) to 8.5% ( 8.5 % ) per annum , except for 15 loans with outstanding principal balances ranging from $ 0.4 million to $ 32.0 million , which bear interest at the lender 2019s variable rates ranging from 3.4% ( 3.4 % ) to 7.3% ( 7.3 % ) per annum as of december 31 , 2007 . at december 31 , 2007 , the weighted average annual rate on fixed rate debt was 6.5% ( 6.5 % ) and the weighted average annual rate on the variable rate debt was 6.1% ( 6.1 % ) . the loans had a weighted average maturity of 7.0 years as of december 31 , 2007 . sunrise 2019s portion of total debt was $ 157.1 million as of december 31 , scheduled maturities of borrowing arrangements and other provisions as of december 31 , 2007 , our indebtedness had the following maturities ( in thousands ) : .
12008$ 193101
22009605762
32010282138
42011303191
52012527221
6thereafter1436263
7total maturities3347676
8unamortized fair value adjustment19669
9unamortized commission fees and discounts-6846 ( 6846 )
10senior notes payable and other debt$ 3360499
.","['0.99618', '0.05768']" "['what was the net change in value of operating income for technical solutions segment from 2017 and 2018?', 'what was the value of operating income for technical solutions segment in 2017?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: december 2016 acquisition of camber and higher volumes in fleet support and oil and gas services , partially offset by lower nuclear and environmental volumes due to the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract . segment operating income 2018 - operating income in the technical solutions segment for the year ended december 31 , 2018 , was $ 32 million , compared to operating income of $ 21 million in 2017 . the increase was primarily due to an allowance for accounts receivable in 2017 on a nuclear and environmental commercial contract and higher income from operating investments at our nuclear and environmental joint ventures , partially offset by one time employee bonus payments in 2018 related to the tax act and lower performance in fleet support services . 2017 - operating income in the technical solutions segment for the year ended december 31 , 2017 , was $ 21 million , compared to operating income of $ 8 million in 2016 . the increase was primarily due to improved performance in oil and gas services and higher volume in mdis services following the december 2016 acquisition of camber , partially offset by the establishment of an allowance for accounts receivable on a nuclear and environmental commercial contract in 2017 and the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract . backlog total backlog as of december 31 , 2018 , was approximately $ 23 billion . total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) . backlog excludes unexercised contract options and unfunded idiq orders . for contracts having no stated contract values , backlog includes only the amounts committed by the customer . the following table presents funded and unfunded backlog by segment as of december 31 , 2018 and 2017: .
1( $ in millions )december 31 2018 fundeddecember 31 2018 unfundeddecember 31 2018 total backlogdecember 31 2018 fundeddecember 31 2018 unfundedtotal backlog
2ingalls$ 9943$ 1422$ 11365$ 5920$ 2071$ 7991
3newport news67674144109116976560812584
4technical solutions339380719478314792
5total backlog$ 17049$ 5946$ 22995$ 13374$ 7993$ 21367
we expect approximately 30% ( 30 % ) of the $ 23 billion total backlog as of december 31 , 2018 , to be converted into sales in 2019 . u.s . government orders comprised substantially all of the backlog as of december 31 , 2018 and 2017 . awards 2018 - the value of new contract awards during the year ended december 31 , 2018 , was approximately $ 9.8 billion . significant new awards during the period included contracts for the construction of three arleigh burke class ( ddg 51 ) destroyers , for the detail design and construction of richard m . mccool jr . ( lpd 29 ) , for procurement of long-lead-time material for enterprise ( cvn 80 ) , and for the construction of nsc 10 ( unnamed ) and nsc 11 ( unnamed ) . in addition , we received awards in 2019 valued at $ 15.2 billion for detail design and construction of the gerald r . ford class ( cvn 78 ) aircraft carriers enterprise ( cvn 80 ) and cvn 81 ( unnamed ) . 2017 - the value of new contract awards during the year ended december 31 , 2017 , was approximately $ 8.1 billion . significant new awards during this period included the detailed design and construction contract for bougainville ( lha 8 ) and the execution contract for the rcoh of uss george washington ( cvn 73 ) . .","['11.0', '21.0', '0.52381']" "['what was the amount allocated to identifiable intangible assets?', 'what is that times 1000?', 'what was the value of total purchase price considerations?', 'what is the product divided by total purchase price considerations?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: synopsys , inc . notes to consolidated financial statements 2014 ( continued ) and other electronic applications markets . the company believes the acquisition will expand its technology portfolio , channel reach and total addressable market by adding complementary products and expertise for fpga solutions and rapid asic prototyping . purchase price . synopsys paid $ 8.00 per share for all outstanding shares including certain vested options of synplicity for an aggregate cash payment of $ 223.3 million . additionally , synopsys assumed certain employee stock options and restricted stock units , collectively called 201cstock awards . 201d the total purchase consideration consisted of: .
1( in thousands )
2cash paid net of cash acquired$ 180618
3fair value of assumed vested or earned stock awards4169
4acquisition related costs8016
5total purchase price consideration$ 192803
acquisition related costs consist primarily of professional services , severance and employee related costs and facilities closure costs of which $ 6.8 million have been paid as of october 31 , 2009 . fair value of stock awards assumed . an aggregate of 4.7 million shares of synplicity stock options and restricted stock units were exchanged for synopsys stock options and restricted stock units at an exchange ratio of 0.3392 per share . the fair value of stock options assumed was determined using a black-scholes valuation model . the fair value of stock awards vested or earned of $ 4.2 million was included as part of the purchase price . the fair value of unvested awards of $ 5.0 million will be recorded as operating expense over the remaining service periods on a straight-line basis . purchase price allocation . the company allocated $ 80.0 million of the purchase price to identifiable intangible assets to be amortized over two to seven years . in-process research and development expense related to these acquisitions was $ 4.8 million . goodwill , representing the excess of the purchase price over the fair value of tangible and identifiable intangible assets acquired , was $ 120.3 million and will not be amortized . goodwill primarily resulted from the company 2019s expectation of cost synergies and sales growth from the integration of synplicity 2019s technology with the company 2019s technology and operations to provide an expansion of products and market reach . fiscal 2007 acquisitions during fiscal year 2007 , the company completed certain purchase acquisitions for cash . the company allocated the total purchase considerations of $ 54.8 million ( which included acquisition related costs of $ 1.4 million ) to the assets and liabilities acquired , including identifiable intangible assets , based on their respective fair values at the acquisition dates , resulting in aggregate goodwill of $ 36.6 million . acquired identifiable intangible assets of $ 14.3 million are being amortized over two to nine years . in-process research and development expense related to these acquisitions was $ 3.2 million. .","['80.0', '80000.0', '192803.0', '0.41493']" "['what was the total amortization expense for other intangible assets in 2008 and 2009?', 'and including the value for 2007?', 'so what was the average value during this time?', 'in 2007, what was the percentage of the investment impairments to the investment in auction rate securities?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) sales of businesses and investments 2013 primarily includes realized gains and losses relating to the sales of businesses , cumulative translation adjustment balances from the liquidation of entities and sales of marketable securities and investments in publicly traded and privately held companies in our rabbi trusts . during 2009 , we realized a gain of $ 15.2 related to the sale of an investment in our rabbi trusts , which was partially offset by losses realized from the sale of various businesses . losses in 2007 primarily related to the sale of several businesses within draftfcb for a loss of $ 9.3 and charges at lowe of $ 7.8 as a result of the realization of cumulative translation adjustment balances from the liquidation of several businesses . vendor discounts and credit adjustments 2013 we are in the process of settling our liabilities related to vendor discounts and credits established during the restatement we presented in our 2004 annual report on form 10-k . these adjustments reflect the reversal of certain of these liabilities as a result of settlements with clients or vendors or where the statute of limitations has lapsed . litigation settlement 2013 during may 2008 , the sec concluded its investigation that began in 2002 into our financial reporting practices , resulting in a settlement charge of $ 12.0 . investment impairments 2013 in 2007 we realized an other-than-temporary charge of $ 5.8 relating to a $ 12.5 investment in auction rate securities , representing our total investment in auction rate securities . see note 12 for further information . note 5 : intangible assets goodwill goodwill is the excess purchase price remaining from an acquisition after an allocation of purchase price has been made to identifiable assets acquired and liabilities assumed based on estimated fair values . the changes in the carrying value of goodwill for our segments , integrated agency networks ( 201cian 201d ) and constituency management group ( 201ccmg 201d ) , for the years ended december 31 , 2009 and 2008 are listed below. .
1iancmgtotal 1
2balance as of december 31 2007$ 2789.7$ 441.9$ 3231.6
3current year acquisitions99.51.8101.3
4contingent and deferred payments for prior acquisitions28.91.130.0
5other ( primarily foreign currency translation )-128.1 ( 128.1 )-13.9 ( 13.9 )-142.0 ( 142.0 )
6balance as of december 31 2008$ 2790.0$ 430.9$ 3220.9
7current year acquisitions25.220145.2
8contingent and deferred payments for prior acquisitions14.2201414.2
9other ( primarily foreign currency translation )76.24.580.7
10balance as of december 31 2009$ 2885.6$ 435.4$ 3321.0
1 for all periods presented we have not recorded a goodwill impairment charge . 2 for acquisitions completed after january 1 , 2009 , amount includes contingent and deferred payments , which are recorded at fair value on the acquisition date . see note 6 for further information . see note 1 for further information regarding our annual impairment methodology . other intangible assets included in other intangible assets are assets with indefinite lives not subject to amortization and assets with definite lives subject to amortization . other intangible assets primarily include customer lists and trade names . intangible assets with definitive lives subject to amortization are amortized on a straight-line basis with estimated useful lives generally between 7 and 15 years . amortization expense for other intangible assets for the years ended december 31 , 2009 , 2008 and 2007 was $ 19.3 , $ 14.4 and $ 8.5 , respectively . the following table provides a summary of other intangible assets , which are included in other assets on our consolidated balance sheets. .","['33.7', '42.2', '14.06667', '0.464']" "['in the year of 2018, what was the impact to the fair market value of the 10% ( 10 % ) increase in interest rates?', 'and what was that for the decrease in interest rates?', 'how much, then, did the increase amount represent in relation to this decrease one?', 'and for that year and the one before, what was the total interest income, in millions?', 'and what was the average between the two years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 7a . quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items . from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks . derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes . interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations . the majority of our debt ( approximately 86% ( 86 % ) and 94% ( 94 % ) as of december 31 , 2018 and 2017 , respectively ) bears interest at fixed rates . we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows . the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below . increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .
1as of december 31,increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest ratesincrease/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
22018$ -91.3 ( 91.3 )$ 82.5
32017-20.2 ( 20.2 )20.6
we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates . we did not have any interest rate swaps outstanding as of december 31 , 2018 . we had $ 673.5 of cash , cash equivalents and marketable securities as of december 31 , 2018 that we generally invest in conservative , short-term bank deposits or securities . the interest income generated from these investments is subject to both domestic and foreign interest rate movements . during 2018 and 2017 , we had interest income of $ 21.8 and $ 19.4 , respectively . based on our 2018 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 6.7 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2018 levels . foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates . since we report revenues and expenses in u.s . dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s . dollars ) from foreign operations . the foreign currencies that most favorably impacted our results during the year ended december 31 , 2018 were the euro and british pound sterling . the foreign currencies that most adversely impacted our results during the year ended december 31 , of 2018 were the argentine peso and brazilian real . based on 2018 exchange rates and operating results , if the u.s . dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2018 levels . the functional currency of our foreign operations is generally their respective local currency . assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented . the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets . our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk . however , certain subsidiaries may enter into transactions in currencies other than their functional currency . assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement . currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses . we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other .","['-91.3', '82.5', '-1.10667', '41.2', '20.6']" "['what was the value in the allowance for loan and lease losses in 2013?', 'what was the value in 2012?', 'what was the net change in value?', 'what was the value in 2012?', 'what is the net change divided by the value in 2012?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table 46 : allowance for loan and lease losses .
1dollars in millions20132012
2january 1$ 4036$ 4347
3total net charge-offs-1077 ( 1077 )-1289 ( 1289 )
4provision for credit losses643987
5net change in allowance for unfunded loan commitments and letters of credit8-10 ( 10 )
6other-1 ( 1 )1
7december 31$ 3609$ 4036
8net charge-offs to average loans ( for the year ended ) ( a ).57% ( .57 % ).73% ( .73 % )
9allowance for loan and lease losses to total loans1.842.17
10commercial lending net charge-offs$ -249 ( 249 )$ -359 ( 359 )
11consumer lending net charge-offs-828 ( 828 )-930 ( 930 )
12total net charge-offs$ -1077 ( 1077 )$ -1289 ( 1289 )
13net charge-offs to average loans ( for the year ended )
14commercial lending.22% ( .22 % ).35% ( .35 % )
15consumer lending ( a )1.071.24
( a ) includes charge-offs of $ 134 million taken pursuant to alignment with interagency guidance on practices for loans and lines of credit related to consumer lending in the first quarter of 2013 . the provision for credit losses totaled $ 643 million for 2013 compared to $ 987 million for 2012 . the primary driver of the decrease to the provision was improved overall credit quality , including improved commercial loan risk factors , lower consumer loan delinquencies and improvements in expected cash flows for our purchased impaired loans . for 2013 , the provision for commercial lending credit losses decreased by $ 102 million , or 74% ( 74 % ) , from 2012 . the provision for consumer lending credit losses decreased $ 242 million , or 29% ( 29 % ) , from 2012 . at december 31 , 2013 , total alll to total nonperforming loans was 117% ( 117 % ) . the comparable amount for december 31 , 2012 was 124% ( 124 % ) . these ratios are 72% ( 72 % ) and 79% ( 79 % ) , respectively , when excluding the $ 1.4 billion and $ 1.5 billion , respectively , of alll at december 31 , 2013 and december 31 , 2012 allocated to consumer loans and lines of credit not secured by residential real estate and purchased impaired loans . we have excluded consumer loans and lines of credit not secured by real estate as they are charged off after 120 to 180 days past due and not placed on nonperforming status . additionally , we have excluded purchased impaired loans as they are considered performing regardless of their delinquency status as interest is accreted based on our estimate of expected cash flows and additional allowance is recorded when these cash flows are below recorded investment . see table 35 within this credit risk management section for additional information . the alll balance increases or decreases across periods in relation to fluctuating risk factors , including asset quality trends , charge-offs and changes in aggregate portfolio balances . during 2013 , improving asset quality trends , including , but not limited to , delinquency status and improving economic conditions , realization of previously estimated losses through charge-offs , including the impact of alignment with interagency guidance and overall portfolio growth , combined to result in the alll balance declining $ .4 billion , or 11% ( 11 % ) to $ 3.6 billion as of december 31 , 2013 compared to december 31 , 2012 . see note 7 allowances for loan and lease losses and unfunded loan commitments and letters of credit and note 6 purchased loans in the notes to consolidated financial statements in item 8 of this report regarding changes in the alll and in the allowance for unfunded loan commitments and letters of credit . operational risk management operational risk is the risk of loss resulting from inadequate or failed internal processes or systems , human factors , or external events . this includes losses that may arise as a result of non- compliance with laws or regulations , failure to fulfill fiduciary responsibilities , as well as litigation or other legal actions . operational risk may occur in any of our business activities and manifests itself in various ways , including but not limited to : 2022 transaction processing errors , 2022 unauthorized transactions and fraud by employees or third parties , 2022 material disruption in business activities , 2022 system breaches and misuse of sensitive information , 2022 regulatory or governmental actions , fines or penalties , and 2022 significant legal expenses , judgments or settlements . pnc 2019s operational risk management is inclusive of technology risk management , compliance and business continuity risk . operational risk management focuses on balancing business needs , regulatory expectations and risk management priorities through an adaptive and proactive program that is designed to provide a strong governance model , sound and consistent risk management processes and transparent operational risk reporting across the enterprise . the pnc board determines the strategic approach to operational risk via establishment of the operational risk appetite and appropriate risk management structure . this includes establishment of risk metrics and limits and a reporting structure to identify , understand and manage operational risks . executive management has responsibility for operational risk management . the executive management team is responsible for monitoring significant risks , key controls and related issues through management reporting and a governance structure of risk committees and sub-committees . within risk management , operational risk management functions are responsible for developing and maintaining the 84 the pnc financial services group , inc . 2013 form 10-k .","['3609.0', '4036.0', '-427.0', '4036.0', '-0.1058']" "['what is the sum of other revenue for 2009 and 2010?', 'what is the value in 2008?', 'what is the sum including 2008?', 'what is the average?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 u.s . we have 31953 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 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 2010 2009 2008 .
1millions201020092008
2agricultural$ 3018$ 2666$ 3174
3automotive12718541344
4chemicals242521022494
5energy348931183810
6industrial products263921473273
7intermodal322724863023
8total freight revenues$ 16069$ 13373$ 17118
9other revenues896770852
10total operating revenues$ 16965$ 14143$ 17970
although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported are outside the u.s . 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 . investments 2013 investments represent our investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) that are accounted for under the equity method of accounting and investments in companies ( less than 20% ( 20 % ) owned ) accounted for under the cost method of accounting. .","['1666.0', '852.0', '2518.0', '839.33333']" "['what was the amount of securities borrowed by the end of 2012, in billions?', 'and what was it in the end of 2011?', 'what was, then, the change throughout the year, in billions?', 'in that same period, what was the change in the total of securities sold under agreements to repurchase, in millions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements note 9 . collateralized agreements and financings collateralized agreements are securities purchased under agreements to resell ( resale agreements or reverse repurchase agreements ) and securities borrowed . collateralized financings are securities sold under agreements to repurchase ( repurchase agreements ) , securities loaned and other secured financings . the firm enters into these transactions in order to , among other things , facilitate client activities , invest excess cash , acquire securities to cover short positions and finance certain firm activities . collateralized agreements and financings are presented on a net-by-counterparty basis when a legal right of setoff exists . interest on collateralized agreements and collateralized financings is recognized over the life of the transaction and included in 201cinterest income 201d and 201cinterest expense , 201d respectively . see note 23 for further information about interest income and interest expense . the table below presents the carrying value of resale and repurchase agreements and securities borrowed and loaned transactions. .
1in millionsas of december 2012as of december 2011
2securities purchased under agreements toresell1$ 141334$ 187789
3securities borrowed2136893153341
4securities sold under agreements torepurchase1171807164502
5securitiesloaned2137657182
in millions 2012 2011 securities purchased under agreements to resell 1 $ 141334 $ 187789 securities borrowed 2 136893 153341 securities sold under agreements to repurchase 1 171807 164502 securities loaned 2 13765 7182 1 . substantially all resale and repurchase agreements are carried at fair value under the fair value option . see note 8 for further information about the valuation techniques and significant inputs used to determine fair value . 2 . as of december 2012 and december 2011 , $ 38.40 billion and $ 47.62 billion of securities borrowed , and $ 1.56 billion and $ 107 million of securities loaned were at fair value , respectively . resale and repurchase agreements a resale agreement is a transaction in which the firm purchases financial instruments from a seller , typically in exchange for cash , and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date . a repurchase agreement is a transaction in which the firm sells financial instruments to a buyer , typically in exchange for cash , and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date . the financial instruments purchased or sold in resale and repurchase agreements typically include u.s . government and federal agency , and investment-grade sovereign obligations . the firm receives financial instruments purchased under resale agreements , makes delivery of financial instruments sold under repurchase agreements , monitors the market value of these financial instruments on a daily basis , and delivers or obtains additional collateral due to changes in the market value of the financial instruments , as appropriate . for resale agreements , the firm typically requires delivery of collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated statements of financial condition . even though repurchase and resale agreements involve the legal transfer of ownership of financial instruments , they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at the maturity of the agreement . however , 201crepos to maturity 201d are accounted for as sales . a repo to maturity is a transaction in which the firm transfers a security under an agreement to repurchase the security where the maturity date of the repurchase agreement matches the maturity date of the underlying security . therefore , the firm effectively no longer has a repurchase obligation and has relinquished control over the underlying security and , accordingly , accounts for the transaction as a sale . the firm had no repos to maturity outstanding as of december 2012 or december 2011 . 152 goldman sachs 2012 annual report .","['38.4', '47.62', '-9.22', '7305.0']" "['what was the value of unrecognized tax benefits in 2013?', 'what was the value in 2012?', 'what is the difference?', 'what was the 2012 value?', 'what is the net change divided by that value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 52 2013 ppg annual report and form 10-k repatriation of undistributed earnings of non-u.s . subsidiaries as of december 31 , 2013 and december 31 , 2012 would have resulted in a u.s . tax cost of approximately $ 250 million and $ 110 million , respectively . the company files federal , state and local income tax returns in numerous domestic and foreign jurisdictions . in most tax jurisdictions , returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed . the company is no longer subject to examinations by tax authorities in any major tax jurisdiction for years before 2006 . additionally , the internal revenue service has completed its examination of the company 2019s u.s . federal income tax returns filed for years through 2010 . the examination of the company 2019s u.s . federal income tax return for 2011 is currently underway and is expected to be finalized during 2014 . a reconciliation of the total amounts of unrecognized tax benefits ( excluding interest and penalties ) as of december 31 follows: .
1( millions )201320122011
2balance at january 1$ 82$ 107$ 111
3additions based on tax positions related to the current year121215
4additions for tax positions of prior years9217
5reductions for tax positions of prior years-10 ( 10 )-12 ( 12 )-19 ( 19 )
6pre-acquisition unrecognized tax benefits201422014
7reductions for expiration of the applicable statute of limitations-10 ( 10 )-6 ( 6 )-7 ( 7 )
8settlements2014-23 ( 23 )-8 ( 8 )
9foreign currency translation22014-2 ( 2 )
10balance at december 31$ 85$ 82$ 107
the company expects that any reasonably possible change in the amount of unrecognized tax benefits in the next 12 months would not be significant . the total amount of unrecognized tax benefits that , if recognized , would affect the effective tax rate was $ 81 million as of december 31 , 2013 . the company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense . as of december 31 , 2013 , 2012 and 2011 , the company had liabilities for estimated interest and penalties on unrecognized tax benefits of $ 9 million , $ 10 million and $ 15 million , respectively . the company recognized $ 2 million and $ 5 million of income in 2013 and 2012 , respectively , related to the reduction of estimated interest and penalties . the company recognized no income or expense for estimated interest and penalties during the year ended december 31 , 2011 . 13 . pensions and other postretirement benefits defined benefit plans ppg has defined benefit pension plans that cover certain employees worldwide . the principal defined benefit pension plans are those in the u.s. , canada , the netherlands and the u.k . which , in the aggregate represent approximately 91% ( 91 % ) of the projected benefit obligation at december 31 , 2013 , of which the u.s . defined benefit pension plans represent the majority . ppg also sponsors welfare benefit plans that provide postretirement medical and life insurance benefits for certain u.s . and canadian employees and their dependents . these programs require retiree contributions based on retiree-selected coverage levels for certain retirees and their dependents and provide for sharing of future benefit cost increases between ppg and participants based on management discretion . the company has the right to modify or terminate certain of these benefit plans in the future . salaried and certain hourly employees in the u.s . hired on or after october 1 , 2004 , or rehired on or after october 1 , 2012 are not eligible for postretirement medical benefits . salaried employees in the u.s . hired , rehired or transferred to salaried status on or after january 1 , 2006 , and certain u.s . hourly employees hired in 2006 or thereafter are eligible to participate in a defined contribution retirement plan . these employees are not eligible for defined benefit pension plan benefits . plan design changes in january 2011 , the company approved an amendment to one of its u.s . defined benefit pension plans that represented about 77% ( 77 % ) of the total u.s . projected benefit obligation at december 31 , 2011 . depending upon the affected employee's combined age and years of service to ppg , this change resulted in certain employees no longer accruing benefits under this plan as of december 31 , 2011 , while the remaining employees will no longer accrue benefits under this plan as of december 31 , 2020 . the affected employees will participate in the company 2019s defined contribution retirement plan from the date their benefit under the defined benefit plan is frozen . the company remeasured the projected benefit obligation of this amended plan , which lowered 2011 pension expense by approximately $ 12 million . the company made similar changes to certain other u.s . defined benefit pension plans in 2011 . the company recognized a curtailment loss and special termination benefits associated with these plan amendments of $ 5 million in 2011 . the company plans to continue reviewing and potentially changing other ppg defined benefit plans in the future . separation and merger of commodity chemicals business on january 28 , 2013 , ppg completed the separation of its commodity chemicals business and the merger of the subsidiary holding the ppg commodity chemicals business with a subsidiary of georgia gulf , as discussed in note 22 , 201cseparation and merger transaction . 201d ppg transferred the defined benefit pension plan and other postretirement benefit liabilities for the affected employees in the u.s. , canada , and taiwan in the separation resulting in a net partial settlement loss of $ 33 million notes to the consolidated financial statements .","['85.0', '82.0', '3.0', '82.0', '0.03659']" "['what is the net change in the maximum aggregate amount that may be borrowed under the cp program from 2009 to 2011?', 'what was the change over the 2009 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the impairment tests performed for intangible assets as of july 31 , 2013 , 2012 and 2011 indicated no impairment charges were required . estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows : ( in millions ) .
1yearamount
22014$ 156
32015126
4201691
5201774
6201824
indefinite-lived acquired management contracts in july 2013 , in connection with the credit suisse etf transaction , the company acquired $ 231 million of indefinite-lived management contracts . in march 2012 , in connection with the claymore transaction , the company acquired $ 163 million of indefinite-lived etp management contracts . finite-lived acquired management contracts in october 2013 , in connection with the mgpa transaction , the company acquired $ 29 million of finite-lived management contracts with a weighted-average estimated useful life of approximately eight years . in september 2012 , in connection with the srpep transaction , the company acquired $ 40 million of finite- lived management contracts with a weighted-average estimated useful life of approximately 10 years . 11 . other assets at march 31 , 2013 , blackrock held an approximately one- third economic equity interest in private national mortgage acceptance company , llc ( 201cpnmac 201d ) , which is accounted for as an equity method investment and is included in other assets on the consolidated statements of financial condition . on may 8 , 2013 , pennymac became the sole managing member of pnmac in connection with an initial public offering of pennymac ( the 201cpennymac ipo 201d ) . as a result of the pennymac ipo , blackrock recorded a noncash , nonoperating pre-tax gain of $ 39 million related to the carrying value of its equity method investment . subsequent to the pennymac ipo , the company contributed 6.1 million units of its investment to a new donor advised fund ( the 201ccharitable contribution 201d ) . the fair value of the charitable contribution was $ 124 million and is included in general and administration expenses on the consolidated statements of income . in connection with the charitable contribution , the company also recorded a noncash , nonoperating pre-tax gain of $ 80 million related to the contributed investment and a tax benefit of approximately $ 48 million . the carrying value and fair value of the company 2019s remaining interest ( approximately 20% ( 20 % ) or 16 million shares and units ) was approximately $ 127 million and $ 273 million , respectively , at december 31 , 2013 . the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2013 ( level 1 input ) . 12 . borrowings short-term borrowings the carrying value of short-term borrowings at december 31 , 2012 included $ 100 million under the 2012 revolving credit facility . 2013 revolving credit facility . in march 2011 , the company entered into a five-year $ 3.5 billion unsecured revolving credit facility ( the 201c2011 credit facility 201d ) . in march 2012 , the 2011 credit facility was amended to extend the maturity date by one year to march 2017 and in april 2012 the amount of the aggregate commitment was increased to $ 3.785 billion ( the 201c2012 credit facility 201d ) . in march 2013 , the company 2019s credit facility was amended to extend the maturity date by one year to march 2018 and the amount of the aggregate commitment was increased to $ 3.990 billion ( the 201c2013 credit facility 201d ) . the 2013 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 2013 credit facility to an aggregate principal amount not to exceed $ 4.990 billion . interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread . the 2013 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2013 . the 2013 credit facility provides back- up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities . at december 31 , 2013 , the company had no amount outstanding under the 2013 credit facility . commercial paper program . on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion . on may 13 , 2011 , blackrock increased the maximum aggregate amount that may be borrowed under the cp program to $ 3.5 billion . on may 17 , 2012 , blackrock increased the maximum aggregate amount to $ 3.785 billion . in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion . the commercial paper program is currently supported by the 2013 credit facility . at december 31 , 2013 and 2012 , blackrock had no cp notes outstanding. .","['0.5', '0.16667']" "['what was the total of percentage rentals based on tenants 2019 sales in 2011?', 'and what was it in 2010?', 'what was, then, the total of percentage rentals in both years combined?', 'and in the subsequent year of that period, what was the future base rental revenue under non-cancelable operating leases , excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options?', 'what was that revenue in 2013?', 'in which of these two years, then, was it greater?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: vornado realty trust notes to consolidated financial statements ( continued ) 17 . leases as lessor : we lease space to tenants under operating leases . most of the leases provide for the payment of fixed base rentals payable monthly in advance . office building leases generally require the tenants to reimburse us for operating costs and real estate taxes above their base year costs . shopping center leases provide for pass-through to tenants the tenant 2019s share of real estate taxes , insurance and maintenance . shopping center leases also provide for the payment by the lessee of additional rent based on a percentage of the tenants 2019 sales . as of december 31 , 2011 , future base rental revenue under non-cancelable operating leases , excluding rents for leases with an original term of less than one year and rents resulting from the exercise of renewal options , is as follows : ( amounts in thousands ) year ending december 31: .
12012$ 1807885
220131718403
320141609279
420151425804
520161232154
6thereafter6045584
these amounts do not include percentage rentals based on tenants 2019 sales . these percentage rents approximated $ 8482000 , $ 7912000 and $ 8394000 , for the years ended december 31 , 2011 , 2010 and 2009 , respectively . none of our tenants accounted for more than 10% ( 10 % ) of total revenues in any of the years ended december 31 , 2011 , 2010 and 2009 . former bradlees locations pursuant to a master agreement and guaranty , dated may 1 , 1992 , we are due $ 5000000 per annum of additional rent from stop & shop which was allocated to certain bradlees former locations . on december 31 , 2002 , prior to the expiration of the leases to which the additional rent was allocated , we reallocated this rent to other former bradlees leases also guaranteed by stop & shop . stop & shop is contesting our right to reallocate and claims that we are no longer entitled to the additional rent . on november 7 , 2011 , the court determined that we have a continuing right to allocate the annual rent to unexpired leases covered by the master agreement and guaranty and directed entry of a judgment in our favor ordering stop & shop to pay us the unpaid annual rent ( see note 20 2013 commitments and contingencies 2013 litigation ) . as of december 31 , 2011 , we have a $ 41983000 receivable from stop and shop. .","['8482000.0', '7912000.0', '16394000.0', '1807885.0', '1718403.0', 'yes']" "['what was the net change in revenues from 2015 to 2016?', 'what were net revenues in 2015?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the retail electric price variance is primarily due to an increase in formula rate plan revenues , implemented with the first billing cycle of march 2016 , to collect the estimated first-year revenue requirement related to the purchase of power blocks 3 and 4 of the union power station in march 2016 and a provision recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding . see note 2 to the financial statements for further discussion of the formula rate plan revenues and the waterford 3 replacement steam generator prudence review proceeding . the louisiana act 55 financing savings obligation variance results from a regulatory charge recorded in 2016 for tax savings to be shared with customers per an agreement approved by the lpsc . the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike . see note 3 to the financial statements for additional discussion of the settlement and benefit sharing . the volume/weather variance is primarily due to the effect of less favorable weather on residential and commercial sales and decreased usage during the unbilled sales period . the decrease was partially offset by an increase of 1237 gwh , or 4% ( 4 % ) , in industrial usage primarily due to an increase in demand from existing customers and expansion projects in the chemicals industry . 2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2016 to 2015 . amount ( in millions ) .
1amount ( in millions )
22015 net revenue$ 2408.8
3retail electric price62.5
4volume/weather-6.7 ( 6.7 )
5louisiana act 55 financing savings obligation-17.2 ( 17.2 )
6other-9.0 ( 9.0 )
72016 net revenue$ 2438.4
the retail electric price variance is primarily due to an increase in formula rate plan revenues , implemented with the first billing cycle of march 2016 , to collect the estimated first-year revenue requirement related to the purchase of power blocks 3 and 4 of the union power station . see note 2 to the financial statements for further discussion . the volume/weather variance is primarily due to the effect of less favorable weather on residential sales , partially offset by an increase in industrial usage and an increase in volume during the unbilled period . the increase in industrial usage is primarily due to increased demand from new customers and expansion projects , primarily in the chemicals industry . the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc . the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike . see note 3 to the financial statements for additional discussion of the settlement and benefit sharing . included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis .","['29.6', '2408.8', '0.01229']" "['what was the change in the value of the united parcel service inc . considering its value in 2017 and the original amount invested in it in 2012?', 'and how much does this change represent in relation to this original amount, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the sec , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing . the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the standard & poor 2019s 500 index and the dow jones transportation average . the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2012 in the standard & poor 2019s 500 index , the dow jones transportation average and our class b common stock. .
112/31/201212/31/201312/31/201412/31/201512/31/201612/31/2017
2united parcel service inc .$ 100.00$ 146.54$ 159.23$ 148.89$ 182.70$ 195.75
3standard & poor 2019s 500 index$ 100.00$ 132.38$ 150.49$ 152.55$ 170.79$ 208.06
4dow jones transportation average$ 100.00$ 141.38$ 176.83$ 147.19$ 179.37$ 213.49
.","['95.75', '0.9575']" "['what is the sum of earnings (loss) from continuing operations in 2008 and 2009?', 'what are earnings (loss) in 2008?', 'what is the total sum for the 3 years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: in april 2009 , the fasb issued additional guidance under asc 820 which provides guidance on estimat- ing the fair value of an asset or liability ( financial or nonfinancial ) when the volume and level of activity for the asset or liability have significantly decreased , and on identifying transactions that are not orderly . the application of the requirements of this guidance did not have a material effect on the accompanying consolidated financial statements . in august 2009 , the fasb issued asu 2009-05 , 201cmeasuring liabilities at fair value , 201d which further amends asc 820 by providing clarification for cir- cumstances in which a quoted price in an active market for the identical liability is not available . the company included the disclosures required by this guidance in the accompanying consolidated financial statements . accounting for uncertainty in income taxes in june 2006 , the fasb issued guidance under asc 740 , 201cincome taxes 201d ( formerly fin 48 ) . this guid- ance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in tax returns . specifically , the financial statement effects of a tax position may be recognized only when it is determined that it is 201cmore likely than not 201d that , based on its technical merits , the tax position will be sustained upon examination by the relevant tax authority . the amount recognized shall be measured as the largest amount of tax benefits that exceed a 50% ( 50 % ) probability of being recognized . this guidance also expands income tax disclosure requirements . international paper applied the provisions of this guidance begin- ning in the first quarter of 2007 . the adoption of this guidance resulted in a charge to the beginning bal- ance of retained earnings of $ 94 million at the date of adoption . note 3 industry segment information financial information by industry segment and geo- graphic area for 2009 , 2008 and 2007 is presented on pages 47 and 48 . effective january 1 , 2008 , the company changed its method of allocating corpo- rate overhead expenses to its business segments to increase the expense amounts allocated to these businesses in reports reviewed by its chief executive officer to facilitate performance comparisons with other companies . accordingly , the company has revised its presentation of industry segment operat- ing profit to reflect this change in allocation method , and has adjusted all comparative prior period information on this basis . note 4 earnings per share attributable to international paper company common shareholders basic earnings per common share from continuing operations are computed by dividing earnings from continuing operations by the weighted average number of common shares outstanding . diluted earnings per common share from continuing oper- ations are computed assuming that all potentially dilutive securities , including 201cin-the-money 201d stock options , were converted into common shares at the beginning of each year . in addition , the computation of diluted earnings per share reflects the inclusion of contingently convertible securities in periods when dilutive . a reconciliation of the amounts included in the computation of basic earnings per common share from continuing operations , and diluted earnings per common share from continuing operations is as fol- in millions except per share amounts 2009 2008 2007 .
1in millions except per share amounts200920082007
2earnings ( loss ) from continuing operations$ 663$ -1269 ( 1269 )$ 1215
3effect of dilutive securities ( a )201320132013
4earnings ( loss ) from continuing operations 2013 assumingdilution$ 663$ -1269 ( 1269 )$ 1215
5average common shares outstanding425.3421.0428.9
6effect of dilutive securities restricted performance share plan ( a )2.720133.7
7stock options ( b )201320130.4
8average common shares outstanding 2013 assuming dilution428.0421.0433.0
9basic earnings ( loss ) per common share from continuing operations$ 1.56$ -3.02 ( 3.02 )$ 2.83
10diluted earnings ( loss ) per common share from continuing operations$ 1.55$ -3.02 ( 3.02 )$ 2.81
average common shares outstanding 2013 assuming dilution 428.0 421.0 433.0 basic earnings ( loss ) per common share from continuing operations $ 1.56 $ ( 3.02 ) $ 2.83 diluted earnings ( loss ) per common share from continuing operations $ 1.55 $ ( 3.02 ) $ 2.81 ( a ) securities are not included in the table in periods when anti- dilutive . ( b ) options to purchase 22.2 million , 25.1 million and 17.5 million shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively , were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the company 2019s common stock for each respective reporting date . note 5 restructuring and other charges this footnote discusses restructuring and other charges recorded for each of the three years included in the period ended december 31 , 2009 . it .","['-606.0', '1215.0', '609.0']" "['what was the total of share issuable in 2006?', 'and what was that in 2005?', 'what was, then, the change over the year?', 'what was the total of share issuable in 2005?', 'and how much does that change represent in relation to this 2005 total, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: vertex pharmaceuticals incorporated notes to consolidated financial statements ( continued ) o . significant revenue arrangements ( continued ) $ 7 million of development and commercialization milestone payments . additionally , kissei agreed to reimburse the company for certain development costs , including a portion of costs for phase 2 trials of vx-702 . research funding ended under this program in june 2000 , and the company has received the full amount of research funding specified under the agreement . kissei has exclusive rights to develop and commercialize vx-702 in japan and certain far east countries and co-exclusive rights in china , taiwan and south korea . the company retains exclusive marketing rights outside the far east and co-exclusive rights in china , taiwan and south korea . in addition , the company will have the right to supply bulk drug material to kissei for sale in its territory and will receive royalties or drug supply payments on future product sales , if any . in 2006 , 2005 and 2004 , approximately $ 6.4 million , $ 7.3 million and $ 3.5 million , respectively , was recognized as revenue under this agreement . the $ 7.3 million of revenue recognized in 2005 includes a $ 2.5 million milestone paid upon kissei 2019s completion of regulatory filings in preparation for phase 1 clinical development of vx-702 in japan . p . employee benefits the company has a 401 ( k ) retirement plan ( the 201cvertex 401 ( k ) plan 201d ) in which substantially all of its permanent employees are eligible to participate . participants may contribute up to 60% ( 60 % ) of their annual compensation to the vertex 401 ( k ) plan , subject to statutory limitations . the company may declare discretionary matching contributions to the vertex 401 ( k ) plan that are payable in the form of vertex common stock . the match is paid in the form of fully vested interests in a vertex common stock fund . employees have the ability to transfer funds from the company stock fund as they choose . the company declared matching contributions to the vertex 401 ( k ) plan as follows ( in thousands ) : q . related party transactions as of december 31 , 2006 , 2005 and 2004 , the company had a loan outstanding to a former officer of the company in the amount of $ 36000 , $ 36000 , $ 97000 , respectively , which was initially advanced in april 2002 . the loan balance is included in other assets on the consolidated balance sheets . in 2001 , the company entered into a four year consulting agreement with a director of the company for the provision of part-time consulting services over a period of four years , at the rate of $ 80000 per year commencing in january 2002 . the consulting agreement terminated in january 2006 . r . contingencies the company has certain contingent liabilities that arise in the ordinary course of its business activities . the company accrues a reserve for contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. .
1200620052004
2discretionary matching contributions during the year ended december 31,$ 3341$ 2894$ 2492
3shares issued during the year ended december 31,91215239
4shares issuable as of the year ended december 31,281957
discretionary matching contributions during the year ended december 31 , $ 3341 $ 2894 $ 2492 shares issued during the year ended december 31 , 91 215 239 shares issuable as of the year ended december 31 , 28 19 57 .","['28.0', '19.0', '9.0', '19.0', '0.47368']" "['what is the ratio of the the carrying amount to the fair value of long-term obligations in 2004/ 0.91667?', 'what is the net change in the 401k contributions from 2002 to 2003?', 'what percentage change does this rerpesent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) stock-based compensation 2014the company complies with the provisions of sfas no . 148 , 201caccounting for stock-based compensation 2014transition and disclosure 2014an amendment of sfas no . 123 , 201d which provides optional transition guidance for those companies electing to voluntarily adopt the accounting provisions of sfas no . 123 . the company continues to use accounting principles board opinion no . 25 ( apb no . 25 ) , 201caccounting for stock issued to employees , 201d to account for equity grants and awards to employees , officers and directors and has adopted the disclosure-only provisions of sfas no . 148 . in accordance with apb no . 25 , the company recognizes compensation expense based on the excess , if any , of the quoted stock price at the grant date of the award or other measurement date over the amount an employee must pay to acquire the stock . the company 2019s stock option plans are more fully described in note 13 . in december 2004 , the fasb issued sfas no . 123r , 201cshare-based payment 201d ( sfas no . 123r ) , described below . the following table illustrates the effect on net loss and net loss per share if the company had applied the fair value recognition provisions of sfas no . 123 ( as amended ) to stock-based compensation . the estimated fair value of each option is calculated using the black-scholes option-pricing model ( in thousands , except per share amounts ) : .
1200420032002
2net loss as reported$ -247587 ( 247587 )$ -325321 ( 325321 )$ -1163540 ( 1163540 )
3add : stock-based employee compensation expense associated with modifications net of related tax effect included in net loss asreported22972077
4less : total stock-based employee compensation expense determined under fair value based method for all awards net of related taxeffect-23906 ( 23906 )-31156 ( 31156 )-38126 ( 38126 )
5pro-forma net loss$ -269196 ( 269196 )$ -354400 ( 354400 )$ -1201666 ( 1201666 )
6basic and diluted net loss per share 2014as reported$ -1.10 ( 1.10 )$ -1.56 ( 1.56 )$ -5.95 ( 5.95 )
7basic and diluted net loss per share pro-forma$ -1.20 ( 1.20 )$ -1.70 ( 1.70 )$ -6.15 ( 6.15 )
during the year ended december 31 , 2004 and 2003 , the company modified certain option awards to accelerate vesting and recorded charges of $ 3.0 million and $ 2.3 million , respectively , and corresponding increases to additional paid in capital in the accompanying consolidated financial statements . fair value of financial instruments 2014the carrying values of the company 2019s financial instruments , with the exception of long-term obligations , including current portion , reasonably approximate the related fair values as of december 31 , 2004 and 2003 . as of december 31 , 2004 , the carrying amount and fair value of long-term obligations , including current portion , were $ 3.3 billion and $ 3.6 billion , respectively . as of december 31 , 2003 , the carrying amount and fair value of long-term obligations , including current portion , were $ 3.4 billion and $ 3.6 billion , respectively . fair values are based primarily on quoted market prices for those or similar instruments . retirement plan 2014the company has a 401 ( k ) plan covering substantially all employees who meet certain age and employment requirements . under the plan , the company matching contribution for periods prior to june 30 , 2004 was 35% ( 35 % ) up to a maximum 5% ( 5 % ) of a participant 2019s contributions . effective july 1 , 2004 , the plan was amended to increase the company match to 50% ( 50 % ) up to a maximum 6% ( 6 % ) of a participant 2019s contributions . the company contributed approximately $ 533000 , $ 825000 and $ 979000 to the plan for the years ended december 31 , 2004 , 2003 and 2002 , respectively . recent accounting pronouncements 2014in december 2004 , the fasb issued sfas no . 123r , which is a revision of sfas no . 123 , 201caccounting for stock-based compensation , 201d and supersedes apb no . 25 , accounting for .","['0.91667', '-154000.0', '-0.1573']" "['what was the value of natural gas marketing (bcf) in 2012?', 'what was the value in 2011?', 'what is the net change?', 'what was the 2011 value?', 'what is the net change divided by the 2011 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: costs . our 2012 results were lower than 2011 when we realized $ 53.1 million in premium-services margins and our storage and marketing margins consisted of $ 96.0 million from realized seasonal price differentials and marketing optimization activities , and $ 87.7 million of storage demand costs . in addition , we recognized a loss on the change in fair value of our nonqualifiying economic storage hedges of $ 1.0 million in 2012 compared with a gain of $ 8.5 million in 2011 . our premium services were impacted negatively by lower natural gas prices and decreased natural gas price volatility . the impact of our hedge strategies and the inability to hedge seasonal price differentials at levels that were available to us in the prior year significantly reduced our storage margins . we also experienced reduced opportunities to optimize our storage assets , which negatively impacted our marketing margins . we realized a loss in our transportation margins of $ 42.4 million in 2012 compared with a loss of $ 18.8 million in 2011 , due primarily to a $ 29.5 million decrease in transportation hedges . our transportation business continues to be impacted by narrow price location differentials and the inability to hedge at levels that were available to us in prior years . as a result of significant increases in the supply of natural gas , primarily from shale gas production across north america and new pipeline infrastructure projects , location and seasonal price differentials narrowed significantly beginning in 2010 and continuing through 2012 . this market change resulted in our transportation contracts being unprofitable impacting our ability to recover our fixed costs . operating costs decreased due primarily to lower employee-related expenses , which includes the impact of fewer employees . we also recognized an expense of $ 10.3 million related to the impairment of our goodwill in the first quarter 2012 . given the significant decline in natural gas prices and its effect on location and seasonal price differentials , we performed an interim impairment assessment in the first quarter 2012 that reduced our goodwill balance to zero . 2011 vs . 2010 - the factors discussed in energy services 2019 201cnarrative description of the business 201d included in item i , business , of this annual report have led to a significant decrease in net margin , including : 2022 a decrease of $ 65.3 million in transportation margins , net of hedging , due primarily to narrower location price differentials and lower hedge settlements in 2011 ; 2022 a decrease of $ 34.3 million in storage and marketing margins , net of hedging activities , due primarily to the following : 2013 lower realized seasonal storage price differentials ; offset partially by 2013 favorable marketing activity and unrealized fair value changes on nonqualifying economic storage hedges ; 2022 a decrease of $ 7.3 million in premium-services margins , associated primarily with the reduction in the value of the fees collected for these services as a result of low commodity prices and reduced natural gas price volatility in the first quarter 2011 compared with the first quarter 2010 ; and 2022 a decrease of $ 4.3 million in financial trading margins , as low natural gas prices and reduced natural gas price volatility limited our financial trading opportunities . additionally , our 2011 net margin includes $ 91.1 million in adjustments to natural gas inventory reflecting the lower of cost or market value . because of the adjustments to our inventory value , we reclassified $ 91.1 million of deferred gains on associated cash flow hedges into earnings . operating costs decreased due primarily to a decrease in ad valorem taxes . selected operating information - the following table sets forth certain selected operating information for our energy services segment for the periods indicated: .
1operating informationyears ended december 31 , 2012years ended december 31 , 2011years ended december 31 , 2010
2natural gas marketed ( bcf )709845919
3natural gas gross margin ( $ /mcf )$ -0.07 ( 0.07 )$ 0.06$ 0.18
4physically settled volumes ( bcf )143317241874
natural gas volumes marketed and physically settled volumes decreased in 2012 compared with 2011 due primarily to decreased marketing activities , lower transported volumes and reduced transportation capacity . the decrease in 2011 compared with 2010 was due primarily to lower volumes transported and reduced transportation capacity . transportation capacity in certain markets was not utilized due to the economics of the location price differentials as a result of increased supply of natural gas , primarily from shale production , and increased pipeline capacity as a result of new pipeline construction. .","['709.0', '845.0', '-136.0', '845.0', '-0.16095']" "['what was the performance value of the s&p 500 index in 2010?', 'and what was it in 2009?', 'what was, then, the change over the year?', 'and how much does this change represent in relation to the 2009 performance value of that stock, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 6feb201418202649 performance graph the table below compares the cumulative total shareholder return on our common stock with the cumulative total return of ( i ) the standard & poor 2019s 500 composite stock index ( 2018 2018s&p 500 index 2019 2019 ) , ( ii ) the standard & poor 2019s industrials index ( 2018 2018s&p industrials index 2019 2019 ) and ( iii ) the standard & poor 2019s consumer durables & apparel index ( 2018 2018s&p consumer durables & apparel index 2019 2019 ) , from december 31 , 2008 through december 31 , 2013 , when the closing price of our common stock was $ 22.77 . the graph assumes investments of $ 100 on december 31 , 2008 in our common stock and in each of the three indices and the reinvestment of dividends . $ 350.00 $ 300.00 $ 250.00 $ 200.00 $ 150.00 $ 100.00 $ 50.00 performance graph .
120092010201120122013
2masco$ 128.21$ 120.32$ 102.45$ 165.80$ 229.59
3s&p 500 index$ 125.92$ 144.58$ 147.60$ 171.04$ 225.85
4s&p industrials index$ 120.19$ 151.89$ 150.97$ 173.87$ 243.73
5s&p consumer durables & apparel index$ 136.29$ 177.91$ 191.64$ 232.84$ 316.28
in july 2007 , our board of directors authorized the purchase of up to 50 million shares of our common stock in open-market transactions or otherwise . at december 31 , 2013 , we had remaining authorization to repurchase up to 22.6 million shares . during the first quarter of 2013 , we repurchased and retired 1.7 million shares of our common stock , for cash aggregating $ 35 million to offset the dilutive impact of the 2013 grant of 1.7 million shares of long-term stock awards . we have not purchased any shares since march 2013. .","['144.58', '125.92', '1.14819', '0.00912']" "['what was the net change in carrying amount reported on the consolidated balance sheet from 2017 to 2018?', 'what was the 2018 value?', 'what is the change divided by the 2018 value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: changes in the fair value of funded and unfunded credit products are classified in principal transactions in citi 2019s consolidated statement of income . related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loan interest depending on the balance sheet classifications of the credit products . the changes in fair value for the years ended december 31 , 2018 and 2017 due to instrument-specific credit risk totaled to a loss of $ 27 million and a gain of $ 10 million , respectively . certain investments in unallocated precious metals citigroup invests in unallocated precious metals accounts ( gold , silver , platinum and palladium ) as part of its commodity and foreign currency trading activities or to economically hedge certain exposures from issuing structured liabilities . under asc 815 , the investment is bifurcated into a debt host contract and a commodity forward derivative instrument . citigroup elects the fair value option for the debt host contract , and reports the debt host contract within trading account assets on the company 2019s consolidated balance sheet . the total carrying amount of debt host contracts across unallocated precious metals accounts was approximately $ 0.4 billion and $ 0.9 billion at december 31 , 2018 and 2017 , respectively . the amounts are expected to fluctuate based on trading activity in future periods . as part of its commodity and foreign currency trading activities , citi trades unallocated precious metals investments and executes forward purchase and forward sale derivative contracts with trading counterparties . when citi sells an unallocated precious metals investment , citi 2019s receivable from its depository bank is repaid and citi derecognizes its investment in the unallocated precious metal . the forward purchase or sale contract with the trading counterparty indexed to unallocated precious metals is accounted for as a derivative , at fair value through earnings . as of december 31 , 2018 , there were approximately $ 13.7 billion and $ 10.3 billion in notional amounts of such forward purchase and forward sale derivative contracts outstanding , respectively . certain investments in private equity and real estate ventures and certain equity method and other investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation . the company has elected the fair value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in citi 2019s investment companies , which are reported at fair value . the fair value option brings consistency in the accounting and evaluation of these investments . all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value . these investments are classified as investments on citigroup 2019s consolidated balance sheet . changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income . citigroup also elected the fair value option for certain non-marketable equity securities whose risk is managed with derivative instruments that are accounted for at fair value through earnings . these securities are classified as trading account assets on citigroup 2019s consolidated balance sheet . changes in the fair value of these securities and the related derivative instruments are recorded in principal transactions . effective january 1 , 2018 under asu 2016-01 and asu 2018-03 , a fair value option election is no longer required to measure these non-marketable equity securities through earnings . see note 1 to the consolidated financial statements for additional details . certain mortgage loans held-for-sale citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans hfs . these loans are intended for sale or securitization and are hedged with derivative instruments . the company has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications . the following table provides information about certain mortgage loans hfs carried at fair value: .
1in millions of dollarsdecember 312018december 31 2017
2carrying amount reported on the consolidated balance sheet$ 556$ 426
3aggregate fair value in excess of ( less than ) unpaid principal balance2114
4balance of non-accrual loans or loans more than 90 days past due20142014
5aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due20142014
the changes in the fair values of these mortgage loans are reported in other revenue in the company 2019s consolidated statement of income . there was no net change in fair value during the years ended december 31 , 2018 and 2017 due to instrument-specific credit risk . related interest income continues to be measured based on the contractual interest rates and reported as interest revenue in the consolidated statement of income. .","['130.0', '426.0', '0.30516']" "['what was the total of structured notes dva and fva in 2014, in billions?', 'and what was the total of structured notes dva in that year, also in billions?', 'what, then, was the total of structured notes fva only, in billions?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: notes to consolidated financial statements 196 jpmorgan chase & co./2014 annual report credit and funding adjustments when determining the fair value of an instrument , it may be necessary to record adjustments to the firm 2019s estimates of fair value in order to reflect counterparty credit quality , the firm 2019s own creditworthiness , and the impact of funding : 2022 credit valuation adjustments ( 201ccva 201d ) are taken to reflect the credit quality of a counterparty in the valuation of derivatives . cva are necessary when the market price ( or parameter ) is not indicative of the credit quality of the counterparty . as few classes of derivative contracts are listed on an exchange , derivative positions are predominantly valued using models that use as their basis observable market parameters . an adjustment therefore may be necessary to reflect the credit quality of each derivative counterparty to arrive at fair value . the firm estimates derivatives cva using a scenario analysis to estimate the expected credit exposure across all of the firm 2019s positions with each counterparty , and then estimates losses as a result of a counterparty credit event . the key inputs to this methodology are ( i ) the expected positive exposure to each counterparty based on a simulation that assumes the current population of existing derivatives with each counterparty remains unchanged and considers contractual factors designed to mitigate the firm 2019s credit exposure , such as collateral and legal rights of offset ; ( ii ) the probability of a default event occurring for each counterparty , as derived from observed or estimated cds spreads ; and ( iii ) estimated recovery rates implied by cds , adjusted to consider the differences in recovery rates as a derivative creditor relative to those reflected in cds spreads , which generally reflect senior unsecured creditor risk . as such , the firm estimates derivatives cva relative to the relevant benchmark interest rate . 2022 dva is taken to reflect the credit quality of the firm in the valuation of liabilities measured at fair value . the dva calculation methodology is generally consistent with the cva methodology described above and incorporates jpmorgan chase 2019s credit spread as observed through the cds market to estimate the probability of default and loss given default as a result of a systemic event affecting the firm . structured notes dva is estimated using the current fair value of the structured note as the exposure amount , and is otherwise consistent with the derivative dva methodology . 2022 the firm incorporates the impact of funding in its valuation estimates where there is evidence that a market participant in the principal market would incorporate it in a transfer of the instrument . as a result , the fair value of collateralized derivatives is estimated by discounting expected future cash flows at the relevant overnight indexed swap ( 201cois 201d ) rate given the underlying collateral agreement with the counterparty . effective in 2013 , the firm implemented a fva framework to incorporate the impact of funding into its valuation estimates for uncollateralized ( including partially collateralized ) over- the-counter ( 201cotc 201d ) derivatives and structured notes . the firm 2019s fva framework leverages its existing cva and dva calculation methodologies , and considers the fact that the firm 2019s own credit risk is a significant component of funding costs . the key inputs are : ( i ) the expected funding requirements arising from the firm 2019s positions with each counterparty and collateral arrangements ; ( ii ) for assets , the estimated market funding cost in the principal market ; and ( iii ) for liabilities , the hypothetical market funding cost for a transfer to a market participant with a similar credit standing as the firm . upon the implementation of the fva framework in 2013 , the firm recorded a one time $ 1.5 billion loss in principal transactions revenue that was recorded in the cib . while the fva framework applies to both assets and liabilities , the loss on implementation largely related to uncollateralized derivative receivables given that the impact of the firm 2019s own credit risk , which is a significant component of funding costs , was already incorporated in the valuation of liabilities through the application of dva . the following table provides the credit and funding adjustments , excluding the effect of any associated hedging activities , reflected within the consolidated balance sheets as of the dates indicated. .
1december 31 ( in millions )20142013
2derivative receivables balance ( a )$ 78975$ 65759
3derivative payables balance ( a )7111657314
4derivatives cva ( b )-2674 ( 2674 )-2352 ( 2352 )
5derivatives dva and fva ( b ) ( c )-380 ( 380 )-322 ( 322 )
6structured notes balance ( a ) ( d )5377248808
7structured notes dva and fva ( b ) ( e )1152952
derivative receivables balance ( a ) $ 78975 $ 65759 derivative payables balance ( a ) 71116 57314 derivatives cva ( b ) ( 2674 ) ( 2352 ) derivatives dva and fva ( b ) ( c ) ( 380 ) ( 322 ) structured notes balance ( a ) ( d ) 53772 48808 structured notes dva and fva ( b ) ( e ) 1152 952 ( a ) balances are presented net of applicable cva and dva/fva . ( b ) positive cva and dva/fva represent amounts that increased receivable balances or decreased payable balances ; negative cva and dva/fva represent amounts that decreased receivable balances or increased payable balances . ( c ) at december 31 , 2014 and 2013 , included derivatives dva of $ 714 million and $ 715 million , respectively . ( d ) structured notes are predominantly financial instruments containing embedded derivatives that are measured at fair value based on the firm 2019s election under the fair value option . at december 31 , 2014 and 2013 , included $ 943 million and $ 1.1 billion , respectively , of financial instruments with no embedded derivative for which the fair value option has also been elected . for further information on these elections , see note 4 . ( e ) at december 31 , 2014 and 2013 , included structured notes dva of $ 1.4 billion and $ 1.4 billion , respectively. .","['1.152', '1.4', '-0.248']" "['what is the difference between the number 1 that represents 100% and the sales increase?', 'what is the glass net sales of 2003?', 'what is the product between that difference and that glass net sales of 2003?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis interest expense was $ 17 million less in 2004 than in 2003 reflecting the year over year reduction in debt of $ 316 million . other charges declined $ 30 million in 2004 due to a combination of lower environmental remediation , legal and workers compensation expenses and the absence of certain 2003 charges . other earnings were $ 28 million higher in 2004 due primarily to higher earnings from our equity affiliates . the effective tax rate for 2004 was 30.29% ( 30.29 % ) compared to 34.76% ( 34.76 % ) for the full year 2003 . the reduction in the rate for 2004 reflects the benefit of the subsidy offered pursuant to the medicare act not being subject to tax , the continued improvement in the geographical mix of non- u.s . earnings and the favorable resolution during 2004 of matters related to two open u.s . federal income tax years . net income in 2004 totaled $ 683 million , an increase of $ 189 million over 2003 , and earnings per share 2013 diluted increased $ 1.06 to $ 3.95 per share . results of business segments net sales operating income ( millions ) 2004 2003 2004 2003 ( 1 ) coatings $ 5275 $ 4835 $ 777 $ 719 .
1( millions )net sales 2004net sales 2003net sales 20042003 ( 1 )
2coatings$ 5275$ 4835$ 777$ 719
3glass2204215016971
4chemicals20341771291228
chemicals 2034 1771 291 228 ( 1 ) operating income by segment for 2003 has been revised to reflect a change in the allocation method for certain pension and other postretirement benefit costs in 2004 ( see note 22 , 201cbusiness segment information 201d , under item 8 of this form 10-k ) . coatings sales increased $ 440 million or 9% ( 9 % ) in 2004 . sales increased 6% ( 6 % ) from improved volumes across all our coatings businesses and 4% ( 4 % ) due to the positive effects of foreign currency translation , primarily from our european operations . sales declined 1% ( 1 % ) due to lower selling prices , principally in our automotive business . operating income increased $ 58 million in 2004 . factors increasing operating income were the higher sales volume ( $ 135 million ) and the favorable effects of currency translation described above and improved manufacturing efficiencies of $ 20 million . factors decreasing operating income were inflationary cost increases of $ 82 million and lower selling prices . glass sales increased $ 54 million or 3% ( 3 % ) in 2004 . sales increased 6% ( 6 % ) from improved volumes primarily from our performance glazings ( flat glass ) , fiber glass , and automotive original equipment businesses net of lower volumes in our automotive replacement glass business . sales also increased 2% ( 2 % ) due to the positive effects of foreign currency translation , primarily from our european fiber glass operations . sales declined 5% ( 5 % ) due to lower selling prices across all our glass businesses . operating income in 2004 increased $ 98 million . factors increasing operating income were improved manufacturing efficiencies of $ 110 million , higher sales volume ( $ 53 million ) described above , higher equity earnings and the gains on the sale/leaseback of precious metals of $ 19 million . the principal factor decreasing operating income was lower selling prices . fiber glass volumes were up 15% ( 15 % ) for the year , although pricing declined . with the shift of electronic printed wiring board production to asia and the volume and pricing gains there , equity earnings from our joint venture serving that region grew in 2004 . these factors combined with focused cost reductions and manufacturing efficiencies to improve the operating performance of this business , as we continue to position it for future growth in profitability . chemicals sales increased $ 263 million or 15% ( 15 % ) in 2004 . sales increased 10% ( 10 % ) from improved volumes in our commodity and specialty businesses and 4% ( 4 % ) due to higher selling prices for our commodity products . sales also increased 1% ( 1 % ) due to the positive effects of foreign currency translation , primarily from our european operations . operating income increased $ 63 million in 2004 . factors increasing operating income were the higher selling prices for our commodity products and the higher sales volume ( $ 73 million ) described above , improved manufacturing efficiencies of $ 25 million and lower environmental expenses . factors decreasing 2004 operating income were inflationary cost increases of $ 40 million and higher energy costs of $ 79 million . other significant factors the company 2019s pension and other postretirement benefit costs for 2004 were $ 45 million lower than in 2003 . this decrease reflects the market driven growth in pension plan assets that occurred in 2003 , the impact of the $ 140 million in cash contributed to the pension plans by the company in 2004 and the benefit of the subsidy offered pursuant to the medicare act , as discussed in note 12 , 201cpension and other postretirement benefits , 201d under item 8 of this form 10-k . commitments and contingent liabilities , including environmental matters ppg is involved in a number of lawsuits and claims , both actual and potential , including some that it has asserted against others , in which substantial monetary damages are sought . see item 3 , 201clegal proceedings 201d of this form 10-k and note 13 , 201ccommitments and contingent liabilities , 201d under item 8 of this form 10-k for a description of certain of these lawsuits , including a description of the proposed ppg settlement arrangement for asbestos claims announced on may 14 , 2002 . as discussed in item 3 and note 13 , although the result of any future litigation of such lawsuits and claims is inherently unpredictable , management believes that , in the aggregate , the outcome of all lawsuits and claims involving ppg , including asbestos-related claims in the event the ppg settlement arrangement described in note 13 does not become effective , will not have a material effect on ppg 2019s consolidated financial position or liquidity ; however , any such outcome may be material to the results of operations of any particular period in which costs , if any , are recognized . the company has been named as a defendant , along with various other co-defendants , in a number of antitrust lawsuits filed in federal and state courts . these suits allege that ppg acted with competitors to fix prices and allocate markets in the flat glass and automotive refinish industries . 22 2005 ppg annual report and form 10-k .","['0.98', '2150.0', '2107.0']" "['as of december 31, 2017, how much did the balance of class a common stock represent in relation to the one of class b common stock?', 'and what is this class b balance as a percentage of the total number of authorized shares of that stock, in that same date?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: baker hughes , a ge company notes to consolidated and combined financial statements bhge 2017 form 10-k | 85 the total intrinsic value of rsus ( defined as the value of the shares awarded at the current market price ) vested and outstanding in 2017 was $ 17 million and $ 38 million , respectively . the total fair value of rsus vested in 2017 was $ 19 million . as of december 31 , 2017 , there was $ 98 million of total unrecognized compensation cost related to unvested rsus , which is expected to be recognized over a weighted average period of 2.5 years . note 12 . equity common stock we are authorized to issue 2 billion shares of class a common stock , 1.25 billion shares of class b common stock and 50 million shares of preferred stock each of which have a par value of $ 0.0001 per share . on july 3 , 2017 , each share of baker hughes common stock was converted into one share of class a common stock in the company . the number of class a common stock and class b common stock shares outstanding at december 31 , 2017 is 422 million and 707 million , respectively . we have not issued any preferred stock . ge owns all the issued and outstanding class b common stock . each share of class a and class b common stock and the associated membership interest in bhge llc form a paired interest . while each share of class b common stock has equal voting rights to a share of class a common stock , it has no economic rights , meaning holders of class b common stock have no right to dividends and any assets in the event of liquidation of the company . former baker hughes stockholders immediately after the completion of the transactions received a special one-time cash dividend of $ 17.50 per share paid by the company to holders of record of the company's class a common stock . in addition , during 2017 the company declared and paid regular dividends of $ 0.17 per share and $ 0.18 per share to holders of record of the company's class a common stock during the quarters ended september 30 , 2017 and december 31 , 2017 , respectively . the following table presents the changes in number of shares outstanding ( in thousands ) : class a common class b common .
1class a common stockclass b common stock
2balance at december 31 201620142014
3issue of shares on business combination at july 3 2017427709717111
4issue of shares upon vesting of restricted stock units ( 1 )2902014
5issue of shares on exercises of stock options ( 1 )2562014
6stock repurchase program ( 2 ) ( 3 )-6047 ( 6047 )-10126 ( 10126 )
7balance at december 31 2017422208706985
( 1 ) share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation . ( 2 ) on november 2 , 2017 , our board of directors authorized bhge llc to repurchase up to $ 3 billion of its common units from the company and ge . the proceeds of this repurchase are to be used by bhge to repurchase class a common stock of the company on the open market , which if fully implemented would result in the repurchase of approximately $ 1.1 billion of class a common stock . the class b common stock of the company , that is paired with repurchased common units , was repurchased by the company at par value . the $ 3 billion repurchase authorization is the aggregate authorization for repurchases of class a and class b common stock together with its paired unit . bhge llc had authorization remaining to repurchase up to approximately $ 2.5 billion of its common units from bhge and ge at december 31 , 2017 . ( 3 ) during 2017 , we repurchased and canceled 6046735 shares of class a common stock for a total of $ 187 million . we also repurchased and canceled 10126467 shares of class b common stock from ge which is paired together with common units of bhge llc for $ 314 million. .","['0.5972', '0.5656']" "['what was the balance in the account for allowance of doubtful accounts in 2016?', 'what was the balance in the account for allowance of doubtful accounts in 2017?', 'what is the net change?', 'what was the balance in the account for allowance of doubtful accounts in 2017?', 'what was the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: republic services , inc . notes to consolidated financial statements 2014 ( continued ) high quality financial institutions . such balances may be in excess of fdic insured limits . to manage the related credit exposure , we continually monitor the credit worthiness of the financial institutions where we have deposits . concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services , as well as the dispersion of our operations across many geographic areas . we provide services to small-container , large-container , municipal and residential , and energy services customers in the united states and puerto rico . we perform ongoing credit evaluations of our customers , but generally do not require collateral to support customer receivables . we establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers , age of receivables outstanding , historical trends , economic conditions and other information . accounts receivable , net accounts receivable represent receivables from customers for collection , transfer , recycling , disposal , energy services and other services . our receivables are recorded when billed or when the related revenue is earned , if earlier , and represent claims against third parties that will be settled in cash . the carrying value of our receivables , net of the allowance for doubtful accounts and customer credits , represents their estimated net realizable value . provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience , the age of the receivables , specific customer information and economic conditions . we also review outstanding balances on an account-specific basis . in general , reserves are provided for accounts receivable in excess of 90 days outstanding . past due receivable balances are written-off when our collection efforts have been unsuccessful in collecting amounts due . the following table reflects the activity in our allowance for doubtful accounts for the years ended december 31: .
1201720162015
2balance at beginning of year$ 44.0$ 46.7$ 38.9
3additions charged to expense30.620.422.7
4accounts written-off-35.7 ( 35.7 )-23.1 ( 23.1 )-14.9 ( 14.9 )
5balance at end of year$ 38.9$ 44.0$ 46.7
restricted cash and marketable securities as of december 31 , 2017 , we had $ 141.1 million of restricted cash and marketable securities of which $ 71.4 million supports our insurance programs for workers 2019 compensation , commercial general liability , and commercial auto liability . additionally , we obtain funds through the issuance of tax-exempt bonds for the purpose of financing qualifying expenditures at our landfills , transfer stations , collection and recycling centers . the funds are deposited directly into trust accounts by the bonding authorities at the time of issuance . as the use of these funds is contractually restricted , and we do not have the ability to use these funds for general operating purposes , they are classified as restricted cash and marketable securities in our consolidated balance sheets . in the normal course of business , we may be required to provide financial assurance to governmental agencies and a variety of other entities in connection with municipal residential collection contracts , closure or post- closure of landfills , environmental remediation , environmental permits , and business licenses and permits as a financial guarantee of our performance . at several of our landfills , we satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts . property and equipment we record property and equipment at cost . expenditures for major additions and improvements to facilities are capitalized , while maintenance and repairs are charged to expense as incurred . when property is retired or .","['44.0', '46.7', '-2.7', '46.7', '-0.05782']" "['what is the total expense for all operating leases in 2004?', 'what about in 2003?', 'what is the difference in total expense for all operating leases?', 'what is the total expense for all operating leases in 2003?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: edwards lifesciences corporation notes to consolidated financial statements 2014 ( continued ) future minimum lease payments ( including interest ) under noncancelable operating leases and aggregate debt maturities at december 31 , 2004 were as follows ( in millions ) : aggregate operating debt leases maturities 2005*************************************************************** $ 13.1 $ 2014 2006*************************************************************** 11.5 2014 2007*************************************************************** 8.9 2014 2008*************************************************************** 8.0 2014 2009*************************************************************** 7.2 2014 thereafter ********************************************************** 1.1 267.1 total obligations and commitments************************************** $ 49.8 $ 267.1 included in debt at december 31 , 2004 and 2003 were unsecured notes denominated in japanese yen of a57.0 billion ( us$ 67.1 million ) and a56.0 billion ( us$ 55.8 million ) , respectively . certain facilities and equipment are leased under operating leases expiring at various dates . most of the operating leases contain renewal options . total expense for all operating leases was $ 14.0 million , $ 12.3 million , and $ 6.8 million for the years 2004 , 2003 and 2002 , respectively . 11 . financial instruments and risk management fair values of financial instruments the consolidated financial statements include financial instruments whereby the fair market value of such instruments may differ from amounts reflected on a historical basis . financial instruments of the company consist of cash deposits , accounts and other receivables , investments in unconsolidated affiliates , accounts payable , certain accrued liabilities and debt . the fair values of certain investments in unconsolidated affiliates are estimated based on quoted market prices . for other investments , various methods are used to estimate fair value , including external valuations and discounted cash flows . the carrying amount of the company 2019s long-term debt approximates fair market value based on prevailing market rates . the company 2019s other financial instruments generally approximate their fair values based on the short-term nature of these instruments. .
1operating leasesaggregate debt maturities
22005$ 13.1$ 2014
3200611.52014
420078.92014
520088.02014
620097.22014
7thereafter1.1267.1
8total obligations and commitments$ 49.8$ 267.1
edwards lifesciences corporation notes to consolidated financial statements 2014 ( continued ) future minimum lease payments ( including interest ) under noncancelable operating leases and aggregate debt maturities at december 31 , 2004 were as follows ( in millions ) : aggregate operating debt leases maturities 2005*************************************************************** $ 13.1 $ 2014 2006*************************************************************** 11.5 2014 2007*************************************************************** 8.9 2014 2008*************************************************************** 8.0 2014 2009*************************************************************** 7.2 2014 thereafter ********************************************************** 1.1 267.1 total obligations and commitments************************************** $ 49.8 $ 267.1 included in debt at december 31 , 2004 and 2003 were unsecured notes denominated in japanese yen of a57.0 billion ( us$ 67.1 million ) and a56.0 billion ( us$ 55.8 million ) , respectively . certain facilities and equipment are leased under operating leases expiring at various dates . most of the operating leases contain renewal options . total expense for all operating leases was $ 14.0 million , $ 12.3 million , and $ 6.8 million for the years 2004 , 2003 and 2002 , respectively . 11 . financial instruments and risk management fair values of financial instruments the consolidated financial statements include financial instruments whereby the fair market value of such instruments may differ from amounts reflected on a historical basis . financial instruments of the company consist of cash deposits , accounts and other receivables , investments in unconsolidated affiliates , accounts payable , certain accrued liabilities and debt . the fair values of certain investments in unconsolidated affiliates are estimated based on quoted market prices . for other investments , various methods are used to estimate fair value , including external valuations and discounted cash flows . the carrying amount of the company 2019s long-term debt approximates fair market value based on prevailing market rates . the company 2019s other financial instruments generally approximate their fair values based on the short-term nature of these instruments. .","['14.0', '12.3', '1.7', '12.3', '0.13821']" "['in 2017, what was the amount of the total net of cash collateral that was foreign exchange?', 'and what was that total of net of cash collateral?', 'what percentage, then, of this total did that amount represent?', 'and concerning the total of derivative receivables reported on the consolidated balance sheets, how much did the total in that year represent in relation to the one in the previous, or 2016?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: management 2019s discussion and analysis 114 jpmorgan chase & co./2017 annual report derivative contracts in the normal course of business , the firm uses derivative instruments predominantly for market-making activities . derivatives enable counterparties to manage exposures to fluctuations in interest rates , currencies and other markets . the firm also uses derivative instruments to manage its own credit and other market risk exposure . the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed . for otc derivatives the firm is exposed to the credit risk of the derivative counterparty . for exchange- traded derivatives ( 201cetd 201d ) , such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp . where possible , the firm seeks to mitigate its credit risk exposures arising from derivative transactions through the use of legally enforceable master netting arrangements and collateral agreements . for further discussion of derivative contracts , counterparties and settlement types , see note 5 . the following table summarizes the net derivative receivables for the periods presented . derivative receivables .
1december 31 ( in millions )20172016
2interest rate$ 24673$ 28302
3credit derivatives8691294
4foreign exchange1615123271
5equity78824939
6commodity69486272
7total net of cash collateral5652364078
8liquid securities and other cash collateral held against derivative receivables ( a )-16108 ( 16108 )-22705 ( 22705 )
9total net of all collateral$ 40415$ 41373
( a ) includes collateral related to derivative instruments where an appropriate legal opinion has not been either sought or obtained . derivative receivables reported on the consolidated balance sheets were $ 56.5 billion and $ 64.1 billion at december 31 , 2017 and 2016 , respectively . derivative receivables decreased predominantly as a result of client- driven market-making activities in cib markets , which reduced foreign exchange and interest rate derivative receivables , and increased equity derivative receivables , driven by market movements . derivative receivables amounts represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the firm . however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s . government and agency securities and other group of seven nations ( 201cg7 201d ) government bonds ) and other cash collateral held by the firm aggregating $ 16.1 billion and $ 22.7 billion at december 31 , 2017 and 2016 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor . in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities , and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date . although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative transactions move in the firm 2019s favor . the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit . for additional information on the firm 2019s use of collateral agreements , see note 5 . while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure . to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) . these measures all incorporate netting and collateral benefits , where applicable . peak represents a conservative measure of potential exposure to a counterparty calculated in a manner that is broadly equivalent to a 97.5% ( 97.5 % ) confidence level over the life of the transaction . peak is the primary measure used by the firm for setting of credit limits for derivative transactions , senior management reporting and derivatives exposure management . dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be equivalent to the risk of loan exposures . dre is a less extreme measure of potential credit loss than peak and is used for aggregating derivative credit risk exposures with loans and other credit risk . finally , avg is a measure of the expected fair value of the firm 2019s derivative receivables at future time periods , including the benefit of collateral . avg exposure over the total life of the derivative contract is used as the primary metric for pricing purposes and is used to calculate credit risk capital and the cva , as further described below . the three year avg exposure was $ 29.0 billion and $ 31.1 billion at december 31 , 2017 and 2016 , respectively , compared with derivative receivables , net of all collateral , of $ 40.4 billion and $ 41.4 billion at december 31 , 2017 and 2016 , respectively . the fair value of the firm 2019s derivative receivables incorporates cva to reflect the credit quality of counterparties . cva is based on the firm 2019s avg to a counterparty and the counterparty 2019s credit spread in the credit derivatives market . the firm believes that active risk management is essential to controlling the dynamic credit risk in the derivatives portfolio . in addition , the firm 2019s risk management process takes into consideration the potential .","['16151.0', '56523.0', '0.28574', '1.13451']" "['what was the proportion of unamortized debt discount on long-term debt to total long-term debt?', 'and as a percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: item 15 . exhibits , financial statement schedules . ( continued ) kinder morgan , inc . form 10-k .
1kinder morgan liquids terminals llc-n.j . development revenue bonds due january 15 2018 kinder morgan columbus llc-5.50% ( llc-5.50 % ) ms development revenue note due september 1 202225.0 8.225.0 8.2
2kinder morgan operating l.p . 201cb 201d-jackson-union cos . il revenue bonds due april 1 202423.723.7
3international marine terminals-plaquemines la revenue bonds due march 15 202540.040.0
4other miscellaneous subsidiary debt1.31.3
5unamortized debt discount on long-term debt-20.3 ( 20.3 )-21.2 ( 21.2 )
6current maturities of long-term debt-1263.3 ( 1263.3 )-596.6 ( 596.6 )
7total long-term debt 2013 kmp$ 10282.8$ 10007.5
____________ ( a ) as a result of the implementation of asu 2009-17 , effective january 1 , 2010 , we ( i ) include the transactions and balances of our business trust , k n capital trust i and k n capital trust iii , in our consolidated financial statements and ( ii ) no longer include our junior subordinated deferrable interest debentures issued to the capital trusts ( see note 18 201crecent accounting pronouncements 201d ) . ( b ) kmp issued its $ 500 million in principal amount of 9.00% ( 9.00 % ) senior notes due february 1 , 2019 in december 2008 . each holder of the notes has the right to require kmp to repurchase all or a portion of the notes owned by such holder on february 1 , 2012 at a purchase price equal to 100% ( 100 % ) of the principal amount of the notes tendered by the holder plus accrued and unpaid interest to , but excluding , the repurchase date . on and after february 1 , 2012 , interest will cease to accrue on the notes tendered for repayment . a holder 2019s exercise of the repurchase option is irrevocable . kinder morgan kansas , inc . the 2028 and 2098 debentures and the 2012 and 2015 senior notes are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices defined in the associated prospectus supplements . the 2027 debentures are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option after november 1 , 2004 at redemption prices defined in the associated prospectus supplements . on september 2 , 2010 , kinder morgan kansas , inc . paid the remaining $ 1.1 million principal balance outstanding on kinder morgan kansas , inc . 2019s 6.50% ( 6.50 % ) series debentures , due 2013 . kinder morgan finance company , llc on december 20 , 2010 , kinder morgan finance company , llc , a wholly owned subsidiary of kinder morgan kansas , inc. , completed a public offering of senior notes . it issued a total of $ 750 million in principal amount of 6.00% ( 6.00 % ) senior notes due january 15 , 2018 . net proceeds received from the issuance of the notes , after underwriting discounts and commissions , were $ 744.2 million , which were used to retire the principal amount of the 5.35% ( 5.35 % ) senior notes that matured on january 5 , 2011 . the 2011 , 2016 , 2018 and 2036 senior notes issued by kinder morgan finance company , llc are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices defined in the associated prospectus supplements . each series of these notes is fully and unconditionally guaranteed by kinder morgan kansas , inc . on a senior unsecured basis as to principal , interest and any additional amounts required to be paid as a result of any withholding or deduction for canadian taxes . capital trust securities kinder morgan kansas , inc . 2019s business trusts , k n capital trust i and k n capital trust iii , are obligated for $ 12.7 million of 8.56% ( 8.56 % ) capital trust securities maturing on april 15 , 2027 and $ 14.4 million of 7.63% ( 7.63 % ) capital trust securities maturing on april 15 , 2028 , respectively , which it guarantees . the 2028 securities are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices as defined in the associated prospectus . the 2027 securities are redeemable in whole or in part at kinder morgan kansas , inc . 2019s option and at any time in certain limited circumstances upon the occurrence of certain events and at prices , all defined in the associated prospectus supplements . upon redemption by kinder morgan kansas , inc . or at maturity of the junior subordinated deferrable interest debentures , it must use the proceeds to make redemptions of the capital trust securities on a pro rata basis. .","['0.00212', '0.00212']" "['what was the balance of unrecognized tax benefits in the end of 2014?', 'and what was it in the beginning of that year?', 'what was, then, the change in that balance throughout 2014?', 'and how much does this change represent in relation to that balance in the beginning of that year, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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 ) : .
1201 42013
2balance beginning of year$ 4590$ 16890
3increases for tax positions related to current year5915
4reduction due to adoption of asu 2013-11 ( a )--12315 ( 12315 )
5balance 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. .","['4649.0', '4590.0', '59.0', '0.01285']" "['what is the net change in total revenues net of interest expense from 2016 to 2018?', 'what about the total revenues net of interest expense in 2016?', 'what percentage change does this represent?', 'what is the operating expenses in 2018?', 'what about in 2016?', 'net change in operating expenses?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: corporate/other corporate/other includes certain unallocated costs of global staff functions ( including finance , risk , human resources , legal and compliance ) , other corporate expenses and unallocated global operations and technology expenses and income taxes , as well as corporate treasury , certain north america legacy consumer loan portfolios , other legacy assets and discontinued operations ( for additional information on corporate/other , see 201ccitigroup segments 201d above ) . at december 31 , 2018 , corporate/other had $ 91 billion in assets , an increase of 17% ( 17 % ) from the prior year . in millions of dollars 2018 2017 2016 % ( % ) change 2018 vs . 2017 % ( % ) change 2017 vs . 2016 .
1in millions of dollars201820172016% ( % ) change2018 vs . 2017% ( % ) change2017 vs . 2016
2net interest revenue$ 2254$ 2000$ 304513% ( 13 % )( 34 ) % ( % )
3non-interest revenue-171 ( 171 )11322188nm-48 ( 48 )
4total revenues net of interest expense$ 2083$ 3132$ 5233( 33 ) % ( % )( 40 ) % ( % )
5total operating expenses$ 2272$ 3814$ 5042( 40 ) % ( % )( 24 ) % ( % )
6net credit losses$ 21$ 149$ 435( 86 ) % ( % )( 66 ) % ( % )
7credit reserve build ( release )-218 ( 218 )-317 ( 317 )-456 ( 456 )3130
8provision ( release ) for unfunded lending commitments-3 ( 3 )2014-8 ( 8 )2014100
9provision for benefits and claims-2 ( 2 )-7 ( 7 )9871nm
10provisions for credit losses and for benefits and claims$ -202 ( 202 )$ -175 ( 175 )$ 69-15 ( 15 )nm
11income ( loss ) from continuing operations before taxes$ 13$ -507 ( 507 )$ 122nmnm
12income taxes ( benefits )-113 ( 113 )19064-455 ( 455 )nmnm
13income ( loss ) from continuing operations$ 126$ -19571 ( 19571 )$ 577nmnm
14income ( loss ) from discontinued operations net of taxes-8 ( 8 )-111 ( 111 )-58 ( 58 )93-91 ( 91 )
15net income ( loss ) before attribution of noncontrolling interests$ 118$ -19682 ( 19682 )$ 519nmnm
16noncontrolling interests11-6 ( 6 )-2 ( 2 )nmnm
17net income ( loss )$ 107$ -19676 ( 19676 )$ 521nmnm
nm not meaningful 2018 vs . 2017 net income was $ 107 million in 2018 , compared to a net loss of $ 19.7 billion in the prior year , primarily driven by the $ 19.8 billion one-time , non-cash charge recorded in the tax line in 2017 due to the impact of tax reform . results in 2018 included the one-time benefit of $ 94 million in the tax line , related to tax reform . for additional information , see 201csignificant accounting policies and significant estimates 2014income taxes 201d below . excluding the one-time impact of tax reform in 2018 and 2017 , net income decreased 92% ( 92 % ) , reflecting lower revenues , partially offset by lower expenses , lower cost of credit and tax benefits related to the reorganization of certain non-u.s . subsidiaries . the tax benefits were largely offset by the release of a foreign currency translation adjustment ( cta ) from aoci to earnings ( for additional information on the cta release , see note 19 to the consolidated financial statements ) . revenues decreased 33% ( 33 % ) , driven by the continued wind-down of legacy assets . expenses decreased 40% ( 40 % ) , primarily driven by the wind-down of legacy assets , lower infrastructure costs and lower legal expenses . provisions decreased $ 27 million to a net benefit of $ 202 million , primarily due to lower net credit losses , partially offset by a lower net loan loss reserve release . net credit losses declined 86% ( 86 % ) to $ 21 million , primarily reflecting the impact of ongoing divestiture activity and the continued wind-down of the north america mortgage portfolio . the net reserve release declined by $ 96 million to $ 221 million , and reflected the continued wind-down of the legacy north america mortgage portfolio and divestitures . 2017 vs . 2016 the net loss was $ 19.7 billion , compared to net income of $ 521 million in the prior year , primarily driven by the one-time impact of tax reform . excluding the one-time impact of tax reform , net income declined 69% ( 69 % ) to $ 168 million , reflecting lower revenues , partially offset by lower expenses and lower cost of credit . revenues declined 40% ( 40 % ) , primarily reflecting the continued wind-down of legacy assets and the absence of gains related to debt buybacks in 2016 . revenues included approximately $ 750 million in gains on asset sales in the first quarter of 2017 , which more than offset a roughly $ 300 million charge related to the exit of citi 2019s u.s . mortgage servicing operations in the quarter . expenses declined 24% ( 24 % ) , reflecting the wind-down of legacy assets and lower legal expenses , partially offset by approximately $ 100 million in episodic expenses primarily related to the exit of the u.s . mortgage servicing operations . also included in expenses is an approximately $ 255 million provision for remediation costs related to a card act matter in 2017 . provisions decreased $ 244 million to a net benefit of $ 175 million , primarily due to lower net credit losses and a lower provision for benefits and claims , partially offset by a lower net loan loss reserve release . net credit losses declined 66% ( 66 % ) , primarily reflecting the impact of ongoing divestiture activity and the continued wind-down of the north america mortgage portfolio . the decline in the provision for benefits and claims was primarily due to lower insurance activity . the net reserve release declined $ 147 million , and reflected the continued wind-down of the legacy north america mortgage portfolio and divestitures. .","['-3150.0', '5233.0', '-0.60195', '2272.0', '5042.0', '-2770.0', '-0.54939']" "['what was the value of united parcel service inc . in the year of 2013?', 'and what is the difference between that value and the original investment made in 2008?', 'how much does that difference represent, in percentage, in relation to the original investment?', 'what is the difference between the value of dow jones transportation average in 2013 and 2008?', 'and how much does that difference represent, percentually, in relation to the 2008 value?', 'what is the difference, then, between the percentage difference of united parcel inc. and the one of dow jones transportation average?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the sec , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing . the following graph shows a five year comparison of cumulative total shareowners 2019 returns for our class b common stock , the standard & poor 2019s 500 index , and the dow jones transportation average . the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2008 in the standard & poor 2019s 500 index , the dow jones transportation average , and our class b common stock. .
112/31/200812/31/200912/31/201012/31/201112/31/201212/31/2013
2united parcel service inc .$ 100.00$ 107.75$ 140.39$ 145.84$ 151.44$ 221.91
3standard & poor 2019s 500 index$ 100.00$ 126.45$ 145.49$ 148.55$ 172.30$ 228.09
4dow jones transportation average$ 100.00$ 118.59$ 150.30$ 150.31$ 161.56$ 228.42
.","['221.91', '121.91', '1.2191', '128.42', '1.2842', '-0.0651']" "['what is the sum of net sales in 2012 and 2011?', 'what is that divided by 2?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: freesheet paper were higher in russia , but lower in europe reflecting weak economic conditions and market demand . average sales price realizations for pulp decreased . lower input costs for wood and purchased fiber were partially offset by higher costs for energy , chemicals and packaging . freight costs were also higher . planned maintenance downtime costs were higher due to executing a significant once-every-ten-years maintenance outage plus the regularly scheduled 18-month outage at the saillat mill while outage costs in russia and poland were lower . manufacturing operating costs were favor- entering 2013 , sales volumes in the first quarter are expected to be seasonally weaker in russia , but about flat in europe . average sales price realizations for uncoated freesheet paper are expected to decrease in europe , but increase in russia . input costs should be higher in russia , especially for wood and energy , but be slightly lower in europe . no maintenance outages are scheduled for the first quarter . ind ian papers includes the results of andhra pradesh paper mills ( appm ) of which a 75% ( 75 % ) interest was acquired on october 14 , 2011 . net sales were $ 185 million in 2012 and $ 35 million in 2011 . operat- ing profits were a loss of $ 16 million in 2012 and a loss of $ 3 million in 2011 . asian pr int ing papers net sales were $ 85 mil- lion in 2012 , $ 75 million in 2011 and $ 80 million in 2010 . operating profits were improved from break- even in past years to $ 1 million in 2012 . u.s . pulp net sales were $ 725 million in 2012 compared with $ 725 million in 2011 and $ 715 million in 2010 . operating profits were a loss of $ 59 million in 2012 compared with gains of $ 87 million in 2011 and $ 107 million in 2010 . sales volumes in 2012 increased from 2011 primarily due to the start-up of pulp production at the franklin mill in the third quarter of 2012 . average sales price realizations were significantly lower for both fluff pulp and market pulp . input costs were lower , primarily for wood and energy . freight costs were slightly lower . mill operating costs were unfavorable primarily due to costs associated with the start-up of the franklin mill . planned maintenance downtime costs were lower . in the first quarter of 2013 , sales volumes are expected to be flat with the fourth quarter of 2012 . average sales price realizations are expected to improve reflecting the realization of sales price increases for paper and tissue pulp that were announced in the fourth quarter of 2012 . input costs should be flat . planned maintenance downtime costs should be about $ 9 million higher than in the fourth quarter of 2012 . manufacturing costs related to the franklin mill should be lower as we continue to improve operations . consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity . in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix . consumer packaging net sales in 2012 decreased 15% ( 15 % ) from 2011 and 7% ( 7 % ) from 2010 . operating profits increased 64% ( 64 % ) from 2011 and 29% ( 29 % ) from 2010 . net sales and operating profits include the shorewood business in 2011 and 2010 . exclud- ing asset impairment and other charges associated with the sale of the shorewood business , and facility closure costs , 2012 operating profits were 27% ( 27 % ) lower than in 2011 , but 23% ( 23 % ) higher than in 2010 . benefits from lower raw material costs ( $ 22 million ) , lower maintenance outage costs ( $ 5 million ) and other items ( $ 2 million ) were more than offset by lower sales price realizations and an unfavorable product mix ( $ 66 million ) , lower sales volumes and increased market-related downtime ( $ 22 million ) , and higher operating costs ( $ 40 million ) . in addition , operating profits in 2012 included a gain of $ 3 million related to the sale of the shorewood business while operating profits in 2011 included a $ 129 million fixed asset impairment charge for the north ameri- can shorewood business and $ 72 million for other charges associated with the sale of the shorewood business . consumer packaging .
1in millions201220112010
2sales$ 3170$ 3710$ 3400
3operating profit268163207
north american consumer packaging net sales were $ 2.0 billion in 2012 compared with $ 2.5 billion in 2011 and $ 2.4 billion in 2010 . operating profits were $ 165 million ( $ 162 million excluding a gain related to the sale of the shorewood business ) in 2012 compared with $ 35 million ( $ 236 million excluding asset impairment and other charges asso- ciated with the sale of the shorewood business ) in 2011 and $ 97 million ( $ 105 million excluding facility closure costs ) in 2010 . coated paperboard sales volumes in 2012 were lower than in 2011 reflecting weaker market demand . average sales price realizations were lower , primar- ily for folding carton board . input costs for wood increased , but were partially offset by lower costs for chemicals and energy . planned maintenance down- time costs were slightly lower . market-related down- time was about 113000 tons in 2012 compared with about 38000 tons in 2011. .","['220.0', '110.0']" "['what was the change in the total gross amount of unrecognized tax benefits from 2011 to 2012?', 'and how much does this change represent in relation to that total gross amount in 2011, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: repatriated , the related u.s . tax liability may be reduced by any foreign income taxes paid on these earnings . as of november 30 , 2012 , the cumulative amount of earnings upon which u.s . income taxes have not been provided is approximately $ 2.9 billion . the unrecognized deferred tax liability for these earnings is approximately $ 0.8 billion . as of november 30 , 2012 , we have u.s . net operating loss carryforwards of approximately $ 33.7 million for federal and $ 77.7 million for state . we also have federal , state and foreign tax credit carryforwards of approximately $ 1.9 million , $ 18.0 million and $ 17.6 million , respectively . the net operating loss carryforward assets , federal tax credits and foreign tax credits will expire in various years from fiscal 2017 through 2032 . the state tax credit carryforwards can be carried forward indefinitely . the net operating loss carryforward assets and certain credits are subject to an annual limitation under internal revenue code section 382 , but are expected to be fully realized . in addition , we have been tracking certain deferred tax attributes of $ 45.0 million which have not been recorded in the financial statements pursuant to accounting standards related to stock-based compensation . these amounts are no longer included in our gross or net deferred tax assets . pursuant to these standards , the benefit of these deferred tax assets will be recorded to equity if and when they reduce taxes payable . as of november 30 , 2012 , a valuation allowance of $ 28.2 million has been established for certain deferred tax assets related to the impairment of investments and certain foreign assets . for fiscal 2012 , the total change in the valuation allowance was $ 23.0 million , of which $ 2.1 million was recorded as a tax benefit through the income statement . accounting for uncertainty in income taxes during fiscal 2012 and 2011 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : .
120122011
2beginning balance$ 163607$ 156925
3gross increases in unrecognized tax benefits 2013 prior year tax positions103811901
4gross decreases in unrecognized tax benefits 2013 prior year tax positions2014-4154 ( 4154 )
5gross increases in unrecognized tax benefits 2013 current year tax positions2377132420
6settlements with taxing authorities-1754 ( 1754 )-29101 ( 29101 )
7lapse of statute of limitations-25387 ( 25387 )-3825 ( 3825 )
8foreign exchange gains and losses-807 ( 807 )-559 ( 559 )
9ending balance$ 160468$ 163607
as of november 30 , 2012 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 12.5 million . we file income tax returns in the u.s . on a federal basis and in many u.s . state and foreign jurisdictions . we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities . our major tax jurisdictions are the u.s. , ireland and california . for california , ireland and the u.s. , the earliest fiscal years open for examination are 2005 , 2006 and 2008 , respectively . we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examinations . we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position . in august 2011 , a canadian income tax examination covering our fiscal years 2005 through 2008 was completed . our accrued tax and interest related to these years was approximately $ 35 million and was previously reported in long-term income taxes payable . we reclassified approximately $ 17 million to short-term income taxes payable and decreased deferred tax assets by approximately $ 18 million in conjunction with the aforementioned resolution . the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process . these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities . the company believes that before the end of fiscal 2013 , it is reasonably possible table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) .","['-3139.0', '-0.01919']" "['what was operating revenue in 2001?', 'what was it in 2000?', 'what is the net change?', 'what was the 2000 value?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: other taxes decreased in 2001 because its utility operations in virginia became subject to state income taxes in lieu of gross receipts taxes effective january 2001 . in addition , dominion recognized higher effective rates for foreign earnings and higher pretax income in relation to non-conventional fuel tax credits realized . dominion energy 2002 2001 2000 ( millions , except per share amounts ) .
1( millions except pershare amounts )200220012000
2operating revenue$ 5940$ 6144$ 4894
3operating expenses452047493939
4net income contribution770723489
5earnings per share contribution$ 2.72$ 2.86$ 2.07
6electricity supplied* ( million mwhrs )1019583
7gas transmission throughput ( bcf )597553567
* amounts presented are for electricity supplied by utility and merchant generation operations . operating results 2014 2002 dominion energy contributed $ 2.72 per diluted share on net income of $ 770 million for 2002 , a net income increase of $ 47 million and an earnings per share decrease of $ 0.14 over 2001 . net income for 2002 reflected lower operating revenue ( $ 204 million ) , operating expenses ( $ 229 million ) and other income ( $ 27 million ) . interest expense and income taxes , which are discussed on a consolidated basis , decreased $ 50 million over 2001 . the earnings per share decrease reflected share dilution . regulated electric sales revenue increased $ 179 million . favorable weather conditions , reflecting increased cooling and heating degree-days , as well as customer growth , are estimated to have contributed $ 133 million and $ 41 million , respectively . fuel rate recoveries increased approximately $ 65 million for 2002 . these recoveries are generally offset by increases in elec- tric fuel expense and do not materially affect income . partially offsetting these increases was a net decrease of $ 60 million due to other factors not separately measurable , such as the impact of economic conditions on customer usage , as well as variations in seasonal rate premiums and discounts . nonregulated electric sales revenue increased $ 9 million . sales revenue from dominion 2019s merchant generation fleet decreased $ 21 million , reflecting a $ 201 million decline due to lower prices partially offset by sales from assets acquired and constructed in 2002 and the inclusion of millstone operations for all of 2002 . revenue from the wholesale marketing of utility generation decreased $ 74 million . due to the higher demand of utility service territory customers during 2002 , less production from utility plant generation was available for profitable sale in the wholesale market . revenue from retail energy sales increased $ 71 million , reflecting primarily customer growth over the prior year . net revenue from dominion 2019s electric trading activities increased $ 33 million , reflecting the effect of favorable price changes on unsettled contracts and higher trading margins . nonregulated gas sales revenue decreased $ 351 million . the decrease included a $ 239 million decrease in sales by dominion 2019s field services and retail energy marketing opera- tions , reflecting to a large extent declining prices . revenue associated with gas trading operations , net of related cost of sales , decreased $ 112 million . the decrease included $ 70 mil- lion of realized and unrealized losses on the economic hedges of natural gas production by the dominion exploration & pro- duction segment . as described below under selected information 2014 energy trading activities , sales of natural gas by the dominion exploration & production segment at market prices offset these financial losses , resulting in a range of prices contemplated by dominion 2019s overall risk management strategy . the remaining $ 42 million decrease was due to unfavorable price changes on unsettled contracts and lower overall trading margins . those losses were partially offset by contributions from higher trading volumes in gas and oil markets . gas transportation and storage revenue decreased $ 44 million , primarily reflecting lower rates . electric fuel and energy purchases expense increased $ 94 million which included an increase of $ 66 million associated with dominion 2019s energy marketing operations that are not sub- ject to cost-based rate regulation and an increase of $ 28 million associated with utility operations . substantially all of the increase associated with non-regulated energy marketing opera- tions related to higher volumes purchased during the year . for utility operations , energy costs increased $ 66 million for pur- chases subject to rate recovery , partially offset by a $ 38 million decrease in fuel expenses associated with lower wholesale mar- keting of utility plant generation . purchased gas expense decreased $ 245 million associated with dominion 2019s field services and retail energy marketing oper- ations . this decrease reflected approximately $ 162 million asso- ciated with declining prices and $ 83 million associated with lower purchased volumes . liquids , pipeline capacity and other purchases decreased $ 64 million , primarily reflecting comparably lower levels of rate recoveries of certain costs of transmission operations in the cur- rent year period . the difference between actual expenses and amounts recovered in the period are deferred pending future rate adjustments . other operations and maintenance expense decreased $ 14 million , primarily reflecting an $ 18 million decrease in outage costs due to fewer generation unit outages in the current year . depreciation expense decreased $ 11 million , reflecting decreases in depreciation associated with changes in the esti- mated useful lives of certain electric generation property , par- tially offset by increased depreciation associated with state line and millstone operations . other income decreased $ 27 million , including a $ 14 mil- lion decrease in net realized investment gains in the millstone 37d o m i n i o n 2019 0 2 a n n u a l r e p o r t .","['6144.0', '4894.0', '1250.0', '4894.0', '0.25541']" "['what is the difference in pretax pension expense from 2014 to 2015?', 'what fraction change does this represent?', 'what about percentage change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: the discount rate used to measure pension obligations is determined by comparing the expected future benefits that will be paid under the plan with yields available on high quality corporate bonds of similar duration . the impact on pension expense of a .5% ( .5 % ) decrease in discount rate in the current environment is an increase of $ 18 million per year . this sensitivity depends on the economic environment and amount of unrecognized actuarial gains or losses on the measurement date . the expected long-term return on assets assumption also has a significant effect on pension expense . the expected return on plan assets is a long-term assumption established by considering historical and anticipated returns of the asset classes invested in by the pension plan and the asset allocation policy currently in place . for purposes of setting and reviewing this assumption , 201clong term 201d refers to the period over which the plan 2019s projected benefit obligations will be disbursed . we review this assumption at each measurement date and adjust it if warranted . our selection process references certain historical data and the current environment , but primarily utilizes qualitative judgment regarding future return expectations . to evaluate the continued reasonableness of our assumption , we examine a variety of viewpoints and data . various studies have shown that portfolios comprised primarily of u.s . equity securities have historically returned approximately 9% ( 9 % ) annually over long periods of time , while u.s . debt securities have returned approximately 6% ( 6 % ) annually over long periods . application of these historical returns to the plan 2019s allocation ranges for equities and bonds produces a result between 6.50% ( 6.50 % ) and 7.25% ( 7.25 % ) and is one point of reference , among many other factors , that is taken into consideration . we also examine the plan 2019s actual historical returns over various periods and consider the current economic environment . recent experience is considered in our evaluation with appropriate consideration that , especially for short time periods , recent returns are not reliable indicators of future returns . while annual returns can vary significantly ( actual returns for 2014 , 2013 and 2012 were +6.50% ( +6.50 % ) , +15.48% ( +15.48 % ) , and +15.29% ( +15.29 % ) , respectively ) , the selected assumption represents our estimated long-term average prospective returns . acknowledging the potentially wide range for this assumption , we also annually examine the assumption used by other companies with similar pension investment strategies , so that we can ascertain whether our determinations markedly differ from others . in all cases , however , this data simply informs our process , which places the greatest emphasis on our qualitative judgment of future investment returns , given the conditions existing at each annual measurement date . taking into consideration all of these factors , the expected long-term return on plan assets for determining net periodic pension cost for 2014 was 7.00% ( 7.00 % ) , down from 7.50% ( 7.50 % ) for 2013 . after considering the views of both internal and external capital market advisors , particularly with regard to the effects of the recent economic environment on long-term prospective fixed income returns , we are reducing our expected long-term return on assets to 6.75% ( 6.75 % ) for determining pension cost for under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods . each one percentage point difference in actual return compared with our expected return can cause expense in subsequent years to increase or decrease by up to $ 9 million as the impact is amortized into results of operations . we currently estimate pretax pension expense of $ 9 million in 2015 compared with pretax income of $ 7 million in 2014 . this year-over-year expected increase in expense reflects the effects of the lower expected return on asset assumption , improved mortality , and the lower discount rate required to be used in 2015 . these factors will be partially offset by the favorable impact of the increase in plan assets at december 31 , 2014 and the assumed return on a $ 200 million voluntary contribution to the plan made in february 2015 . the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2015 estimated expense as a baseline . table 26 : pension expense 2013 sensitivity analysis change in assumption ( a ) estimated increase/ ( decrease ) to 2015 pension expense ( in millions ) .
1change in assumption ( a )estimatedincrease/ ( decrease ) to 2015pensionexpense ( in millions )
2.5% ( .5 % ) decrease in discount rate$ 18
3.5% ( .5 % ) decrease in expected long-term return on assets$ 22
4.5% ( .5 % ) increase in compensation rate$ 2
( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant . our pension plan contribution requirements are not particularly sensitive to actuarial assumptions . investment performance has the most impact on contribution requirements and will drive the amount of required contributions in future years . also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan . notwithstanding the voluntary contribution made in february 2015 noted above , we do not expect to be required to make any contributions to the plan during 2015 . we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees , which are described more fully in note 13 employee benefit plans in the notes to consolidated financial statements in item 8 of this report . 66 the pnc financial services group , inc . 2013 form 10-k .","['2.0', '0.28571', '28.57143']" "['what was the value of long term debt?', 'what was the positive value of accounts payable and accrued liabilities?', 'what is the sum?', 'what is the sum including total purchase price?', 'was is the ratio of the sum net total purchase price to that including?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: part ii , item 8 fourth quarter of 2007 : 0160 schlumberger sold certain workover rigs for $ 32 million , resulting in a pretax gain of $ 24 million ( $ 17 million after-tax ) which is classified in interest and other income , net in the consolidated statement of income . 4 . acquisitions acquisition of eastern echo holding plc on december 10 , 2007 , schlumberger completed the acquisition of eastern echo holding plc ( 201ceastern echo 201d ) for $ 838 million in cash . eastern echo was a dubai-based marine seismic company that did not have any operations at the time of acquisition , but had signed contracts for the construction of six seismic vessels . the purchase price has been allocated to the net assets acquired based upon their estimated fair values as follows : ( stated in millions ) .
1cash and short-term investments$ 266
2other current assets23
3fixed income investments held to maturity54
4vessels under construction694
5accounts payable and accrued liabilities-17 ( 17 )
6long-term debt-182 ( 182 )
7total purchase price$ 838
other acquisitions schlumberger has made other acquisitions and minority interest investments , none of which were significant on an individual basis , for cash payments , net of cash acquired , of $ 514 million during 2009 , $ 345 million during 2008 , and $ 281 million during 2007 . pro forma results pertaining to the above acquisitions are not presented as the impact was not significant . 5 . drilling fluids joint venture the mi-swaco drilling fluids joint venture is owned 40% ( 40 % ) by schlumberger and 60% ( 60 % ) by smith international , inc . schlumberger records income relating to this venture using the equity method of accounting . the carrying value of schlumberger 2019s investment in the joint venture on december 31 , 2009 and 2008 was $ 1.4 billion and $ 1.3 billion , respectively , and is included within investments in affiliated companies on the consolidated balance sheet . schlumberger 2019s equity income from this joint venture was $ 131 million in 2009 , $ 210 million in 2008 and $ 178 million in 2007 . schlumberger received cash distributions from the joint venture of $ 106 million in 2009 , $ 57 million in 2008 and $ 46 million in 2007 . the joint venture agreement contains a provision under which either party to the joint venture may offer to sell its entire interest in the venture to the other party at a cash purchase price per percentage interest specified in an offer notice . if the offer to sell is not accepted , the offering party will be obligated to purchase the entire interest of the other party at the same price per percentage interest as the prices specified in the offer notice. .","['182.0', '17.0', '199.0', '1037.0', '0.1919']" "['what was the dividend yield for 2012 for applied materials?', 'and for 2010?', 'so what was the difference in yield between these two years?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 28 , 2007 through october 28 , 2012 . this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period . the comparison assumes $ 100 was invested on october 28 , 2007 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any . dollar amounts in the graph are rounded to the nearest whole dollar . the performance shown in the graph represents past performance and should not be considered an indication of future performance . comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index and the rdg semiconductor composite index * $ 100 invested on 10/28/07 in stock or 10/31/07 in index , including reinvestment of dividends . indexes calculated on month-end basis . copyright a9 2012 s&p , a division of the mcgraw-hill companies inc . all rights reserved. .
110/28/200710/26/200810/25/200910/31/201010/30/201110/28/2012
2applied materials100.0061.2271.0669.2372.3762.92
3s&p 500 index100.0063.9070.1781.7688.37101.81
4rdg semiconductor composite index100.0054.7468.5984.4691.3382.37
dividends during fiscal 2012 , applied 2019s board of directors declared three quarterly cash dividends in the amount of $ 0.09 per share each and one quarterly cash dividend in the amount of $ 0.08 per share . during fiscal 2011 , applied 2019s board of directors declared three quarterly cash dividends in the amount of $ 0.08 per share each and one quarterly cash dividend in the amount of $ 0.07 per share . during fiscal 2010 , applied 2019s board of directors declared three quarterly cash dividends in the amount of $ 0.07 per share each and one quarterly cash dividend in the amount of $ 0.06 . dividends declared during fiscal 2012 , 2011 and 2010 amounted to $ 438 million , $ 408 million and $ 361 million , respectively . applied currently anticipates that it will continue to pay cash dividends on a quarterly basis in the future , although the declaration and amount of any future cash dividends are at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination that cash dividends are in the best interests of applied 2019s stockholders . 10/28/07 10/26/08 10/25/09 10/31/10 10/30/11 10/28/12 applied materials , inc . s&p 500 rdg semiconductor composite .","['0.00143', '0.00101', '0.00042']" "['what was the valuation allowance at the end of 2014?', 'what was the balance at the start of 2012?', 'what is the net change?', 'what is the net change divided by the starting value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: majority of the increased tax position is attributable to temporary differences . the increase in 2014 current period tax positions related primarily to the company 2019s change in tax accounting method filed in 2008 for repair and maintenance costs on its utility plant . the company does not anticipate material changes to its unrecognized tax benefits within the next year . if the company sustains all of its positions at december 31 , 2014 and 2013 , an unrecognized tax benefit of $ 9444 and $ 7439 , respectively , excluding interest and penalties , would impact the company 2019s effective tax rate . the following table summarizes the changes in the company 2019s valuation allowance: .
1balance at january 1 2012$ 21579
2increases in current period tax positions2014
3decreases in current period tax positions-2059 ( 2059 )
4balance at december 31 2012$ 19520
5increases in current period tax positions2014
6decreases in current period tax positions-5965 ( 5965 )
7balance at december 31 2013$ 13555
8increases in current period tax positions2014
9decreases in current period tax positions-3176 ( 3176 )
10balance at december 31 2014$ 10379
included in 2013 is a discrete tax benefit totaling $ 2979 associated with an entity re-organization within the company 2019s market-based operations segment that allowed for the utilization of state net operating loss carryforwards and the release of an associated valuation allowance . note 13 : employee benefits pension and other postretirement benefits the company maintains noncontributory defined benefit pension plans covering eligible employees of its regulated utility and shared services operations . benefits under the plans are based on the employee 2019s years of service and compensation . the pension plans have been closed for all employees . the pension plans were closed for most employees hired on or after january 1 , 2006 . union employees hired on or after january 1 , 2001 had their accrued benefit frozen and will be able to receive this benefit as a lump sum upon termination or retirement . union employees hired on or after january 1 , 2001 and non-union employees hired on or after january 1 , 2006 are provided with a 5.25% ( 5.25 % ) of base pay defined contribution plan . the company does not participate in a multiemployer plan . the company 2019s pension funding practice is to contribute at least the greater of the minimum amount required by the employee retirement income security act of 1974 or the normal cost . further , the company will consider additional contributions if needed to avoid 201cat risk 201d status and benefit restrictions under the pension protection act of 2006 . the company may also consider increased contributions , based on other financial requirements and the plans 2019 funded position . pension plan assets are invested in a number of actively managed and commingled funds including equity and bond funds , fixed income securities , guaranteed interest contracts with insurance companies , real estate funds and real estate investment trusts ( 201creits 201d ) . pension expense in excess of the amount contributed to the pension plans is deferred by certain regulated subsidiaries pending future recovery in rates charged for utility services as contributions are made to the plans . ( see note 6 ) the company also has unfunded noncontributory supplemental non-qualified pension plans that provide additional retirement benefits to certain employees. .","['10379.0', '21579.0', '-11200.0', '-0.51902']" "['what was the difference in the fair value of the securities held in decommissioning trust funds and the amounts deposited plus the earnings on the deposits from 2001 to 2002 for entergy arkansas?', 'and the percentage change of this value?', 'and the difference for entergy gulf states?', 'so what was the percentage change for this region?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: domestic utility companies and system energy notes to respective financial statements derived from another portion of the entity that continues to apply sfas 71 should not be written off ; rather , they should be considered regulatory assets of the segment that will continue to apply sfas 71 . see note 2 to the domestic utility companies and system energy financial statements for discussion of transition to competition activity in the retail regulatory jurisdictions served by the domestic utility companies . only texas currently has an enacted retail open access law , but entergy believes that significant issues remain to be addressed by regulators , and the enacted law does not provide sufficient detail to reasonably determine the impact on entergy gulf states' regulated operations . cash and cash equivalents entergy considers all unrestricted highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents . investments with original maturities of more than three months are classified as other temporary investments on the balance sheet . investments entergy applies the provisions of sfas 115 , 201caccounting for investments for certain debt and equity securities , 201d in accounting for investments in decommissioning trust funds . as a result , entergy records the decommissioning trust funds at their fair value on the balance sheet . as of december 31 , 2002 and 2001 , the fair value of the securities held in such funds differs from the amounts deposited plus the earnings on the deposits by the following ( in millions ) : .
120022001
2entergy arkansas$ 35.3$ 69.8
3entergy gulf states$ 1.4$ 18.5
4entergy louisiana( $ 0.3 )$ 8.2
5system energy( $ 14.5 )( $ 1.6 )
in accordance with the regulatory treatment for decommissioning trust funds , entergy arkansas , entergy gulf states ( for the regulated portion of river bend ) , and entergy louisiana have recorded an offsetting amount of unrealized gains/ ( losses ) on investment securities in accumulated depreciation . for the nonregulated portion of river bend , entergy gulf states has recorded an offsetting amount of unrealized gains/ ( losses ) in other deferred credits . system energy's offsetting amount of unrealized gains/ ( losses ) on investment securities is in other regulatory liabilities . derivatives and hedging entergy implemented sfas 133 , 201caccounting for derivative instruments and hedging activities 201d on january 1 , 2001 . the statement requires that all derivatives be recognized in the balance sheet , either as assets or liabilities , at fair value . the changes in the fair value of derivatives are recorded each period in current earnings or other comprehensive income , depending on whether a derivative is designated as part of a hedge transaction and , if it is , the type of hedge transaction . for cash-flow hedge transactions in which entergy is hedging the variability of cash flows related to a variable-rate asset , liability , or forecasted transaction , changes in the fair value of the derivative instrument are reported in other comprehensive income . the gains and losses on the derivative instrument that are reported in other comprehensive income are reclassified as earnings in the periods in which earnings are impacted by the variability of the cash flows of the hedged item . the ineffective portions of all hedges are recognized in current- period earnings . contracts for commodities that will be delivered in quantities expected to be used or sold in the ordinary course of business , including certain purchases and sales of power and fuel , are not classified as derivatives. .","['34.5', '0.97734', '17.1', '12.21429']" "['what was the change in the equipment and other rents segment from 2011 to 2012?', 'and what was the change in the total expense in that same period?', 'what percentage, then, of this total expense change was due to the change in that segment?', 'and in that same two year period, what was the change in the higher locomotive diesel fuel prices?', 'and how much did the increase in the expenses, in millions of dollars, represent in relation to this change?', 'what is that counting that increase only in dollars?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: operating expenses millions 2012 2011 2010 % ( % ) change 2012 v 2011 % ( % ) change 2011 v 2010 .
1millions201220112010% ( % ) change 2012 v 2011% ( % ) change 2011 v 2010
2compensation and benefits$ 4685$ 4681$ 4314-% ( - % )9% ( 9 % )
3fuel360835812486144
4purchased services and materials21432005183679
5depreciation17601617148799
6equipment and other rents11971167114232
7other78878271919
8total$ 14181$ 13833$ 119843% ( 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 .","['30.0', '348.0', '0.08621', '0.1', '1050.0', '1050000000.0']" "['what was the change in earnings for basic and diluted eps from 2016 to 2017?', 'how much does that change represent, percentually, in relation to the 2016 earnings for basic and diluted eps?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: 10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc performance stock units : in january 2017 , altria group , inc . granted an aggregate of 187886 performance stock units to eligible employees . the payout of the performance stock units requires the achievement of certain performance measures , which were predetermined at the time of grant , over a three-year performance cycle . these performance measures consist of altria group , inc . 2019s adjusted diluted earnings per share ( 201ceps 201d ) compounded annual growth rate and altria group , inc . 2019s total shareholder return relative to a predetermined peer group . the performance stock units are also subject to forfeiture if certain employment conditions are not met . at december 31 , 2017 , altria group , inc . had 170755 performance stock units remaining , with a weighted-average grant date fair value of $ 70.39 per performance stock unit . the fair value of the performance stock units at the date of grant , net of estimated forfeitures , is amortized to expense over the performance period . altria group , inc . recorded pre-tax compensation expense related to performance stock units for the year ended december 31 , 2017 of $ 6 million . the unamortized compensation expense related to altria group , inc . 2019s performance stock units was $ 7 million at december 31 , 2017 . altria group , inc . did not grant any performance stock units during 2016 and 2015 . note 12 . earnings per share basic and diluted eps were calculated using the following: .
1( in millions )for the years ended december 31 , 2017for the years ended december 31 , 2016for the years ended december 31 , 2015
2net earnings attributable to altria group inc .$ 10222$ 14239$ 5241
3less : distributed and undistributed earnings attributable to share-based awards-14 ( 14 )-24 ( 24 )-10 ( 10 )
4earnings for basic and diluted eps$ 10208$ 14215$ 5231
5weighted-average shares for basic and diluted eps192119521961
net earnings attributable to altria group , inc . $ 10222 $ 14239 $ 5241 less : distributed and undistributed earnings attributable to share-based awards ( 14 ) ( 24 ) ( 10 ) earnings for basic and diluted eps $ 10208 $ 14215 $ 5231 weighted-average shares for basic and diluted eps 1921 1952 1961 .","['4007.0', '0.39254']" "['how much does the interest expense of 2013 represents in relation to that of 2012?', 'what is the difference between that and the number 1?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: interest expense .
1201420132012
2interest incurred$ 158.1$ 167.6$ 153.9
3less : capitalized interest33.025.830.2
4interest expense$ 125.1$ 141.8$ 123.7
2014 vs . 2013 interest incurred decreased $ 9.5 . the decrease was primarily due to a lower average interest rate on the debt portfolio which reduced interest by $ 13 , partially offset by a higher average debt balance which increased interest by $ 6 . the change in capitalized interest was driven by a higher carrying value in construction in progress . 2013 vs . 2012 interest incurred increased $ 13.7 . the increase was driven primarily by a higher average debt balance for $ 41 , partially offset by a lower average interest rate on the debt portfolio of $ 24 . the change in capitalized interest was driven by a decrease in project spending and a lower average interest rate . effective tax rate the effective tax rate equals the income tax provision divided by income from continuing operations before taxes . refer to note 22 , income taxes , to the consolidated financial statements for details on factors affecting the effective tax rate . 2014 vs . 2013 on a gaap basis , the effective tax rate was 27.0% ( 27.0 % ) and 22.8% ( 22.8 % ) in 2014 and 2013 , respectively . the effective tax rate was higher in the current year primarily due to the goodwill impairment charge of $ 305.2 , which was not deductible for tax purposes , and the chilean tax reform enacted in september 2014 which increased income tax expense by $ 20.6 . these impacts were partially offset by an income tax benefit of $ 51.6 associated with losses from transactions and a tax election in a non-u.s . subsidiary . the prior year rate included income tax benefits of $ 73.7 related to the business restructuring and cost reduction plans and $ 3.7 for the advisory costs . refer to note 4 , business restructuring and cost reduction actions ; note 9 , goodwill ; note 22 , income taxes ; and note 23 , supplemental information , to the consolidated financial statements for details on these transactions . on a non-gaap basis , the effective tax rate was 24.0% ( 24.0 % ) and 24.2% ( 24.2 % ) in 2014 and 2013 , respectively . 2013 vs . 2012 on a gaap basis , the effective tax rate was 22.8% ( 22.8 % ) and 21.9% ( 21.9 % ) in 2013 and 2012 , respectively . the effective rate in 2013 includes income tax benefits of $ 73.7 related to the business restructuring and cost reduction plans and $ 3.7 for the advisory costs . the effective rate in 2012 includes income tax benefits of $ 105.0 related to the business restructuring and cost reduction plans , $ 58.3 related to the second quarter spanish tax ruling , and $ 3.7 related to the customer bankruptcy charge , offset by income tax expense of $ 43.8 related to the first quarter spanish tax settlement and $ 31.3 related to the gain on the previously held equity interest in da nanomaterials . refer to note 4 , business restructuring and cost reduction actions ; note 5 , business combinations ; note 22 , income taxes ; and note 23 , supplemental information , to the consolidated financial statements for details on these transactions . on a non-gaap basis , the effective tax rate was 24.2% ( 24.2 % ) in both 2013 and 2012 . discontinued operations during the second quarter of 2012 , the board of directors authorized the sale of our homecare business , which had previously been reported as part of the merchant gases operating segment . in 2012 , we sold the majority of our homecare business to the linde group for sale proceeds of 20ac590 million ( $ 777 ) and recognized a gain of $ 207.4 ( $ 150.3 after-tax , or $ .70 per share ) . in addition , an impairment charge of $ 33.5 ( $ 29.5 after-tax , or $ .14 per share ) was recorded to write down the remaining business , which was primarily in the united kingdom and ireland , to its estimated net realizable value . in 2013 , we recorded an additional charge of $ 18.7 ( $ 13.6 after-tax , or $ .06 per share ) to update our estimate of the net realizable value . in 2014 , a gain of $ 3.9 was recognized for the sale of the remaining homecare business and settlement of contingencies on the sale to the linde group . refer to note 3 , discontinued operations , to the consolidated financial statements for additional details on this business. .","['1.14632', '0.14632']" "['what was the total value of vested units?', 'and of forfeited units?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: restricted unit awards in 2010 and 2009 , the hartford issued restricted units as part of the hartford 2019s 2005 stock plan . restricted stock unit awards under the plan have historically been settled in shares , but under this award will be settled in cash and are thus referred to as 201crestricted units 201d . the economic value recipients will ultimately realize will be identical to the value that would have been realized if the awards had been settled in shares , i.e. , upon settlement , recipients will receive cash equal to the hartford 2019s share price multiplied by the number of restricted units awarded . because restricted units will be settled in cash , the awards are remeasured at the end of each reporting period until settlement . awards granted in 2009 vested after a three year period . awards granted in 2010 include both graded and cliff vesting restricted units which vest over a three year period . the graded vesting attribution method is used to recognize the expense of the award over the requisite service period . for example , the graded vesting attribution method views one three-year grant with annual graded vesting as three separate sub-grants , each representing one third of the total number of awards granted . the first sub-grant vests over one year , the second sub-grant vests over two years and the third sub-grant vests over three years . there were no restricted units awarded for 2013 or 2012 . as of december 31 , 2013 and 2012 , 27 thousand and 832 thousand restricted units were outstanding , respectively . deferred stock unit plan effective july 31 , 2009 , the compensation and management development committee of the board authorized the hartford deferred stock unit plan ( 201cdeferred stock unit plan 201d ) , and , on october 22 , 2009 , it was amended . the deferred stock unit plan provides for contractual rights to receive cash payments based on the value of a specified number of shares of stock . the deferred stock unit plan provides for two award types , deferred units and restricted units . deferred units are earned ratably over a year , based on the number of regular pay periods occurring during such year . deferred units are credited to the participant's account on a quarterly basis based on the market price of the company 2019s common stock on the date of grant and are fully vested at all times . deferred units credited to employees prior to january 1 , 2010 ( other than senior executive officers hired on or after october 1 , 2009 ) are not paid until after two years from their grant date . deferred units credited on or after january 1 , 2010 ( and any credited to senior executive officers hired on or after october 1 , 2009 ) are paid in three equal installments after the first , second and third anniversaries of their grant date . restricted units are intended to be incentive compensation and , unlike deferred units , vest over time , generally three years , and are subject to forfeiture . the deferred stock unit plan is structured consistent with the limitations and restrictions on employee compensation arrangements imposed by the emergency economic stabilization act of 2008 and the tarp standards for compensation and corporate governance interim final rule issued by the u.s . department of treasury on june 10 , 2009 . there were no deferred stock units awarded in 2013 or 2012 . a summary of the status of the company 2019s non-vested awards under the deferred stock unit plan as of december 31 , 2013 , is presented below : non-vested units restricted units ( in thousands ) weighted-average grant-date fair value .
1non-vested unitsrestricted units ( in thousands )weighted-average grant-date fair value
2non-vested at beginning of year30925.08
3granted20142014
4vested-306 ( 306 )25.04
5forfeited-3 ( 3 )28.99
6non-vested at end of year2014$ 2014
subsidiary stock plan in 2013 the hartford established a subsidiary stock-based compensation plan similar to the hartford 2010 incentive stock plan except that it awards non-public subsidiary stock as compensation . the company recognized stock-based compensation plans expense of $ 1 in the year ended december 31 , 2013 for the subsidiary stock plan . upon employee vesting of subsidiary stock , the company will recognize a noncontrolling equity interest . employees will be restricted from selling vested subsidiary stock to other than the company and the company will have discretion on the amount of stock to repurchase . therefore the subsidiary stock will be classified as equity because it is not mandatorily redeemable . table of contents the hartford financial services group , inc . notes to consolidated financial statements ( continued ) 19 . stock compensation plans ( continued ) .","['7662.24', '86.97']" "['what was the profit per share for 2018?', 'and in 2017?', 'so what was the proportion of 2018 profit to 2017?', 'and applying this same rate to determine the profit per share in 2019?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: 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: .
1( millions of dollars )full year 2018 profit before taxesfull year 2018 profitper sharefull year 2018 profit before taxesprofitper share
2profit$ 7822$ 10.26$ 4082$ 1.26
3restructuring costs3860.5012561.68
4mark-to-market losses4950.643010.26
5deferred tax valuation allowance adjustments2014-0.01 ( 0.01 )2014-0.18 ( 0.18 )
6u.s . tax reform impact2014-0.17 ( 0.17 )20143.95
7gain on sale of equity investment20142014-85 ( 85 )-0.09 ( 0.09 )
8adjusted 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. .","['10.26', '1.26', '8.14286', '83.54571']" "['what is the ratio of principal payments due in 2008 relative to those due after 5 years?', 'what is the difference in principal payments from 2006 to 2007?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: vornado realty trust72 ( 6 ) on june 21 , 2002 , one of the lenders purchased the other participant 2019s interest in the loan . at the same time , the loan was extended for one year , with certain modifications , including ( i ) making the risk of a loss due to terrorism ( as defined ) not covered by insurance recourse to the company and ( ii ) the granting of two 1-year renewal options to the company . ( 7 ) on november 25 , 2003 , the company completed an offering of $ 200000 , aggregate principal amount of 4.75% ( 4.75 % ) senior unsecured notes due december 1 , 2010 . interest on the notes is payable semi-annually on june 1st and december 1st , commencing in 2004 . the notes were priced at 99.869% ( 99.869 % ) of their face amount to yield 4.772% ( 4.772 % ) . the notes contain the same financial covenants that are in the company 2019s notes issued in june 2002 , except the maximum ratio of secured debt to total assets is now 50% ( 50 % ) ( previously 55% ( 55 % ) ) . the net proceeds of approximately $ 198500 were used primarily to repay existing mortgage debt . ( 8 ) on july 3 , 2003 , the company entered into a new $ 600000 unsecured revolving credit facility which has replaced its $ 1 billion unsecured revolving credit facility which was to mature in july 2003 . the new facility has a three-year term , a one-year extension option and bears interest at libor plus .65% ( .65 % ) . the company also has the ability under the new facility to seek up to $ 800000 of commitments during the facility 2019s term . the new facility contains financial covenants similar to the prior facility . the net carrying amount of properties collateralizing the notes and mortgages amounted to $ 4557065000 at december 31 , 2003 . as at december 31 , 2003 , the principal repayments required for the next five years and thereafter are as follows : ( amounts in thousands ) .
1year ending december 31,amount
22004$ 296184
32005357171
42006551539
52007807784
62008378841
7thereafter1672866
8 . shareholders 2019 equity common shares of beneficial interest on february 25 , 2002 , the company sold 1398743 common shares based on the closing price of $ 42.96 on the nyse . the net proceeds to the company were approximately $ 56453000 . series a preferred shares of beneficial interest holders of series a preferred shares of beneficial interest are entitled to receive dividends in an amount equivalent to $ 3.25 per annum per share . these dividends are cumulative and payable quarterly in arrears . the series a preferred shares are convertible at any time at the option of their respective holders at a conversion rate of 1.38504 common shares per series a preferred share , subject to adjustment in certain circumstances . in addition , upon the satisfaction of certain conditions the company , at its option , may redeem the $ 3.25 series a preferred shares at a current conversion rate of 1.38504 common shares per series a preferred share , subject to adjustment in certain circumstances . at no time will the series a preferred shares be redeemable for cash . series b preferred shares of beneficial interest holders of series b preferred shares of beneficial interest are entitled to receive dividends at an annual rate of 8.5% ( 8.5 % ) of the liquidation preference , or $ 2.125 per series b preferred share per annum . these dividends are cumulative and payable quarterly in arrears . the series b preferred shares are not convertible into or exchangeable for any other property or any other securities of the company at the election of the holders . however , subject to certain limitations relating to the source of funds used in connection with any such redemption , on or after march 17 , 2004 ( or sooner under limited circumstances ) , the company , at its option , may redeem series b preferred shares at a redemption price of $ 25.00 per share , plus any accrued and unpaid dividends through the date of redemption . the series b preferred shares have no maturity date and will remain outstanding indefinitely unless redeemed by the company . on february 17 , 2004 , the company has called for the redemption of all of the outstanding series b preferred shares . the shares will be redeemed on march 17 , 2004 at the redemption price of $ 25.00 per share , aggregating $ 85000000 plus accrued dividends . the redemption amount exceeds the carrying amount by $ 2100000 , representing original issuance costs . notes to consolidated financial statements sr-176_fin_l02p53_82v1.qxd 4/8/04 2:17 pm page 72 .","['0.22646', '-256245.0']" "['from 2018 to 2019, what was the change in the total of qualified defined benefit pension plans expected payments?', 'and for the two year period ended two years earlier, what was the variation in the employee total matching contributions?', 'what is this variation as a percentage of those contributions in 2015?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: u.s . equity securities and international equity securities categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year . for u.s . equity securities and international equity securities not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker or investment manager . these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager . commingled equity funds categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year . for commingled equity funds not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker or investment manager . these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor . fixed income investments categorized as level 2 are valued by the trustee using pricing models that use verifiable observable market data ( e.g. , interest rates and yield curves observable at commonly quoted intervals and credit spreads ) , bids provided by brokers or dealers or quoted prices of securities with similar characteristics . fixed income investments are categorized at level 3 when valuations using observable inputs are unavailable . the trustee obtains pricing based on indicative quotes or bid evaluations from vendors , brokers or the investment manager . commodities are traded on an active commodity exchange and are valued at their closing prices on the last trading day of the certain commingled equity funds , consisting of equity mutual funds , are valued using the nav.aa thenavaa valuations are based on the underlying investments and typically redeemable within 90 days . private equity funds consist of partnership and co-investment funds . the navaa is based on valuation models of the underlying securities , which includes unobservable inputs that cannot be corroborated using verifiable observable market data . these funds typically have redemption periods between eight and 12 years . real estate funds consist of partnerships , most of which are closed-end funds , for which the navaa is based on valuationmodels and periodic appraisals . these funds typically have redemption periods between eight and 10 years . hedge funds consist of direct hedge funds forwhich thenavaa is generally based on the valuation of the underlying investments . redemptions in hedge funds are based on the specific terms of each fund , and generally range from a minimum of one month to several months . contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules . there were no material contributions to our qualified defined benefit pension plans during 2017 . we will make contributions of $ 5.0 billion to our qualified defined benefit pension plans in 2018 , including required and discretionary contributions.as a result of these contributions , we do not expect any material qualified defined benefit cash funding will be required until 2021.we plan to fund these contributions using a mix of cash on hand and commercial paper . while we do not anticipate a need to do so , our capital structure and resources would allow us to issue new debt if circumstances change . the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2017 ( in millions ) : .
1201820192020202120222023 2013 2027
2qualified defined benefit pension plans$ 2450$ 2480$ 2560$ 2630$ 2700$ 14200
3retiree medical and life insurance plans180180180180180820
defined contribution plans wemaintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees . under the provisions of our 401 ( k ) plans , wematchmost employees 2019 eligible contributions at rates specified in the plan documents . our contributions were $ 613 million in 2017 , $ 617 million in 2016 and $ 393 million in 2015 , the majority of which were funded using our common stock . our defined contribution plans held approximately 35.5 million and 36.9 million shares of our common stock as of december 31 , 2017 and 2016. .","['30.0', '224.0', '0.56997']" "['what is the net change in the balance of indemnified securities financing from 2005 to 2006?', 'what is the balance of indemnified securities financing in 2005?', 'what percentage change does this represent?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: state street bank issuances : state street bank currently has authority to issue up to an aggregate of $ 1 billion of subordinated fixed-rate , floating-rate or zero-coupon bank notes with a maturity of five to fifteen years . with respect to the 5.25% ( 5.25 % ) subordinated bank notes due 2018 , state street bank is required to make semi-annual interest payments on the outstanding principal balance of the notes on april 15 and october 15 of each year , and the notes qualify as tier 2 capital under regulatory capital guidelines . with respect to the 5.30% ( 5.30 % ) subordinated notes due 2016 and the floating-rate subordinated notes due 2015 , state street bank is required to make semi-annual interest payments on the outstanding principal balance of the 5.30% ( 5.30 % ) notes on january 15 and july 15 of each year beginning in july 2006 , and quarterly interest payments on the outstanding principal balance of the floating-rate notes on march 8 , june 8 , september 8 and december 8 of each year beginning in march 2006 . the notes qualify as tier 2 capital under regulatory capital guidelines . note 10 . commitments and contingencies off-balance sheet commitments and contingencies : credit-related financial instruments include indemnified securities financing , unfunded commitments to extend credit or purchase assets and standby letters of credit . the total potential loss on unfunded commitments , standby and commercial letters of credit and securities finance indemnifications is equal to the total contractual amount , which does not consider the value of any collateral . the following is a summary of the contractual amount of credit-related , off-balance sheet financial instruments at december 31 . amounts reported do not reflect participations to unrelated third parties. .
1( in millions )20062005
2indemnified securities financing$ 506032$ 372863
3liquidity asset purchase agreements3025124412
4unfunded commitments to extend credit1635414403
5standby letters of credit49265027
on behalf of our customers , we lend their securities to creditworthy brokers and other institutions . in certain circumstances , we may indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities . collateral funds received in connection with our securities finance services are held by us as agent and are not recorded in our consolidated statement of condition . we require the borrowers to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the fair market value of the securities borrowed . the borrowed securities are revalued daily to determine if additional collateral is necessary . we held , as agent , cash and u.s . government securities totaling $ 527.37 billion and $ 387.22 billion as collateral for indemnified securities on loan at december 31 , 2006 and 2005 , respectively . approximately 81% ( 81 % ) of the unfunded commitments to extend credit and liquidity asset purchase agreements expire within one year from the date of issue . since many of the commitments are expected to expire or renew without being drawn upon , the total commitment amounts do not necessarily represent future cash requirements . in the normal course of business , we provide liquidity and credit enhancements to asset-backed commercial paper programs , or 201cconduits . 201d these conduits are more fully described in note 11 . the commercial paper issuances and commitments of the conduits to provide funding are supported by liquidity asset purchase agreements and backup liquidity lines of credit , the majority of which are provided by us . in addition , we provide direct credit support to the conduits in the form of standby letters of credit . our commitments under liquidity asset purchase agreements and backup lines of credit totaled $ 23.99 billion at december 31 , 2006 , and are included in the preceding table . our commitments under seq 83 copyarea : 38 . x 54 . trimsize : 8.25 x 10.75 typeset state street corporation serverprocess c:\\fc\\delivery_1024177\\2771-1-dm_p.pdf chksum : 0 cycle 1merrill corporation 07-2771-1 thu mar 01 17:10:46 2007 ( v 2.247w--stp1pae18 ) .","['133169.0', '372863.0', '0.35715']" "['what was the total contribution expense in 2006?', 'and in 2005?', 'so what was the difference in this value between the two years?', 'and the value for 2005 again?', 'so what was the difference as a percentage of the original value?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: prior to its adoption of sfas no . 123 ( r ) , the company recorded compensation expense for restricted stock awards on a straight-line basis over their vesting period . if an employee forfeited the award prior to vesting , the company reversed out the previously expensed amounts in the period of forfeiture . as required upon adoption of sfas no . 123 ( r ) , the company must base its accruals of compensation expense on the estimated number of awards for which the requisite service period is expected to be rendered . actual forfeitures are no longer recorded in the period of forfeiture . in 2005 , the company recorded a pre-tax credit of $ 2.8 million in cumulative effect of accounting change , that represents the amount by which compensation expense would have been reduced in periods prior to adoption of sfas no . 123 ( r ) for restricted stock awards outstanding on july 1 , 2005 that are anticipated to be forfeited . a summary of non-vested restricted stock award and restricted stock unit activity is presented below : shares ( in thousands ) weighted- average date fair .
1shares ( in thousands )weighted- average grant date fair value
2non-vested at december 31 2006:2878$ 13.01
3issued830$ 22.85
4released ( vested )-514 ( 514 )$ 15.93
5canceled-1197 ( 1197 )$ 13.75
6non-vested at december 31 2007:1997$ 15.91
as of december 31 , 2007 , there was $ 15.3 million of total unrecognized compensation cost related to non-vested awards . this cost is expected to be recognized over a weighted-average period of 1.6 years . the total fair value of restricted shares and restricted stock units vested was $ 11.0 million , $ 7.5 million and $ 4.1 million for the years ended december 31 , 2007 , 2006 and 2005 , respectively . employee stock purchase plan the shareholders of the company previously approved the 2002 employee stock purchase plan ( 201c2002 purchase plan 201d ) , and reserved 5000000 shares of common stock for sale to employees at a price no less than 85% ( 85 % ) of the lower of the fair market value of the common stock at the beginning of the one-year offering period or the end of each of the six-month purchase periods . under sfas no . 123 ( r ) , the 2002 purchase plan was considered compensatory . effective august 1 , 2005 , the company changed the terms of its purchase plan to reduce the discount to 5% ( 5 % ) and discontinued the look-back provision . as a result , the purchase plan was not compensatory beginning august 1 , 2005 . for the year ended december 31 , 2005 , the company recorded $ 0.4 million in compensation expense for its employee stock purchase plan for the period in which the 2002 plan was considered compensatory until the terms were changed august 1 , 2005 . at december 31 , 2007 , 757123 shares were available for purchase under the 2002 purchase plan . 401 ( k ) plan the company has a 401 ( k ) salary deferral program for eligible employees who have met certain service requirements . the company matches certain employee contributions ; additional contributions to this plan are at the discretion of the company . total contribution expense under this plan was $ 5.7 million , $ 5.7 million and $ 5.2 million for the years ended december 31 , 2007 , 2006 and 2005 , respectively. .","['5.7', '5.2', '0.5', '5.2', '0.09615']" "['what was the difference in the initial health care trend rate and the ultimate trend rate in 2017?', 'what is the initial health care trend rate\tin 2016?', 'what about the ultimate trend rate?', 'what is the difference?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: marathon oil corporation notes to consolidated financial statements expected long-term return on plan assets 2013 the expected long-term return on plan assets assumption for our u.s . funded plan is determined based on an asset rate-of-return modeling tool developed by a third-party investment group which utilizes underlying assumptions based on actual returns by asset category and inflation and takes into account our u.s . pension plan 2019s asset allocation . to determine the expected long-term return on plan assets assumption for our international plans , we consider the current level of expected returns on risk-free investments ( primarily government bonds ) , the historical levels of the risk premiums associated with the other applicable asset categories and the expectations for future returns of each asset class . the expected return for each asset category is then weighted based on the actual asset allocation to develop the overall expected long-term return on plan assets assumption . assumed weighted average health care cost trend rates .
1201820172016
2initial health care trend raten/a8.00% ( 8.00 % )8.25% ( 8.25 % )
3ultimate trend raten/a4.70% ( 4.70 % )4.50% ( 4.50 % )
4year ultimate trend rate is reachedn/a20252025
n/a all retiree medical subsidies are frozen as of january 1 , 2019 . employer provided subsidies for post-65 retiree health care coverage were frozen effective january 1 , 2017 at january 1 , 2016 established amount levels . company contributions are funded to a health reimbursement account on the retiree 2019s behalf to subsidize the retiree 2019s cost of obtaining health care benefits through a private exchange ( the 201cpost-65 retiree health benefits 201d ) . therefore , a 1% ( 1 % ) change in health care cost trend rates would not have a material impact on either the service and interest cost components and the postretirement benefit obligations . in the fourth quarter of 2018 , we terminated the post-65 retiree health benefits effective as of december 31 , 2020 . the post-65 retiree health benefits will no longer be provided after that date . in addition , the pre-65 retiree medical coverage subsidy has been frozen as of january 1 , 2019 , and the ability for retirees to opt in and out of this coverage , as well as pre-65 retiree dental and vision coverage , has also been eliminated . retirees must enroll in connection with retirement for such coverage , or they lose eligibility . these plan changes reduced our retiree medical benefit obligation by approximately $ 99 million . plan investment policies and strategies 2013 the investment policies for our u.s . and international pension plan assets reflect the funded status of the plans and expectations regarding our future ability to make further contributions . long-term investment goals are to : ( 1 ) manage the assets in accordance with applicable legal requirements ; ( 2 ) produce investment returns which meet or exceed the rates of return achievable in the capital markets while maintaining the risk parameters set by the plan's investment committees and protecting the assets from any erosion of purchasing power ; and ( 3 ) position the portfolios with a long-term risk/ return orientation . investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings and periodic asset and liability studies . u.s . plan 2013 the plan 2019s current targeted asset allocation is comprised of 55% ( 55 % ) equity securities and 45% ( 45 % ) other fixed income securities . over time , as the plan 2019s funded ratio ( as defined by the investment policy ) improves , in order to reduce volatility in returns and to better match the plan 2019s liabilities , the allocation to equity securities will decrease while the amount allocated to fixed income securities will increase . the plan's assets are managed by a third-party investment manager . international plan 2013 our international plan's target asset allocation is comprised of 55% ( 55 % ) equity securities and 45% ( 45 % ) fixed income securities . the plan assets are invested in ten separate portfolios , mainly pooled fund vehicles , managed by several professional investment managers whose performance is measured independently by a third-party asset servicing consulting fair value measurements 2013 plan assets are measured at fair value . the following provides a description of the valuation techniques employed for each major plan asset class at december 31 , 2018 and 2017 . cash and cash equivalents 2013 cash and cash equivalents are valued using a market approach and are considered level 1 . equity securities 2013 investments in common stock are valued using a market approach at the closing price reported in an active market and are therefore considered level 1 . private equity investments include interests in limited partnerships which are valued based on the sum of the estimated fair values of the investments held by each partnership , determined using a combination of market , income and cost approaches , plus working capital , adjusted for liabilities , currency translation and estimated performance incentives . these private equity investments are considered level 3 . investments in pooled funds are valued using a market approach , these various funds consist of equity with underlying investments held in u.s . and non-u.s . securities . the pooled funds are benchmarked against a relative public index and are considered level 2. .","['0.033', '0.0825', '0.045', '0.0375']" "['what was the total of lease obligations in the year of 2013, in millions?', 'and what was the total of purchase obligations in that same year, also in millions?', 'what would, then, be the total sum of both of those obligations, in millions?', 'and how much does this sum represent in relation to the total of 2013, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: through current cash balances and cash from oper- ations . additionally , the company has existing credit facilities totaling $ 2.5 billion . the company was in compliance with all its debt covenants at december 31 , 2012 . 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 calcu- lation also excludes accumulated other compre- hensive 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 , 2012 , international paper 2019s net worth was $ 13.9 bil- lion , and the total-debt-to-capital ratio was 42% ( 42 % ) . 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 capi- tal 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 , 2012 , the company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( 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 , 2012 , were as follows: .
1in millions20132014201520162017thereafter
2maturities of long-term debt ( a )$ 444$ 708$ 479$ 571$ 216$ 7722
3debt obligations with right of offset ( b )201420142014517320142014
4lease obligations1981361067050141
5purchase obligations ( c )32138287226208082654
6total ( d )$ 3855$ 1672$ 1307$ 6434$ 1074$ 10517
( 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 con- solidated balance sheet at december 31 , 2012 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.2 billion of debt obligations held by the entities ( see note 11 variable interest entities and preferred securities of subsidiaries on pages 69 through 72 in item 8 . financial statements and supplementary data ) . ( c ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forest- land 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 bene- fits of approximately $ 620 million . we consider the undistributed earnings of our for- eign subsidiaries as of december 31 , 2012 , to be indefinitely reinvested and , accordingly , no u.s . income taxes have been provided thereon . as of december 31 , 2012 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 840 million . we do not anticipate the need to repatriate funds to the united states to sat- isfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs asso- ciated with our domestic debt service requirements . pension obligations and funding at december 31 , 2012 , the projected benefit obliga- tion for the company 2019s u.s . defined benefit plans determined under u.s . gaap was approximately $ 4.1 billion higher than the fair value of plan assets . approximately $ 3.7 billion of this amount relates to plans that are subject to minimum funding require- ments . under current irs funding rules , the calcu- lation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes . in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s . congress which provided for pension funding relief and technical corrections . funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demo- graphic data and the targeted funding level . the company continually reassesses the amount and timing of any discretionary contributions and elected to make voluntary contributions totaling $ 44 million and $ 300 million for the years ended december 31 , 2012 and 2011 , respectively . at this time , we expect that required contributions to its plans in 2013 will be approximately $ 31 million , although the company may elect to make future voluntary contributions . the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates . ilim holding s.a . shareholder 2019s agreement in october 2007 , in connection with the for- mation of the ilim holding s.a . joint venture , international paper entered into a share- holder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners . this agreement provides that at .","['198.0', '3213.0', '3411.0', '0.88482']" "['what is the sum of the retail electric price and purchased power capacity?', 'what is the sum including new wholesale revenue?', 'what was the value of other revenues?', 'what is the total sum of revenues?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: entergy louisiana , llc management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges . following is an analysis of the change in net revenue comparing 2008 to 2007 . amount ( in millions ) .
1amount ( in millions )
22007 net revenue$ 991.1
3retail electric price-17.1 ( 17.1 )
4purchased power capacity-12.0 ( 12.0 )
5net wholesale revenue-7.4 ( 7.4 )
6other4.6
72008 net revenue$ 959.2
the retail electric price variance is primarily due to the cessation of the interim storm recovery through the formula rate plan upon the act 55 financing of storm costs and a credit passed on to customers as a result of the act 55 storm cost financing , partially offset by increases in the formula rate plan effective october 2007 . refer to ""hurricane rita and hurricane katrina"" and ""state and local rate regulation"" below for a discussion of the interim recovery of storm costs , the act 55 storm cost financing , and the formula rate plan filing . the purchased power capacity variance is due to the amortization of deferred capacity costs effective september 2007 as a result of the formula rate plan filing in may 2007 . purchased power capacity costs are offset in base revenues due to a base rate increase implemented to recover incremental deferred and ongoing purchased power capacity charges . see ""state and local rate regulation"" below for a discussion of the formula rate plan filing . the net wholesale revenue variance is primarily due to provisions recorded for potential rate refunds related to the treatment of interruptible load in pricing entergy system affiliate sales . gross operating revenue and , fuel and purchased power expenses gross operating revenues increased primarily due to an increase of $ 364.7 million in fuel cost recovery revenues due to higher fuel rates offset by decreased usage . the increase was partially offset by a decrease of $ 56.8 million in gross wholesale revenue due to a decrease in system agreement rough production cost equalization credits . fuel and purchased power expenses increased primarily due to increases in the average market prices of natural gas and purchased power , partially offset by a decrease in the recovery from customers of deferred fuel costs. .","['-29.1', '-36.5', '4.6', '-31.9']" "['what was the net change in valuation allowance from 2011 to 2012?', 'what was the valuation allowance in 2011?', 'what is the percent change?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: income and franchise tax provisions are allocable to contracts in process and , accordingly , are included in general and administrative expenses . deferred income taxes are recorded when revenues and expenses are recognized in different periods for financial statement purposes than for tax return purposes . deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect . determinations of the expected realizability of deferred tax assets and the need for any valuation allowances against these deferred tax assets were evaluated based upon the stand-alone tax attributes of the company , and valuation allowances of $ 21 million and $ 18 million were deemed necessary as of december 31 , 2012 and 2011 , respectively . uncertain tax positions meeting the more-likely-than-not recognition threshold , based on the merits of the position , are recognized in the financial statements . we recognize the amount of tax benefit that is greater than 50% ( 50 % ) likely to be realized upon ultimate settlement with the related tax authority . if a tax position does not meet the minimum statutory threshold to avoid payment of penalties , we recognize an expense for the amount of the penalty in the period the tax position is claimed or expected to be claimed in our tax return . penalties , if probable and reasonably estimable , are recognized as a component of income tax expense . we also recognize accrued interest related to uncertain tax positions in income tax expense . the timing and amount of accrued interest is determined by the applicable tax law associated with an underpayment of income taxes . see note 11 : income taxes . under existing gaap , changes in accruals associated with uncertainties are recorded in earnings in the period they are determined . cash and cash equivalents - the carrying amounts of cash and cash equivalents approximate fair value due to the short-term nature of these items , having original maturity dates of 90 days or less . accounts receivable - accounts receivable include amounts billed and currently due from customers , amounts currently due but unbilled , certain estimated contract change amounts , claims or requests for equitable adjustment in negotiation that are probable of recovery , and amounts retained by the customer pending contract completion . inventoried costs - inventoried costs primarily relate to work in process under contracts that recognize revenues using labor dollars or units of delivery as the basis of the percentage-of-completion calculation . these costs represent accumulated contract costs less cost of sales , as calculated using the percentage-of-completion method . accumulated contract costs include direct production costs , factory and engineering overhead , production tooling costs , and , for government contracts , allowable general and administrative expenses . according to the provisions of the company's u.s . government contracts , the customer asserts title to , or a security interest in , inventories related to such contracts as a result of contract advances , performance-based payments , and progress payments . in accordance with industry practice , inventoried costs are classified as a current asset and include amounts related to contracts having production cycles longer than one year . inventoried costs also include company owned raw materials , which are stated at the lower of cost or market , generally using the average cost method . property , plant , and equipment - depreciable properties owned by the company are recorded at cost and depreciated over the estimated useful lives of individual assets . costs incurred for computer software developed or obtained for internal use are capitalized and amortized over the expected useful life of the software , not to exceed nine years . leasehold improvements are amortized over the shorter of their useful lives or the term of the lease . the remaining assets are depreciated using the straight-line method , with the following lives: .
1land improvementsyears 3years -years 45
2buildings and improvements3-60
3capitalized software costs3-9
4machinery and other equipment2-45
the company evaluates the recoverability of its property , plant and equipment when there are changes in economic circumstances or business objectives that indicate the carrying value may not be recoverable . the company's evaluations include estimated future cash flows , profitability and other factors in determining fair value . as these assumptions and estimates may change over time , it may or may not be necessary to record impairment charges. .","['3.0', '18.0', '0.16667']" "['what is the total of payments differed until after 2023?', 'and what is the full amount of all payments?', 'what percentage, then, of this full amount does that total represent?', 'from the purchase obligations and other that are included in this full amount, what was the excluded amount of the multiemployer pension plan?', 'if this amount was included, what would be the total value of those purchased obligations and other?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: contractual obligations we summarize our enforceable and legally binding contractual obligations at september 30 , 2018 , and the effect these obligations are expected to have on our liquidity and cash flow in future periods in the following table . certain amounts in this table are based on management fffds estimates and assumptions about these obligations , including their duration , the possibility of renewal , anticipated actions by third parties and other factors , including estimated minimum pension plan contributions and estimated benefit payments related to postretirement obligations , supplemental retirement plans and deferred compensation plans . because these estimates and assumptions are subjective , the enforceable and legally binding obligations we actually pay in future periods may vary from those presented in the table. .
1( in millions )payments due by period totalpayments due by period fiscal 2019payments due by period fiscal 2020and 2021payments due by period fiscal 2022and 2023payments due by period thereafter
2long-term debt including current portionexcluding capital lease obligations ( 1 )$ 6039.0$ 726.6$ 824.8$ 1351.0$ 3136.6
3operating lease obligations ( 2 )615.8132.1199.9118.4165.4
4capital lease obligations ( 3 )152.55.06.72.7138.1
5purchase obligations and other ( 4 ) ( 5 ) ( 6 )2210.51676.6224.1114.9194.9
6total$ 9017.8$ 2540.3$ 1255.5$ 1587.0$ 3635.0
( 1 ) includes only principal payments owed on our debt assuming that all of our long-term debt will be held to maturity , excluding scheduled payments . we have excluded $ 205.2 million of fair value of debt step-up , deferred financing costs and unamortized bond discounts from the table to arrive at actual debt obligations . see fffdnote 13 . debt fffd fffd of the notes to consolidated financial statements for information on the interest rates that apply to our various debt instruments . ( 2 ) see fffdnote 14 . operating leases fffd of the notes to consolidated financial statements for additional information . ( 3 ) the fair value step-up of $ 18.5 million is excluded . see fffdnote 13 . debt fffd fffd capital lease and other indebtednesstt fffd of the notes to consolidated financial statements for additional information . ( 4 ) purchase obligations include agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms , including : fixed or minimum quantities to be purchased ; fixed , minimum or variable price provision ; and the approximate timing of the transaction . purchase obligations exclude agreements that are cancelable without penalty . ( 5 ) we have included in the table future estimated minimum pension plan contributions and estimated benefit payments related to postretirement obligations , supplemental retirement plans and deferred compensation plans . our estimates are based on factors , such as discount rates and expected returns on plan assets . future contributions are subject to changes in our underfunded status based on factors such as investment performance , discount rates , returns on plan assets and changes in legislation . it is possible that our assumptions may change , actual market performance may vary or we may decide to contribute different amounts . we have excluded $ 247.8 million of multiemployer pension plan withdrawal liabilities recorded as of september 30 , 2018 due to lack of definite payout terms for certain of the obligations . see fffdnote 4 . retirement plans fffd multiemployer plans fffd of the notes to consolidated financial statements for additional information . ( 6 ) we have not included the following items in the table : fffd an item labeled fffdother long-term liabilities fffd reflected on our consolidated balance sheet because these liabilities do not have a definite pay-out scheme . fffd $ 158.4 million from the line item fffdpurchase obligations and other fffd for certain provisions of the financial accounting standards board fffds ( fffdfasb fffd ) accounting standards codification ( fffdasc fffd ) 740 , fffdincome taxes fffd associated with liabilities for uncertain tax positions due to the uncertainty as to the amount and timing of payment , if any . in addition to the enforceable and legally binding obligations presented in the table above , we have other obligations for goods and services and raw materials entered into in the normal course of business . these contracts , however , are subject to change based on our business decisions . expenditures for environmental compliance see item 1 . fffdbusiness fffd fffd governmental regulation fffd environmental and other matters fffd , fffdbusiness fffd fffd governmental regulation fffd cercla and other remediation costs fffd , and fffd fffdbusiness fffd fffd governmental regulation fffd climate change fffd for a discussion of our expenditures for environmental compliance. .","['3635.0', '9017.8', '0.40309', '247.8', '2458.3']" "['what were the gross unpaid losses in the end of the year of 2009, in millions?', 'and what were they in the beginning of that year, also in millions?', 'what was, then, the change in gross unpaid losses over the year, in millions?', 'what were, in millions, the gross unpaid losses in the beginning of the year of 2009?', 'how much does that change represent in relation to this amount, in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: critical accounting estimates our consolidated financial statements include amounts that , either by their nature or due to requirements of accounting princi- ples generally accepted in the u.s . ( gaap ) , are determined using best estimates and assumptions . while we believe that the amounts included in our consolidated financial statements reflect our best judgment , actual amounts could ultimately materi- ally differ from those currently presented . we believe the items that require the most subjective and complex estimates are : 2022 unpaid loss and loss expense reserves , including long-tail asbestos and environmental ( a&e ) reserves ; 2022 future policy benefits reserves ; 2022 valuation of value of business acquired ( voba ) and amortization of deferred policy acquisition costs and voba ; 2022 the assessment of risk transfer for certain structured insurance and reinsurance contracts ; 2022 reinsurance recoverable , including a provision for uncollectible reinsurance ; 2022 the valuation of our investment portfolio and assessment of other-than-temporary impairments ( otti ) ; 2022 the valuation of deferred tax assets ; 2022 the valuation of derivative instruments related to guaranteed minimum income benefits ( gmib ) ; and 2022 the valuation of goodwill . we believe our accounting policies for these items are of critical importance to our consolidated financial statements . the following discussion provides more information regarding the estimates and assumptions required to arrive at these amounts and should be read in conjunction with the sections entitled : prior period development , asbestos and environmental and other run-off liabilities , reinsurance recoverable on ceded reinsurance , investments , net realized gains ( losses ) , and other income and expense items . unpaid losses and loss expenses overview and key data as an insurance and reinsurance company , we are required , by applicable laws and regulations and gaap , to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers . the estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date ( case reserves ) and for future obligations on claims that have been incurred but not reported ( ibnr ) at the balance sheet date ( ibnr may also include a provision for additional development on reported claims in instances where the case reserve is viewed to be potentially insufficient ) . loss reserves also include an estimate of expenses associated with processing and settling unpaid claims ( loss expenses ) . at december 31 , 2009 , our gross unpaid loss and loss expense reserves were $ 37.8 billion and our net unpaid loss and loss expense reserves were $ 25 billion . with the exception of certain structured settlements , for which the timing and amount of future claim pay- ments are reliably determinable , our loss reserves are not discounted for the time value of money . in connection with such structured settlements , we carry net reserves of $ 76 million , net of discount . the table below presents a roll-forward of our unpaid losses and loss expenses for the years ended december 31 , 2009 and 2008. .
1( in millions of u.s . dollars )2009 gross losses2009 reinsurance recoverable ( 1 )2009 net losses2009 gross losses2009 reinsurance recoverable ( 1 )net losses
2balance beginning of year$ 37176$ 12935$ 24241$ 37112$ 13520$ 23592
3losses and loss expenses incurred11141371974221094433417603
4losses and loss expenses paid-11093 ( 11093 )-4145 ( 4145 )-6948 ( 6948 )-9899 ( 9899 )-3572 ( 3572 )-6327 ( 6327 )
5other ( including foreign exchange revaluation )559236323-1367 ( 1367 )-387 ( 387 )-980 ( 980 )
6losses and loss expenses acquired20132013201338633353
7balance end of year$ 37783$ 12745$ 25038$ 37176$ 12935$ 24241
( 1 ) net of provision for uncollectible reinsurance .","['37783.0', '37176.0', '607.0', '37176.0', '0.01633']" "['what is the sum of allowance for other funds used during construction and allowance for borrowed funds used during construction in 2016?', 'how about the allowance for other funds used during construction in 2016?', 'and allowance for borrowed funds used during construction?', 'what is the total of these accounts?', 'what portion is related to allowance for borrowed funds used during construction?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: income taxes american water and its subsidiaries participate in a consolidated federal income tax return for u.s . tax purposes . members of the consolidated group are charged with the amount of federal income tax expense determined as if they filed separate returns . certain income and expense items are accounted for in different time periods for financial reporting than for income tax reporting purposes . the company provides deferred income taxes on the difference between the tax basis of assets and liabilities and the amounts at which they are carried in the financial statements . these deferred income taxes are based on the enacted tax rates expected to be in effect when these temporary differences are projected to reverse . in addition , the regulated utility subsidiaries recognize regulatory assets and liabilities for the effect on revenues expected to be realized as the tax effects of temporary differences , previously flowed through to customers , reverse . investment tax credits have been deferred by the regulated utility subsidiaries and are being amortized to income over the average estimated service lives of the related assets . the company recognizes accrued interest and penalties related to tax positions as a component of income tax expense and accounts for sales tax collected from customers and remitted to taxing authorities on a net basis . see note 13 2014income taxes . allowance for funds used during construction afudc is a non-cash credit to income with a corresponding charge to utility plant that represents the cost of borrowed funds or a return on equity funds devoted to plant under construction . the regulated utility subsidiaries record afudc to the extent permitted by the pucs . the portion of afudc attributable to borrowed funds is shown as a reduction of interest , net in the accompanying consolidated statements of operations . any portion of afudc attributable to equity funds would be included in other income ( expenses ) in the accompanying consolidated statements of operations . afudc is summarized in the following table for the years ended december 31: .
1201720162015
2allowance for other funds used during construction$ 19$ 15$ 13
3allowance for borrowed funds used during construction868
environmental costs the company 2019s water and wastewater operations and the operations of its market-based businesses are subject to u.s . federal , state , local and foreign requirements relating to environmental protection , and as such , the company periodically becomes subject to environmental claims in the normal course of business . environmental expenditures that relate to current operations or provide a future benefit are expensed or capitalized as appropriate . remediation costs that relate to an existing condition caused by past operations are accrued , on an undiscounted basis , when it is probable that these costs will be incurred and can be reasonably estimated . a conservation agreement entered into by a subsidiary of the company with the national oceanic and atmospheric administration in 2010 and amended in 2017 required the company to , among other provisions , implement certain measures to protect the steelhead trout and its habitat in the carmel river watershed in the state of california . the company agreed to pay $ 1 million annually commencing in 2010 with the final payment being made in 2021 . remediation costs accrued amounted to $ 6 million and less than $ 1 million as of december 31 , 2017 and 2016 , respectively . derivative financial instruments the company uses derivative financial instruments for purposes of hedging exposures to fluctuations in interest rates . these derivative contracts are entered into for periods consistent with the related underlying .","['21.0', '15.0', '6.0', '21.0', '0.28571']" "['in october of 2015, what was the total amount spent in the repurchase of shares?', 'and how much is that in millions?', 'and concerning the total amount of shares repurchased in the last three months of that year, what portion was due to december?', 'and what is that in percentage?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: transfer agent and registrar for common stock the transfer agent and registrar for our common stock is : computershare shareowner services llc 480 washington boulevard 29th floor jersey city , new jersey 07310 telephone : ( 877 ) 363-6398 sales of unregistered securities not applicable . repurchase of equity securities the following table provides information regarding our purchases of our equity securities during the period from october 1 , 2015 to december 31 , 2015 . total number of shares ( or units ) purchased 1 average price paid per share ( or unit ) 2 total number of shares ( or units ) purchased as part of publicly announced plans or programs 3 maximum number ( or approximate dollar value ) of shares ( or units ) that may yet be purchased under the plans or programs 3 .
1total number ofshares ( or units ) purchased1average price paidper share ( or unit ) 2total number ofshares ( or units ) purchased as part ofpublicly announcedplans or programs3maximum number ( or approximate dollar value ) of shares ( or units ) that may yet be purchased under the plans or programs3
2october 1 - 312140511$ 20.542139507$ 227368014
3november 1 - 301126378$ 22.951124601$ 201557625
4december 1 - 311881992$ 22.971872650$ 158553178
5total5148881$ 21.965136758
1 included shares of our common stock , par value $ 0.10 per share , withheld under the terms of grants under employee stock-based compensation plans to offset tax withholding obligations that occurred upon vesting and release of restricted shares ( the 201cwithheld shares 201d ) . we repurchased 1004 withheld shares in october 2015 , 1777 withheld shares in november 2015 and 9342 withheld shares in december 2015 . 2 the average price per share for each of the months in the fiscal quarter and for the three-month period was calculated by dividing the sum of the applicable period of the aggregate value of the tax withholding obligations and the aggregate amount we paid for shares acquired under our stock repurchase program , described in note 5 to the consolidated financial statements , by the sum of the number of withheld shares and the number of shares acquired in our stock repurchase program . 3 in february 2015 , the board authorized a share repurchase program to repurchase from time to time up to $ 300.0 million , excluding fees , of our common stock ( the 201c2015 share repurchase program 201d ) . on february 12 , 2016 , we announced that our board had approved a new share repurchase program to repurchase from time to time up to $ 300.0 million , excluding fees , of our common stock . the new authorization is in addition to any amounts remaining for repurchase under the 2015 share repurchase program . there is no expiration date associated with the share repurchase programs. .","['43966095.94', '43.9661', '0.36551', '36.55148']" "['what was the sum of the values of capital expenditures in 2015 and 2016?', 'what is the average value per year?']","In the context of this series of interconnected finance-related queries and the additional information provided by the pretext, table data, and posttext from a company's financial filings, please provide a response to the final question. This may require extracting information from the context and performing mathematical calculations. Please take into account the information provided in the preceding questions and their answers when formulating your response: Context: table of contents ( 4 ) the increase in cash flows was primarily due to the timing of inventory purchases and longer payment terms with certain vendors . in order to manage our working capital and operating cash needs , we monitor our cash conversion cycle , defined as days of sales outstanding in accounts receivable plus days of supply in inventory minus days of purchases outstanding in accounts payable , based on a rolling three-month average . components of our cash conversion cycle are as follows: .
1( in days )december 31 , 2017december 31 , 2016december 31 , 2015
2days of sales outstanding ( dso ) ( 1 )525148
3days of supply in inventory ( dio ) ( 2 )121213
4days of purchases outstanding ( dpo ) ( 3 )-45 ( 45 )-44 ( 44 )-40 ( 40 )
5cash conversion cycle191921
( 1 ) represents the rolling three-month average of the balance of accounts receivable , net at the end of the period , divided by average daily net sales for the same three-month period . also incorporates components of other miscellaneous receivables . ( 2 ) represents the rolling three-month average of the balance of merchandise inventory at the end of the period divided by average daily cost of sales for the same three-month period . ( 3 ) represents the rolling three-month average of the combined balance of accounts payable-trade , excluding cash overdrafts , and accounts payable-inventory financing at the end of the period divided by average daily cost of sales for the same three-month period . the cash conversion cycle was 19 days at december 31 , 2017 and 2016 . the increase in dso was primarily driven by higher net sales and related accounts receivable for third-party services such as saas , software assurance and warranties . these services have an unfavorable impact on dso as the receivable is recognized on the consolidated balance sheet on a gross basis while the corresponding sales amount in the consolidated statement of operations is recorded on a net basis . this also results in a favorable impact on dpo as the payable is recognized on the consolidated balance sheet without a corresponding cost of sales in the statement of operations because the cost paid to the vendor or third-party service provider is recorded as a reduction to net sales . in addition , dpo also increased due to the mix of payables with certain vendors that have longer payment terms . the cash conversion cycle was 19 and 21 days at december 31 , 2016 and 2015 , respectively . the increase in dso was primarily driven by higher net sales and related accounts receivable for third-party services such as saas , software assurance and warranties . these services have an unfavorable impact on dso as the receivable is recognized on the balance sheet on a gross basis while the corresponding sales amount in the statement of operations is recorded on a net basis . these services have a favorable impact on dpo as the payable is recognized on the balance sheet without a corresponding cost of sale in the statement of operations because the cost paid to the vendor or third-party service provider is recorded as a reduction to net sales . in addition to the impact of these services on dpo , dpo also increased due to the mix of payables with certain vendors that have longer payment terms . investing activities net cash used in investing activities increased $ 15 million in 2017 compared to 2016 . capital expenditures increased $ 17 million to $ 81 million from $ 64 million for 2017 and 2016 , respectively , primarily related to improvements to our information technology systems . net cash used in investing activities decreased $ 289 million in 2016 compared to 2015 . the decrease in cash used was primarily due to the completion of the acquisition of cdw uk in 2015 . additionally , capital expenditures decreased $ 26 million to $ 64 million from $ 90 million for 2016 and 2015 , respectively , primarily due to spending for our new office location in 2015 . financing activities net cash used in financing activities increased $ 514 million in 2017 compared to 2016 . the increase was primarily driven by changes in accounts payable-inventory financing , which resulted in an increase in cash used for financing activities of $ 228 million and by share repurchases during 2017 , which resulted in an increase in cash used for financing activities of $ 167 million . for more information on our share repurchase program , see part ii , item 5 , 201cmarket for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . 201d the increase in cash used for accounts payable-inventory financing was primarily driven by the termination of one of our inventory financing agreements in the fourth quarter of 2016 , with amounts .","['154.0', '77.0']"