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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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the selection and disclosure of our critical accounting estimates have been discussed with our audit committee. the following is a discussion of the more significant assumptions, estimates, accounting policies and methods used in the preparation of our consolidated financial statements: 2022 revenue recognition - we recognize revenue when persuasive evidence of an arrangement exists, delivery of product has occurred, the sales price is fixed or determinable and collectability is reasonably assured. for our company, this means that revenue is recognized when title and risk of loss is transferred to our customers. title transfers to our customers upon shipment or upon receipt at the customer's location as determined by the sales terms for each transaction. the company estimates the cost of sales returns based on historical experience, and these estimates are normally immaterial. 2022 goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review. we perform our annual impairment analysis in the first quarter of each year. while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists, the company elects to perform the quantitative assessment for our annual impairment analysis. the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value. if the carrying value exceeds the fair value, goodwill or a non-amortizable intangible asset is considered impaired. to determine the fair value of goodwill, we primarily use a discounted cash flow model, supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry. at december 31, 2015, the carrying value of our goodwill was $7.4 billion, which is related to ten reporting units, each of which is comprised of a group of markets with similar economic characteristics. the estimated fair value of our ten reporting units exceeded the carrying value as of december 31, 2015. to determine the fair value of non-amortizable intangible assets, we primarily use a discounted cash flow model applying the relief-from-royalty method. we concluded that the fair value of our non-amortizable intangible assets exceeded the carrying value, and any reasonable movement in the assumptions would not result in an impairment. these discounted cash flow models include management assumptions relevant for forecasting operating cash flows, which are subject to changes in business conditions, such as volumes and prices, costs to produce, discount rates and estimated capital needs. management considers historical experience and all available information at the time the fair values are estimated, and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use. since the march 28, 2008, spin-off from altria, we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets. 2022 marketing and advertising costs - we incur certain costs to support our products through programs which include advertising, marketing, consumer engagement and trade promotions. the costs of our advertising and marketing programs are expensed in accordance with u.s. gaap. recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program. for volume-based incentives provided to customers, management continually assesses and estimates, by customer, the likelihood of the customer achieving the specified targets and records the reduction of revenue as the sales are made. for other trade promotions, management relies on estimated utilization rates that have been developed from historical experience. changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position, results of operations or operating cash flows. we have not made any material changes in the accounting methodology used to estimate our marketing programs during the past three years. 2022 employee benefit plans - as discussed in item 8, note 13. benefit plans to our consolidated financial statements, we provide a range of benefits to our employees and retired employees, including pensions, postretirement health care and postemployment benefits (primarily severance). we record annual amounts relating to these plans based on calculations specified by u.s. gaap. these calculations include various actuarial assumptions, such as discount rates, assumed rates of return on plan assets, compensation increases, mortality, turnover rates and health care cost trend rates. we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. as permitted by u.s. gaap, any effect of the modifications is generally amortized over future periods. we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries. weighted-average discount rate assumptions for pensions and postretirement plans are as follows:.
- | 2015 | 2014
u.s. pension plans | 4.30% (4.30%) | 3.95% (3.95%)
non-u.s. pension plans | 1.68% (1.68%) | 1.92% (1.92%)
postretirement plans | 4.45% (4.45%) | 4.20% (4.20%)
we anticipate that assumption changes, coupled with decreased amortization of deferred losses, will decrease 2016 pre-tax u.s. and non- u.s. pension and postretirement expense to approximately $209 million as compared with approximately $240 million in 2015, excluding.
what is the net change in the non-us pension plans rate from 2014 to 2015? -0.24
what is the rate for 2014? 1.92
what is the difference over the 2014 rate?
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-0.125
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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item 7. management 2019s discussion and analysis of financial condition and results of operations we are a global integrated energy company with significant operations in the north america, africa and europe. our operations are organized into four reportable segments: 2022 exploration and production (201ce&p 201d) which explores for, produces and markets liquid hydrocarbons and natural gas on a worldwide basis. 2022 oil sands mining (201cosm 201d) 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 2022 integrated gas (201cig 201d) which markets and transports products manufactured from natural gas, such as liquefied natural gas (201clng 201d) and methanol, on a worldwide basis. 2022 refining, marketing & transportation (201crm&t 201d) which refines, markets and transports crude oil and petroleum products, primarily in the midwest, upper great plains, gulf coast and southeastern regions of the united states. 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 the forward-looking statements. we hold a 60 percent interest in equatorial guinea lng holdings limited (201cegholdings 201d). as discussed in note 4 to the consolidated financial statements, effective may 1, 2007, we ceased consolidating egholdings. our investment is accounted for using the equity method of accounting. unless specifically noted, amounts presented for the integrated gas segment for periods prior to may 1, 2007, include amounts related to the minority interests. 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, item 6. selected financial data and item 8. financial statements and supplementary data. overview 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 were volatile in 2009, but not as much as in the previous year. prices in 2009 were also lower than in recent years as illustrated by the annual averages for key benchmark prices below..
benchmark | 2009 | 2008 | 2007
wti crude oil (dollars per barrel) | $62.09 | $99.75 | $72.41
dated brent crude oil (dollars per barrel) | $61.67 | $97.26 | $72.39
henry hub natural gas (dollars per mcf) (a) | $3.99 | $9.04 | $6.86
henry hub natural gas (dollars per mcf) (a) $3.99 $9.04 $6.86 (a) first-of-month price index. crude oil prices rose sharply through the first half of 2008 as a result of strong global demand, a declining dollar, ongoing concerns about supplies of crude oil, and geopolitical risk. later in 2008, crude oil prices sharply declined as the u.s. dollar rebounded and global demand decreased as a result of economic recession. the price decrease continued into 2009, but reversed after dropping below $33.98 in february, ending the year at $79.36. our domestic crude oil production is about 62 percent sour, which means that it 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 dated brent crude benchmark. the differential between wti and dated brent average prices narrowed to $0.42 in 2009 compared to $2.49 in 2008 and $0.02 in 2007..
what was the change in the average wti crude oil benchmark from 2007 to 2009? -10.32
and what was that average wti crude oil benchmark in 2007?
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72.41
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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53management's discussion and analysis of financial condition and results of operations in order to borrow funds under the 5-year credit facility, the company must be in compliance with various conditions, covenants and representations contained in the agreements. the company was in compliance with the terms of the 5-year credit facility at december 31, 2006. the company has never borrowed under its domestic revolving credit facilities. utilization of the non-u.s. credit facilities may also be dependent on the company's ability to meet certain conditions at the time a borrowing is requested. contractual obligations, guarantees, and other purchase commitments contractual obligations summarized in the table below are the company's obligations and commitments to make future payments under debt obligations (assuming earliest possible exercise of put rights by holders), lease payment obligations, and purchase obligations as of december 31, 2006. payments due by period (1) (in millions) total 2007 2008 2009 2010 2011 thereafter.
(in millions) | payments due by period (1) total | payments due by period (1) 2007 | payments due by period (1) 2008 | payments due by period (1) 2009 | payments due by period (1) 2010 | payments due by period (1) 2011 | payments due by period (1) thereafter
long-term debt obligations | $4134 | $1340 | $198 | $4 | $534 | $607 | $1451
lease obligations | 2328 | 351 | 281 | 209 | 178 | 158 | 1151
purchase obligations | 1035 | 326 | 120 | 26 | 12 | 12 | 539
total contractual obligations | $7497 | $2017 | $599 | $239 | $724 | $777 | $3141
(1) amounts included represent firm, non-cancelable commitments. debt obligations: at december 31, 2006, the company's long-term debt obligations, including current maturities and unamortized discount and issue costs, totaled $4.1 billion, as compared to $4.0 billion at december 31, 2005. a table of all outstanding long-term debt securities can be found in note 4, ""debt and credit facilities'' to the company's consolidated financial statements. lease obligations: the company owns most of its major facilities, but does lease certain office, factory and warehouse space, land, and information technology and other equipment under principally non-cancelable operating leases. at december 31, 2006, future minimum lease obligations, net of minimum sublease rentals, totaled $2.3 billion. rental expense, net of sublease income, was $241 million in 2006, $250 million in 2005 and $205 million in 2004. purchase obligations: the company has entered into agreements for the purchase of inventory, license of software, promotional agreements, and research and development agreements which are firm commitments and are not cancelable. the longest of these agreements extends through 2015. total payments expected to be made under these agreements total $1.0 billion. commitments under other long-term agreements: the company has entered into certain long-term agreements to purchase software, components, supplies and materials from suppliers. most of the agreements extend for periods of one to three years (three to five years for software). however, generally these agreements do not obligate the company to make any purchases, and many permit the company to terminate the agreement with advance notice (usually ranging from 60 to 180 days). if the company were to terminate these agreements, it generally would be liable for certain termination charges, typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders. the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations. the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay. if these agreements were terminated at december 31, 2006, the company's obligation would not have been significant. the company does not anticipate the cancellation of any of these agreements in the future. subsequent to the end of 2006, the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $2.2 billion during that period. the company estimates purchases during that period that exceed the minimum obligations. the company outsources certain corporate functions, such as benefit administration and information technology-related services. these contracts are expected to expire in 2013. the total remaining payments under these contracts are approximately $1.3 billion over the remaining seven years; however, these contracts can be%%transmsg*** transmitting job: c11830 pcn: 055000000 ***%%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid, no graphics -- color: n|.
what is the net change in long-term debt payments from 2007 to 2011? 733.0
what is the long-term debt payment in 2007? 1340.0
what percentage change does this represent?
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0.54701
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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edwards lifesciences corporation notes to consolidated financial statements (continued) 13. common stock (continued) the company also maintains the nonemployee directors stock incentive compensation program (the 2018 2018nonemployee directors program 2019 2019). under the nonemployee directors program, upon a director 2019s initial election to the board, the director receives an initial grant of stock options or restricted stock units equal to a fair market value on grant date of $0.2 million, not to exceed 20000 shares. these grants vest over three years from the date of grant, subject to the director 2019s continued service. in addition, annually each nonemployee director may receive up to 40000 stock options or 16000 restricted stock units of the company 2019s common stock, or a combination thereof, provided that in no event may the total value of the combined annual award exceed $0.2 million. these grants generally vest over one year from the date of grant. under the nonemployee directors program, an aggregate of 2.8 million shares of the company 2019s common stock has been authorized for issuance. the company has an employee stock purchase plan for united states employees and a plan for international employees (collectively 2018 2018espp 2019 2019). under the espp, eligible employees may purchase shares of the company 2019s common stock at 85% (85%) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase. under the espp, employees can authorize the company to withhold up to 12% (12%) of their compensation for common stock purchases, subject to certain limitations. the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states, to the extent permitted by local law. the espp for united states employees is qualified under section 423 of the internal revenue code. the number of shares of common stock authorized for issuance under the espp was 13.8 million shares. the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables. the risk-free interest rate is estimated using the u.s. treasury yield curve and is based on the expected term of the award. expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards lifesciences 2019 stock and the implied volatility from traded options on edwards lifesciences 2019 stock. the expected term of awards granted is estimated from the vesting period of the award, as well as historical exercise behavior, and represents the period of time that awards granted are expected to be outstanding. the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.0% (6.0%). the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods: option awards.
- | 2016 | 2015 | 2014
average risk-free interest rate | 1.1% (1.1%) | 1.4% (1.4%) | 1.5% (1.5%)
expected dividend yield | none | none | none
expected volatility | 33% (33%) | 30% (30%) | 31% (31%)
expected life (years) | 4.5 | 4.6 | 4.6
fair value per share | $31.00 | $18.13 | $11.75
.
what was the change in the fair value per share from 2014 to 2016? 19.25
and what was that fair value in 2014?
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11.75
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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part ii item 5 2014market for registrant 2019s common equity and related stockholder matters market information. the common stock of the company is currently traded on the new york stock exchange (nyse) under the symbol 2018 2018aes. 2019 2019 the following tables set forth the high and low sale prices for the common stock as reported by the nyse for the periods indicated. price range of common stock.
2002 first quarter | high $17.84 | low $4.11 | 2001 first quarter | high $60.15 | low $41.30
second quarter | 9.17 | 3.55 | second quarter | 52.25 | 39.95
third quarter | 4.61 | 1.56 | third quarter | 44.50 | 12.00
fourth quarter | 3.57 | 0.95 | fourth quarter | 17.80 | 11.60
holders. as of march 3, 2003, there were 9663 record holders of the company 2019s common stock, par value $0.01 per share. dividends. under the terms of the company 2019s senior secured credit facilities entered into with a commercial bank syndicate, the company is not allowed to pay cash dividends. in addition, the company is precluded from paying cash dividends on its common stock under the terms of a guaranty to the utility customer in connection with the aes thames project in the event certain net worth and liquidity tests of the company are not met. the ability of the company 2019s project subsidiaries to declare and pay cash dividends to the company is subject to certain limitations in the project loans, governmental provisions and other agreements entered into by such project subsidiaries. securities authorized for issuance under equity compensation plans. see the information contained under the caption 2018 2018securities authorized for issuance under equity compensation plans 2019 2019 of the proxy statement for the annual meeting of stockholders of the registrant to be held on may 1, 2003, which information is incorporated herein by reference..
what is the sum of the high and low stock price for the second quarter 2002? 12.72
what is that divided by 2?
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6.36
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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part iii item 10. directors, executive officers and corporate governance for the information required by this item 10, other than information with respect to our executive officers contained at the end of part i, item 1 of this report, see 201celection of directors, 201d 201cnominees for election to the board of directors, 201d 201ccorporate governance 201d and 201csection 16 (a) beneficial ownership reporting compliance, 201d in the proxy statement for our 2016 annual meeting, which information is incorporated herein by reference. the proxy statement for our 2016 annual meeting will be filed within 120 days of the close of our year. for the information required by this item 10 with respect to our executive officers, see part i, item 1. of this report. item 11. executive compensation for the information required by this item 11, see 201ccompensation discussion and analysis, 201d 201ccompensation committee report, 201d and 201cexecutive compensation 201d in the proxy statement for our 2016 annual meeting, which information is incorporated herein by reference. item 12. security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 with respect to beneficial ownership of our common stock, see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2016 annual meeting, which information is incorporated herein by reference. the following table sets forth certain information as of december 31, 2015 regarding our equity plans: 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) (b) (c) equity compensation plans approved by security holders 1442912 $86.98 4446967 item 13. certain relationships and related transactions, and director independence for the information required by this item 13, see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2016 annual meeting, which information is incorporated herein by reference. item 14. principal accounting fees and services for the information required by this item 14, see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in the proxy statement for our 2016 annual meeting, which information is incorporated herein by reference..
plan category | number of securitiesto be issued uponexercise ofoutstanding options warrants and rights (a) (b) | weighted-averageexercise price ofoutstanding options warrants and rights | number of securitiesremaining available forfuture issuance underequity compensationplans (excludingsecurities reflected in column (a)) (c)
equity compensation plans approved by security holders | 1442912 | $86.98 | 4446967
part iii item 10. directors, executive officers and corporate governance for the information required by this item 10, other than information with respect to our executive officers contained at the end of part i, item 1 of this report, see 201celection of directors, 201d 201cnominees for election to the board of directors, 201d 201ccorporate governance 201d and 201csection 16 (a) beneficial ownership reporting compliance, 201d in the proxy statement for our 2016 annual meeting, which information is incorporated herein by reference. the proxy statement for our 2016 annual meeting will be filed within 120 days of the close of our year. for the information required by this item 10 with respect to our executive officers, see part i, item 1. of this report. item 11. executive compensation for the information required by this item 11, see 201ccompensation discussion and analysis, 201d 201ccompensation committee report, 201d and 201cexecutive compensation 201d in the proxy statement for our 2016 annual meeting, which information is incorporated herein by reference. item 12. security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 with respect to beneficial ownership of our common stock, see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2016 annual meeting, which information is incorporated herein by reference. the following table sets forth certain information as of december 31, 2015 regarding our equity plans: 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) (b) (c) equity compensation plans approved by security holders 1442912 $86.98 4446967 item 13. certain relationships and related transactions, and director independence for the information required by this item 13, see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2016 annual meeting, which information is incorporated herein by reference. item 14. principal accounting fees and services for the information required by this item 14, see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in the proxy statement for our 2016 annual meeting, which information is incorporated herein by reference..
what is the total value of the options, warrants and rights that remain available for future issuance?
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386797189.66
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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company has a contingent liability relating to proper disposition of these balances, which amounted to $1926.8 mil- lion at december 31, 2007. as a result of holding these customers 2019 assets in escrow, the company has ongoing programs for realizing economic benefits during the year through favorable borrowing and vendor arrangements with various banks. there were no loans outstanding as of december 31, 2007 and these balances were invested in short term, high grade investments that minimize the risk to principal. leases the company leases certain of its property under leases which expire at various dates. several of these agreements include escalation clauses and provide for purchases and renewal options for periods ranging from one to five years. future minimum operating lease payments for leases with remaining terms greater than one year for each of the years in the five years ending december 31, 2012, and thereafter in the aggregate, are as follows (in thousands):.
2008 | 83382
2009 | 63060
2010 | 35269
2011 | 21598
2012 | 14860
thereafter | 30869
total | $249038
in addition, the company has operating lease commitments relating to office equipment and computer hardware with annual lease payments of approximately $16.0 million per year which renew on a short-term basis. rent expense incurred under all operating leases during the years ended december 31, 2007, 2006 and 2005 was $106.4 million, $81.5 million and $61.1 million, respectively. data processing and maintenance services agreements. the company has agreements with various vendors, which expire between 2008 and 2017, for portions of its computer data processing operations and related functions. the company 2019s estimated aggregate contractual obligation remaining under these agreements was approximately $888.3 million as of december 31, 2007. however, this amount could be more or less depending on various factors such as the inflation rate, the introduction of significant new technologies, or changes in the company 2019s data processing needs. (17) employee benefit plans stock purchase plan prior to the certegy merger (note 6), fis employees participated in the fidelity national financial, inc. employee stock purchase plan (espp). subsequent to the certegy merger, the company instituted its own plan with the same terms as the fidelity national financial, inc. plan. under the terms of both plans and subsequent amendments, eligible employees may voluntarily purchase, at current market prices, shares of fnf 2019s (prior to the certegy merger) or fis 2019s (post certegy merger) common stock through payroll deductions. pursuant to the espp, employees may contribute an amount between 3% (3%) and 15% (15%) of their base salary and certain commissions. shares purchased are allocated to employees based upon their contributions. the company contributes varying matching amounts as specified in the espp. the company recorded an expense of $15.2 million, $13.1 million and $11.1 million, respectively, for the years ended december 31, 2007, 2006 and 2005 relating to the participation of fis employees in the espp. fidelity national information services, inc. and subsidiaries and affiliates notes to consolidated and combined financial statements 2014 (continued).
what was the rent expense in 2007? 106.4
and what was it in 2006? 81.5
what was, then, the change over the year?
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24.9
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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2011 compared to 2010 mst 2019s net sales for 2011 decreased $311 million, or 4% (4%), compared to 2010. the decrease was attributable to decreased volume of approximately $390 million for certain ship and aviation system programs (primarily maritime patrol aircraft and ptds) and approximately $75 million for training and logistics solutions programs. partially offsetting these decreases was higher sales of about $165 million from production on the lcs program. mst 2019s operating profit for 2011 decreased $68 million, or 10% (10%), compared to 2010. the decrease was attributable to decreased operating profit of approximately $55 million as a result of increased reserves for contract cost matters on various ship and aviation system programs (including the terminated presidential helicopter program) and approximately $40 million due to lower volume and increased reserves on training and logistics solutions. partially offsetting these decreases was higher operating profit of approximately $30 million in 2011 primarily due to the recognition of reserves on certain undersea systems programs in 2010. adjustments not related to volume, including net profit rate adjustments described above, were approximately $55 million lower in 2011 compared to 2010. backlog backlog increased in 2012 compared to 2011 mainly due to increased orders on ship and aviation system programs (primarily mh-60 and lcs), partially offset decreased orders and higher sales volume on integrated warfare systems and sensors programs (primarily aegis). backlog decreased slightly in 2011 compared to 2010 primarily due to higher sales volume on various integrated warfare systems and sensors programs. trends we expect mst 2019s net sales to decline in 2013 in the low single digit percentage range as compared to 2012 due to the completion of ptds deliveries in 2012 and expected lower volume on training services programs. operating profit and margin are expected to increase slightly from 2012 levels primarily due to anticipated improved contract performance. space systems our space systems business segment is engaged in the research and development, design, engineering, and production of satellites, strategic and defensive missile systems, and space transportation systems. space systems is also responsible for various classified systems and services in support of vital national security systems. space systems 2019 major programs include the space-based infrared system (sbirs), advanced extremely high frequency (aehf) system, mobile user objective system (muos), global positioning satellite (gps) iii system, geostationary operational environmental satellite r-series (goes-r), trident ii d5 fleet ballistic missile, and orion. operating results for our space systems business segment include our equity interests in united launch alliance (ula), which provides expendable launch services for the u.s. government, united space alliance (usa), which provided processing activities for the space shuttle program and is winding down following the completion of the last space shuttle mission in 2011, and a joint venture that manages the u.k. 2019s atomic weapons establishment program. space systems 2019 operating results included the following (in millions):.
- | 2012 | 2011 | 2010
net sales | $8347 | $8161 | $8268
operating profit | 1083 | 1063 | 1030
operating margins | 13.0% (13.0%) | 13.0% (13.0%) | 12.5% (12.5%)
backlog at year-end | 18100 | 16000 | 17800
2012 compared to 2011 space systems 2019 net sales for 2012 increased $186 million, or 2% (2%), compared to 2011. the increase was attributable to higher net sales of approximately $150 million due to increased commercial satellite deliveries (two commercial satellites delivered in 2012 compared to one during 2011); about $125 million from the orion program due to higher volume and an increase in risk retirements; and approximately $70 million from increased volume on various strategic and defensive missile programs. partially offsetting the increases were lower net sales of approximately $105 million from certain government satellite programs (primarily sbirs and muos) as a result of decreased volume and a decline in risk retirements; and about $55 million from the nasa external tank program, which ended in connection with the completion of the space shuttle program in 2011..
what was the increase in the operating profit for space systems from 2011 to 2012? 20.0
and what was that operating profit in 2011? 1063.0
what, then, is that increase as a portion of this 2011 amount?
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0.01881
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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page 31 of 94 other liquidity items cash payments required for long-term debt maturities, rental payments under noncancellable operating leases, purchase obligations and other commitments in effect at december 31, 2007, are summarized in the following table:.
($in millions) | payments due by period (a) total | payments due by period (a) less than 1 year | payments due by period (a) 1-3 years | payments due by period (a) 3-5 years | payments due by period (a) more than 5 years
long-term debt | $2302.6 | $126.1 | $547.6 | $1174.9 | $454.0
capital lease obligations | 4.4 | 1.0 | 0.8 | 0.5 | 2.1
interest payments on long-term debt (b) | 698.6 | 142.9 | 246.3 | 152.5 | 156.9
operating leases | 218.5 | 49.9 | 71.7 | 42.5 | 54.4
purchase obligations (c) | 6092.6 | 2397.2 | 3118.8 | 576.6 | 2013
common stock repurchase agreements | 131.0 | 131.0 | 2013 | 2013 | 2013
legal settlement | 70.0 | 70.0 | 2013 | 2013 | 2013
total payments on contractual obligations | $9517.7 | $2918.1 | $3985.2 | $1947.0 | $667.4
total payments on contractual obligations $9517.7 $2918.1 $3985.2 $1947.0 $667.4 (a) amounts reported in local currencies have been translated at the year-end exchange rates. (b) for variable rate facilities, amounts are based on interest rates in effect at year end and do not contemplate the effects of hedging instruments. (c) the company 2019s purchase obligations include contracted amounts for aluminum, steel, plastic resin and other direct materials. also included are commitments for purchases of natural gas and electricity, aerospace and technologies contracts and other less significant items. in cases where variable prices and/or usage are involved, management 2019s best estimates have been used. depending on the circumstances, early termination of the contracts may not result in penalties and, therefore, actual payments could vary significantly. contributions to the company 2019s defined benefit pension plans, not including the unfunded german plans, are expected to be $49 million in 2008. this estimate may change based on plan asset performance. benefit payments related to these plans are expected to be $66 million, $70 million, $74 million, $77 million and $82 million for the years ending december 31, 2008 through 2012, respectively, and a total of $473 million for the years 2013 through 2017. payments to participants in the unfunded german plans are expected to be approximately $26 million in each of the years 2008 through 2012 and a total of $136 million for the years 2013 through 2017. in accordance with united kingdom pension regulations, ball has provided an a38 million guarantee to the plan for its defined benefit plan in the united kingdom. if the company 2019s credit rating falls below specified levels, ball will be required to either: (1) contribute an additional a38 million to the plan; (2) provide a letter of credit to the plan in that amount or (3) if imposed by the appropriate regulatory agency, provide a lien on company assets in that amount for the benefit of the plan. the guarantee can be removed upon approval by both ball and the pension plan trustees. our share repurchase program in 2007 was $211.3 million, net of issuances, compared to $45.7 million net repurchases in 2006 and $358.1 million in 2005. the net repurchases included the $51.9 million settlement on january 5, 2007, of a forward contract entered into in december 2006 for the repurchase of 1200000 shares. however, the 2007 net repurchases did not include a forward contract entered into in december 2007 for the repurchase of 675000 shares. the contract was settled on january 7, 2008, for $31 million in cash. on december 12, 2007, in a privately negotiated transaction, ball entered into an accelerated share repurchase agreement to buy $100 million of its common shares using cash on hand and available borrowings. the company advanced the $100 million on january 7, 2008, and received approximately 2 million shares, which represented 90 percent of the total shares as calculated using the previous day 2019s closing price. the exact number of shares to be repurchased under the agreement, which will be determined on the settlement date (no later than june 5, 2008), is subject to an adjustment based on a weighted average price calculation for the period between the initial purchase date and the settlement date. the company has the option to settle the contract in either cash or shares. including the settlements of the forward share purchase contract and the accelerated share repurchase agreement, we expect to repurchase approximately $300 million of our common shares, net of issuances, in 2008. annual cash dividends paid on common stock were 40 cents per share in 2007, 2006 and 2005. total dividends paid were $40.6 million in 2007, $41 million in 2006 and $42.5 million in 2005..
what was the cash dividend paid per common stock share in 2006? 40.0
what is that divided by 100? 0.4
what were total dividends paid in 2006? 41.0
what is the total dividends paid over the quotient of dividends per share?
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102.5
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stockholder return performance graphs 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 (including reinvestment of dividends) was $100 on december 29, 2007 and tracks it through december 29, 2012. 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 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$100 invested on 12/29/07 in stock or 12/31/07 in index, including reinvestment of dividends. indexes calculated on month-end basis. copyright a9 2013 s&p, a division of the mcgraw-hill companies inc. all rights reserved..
- | 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012
cadence design systems inc. | 100.00 | 22.55 | 35.17 | 48.50 | 61.07 | 78.92
nasdaq composite | 100.00 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78
s&p 400 information technology | 100.00 | 54.60 | 82.76 | 108.11 | 95.48 | 109.88
the stock price performance included in this graph is not necessarily indicative of future stock price performance.
what is the value of an investment in cadence design systems inc. in 2012?
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78.92
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net sales increased $29.9 million, or 6.3% (6.3%), due to higher sales volume driven primarily by continuing improvement in the u.s. home products market and the benefit from new product introductions and price increases to help mitigate cumulative raw material cost increases. operating income increased $12.6 million, or 20.4% (20.4%), due to higher net sales, the benefits from productivity improvements and leveraging sales on our existing fixed cost base. security net sales increased $12.8 million, or 2.2% (2.2%), due to higher sales volume and price increases to help mitigate cumulative raw material cost increases. these benefits were partially offset by the impact of our exiting of two product lines in our commercial distribution channel. operating income increased $5.8 million, or 8.7% (8.7%), primarily due to the higher net sales, the benefits from productivity improvements, lower restructuring and other charges (approximately $6 million) relating to the completion in 2016 of a manufacturing facility relocation, favorable foreign exchange and the related cost savings resulting from the facility relocation. corporate corporate expenses increased by $5.7 million mainly due to the impairment of a long lived asset and recognition of an actuarial gain versus an actuarial loss in 2016 and higher defined benefit plan income during 2017 compared to 2016. (in millions) 2017 2016.
(in millions) | 2017 | 2016
general and administrative expense | $-90.3 (90.3) | $-80.9 (80.9)
defined benefit plan income | 4.2 | 2.9
defined benefit plan recognition of actuarial gains (losses) | 0.5 | -1.9 (1.9)
total corporate expenses | $-85.6 (85.6) | $-79.9 (79.9)
in future periods the company may record, in the corporate segment, material expense or income associated with actuarial gains and losses arising from periodic remeasurement of our liabilities for defined benefit plans. at a minimum the company will remeasure its defined benefit plan liabilities in the fourth quarter of each year. remeasurements due to plan amendments and settlements may also occur in interim periods during the year. remeasurement of these liabilities attributable to updating our liability discount rates and expected return on assets may, in particular, result in material income or expense recognition. 2016 compared to 2015 total fortune brands net sales net sales increased $405.5 million, or 9% (9%). the increase was due to higher sales volume primarily from the continuing improvement in u.s. market conditions for home products, the benefit from the acquisitions in our cabinets and plumbing segments and price increases to help mitigate cumulative raw material cost increases and the effect of unfavorable foreign exchange. these benefits were partially offset by unfavorable foreign exchange of approximately $27 million and higher sales rebates. cost of products sold cost of products sold increased $182.8 million, or 6% (6%), due to higher net sales, including the impact of the acquisitions in our cabinets and plumbing segments, partially offset by the benefit of productivity improvements..
what was the change in the defined benefit plan income from 2016 to 2017? 1.3
and what was that income in 2016?
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2.9
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the goldman sachs group, inc. and subsidiaries 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 positions, accounted for at fair value, that are not included in var by asset category..
$in millions | as of december 2017 | as of december 2016 | as of december 2015
equity | $2096 | $2085 | $2157
debt | 1606 | 1702 | 1479
total | $3702 | $3787 | $3636
in the table above: 2030 the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% (10%) decline in the value of these positions. 2030 equity positions 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. 2030 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. 2030 equity and debt funded positions are included in our consolidated statements of financial condition in financial instruments owned. see note 6 to the consolidated financial statements for further information about cash instruments. 2030 these measures do not reflect the diversification effect across asset categories or across other market risk measures. credit spread sensitivity on derivatives and financial liabilities. var excludes the impact of changes in counterparty and our own credit spreads on derivatives, as well as changes in our own credit spreads (debt valuation adjustment) on financial liabilities 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 $3 million and $2 million (including hedges) as of december 2017 and december 2016, respectively. in addition, the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $35 million and $25 million as of december 2017 and december 2016, 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 financial liabilities for which the fair value option was elected, as well as the relative performance of any hedges undertaken. interest rate sensitivity. loans receivable as of december 2017 and december 2016 were $65.93 billion and $49.67 billion, respectively, substantially all of which had floating interest rates. as of december 2017 and december 2016, the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $527 million and $405 million, respectively, of additional interest income over a twelve-month period, which does not take into account the potential impact of an increase in costs to fund such loans. see note 9 to the consolidated financial statements for further information about loans receivable. other market risk considerations as of december 2017 and december 2016, we had commitments and held loans for which we have obtained credit loss protection from sumitomo mitsui financial group, inc. see note 18 to the consolidated financial statements for further information about such lending commitments. in addition, we make investments in securities that are accounted for as available-for-sale and included in financial instruments owned in the consolidated statements of financial condition. see note 6 to the consolidated financial statements for further information. we also make investments accounted for under the equity method and we also make direct investments in real estate, both of which are included in other assets. direct investments in real estate are accounted for at cost less accumulated depreciation. see note 13 to the consolidated financial statements for further information about other assets. goldman sachs 2017 form 10-k 93.
between the years of 2015 and 2016, what was the change in the estimated sensitivity to a one basis point increase in credit spreads on financial liabilities for which the fair value option was elected? 10.0
and in the subsequent year of this period, in 2017, what percentage of the total market risk for positions, accounted for at fair value, that are not included in var, was due to equity?
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0.56618
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transaction and commercial issues in many of our businesses. these skills are a valuable resource as we monitor regulatory and tariff schemes to determine our capital budgeting needs and integrate acquisitions. the company expects to realize cost reduction and performance improvement benefits in both earnings and cash flows; however, there can be no assurance that the reductions and improvements will continue and our inability to sustain the reductions and improvements may result in less than expected earnings and cash flows in 2004 and beyond. asset sales during 2003, we continued the initiative to sell all or part of certain of the company 2019s subsidiaries. this initiative was designed to decrease the company 2019s dependence on access to capital markets and improve the strength of our balance sheet by reducing financial leverage and improving liquidity. the following chart details the asset sales that were closed during 2003. sales proceeds project name date completed (in millions) location.
project name | date completed | sales proceeds (in millions) | location
cilcorp/medina valley | january 2003 | $495 | united states
aes ecogen/aes mt. stuart | january 2003 | $59 | australia
mountainview | march 2003 | $30 | united states
kelvin | march 2003 | $29 | south africa
songas | april 2003 | $94 | tanzania
aes barry limited | july 2003 | a340/$62 | united kingdom
aes haripur private ltd/aes meghnaghat ltd | december 2003 | $145 | bangladesh
aes mtkvari/aes khrami/aes telasi | august 2003 | $23 | republic of georgia
medway power limited/aes medway operations limited | november 2003 | a347/$78 | united kingdom
aes oasis limited | december 2003 | $150 | pakistan/oman
the company continues to evaluate its portfolio and business performance and may decide to dispose of additional businesses in the future. however given the improvements in our liquidity there will be a lower emphasis placed on asset sales in the future for purposes of improving liquidity and strengthening the balance sheet. for any sales that happen in the future, there can be no guarantee that the proceeds from such sale transactions will cover the entire investment in the subsidiaries. depending on which businesses are eventually sold, the entire or partial sale of any business may change the current financial characteristics of the company 2019s portfolio and results of operations. furthermore future sales may impact the amount of recurring earnings and cash flows the company would expect to achieve. subsidiary restructuring during 2003, we completed and initiated restructuring transactions for several of our south american businesses. the efforts are focused on improving the businesses long-term prospects for generating acceptable returns on invested capital or extending short-term debt maturities. businesses impacted include eletropaulo, tiete, uruguaiana and sul in brazil and gener in chile. brazil eletropaulo. aes has owned an interest in eletropaulo since april 1998, when the company was privatized. in february 2002 aes acquired a controlling interest in the business and as a consequence started to consolidate it. aes financed a significant portion of the acquisition of eletropaulo, including both common and preferred shares, through loans and deferred purchase price financing arrangements provided by the brazilian national development bank 2014 (2018 2018bndes 2019 2019), and its wholly-owned subsidiary, bndes participac 0327o 0303es s.a. (2018 2018bndespar 2019 2019), to aes 2019s subsidiaries, aes elpa s.a. (2018 2018aes elpa 2019 2019) and aes transgas empreendimentos, s.a. (2018 2018aes transgas 2019 2019)..
what were the sales proceeds from cilcorp/medina valley in january 2003? 495.0
what were the proceeds from aes ecogen/aes mt. stuart in january 2003? 59.0
what is the sum? 554.0
what is the sum including mountainview proceeds? 584.0
what is the proceeds from kelvin? 29.0
what is the total sum from the 4 projects?
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613.0
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american tower corporation and subsidiaries notes to consolidated financial statements 2014 (continued) at december 31, 2005, the company had net federal and state operating loss carryforwards available to reduce future taxable income of approximately $2.2 billion and $2.4 billion, respectively. if not utilized, the company 2019s net operating loss carryforwards expire as follows (in thousands):.
years ended december 31, | federal | state
2006 to 2010 | $5248 | $469747
2011 to 2015 | 10012 | 272662
2016 to 2020 | 397691 | 777707
2021 to 2025 | 1744552 | 897896
total | $2157503 | $2418012
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, 2005, the company has provided a valuation allowance of approximately $422.4 million, including approximately $249.5 million attributable to spectrasite, primarily related to net operating loss and capital loss carryforwards. approximately $237.8 million of the spectrasite valuation allowance was assumed as of the acquisition date. the balance of the valuation allowance primarily relates to net state deferred tax assets. 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 time to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period. the company intends to recover a portion of its deferred tax asset through its federal income tax refund claims related to the carry back of certain federal net operating losses. in june 2003 and october 2003, the company filed federal income tax refund claims with the irs relating to the carry back of $380.0 million of net operating losses generated prior to 2003, of which the company initially anticipated receiving approximately $90.0 million. based on preliminary discussions with tax authorities, the company has revised its estimate of the net realizable value of the federal income tax refund claims and anticipates receiving a refund of approximately $65.0 million as a result of these claims by the end of 2006. there can be no assurances, however, with respect to the specific amount and timing of any refund. the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing stable state (no growth) projections based on its current operations. the projections show a significant decrease in depreciation and interest expense 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 and debt repayments reducing interest expense. 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 realization of the company 2019s deferred tax assets as of december 31, 2005 will be dependent upon its ability to generate approximately $1.3 billion in taxable income from january 1, 2006 to december 31, 2025. if the company is unable to generate sufficient taxable income in the future, or carry back losses, as described above, it will be required to reduce its net deferred tax asset through a charge to income tax expense, which would result in a corresponding decrease in stockholders 2019 equity. from time to time the company is subject to examination by various tax authorities in jurisdictions in which the company has significant business operations. the company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations. during the year ended.
what was the total value of net operating loss carryforwards?
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4575515.0
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management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring, monitoring, reporting and managing the firm 2019s liquidity, funding, capital, structural interest rate and foreign exchange risks. the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases, which generate both on- and off- balance sheet assets and liabilities. treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio. treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives. for further information on derivatives, refer to note 5. in addition, treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments. for further information on liquidity and funding risk, refer to liquidity risk management on pages 95 2013100. for information on interest rate, foreign exchange and other risks, refer to market risk management on pages 124 2013131. the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities, u.s. and non-u.s. government securities, obligations of u.s. states and municipalities, other abs and corporate debt securities. at december 31, 2018, the investment securities portfolio was $260.1 billion, and the average credit rating of the securities comprising the portfolio was aa+ (based upon external ratings where available and, where not available, based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s). refer to note 10 for further information on the firm 2019s investment securities portfolio. selected income statement and balance sheet data as of or for the year ended december 31, (in millions) 2018 2017 2016 investment securities gains/ (losses) $(395) $(78) $132 available-for-sale (201cafs 201d) investment securities (average) 203449 219345 226892 held-to-maturity (201chtm 201d) investment securities (average) 31747 47927 51358 investment securities portfolio (average) 235197 267272 278250 afs investment securities (period-end) 228681 200247 236670 htm investment securities (period-end) 31434 47733 50168 investment securities portfolio (period 2013end) 260115 247980 286838 as permitted by the new hedge accounting guidance, the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018. for additional information, refer to notes 1 and 10..
as of or for the year ended december 31 (in millions) | 2018 | 2017 | 2016
investment securities gains/ (losses) | $-395 (395) | $-78 (78) | $132
available-for-sale (201cafs 201d) investment securities (average) | 203449 | 219345 | 226892
held-to-maturity (201chtm 201d) investment securities (average) | 31747 | 47927 | 51358
investment securities portfolio (average) | 235197 | 267272 | 278250
afs investment securities (period-end) | 228681 | 200247 | 236670
htm investment securities (period-end) | 31434 | 47733 | 50168
investment securities portfolio (period 2013end) | 260115 | 247980 | 286838
management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring, monitoring, reporting and managing the firm 2019s liquidity, funding, capital, structural interest rate and foreign exchange risks. the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases, which generate both on- and off- balance sheet assets and liabilities. treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio. treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives. for further information on derivatives, refer to note 5. in addition, treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments. for further information on liquidity and funding risk, refer to liquidity risk management on pages 95 2013100. for information on interest rate, foreign exchange and other risks, refer to market risk management on pages 124 2013131. the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities, u.s. and non-u.s. government securities, obligations of u.s. states and municipalities, other abs and corporate debt securities. at december 31, 2018, the investment securities portfolio was $260.1 billion, and the average credit rating of the securities comprising the portfolio was aa+ (based upon external ratings where available and, where not available, based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s). refer to note 10 for further information on the firm 2019s investment securities portfolio. selected income statement and balance sheet data as of or for the year ended december 31, (in millions) 2018 2017 2016 investment securities gains/ (losses) $(395) $(78) $132 available-for-sale (201cafs 201d) investment securities (average) 203449 219345 226892 held-to-maturity (201chtm 201d) investment securities (average) 31747 47927 51358 investment securities portfolio (average) 235197 267272 278250 afs investment securities (period-end) 228681 200247 236670 htm investment securities (period-end) 31434 47733 50168 investment securities portfolio (period 2013end) 260115 247980 286838 as permitted by the new hedge accounting guidance, the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018. for additional information, refer to notes 1 and 10..
what is the value of the afs investment securities in 2018? 228681.0
what is the value in 2017?
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200247.0
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when we purchase an asset, we capitalize all costs necessary to make the asset ready for its intended use. however, many of our assets are self-constructed. a large portion of our capital expenditures is for track structure expansion (capacity projects) and replacement (program projects), which is typically performed by our employees. approximately 13% (13%) of our full-time equivalent employees are dedicated to the construction of capital assets. costs that are directly attributable or overhead costs that relate directly to capital projects are capitalized. direct costs that are capitalized as part of self-constructed assets include material, labor, and work equipment. indirect costs are capitalized if they clearly relate to the construction of the asset. these costs are allocated using appropriate statistical bases. the capitalization of indirect costs is consistent with fasb statement no. 67, accounting for costs and initial rental operations of real estate projects. general and administrative expenditures are expensed as incurred. normal repairs and maintenance are also expensed as incurred, while costs incurred that extend the useful life of an asset, improve the safety of our operations or improve operating efficiency are capitalized. assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease. amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease. 10. accounts payable and other current liabilities dec. 31, dec. 31, millions of dollars 2008 2007.
millions of dollars | dec. 31 2008 | dec. 31 2007
accounts payable | $629 | $732
accrued wages and vacation | 367 | 394
accrued casualty costs | 390 | 371
income and other taxes | 207 | 343
dividends and interest | 328 | 284
equipment rents payable | 93 | 103
other | 546 | 675
total accounts payable and other current liabilities | $2560 | $2902
11. fair value measurements during the first quarter of 2008, we fully adopted fasb statement no. 157, fair value measurements (fas 157). fas 157 established a framework for measuring fair value and expanded disclosures about fair value measurements. the adoption of fas 157 had no impact on our financial position or results of operations. fas 157 applies to all assets and liabilities that are measured and reported on a fair value basis. this enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. the statement requires that each asset and liability carried at fair value be classified into one of the following categories: level 1: quoted market prices in active markets for identical assets or liabilities. level 2: observable market based inputs or unobservable inputs that are corroborated by market data. level 3: unobservable inputs that are not corroborated by market data..
as of december 31, 2008, what was the amount of the accrued wages and vacation? 367.0
and what was the total of accounts payable and other current liabilities? 2560.0
what percentage, then, did that amount represent in relation to this total? 0.14336
and from 2007 to that year, what was the change in the total of equipment rents payable? -10.0
what is this change as a percentage of that total in 2007?
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-0.09709
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page 31 of 94 other liquidity items cash payments required for long-term debt maturities, rental payments under noncancellable operating leases, purchase obligations and other commitments in effect at december 31, 2007, are summarized in the following table:.
($in millions) | payments due by period (a) total | payments due by period (a) less than 1 year | payments due by period (a) 1-3 years | payments due by period (a) 3-5 years | payments due by period (a) more than 5 years
long-term debt | $2302.6 | $126.1 | $547.6 | $1174.9 | $454.0
capital lease obligations | 4.4 | 1.0 | 0.8 | 0.5 | 2.1
interest payments on long-term debt (b) | 698.6 | 142.9 | 246.3 | 152.5 | 156.9
operating leases | 218.5 | 49.9 | 71.7 | 42.5 | 54.4
purchase obligations (c) | 6092.6 | 2397.2 | 3118.8 | 576.6 | 2013
common stock repurchase agreements | 131.0 | 131.0 | 2013 | 2013 | 2013
legal settlement | 70.0 | 70.0 | 2013 | 2013 | 2013
total payments on contractual obligations | $9517.7 | $2918.1 | $3985.2 | $1947.0 | $667.4
total payments on contractual obligations $9517.7 $2918.1 $3985.2 $1947.0 $667.4 (a) amounts reported in local currencies have been translated at the year-end exchange rates. (b) for variable rate facilities, amounts are based on interest rates in effect at year end and do not contemplate the effects of hedging instruments. (c) the company 2019s purchase obligations include contracted amounts for aluminum, steel, plastic resin and other direct materials. also included are commitments for purchases of natural gas and electricity, aerospace and technologies contracts and other less significant items. in cases where variable prices and/or usage are involved, management 2019s best estimates have been used. depending on the circumstances, early termination of the contracts may not result in penalties and, therefore, actual payments could vary significantly. contributions to the company 2019s defined benefit pension plans, not including the unfunded german plans, are expected to be $49 million in 2008. this estimate may change based on plan asset performance. benefit payments related to these plans are expected to be $66 million, $70 million, $74 million, $77 million and $82 million for the years ending december 31, 2008 through 2012, respectively, and a total of $473 million for the years 2013 through 2017. payments to participants in the unfunded german plans are expected to be approximately $26 million in each of the years 2008 through 2012 and a total of $136 million for the years 2013 through 2017. in accordance with united kingdom pension regulations, ball has provided an a38 million guarantee to the plan for its defined benefit plan in the united kingdom. if the company 2019s credit rating falls below specified levels, ball will be required to either: (1) contribute an additional a38 million to the plan; (2) provide a letter of credit to the plan in that amount or (3) if imposed by the appropriate regulatory agency, provide a lien on company assets in that amount for the benefit of the plan. the guarantee can be removed upon approval by both ball and the pension plan trustees. our share repurchase program in 2007 was $211.3 million, net of issuances, compared to $45.7 million net repurchases in 2006 and $358.1 million in 2005. the net repurchases included the $51.9 million settlement on january 5, 2007, of a forward contract entered into in december 2006 for the repurchase of 1200000 shares. however, the 2007 net repurchases did not include a forward contract entered into in december 2007 for the repurchase of 675000 shares. the contract was settled on january 7, 2008, for $31 million in cash. on december 12, 2007, in a privately negotiated transaction, ball entered into an accelerated share repurchase agreement to buy $100 million of its common shares using cash on hand and available borrowings. the company advanced the $100 million on january 7, 2008, and received approximately 2 million shares, which represented 90 percent of the total shares as calculated using the previous day 2019s closing price. the exact number of shares to be repurchased under the agreement, which will be determined on the settlement date (no later than june 5, 2008), is subject to an adjustment based on a weighted average price calculation for the period between the initial purchase date and the settlement date. the company has the option to settle the contract in either cash or shares. including the settlements of the forward share purchase contract and the accelerated share repurchase agreement, we expect to repurchase approximately $300 million of our common shares, net of issuances, in 2008. annual cash dividends paid on common stock were 40 cents per share in 2007, 2006 and 2005. total dividends paid were $40.6 million in 2007, $41 million in 2006 and $42.5 million in 2005..
what were the annual cash dividends paid on common stock per share in 2006, in dollars? 0.4
and what was, in millions, the total of dividends paid in that year?
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41.0
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software and will give the company a comprehensive design-to-silicon flow that links directly into the semiconductor manufacturing process. integrating hpl 2019s yield management and test chip technologies into the company 2019s industry-leading dfm portfolio is also expected to enable customers to increase their productivity and improve profitability in the design and manufacture of advanced semiconductor devices. purchase price. the company paid $11.0 million in cash for all outstanding shares of hpl. in addition, the company had a prior investment in hpl of approximately $1.9 million. the total purchase consideration consisted of:.
- | (in thousands)
cash paid | $11001
prior investment in hpl | 1872
acquisition-related costs | 2831
total purchase price | $15704
acquisition-related costs of $2.8 million consist primarily of legal, tax and accounting fees of $1.6 million, $0.3 million of estimated facilities closure costs and other directly related charges, and $0.9 million in employee termination costs. as of october 31, 2006, the company had paid $2.2 million of the acquisition related costs, of which $1.1 million were for professional services costs, $0.2 million were for facilities closure costs and $0.9 million were for employee termination costs. the $0.6 million balance remaining at october 31, 2006 consists of professional and tax-related service fees and facilities closure costs. assets acquired. the company acquired $8.5 million of intangible assets consisting of $5.1 million in core developed technology, $3.2 million in customer relationships and $0.2 million in backlog to be amortized over two to four years. approximately $0.8 million of the purchase price represents the fair value of acquired in-process research and development projects that have not yet reached technological feasibility and have no alternative future use. accordingly, the amount was immediately expensed and included in the company 2019s condensed consolidated statement of operations for the first quarter of fiscal year 2006. additionally, the company acquired tangible assets of $14.0 million and assumed liabilities of $10.9 million. goodwill, representing the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in the merger was $3.4 million. goodwill resulted primarily from the company 2019s expectation of synergies from the integration of hpl 2019s technology with the company 2019s technology and operations. other. during the fiscal year 2006, the company completed an asset acquisition for cash consideration of $1.5 million. this acquisition is not considered material to the company 2019s consolidated balance sheet and results of operations. fiscal 2005 acquisitions nassda corporation (nassda) the company acquired nassda on may 11, 2005. reasons for the acquisition. the company believes nassda 2019s full-chip circuit simulation and analysis software will broaden its offerings of transistor-level circuit simulation tools, particularly in the area of mixed-signal and memory design. purchase price. the company acquired all the outstanding shares of nassda for total cash consideration of $200.2 million, or $7.00 per share. in addition, as required by the merger agreement, certain nassda officers, directors and employees who were defendants in certain preexisting litigation.
what is the total acquired intangible assets in thousands? 8500.0
what is the total purchase price in thousands?
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15704.0
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five-year stock performance graph the graph below illustrates the cumulative total shareholder return on snap-on common stock since december 31, 2007, assuming that dividends were reinvested. the graph compares snap-on 2019s performance to that of the standard & poor 2019s 500 stock index (201cs&p 500 201d) and a peer group. snap-on incorporated total shareholder return (1) fiscal year ended (2) snap-on incorporated peer group (3) s&p 500.
fiscal year ended (2) | snap-onincorporated | peer group (3) | s&p 500
december 31 2007 | $100.00 | $100.00 | $100.00
december 31 2008 | 83.66 | 66.15 | 63.00
december 31 2009 | 93.20 | 84.12 | 79.67
december 31 2010 | 128.21 | 112.02 | 91.67
december 31 2011 | 117.47 | 109.70 | 93.61
december 31 2012 | 187.26 | 129.00 | 108.59
(1) assumes $100 was invested on december 31, 2007, and that dividends were reinvested quarterly. (2) the company's fiscal year ends on the saturday that is on or nearest to december 31 of each year; for ease of calculation, the fiscal year end is assumed to be december 31. (3) the peer group consists of: stanley black & decker, inc., danaher corporation, emerson electric co., genuine parts company, newell rubbermaid inc., pentair ltd., spx corporation and w.w. grainger, inc. cooper industries plc, a former member of the peer group, was removed, as it was acquired by a larger, non-comparable company in 2012. 2012 annual report 23 snap-on incorporated peer group s&p 500 2007 2008 201120102009 2012.
what is the value of the investment in snap-onincorporated in 2008? 83.66
what is the net change in value? -16.34
what percentage change does this represent?
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-0.1634
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management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring, monitoring, reporting and managing the firm 2019s liquidity, funding, capital, structural interest rate and foreign exchange risks. the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases, which generate both on- and off- balance sheet assets and liabilities. treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio. treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives. for further information on derivatives, refer to note 5. in addition, treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments. for further information on liquidity and funding risk, refer to liquidity risk management on pages 95 2013100. for information on interest rate, foreign exchange and other risks, refer to market risk management on pages 124 2013131. the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities, u.s. and non-u.s. government securities, obligations of u.s. states and municipalities, other abs and corporate debt securities. at december 31, 2018, the investment securities portfolio was $260.1 billion, and the average credit rating of the securities comprising the portfolio was aa+ (based upon external ratings where available and, where not available, based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s). refer to note 10 for further information on the firm 2019s investment securities portfolio. selected income statement and balance sheet data as of or for the year ended december 31, (in millions) 2018 2017 2016 investment securities gains/ (losses) $(395) $(78) $132 available-for-sale (201cafs 201d) investment securities (average) 203449 219345 226892 held-to-maturity (201chtm 201d) investment securities (average) 31747 47927 51358 investment securities portfolio (average) 235197 267272 278250 afs investment securities (period-end) 228681 200247 236670 htm investment securities (period-end) 31434 47733 50168 investment securities portfolio (period 2013end) 260115 247980 286838 as permitted by the new hedge accounting guidance, the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018. for additional information, refer to notes 1 and 10..
as of or for the year ended december 31 (in millions) | 2018 | 2017 | 2016
investment securities gains/ (losses) | $-395 (395) | $-78 (78) | $132
available-for-sale (201cafs 201d) investment securities (average) | 203449 | 219345 | 226892
held-to-maturity (201chtm 201d) investment securities (average) | 31747 | 47927 | 51358
investment securities portfolio (average) | 235197 | 267272 | 278250
afs investment securities (period-end) | 228681 | 200247 | 236670
htm investment securities (period-end) | 31434 | 47733 | 50168
investment securities portfolio (period 2013end) | 260115 | 247980 | 286838
management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring, monitoring, reporting and managing the firm 2019s liquidity, funding, capital, structural interest rate and foreign exchange risks. the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases, which generate both on- and off- balance sheet assets and liabilities. treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio. treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives. for further information on derivatives, refer to note 5. in addition, treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments. for further information on liquidity and funding risk, refer to liquidity risk management on pages 95 2013100. for information on interest rate, foreign exchange and other risks, refer to market risk management on pages 124 2013131. the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities, u.s. and non-u.s. government securities, obligations of u.s. states and municipalities, other abs and corporate debt securities. at december 31, 2018, the investment securities portfolio was $260.1 billion, and the average credit rating of the securities comprising the portfolio was aa+ (based upon external ratings where available and, where not available, based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s). refer to note 10 for further information on the firm 2019s investment securities portfolio. selected income statement and balance sheet data as of or for the year ended december 31, (in millions) 2018 2017 2016 investment securities gains/ (losses) $(395) $(78) $132 available-for-sale (201cafs 201d) investment securities (average) 203449 219345 226892 held-to-maturity (201chtm 201d) investment securities (average) 31747 47927 51358 investment securities portfolio (average) 235197 267272 278250 afs investment securities (period-end) 228681 200247 236670 htm investment securities (period-end) 31434 47733 50168 investment securities portfolio (period 2013end) 260115 247980 286838 as permitted by the new hedge accounting guidance, the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018. for additional information, refer to notes 1 and 10..
what was the amount of the afs investment securities in 2018? 228681.0
and what was it in 2017? 200247.0
what was, then, the combined total for the two years? 428928.0
including 2016, what then becomes this total?
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665598.0
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investment advisory revenues earned on the other investment portfolios that we manage decreased $44 million, or 8.5% (8.5%), to $477.8 million in 2009. average assets in these portfolios were $129.5 billion during 2009, down $12.6 billion or 9% (9%) from 2008. other investment portfolio assets under management increased $46.7 billion during 2009, including $36.5 billion in market gains and income and $10.2 billion of net inflows, primarily from institutional investors. net inflows include $1.3 billion transferred from the stock and blended asset mutual funds during 2009. administrative fees decreased $35 million, or 10% (10%), to $319 million in 2009. this change includes a $4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $31 million reduction in our mutual fund servicing revenue, which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions. changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors. our largest expense, compensation and related costs, decreased $42 million, or 5% (5%), from 2008 to $773 million in 2009. the largest part of this decrease is attributable to a $19 million reduction in our annual bonus program. reductions in the use of outside contractors lowered 2009 costs $14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses. average headcount in 2009 was down 5.4% (5.4%) from 2008 due to attrition, retirements and our workforce reduction in april 2009. advertising and promotion expenditures were down $31 million, or 30% (30%), versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment. depreciation expense and other occupancy and facility costs together increased $4 million, or 2.5% (2.5%) compared to 2008, as we moderated or delayed our capital spending and facility growth plans. other operating expenses decreased $33 million, or 18% (18%) from 2008, including a decline of $4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries. our cost control efforts resulted in the remaining expense reductions, including lower professional fees and travel and related costs. our non-operating investment activity resulted in net losses of $12.7 million in 2009 and $52.3 million in 2008. the improvement of nearly $40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008. the following table details our related mutual fund investment gains and losses (in millions) during the two years ended december 31, 2009..
- | 2008 | 2009 | change
other than temporary impairments recognized | $-91.3 (91.3) | $-36.1 (36.1) | $55.2
capital gain distributions received | 5.6 | 2.0 | -3.6 (3.6)
net gain (loss) realized on fund dispositions | -4.5 (4.5) | 7.4 | 11.9
net loss recognized on fund holdings | $-90.2 (90.2) | $-26.7 (26.7) | $63.5
lower income of $16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments. the 2009 provision for income taxes as a percentage of pretax income is 37.1% (37.1%), down from 38.4% (38.4%) in 2008. our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% (1.0%). c a p i t a l r e s o u r c e s a n d l i q u i d i t y. during 2010, stockholders 2019 equity increased from $2.9 billion to $3.3 billion. we repurchased nearly 5.0 million common shares for $240.0 million in 2010. tangible book value is $2.6 billion at december 31, 2010, and our cash and cash equivalents and our mutual fund investment holdings total more than $1.5 billion. given the availability of these financial resources, we do not maintain an available external source of liquidity. t. rowe price group annual report 2010.
between the years of 2008 and 2009, what was the variation in the capital gain distributions? -2.7
and what is this variation as a percent of those distributions in 2008? -0.48214
and in the subsequent year of this period, in 2010, what was the average price for which the shares were repurchased?
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48.0
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sysco corporation a0- a0form a010-k 3 part a0i item a01 a0business we estimate that our sales by type of customer during the past three fiscal years were as follows:.
type of customer | 2019 | 2018 | 2017
restaurants | 62% (62%) | 62% (62%) | 61% (61%)
education government | 9 | 8 | 9
travel leisure retail | 9 | 8 | 9
healthcare | 8 | 9 | 9
other (1) | 12 | 13 | 12
totals | 100% (100%) | 100% (100%) | 100% (100%)
(1) other includes cafeterias that are not stand-alone restaurants, bakeries, caterers, churches, civic and fraternal organizations, vending distributors, other distributors and international exports. none of these types of customers, as a group, exceeded 5% (5%) of total sales in any of the years for which information is presented. sources of supply we purchase from thousands of suppliers, both domestic and international, none of which individually accounts for more than 10% (10%) of our purchases. these suppliers consist generally of large corporations selling brand name and private label merchandise, as well as independent regional brand and private label processors and packers. we also provide specialty and seasonal products from small to mid-sized producers to meet a growing demand for locally sourced products. our locally sourced products, including produce, meats, cheese and other products, help differentiate our customers 2019 offerings, satisfy demands for new products, and support local communities. purchasing is generally carried out through both centrally developed purchasing programs, domestically and internationally, and direct purchasing programs established by our various operating companies. we administer a consolidated product procurement program designed to develop, obtain and ensure consistent quality food and non-food products. the program covers the purchasing and marketing of branded merchandise, as well as products from a number of national brand suppliers, encompassing substantially all product lines. some of our products are purchased internationally within global procurement centers in order to build strategic relationships with international suppliers and to optimize our supply chain network. sysco 2019s operating companies purchase product from the suppliers participating in these consolidated programs and from other suppliers, although sysco brand products are only available to the operating companies through these consolidated programs. we also focus on increasing profitability by lowering operating costs and by lowering aggregate inventory levels, which reduces future facility expansion needs at our broadline operating companies, while providing greater value to our suppliers and customers. working capital practices our growth is funded through a combination of cash flow from operations, commercial paper issuances and long-term borrowings. see the discussion in item 7 201cmanagement 2019s discussion and analysis of financial condition and results of operations - liquidity and capital resources 201d regarding our liquidity, financial position and sources and uses of funds. we extend credit terms to our customers that can vary from cash on delivery to 30 days or more based on our assessment of each customer 2019s credit worthiness. we monitor each customer 2019s account and will suspend shipments if necessary. a majority of our sales orders are filled within 24 hours of when customer orders are placed. we generally maintain inventory on hand to be able to meet customer demand. the level of inventory on hand will vary by product depending on shelf-life, supplier order fulfillment lead times and customer demand. we also make purchases of additional volumes of certain products based on supply or pricing opportunities. we take advantage of suppliers 2019 cash discounts where appropriate and otherwise generally receive payment terms from our suppliers ranging from weekly to 45 days or more. corporate headquarters and shared services center our corporate staff makes available a number of services to our operating companies and our shared services center performs support services for employees, suppliers and customers. members of these groups possess experience and expertise in, among other areas, customer and vendor contract administration, accounting and finance, treasury, legal, information technology, payroll and employee benefits, risk management and insurance, sales and marketing, merchandising, inbound logistics, human resources, strategy and tax compliance services. the corporate office also makes available supply chain expertise, such as in warehousing and distribution services, which provide assistance in operational best practices, including space utilization, energy conservation, fleet management and work flow..
what was the percentage of sales to restaurants in 2018? 0.62
what was it in the previous year, 2017?
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0.61
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part ii item 5. market for registrant 2019s common equity, related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange (201cnyse 201d) for the years 2008 and 2007..
2008 | high | low
quarter ended march 31 | $42.72 | $32.10
quarter ended june 30 | 46.10 | 38.53
quarter ended september 30 | 43.43 | 31.89
quarter ended december 31 | 37.28 | 19.35
2007 | high | low
quarter ended march 31 | $41.31 | $36.63
quarter ended june 30 | 43.84 | 37.64
quarter ended september 30 | 45.45 | 36.34
quarter ended december 31 | 46.53 | 40.08
on february 13, 2009, the closing price of our common stock was $28.85 per share as reported on the nyse. as of february 13, 2009, we had 397097677 outstanding shares of common stock and 499 registered holders. dividends we have never paid a dividend on 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 term loan, 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 transaction. for more information about the restrictions under the loan agreement for the revolving credit facility and term loan, our notes indentures and the loan agreement related to our securitization transaction, see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report..
as of february 13, 2009, what was the average number of outstanding shares of common stock per registered holder? 795786.92786
and what was the full value of those shares?
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13764217.57366
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results of operations operating revenues millions 2014 2013 2012% (%) change 2014 v 2013% (%) change 2013 v 2012.
millions | 2014 | 2013 | 2012 |% (%) change 2014 v 2013 |% (%) change 2013 v 2012
freight revenues | $22560 | $20684 | $19686 | 9% (9%) | 5% (5%)
other revenues | 1428 | 1279 | 1240 | 12% (12%) | 3% (3%)
total | $23988 | $21963 | $20926 | 9% (9%) | 5% (5%)
we generate freight revenues by transporting freight or other materials from our six commodity groups. freight revenues vary with volume (carloads) and average revenue per car (arc). changes in price, traffic mix and fuel surcharges drive arc. we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations, which we record as reductions to freight revenues based on the actual or projected future shipments. we recognize freight revenues as shipments move from origin to destination. we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them. other revenues include revenues earned by our subsidiaries, revenues from our commuter rail operations, and accessorial revenues, which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage. we recognize other revenues as we perform services or meet contractual obligations. freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7% (7%) volume growth and core pricing gains of 2.5% (2.5%). volume growth from grain, frac sand, rock, and intermodal (domestic and international) shipments offset declines in crude oil. freight revenues from five of our six commodity groups increased during 2013 compared to 2012. revenue from agricultural products was down slightly compared to 2012. arc increased 5% (5%), driven by core pricing gains, shifts in business mix and an automotive logistics management arrangement. volume essentially was flat year over year as growth in automotive, frac sand, crude oil and domestic intermodal offset declines in coal, international intermodal and grain shipments. our fuel surcharge programs generated freight revenues of $2.8 billion, $2.6 billion, and $2.6 billion in 2014, 2013, and 2012, respectively. fuel surcharge in 2014 increased 6% (6%) driven by our 7% (7%) carloadings increase. fuel surcharge in 2013 essentially was flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs (surcharges trail fluctuations in fuel price by approximately two months). in 2014, other revenue increased from 2013 due to higher revenues at our subsidiaries, primarily those that broker intermodal and automotive services, accessorial revenue driven by increased volume and per diem revenue for container usage (previously included in automotive freight revenue). in 2013, other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services..
what was the fuel surcharge program freight revenue in 2014?
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2.8
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entergy corporation and subsidiaries management's financial discussion and analysis the decrease in interest income in 2002 was primarily due to: fffd interest recognized in 2001 on grand gulf 1's decommissioning trust funds resulting from the final order addressing system energy's rate proceeding; fffd interest recognized in 2001 at entergy mississippi and entergy new orleans on the deferred system energy costs that were not being recovered through rates; and fffd lower interest earned on declining deferred fuel balances. the decrease in interest charges in 2002 is primarily due to: fffd a decrease of $31.9 million in interest on long-term debt primarily due to the retirement of long-term debt in late 2001 and early 2002; and fffd a decrease of $76.0 million in other interest expense primarily due to interest recorded on system energy's reserve for rate refund in 2001. the refund was made in december 2001. 2001 compared to 2000 results for the year ended december 31, 2001 for u.s. utility were also affected by an increase in interest charges of $61.5 million primarily due to: fffd the final ferc order addressing the 1995 system energy rate filing; fffd debt issued at entergy arkansas in july 2001, at entergy gulf states in june 2000 and august 2001, at entergy mississippi in january 2001, and at entergy new orleans in july 2000 and february 2001; and fffd borrowings under credit facilities during 2001, primarily at entergy arkansas. non-utility nuclear the increase in earnings in 2002 for non-utility nuclear from $128 million to $201 million was primarily due to the operation of indian point 2 and vermont yankee, which were purchased in september 2001 and july 2002, respectively. the increase in earnings in 2001 for non-utility nuclear from $49 million to $128 million was primarily due to the operation of fitzpatrick and indian point 3 for a full year, as each was purchased in november 2000, and the operation of indian point 2, which was purchased in september 2001. following are key performance measures for non-utility nuclear:.
- | 2002 | 2001 | 2000
net mw in operation at december 31 | 3955 | 3445 | 2475
generation in gwh for the year | 29953 | 22614 | 7171
capacity factor for the year | 93% (93%) | 93% (93%) | 94% (94%)
2002 compared to 2001 the following fluctuations in the results of operations for non-utility nuclear in 2002 were primarily caused by the acquisitions of indian point 2 and vermont yankee (except as otherwise noted): fffd operating revenues increased $411.0 million to $1.2 billion; fffd other operation and maintenance expenses increased $201.8 million to $596.3 million; fffd depreciation and amortization expenses increased $25.1 million to $42.8 million; fffd fuel expenses increased $29.4 million to $105.2 million; fffd nuclear refueling outage expenses increased $23.9 million to $46.8 million, which was due primarily to a.
what is the value of earning for non-utility nuclear in 2002? 201.0
what is the 2001 value? 128.0
what is the net change? 73.0
what is the 2001 value? 128.0
what is the net change divided by the 2001 value?
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0.57031
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the future minimum lease commitments under these leases at december 31, 2010 are as follows (in thousands): years ending december 31:.
2011 | $62465
2012 | 54236
2013 | 47860
2014 | 37660
2015 | 28622
thereafter | 79800
future minimum lease payments | $310643
rental expense for operating leases was approximately $66.9 million, $57.2 million and $49.0 million during the years ended december 31, 2010, 2009 and 2008, respectively. in connection with the acquisitions of several businesses, we entered into agreements with several sellers of those businesses, some of whom became stockholders as a result of those acquisitions, for the lease of certain properties used in our operations. typical lease terms under these agreements include an initial term of five years, with three to five five-year renewal options and purchase options at various times throughout the lease periods. we also maintain the right of first refusal concerning the sale of the leased property. lease payments to an employee who became an officer of the company after the acquisition of his business were approximately $1.0 million, $0.9 million and $0.9 million during each of the years ended december 31, 2010, 2009 and 2008, respectively. we guarantee the residual values of the majority of our truck and equipment operating leases. the residual values decline over the lease terms to a defined percentage of original cost. in the event the lessor does not realize the residual value when a piece of equipment is sold, we would be responsible for a portion of the shortfall. similarly, if the lessor realizes more than the residual value when a piece of equipment is sold, we would be paid the amount realized over the residual value. had we terminated all of our operating leases subject to these guarantees at december 31, 2010, the guaranteed residual value would have totaled approximately $31.4 million. we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value. litigation and related contingencies in december 2005 and may 2008, ford global technologies, llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s. infringed on ford design patents. the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011. pursuant to the settlement, we (and our designees) became the sole distributor in the u.s. of aftermarket automotive parts that correspond to ford collision parts that are covered by a u.s. design patent. we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell. the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income. we also have certain other contingencies resulting from litigation, claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business. we currently expect that the resolution of such contingencies will not materially affect our financial position, results of operations or cash flows..
what is the net change in rental expense for operating leases from 2009 to 2010?
|
9.7
|
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table of contents notes to consolidated financial statements of american airlines group inc. information generated by market transactions involving comparable assets, as well as pricing guides and other sources. the current market for the aircraft, the maintenance condition of the aircraft and the expected proceeds from the sale of the assets, among other factors, were considered. the market approach was utilized to value certain intangible assets such as airport take off and landing slots when sufficient market information was available. the income approach was primarily used to value intangible assets, including customer relationships, marketing agreements, certain international route authorities, and the us airways tradename. the income approach indicates value for a subject asset based on the present value of cash flows projected to be generated by the asset. projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money. 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 certain assets for which the market and income approaches could not be applied due to the nature of the asset. the cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset, less an allowance for loss in value due to depreciation. the fair value of us airways 2019 dividend miles loyalty program liability was determined based on the weighted average equivalent ticket value of outstanding miles which were expected to be redeemed for future travel at december 9, 2013. the weighted average equivalent ticket value contemplates differing classes of service, domestic and international itineraries and the carrier providing the award travel. pro-forma impact of the merger the company 2019s unaudited pro-forma results presented below include the effects of the merger as if it had been consummated as of january 1, 2012. the pro-forma results include the depreciation and amortization associated with the acquired tangible and intangible assets, lease and debt fair value adjustments, the elimination of any deferred gains or losses, adjustments relating to reflecting the fair value of the loyalty program liability and the impact of income changes on profit sharing expense, among others. in addition, the pro-forma results below reflect the impact of higher wage rates related to memorandums of understanding with us airways 2019 pilots that became effective upon closing of the merger, as well as the elimination of the company 2019s reorganization items, net and merger transition costs. however, the pro-forma results do not include any anticipated synergies or other expected benefits of the merger. accordingly, the unaudited pro-forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of january 1, 2012. december 31, (in millions).
- | december 31 2013 (in millions)
revenue | $40678
net income | 2526
5. basis of presentation and summary of significant accounting policies (a) basis of presentation the consolidated financial statements for the full years of 2015 and 2014 and the period from december 9, 2013 to december 31, 2013 include the accounts of the company and its wholly-owned subsidiaries. for the periods prior to december 9, 2013, the consolidated financial statements do not include the accounts of us airways group. all significant intercompany transactions have been eliminated. the preparation of financial statements in accordance with accounting principles generally accepted in the united states (gaap) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. actual results could differ from those estimates. the most significant areas.
what was revenue in 2013? 40678.0
what was net income? 2526.0
what is revenue less net income?
|
38152.0
|
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|
part ii item 5. market for registrant 2019s common equity, related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange (201cnyse 201d) for the years 2008 and 2007..
2008 | high | low
quarter ended march 31 | $42.72 | $32.10
quarter ended june 30 | 46.10 | 38.53
quarter ended september 30 | 43.43 | 31.89
quarter ended december 31 | 37.28 | 19.35
2007 | high | low
quarter ended march 31 | $41.31 | $36.63
quarter ended june 30 | 43.84 | 37.64
quarter ended september 30 | 45.45 | 36.34
quarter ended december 31 | 46.53 | 40.08
on february 13, 2009, the closing price of our common stock was $28.85 per share as reported on the nyse. as of february 13, 2009, we had 397097677 outstanding shares of common stock and 499 registered holders. dividends we have never paid a dividend on 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 term loan, 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 transaction. for more information about the restrictions under the loan agreement for the revolving credit facility and term loan, our notes indentures and the loan agreement related to our securitization transaction, see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report..
what was the highest price of the company's share price for the quarter ended march 31, 2008?
|
42.72
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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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 (d) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations. (e) the fair value excludes lease obligations of $149 million at entergy louisiana and $97 million at system energy, long-term doe obligations of $181 million at entergy arkansas, and the note payable to nypa of $95 million at entergy, and includes debt due within one year. fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. the annual long-term debt maturities (excluding lease obligations and long-term doe obligations) for debt outstanding as of december 31, 2013, for the next five years are as follows: amount (in thousands).
- | amount (in thousands)
2014 | $385373
2015 | $1110566
2016 | $270852
2017 | $766801
2018 | $1324616
in november 2000, entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction. entergy issued notes to nypa with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing. these notes do not have a stated interest rate, but have an implicit interest rate of 4.8% (4.8%). in accordance with the purchase agreement with nypa, the purchase of indian point 2 in 2001 resulted in entergy becoming liable to nypa for an additional $10 million per year for 10 years, beginning in september 2003. this liability was recorded upon the purchase of indian point 2 in september 2001. in july 2003 a payment of $102 million was made prior to maturity on the note payable to nypa. under a provision in a letter of credit supporting these notes, if certain of the utility operating companies or system energy were to default on other indebtedness, entergy could be required to post collateral to support the letter of credit. entergy gulf states louisiana, entergy louisiana, entergy mississippi, entergy texas, and system energy have obtained long-term financing authorizations from the ferc that extend through october 2015. entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2015. entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2014. 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);.
what is the amount of long-term debt due in 2014? 385373.0
what is the amount due in 2015?
|
1110566.0
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
|
entergy texas, inc. and subsidiaries management 2019s financial discussion and analysis results of operations net income 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. 2015 compared to 2014 net income decreased $5.2 million primarily due to the asset write-off of its receivable associated with the spindletop gas storage facility and higher other operation and maintenance expenses, partially offset by higher net revenue and a lower effective tax rate. 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).
- | amount (in millions)
2015 net revenue | $637.2
reserve equalization | 14.3
purchased power capacity | 12.4
transmission revenue | 7.0
retail electric price | 5.4
net wholesale | -27.8 (27.8)
other | -4.3 (4.3)
2016 net revenue | $644.2
the reserve equalization variance is primarily due to a reduction in reserve equalization expense primarily due to changes in the entergy system generation mix compared to the same period in 2015 as a result of the execution of a new purchased power agreement and entergy mississippi 2019s exit from the system agreement, each in november 2015, and 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. the purchased power capacity variance is primarily due to decreased expenses due to the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016, as well as capacity cost changes for ongoing purchased power capacity contracts. the transmission revenue variance is primarily due to an increase in attachment o rates charged by miso to transmission customers and a settlement of attachment o rates previously billed to transmission customers by miso..
what was the total value of both the reserve equalization and the purchased power capacity as a change in net revenue from 2015 to 2016, in millions? 26.7
including the transmission revenue, what then becomes that total value?
|
33.7
|
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|
the analysis of our depreciation studies. changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively. under group depreciation, the historical cost (net of salvage) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized. the historical cost of certain track assets is estimated using (i) inflation indices published by the bureau of labor statistics and (ii) the estimated useful lives of the assets as determined by our depreciation studies. the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes. because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired, we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate. in addition, we determine if the recorded amount of accumulated depreciation is deficient (or in excess) of the amount indicated by our depreciation studies. any deficiency (or excess) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets. for retirements of depreciable railroad properties that do not occur in the normal course of business, a gain or loss may be recognized if the retirement meets each of the following three conditions: (i) is unusual, (ii) is material in amount, and (iii) varies significantly from the retirement profile identified through our depreciation studies. a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations. when we purchase an asset, we capitalize all costs necessary to make the asset ready for its intended use. however, many of our assets are self-constructed. a large portion of our capital expenditures is for replacement of existing track assets and other road properties, which is typically performed by our employees, and for track line expansion and other capacity projects. costs that are directly attributable to capital projects (including overhead costs) are capitalized. direct costs that are capitalized as part of self- constructed assets include material, labor, and work equipment. indirect costs are capitalized if they clearly relate to the construction of the asset. general and administrative expenditures are expensed as incurred. normal repairs and maintenance are also expensed as incurred, while costs incurred that extend the useful life of an asset, improve the safety of our operations or improve operating efficiency are capitalized. these costs are allocated using appropriate statistical bases. total expense for repairs and maintenance incurred was $2.4 billion for 2014, $2.3 billion for 2013, and $2.1 billion for 2012. assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease. amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease. 13. accounts payable and other current liabilities dec. 31, dec. 31, millions 2014 2013.
millions | dec. 31 2014 | dec. 312013
accounts payable | $877 | $803
dividends payable | 438 | 356
income and other taxes payable | 412 | 491
accrued wages and vacation | 409 | 385
accrued casualty costs | 249 | 207
interest payable | 178 | 169
equipment rents payable | 100 | 96
other | 640 | 579
total accounts payable and othercurrent liabilities | $3303 | $3086
.
what is the balance of total accounts payable and other current liabilities in 2014? 3303.0
what about in 2013? 3086.0
what is the net change?
|
217.0
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
|
entergy corporation and subsidiaries notes to financial statements (a) consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral first mortgage bonds. (b) these notes do not have a stated interest rate, but have an implicit interest rate of 4.8% (4.8%). (c) pursuant to the nuclear waste policy act of 1982, entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service. the contracts include a one-time fee for generation prior to april 7, 1983. entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt. (d) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations. (e) the fair value excludes lease obligations of $109 million at entergy louisiana and $34 million at system energy, long-term doe obligations of $181 million at entergy arkansas, and the note payable to nypa of $35 million at entergy, and includes debt due within one year. fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. the annual long-term debt maturities (excluding lease obligations and long-term doe obligations) for debt outstanding as of december 31, 2015, for the next five years are as follows: amount (in thousands).
- | amount (in thousands)
2016 | $204079
2017 | $766451
2018 | $822690
2019 | $768588
2020 | $1631181
in november 2000, entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction. entergy issued notes to nypa with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing. these notes do not have a stated interest rate, but have an implicit interest rate of 4.8% (4.8%). in accordance with the purchase agreement with nypa, the purchase of indian point 2 in 2001 resulted in entergy becoming liable to nypa for an additional $10 million per year for 10 years, beginning in september 2003. this liability was recorded upon the purchase of indian point 2 in september 2001. as part of the purchase agreement with nypa, entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date. with the planned shutdown of fitzpatrick at the end of its current fuel cycle, entergy reduced this liability by $26.4 million in 2015 pursuant to the terms of the purchase agreement. under a provision in a letter of credit supporting these notes, if certain of the utility operating companies or system energy were to default on other indebtedness, entergy could be required to post collateral to support the letter of credit. entergy louisiana, entergy mississippi, entergy texas, and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017. entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018. entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016. capital funds agreement pursuant to an agreement with certain creditors, entergy corporation has agreed to supply system energy with sufficient capital to:.
what was the amount of long-term debt maturities in 2018? 822690.0
and in 2019?
|
768588.0
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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notes to consolidated financial statements 2013 (continued) (amounts in millions, except per share amounts) cash flows for 2010, we expect to contribute $25.2 and $9.2 to our foreign pension plans and domestic pension plans, respectively. a significant portion of our contributions to the foreign pension plans relate to the u.k. pension plan. additionally, we are in the process of modifying the schedule of employer contributions for the u.k. pension plan and we expect to finalize this during 2010. as a result, we expect our contributions to our foreign pension plans to increase from current levels in 2010 and subsequent years. during 2009, we contributed $31.9 to our foreign pension plans and contributions to the domestic pension plan were negligible. the following estimated future benefit payments, which reflect future service, as appropriate, are expected to be paid in the years indicated below. domestic pension plans foreign pension plans postretirement benefit plans.
years | domestic pension plans | foreign pension plans | postretirement benefit plans
2010 | $17.2 | $23.5 | $5.8
2011 | 11.1 | 24.7 | 5.7
2012 | 10.8 | 26.4 | 5.7
2013 | 10.5 | 28.2 | 5.6
2014 | 10.5 | 32.4 | 5.5
2015 2013 2019 | 48.5 | 175.3 | 24.8
the estimated future payments for our postretirement benefit plans are before any estimated federal subsidies expected to be received under the medicare prescription drug, improvement and modernization act of 2003. federal subsidies are estimated to range from $0.5 in 2010 to $0.6 in 2014 and are estimated to be $2.4 for the period 2015-2019. 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 allows 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 2009, 2008 and 2007 were $35.1, $29.6 and $31.4, respectively. expense includes a discretionary company contribution of $3.8, $4.0 and $4.9 offset by participant forfeitures of $2.7, $7.8, $6.0 in 2009, 2008 and 2007, respectively. in addition, we maintain defined contribution plans in various foreign countries and contributed $25.0, $28.7 and $26.7 to these plans in 2009, 2008 and 2007, respectively. deferred compensation and benefit arrangements we have deferred compensation 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. the arrangements typically provide that the participant will receive the amounts deferred plus interest upon attaining certain conditions, such as completing a certain number of years of service or upon retirement or termination. as of december 31, 2009 and 2008, the deferred compensation liability balance was $100.3 and $107.6, respectively. amounts expensed for deferred compensation arrangements in 2009, 2008 and 2007 were $11.6, $5.7 and $11.9, respectively. we have deferred benefit arrangements with certain key officers and employees that provide participants with an annual payment, payable when the participant attains a certain age and after the participant 2019s employment has terminated. the deferred benefit liability was $178.2 and $182.1 as of december 31, 2009 and 2008, respectively. amounts expensed for deferred benefit arrangements in 2009, 2008 and 2007 were $12.0, $14.9 and $15.5, 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, 2009 and 2008, the cash surrender value of these policies was $119.4 and $100.2, respectively. in addition to the life insurance policies, certain investments are held for the purpose of paying the deferred compensation and deferred benefit liabilities. these investments, along with the life insurance policies, are held in a separate revocable trust for the purpose of paying the deferred compensation and the deferred benefit.
how much was contributed to defined contribution plans for foreign countries in 2008? 28.7
how much was contributed in 2007? 26.7
what is the difference? 2.0
what was the 2007 value? 26.7
what is the difference over the 2007 value?
|
0.07491
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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used to refinance certain indebtedness which matured in the fourth quarter of 2014. interest is payable semi-annually in arrears on march 18 and september 18 of each year, or approximately $35 million per year. the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price. the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes. 2022 notes. in may 2012, the company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations. these notes were issued as two separate series of senior debt securities, including $750 million of 1.375% (1.375%) notes, which were repaid in june 2015 at maturity, and $750 million of 3.375% (3.375%) notes maturing in june 2022 (the 201c2022 notes 201d). net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes. interest on the 2022 notes of approximately $25 million per year is payable semi-annually on june 1 and december 1 of each year. the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price. the 201cmake-whole 201d redemption price represents a price, subject to the specific terms of the 2022 notes and related indenture, that is the greater of (a) par value and (b) the present value of future payments that will not be paid because of an early redemption, which is discounted at a fixed spread over a comparable treasury security. the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes. 2021 notes. in may 2011, the company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations. these notes were issued as two separate series of senior debt securities, including $750 million of 4.25% (4.25%) notes maturing in may 2021 and $750 million of floating rate notes, which were repaid in may 2013 at maturity. net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co., inc. interest on the 4.25% (4.25%) notes due in 2021 (201c2021 notes 201d) is payable semi-annually on may 24 and november 24 of each year, and is approximately $32 million per year. the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price. the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes. 2019 notes. in december 2009, the company issued $2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations. these notes were issued as three separate series of senior debt securities including $0.5 billion of 2.25% (2.25%) notes, which were repaid in december 2012, $1.0 billion of 3.50% (3.50%) notes, which were repaid in december 2014 at maturity, and $1.0 billion of 5.0% (5.0%) notes maturing in december 2019 (the 201c2019 notes 201d). net proceeds of this offering were used to repay borrowings under the cp program, which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1, 2009, and for general corporate purposes. interest on the 2019 notes of approximately $50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year. these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price. the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes. 13. commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2043. future minimum commitments under these operating leases are as follows: (in millions).
year | amount
2018 | 141
2019 | 132
2020 | 126
2021 | 118
2022 | 109
thereafter | 1580
total | $2206
in may 2017, the company entered into an agreement with 50 hymc owner llc, for the lease of approximately 847000 square feet of office space located at 50 hudson yards, new york, new york. the term of the lease is twenty years from the date that rental payments begin, expected to occur in may 2023, with the option to renew for a specified term. the lease requires annual base rental payments of approximately $51 million per year during the first five years of the lease term, increasing every five years to $58 million, $66 million and $74 million per year (or approximately $1.2 billion in base rent over its twenty-year term). this lease is classified as an operating lease and, as such, is not recorded as a liability on the consolidated statements of financial condition. rent expense and certain office equipment expense under lease agreements amounted to $132 million, $134 million and $136 million in 2017, 2016 and 2015, respectively. investment commitments. at december 31, 2017, the company had $298 million of various capital commitments to fund sponsored investment funds, including consolidated vies. these funds include private equity funds, real assets funds, and opportunistic funds. this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds. generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment. these unfunded commitments are not recorded on the consolidated statements of financial condition. these commitments do not include potential future commitments approved by the company that are not yet legally binding. the company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients. contingencies contingent payments related to business acquisitions. in connection with certain acquisitions, blackrock is required to make contingent payments, subject to achieving specified performance targets, which may include revenue related to acquired contracts or new capital commitments for certain products. the fair value of the remaining aggregate contingent payments at december 31, 2017 totaled $236 million, including $128 million related to the first reserve transaction, and is included in other liabilities on the consolidated statements of financial condition..
what was the difference in rent payment after 10 years compared to after five years?
|
8.0
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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28 2014 annual report performance graph the following chart presents a comparison for the five-year period ended june 30, 2014, of the market performance of the company 2019s common stock with the s & p 500 index and an index of peer companies selected by the company: comparison of 5 year cumulative total return among jack henry & associates, inc., the s&p 500 index, and a peer group the following information depicts a line graph with the following values:.
- | 2009 | 2010 | 2011 | 2012 | 2013 | 2014
jkhy | 100.00 | 116.85 | 148.92 | 173.67 | 240.25 | 307.57
old peer group | 100.00 | 112.45 | 150.77 | 176.12 | 220.42 | 275.73
new peer group | 100.00 | 115.50 | 159.31 | 171.86 | 198.72 | 273.95
s & p 500 | 100.00 | 114.43 | 149.55 | 157.70 | 190.18 | 236.98
this comparison assumes $100 was invested on june 30, 2009, and assumes reinvestments of dividends. total returns are calculated according to market capitalization of peer group members at the beginning of each period. peer companies selected are in the business of providing specialized computer software, hardware and related services to financial institutions and other businesses. in fiscal 2014, we changed our peer group of companies used for this analysis to maintain alignment with peer companies selected by our compensation committee for use in determining compensation for executive management. companies in the new peer group are aci worldwide, inc., bottomline technology, inc., broadridge financial solutions, cardtronics, inc., convergys corp., corelogic, inc., dst systems, inc., euronet worldwide, inc., fair isaac corp., fidelity national information services, inc., fiserv, inc., global payments, inc., heartland payment systems, inc., micros systems, inc., moneygram international, inc., ss&c technologies holdings, inc., total systems services, inc., tyler technologies, inc., verifone systems, inc., and wex, inc.. companies in the old peer group are aci worldwide, inc., bottomline technology, inc., cerner corp., dst systems, inc., euronet worldwide, inc., fair isaac corp., fidelity national information services, inc., fiserv, inc., sei investments company, telecommunications systems, inc., and tyler technologies corp..
what was the annual performance of the jkhy stock in 2010?
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116.85
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as of december 31, 2017, the company had gross state income tax credit carry-forwards of approximately $20 million, which expire from 2018 through 2020. a deferred tax asset of approximately $16 million (net of federal benefit) has been established related to these state income tax credit carry-forwards, with a valuation allowance of $7 million against such deferred tax asset as of december 31, 2017. the company had a gross state net operating loss carry-forward of $39 million, which expires in 2027. a deferred tax asset of approximately $3 million (net of federal benefit) has been established for the net operating loss carry-forward, with a full valuation allowance as of december 31, 2017. other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036. 14. debt long-term debt consisted of the following:.
($in millions) | december 31 2017 | december 31 2016
senior notes due december 15 2021 5.000% (5.000%) | 2014 | 600
senior notes due november 15 2025 5.000% (5.000%) | 600 | 600
senior notes due december 1 2027 3.483% (3.483%) | 600 | 2014
mississippi economic development revenue bonds due may 1 2024 7.81% (7.81%) | 84 | 84
gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% (4.55%) | 21 | 21
less unamortized debt issuance costs | -26 (26) | -27 (27)
total long-term debt | 1279 | 1278
credit facility - in november 2017, the company terminated its second amended and restated credit agreement and entered into a new credit agreement (the "credit facility") with third-party lenders. the credit facility includes a revolving credit facility of $1250 million, which may be drawn upon during a period of five years from november 22, 2017. the revolving credit facility includes a letter of credit subfacility of $500 million. the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ("libor") plus a spread based upon the company's credit rating, which may vary between 1.125% (1.125%) and 1.500% (1.500%). the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio. the commitment fee rate as of december 31, 2017 was 0.25% (0.25%) and may vary between 0.20% (0.20%) and 0.30% (0.30%). the credit facility contains customary affirmative and negative covenants, as well as a financial covenant based on a maximum total leverage ratio. each of the company's existing and future material wholly owned domestic subsidiaries, except those that are specifically designated as unrestricted subsidiaries, are and will be guarantors under the credit facility. in july 2015, the company used cash on hand to repay all amounts outstanding under a prior credit facility, including $345 million in principal amount of outstanding term loans. as of december 31, 2017, $15 million in letters of credit were issued but undrawn, and the remaining $1235 million of the revolving credit facility was unutilized. the company had unamortized debt issuance costs associated with its credit facilities of $11 million and $8 million as of december 31, 2017 and 2016, respectively. senior notes - in december 2017, the company issued $600 million aggregate principal amount of unregistered 3.483% (3.483%) senior notes with registration rights due december 2027, the net proceeds of which were used to repurchase the company's 5.000% (5.000%) senior notes due in 2021 in connection with the 2017 redemption described below. in november 2015, the company issued $600 million aggregate principal amount of unregistered 5.000% (5.000%) senior notes due november 2025, the net proceeds of which were used to repurchase the company's 7.125% (7.125%) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below. interest on the company's senior notes is payable semi-annually. the terms of the 5.000% (5.000%) and 3.483% (3.483%) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens, enter into sale and leaseback transactions, sell assets, and effect consolidations or mergers. the company had unamortized debt issuance costs associated with the senior notes of $15 million and $19 million as of december 31, 2017 and 2016, respectively..
what was the change in the unamortized debt issuance costs associated with the senior notes between 2016 and 2017? -4.0
so what was the percentage change during this time? -0.21053
what was the change associated with credit facilities during that time?
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3.0
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we have adequate access to capital markets to meet any foreseeable cash requirements, and we have sufficient financial capacity to satisfy our current liabilities. cash flows millions 2014 2013 2012.
cash flowsmillions | 2014 | 2013 | 2012
cash provided by operating activities | $7385 | $6823 | $6161
cash used in investing activities | -4249 (4249) | -3405 (3405) | -3633 (3633)
cash used in financing activities | -2982 (2982) | -3049 (3049) | -2682 (2682)
net change in cash and cashequivalents | $154 | $369 | $-154 (154)
operating activities higher net income in 2014 increased cash provided by operating activities compared to 2013, despite higher income tax payments. 2014 income tax payments were higher than 2013 primarily due to higher income, but also because we paid taxes previously deferred by bonus depreciation (discussed below). higher net income in 2013 increased cash provided by operating activities compared to 2012. in addition, we made payments in 2012 for past wages as a result of national labor negotiations, which reduced cash provided by operating activities in 2012. lower tax benefits from bonus depreciation (as discussed below) partially offset the increases. federal tax law provided for 100% (100%) bonus depreciation for qualified investments made during 2011 and 50% (50%) bonus depreciation for qualified investments made during 2012-2013. as a result, the company deferred a substantial portion of its 2011-2013 income tax expense, contributing to the positive operating cash flow in those years. congress extended 50% (50%) bonus depreciation for 2014, but this extension occurred in december and did not have a significant benefit on our income tax payments during 2014. investing activities higher capital investments, including the early buyout of the long-term operating lease of our headquarters building for approximately $261 million, drove the increase in cash used in investing activities compared to 2013. significant investments also were made for new locomotives, freight cars and containers, and capacity and commercial facility projects. capital investments in 2014 also included $99 million for the early buyout of locomotives and freight cars under long-term operating leases, which we exercised due to favorable economic terms and market conditions. lower capital investments in locomotives and freight cars in 2013 drove the decrease in cash used in investing activities compared to 2012. included in capital investments in 2012 was $75 million for the early buyout of 165 locomotives under long-term operating and capital leases during the first quarter of 2012, which we exercised due to favorable economic terms and market conditions..
what was the cash provided by operating activities in 2013? 6823.0
and in 2012?
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6161.0
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entergy new orleans, 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).
- | amount (in millions)
2007 net revenue | $231.0
volume/weather | 15.5
net gas revenue | 6.6
rider revenue | 3.9
base revenue | -11.3 (11.3)
other | 7.0
2008 net revenue | $252.7
the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007. entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31, 2008, compared to approximately 132000 electric customers and 86000 gas customers as of december 31, 2007. billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007, an increase of 4% (4%). the net gas revenue variance is primarily due to an increase in base rates in march and november 2007. refer to note 2 to the financial statements for a discussion of the base rate increase. the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006. the approved storm reserve has been set to collect $75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account. the settlement agreement is discussed in note 2 to the financial statements. the base revenue variance is primarily due to a base rate recovery credit, effective january 2008. the base rate credit is discussed in note 2 to the financial statements. gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to: an increase of $58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales; an increase of $47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage; and an increase of $22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007. fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand..
what was the number of gas customers in 2008? 93000.0
and what was it in 2007?
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86000.0
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note 17. accumulated other comprehensive losses: pmi's accumulated other comprehensive losses, net of taxes, consisted of the following:.
(losses) earnings (in millions) | (losses) earnings 2015 | (losses) earnings 2014 | 2013
currency translation adjustments | $-6129 (6129) | $-3929 (3929) | $-2207 (2207)
pension and other benefits | -3332 (3332) | -3020 (3020) | -2046 (2046)
derivatives accounted for as hedges | 59 | 123 | 63
total accumulated other comprehensive losses | $-9402 (9402) | $-6826 (6826) | $-4190 (4190)
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, 2015, 2014, and 2013. the movement in currency translation adjustments for the year ended december 31, 2013, was also impacted by the purchase of the remaining shares of the mexican tobacco business. in addition, $1 million, $5 million and $12 million of net currency translation adjustment gains were transferred from other comprehensive earnings to marketing, administration and research costs in the consolidated statements of earnings for the years ended december 31, 2015, 2014 and 2013, 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. colombian investment and cooperation agreement: on june 19, 2009, pmi announced that it had signed an agreement with the republic of colombia, together with the departments of colombia and the capital district of bogota, to promote investment and cooperation with respect to the colombian tobacco market and to fight counterfeit and contraband tobacco products. the investment and cooperation agreement provides $200 million in funding to the colombian governments over a 20-year period to address issues of mutual interest, such as combating the illegal cigarette trade, including the threat of counterfeit tobacco products, and increasing the quality and quantity of locally grown tobacco. as a result of the investment and cooperation agreement, pmi recorded a pre-tax charge of $135 million in the operating results of the latin america & canada segment during the second quarter of 2009. at december 31, 2015 and 2014, pmi had $73 million and $71 million, respectively, of discounted liabilities associated with the colombian investment and cooperation agreement. these discounted liabilities are primarily reflected in other long-term liabilities on the consolidated balance sheets and are expected to be paid through 2028. note 19. rbh legal settlement: on july 31, 2008, rothmans inc. ("rothmans") announced the finalization of a cad 550 million settlement (or approximately $540 million, based on the prevailing exchange rate at that time) between itself and rothmans, benson & hedges inc. ("rbh"), on the one hand, and the government of canada and all 10 provinces, on the other hand. the settlement resolved the royal canadian mounted police's investigation relating to products exported from canada by rbh during the 1989-1996 period. rothmans' sole holding was a 60% (60%) interest in rbh. the remaining 40% (40%) interest in rbh was owned by pmi..
what were the total accumulated other comprehensive losses in 2015? 9402.0
and what were they in 2014? 6826.0
by what amount, then, did they increase over the year? 2576.0
what is this increase as a percent of the 2014 losses?
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0.37738
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credit facility, which was amended in 2013 and 2012. in march 2014, the company 2019s credit facility was further amended to extend the maturity date to march 2019. the amount of the aggregate commitment is $3.990 billion (the 201c2014 credit facility 201d). the 2014 credit facility permits the company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $4.990 billion. interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread. the 2014 credit facility requires the company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at december 31, 2014. the 2014 credit facility provides back-up liquidity, funds ongoing working capital for general corporate purposes and funds various investment opportunities. at december 31, 2014, the company had no amount outstanding under the 2014 credit facility. commercial paper program. on october 14, 2009, blackrock established a commercial paper program (the 201ccp program 201d) under which the company could issue unsecured commercial paper notes (the 201ccp notes 201d) on a private placement basis up to a maximum aggregate amount outstanding at any time of $3.0 billion. blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $3.5 billion in 2011 and to $3.785 billion in 2012. in april 2013, blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $3.990 billion. the cp program is currently supported by the 2014 credit facility. at december 31, 2014, blackrock had no cp notes outstanding. long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31, 2014 included the following: (in millions) maturity amount unamortized discount carrying value fair value.
(in millions) | maturity amount | unamortized discount | carrying value | fair value
1.375% (1.375%) notes due 2015 | $750 | $2014 | $750 | $753
6.25% (6.25%) notes due 2017 | 700 | -1 (1) | 699 | 785
5.00% (5.00%) notes due 2019 | 1000 | -2 (2) | 998 | 1134
4.25% (4.25%) notes due 2021 | 750 | -3 (3) | 747 | 825
3.375% (3.375%) notes due 2022 | 750 | -3 (3) | 747 | 783
3.50% (3.50%) notes due 2024 | 1000 | -3 (3) | 997 | 1029
total long-term borrowings | $4950 | $-12 (12) | $4938 | $5309
long-term borrowings at december 31, 2013 had a carrying value of $4.939 billion and a fair value of $5.284 billion determined using market prices at the end of december 2013. 2024 notes. in march 2014, the company issued $1.0 billion in aggregate principal amount of 3.50% (3.50%) senior unsecured and unsubordinated notes maturing on march 18, 2024 (the 201c2024 notes 201d). the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014. interest is payable semi-annually in arrears on march 18 and september 18 of each year, or approximately $35 million per year. the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price. the 2024 notes were issued at a discount of $3 million that is being amortized over the term of the notes. the company incurred approximately $6 million of debt issuance costs, which are being amortized over the term of the 2024 notes. at december 31, 2014, $6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition. 2015 and 2022 notes. in may 2012, the company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations. these notes were issued as two separate series of senior debt securities, including $750 million of 1.375% (1.375%) notes maturing in june 2015 (the 201c2015 notes 201d) and $750 million of 3.375% (3.375%) notes maturing in june 2022 (the 201c2022 notes 201d). net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes. interest on the 2015 notes and the 2022 notes of approximately $10 million and $25 million per year, respectively, is payable semi-annually on june 1 and december 1 of each year, which commenced december 1, 2012. the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price. the 201cmake-whole 201d redemption price represents a price, subject to the specific terms of the 2015 and 2022 notes and related indenture, that is the greater of (a) par value and (b) the present value of future payments that will not be paid because of an early redemption, which is discounted at a fixed spread over a comparable treasury security. the 2015 notes and 2022 notes were issued at a discount of $5 million that is being amortized over the term of the notes. the company incurred approximately $7 million of debt issuance costs, which are being amortized over the respective terms of the 2015 notes and 2022 notes. at december 31, 2014, $4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition. 2021 notes. in may 2011, the company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations. these notes were issued as two separate series of senior debt securities, including $750 million of 4.25% (4.25%) notes maturing in may 2021 and $750 million of floating rate notes (201c2013 floating rate notes 201d), which were repaid in may 2013 at maturity. net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co., inc. (201cmerrill lynch 201d). interest.
what was the amount of notes maturing in june 2022? 750.0
and the maturity amount due in 2017? 700.0
combined, what is the total of these two values? 1450.0
and the total long-term borrowings? 4950.0
and the total portion due in the next 36 months?
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0.29293
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page 31 of 94 other liquidity items cash payments required for long-term debt maturities, rental payments under noncancellable operating leases, purchase obligations and other commitments in effect at december 31, 2007, are summarized in the following table:.
($in millions) | payments due by period (a) total | payments due by period (a) less than 1 year | payments due by period (a) 1-3 years | payments due by period (a) 3-5 years | payments due by period (a) more than 5 years
long-term debt | $2302.6 | $126.1 | $547.6 | $1174.9 | $454.0
capital lease obligations | 4.4 | 1.0 | 0.8 | 0.5 | 2.1
interest payments on long-term debt (b) | 698.6 | 142.9 | 246.3 | 152.5 | 156.9
operating leases | 218.5 | 49.9 | 71.7 | 42.5 | 54.4
purchase obligations (c) | 6092.6 | 2397.2 | 3118.8 | 576.6 | 2013
common stock repurchase agreements | 131.0 | 131.0 | 2013 | 2013 | 2013
legal settlement | 70.0 | 70.0 | 2013 | 2013 | 2013
total payments on contractual obligations | $9517.7 | $2918.1 | $3985.2 | $1947.0 | $667.4
total payments on contractual obligations $9517.7 $2918.1 $3985.2 $1947.0 $667.4 (a) amounts reported in local currencies have been translated at the year-end exchange rates. (b) for variable rate facilities, amounts are based on interest rates in effect at year end and do not contemplate the effects of hedging instruments. (c) the company 2019s purchase obligations include contracted amounts for aluminum, steel, plastic resin and other direct materials. also included are commitments for purchases of natural gas and electricity, aerospace and technologies contracts and other less significant items. in cases where variable prices and/or usage are involved, management 2019s best estimates have been used. depending on the circumstances, early termination of the contracts may not result in penalties and, therefore, actual payments could vary significantly. contributions to the company 2019s defined benefit pension plans, not including the unfunded german plans, are expected to be $49 million in 2008. this estimate may change based on plan asset performance. benefit payments related to these plans are expected to be $66 million, $70 million, $74 million, $77 million and $82 million for the years ending december 31, 2008 through 2012, respectively, and a total of $473 million for the years 2013 through 2017. payments to participants in the unfunded german plans are expected to be approximately $26 million in each of the years 2008 through 2012 and a total of $136 million for the years 2013 through 2017. in accordance with united kingdom pension regulations, ball has provided an a38 million guarantee to the plan for its defined benefit plan in the united kingdom. if the company 2019s credit rating falls below specified levels, ball will be required to either: (1) contribute an additional a38 million to the plan; (2) provide a letter of credit to the plan in that amount or (3) if imposed by the appropriate regulatory agency, provide a lien on company assets in that amount for the benefit of the plan. the guarantee can be removed upon approval by both ball and the pension plan trustees. our share repurchase program in 2007 was $211.3 million, net of issuances, compared to $45.7 million net repurchases in 2006 and $358.1 million in 2005. the net repurchases included the $51.9 million settlement on january 5, 2007, of a forward contract entered into in december 2006 for the repurchase of 1200000 shares. however, the 2007 net repurchases did not include a forward contract entered into in december 2007 for the repurchase of 675000 shares. the contract was settled on january 7, 2008, for $31 million in cash. on december 12, 2007, in a privately negotiated transaction, ball entered into an accelerated share repurchase agreement to buy $100 million of its common shares using cash on hand and available borrowings. the company advanced the $100 million on january 7, 2008, and received approximately 2 million shares, which represented 90 percent of the total shares as calculated using the previous day 2019s closing price. the exact number of shares to be repurchased under the agreement, which will be determined on the settlement date (no later than june 5, 2008), is subject to an adjustment based on a weighted average price calculation for the period between the initial purchase date and the settlement date. the company has the option to settle the contract in either cash or shares. including the settlements of the forward share purchase contract and the accelerated share repurchase agreement, we expect to repurchase approximately $300 million of our common shares, net of issuances, in 2008. annual cash dividends paid on common stock were 40 cents per share in 2007, 2006 and 2005. total dividends paid were $40.6 million in 2007, $41 million in 2006 and $42.5 million in 2005..
what is the last year in which payments to participants in the unfunded german plans are expected to be approximately $26 million? 2012.0
and what is the first year? 2008.0
how many years, then, are comprehended in this period? 4.0
and what is the total of payments to participants in the unfunded german plans for each of those years? 26.0
what is, then, the total amount of those payments in all of the years combined, in million?
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104.0
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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 27, 2013 and october 28, 2012 was as follows: 2013 2012 (in millions, except percentages).
- | 2013 | 2012 | - | (in millions except percentages)
silicon systems group | $1295 | 55% (55%) | $705 | 44% (44%)
applied global services | 591 | 25% (25%) | 580 | 36% (36%)
display | 361 | 15% (15%) | 206 | 13% (13%)
energy and environmental solutions | 125 | 5% (5%) | 115 | 7% (7%)
total | $2372 | 100% (100%) | $1606 | 100% (100%)
applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods, due to the potential for customer changes in delivery schedules or cancellation of orders. customers may delay delivery of products or cancel orders prior to shipment, subject to possible cancellation penalties. delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations. manufacturing, raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly, test and integration of various proprietary and commercial parts, components and subassemblies (collectively, parts) that are used to manufacture systems. applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries, including the united states, europe, israel, singapore, taiwan, and other countries in asia, and assembly of some systems is completed at customer sites. applied uses numerous vendors, including contract manufacturers, to supply parts and assembly services for the manufacture and support of its products. although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers, this is not always possible. accordingly, some key parts may be obtained from only a single supplier or a limited group of suppliers. applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by: (1) selecting and qualifying alternate suppliers for key parts; (2) monitoring the financial condition of key suppliers; (3) maintaining appropriate inventories of key parts; (4) qualifying new parts on a timely basis; and (5) locating certain manufacturing operations in close proximity to suppliers and customers. research, development and engineering applied 2019s long-term growth strategy requires continued development of new products. the company 2019s significant investment in research, development and engineering (rd&e) has generally enabled it to deliver new products and technologies before the emergence of strong demand, thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle. applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements. product development and engineering organizations are located primarily in the united states, as well as in europe, israel, taiwan, and china. in addition, applied outsources certain rd&e activities, some of which are performed outside the united states, primarily in india. process support and customer demonstration laboratories are located in the united states, china, taiwan, europe, and israel. applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows: $1.3 billion (18 percent of net sales) in fiscal 2013, $1.2 billion (14 percent of net sales) in fiscal 2012, and $1.1 billion (11 percent of net sales) in fiscal 2011. applied has spent an average of 14 percent of net sales in rd&e over the last five years. in addition to rd&e for specific product technologies, applied maintains ongoing programs for automation control systems, materials research, and environmental control that are applicable to its products..
what was the change in the rd&e spendings from 2013 to 2014? 0.1
and what is this change as a percentage of those spendings in 2013?
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0.08333
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american tower corporation and subsidiaries notes to consolidated financial statements 2014 (continued) a description of the company 2019s reporting units and the results of the related transitional impairment testing are as follows: verestar 2014verestar was a single segment and reporting unit until december 2002, when the company committed to a plan to dispose of verestar. the company recorded an impairment charge of $189.3 million relating to the impairment of goodwill in this reporting unit. the fair value of this reporting unit was determined based on an independent third party appraisal. network development services 2014as of january 1, 2002, the reporting units in the company 2019s network development services segment included kline, specialty constructors, galaxy, mts components and flash technologies. the company estimated the fair value of these reporting units utilizing future discounted cash flows and market information as to the value of each reporting unit on january 1, 2002. the company recorded an impairment charge of $387.8 million for the year ended december 31, 2002 related to the impairment of goodwill within these reporting units. such charge included full impairment for all of the goodwill within the reporting units except kline, for which only a partial impairment was recorded. as discussed in note 2, the assets of all of these reporting units were sold as of december 31, 2003, except for those of kline and our tower construction services unit, which were sold in march and november 2004, respectively. rental and management 2014the company obtained an independent third party appraisal of the rental and management reporting unit that contains goodwill and determined that goodwill was not impaired. the company 2019s other intangible assets subject to amortization consist of the following as of december 31, (in thousands):.
- | 2004 | 2003
acquired customer base and network location intangibles | $1369607 | $1299521
deferred financing costs | 89736 | 111484
acquired licenses and other intangibles | 43404 | 43125
total | 1502747 | 1454130
less accumulated amortization | -517444 (517444) | -434381 (434381)
other intangible assets net | $985303 | $1019749
the company amortizes its intangible assets over periods ranging from three to fifteen years. amortization of intangible assets for the years ended december 31, 2004 and 2003 aggregated approximately $97.8 million and $94.6 million, respectively (excluding amortization of deferred financing costs, which is included in interest expense). the company expects to record amortization expense of approximately $97.8 million, $95.9 million, $92.0 million, $90.5 million and $88.8 million, respectively, for the years ended december 31, 2005, 2006, 2007, 2008 and 2009, respectively. 5. notes receivable in 2000, the company loaned tv azteca, s.a. de c.v. (tv azteca), the owner of a major national television network in mexico, $119.8 million. the loan, which initially bore interest at 12.87% (12.87%), payable quarterly, was discounted by the company, as the fair value interest rate at the date of the loan was determined to be 14.25% (14.25%). the loan was amended effective january 1, 2003 to increase the original interest rate to 13.11% (13.11%). as of december 31, 2004, and 2003, approximately $119.8 million undiscounted ($108.2 million discounted) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets. the term of the loan is seventy years; however, the loan may be prepaid by tv.
what is the net change in the balance of other intangible assets net from 2003 to 2004?
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-34446.0
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during the fourth quarter of 2010, schlumberger issued 20ac1.0 billion 2.75% (2.75%) guaranteed notes due under this program. schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity, effectively making this a us denominated debt on which schlumberger will pay interest in us dollars at a rate of 2.56% (2.56%). during the first quarter of 2009, schlumberger issued 20ac1.0 billion 4.50% (4.50%) guaranteed notes due 2014 under this program. schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity, effectively making this a us dollar denominated debt on which schlumberger will pay interest in us dollars at a rate of 4.95% (4.95%). 0160 on april 17, 2008, the schlumberger board of directors approved an $8 billion share repurchase program for shares of schlumberger common stock, to be acquired in the open market before december 31, 2011. on july 21, 2011, the schlumberger board of directors approved an extension of this repurchase program to december 31, 2013. schlumberger had repurchased $7.12 billion of shares under this program as of december 31, 2012. the following table summarizes the activity under this share repurchase program during 2012, 2011 and 2010: (stated in thousands except per share amounts) total cost of shares purchased total number of shares purchased average price paid per share.
- | total cost of shares purchased | total number of shares purchased | average price paid per share
2012 | $971883 | 14087.8 | $68.99
2011 | $2997688 | 36940.4 | $81.15
2010 | $1716675 | 26624.8 | $64.48
0160 cash flow provided by operations was $6.8 billion in 2012, $6.1 billion in 2011 and $5.5 billion in 2010. in recent years, schlumberger has actively managed its activity levels in venezuela relative to its accounts receivable balance, and has recently experienced an increased delay in payment from its national oil company customer there. schlumberger operates in approximately 85 countries. at december 31, 2012, only five of those countries (including venezuela) individually accounted for greater than 5% (5%) of schlumberger 2019s accounts receivable balance of which only one, the united states, represented greater than 10% (10%). 0160 dividends paid during 2012, 2011 and 2010 were $1.43 billion, $1.30 billion and $1.04 billion, respectively. on january 17, 2013, schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 13.6% (13.6%), to $0.3125. on january 19, 2012, schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 10% (10%), to $0.275. on january 21, 2011, schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 19% (19%), to $0.25. 0160 capital expenditures were $4.7 billion in 2012, $4.0 billion in 2011 and $2.9 billion in 2010. capital expenditures are expected to approach $3.9 billion for the full year 2013. 0160 during 2012, 2011 and 2010 schlumberger made contributions of $673 million, $601 million and $868 million, respectively, to its postretirement benefit plans. the us pension plans were 82% (82%) funded at december 31, 2012 based on the projected benefit obligation. this compares to 87% (87%) funded at december 31, 2011. schlumberger 2019s international defined benefit pension plans are a combined 88% (88%) funded at december 31, 2012 based on the projected benefit obligation. this compares to 88% (88%) funded at december 31, 2011. schlumberger currently anticipates contributing approximately $650 million to its postretirement benefit plans in 2013, subject to market and business conditions. 0160 there were $321 million outstanding series b debentures at december 31, 2009. during 2010, the remaining $320 million of the 2.125% (2.125%) series b convertible debentures due june 1, 2023 were converted by holders into 8.0 million shares of schlumberger common stock and the remaining $1 million of outstanding series b debentures were redeemed for cash..
as of december 31, 2012, what was the remaining amount under the share repurchase program for shares of schlumberger common stock? 0.88
and in the year before, what was the average price paid per share? 81.15
what was it in 2010? 64.48
by how much, then, did it increase over the year?
|
16.67
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net revenues include $3.8 billion in 2017 and $739 million in 2016 related to the sale of rrps, mainly driven by japan. these net revenue amounts include excise taxes billed to customers. excluding excise taxes, net revenues for rrps were $3.6 billion in 2017 and $733 million in 2016. in some jurisdictions, including japan, we are not responsible for collecting excise taxes. in 2017, approximately $0.9 billion of our $3.6 billion in rrp net revenues, excluding excise taxes, were from iqos devices and accessories. excise taxes on products increased by $1.1 billion, due to: 2022 higher excise taxes resulting from changes in retail prices and tax rates ($4.6 billion), partially offset by 2022 favorable currency ($1.9 billion) and 2022 lower excise taxes resulting from volume/mix ($1.6 billion). our cost of sales; marketing, administration and research costs; and operating income were as follows: for the years ended december 31, variance.
(in millions) | for the years ended december 31, 2017 | for the years ended december 31, 2016 | for the years ended december 31, $|% (%)
cost of sales | $10432 | $9391 | $1041 | 11.1% (11.1%)
marketing administration and research costs | 6725 | 6405 | 320 | 5.0% (5.0%)
operating income | 11503 | 10815 | 688 | 6.4% (6.4%)
cost of sales increased by $1.0 billion, due to: 2022 higher cost of sales resulting from volume/mix ($1.1 billion), partly offset by 2022 lower manufacturing costs ($36 million) and 2022 favorable currency ($30 million). marketing, administration and research costs increased by $320 million, due to: 2022 higher expenses ($570 million, largely reflecting increased investment behind reduced-risk products, predominately in the european union and asia), partly offset by 2022 favorable currency ($250 million). operating income increased by $688 million, due primarily to: 2022 price increases ($1.4 billion), partly offset by 2022 higher marketing, administration and research costs ($570 million) and 2022 unfavorable currency ($157 million). interest expense, net, of $914 million increased by $23 million, due primarily to unfavorably currency and higher average debt levels, partly offset by higher interest income. our effective tax rate increased by 12.8 percentage points to 40.7% (40.7%). the 2017 effective tax rate was unfavorably impacted by $1.6 billion due to the tax cuts and jobs act. for further details, see item 8, note 11. income taxes to our consolidated financial statements. we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability. based upon our current interpretation of the tax cuts and jobs act, we estimate that our 2018 effective tax rate will be approximately 28% (28%), subject to future regulatory developments and earnings mix by taxing jurisdiction. we are regularly examined by tax authorities around the world, and we are currently under examination in a number of jurisdictions. it is reasonably possible that within the next 12 months certain tax examinations will close, which could result in a change in unrecognized tax benefits along with related interest and penalties. an estimate of any possible change cannot be made at this time. net earnings attributable to pmi of $6.0 billion decreased by $932 million (13.4% (13.4%)). this decrease was due primarily to a higher effective tax rate as discussed above, partly offset by higher operating income. diluted and basic eps of $3.88 decreased by 13.4% (13.4%). excluding.
what was the operating income in 2017? 11503.0
and what was it in 2016? 10815.0
what was, then, the change over the year? 688.0
what was the operating income in 2016? 10815.0
and how much does that change represent in relation to this 2016 operating income, in percentage?
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0.06362
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part ii item 5. market for registrant 2019s common equity, related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange (201cnyse 201d) for the years 2010 and 2009..
2010 | high | low
quarter ended march 31 | $44.61 | $40.10
quarter ended june 30 | 45.33 | 38.86
quarter ended september 30 | 52.11 | 43.70
quarter ended december 31 | 53.14 | 49.61
2009 | high | low
quarter ended march 31 | $32.53 | $25.45
quarter ended june 30 | 34.52 | 27.93
quarter ended september 30 | 37.71 | 29.89
quarter ended december 31 | 43.84 | 35.03
on february 11, 2011, the closing price of our common stock was $56.73 per share as reported on the nyse. as of february 11, 2011, we had 397612895 outstanding shares of common stock and 463 registered holders. dividends we have not historically paid a dividend on our common stock. payment of dividends in the future, when, as and if authorized by our board of directors, would depend upon many factors, including our earnings and financial condition, restrictions under applicable law and our current and future loan agreements, our debt service requirements, our capital expenditure requirements and other factors that our board of directors may deem relevant from time to time, including the potential determination to elect reit status. in addition, the loan agreement for our revolving credit facility and term loan contain covenants that generally restrict our ability to pay dividends unless certain financial covenants are satisfied. for more information about the restrictions under the loan agreement for the revolving credit facility and term loan, our notes indentures and the loan agreement related to our securitization, see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report..
what was the closing price of common stock as of 2/11/11?
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56.73
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note 6: inventories we use the last-in, first-out (lifo) method for the majority of our inventories located in the continental u.s. other inventories are valued by the first-in, first-out (fifo) method. fifo cost approximates current replacement cost. inventories measured using lifo must be valued at the lower of cost or market. inventories measured using fifo must be valued at the lower of cost or net realizable value. inventories at december 31 consisted of the following:.
- | 2018 | 2017
finished products | $988.1 | $1211.4
work in process | 2628.2 | 2697.7
raw materials and supplies | 506.5 | 488.8
total (approximates replacement cost) | 4122.8 | 4397.9
increase (reduction) to lifo cost | -11.0 (11.0) | 60.4
inventories | $4111.8 | $4458.3
inventories valued under the lifo method comprised $1.57 billion and $1.56 billion of total inventories at december 31, 2018 and 2017, respectively. note 7: financial instruments financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest- bearing investments. wholesale distributors of life-science products account for a substantial portion of our trade receivables; collateral is generally not required. we seek to mitigate the risk associated with this concentration through our ongoing credit-review procedures and insurance. a large portion of our cash is held by a few major financial institutions. we monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations. major financial institutions represent the largest component of our investments in corporate debt securities. in accordance with documented corporate risk-management policies, we monitor the amount of credit exposure to any one financial institution or corporate issuer. we are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings. we consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. the cost of these investments approximates fair value. our equity investments are accounted for using three different methods depending on the type of equity investment: 2022 investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method, with our share of earnings or losses reported in other-net, (income) expense. 2022 for equity investments that do not have readily determinable fair values, we measure these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. any change in recorded value is recorded in other-net, (income) expense. 2022 our public equity investments are measured and carried at fair value. any change in fair value is recognized in other-net, (income) expense. we review equity investments other than public equity investments for indications of impairment on a regular basis. our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets, liabilities, and transactions being hedged. management reviews the correlation and effectiveness of our derivatives on a quarterly basis..
what was the total in raw materials and supplies in 2018? 506.5
and what was it in 2017? 488.8
what was, then, the change over the year? 17.7
what was the total in raw materials and supplies in 2017?
|
488.8
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amortized over a nine-year period beginning december 2015. see note 2 to the financial statements for further discussion of the business combination and customer credits. the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage, partially offset by the effect of less favorable weather on residential sales. the increase in industrial usage is primarily due to expansion projects, primarily in the chemicals industry, and increased demand from new customers, primarily in the industrial gases industry. the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc. the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike. see note 3 to the financial statements for additional discussion of the settlement and benefit sharing. included in other is a provision of $23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding, offset by a provision of $32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding. a0 see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding. entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015. amount (in millions).
- | amount (in millions)
2015 net revenue | $1666
nuclear realized price changes | -149 (149)
rhode island state energy center | -44 (44)
nuclear volume | -36 (36)
fitzpatrick reimbursement agreement | 41
nuclear fuel expenses | 68
other | -4 (4)
2016 net revenue | $1542
as shown in the table above, net revenue for entergy wholesale commodities decreased by approximately $124 million in 2016 primarily due to: 2022 lower realized wholesale energy prices and lower capacity prices, the amortization of the palisades below- market ppa, and vermont yankee capacity revenue. the effect of the amortization of the palisades below- market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal; 2022 the sale of the rhode island state energy center in december 2015. see note 14 to the financial statements for further discussion of the rhode island state energy center sale; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015. see 201cnuclear matters - indian point 201d below for discussion of the extended indian point 2 outage in the second quarter entergy corporation and subsidiaries management 2019s financial discussion and analysis.
how much did net revenue change between 2015 and 2016?
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124.0
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divestiture of our arrow and moores businesses, and an unfavorable sales mix of international plumbing products, which, in aggregate, decreased sales by two percent. net sales for 2016 were positively affected by increased sales volume of plumbing products, paints and other coating products and builders' hardware. net sales for 2016 were also positively affected by favorable sales mix of cabinets and windows, and net selling price increases of north american windows and north american and international plumbing products. net sales for 2016 were negatively affected by lower sales volume of cabinets and lower net selling prices of paints and other coating products. our gross profit margins were 32.2 percent, 34.2 percent and 33.4 percent in 2018, 2017 and 2016, respectively. the 2018 gross profit margin was negatively impacted by an increase in commodity costs, the recognition of the inventory step up adjustment established as a part of the the acquisition of kichler, an increase in other expenses (such as logistics costs and salaries) and unfavorable sales mix. these negative impacts were partially offset by an increase in net selling prices, the benefits associated with cost savings initiatives, and increased sales volume. the 2017 gross profit margin was positively impacted by increased sales volume, a more favorable relationship between net selling prices and commodity costs, and cost savings initiatives. selling, general and administrative expenses as a percent of sales were 17.7 percent in 2018 compared with 18.6 percent in 2017 and 18.7 percent in 2016. the decrease in selling, general and administrative expenses, as a percentage of sales, was driven by leverage of fixed expenses, due primarily to increased sales volume, and improved cost control. the following table reconciles reported operating profit to operating profit, as adjusted to exclude certain items, dollars in millions:.
- | 2018 | 2017 | 2016
operating profit as reported | $1211 | $1194 | $1087
rationalization charges | 14 | 4 | 22
kichler inventory step up adjustment | 40 | 2014 | 2014
operating profit as adjusted | $1265 | $1198 | $1109
operating profit margins as reported | 14.5% (14.5%) | 15.6% (15.6%) | 14.8% (14.8%)
operating profit margins as adjusted | 15.1% (15.1%) | 15.7% (15.7%) | 15.1% (15.1%)
operating profit margin in 2018 was negatively affected by an increase in commodity costs, the recognition of the inventory step up adjustment established as a part of the the acquisition of kichler and an increase in other expenses (such as logistics costs, salaries and erp costs). these negative impacts were partially offset by increased net selling prices, benefits associated with cost savings initiatives and increased sales volume. operating profit margin in 2017 was positively impacted by increased sales volume, cost savings initiatives, and a more favorable relationship between net selling prices and commodity costs. operating profit margin in 2017 was negatively impacted by an increase in strategic growth investments and certain other expenses, including stock-based compensation, health insurance costs, trade show costs and increased head count. due to the recently-announced increase in tariffs on imported materials from china, and assuming tariffs rise to 25 percent in 2019, we could be exposed to approximately $150 million of potential annual direct cost increases. we will work to mitigate the impact of these tariffs through a combination of price increases, supplier negotiations, supply chain repositioning and other internal productivity measures. other income (expense), net other, net, for 2018 included $14 million of net periodic pension and post-retirement benefit cost and $8 million of realized foreign currency losses. these expenses were partially offset by $3 million of earnings related to equity method investments and $1 million related to distributions from private equity funds. other, net, for 2017 included $26 million related to periodic pension and post-retirement benefit costs, $13 million net loss related to the divestitures of moores and arrow and $2 million related to the impairment of a private equity fund, partially offset by $3 million related to distributions from private equity funds and $1 million of earnings related to equity method investments..
what was reporting operating profit in 2018?
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1211.0
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14. capital stock shares outstanding. the following table presents information regarding capital stock:.
(in thousands) | december 31, 2017 | december 31, 2016
class a common stock authorized | 1000000 | 1000000
class a common stock issued and outstanding | 339235 | 338240
class b-1 common stock authorized issued and outstanding | 0.6 | 0.6
class b-2 common stock authorized issued and outstanding | 0.8 | 0.8
class b-3 common stock authorized issued and outstanding | 1.3 | 1.3
class b-4 common stock authorized issued and outstanding | 0.4 | 0.4
cme group has no shares of preferred stock issued and outstanding. associated trading rights. members of cme, cbot, nymex and comex own or lease trading rights which entitle them to access open outcry trading, discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents. each class of cme group class b common stock is associated with a membership in a specific division for trading at cme. a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group. the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below. trading rights at cbot are evidenced by class b memberships in cbot, at nymex by class a memberships in nymex and at comex by comex division memberships. members of cbot, nymex and comex do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships or trading permits. core rights. holders of cme group class b common shares have the right to approve changes in specified rights relating to the trading privileges at cme associated with those shares. these core rights relate primarily to trading right protections, certain trading fee protections and certain membership benefit protections. votes on changes to these core rights are weighted by class. each class of class b common stock has the following number of votes on matters relating to core rights: class b-1, six votes per share; class b-2, two votes per share; class b-3, one vote per share; and class b-4, 1/6th of one vote per share. the approval of a majority of the votes cast by the holders of shares of class b common stock is required in order to approve any changes to core rights. holders of shares of class a common stock do not have the right to vote on changes to core rights. voting rights. with the exception of the matters reserved to holders of cme group class b common stock, holders of cme group common stock vote together on all matters for which a vote of common shareholders is required. in these votes, each holder of shares of class a or class b common stock of cme group has one vote per share. transfer restrictions. each class of cme group class b common stock is subject to transfer restrictions contained in the certificate of incorporation of cme group. these transfer restrictions prohibit the sale or transfer of any shares of class b common stock separate from the sale of the associated trading rights. election of directors. the cme group board of directors is currently comprised of 20 members. holders of class b-1, class b-2 and class b-3 common stock have the right to elect six directors, of which three are elected by class b-1 shareholders, two are elected by class b-2 shareholders and one is elected by class b-3 shareholders. the remaining directors are elected by the class a and class b shareholders voting as a single class..
what is 1000 times the number of votes from class b-3 common stock authorized issued and outstanding in 2017?
|
1300.0
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entergy mississippi, inc. management 2019s financial discussion and analysis 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).
- | amount (in millions)
2009 net revenue | $536.7
volume/weather | 18.9
other | -0.3 (0.3)
2010 net revenue | $555.3
the volume/weather variance is primarily due to an increase of 1046 gwh, or 8% (8%), in billed electricity usage in all sectors, primarily due to the effect of more favorable weather on the residential sector. gross operating revenues, fuel and purchased power expenses, and other regulatory charges (credits) gross operating revenues increased primarily due to an increase of $22 million in power management rider revenue as the result of higher rates, the volume/weather variance discussed above, and an increase in grand gulf rider revenue as a result of higher rates and increased usage, offset by a decrease of $23.5 million in fuel cost recovery revenues due to lower fuel rates. fuel and purchased power expenses decreased primarily due to a decrease in deferred fuel expense as a result of prior over-collections, offset by an increase in the average market price of purchased power coupled with increased net area demand. other regulatory charges increased primarily due to increased recovery of costs associated with the power management recovery rider. other income statement variances 2011 compared to 2010 other operation and maintenance expenses decreased primarily due to: a $5.4 million decrease in compensation and benefits costs primarily resulting from an increase in the accrual for incentive-based compensation in 2010 and a decrease in stock option expense; and the sale of $4.9 million of surplus oil inventory. the decrease was partially offset by an increase of $3.9 million in legal expenses due to the deferral in 2010 of certain litigation expenses in accordance with regulatory treatment. taxes other than income taxes increased primarily due to an increase in ad valorem taxes due to a higher 2011 assessment as compared to 2010, partially offset by higher capitalized property taxes as compared with prior year. depreciation and amortization expenses increased primarily due to an increase in plant in service. interest expense decreased primarily due to a revision caused by ferc 2019s acceptance of a change in the treatment of funds received from independent power producers for transmission interconnection projects..
what was the total increase in the volume/weather segment from 2009 to 2010? 18900000.0
and what is the average of this increase per gwh increased in the billed electricity usage? 18068.83365
in that same period, what was the total change in the net revenue?
|
18.6
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stockholder return performance graphs 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 (including reinvestment of dividends) was $100 on december 29, 2007 and tracks it through december 29, 2012. 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 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$100 invested on 12/29/07 in stock or 12/31/07 in index, including reinvestment of dividends. indexes calculated on month-end basis. copyright a9 2013 s&p, a division of the mcgraw-hill companies inc. all rights reserved..
- | 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012
cadence design systems inc. | 100.00 | 22.55 | 35.17 | 48.50 | 61.07 | 78.92
nasdaq composite | 100.00 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78
s&p 400 information technology | 100.00 | 54.60 | 82.76 | 108.11 | 95.48 | 109.88
the stock price performance included in this graph is not necessarily indicative of future stock price performance.
for the five year period ended in 2012, what was the fluctuation of the stockholder return for cadence design systems inc.? -21.08
and what is this fluctuation as a percent of that return in 2007? -0.2108
in that same period, what was that fluctuation for the nasdaq composite? 10.78
and what was this nasdaq composite fluctuation as a percentage of the return of that stock in 2007?
|
0.1078
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entergy texas, inc. and subsidiaries management 2019s financial discussion and analysis results of operations net income 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. 2015 compared to 2014 net income decreased $5.2 million primarily due to the asset write-off of its receivable associated with the spindletop gas storage facility and higher other operation and maintenance expenses, partially offset by higher net revenue and a lower effective tax rate. 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).
- | amount (in millions)
2015 net revenue | $637.2
reserve equalization | 14.3
purchased power capacity | 12.4
transmission revenue | 7.0
retail electric price | 5.4
net wholesale | -27.8 (27.8)
other | -4.3 (4.3)
2016 net revenue | $644.2
the reserve equalization variance is primarily due to a reduction in reserve equalization expense primarily due to changes in the entergy system generation mix compared to the same period in 2015 as a result of the execution of a new purchased power agreement and entergy mississippi 2019s exit from the system agreement, each in november 2015, and 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. the purchased power capacity variance is primarily due to decreased expenses due to the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016, as well as capacity cost changes for ongoing purchased power capacity contracts. the transmission revenue variance is primarily due to an increase in attachment o rates charged by miso to transmission customers and a settlement of attachment o rates previously billed to transmission customers by miso..
what was the net revenue in 2016 for entergy texas, inc.? 644.2
and what was it in 2015? 637.2
what was, then, the change over the year? 7.0
what was the net revenue in 2015 for entergy texas, inc.?
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637.2
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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the selection and disclosure of our critical accounting estimates have been discussed with our audit committee. the following is a discussion of the more significant assumptions, estimates, accounting policies and methods used in the preparation of our consolidated financial statements: 2022 revenue recognition - we recognize revenue when persuasive evidence of an arrangement exists, delivery of product has occurred, the sales price is fixed or determinable and collectability is reasonably assured. for our company, this means that revenue is recognized when title and risk of loss is transferred to our customers. title transfers to our customers upon shipment or upon receipt at the customer's location as determined by the sales terms for each transaction. the company estimates the cost of sales returns based on historical experience, and these estimates are normally immaterial. 2022 goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review. we perform our annual impairment analysis in the first quarter of each year. while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists, the company elects to perform the quantitative assessment for our annual impairment analysis. the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value. if the carrying value exceeds the fair value, goodwill or a non-amortizable intangible asset is considered impaired. to determine the fair value of goodwill, we primarily use a discounted cash flow model, supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry. at december 31, 2015, the carrying value of our goodwill was $7.4 billion, which is related to ten reporting units, each of which is comprised of a group of markets with similar economic characteristics. the estimated fair value of our ten reporting units exceeded the carrying value as of december 31, 2015. to determine the fair value of non-amortizable intangible assets, we primarily use a discounted cash flow model applying the relief-from-royalty method. we concluded that the fair value of our non-amortizable intangible assets exceeded the carrying value, and any reasonable movement in the assumptions would not result in an impairment. these discounted cash flow models include management assumptions relevant for forecasting operating cash flows, which are subject to changes in business conditions, such as volumes and prices, costs to produce, discount rates and estimated capital needs. management considers historical experience and all available information at the time the fair values are estimated, and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use. since the march 28, 2008, spin-off from altria, we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets. 2022 marketing and advertising costs - we incur certain costs to support our products through programs which include advertising, marketing, consumer engagement and trade promotions. the costs of our advertising and marketing programs are expensed in accordance with u.s. gaap. recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program. for volume-based incentives provided to customers, management continually assesses and estimates, by customer, the likelihood of the customer achieving the specified targets and records the reduction of revenue as the sales are made. for other trade promotions, management relies on estimated utilization rates that have been developed from historical experience. changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position, results of operations or operating cash flows. we have not made any material changes in the accounting methodology used to estimate our marketing programs during the past three years. 2022 employee benefit plans - as discussed in item 8, note 13. benefit plans to our consolidated financial statements, we provide a range of benefits to our employees and retired employees, including pensions, postretirement health care and postemployment benefits (primarily severance). we record annual amounts relating to these plans based on calculations specified by u.s. gaap. these calculations include various actuarial assumptions, such as discount rates, assumed rates of return on plan assets, compensation increases, mortality, turnover rates and health care cost trend rates. we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. as permitted by u.s. gaap, any effect of the modifications is generally amortized over future periods. we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries. weighted-average discount rate assumptions for pensions and postretirement plans are as follows:.
- | 2015 | 2014
u.s. pension plans | 4.30% (4.30%) | 3.95% (3.95%)
non-u.s. pension plans | 1.68% (1.68%) | 1.92% (1.92%)
postretirement plans | 4.45% (4.45%) | 4.20% (4.20%)
we anticipate that assumption changes, coupled with decreased amortization of deferred losses, will decrease 2016 pre-tax u.s. and non- u.s. pension and postretirement expense to approximately $209 million as compared with approximately $240 million in 2015, excluding.
what is the weighted average discount rate for u.s pension plans in 2015? 4.3
what was the number in 2014? 3.95
what is the difference? 0.35
what is the difference divided by the 2014 value?
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0.08861
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our debt issuances in 2014 were as follows: (in millions) type face value (e) interest rate issuance maturity euro notes (a) 20ac750 (approximately $1029) 1.875% (1.875%) march 2014 march 2021 euro notes (a) 20ac1000 (approximately $1372) 2.875% (2.875%) march 2014 march 2026 euro notes (b) 20ac500 (approximately $697) 2.875% (2.875%) may 2014 may 2029 swiss franc notes (c) chf275 (approximately $311) 0.750% (0.750%) may 2014 december 2019 swiss franc notes (b) chf250 (approximately $283) 1.625% (1.625%) may 2014 may 2024 u.s. dollar notes (d) $500 1.250% (1.250%) november 2014 november 2017 u.s. dollar notes (d) $750 3.250% (3.250%) november 2014 november 2024 u.s. dollar notes (d) $750 4.250% (4.250%) november 2014 november 2044 (a) interest on these notes is payable annually in arrears beginning in march 2015. (b) interest on these notes is payable annually in arrears beginning in may 2015. (c) interest on these notes is payable annually in arrears beginning in december 2014. (d) interest on these notes is payable semiannually in arrears beginning in may 2015. (e) u.s. dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance. the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes. the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014. 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements, including special purpose entities, other than guarantees and contractual obligations discussed below. guarantees 2013 at december 31, 2014, we were contingently liable for $1.0 billion of guarantees of our own performance, which were primarily related to excise taxes on the shipment of our products. there is no liability in the consolidated financial statements associated with these guarantees. at december 31, 2014, our third-party guarantees were insignificant..
type | - | face value (e) | interest rate | issuance | maturity
euro notes | (a) | 20ac750 (approximately $1029) | 1.875% (1.875%) | march 2014 | march 2021
euro notes | (a) | 20ac1000 (approximately $1372) | 2.875% (2.875%) | march 2014 | march 2026
euro notes | (b) | 20ac500 (approximately $697) | 2.875% (2.875%) | may 2014 | may 2029
swiss franc notes | (c) | chf275 (approximately $311) | 0.750% (0.750%) | may 2014 | december 2019
swiss franc notes | (b) | chf250 (approximately $283) | 1.625% (1.625%) | may 2014 | may 2024
u.s. dollar notes | (d) | $500 | 1.250% (1.250%) | november 2014 | november 2017
u.s. dollar notes | (d) | $750 | 3.250% (3.250%) | november 2014 | november 2024
u.s. dollar notes | (d) | $750 | 4.250% (4.250%) | november 2014 | november 2044
our debt issuances in 2014 were as follows: (in millions) type face value (e) interest rate issuance maturity euro notes (a) 20ac750 (approximately $1029) 1.875% (1.875%) march 2014 march 2021 euro notes (a) 20ac1000 (approximately $1372) 2.875% (2.875%) march 2014 march 2026 euro notes (b) 20ac500 (approximately $697) 2.875% (2.875%) may 2014 may 2029 swiss franc notes (c) chf275 (approximately $311) 0.750% (0.750%) may 2014 december 2019 swiss franc notes (b) chf250 (approximately $283) 1.625% (1.625%) may 2014 may 2024 u.s. dollar notes (d) $500 1.250% (1.250%) november 2014 november 2017 u.s. dollar notes (d) $750 3.250% (3.250%) november 2014 november 2024 u.s. dollar notes (d) $750 4.250% (4.250%) november 2014 november 2044 (a) interest on these notes is payable annually in arrears beginning in march 2015. (b) interest on these notes is payable annually in arrears beginning in may 2015. (c) interest on these notes is payable annually in arrears beginning in december 2014. (d) interest on these notes is payable semiannually in arrears beginning in may 2015. (e) u.s. dollar equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance. the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes. the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2013 and 2014. 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements, including special purpose entities, other than guarantees and contractual obligations discussed below. guarantees 2013 at december 31, 2014, we were contingently liable for $1.0 billion of guarantees of our own performance, which were primarily related to excise taxes on the shipment of our products. there is no liability in the consolidated financial statements associated with these guarantees. at december 31, 2014, our third-party guarantees were insignificant..
what was the total of u.s. dollar notes issued in 2014 and that matured in either 2024 or 2044, in millions? 1500.0
including the u.s. dollar notes that matured in 2017, what then becomes that total, in millions?
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2000.0
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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marathon oil corporation notes to consolidated financial statements of the $446 million present value of net minimum capital lease payments, $53 million was related to obligations assumed by united states steel under the financial matters agreement. operating lease rental expense was: (in millions) 2009 2008 2007 minimum rental (a) $238 $245 $209.
(in millions) | 2009 | 2008 | 2007
minimum rental (a) | $238 | $245 | $209
contingent rental | 19 | 22 | 33
net rental expense | $257 | $267 | $242
(a) excludes $3 million, $5 million and $8 million paid by united states steel in 2009, 2008 and 2007 on assumed leases. 26. commitments and contingencies 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, 2009 and 2008, accrued liabilities for remediation totaled $116 million and $111 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 $59 and $60 million at december 31, 2009 and 2008. legal cases 2013 we, along with other refining companies, settled a number of lawsuits pertaining to methyl tertiary-butyl ether (201cmtbe 201d) in 2008. presently, we are a defendant, along with other refining companies, in 27 cases arising in four states alleging damages for mtbe contamination. like the cases that we settled in 2008, 12 of the remaining cases are consolidated in a multi-district litigation (201cmdl 201d) in the southern district of new york for pretrial proceedings. the other 15 cases are in new york state courts (nassau and suffolk counties). plaintiffs in 26 of the 27 cases allege damages to water supply wells from contamination of groundwater by mtbe, similar to the damages claimed in the cases settled in 2008. in the remaining case, the new jersey department of environmental protection is seeking the cost of remediating mtbe contamination and natural resources damages allegedly resulting from contamination of groundwater by mtbe. we are vigorously defending these cases. we have engaged in settlement discussions related to the majority of these cases. we do not expect our share of liability for these cases to significantly impact our consolidated results of operations, financial position or cash flows. we voluntarily discontinued producing mtbe in 2002. we are currently a party to one qui tam case, which alleges that marathon and other defendants violated the false claims act with respect to the reporting and payment of royalties on natural gas and natural gas liquids for federal and indian leases. a qui tam action is an action in which the relator files suit on behalf of himself as well as the federal government. the case currently pending is u.s. ex rel harrold e. wright v. agip petroleum co. et al. it is primarily a gas valuation case. marathon has reached a settlement with the relator and the doj which will be finalized after the indian tribes review and approve the settlement terms. such settlement is not expected to 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..
what is the net rental expense in 2009? 257.0
what about in 2007? 242.0
what is the net change? 15.0
what percentage change does this represent?
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0.06198
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market price and dividends d u k e r e a l t y c o r p o r a t i o n 3 8 2 0 0 2 a n n u a l r e p o r t the company 2019s common shares are listed for trading on the new york stock exchange, symbol dre. the following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period. comparable cash dividends are expected in the future. on january 29, 2003, the company declared a quarterly cash dividend of $.455 per share, payable on february 28, 2003, to common shareholders of record on february 14, 2003..
quarter ended | 2002 high | 2002 low | 2002 dividend | 2002 high | 2002 low | dividend
december 31 | $25.84 | $21.50 | $.455 | $24.80 | $22.00 | $.45
september 30 | 28.88 | 21.40 |.455 | 26.17 | 21.60 |.45
june 30 | 28.95 | 25.46 |.450 | 24.99 | 22.00 |.43
march 31 | 26.50 | 22.92 |.450 | 25.44 | 21.85 |.43
.
what was the cash dividend per share in the last quarter of 2002? 0.455
and what was it in the first quarter?
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0.45
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the following graph compares the cumulative 5-year total return to shareholders of cadence design systems, inc. 2019s common stock relative to the cumulative total returns of the s & p 500 index, the nasdaq composite index and the s & p information technology index. the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes (including reinvestment of dividends) was $100 on december 29, 2001 and tracks it through december 30, 2006. comparison of 5 year cumulative total return* among cadence design systems, inc., the s & p 500 index, the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems, inc. nasdaq composite s & p information technology s & p 500 * $100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends. indexes calculated on month-end basis. copyright b7 2007, standard & poor 2019s, a division of the mcgraw-hill companies, inc. all rights reserved. www.researchdatagroup.com/s&p.htm december 29, december 28, january 3, january 1, december 31, december 30.
- | december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006
cadence design systems inc. | 100.00 | 54.38 | 81.52 | 61.65 | 75.54 | 79.96
s & p 500 | 100.00 | 77.90 | 100.24 | 111.15 | 116.61 | 135.03
nasdaq composite | 100.00 | 71.97 | 107.18 | 117.07 | 120.50 | 137.02
s & p information technology | 100.00 | 62.59 | 92.14 | 94.50 | 95.44 | 103.47
.
what was the performance value of the cadence design systems inc in 2004?
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81.52
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the following performance graph shows the cumulative total return to a holder of the company 2019s common stock, assuming dividend reinvestment, compared with the cumulative total return, assuming dividend reinvestment, of the standard & poor ("s&p") 500 index and the dow jones us financials index during the period from december 31, 2009 through december 31, 2014..
- | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14
e*trade financial corporation | 100.00 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81
s&p 500 index | 100.00 | 115.06 | 117.49 | 136.30 | 180.44 | 205.14
dow jones us financials index | 100.00 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67
table of contents.
what is the price of e*trade financial corporation in 2014? 137.81
what is that less 100? 37.81
what is the change over 100?
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0.3781
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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republic services, inc. notes to consolidated financial statements 2014 (continued) employee stock purchase plan republic employees are eligible to participate in an employee stock purchase plan. the plan allows participants to purchase our common stock for 95% (95%) of its quoted market price on the last day of each calendar quarter. for the years ended december 31, 2017, 2016 and 2015, issuances under this plan totaled 113941 shares, 130085 shares and 141055 shares, respectively. as of december 31, 2017, shares reserved for issuance to employees under this plan totaled 0.4 million and republic held employee contributions of approximately $1.8 million for the purchase of common stock. 12. stock repurchases and dividends stock repurchases stock repurchase activity during the years ended december 31, 2017 and 2016 follows (in millions except per share amounts):.
- | 2017 | 2016
number of shares repurchased | 9.6 | 8.4
amount paid | $610.7 | $403.8
weighted average cost per share | $63.84 | $48.56
as of december 31, 2017, there were 0.5 million repurchased shares pending settlement and $33.8 million was unpaid and included within other accrued liabilities. in october 2017, our board of directors added $2.0 billion to the existing share repurchase authorization that now extends through december 31, 2020. before this, $98.4 million remained under a prior authorization. share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws. while the board of directors has approved the program, the timing of any purchases, the prices and the number of shares of common stock to be purchased will be determined by our management, at its discretion, and will depend upon market conditions and other factors. the share repurchase program may be extended, suspended or discontinued at any time. as of december 31, 2017, the remaining authorized purchase capacity under our october 2017 repurchase program was $1.8 billion. in december 2015, our board of directors changed the status of 71272964 treasury shares to authorized and unissued. in doing so, the number of our issued shares was reduced by the stated amount. our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital. the change in unissued shares resulted in a reduction of $2295.3 million in treasury stock, $0.6 million in common stock, and $2294.7 million in additional paid-in capital. there was no effect on our total stockholders 2019 equity position as a result of the change. dividends in october 2017, our board of directors approved a quarterly dividend of $0.345 per share. cash dividends declared were $446.3 million, $423.8 million and $404.3 million for the years ended december 31, 2017, 2016 and 2015, respectively. as of december 31, 2017, we recorded a quarterly dividend payable of $114.4 million to shareholders of record at the close of business on january 2, 2018. 13. earnings per share basic earnings per share is computed by dividing net income attributable to republic services, inc. by the weighted average number of common shares (including vested but unissued rsus) outstanding during the.
what is the weighted average cost per share in 2017? 63.84
what about in 2016? 48.56
what is the net change?
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15.28
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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impairment net unrealized losses on securities available for sale were as follows as of december 31:.
(in millions) | 2009 | 2008
fair value | $72699 | $54163
amortized cost | 74843 | 60786
net unrealized loss pre-tax | $-2144 (2144) | $-6623 (6623)
net unrealized loss after-tax | $-1316 (1316) | $-4057 (4057)
the above net unrealized loss amounts at december 31, 2009 and december 31, 2008 excluded the remaining net unrealized loss of $1.01 billion, or $635 million after-tax, and $2.27 billion, or $1.39 billion after- tax, respectively, related to reclassifications of securities available for sale to securities held to maturity. these after-tax amounts are recorded in other comprehensive income. the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities. we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists. to the extent that other-than-temporary impairment is identified, the impairment is broken into a credit component and a non-credit component. the credit component is recognized in our consolidated statement of income, and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security (see note 3 of the notes to consolidated financial statements included under item 8). the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors, which are more fully described in note 3. such factors are based upon estimates, derived by management, which contemplate current market conditions and security-specific performance. to the extent that market conditions are worse than management 2019s expectations, other-than-temporary impairment could increase, in particular the credit component that would be recognized in our consolidated statement of income. national housing prices, according to the case-shiller national hpi, have declined to date approximately 30% (30%) peak-to-current. management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010, consistent with a peak-to-trough housing price decline of approximately 37% (37%). as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment, if we were to increase our default estimates to 110% (110%) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% (90%) of management 2019s current expectations, credit-related other-than-temporary impairment could increase by approximately $120 million to $125 million, which impairment would be recorded in our consolidated statement of income. excluding the securities for which other-than-temporary impairment was recorded, management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities. additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8..
what was the change in amortized cost in 2009?
|
14057.0
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management 2019s discussion and analysis of financial condition and results of operations 2013 (continued) (amounts in millions, except per share amounts) liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity, capital resources and uses of capital..
cash flow data | years ended december 31, 2015 | years ended december 31, 2014 | years ended december 31, 2013
net income adjusted to reconcile net income to net cashprovided by operating activities1 | $848.2 | $831.2 | $598.4
net cash used in working capital2 | -117.5 (117.5) | -131.1 (131.1) | -9.6 (9.6)
changes in other non-current assets and liabilities using cash | -56.7 (56.7) | -30.6 (30.6) | 4.1
net cash provided by operating activities | $674.0 | $669.5 | $592.9
net cash used in investing activities | -202.8 (202.8) | -200.8 (200.8) | -224.5 (224.5)
net cash used in financing activities | -472.8 (472.8) | -343.9 (343.9) | -1212.3 (1212.3)
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 (gain) loss related to early extinguishment of debt, losses on sales of businesses 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 2015 was $674.0, which was an improvement of $4.5 as compared to 2014, primarily as a result of an improvement in working capital usage of $13.6. 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. our net working capital usage in 2015 was primarily attributable to our media businesses. net cash provided by operating activities during 2014 was $669.5, which was an improvement of $76.6 as compared to 2013, primarily as a result of an increase in net income, offset by an increase in working capital usage of $121.5. our net working capital usage in 2014 was 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 2015 primarily related to payments for capital expenditures of $161.1, largely attributable to purchases of leasehold improvements and computer hardware. net cash used in investing activities during 2014 primarily related to payments for capital expenditures and acquisitions. capital expenditures of $148.7 related primarily to computer hardware and software and leasehold improvements. we made payments of $67.8 related to acquisitions completed during 2014, net of cash acquired..
what is the combined total of the net cash provided by operating activities and the one used in investing activities?
|
471.2
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the defined benefit pension plans 2019 trust and $130 million to our retiree medical plans which will reduce our cash funding requirements for 2007 and 2008. in 2007, we expect to make no contributions to the defined benefit pension plans and expect to contribute $175 million to the retiree medical and life insurance plans, after giving consideration to the 2006 prepayments. the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (in millions) pension benefits benefits.
(in millions) | pensionbenefits | otherbenefits
2007 | $1440 | $260
2008 | 1490 | 260
2009 | 1540 | 270
2010 | 1600 | 270
2011 | 1660 | 270
years 2012 2013 2016 | 9530 | 1260
as noted previously, we also sponsor nonqualified defined benefit plans to provide benefits in excess of qualified plan limits. the aggregate liabilities for these plans at december 31, 2006 were $641 million. the expense associated with these plans totaled $59 million in 2006, $58 million in 2005 and $61 million in 2004. we also sponsor a small number of foreign benefit plans. the liabilities and expenses associated with these plans are not material to our results of operations, financial position or cash flows. note 13 2013 leases our total rental expense under operating leases was $310 million, $324 million and $318 million for 2006, 2005 and 2004, respectively. future minimum lease commitments at december 31, 2006 for all operating leases that have a remaining term of more than one year were $1.1 billion ($288 million in 2007, $254 million in 2008, $211 million in 2009, $153 million in 2010, $118 million in 2011 and $121 million in later years). certain major plant facilities and equipment are furnished by the u.s. government under short-term or cancelable arrangements. note 14 2013 legal proceedings, commitments and contingencies we are a party to or have property subject to litigation and other proceedings, including matters arising under provisions relating to the protection of the environment. we believe the probability is remote that the outcome of these matters will have a material adverse effect on the corporation as a whole. we cannot predict the outcome of legal proceedings with certainty. these matters include the following items, all of which have been previously reported: on march 27, 2006, we received a subpoena issued by a grand jury in the united states district court for the northern district of ohio. the subpoena requests documents related to our application for patents issued in the united states and the united kingdom relating to a missile detection and warning technology. we are cooperating with the government 2019s investigation. on february 6, 2004, we submitted a certified contract claim to the united states requesting contractual indemnity for remediation and litigation costs (past and future) related to our former facility in redlands, california. we submitted the claim consistent with a claim sponsorship agreement with the boeing company (boeing), executed in 2001, in boeing 2019s role as the prime contractor on the short range attack missile (sram) program. the contract for the sram program, which formed a significant portion of our work at the redlands facility, had special contractual indemnities from the u.s. air force, as authorized by public law 85-804. on august 31, 2004, the united states denied the claim. our appeal of that decision is pending with the armed services board of contract appeals. on august 28, 2003, the department of justice (the doj) filed complaints in partial intervention in two lawsuits filed under the qui tam provisions of the civil false claims act in the united states district court for the western district of kentucky, united states ex rel. natural resources defense council, et al v. lockheed martin corporation, et al, and united states ex rel. john d. tillson v. lockheed martin energy systems, inc., et al. the doj alleges that we committed violations of the resource conservation and recovery act at the paducah gaseous diffusion plant by not properly handling, storing.
what is the total operating leases that have a remaining term of more than one year, in billions?
|
1.1
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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 3 f o r m 1 0 - k notes to consolidated financial statements (continued) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable. an impairment loss litigation, $54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s. federal net relating to the asset are less than its carrying amount. operating loss for 5 years versus 10 years, which resulted in depreciation of instruments is recognized as selling, general more losses being carried forward to future years and less and administrative expense, consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1, 2003. period and an $8.0 million gain on sale of orquest inc., an prior to january 1, 2003, undeployed instruments were investment previously held by centerpulse. the unaudited carried as a prepaid expense at cost, net of allowances for pro forma results are not necessarily indicative either of the obsolescence ($54.8 million, net, at december 31, 2002), and results of operations that actually would have resulted had recognized in selling, general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service. respective years or of future results. the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25, 2003, the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica, inc. periods benefited, typically five years. for approximately $14.8 million cash, which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31, 2003 was to increase earnings before intangible assets. the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $26.8 million ($17.8 million net of tax), or $0.08 per diluted with immedica. share. the cumulative effect adjustment of $55.1 million (net of income taxes of $34.0 million) to retroactively apply the implex corp. new capitalization method as if applied in years prior to 2003 on march 2, 2004, the company entered into an is included in earnings during the year ended december 31, amended and restated merger agreement relating to the 2003. the pro forma amounts shown on the consolidated acquisition of implex corp. (2018 2018implex 2019 2019), a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey, for cash. each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes. receive cash having an aggregate value of approximately $108.0 million at closing and additional cash earn-out 5. inventories payments that are contingent on the growth of implex inventories at december 31, 2003 and 2002, consist of product sales through 2006. the net value transferred at the following (in millions): closing will be approximately $89 million, which includes.
- | 2003 | 2002
finished goods | $384.3 | $206.7
raw materials and work in progress | 90.8 | 50.9
inventory step-up | 52.6 | 2013
inventories net | $527.7 | $257.6
made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement, escrow and other items. the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting. inventories, net $527.7 $257.6 reserves for obsolete and slow-moving inventory at4. change in accounting principle december 31, 2003 and 2002 were $47.4 million and instruments are hand held devices used by orthopaedic $45.5 million, respectively. provisions charged to expense surgeons during total joint replacement and other surgical were $11.6 million, $6.0 million and $11.9 million for the procedures. effective january 1, 2003, instruments are years ended december 31, 2003, 2002 and 2001, respectively. recognized as long-lived assets and are included in property, amounts written off against the reserve were $11.7 million, plant and equipment. undeployed instruments are carried at $7.1 million and $8.5 million for the years ended cost, net of allowances for obsolescence. instruments in the december 31, 2003, 2002 and 2001, respectively. field are carried at cost less accumulated depreciation. following the acquisition of centerpulse, the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives, determined inventory and instruments. this change in estimate resulted principally in reference to associated product life cycles, in a charge to earnings of $3.0 million after tax in the fourth primarily five years. in accordance with sfas no. 144, the quarter. company reviews instruments for impairment whenever.
what was the total of inventories in 2003? 527.7
and what was it in 2002? 257.6
how much, then, did the 2003 amount represent in relation to this 2002 one? 2.04852
and what is that excluding the portion equivalent to the 2002 amount?
|
1.04852
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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backlog backlog decreased in 2015 compared to 2014 primarily due to sales being recognized on several multi-year programs (such as hmsc, nisc iii, ciog and nsf asc) related to prior year awards and a limited number of large new business awards. backlog decreased in 2014 compared to 2013 primarily due to lower customer funding levels and declining activities on direct warfighter support programs impacted by defense budget reductions. trends we expect is&gs 2019 2016 net sales to decline in the high-single digit percentage range as compared to 2015, primarily driven by key loss contracts in an increasingly competitive environment, along with volume contraction on the segment 2019s major contracts. operating profit is expected to decline at a higher percentage range in 2016, as compared to net sales percentage declines, driven by higher margin program losses and re-compete programs awarded at lower margins. accordingly, 2016 margins are expected to be lower than 2015 results. missiles and fire control our mfc business segment provides air and missile defense systems; tactical missiles and air-to-ground precision strike weapon systems; logistics; fire control systems; mission operations support, readiness, engineering support and integration services; manned and unmanned ground vehicles; and energy management solutions. mfc 2019s major programs include pac-3, thaad, multiple launch rocket system, hellfire, jassm, javelin, apache, sniper ae, low altitude navigation and targeting infrared for night (lantirn ae) and sof clss. mfc 2019s operating results included the following (in millions):.
- | 2015 | 2014 | 2013
net sales | $6770 | $7092 | $6795
operating profit | 1282 | 1344 | 1379
operating margins | 18.9% (18.9%) | 19.0% (19.0%) | 20.3% (20.3%)
backlog at year-end | $15500 | $13300 | $14300
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. 2014 compared to 2013 mfc 2019s net sales increased $297 million, or 4% (4%), in 2014 as compared to 2013. the increase was primarily attributable to higher net sales of approximately $180 million for air and missile defense programs primarily due to increased volume for thaad; about $115 million for fire control programs due to increased deliveries (including apache); and about $125 million for various other programs due to increased volume. these increases were partially offset by lower net sales of approximately $115 million for tactical missile programs due to fewer deliveries (primarily high mobility artillery rocket system and army tactical missile system). mfc 2019s operating profit decreased $35 million, or 3% (3%), in 2014 as compared to 2013. the decrease was primarily attributable to lower operating profit of about $20 million for tactical missile programs due to net warranty reserve adjustments for various programs (including jassm and gmlrs) and fewer deliveries; and approximately $45 million for various other programs due to lower risk retirements. the decreases were offset by higher operating profit of approximately $20 million for air and missile defense programs due to increased volume (primarily thaad and pac-3); and about.
what is the sum of the average backlog at year-end in 2014 and 2015? 28800.0
what is the sum including the 2013 value? 43100.0
what is that divided by 3?
|
14366.66667
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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amortized over a nine-year period beginning december 2015. see note 2 to the financial statements for further discussion of the business combination and customer credits. the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage, partially offset by the effect of less favorable weather on residential sales. the increase in industrial usage is primarily due to expansion projects, primarily in the chemicals industry, and increased demand from new customers, primarily in the industrial gases industry. the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc. the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike. see note 3 to the financial statements for additional discussion of the settlement and benefit sharing. included in other is a provision of $23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding, offset by a provision of $32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding. a0 see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding. entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015. amount (in millions).
- | amount (in millions)
2015 net revenue | $1666
nuclear realized price changes | -149 (149)
rhode island state energy center | -44 (44)
nuclear volume | -36 (36)
fitzpatrick reimbursement agreement | 41
nuclear fuel expenses | 68
other | -4 (4)
2016 net revenue | $1542
as shown in the table above, net revenue for entergy wholesale commodities decreased by approximately $124 million in 2016 primarily due to: 2022 lower realized wholesale energy prices and lower capacity prices, the amortization of the palisades below- market ppa, and vermont yankee capacity revenue. the effect of the amortization of the palisades below- market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal; 2022 the sale of the rhode island state energy center in december 2015. see note 14 to the financial statements for further discussion of the rhode island state energy center sale; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015. see 201cnuclear matters - indian point 201d below for discussion of the extended indian point 2 outage in the second quarter entergy corporation and subsidiaries management 2019s financial discussion and analysis.
what was the difference in net revenue between 2015 and 2016? 124.0
and the specific value for 2016 again? 1542.0
so what was the percentage change over these years?
|
0.08042
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settlements, and the expiration of statutes of limi- tation, the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $365 million during the next twelve months, with no significant impact on earnings or cash tax payments. while the company believes that it is adequately accrued for possible audit adjust- ments, the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates. the company recorded an income tax provision for 2007 of $415 million, including a $41 million benefit related to the effective settlement of tax audits, and $8 million of other tax benefits. excluding the impact of special items, the tax provision was $423 million, or 30% (30%) of pre-tax earnings before minority interest. the company recorded an income tax provision for 2006 of $1.9 billion, consisting of a $1.6 billion deferred tax provision (principally reflecting deferred taxes on the 2006 transformation plan forestland sales) and a $300 million current tax provision. the provision also includes an $11 million provision related to a special tax adjustment. excluding the impact of special items, the tax provision was $272 million, or 29% (29%) of pre-tax earnings before minority interest. the company recorded an income tax benefit for 2005 of $407 million, including a $454 million net tax benefit related to a special tax adjustment, consisting of a tax benefit of $627 million resulting from an agreement reached with the u.s. internal revenue service concerning the 1997 through 2000 u.s. federal income tax audit, a $142 million charge for deferred taxes related to earnings repatriations under the american jobs creation act of 2004, and $31 million of other tax charges. excluding the impact of special items, the tax provision was $83 million, or 20% (20%) of pre-tax earnings before minority interest. international paper has non-u.s. net operating loss carryforwards of approximately $352 million that expire as follows: 2008 through 2017 2014 $14 million and indefinite carryforwards of $338 million. interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approximately $258 million that expire as follows: 2008 through 2017 2014$83 million and 2018 through 2027 2014$175 million. international paper also has federal, non-u.s. and state tax credit carryforwards that expire as follows: 2008 through 2017 2014 $67 million, 2018 through 2027 2014 $92 million, and indefinite carryforwards 2014 $316 million. further, international paper has state capital loss carryfor- wards that expire as follows: 2008 through 2017 2014 $9 million. deferred income taxes are not provided for tempo- rary differences of approximately $3.7 billion, $2.7 billion and $2.4 billion as of december 31, 2007, 2006 and 2005, respectively, representing earnings of non-u.s. subsidiaries intended to be permanently reinvested. computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable. note 10 commitments and contingent liabilities certain property, machinery and equipment are leased under cancelable and non-cancelable agree- ments. unconditional purchase obligations have been entered into in the ordinary course of business, prin- cipally for capital projects and the purchase of cer- tain pulpwood, wood chips, raw materials, energy and services, including fiber supply agreements to purchase pulpwood that were entered into con- currently with the 2006 transformation plan forest- land sales (see note 7). at december 31, 2007, total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: in millions 2008 2009 2010 2011 2012 thereafter.
in millions | 2008 | 2009 | 2010 | 2011 | 2012 | thereafter
lease obligations | $136 | $116 | $101 | $84 | $67 | $92
purchase obligations (a) | 1953 | 294 | 261 | 235 | 212 | 1480
total | $2089 | $410 | $362 | $319 | $279 | $1572
(a) includes $2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales. rent expense was $168 million, $217 million and $216 million for 2007, 2006 and 2005, respectively. international paper entered into an agreement in 2000 to guarantee, for a fee, an unsecured con- tractual credit agreement between a financial institution and an unrelated third-party customer. in the fourth quarter of 2006, the customer cancelled the agreement and paid the company a fee of $11 million, which is included in cost of products sold in the accompanying consolidated statement of oper- ations. the company has no future obligations under this agreement..
as of december 31, 2007, what was the amount of the purchase obligations due in 2008? 1953.0
and what was the total of all obligations? 2089.0
what percentage, then, did that amount represent in relation to this total? 0.9349
and what percentage did the lease obligations represent?
|
0.0651
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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inventory on hand, as well as our future purchase commitments with our suppliers, considering multiple factors, including demand forecasts, product life cycle, current sales levels, pricing strategy and cost trends. if our review indicates that inventories of raw materials, components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value, we may be required to make adjustments that will impact the results of operations. goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review. while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists, the company elects to perform the quantitative assessment for our annual impairment analysis. the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value. if the carrying value exceeds the fair value, goodwill or a non-amortizable intangible asset is considered impaired. to determine the fair value of goodwill, we primarily use a discounted cash flow model, supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry. at december 31, 2018, the carrying value of our goodwill was $7.2 billion, which is related to ten reporting units, each of which consists of a group of markets with similar economic characteristics. the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31, 2018. to determine the fair value of non-amortizable intangible assets, we primarily use a discounted cash flow model applying the relief-from-royalty method. we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value. these discounted cash flow models include management assumptions relevant for forecasting operating cash flows, which are subject to changes in business conditions, such as volumes and prices, costs to produce, discount rates and estimated capital needs. management considers historical experience and all available information at the time the fair values are estimated, and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use. since the march 28, 2008, spin-off from altria group, inc., we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets. marketing costs - we incur certain costs to support our products through programs that include advertising, marketing, consumer engagement and trade promotions. the costs of our advertising and marketing programs are expensed in accordance with u.s. gaap. recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program. for volume-based incentives provided to customers, management continually assesses and estimates, by customer, the likelihood of the customer's achieving the specified targets, and records the reduction of revenue as the sales are made. for other trade promotions, management relies on estimated utilization rates that have been developed from historical experience. changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position, results of operations or operating cash flows. employee benefit plans - as discussed in item 8, note 13. benefit plans to our consolidated financial statements, we provide a range of benefits to our employees and retired employees, including pensions, postretirement health care and postemployment benefits (primarily severance). we record annual amounts relating to these plans based on calculations specified by u.s. gaap. these calculations include various actuarial assumptions, such as discount rates, assumed rates of return on plan assets, compensation increases, mortality, turnover rates and health care cost trend rates. we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. as permitted by u.s. gaap, any effect of the modifications is generally amortized over future periods. we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries. weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31, 2018 and 2017 are as follows:.
- | 2018 | 2017
pension plans | 1.61% (1.61%) | 1.51% (1.51%)
postretirement plans | 3.97% (3.97%) | 3.79% (3.79%)
we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $205 million as compared with approximately $160 million in 2018, excluding amounts related to employee severance and early retirement programs. the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $14 million, coupled with lower return on assets of $16 million, higher interest and service cost of $12 million and $4 million respectively, partially offset by other movements of $1 million. weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans. a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $50 million, and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement.
what is the pre-tax pension and postretirement expense in 2019? 205.0
and what is it in 2018? 160.0
what is, then, the change over the year? 45.0
what is the pre-tax pension and postretirement expense in 2018? 160.0
and how much does that change represent in relation to this 2018 expense, in percentage?
|
0.28125
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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part ii item 5 2014market for registrant 2019s common equity and related stockholder matters market information. the common stock of the company is currently traded on the new york stock exchange (nyse) under the symbol 2018 2018aes. 2019 2019 the following tables set forth the high and low sale prices for the common stock as reported by the nyse for the periods indicated. price range of common stock.
2002 first quarter | high $17.84 | low $4.11 | 2001 first quarter | high $60.15 | low $41.30
second quarter | 9.17 | 3.55 | second quarter | 52.25 | 39.95
third quarter | 4.61 | 1.56 | third quarter | 44.50 | 12.00
fourth quarter | 3.57 | 0.95 | fourth quarter | 17.80 | 11.60
holders. as of march 3, 2003, there were 9663 record holders of the company 2019s common stock, par value $0.01 per share. dividends. under the terms of the company 2019s senior secured credit facilities entered into with a commercial bank syndicate, the company is not allowed to pay cash dividends. in addition, the company is precluded from paying cash dividends on its common stock under the terms of a guaranty to the utility customer in connection with the aes thames project in the event certain net worth and liquidity tests of the company are not met. the ability of the company 2019s project subsidiaries to declare and pay cash dividends to the company is subject to certain limitations in the project loans, governmental provisions and other agreements entered into by such project subsidiaries. securities authorized for issuance under equity compensation plans. see the information contained under the caption 2018 2018securities authorized for issuance under equity compensation plans 2019 2019 of the proxy statement for the annual meeting of stockholders of the registrant to be held on may 1, 2003, which information is incorporated herein by reference..
what was the variance in the price of shares in the first quarter of 2002? 13.73
and what was it in that same period in 2001?
|
18.85
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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software and will give the company a comprehensive design-to-silicon flow that links directly into the semiconductor manufacturing process. integrating hpl 2019s yield management and test chip technologies into the company 2019s industry-leading dfm portfolio is also expected to enable customers to increase their productivity and improve profitability in the design and manufacture of advanced semiconductor devices. purchase price. the company paid $11.0 million in cash for all outstanding shares of hpl. in addition, the company had a prior investment in hpl of approximately $1.9 million. the total purchase consideration consisted of:.
- | (in thousands)
cash paid | $11001
prior investment in hpl | 1872
acquisition-related costs | 2831
total purchase price | $15704
acquisition-related costs of $2.8 million consist primarily of legal, tax and accounting fees of $1.6 million, $0.3 million of estimated facilities closure costs and other directly related charges, and $0.9 million in employee termination costs. as of october 31, 2006, the company had paid $2.2 million of the acquisition related costs, of which $1.1 million were for professional services costs, $0.2 million were for facilities closure costs and $0.9 million were for employee termination costs. the $0.6 million balance remaining at october 31, 2006 consists of professional and tax-related service fees and facilities closure costs. assets acquired. the company acquired $8.5 million of intangible assets consisting of $5.1 million in core developed technology, $3.2 million in customer relationships and $0.2 million in backlog to be amortized over two to four years. approximately $0.8 million of the purchase price represents the fair value of acquired in-process research and development projects that have not yet reached technological feasibility and have no alternative future use. accordingly, the amount was immediately expensed and included in the company 2019s condensed consolidated statement of operations for the first quarter of fiscal year 2006. additionally, the company acquired tangible assets of $14.0 million and assumed liabilities of $10.9 million. goodwill, representing the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in the merger was $3.4 million. goodwill resulted primarily from the company 2019s expectation of synergies from the integration of hpl 2019s technology with the company 2019s technology and operations. other. during the fiscal year 2006, the company completed an asset acquisition for cash consideration of $1.5 million. this acquisition is not considered material to the company 2019s consolidated balance sheet and results of operations. fiscal 2005 acquisitions nassda corporation (nassda) the company acquired nassda on may 11, 2005. reasons for the acquisition. the company believes nassda 2019s full-chip circuit simulation and analysis software will broaden its offerings of transistor-level circuit simulation tools, particularly in the area of mixed-signal and memory design. purchase price. the company acquired all the outstanding shares of nassda for total cash consideration of $200.2 million, or $7.00 per share. in addition, as required by the merger agreement, certain nassda officers, directors and employees who were defendants in certain preexisting litigation.
what was the value of goodwill, representing the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in the merger by 1000?
|
3400.0
|
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notes to consolidated financial statements 2014 (continued) (amounts in millions, except per share amounts) a summary of the remaining liability for the 2007, 2003 and 2001 restructuring programs is as follows: program program program total.
- | 2007 program | 2003 program | 2001 program | total
liability at december 31 2006 | $2014 | $12.6 | $19.2 | $31.8
net charges (reversals) and adjustments | 19.1 | -0.5 (0.5) | -5.2 (5.2) | 13.4
payments and other1 | -7.2 (7.2) | -3.1 (3.1) | -5.3 (5.3) | -15.6 (15.6)
liability at december 31 2007 | $11.9 | $9.0 | $8.7 | $29.6
net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8
payments and other1 | -15.0 (15.0) | -4.1 (4.1) | -3.5 (3.5) | -22.6 (22.6)
liability at december 31 2008 | $1.2 | $5.7 | $5.9 | $12.8
1 includes amounts representing adjustments to the liability for changes in foreign currency exchange rates. other reorganization-related charges other reorganization-related charges relate to our realignment of our media businesses into a newly created management entity called mediabrands and the 2006 merger of draft worldwide and foote, cone and belding worldwide to create draftfcb. charges related to severance and terminations costs and lease termination and other exit costs. we expect charges associated with mediabrands to be completed during the first half of 2009. charges related to the creation of draftfcb in 2006 are complete. the charges were separated from the rest of our operating expenses within the consolidated statements of operations because they did not result from charges that occurred in the normal course of business..
what was the total liability by the end of 2008?
|
29.6
|
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|
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 65691 common stockholders of record as of january 31, 2018, 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, 2017. the graph and table assume that $100 was invested on december 31, 2012 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.
date | citi | s&p 500 | s&p financials
31-dec-2012 | 100.0 | 100.0 | 100.0
31-dec-2013 | 131.8 | 132.4 | 135.6
31-dec-2014 | 137.0 | 150.5 | 156.2
31-dec-2015 | 131.4 | 152.6 | 153.9
31-dec-2016 | 152.3 | 170.8 | 188.9
31-dec-2017 | 193.5 | 208.1 | 230.9
.
what is the value of s&p financials in 2016? 188.9
what is the value in 2015? 153.9
what is the net change? 35.0
what was the 2015 number? 153.9
what is the net change over the 2015 value?
|
0.22742
|
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|
south america. approximately 26% (26%) of 2017 net sales were to international markets. this segment sells directly through its own sales force and indirectly through independent manufacturers 2019 representatives, primarily to wholesalers, home centers, mass merchandisers and industrial distributors. in aggregate, sales to the home depot and lowe 2019s comprised approximately 23% (23%) of net sales of the plumbing segment in 2017. this segment 2019s chief competitors include delta (owned by masco), kohler, pfister (owned by spectrum brands), american standard (owned by lixil group), insinkerator (owned by emerson electronic company) and imported private-label brands. doors. our doors segment manufactures and sells fiberglass and steel entry door systems under the therma-tru brand and urethane millwork product lines under the fypon brand. this segment benefits from the long-term trend away from traditional materials, such as wood, steel and aluminum, toward more energy-efficient and durable synthetic materials. therma-tru products include fiberglass and steel residential entry door and patio door systems, primarily for sale in the u.s. and canada. this segment 2019s principal customers are home centers, millwork building products and wholesale distributors, and specialty dealers that provide products to the residential new construction market, as well as to the remodeling and renovation markets. in aggregate, sales to the home depot and lowe 2019s comprised approximately 14% (14%) of net sales of the doors segment in 2017. this segment 2019s competitors include masonite, jeld-wen, plastpro and pella. security. our security segment 2019s products consist of locks, safety and security devices, and electronic security products manufactured, sourced and distributed primarily under the master lock brand and fire resistant safes, security containers and commercial cabinets manufactured, sourced and distributed under the sentrysafe brand. this segment sells products principally in the u.s., canada, europe, central america, japan and australia. approximately 25% (25%) of 2017 net sales were to international markets. this segment manufactures and sells key-controlled and combination padlocks, bicycle and cable locks, built-in locker locks, door hardware, automotive, trailer and towing locks, electronic access control solutions, and other specialty safety and security devices for consumer use to hardware, home center and other retail outlets. in addition, the segment sells lock systems and fire resistant safes to locksmiths, industrial and institutional users, and original equipment manufacturers. in aggregate, sales to the home depot and lowe 2019s comprised approximately 18% (18%) of the net sales of the security segment in 2017. master lock competes with abus, w.h. brady, hampton, kwikset (owned by spectrum brands), schlage (owned by allegion), assa abloy and various imports, and sentrysafe competes with first alert, magnum, fortress, stack-on and fire king. annual net sales for each of the last three fiscal years for each of our business segments were as follows: (in millions) 2017 2016 2015.
(in millions) | 2017 | 2016 | 2015
cabinets | $2467.1 | $2397.8 | $2173.4
plumbing | 1720.8 | 1534.4 | 1414.5
doors | 502.9 | 473.0 | 439.1
security | 592.5 | 579.7 | 552.4
total | $5283.3 | $4984.9 | $4579.4
for additional financial information for each of our business segments, refer to note 18, 201cinformation on business segments, 201d to the consolidated financial statements in item 8 of this annual report on form other information raw materials. the table below indicates the principal raw materials used by each of our segments. these materials are available from a number of sources. volatility in the prices of commodities and energy used in making and distributing our products impacts the cost of manufacturing our products..
in the year of 2017, what percentage of the net sales were for international markets?
|
0.25
|
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federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31, 2005 reconciliation of accumulated depreciation and amortization.
balance december 31 2002 | $450697000
additions during period 2014depreciation and amortization expense | 68125000
deductions during period 2014disposition and retirements of property | -4645000 (4645000)
balance december 31 2003 | 514177000
additions during period 2014depreciation and amortization expense | 82551000
deductions during period 2014disposition and retirements of property | -1390000 (1390000)
balance december 31 2004 | 595338000
additions during period 2014depreciation and amortization expense | 83656000
deductions during period 2014disposition and retirements of property | -15244000 (15244000)
balance december 31 2005 | $663750000
.
what is the value of accumulated depreciation and amortization at the end of 2005? 663750000.0
what is the balance at the end of 2004?
|
595338000.0
|
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entergy new orleans, 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).
- | amount (in millions)
2007 net revenue | $231.0
volume/weather | 15.5
net gas revenue | 6.6
rider revenue | 3.9
base revenue | -11.3 (11.3)
other | 7.0
2008 net revenue | $252.7
the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007. entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31, 2008, compared to approximately 132000 electric customers and 86000 gas customers as of december 31, 2007. billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007, an increase of 4% (4%). the net gas revenue variance is primarily due to an increase in base rates in march and november 2007. refer to note 2 to the financial statements for a discussion of the base rate increase. the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006. the approved storm reserve has been set to collect $75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account. the settlement agreement is discussed in note 2 to the financial statements. the base revenue variance is primarily due to a base rate recovery credit, effective january 2008. the base rate credit is discussed in note 2 to the financial statements. gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to: an increase of $58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales; an increase of $47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage; and an increase of $22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007. fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand..
what was the increase observed in the net revenue from 2007 to 2008? 21.7
what was that net revenue in 2007?
|
231.0
|
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|
masco corporation notes to consolidated financial statements (continued) c. acquisitions on march 9, 2018, we acquired substantially all of the net assets of the l.d. kichler co. ("kichler"), a leader in decorative residential and light commercial lighting products, ceiling fans and led lighting systems. this business expands our product offerings to our customers. the results of this acquisition for the period from the acquisition date are included in the consolidated financial statements and are reported in the decorative architectural products segment. we recorded $346 million of net sales as a result of this acquisition during 2018. the purchase price, net of $2 million cash acquired, consisted of $549 million paid with cash on hand. since the acquisition, we have revised the allocation of the purchase price to identifiable assets and liabilities based on analysis of information as of the acquisition date that has been made available through december 31, 2018. the allocation will continue to be updated through the measurement period, if necessary. the preliminary allocation of the fair value of the acquisition of kichler is summarized in the following table, in millions..
- | initial | revised
receivables | $101 | $100
inventories | 173 | 166
prepaid expenses and other | 5 | 5
property and equipment | 33 | 33
goodwill | 46 | 64
other intangible assets | 243 | 240
accounts payable | -24 (24) | -24 (24)
accrued liabilities | -25 (25) | -30 (30)
other liabilities | -4 (4) | -5 (5)
total | $548 | $549
the goodwill acquired, which is generally tax deductible, is related primarily to the operational and financial synergies we expect to derive from combining kichler's operations into our business, as well as the assembled workforce. the other intangible assets acquired consist of $59 million of indefinite-lived intangible assets, which is related to trademarks, and $181 million of definite-lived intangible assets. the definite-lived intangible assets consist of $145 million related to customer relationships, which is being amortized on a straight-line basis over 20 years, and $36 million of other definite-lived intangible assets, which is being amortized over a weighted average amortization period of three years. in the fourth quarter of 2017, we acquired mercury plastics, inc., a plastics processor and manufacturer of water handling systems for appliance and faucet applications, for approximately $89 million in cash. this business is included in the plumbing products segment. this acquisition enhances our ability to develop faucet technology and provides continuity of supply of quality faucet components. in connection with this acquisition, we recognized $38 million of goodwill, which is tax deductible, and is related primarily to the expected synergies from combining the operations into our business..
what was the purchase price, net of what cash was acquired? 102.0
and including the impact of inventories? 268.0
and prepaid expenses and other?
|
273.0
|
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2014 compared to 2013 mst 2019s net sales decreased $305 million, or 3% (3%), in 2014 as compared to 2013. net sales decreased by approximately $305 million due to the wind-down or completion of certain c4isr programs (primarily ptds); about $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 in 2013 that were not repeated in 2014 (including a portion of the terminated presidential helicopter program). the decreases were partially 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 decreased $129 million, or 12% (12%), in 2014 as 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 in 2013 that were not repeated in 2014 (including a portion of the terminated presidential helicopter program); approximately $55 million due to the reasons described above for lower c4isr program sales, as well as performance matters on an international program; 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 $85 million lower for 2014 compared to 2013. backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog, as well as higher orders on new program starts (such as australian defence force pilot training system). backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts (such as space fence). trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year, partially offset by a decline in volume due to the wind-down or completion of certain programs. operating profit is expected to be equivalent to 2015 on higher volume, and operating margin is expected to decline due to costs associated with the sikorsky acquisition, including the impact of purchase accounting adjustments, integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition. space systems our space systems business segment is engaged in the research and development, design, engineering and production of satellites, strategic and defensive missile systems and space transportation systems. space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather, analyze, and securely distribute critical intelligence data. space systems is also responsible for various classified systems and services in support of vital national security systems. space systems 2019 major programs include the trident ii d5 fleet ballistic missile (fbm), orion, space based infrared system (sbirs), aehf, gps-iii, geostationary operational environmental satellite r-series (goes-r), and muos. operating profit for our space systems business segment includes 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):.
- | 2015 | 2014 | 2013
net sales | $9105 | $9202 | $9288
operating profit | 1171 | 1187 | 1198
operating margins | 12.9% (12.9%) | 12.9% (12.9%) | 12.9% (12.9%)
backlog at year-end | $17400 | $20300 | $21400
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..
what was the average backlog in 2015? 17400.0
what was it in 2014?
|
20300.0
|
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management 2019s discussion and analysis of financial condition and results of operations indemnification provisions: in addition, the company may provide indemnifications for losses that result from the breach of general warranties contained in certain commercial, intellectual property and divestiture agreements. historically, the company has not made significant payments under these agreements, nor have there been significant claims asserted against the company. however, there is an increasing risk in relation to intellectual property indemnities given the current legal climate. in indemnification cases, payment by the company is conditioned on the other party making a claim pursuant to the procedures specified in the particular contract, which procedures typically allow the company to challenge the other party 2019s claims. further, the company 2019s obligations under these agreements for indemnification based on breach of representations and warranties are generally limited in terms of duration, typically not more than 24 months, and for amounts not in excess of the contract value, and in some instances the company may have recourse against third parties for certain payments made by the company. legal matters: the company is a defendant in various lawsuits, claims and actions, which arise in the normal course of business. in the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the company 2019s consolidated financial position, liquidity or results of operations. segment information the following commentary should be read in conjunction with the financial results of each operating business segment as detailed in note 12, 2018 2018information by segment and geographic region, 2019 2019 to the company 2019s consolidated financial statements. net sales and operating results for the company 2019s three operating business segments for 2009, 2008 and 2007 are presented below. mobile devices segment the mobile devices segment designs, manufactures, sells and services wireless handsets, including smartphones, with integrated software and accessory products, and licenses intellectual property. in 2009, the segment 2019s net sales represented 32% (32%) of the company 2019s consolidated net sales, compared to 40% (40%) in 2008 and 52% (52%) in 2007..
(dollars in millions) | years ended december 31 2009 | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2009 20142008 | 2008 20142007
segment net sales | $7146 | $12099 | $18988 | (41)% (%) | (36)% (%)
operating earnings (loss) | -1077 (1077) | -2199 (2199) | -1201 (1201) | (51)% (%) | 83% (83%)
segment results 20142009 compared to 2008 in 2009, the segment 2019s net sales were $7.1 billion, a decrease of 41% (41%) compared to net sales of $12.1 billion in 2008. the 41% (41%) decrease in net sales was primarily driven by a 45% (45%) decrease in unit shipments, partially offset by an 8% (8%) increase in average selling price (2018 2018asp 2019 2019). the segment 2019s net sales were negatively impacted by reduced product offerings in large market segments, particularly 3g products, including smartphones, and the segment 2019s limited product offerings in very low-tier products. on a product technology basis, net sales decreased substantially for gsm, cdma and 3g technologies, partially offset by an increase in net sales for iden technology. on a geographic basis, net sales decreased substantially in latin america, the europe, middle east and african region (2018 2018emea 2019 2019) and asia and, to a lesser extent, decreased in north america. the segment incurred an operating loss of $1.1 billion in 2009, an improvement of 51% (51%) compared to an operating loss of $2.2 billion in 2008. the decrease in the operating loss was primarily due to decreases in: (i) selling, general and administrative (2018 2018sg&a 2019 2019) expenses, primarily due to lower marketing expenses and savings from cost-reduction initiatives, (ii) research and development (2018 2018r&d 2019 2019) expenditures, reflecting savings from cost-reduction initiatives, (iii) lower excess inventory and other related charges in 2009 than in 2008, when the charges included a $370 million charge due to a decision to consolidate software and silicon platforms, and (iv) the absence in 2009 of a comparable $150 million charge in 2008 related to settlement of a purchase commitment, partially offset by a decrease in gross margin, driven by the 41% (41%) decrease in net sales. as a percentage of net sales in 2009 as compared to 2008, gross margin and r&d expenditures increased and sg&a expenses decreased. the segment 2019s industry typically experiences short life cycles for new products. therefore, it is vital to the segment 2019s success that new, compelling products are continually introduced. accordingly, a strong commitment to.
in the year of 2009, considering the segment 2019s net sales and the percent they represented in relation to the 2019s consolidated net sales, what can be concluded to have been these consolidates sales, in billions? 22.1875
and in this same year, what was the total of the segment net sales? 12099.0
what was it in 2008? 7146.0
how much, then, did the 2009 amount represent in relation to this 2008 one?
|
1.69312
|
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|
entergy corporation and subsidiaries notes to financial statements (a) consists of pollution control revenue bonds and environmental revenue bonds, some of which are secured by collateral first mortgage bonds. (b) these notes do not have a stated interest rate, but have an implicit interest rate of 4.8% (4.8%). (c) pursuant to the nuclear waste policy act of 1982, entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service. the contracts include a one-time fee for generation prior to april 7, 1983. entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt. (d) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations. (e) the fair value excludes lease obligations of $109 million at entergy louisiana and $34 million at system energy, long-term doe obligations of $181 million at entergy arkansas, and the note payable to nypa of $35 million at entergy, and includes debt due within one year. fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades. the annual long-term debt maturities (excluding lease obligations and long-term doe obligations) for debt outstanding as of december 31, 2015, for the next five years are as follows: amount (in thousands).
- | amount (in thousands)
2016 | $204079
2017 | $766451
2018 | $822690
2019 | $768588
2020 | $1631181
in november 2000, entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction. entergy issued notes to nypa with seven annual installments of approximately $108 million commencing one year from the date of the closing, and eight annual installments of $20 million commencing eight years from the date of the closing. these notes do not have a stated interest rate, but have an implicit interest rate of 4.8% (4.8%). in accordance with the purchase agreement with nypa, the purchase of indian point 2 in 2001 resulted in entergy becoming liable to nypa for an additional $10 million per year for 10 years, beginning in september 2003. this liability was recorded upon the purchase of indian point 2 in september 2001. as part of the purchase agreement with nypa, entergy recorded a liability representing the net present value of the payments entergy would be liable to nypa for each year that the fitzpatrick and indian point 3 power plants would run beyond their respective original nrc license expiration date. with the planned shutdown of fitzpatrick at the end of its current fuel cycle, entergy reduced this liability by $26.4 million in 2015 pursuant to the terms of the purchase agreement. under a provision in a letter of credit supporting these notes, if certain of the utility operating companies or system energy were to default on other indebtedness, entergy could be required to post collateral to support the letter of credit. entergy louisiana, entergy mississippi, entergy texas, and system energy have obtained long-term financing authorizations from the ferc that extend through october 2017. entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2018. entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2016. capital funds agreement pursuant to an agreement with certain creditors, entergy corporation has agreed to supply system energy with sufficient capital to:.
what is the net change in value of annual long-term debt maturities from 2016 to 2017? 562372.0
what was the 2016 value?
|
204079.0
|
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part ii item 5. market for registrant 2019s common equity, related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange (201cnyse 201d) for the years 2008 and 2007..
2008 | high | low
quarter ended march 31 | $42.72 | $32.10
quarter ended june 30 | 46.10 | 38.53
quarter ended september 30 | 43.43 | 31.89
quarter ended december 31 | 37.28 | 19.35
2007 | high | low
quarter ended march 31 | $41.31 | $36.63
quarter ended june 30 | 43.84 | 37.64
quarter ended september 30 | 45.45 | 36.34
quarter ended december 31 | 46.53 | 40.08
on february 13, 2009, the closing price of our common stock was $28.85 per share as reported on the nyse. as of february 13, 2009, we had 397097677 outstanding shares of common stock and 499 registered holders. dividends we have never paid a dividend on 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 term loan, 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 transaction. for more information about the restrictions under the loan agreement for the revolving credit facility and term loan, our notes indentures and the loan agreement related to our securitization transaction, see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report..
what was the price of shares in february of 2009?
|
37.28
|
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note 8 2014 benefit plans the company has defined benefit pension plans covering certain employees in the united states and certain international locations. postretirement healthcare and life insurance benefits provided to qualifying domestic retirees as well as other postretirement benefit plans in international countries are not material. the measurement date used for the company 2019s employee benefit plans is september 30. effective january 1, 2018, the legacy u.s. pension plan was frozen to limit the participation of employees who are hired or re-hired by the company, or who transfer employment to the company, on or after january 1, net pension cost for the years ended september 30 included the following components:.
(millions of dollars) | pension plans 2018 | pension plans 2017 | pension plans 2016
service cost | $136 | $110 | $81
interest cost | 90 | 61 | 72
expected return on plan assets | -154 (154) | -112 (112) | -109 (109)
amortization of prior service credit | -13 (13) | -14 (14) | -15 (15)
amortization of loss | 78 | 92 | 77
settlements | 2 | 2014 | 7
net pension cost | $137 | $138 | $113
net pension cost included in the preceding table that is attributable to international plans | $34 | $43 | $35
net pension cost included in the preceding table that is attributable to international plans $34 $43 $35 the amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in accumulated other comprehensive income (loss) in prior periods. the settlement losses recorded in 2018 and 2016 primarily included lump sum benefit payments associated with the company 2019s u.s. supplemental pension plan. the company recognizes pension settlements when payments from the supplemental plan exceed the sum of service and interest cost components of net periodic pension cost associated with this plan for the fiscal year..
what was the pension service cost in 2018, in millions? 136.0
and what was it in 2017, also in millions? 110.0
what was, then, in millions, the total pension service cost in the two years? 246.0
including the year of 2015, what then becomes this total? 327.0
and what was the average pension service cost between those three years, in millions?
|
109.0
|
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during the fourth quarter of 2010, schlumberger issued 20ac1.0 billion 2.75% (2.75%) guaranteed notes due under this program. schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity, effectively making this a us denominated debt on which schlumberger will pay interest in us dollars at a rate of 2.56% (2.56%). during the first quarter of 2009, schlumberger issued 20ac1.0 billion 4.50% (4.50%) guaranteed notes due 2014 under this program. schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity, effectively making this a us dollar denominated debt on which schlumberger will pay interest in us dollars at a rate of 4.95% (4.95%). 0160 on april 17, 2008, the schlumberger board of directors approved an $8 billion share repurchase program for shares of schlumberger common stock, to be acquired in the open market before december 31, 2011. on july 21, 2011, the schlumberger board of directors approved an extension of this repurchase program to december 31, 2013. schlumberger had repurchased $7.12 billion of shares under this program as of december 31, 2012. the following table summarizes the activity under this share repurchase program during 2012, 2011 and 2010: (stated in thousands except per share amounts) total cost of shares purchased total number of shares purchased average price paid per share.
- | total cost of shares purchased | total number of shares purchased | average price paid per share
2012 | $971883 | 14087.8 | $68.99
2011 | $2997688 | 36940.4 | $81.15
2010 | $1716675 | 26624.8 | $64.48
0160 cash flow provided by operations was $6.8 billion in 2012, $6.1 billion in 2011 and $5.5 billion in 2010. in recent years, schlumberger has actively managed its activity levels in venezuela relative to its accounts receivable balance, and has recently experienced an increased delay in payment from its national oil company customer there. schlumberger operates in approximately 85 countries. at december 31, 2012, only five of those countries (including venezuela) individually accounted for greater than 5% (5%) of schlumberger 2019s accounts receivable balance of which only one, the united states, represented greater than 10% (10%). 0160 dividends paid during 2012, 2011 and 2010 were $1.43 billion, $1.30 billion and $1.04 billion, respectively. on january 17, 2013, schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 13.6% (13.6%), to $0.3125. on january 19, 2012, schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 10% (10%), to $0.275. on january 21, 2011, schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 19% (19%), to $0.25. 0160 capital expenditures were $4.7 billion in 2012, $4.0 billion in 2011 and $2.9 billion in 2010. capital expenditures are expected to approach $3.9 billion for the full year 2013. 0160 during 2012, 2011 and 2010 schlumberger made contributions of $673 million, $601 million and $868 million, respectively, to its postretirement benefit plans. the us pension plans were 82% (82%) funded at december 31, 2012 based on the projected benefit obligation. this compares to 87% (87%) funded at december 31, 2011. schlumberger 2019s international defined benefit pension plans are a combined 88% (88%) funded at december 31, 2012 based on the projected benefit obligation. this compares to 88% (88%) funded at december 31, 2011. schlumberger currently anticipates contributing approximately $650 million to its postretirement benefit plans in 2013, subject to market and business conditions. 0160 there were $321 million outstanding series b debentures at december 31, 2009. during 2010, the remaining $320 million of the 2.125% (2.125%) series b convertible debentures due june 1, 2023 were converted by holders into 8.0 million shares of schlumberger common stock and the remaining $1 million of outstanding series b debentures were redeemed for cash..
what is the net change in the cash flows from operations from 2011 to 2012? 0.7
what is the cash flow from operations in 2011? 6.1
what percentage change does this represent?
|
0.11475
|
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part ii item 5. market for registrant 2019s common equity, related stockholder matters, and issuer purchases of equity securities our common stock is listed on the new york stock exchange under the symbol "apd." as of 31 october 2019, there were 5166 record holders of our common stock. cash dividends on the company 2019s common stock are paid quarterly. it is our expectation that we will continue to pay cash dividends in the future at comparable or increased levels. the board of directors determines whether to declare dividends and the timing and amount based on financial condition and other factors it deems relevant. dividend information for each quarter of fiscal years 2019 and 2018 is summarized below:.
- | 2019 | 2018
first quarter | $1.10 | $.95
second quarter | 1.16 | 1.10
third quarter | 1.16 | 1.10
fourth quarter | 1.16 | 1.10
total | $4.58 | $4.25
purchases of equity securities by the issuer on 15 september 2011, the board of directors authorized the repurchase of up to $1.0 billion of our outstanding common stock. this program does not have a stated expiration date. we repurchase shares pursuant to rules 10b5-1 and 10b-18 under the securities exchange act of 1934, as amended, through repurchase agreements established with one or more brokers. there were no purchases of stock during fiscal year 2019. at 30 september 2019, $485.3 million in share repurchase authorization remained. additional purchases will be completed at the company 2019s discretion while maintaining sufficient funds for investing in its businesses and growth opportunities..
what percentage of the total dividend in 2019 is from the first quarter? 0.24017
and what percentage of the total dividend in 2018 is from the first quarter? 0.22353
what is, then, the difference between the 2019 percentage and this 2018 one?
|
0.01665
|
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impairment the following table presents net unrealized losses on securities available for sale as of december 31:.
(in millions) | 2011 | 2010
fair value | $99832 | $81881
amortized cost | 100013 | 82329
net unrealized loss pre-tax | $-181 (181) | $-448 (448)
net unrealized loss after-tax | $-113 (113) | $-270 (270)
the net unrealized amounts presented above excluded the remaining net unrealized losses related to reclassifications of securities available for sale to securities held to maturity. these unrealized losses related to reclassifications totaled $303 million, or $189 million after-tax, and $523 million, or $317 million after-tax, as of december 31, 2011 and 2010, respectively, and were recorded in accumulated other comprehensive income, or oci. refer to note 12 to the consolidated financial statements included under item 8. the decline in these remaining after-tax unrealized losses related to reclassifications from december 31, 2010 to december 31, 2011 resulted primarily from amortization. we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists. to the extent that other-than-temporary impairment is identified, the impairment is broken into a credit component and a non-credit component. the credit component is recorded in our consolidated statement of income, and the non-credit component is recorded in oci to the extent that we do not intend to sell the security. our assessment of other-than-temporary impairment involves an evaluation, more fully described in note 3, of economic and security-specific factors. such factors are based on estimates, derived by management, which contemplate current market conditions and security-specific performance. to the extent that market conditions are worse than management 2019s expectations, other-than-temporary impairment could increase, in particular, the credit component that would be recorded in our consolidated statement of income. given the exposure of our investment securities portfolio, particularly mortgage- and asset-backed securities, to residential mortgage and other consumer credit risks, the performance of the u.s. housing market is a significant driver of the portfolio 2019s credit performance. as such, our assessment of other-than-temporary impairment relies to a significant extent on our estimates of trends in national housing prices. generally, indices that measure trends in national housing prices are published in arrears. as of september 30, 2011, national housing prices, according to the case-shiller national home price index, had declined by approximately 31.3% (31.3%) peak-to-current. overall, management 2019s expectation, for purposes of its evaluation of other-than-temporary impairment as of december 31, 2011, was that housing prices would decline by approximately 35% (35%) peak-to-trough. the performance of certain mortgage products and vintages of securities continues to deteriorate. in addition, management continues to believe that housing prices will decline further as indicated above. the combination of these factors has led to an increase in management 2019s overall loss expectations. our investment portfolio continues to be sensitive to management 2019s estimates of future cumulative losses. ultimately, other-than- temporary impairment is based on specific cusip-level detailed analysis of the unique characteristics of each security. in addition, we perform sensitivity analysis across each significant product type within the non-agency u.s. residential mortgage-backed portfolio. we estimate, for example, that other-than-temporary impairment of the investment portfolio could increase by approximately $10 million to $50 million, if national housing prices were to decline by 37% (37%) to 39% (39%) peak-to-trough, compared to management 2019s expectation of 35% (35%) described above. this sensitivity estimate is based on a number of factors, including, but not limited to, the level of housing prices and the timing of defaults. to the extent that such factors differ substantially from management 2019s current expectations, resulting loss estimates may differ materially from those stated. excluding the securities for which other-than-temporary impairment was recorded in 2011, management considers the aggregate decline in fair value of the remaining.
what was the fair value in 2011? 99832.0
and what was it in 2010? 81881.0
what was, then, the change over the year?
|
17951.0
|
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|
contingent consideration of up to $13.8 million. the contingent consideration arrangement requires additional cash payments to the former equity holders of lyric upon the achievement of certain technological and product development milestones payable during the period from june 2011 through june 2016. the company estimated the fair value of the contingent consideration arrangement utilizing the income approach. changes in the fair value of the contingent consideration subsequent to the acquisition date primarily driven by assumptions pertaining to the achievement of the defined milestones will be recognized in operating income in the period of the estimated fair value change. as of october 29, 2011, no contingent payments have been made and the fair value of the contingent consideration was approximately $14.0 million. the company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition, resulting in the recognition of $12.2 million of ipr&d, $18.9 million of goodwill and $3.3 million of net deferred tax liabilities. the goodwill recognized is attributable to future technologies that have yet to be determined as well as the assembled workforce of lyric. future technologies do not meet the criteria for recognition separately from goodwill because they are a part of future development and growth of the business. none of the goodwill is expected to be deductible for tax purposes. in addition, the company will be obligated to pay royalties to the former equity holders of lyric on revenue recognized from the sale of lyric products and licenses through the earlier of 20 years or the accrual of a maximum of $25 million. royalty payments to lyric employees require post-acquisition services to be rendered and, as such, the company will record these amounts as compensation expense in the related periods. as of october 29, 2011, no royalty payments have been made. the company recognized $0.2 million of acquisition-related costs that were expensed in the third quarter of fiscal 2011. these costs are included in operating expenses in the consolidated statement of income. the company has not provided pro forma results of operations for integrant, audioasics and lyric herein as they were not material to the company on either an individual or an aggregate basis. the company included the results of operations of each acquisition in its consolidated statement of income from the date of such acquisition. 7. deferred compensation plan investments investments in the analog devices, inc. deferred compensation plan (the deferred compensation plan) are classified as trading. the components of the investments as of october 29, 2011 and october 30, 2010 were as follows:.
- | 2011 | 2010
money market funds | $17187 | $1840
mutual funds | 9223 | 6850
total deferred compensation plan investments | $26410 | $8690
the fair values of these investments are based on published market quotes on october 29, 2011 and october 30, 2010, respectively. adjustments to the fair value of, and income pertaining to, deferred compensation plan investments are recorded in operating expenses. gross realized and unrealized gains and losses from trading securities were not material in fiscal 2011, 2010 or 2009. the company has recorded a corresponding liability for amounts owed to the deferred compensation plan participants (see note 10). these investments are specifically designated as available to the company solely for the purpose of paying benefits under the deferred compensation plan. however, in the event the company became insolvent, the investments would be available to all unsecured general creditors. 8. other investments other investments consist of equity securities and other long-term investments. investments are stated at fair value, which is based on market quotes or on a cost-basis, dependent on the nature of the investment, as appropriate. adjustments to the fair value of investments classified as available-for-sale are recorded as an increase or decrease analog devices, inc. notes to consolidated financial statements 2014 (continued).
what was the total deferred compensation plan investments in 2011? 26410.0
and in 2010? 8690.0
so what was the difference between these two values? 17720.0
and the percentage increase during this time?
|
2.03913
|
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equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31, 2017. 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 448859 $0.00 4087587 equity compensation plans not approved by security holders (2) 2014 2014 2014.
plan category | number of securities to be issued upon exercise of outstanding options warrants and rights (1) (a) (b) | weighted-average exercise price of outstanding optionswarrants and rights | number of securities remaining available for future issuance under equity compensation plans (excluding securitiesreflected in column (a)) (c)
equity compensation plans approved by security holders | 448859 | $0.00 | 4087587
equity compensation plans not approved by security holders (2) | 2014 | 2014 | 2014
total | 448859 | $0.00 | 4087587
(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 28763 stock rights, 3075 restricted stock rights, and 389898 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 2018 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 2018 annual meeting of stockholders, to be filed within 120 days after the end of the company 2019s fiscal year..
what is the total number of securities approved by security holders?
|
4536446.0
|
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the following performance graph shows the cumulative total return to a holder of the company 2019s common stock, assuming dividend reinvestment, compared with the cumulative total return, assuming dividend reinvestment, of the standard & poor ("s&p") 500 index and the dow jones us financials index during the period from december 31, 2009 through december 31, 2014..
- | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14
e*trade financial corporation | 100.00 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81
s&p 500 index | 100.00 | 115.06 | 117.49 | 136.30 | 180.44 | 205.14
dow jones us financials index | 100.00 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67
table of contents.
what is the price of e*trade financial corporation in 2014 less an initial 100?
|
37.81
|
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|
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 89% (89%) and 91% (91%) as of december 31, 2015 and 2014, 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.
as of december 31, | increase/ (decrease) in fair market value 10% (10%) increasein interest rates | increase/ (decrease) in fair market value 10% (10%) decreasein interest rates
2015 | $-33.7 (33.7) | $34.7
2014 | -35.5 (35.5) | 36.6
we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates. we do not have any interest rate swaps outstanding as of december 31, 2015. we had $1509.7 of cash, cash equivalents and marketable securities as of december 31, 2015 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 2015 and 2014, we had interest income of $22.8 and $27.4, respectively. based on our 2015 results, a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $15.0, assuming that all cash, cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2015 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 primary foreign currencies that impacted our results during 2015 included the australian dollar, brazilian real, british pound sterling and euro. based on 2015 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 2015 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..
what was the change in the interest income from 2014 to 2015?
|
4.6
|
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mandatorily redeemable securities of subsidiary trusts total mandatorily redeemable securities of subsidiary trusts (trust preferred securities), which qualify as tier 1 capital, were $23.899 billion at december 31, 2008, as compared to $23.594 billion at december 31, 2007. in 2008, citigroup did not issue any new enhanced trust preferred securities. the frb issued a final rule, with an effective date of april 11, 2005, which retains trust preferred securities in tier 1 capital of bank holding companies, but with stricter quantitative limits and clearer qualitative standards. under the rule, after a five-year transition period, the aggregate amount of trust preferred securities and certain other restricted core capital elements included in tier 1 capital of internationally active banking organizations, such as citigroup, would be limited to 15% (15%) of total core capital elements, net of goodwill, less any associated deferred tax liability. the amount of trust preferred securities and certain other elements in excess of the limit could be included in tier 2 capital, subject to restrictions. at december 31, 2008, citigroup had approximately 11.8% (11.8%) against the limit. the company expects to be within restricted core capital limits prior to the implementation date of march 31, 2009. the frb permits additional securities, such as the equity units sold to adia, to be included in tier 1 capital up to 25% (25%) (including the restricted core capital elements in the 15% (15%) limit) of total core capital elements, net of goodwill less any associated deferred tax liability. at december 31, 2008, citigroup had approximately 16.1% (16.1%) against the limit. the frb granted interim capital relief for the impact of adopting sfas 158 at december 31, 2008 and december 31, 2007. the frb and the ffiec may propose amendments to, and issue interpretations of, risk-based capital guidelines and reporting instructions. these may affect reported capital ratios and net risk-weighted assets. capital resources of citigroup 2019s depository institutions citigroup 2019s subsidiary depository institutions in the united states are subject to risk-based capital guidelines issued by their respective primary federal bank regulatory agencies, which are similar to the frb 2019s guidelines. to be 201cwell capitalized 201d under federal bank regulatory agency definitions, citigroup 2019s depository institutions must have a tier 1 capital ratio of at least 6% (6%), a total capital (tier 1 + tier 2 capital) ratio of at least 10% (10%) and a leverage ratio of at least 5% (5%), and not be subject to a regulatory directive to meet and maintain higher capital levels. at december 31, 2008, all of citigroup 2019s subsidiary depository institutions were 201cwell capitalized 201d under the federal regulatory agencies 2019 definitions, including citigroup 2019s primary depository institution, citibank, n.a., as noted in the following table: citibank, n.a. components of capital and ratios under regulatory guidelines in billions of dollars at year end 2008 2007.
in billions of dollars at year end | 2008 | 2007
tier 1 capital | $71.0 | $82.0
total capital (tier 1 and tier 2) | 108.4 | 121.6
tier 1 capital ratio | 9.94% (9.94%) | 8.98% (8.98%)
total capital ratio (tier 1 and tier 2) | 15.18 | 13.33
leverage ratio (1) | 5.82 | 6.65
leverage ratio (1) 5.82 6.65 (1) tier 1 capital divided by adjusted average assets. citibank, n.a. had a net loss for 2008 amounting to $6.2 billion. during 2008, citibank, n.a. received contributions from its parent company of $6.1 billion. citibank, n.a. did not issue any additional subordinated notes in 2008. total subordinated notes issued to citicorp holdings inc. that were outstanding at december 31, 2008 and december 31, 2007 and included in citibank, n.a. 2019s tier 2 capital, amounted to $28.2 billion. citibank, n.a. received an additional $14.3 billion in capital contribution from its parent company in january 2009. the impact of this contribution is not reflected in the table above. the substantial events in 2008 impacting the capital of citigroup, and the potential future events discussed on page 94 under 201ccitigroup regulatory capital ratios, 201d also affected, or could affect, citibank, n.a..
what is the total capital in 2008 less tier 1 capital?
|
37.4
|
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c o n s t e l l a t i o n b r a n d s, i n c. baroness philippine de rothschild announced an agree- ment to maintain equal ownership of opus one. opus one produces fine wines at its napa valley winery. the acquisition of robert mondavi supports the com- pany 2019s strategy of strengthening the breadth of its portfolio across price segments to capitalize on the overall growth in the premium, super-premium and fine wine categories. the company believes that the acquired robert mondavi brand names have strong brand recognition globally. the vast majority of sales from these brands are generated in the united states. the company is leveraging the robert mondavi brands in the united states through its selling, marketing and distribution infrastructure. the company also intends to further expand distribution for the robert mondavi brands in europe through its constellation europe infrastructure. the robert mondavi acquisition supports the com- pany 2019s strategy of growth and breadth across categories and geographies, and strengthens its competitive position in its core markets. the robert mondavi acquisition provides the company with a greater presence in the growing premium, super-premium and fine wine sectors within the united states and the ability to capitalize on the broader geographic distribution in strategic international markets. in particular, the company believes there are growth opportunities for premium, super-premium and fine wines in the united kingdom and other 201cnew world 201d wine markets. total con- sideration paid in cash to the robert mondavi shareholders was $1030.7 million. additionally, the company incurred direct acquisition costs of $12.0 million. the purchase price was financed with borrowings under the company 2019s 2004 credit agreement (as defined in note 9). in accordance with the purchase method of accounting, the acquired net assets are recorded at fair value at the date of acquisition. the purchase price was based primarily on the estimated future operating results of the robert mondavi business, including the factors described above, as well as an estimated benefit from operating cost synergies. the results of operations of the robert mondavi busi- ness are reported in the constellation wines segment and have been included in the consolidated statements of income since the acquisition date. the following table summarizes the fair values of the assets acquired and liabilities assumed in the robert mondavi acquisition at the date of acquisition, as adjusted for the final appraisal: (in thousands).
current assets | $513782
property plant and equipment | 438140
other assets | 124450
trademarks | 138000
goodwill | 634203
total assets acquired | 1848575
current liabilities | 310919
long-term liabilities | 494995
total liabilities assumed | 805914
net assets acquired | $1042661
the trademarks are not subject to amortization. none of the goodwill is expected to be deductible for tax purposes. following the robert mondavi acquisition, the company sold certain of the acquired vineyard properties and related assets, investments accounted for under the equity method, and other winery properties and related assets, during the years ended february 28, 2006, and february 28, 2005. the company realized net proceeds of $170.8 million from the sale of these assets during the year ended february 28, 2006. amounts realized during the year ended february 28, 2005, were not material. no gain or loss has been recognized upon the sale of these assets. hardy acquisition 2013 on march 27, 2003, the company acquired control of brl hardy limited, now known as hardy wine company limited (201chardy 201d), and on april 9, 2003, the company completed its acquisition of all of hardy 2019s outstanding capital stock. as a result of the acquisi- tion of hardy, the company also acquired the remaining 50% (50%) ownership of pacific wine partners llc (201cpwp 201d), the joint venture the company established with hardy in july 2001. the acquisition of hardy along with the remaining interest in pwp is referred to together as the 201chardy acquisition. 201d through this acquisition, the company acquired one of australia 2019s largest wine producers with interests in wineries and vineyards in most of australia 2019s major wine regions as well as new zealand and the united states and hardy 2019s marketing and sales operations in the united kingdom. in october 2005, pwp was merged into another subsidiary of the company. total consideration paid in cash and class a common stock to the hardy shareholders was $1137.4 million. additionally, the company recorded direct acquisition costs of $17.2 million. the acquisition date for accounting pur- poses is march 27, 2003. the company has recorded a $1.6 million reduction in the purchase price to reflect imputed interest between the accounting acquisition date and the final payment of consideration. this charge is included as interest expense in the consolidated statement of income for the year ended february 29, 2004. the cash portion of the purchase price paid to the hardy shareholders and optionholders ($1060.2 million) was financed with $660.2 million of borrowings under the company 2019s then existing credit agreement and $400.0 million of borrowings under the company 2019s then existing bridge loan agreement. addi- tionally, the company issued 6577826 shares of the com- pany 2019s class a common stock, which were valued at $77.2 million based on the simple average of the closing market price of the company 2019s class a common stock beginning two days before and ending two days after april 4, 2003, the day the hardy shareholders elected the form of consid- eration they wished to receive. the purchase price was based primarily on a discounted cash flow analysis that contemplated, among other things, the value of a broader geographic distribution in strategic international markets and a presence in the important australian winemaking regions. the company and hardy have complementary businesses that share a common growth orientation and operating philosophy. the hardy acquisition supports the company 2019s strategy of growth and breadth across categories.
what is the current ratio of robert mondavi?
|
1.65246
|
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the aes corporation notes to consolidated financial statements 2014 (continued) december 31, 2016, 2015, and 2014 the following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated (in millions):.
december 31, | 2016 | 2015 | 2014
balance at january 1 | $373 | $394 | $392
additions for current year tax positions | 8 | 7 | 7
additions for tax positions of prior years | 1 | 12 | 14
reductions for tax positions of prior years | -1 (1) | -7 (7) | -2 (2)
effects of foreign currency translation | 2 | -7 (7) | -3 (3)
settlements | -13 (13) | -19 (19) | -2 (2)
lapse of statute of limitations | -1 (1) | -7 (7) | -12 (12)
balance at december 31 | $369 | $373 | $394
the company and certain of its subsidiaries are currently under examination by the relevant taxing authorities for various tax years. the company regularly assesses the potential outcome of these examinations in each of the taxing jurisdictions when determining the adequacy of the amount of unrecognized tax benefit recorded. while it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe we have appropriately accrued for our uncertain tax benefits. however, audit outcomes and the timing of audit settlements and future events that would impact our previously recorded unrecognized tax benefits and the range of anticipated increases or decreases in unrecognized tax benefits are subject to significant uncertainty. it is possible that the ultimate outcome of current or future examinations may exceed our provision for current unrecognized tax benefits in amounts that could be material, but cannot be estimated as of december 31, 2016. our effective tax rate and net income in any given future period could therefore be materially impacted. 22. discontinued operations brazil distribution 2014 due to a portfolio evaluation in the first half of 2016, management has decided to pursue a strategic shift of its distribution companies in brazil, aes sul and eletropaulo. the disposal of sul was completed in october 2016. in december 2016, eletropaulo underwent a corporate restructuring which is expected to, among other things, provide more liquidity of its shares. aes is continuing to pursue strategic options for eletropaulo in order to complete its strategic shift to reduce aes 2019 exposure to the brazilian distribution business, including preparation for listing its shares into the novo mercado, which is a listing segment of the brazilian stock exchange with the highest standards of corporate governance. the company executed an agreement for the sale of its wholly-owned subsidiary aes sul in june 2016. we have reported the results of operations and financial position of aes sul as discontinued operations in the consolidated financial statements for all periods presented. upon meeting the held-for-sale criteria, the company recognized an after tax loss of $382 million comprised of a pretax impairment charge of $783 million, offset by a tax benefit of $266 million related to the impairment of the sul long lived assets and a tax benefit of $135 million for deferred taxes related to the investment in aes sul. prior to the impairment charge in the second quarter, the carrying value of the aes sul asset group of $1.6 billion was greater than its approximate fair value less costs to sell. however, the impairment charge was limited to the carrying value of the long lived assets of the aes sul disposal group. on october 31, 2016, the company completed the sale of aes sul and received final proceeds less costs to sell of $484 million, excluding contingent consideration. upon disposal of aes sul, we incurred an additional after- tax loss on sale of $737 million. the cumulative impact to earnings of the impairment and loss on sale was $1.1 billion. this includes the reclassification of approximately $1 billion of cumulative translation losses, resulting in a net reduction to the company 2019s stockholders 2019 equity of $92 million. sul 2019s pretax loss attributable to aes for the years ended december 31, 2016 and 2015 was $1.4 billion and $32 million, respectively. sul 2019s pretax gain attributable to aes for the year ended december 31, 2014 was $133 million. prior to its classification as discontinued operations, sul was reported in the brazil sbu reportable segment. as discussed in note 1 2014general and summary of significant accounting policies, effective july 1, 2014, the company prospectively adopted asu no. 2014-08. discontinued operations prior to adoption of asu no. 2014-08 include the results of cameroon, saurashtra and various u.s. wind projects which were each sold in the first half of cameroon 2014 in september 2013, the company executed agreements for the sale of its 56% (56%) equity interests in businesses in cameroon: sonel, an integrated utility, kribi, a gas and light fuel oil plant, and dibamba, a heavy.
what was the total of unrecognized tax benefits in 2015? 373.0
and what was it in 2014? 394.0
by how much, then, did it change over the year?
|
-21.0
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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(in millions) 2010 2009 2008.
(in millions) | 2010 | 2009 | 2008
net cash provided by operating activities | $3547 | $3173 | $4421
net cash used for investing activities | -319 (319) | -1518 (1518) | -907 (907)
net cash used for financing activities | -3363 (3363) | -1476 (1476) | -3938 (3938)
operating activities net cash provided by operating activities increased by $374 million to $3547 million in 2010 as compared to 2009. the increase primarily was attributable to an improvement in our operating working capital balances of $570 million as discussed below, and $187 million related to lower net income tax payments, as compared to 2009. partially offsetting these improvements was a net reduction in cash from operations of $350 million related to our defined benefit pension plan. this reduction was the result of increased contributions to the pension trust of $758 million as compared to 2009, partially offset by an increase in the cas costs recovered on our contracts. operating working capital accounts consists of receivables, inventories, accounts payable, and customer advances and amounts in excess of costs incurred. the improvement in cash provided by operating working capital was due to a decline in 2010 accounts receivable balances compared to 2009, and an increase in 2010 customer advances and amounts in excess of costs incurred balances compared to 2009. these improvements partially were offset by a decline in accounts payable balances in 2010 compared to 2009. the decline in accounts receivable primarily was due to higher collections on various programs at electronic systems, is&gs, and space systems business areas. the increase in customer advances and amounts in excess of costs incurred primarily was attributable to an increase on government and commercial satellite programs at space systems and air mobility programs at aeronautics, partially offset by a decrease on various programs at electronic systems. the decrease in accounts payable was attributable to the timing of accounts payable activities across all segments. net cash provided by operating activities decreased by $1248 million to $3173 million in 2009 as compared to 2008. the decline primarily was attributable to an increase in our contributions to the defined benefit pension plan of $1373 million as compared to 2008 and an increase in our operating working capital accounts of $147 million. partially offsetting these items was the impact of lower net income tax payments in 2009 as compared to 2008 in the amount of $319 million. the decline in cash provided by operating working capital primarily was due to growth of receivables on various programs in the ms2 and gt&l lines of business at electronic systems and an increase in inventories on combat aircraft programs at aeronautics, which partially were offset by increases in customer advances and amounts in excess of costs incurred on government satellite programs at space systems and the timing of accounts payable activities. investing activities capital expenditures 2013 the majority of our capital expenditures relate to facilities infrastructure and equipment that are incurred to support new and existing programs across all of our business segments. we also incur capital expenditures for it to support programs and general enterprise it infrastructure. capital expenditures for property, plant and equipment amounted to $820 million in 2010, $852 million in 2009, and $926 million in 2008. we expect that our operating cash flows will continue to be sufficient to fund our annual capital expenditures over the next few years. acquisitions, divestitures and other activities 2013 acquisition activities include both the acquisition of businesses and investments in affiliates. amounts paid in 2010 of $148 million primarily related to investments in affiliates. we paid $435 million in 2009 for acquisition activities, compared with $233 million in 2008. in 2010, we received proceeds of $798 million from the sale of eig, net of $17 million in transaction costs (see note 2). there were no material divestiture activities in 2009 and 2008. during 2010, we increased our short-term investments by $171 million compared to an increase of $279 million in 2009. financing activities share activity and dividends 2013 during 2010, 2009, and 2008, we repurchased 33.0 million, 24.9 million, and 29.0 million shares of our common stock for $2483 million, $1851 million, and $2931 million. of the shares we repurchased in 2010, 0.9 million shares for $63 million were repurchased in december but settled and were paid for in january 2011. in october 2010, our board of directors approved a new share repurchase program for the repurchase of our common stock from time-to-time, up to an authorized amount of $3.0 billion (see note 12). under the program, we have discretion to determine the dollar amount of shares to be repurchased and the timing of any repurchases in compliance with applicable law and regulation. we repurchased a total of 11.2 million shares under the program for $776 million, and as of december 31, 2010, there remained $2224 million available for additional share repurchases. in connection with their approval of the new share repurchase program, our board terminated our previous share repurchase program. cash received from the issuance of our common stock in connection with stock option exercises during 2010, 2009, and 2008 totaled $59 million, $40 million, and $250 million. those activities resulted in the issuance of 1.4 million shares, 1.0 million shares, and 4.7 million shares during the respective periods..
what was the change in capital expenditures for property, plant and equipment from 2008 to 2009? -74.0
and how much does this change represent in relation to those capital expenditures in 2008, in percentage?
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-0.07991
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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use of estimates the preparation of the financial statements requires management to make a number of estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. actual results could differ from those estimates. (3) significant acquisitions and dispositions acquisitions we acquired total income producing real estate related assets of $219.9 million, $948.4 million and $295.6 million in 2007, 2006 and 2005, respectively. in december 2007, in order to further establish our property positions around strategic port locations, we purchased a portfolio of five industrial buildings, in seattle, virginia and houston, as well as approximately 161 acres of undeveloped land and a 12-acre container storage facility in houston. the total price was $89.7 million and was financed in part through assumption of secured debt that had a fair value of $34.3 million. of the total purchase price, $66.1 million was allocated to in-service real estate assets, $20.0 million was allocated to undeveloped land and the container storage facility, $3.3 million was allocated to lease related intangible assets, and the remaining amount was allocated to acquired working capital related assets and liabilities. this allocation of purchase price based on the fair value of assets acquired is preliminary. the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements. in february 2007, we completed the acquisition of bremner healthcare real estate (201cbremner 201d), a national health care development and management firm. the primary reason for the acquisition was to expand our development capabilities within the health care real estate market. the initial consideration paid to the sellers totaled $47.1 million, and the sellers may be eligible for further contingent payments over the next three years. approximately $39.0 million of the total purchase price was allocated to goodwill, which is attributable to the value of bremner 2019s overall development capabilities and its in-place workforce. the results of operations for bremner since the date of acquisition have been included in continuing operations in our consolidated financial statements. in february 2006, we acquired the majority of a washington, d.c. metropolitan area portfolio of suburban office and light industrial properties (the 201cmark winkler portfolio 201d). the assets acquired for a purchase price of approximately $867.6 million are comprised of 32 in-service properties with approximately 2.9 million square feet for rental, 166 acres of undeveloped land, as well as certain related assets of the mark winkler company, a real estate management company. the acquisition was financed primarily through assumed mortgage loans and new borrowings. the assets acquired and liabilities assumed were recorded at their estimated fair value at the date of acquisition, as summarized below (in thousands):.
operating rental properties | $602011
land held for development | 154300
total real estate investments | 756311
other assets | 10478
lease related intangible assets | 86047
goodwill | 14722
total assets acquired | 867558
debt assumed | -148527 (148527)
other liabilities assumed | -5829 (5829)
purchase price net of assumed liabilities | $713202
purchase price, net of assumed liabilities $713202.
what is the total goodwill? 14722.0
what about total assets? 867558.0
what fraction comes from goodwill? 0.01697
what about in percentage?
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1.69695
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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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 65691 common stockholders of record as of january 31, 2018, 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, 2017. the graph and table assume that $100 was invested on december 31, 2012 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.
date | citi | s&p 500 | s&p financials
31-dec-2012 | 100.0 | 100.0 | 100.0
31-dec-2013 | 131.8 | 132.4 | 135.6
31-dec-2014 | 137.0 | 150.5 | 156.2
31-dec-2015 | 131.4 | 152.6 | 153.9
31-dec-2016 | 152.3 | 170.8 | 188.9
31-dec-2017 | 193.5 | 208.1 | 230.9
.
what is the price of citi in 2017? 193.5
what is that less 100? 93.5
what is the value of the s&p 500 in 2017?
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208.1
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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pension expense.
- | 2016 | 2015 | 2014
pension expense | $68.1 | $135.6 | $135.9
special terminations settlements and curtailments (included above) | 7.3 | 35.2 | 5.8
weighted average discount rate (a) | 4.1% (4.1%) | 4.0% (4.0%) | 4.6% (4.6%)
weighted average expected rate of return on plan assets | 7.5% (7.5%) | 7.4% (7.4%) | 7.7% (7.7%)
weighted average expected rate of compensation increase | 3.5% (3.5%) | 3.5% (3.5%) | 3.9% (3.9%)
(a) effective in 2016, the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows, as we believe this provides a better measurement of these costs. the company has accounted for this as a change in accounting estimate and, accordingly has accounted for it on a prospective basis. this change does not affect the measurement of the total benefit obligation. 2016 vs. 2015 pension expense, excluding special items, decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost, the impact from expected return on assets and demographic gains, partially offset by the impact of the adoption of new mortality tables for our major plans. special items of $7.3 included pension settlement losses of $6.4, special termination benefits of $2.0, and curtailment gains of $1.1. these resulted primarily from our recent business restructuring and cost reduction actions. 2015 vs. 2014 the decrease in pension expense, excluding special items, was due to the impact from expected return on assets, a 40 bp reduction in the weighted average compensation increase assumption, and lower service cost and interest cost. the decrease was partially offset by the impact of higher amortization of actuarial losses, which resulted primarily from a 60 bp decrease in weighted average discount rate. special items of $35.2 included pension settlement losses of $21.2, special termination benefits of $8.7, and curtailment losses of $5.3. these resulted primarily from our recent business restructuring and cost reduction actions. 2017 outlook in 2017, pension expense, excluding special items, is estimated to be approximately $70 to $75, an increase of $10 to $15 from 2016, resulting primarily from a decrease in discount rates, offset by favorable asset experience, effects of the versum spin-off and the adoption of new mortality tables. pension settlement losses of $10 to $15 are expected, dependent on the timing of retirements. in 2017, we expect pension expense to include approximately $164 for amortization of actuarial losses compared to $121 in 2016. net actuarial losses of $484 were recognized in accumulated other comprehensive income in 2016, primarily attributable to lower discount rates and improved mortality projections. actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses. future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017. during the first quarter of 2017, the company expects to record a curtailment loss estimated to be $5 to $10 related to employees transferring to versum. the loss will be reflected in the results from discontinued operations on the consolidated income statements. we continue to evaluate opportunities to manage the liabilities associated with our pension plans. pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans, which are primarily non-qualified plans. with respect to funded plans, our funding policy is that contributions, combined with appreciation and earnings, will be sufficient to pay benefits without creating unnecessary surpluses. in addition, we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions. with the assistance of third party actuaries, we analyze the liabilities and demographics of each plan, which help guide the level of contributions. during 2016 and 2015, our cash contributions to funded plans and benefit payments for unfunded plans were $79.3 and $137.5, respectively. for 2017, cash contributions to defined benefit plans are estimated to be $65 to $85. the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans, which.
in the year of 2016, what percentage did the pension settlement losses represent in relation to the total of special terminations settlements and curtailments? 0.87671
and from 2015 to that year, what was the change in the cash contributions to funded plans and benefit payments for unfunded plans?
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-58.2
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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included in the corporate and consumer loan tables above 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 company 2019s purchased distressed loan portfolio at december 31, 2010 was $392 million, net of an allowance of $77 million as of december 31, 2010. the changes in the accretable yield, related allowance and carrying amount net of accretable yield for 2010 are as follows: in millions of dollars accretable carrying amount of loan receivable allowance.
in millions of dollars | accretable yield | carrying amount of loan receivable | allowance
beginning balance | $27 | $920 | $95
purchases (1) | 1 | 130 | 2014
disposals/payments received | -11 (11) | -594 (594) | 2014
accretion | -44 (44) | 44 | 2014
builds (reductions) to the allowance | 128 | 2014 | -18 (18)
increase to expected cash flows | -2 (2) | 19 | 2014
fx/other | 17 | -50 (50) | 2014
balance at december 31 2010 (2) | $116 | $469 | $77
(1) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $130 million of purchased loans accounted for under the level-yield method and $0 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 $131 million at their acquisition dates. (2) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $315 million of loans accounted for under the level-yield method and $154 million accounted for under the cost-recovery method..
what is the value of the company 2019s purchased distressed loan portfolio in 2010? 392.0
what is the value of allowances in 2010? 77.0
what is the sum? 469.0
what is the allowance value at the end of 2010?
|
77.0
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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software and will give the company a comprehensive design-to-silicon flow that links directly into the semiconductor manufacturing process. integrating hpl 2019s yield management and test chip technologies into the company 2019s industry-leading dfm portfolio is also expected to enable customers to increase their productivity and improve profitability in the design and manufacture of advanced semiconductor devices. purchase price. the company paid $11.0 million in cash for all outstanding shares of hpl. in addition, the company had a prior investment in hpl of approximately $1.9 million. the total purchase consideration consisted of:.
- | (in thousands)
cash paid | $11001
prior investment in hpl | 1872
acquisition-related costs | 2831
total purchase price | $15704
acquisition-related costs of $2.8 million consist primarily of legal, tax and accounting fees of $1.6 million, $0.3 million of estimated facilities closure costs and other directly related charges, and $0.9 million in employee termination costs. as of october 31, 2006, the company had paid $2.2 million of the acquisition related costs, of which $1.1 million were for professional services costs, $0.2 million were for facilities closure costs and $0.9 million were for employee termination costs. the $0.6 million balance remaining at october 31, 2006 consists of professional and tax-related service fees and facilities closure costs. assets acquired. the company acquired $8.5 million of intangible assets consisting of $5.1 million in core developed technology, $3.2 million in customer relationships and $0.2 million in backlog to be amortized over two to four years. approximately $0.8 million of the purchase price represents the fair value of acquired in-process research and development projects that have not yet reached technological feasibility and have no alternative future use. accordingly, the amount was immediately expensed and included in the company 2019s condensed consolidated statement of operations for the first quarter of fiscal year 2006. additionally, the company acquired tangible assets of $14.0 million and assumed liabilities of $10.9 million. goodwill, representing the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in the merger was $3.4 million. goodwill resulted primarily from the company 2019s expectation of synergies from the integration of hpl 2019s technology with the company 2019s technology and operations. other. during the fiscal year 2006, the company completed an asset acquisition for cash consideration of $1.5 million. this acquisition is not considered material to the company 2019s consolidated balance sheet and results of operations. fiscal 2005 acquisitions nassda corporation (nassda) the company acquired nassda on may 11, 2005. reasons for the acquisition. the company believes nassda 2019s full-chip circuit simulation and analysis software will broaden its offerings of transistor-level circuit simulation tools, particularly in the area of mixed-signal and memory design. purchase price. the company acquired all the outstanding shares of nassda for total cash consideration of $200.2 million, or $7.00 per share. in addition, as required by the merger agreement, certain nassda officers, directors and employees who were defendants in certain preexisting litigation.
what was the total of intangible assets, in millions?
|
8.5
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As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
|
note 6: inventories we use the last-in, first-out (lifo) method for the majority of our inventories located in the continental u.s. other inventories are valued by the first-in, first-out (fifo) method. fifo cost approximates current replacement cost. inventories measured using lifo must be valued at the lower of cost or market. inventories measured using fifo must be valued at the lower of cost or net realizable value. inventories at december 31 consisted of the following:.
- | 2018 | 2017
finished products | $988.1 | $1211.4
work in process | 2628.2 | 2697.7
raw materials and supplies | 506.5 | 488.8
total (approximates replacement cost) | 4122.8 | 4397.9
increase (reduction) to lifo cost | -11.0 (11.0) | 60.4
inventories | $4111.8 | $4458.3
inventories valued under the lifo method comprised $1.57 billion and $1.56 billion of total inventories at december 31, 2018 and 2017, respectively. note 7: financial instruments financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest- bearing investments. wholesale distributors of life-science products account for a substantial portion of our trade receivables; collateral is generally not required. we seek to mitigate the risk associated with this concentration through our ongoing credit-review procedures and insurance. a large portion of our cash is held by a few major financial institutions. we monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations. major financial institutions represent the largest component of our investments in corporate debt securities. in accordance with documented corporate risk-management policies, we monitor the amount of credit exposure to any one financial institution or corporate issuer. we are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings. we consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. the cost of these investments approximates fair value. our equity investments are accounted for using three different methods depending on the type of equity investment: 2022 investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method, with our share of earnings or losses reported in other-net, (income) expense. 2022 for equity investments that do not have readily determinable fair values, we measure these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. any change in recorded value is recorded in other-net, (income) expense. 2022 our public equity investments are measured and carried at fair value. any change in fair value is recognized in other-net, (income) expense. we review equity investments other than public equity investments for indications of impairment on a regular basis. our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets, liabilities, and transactions being hedged. management reviews the correlation and effectiveness of our derivatives on a quarterly basis..
what was the value of inventories in 2018? 4111.8
what was the value in 2017? 4458.3
what is the net change in values? -346.5
what is the percent change?
|
-0.07772
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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notes to consolidated financial statements 2014 (continued) in connection with these discover related purchases, we have sold the contractual rights to future commissions on discover transactions to certain of our isos. contractual rights sold totaled $7.6 million during the year ended may 31, 2008 and $1.0 million during fiscal 2009. such sale proceeds are generally collected in installments over periods ranging from three to nine months. during fiscal 2009, we collected $4.4 million of such proceeds, which are included in the proceeds from sale of investment and contractual rights in our consolidated statement of cash flows. we do not recognize gains on these sales of contractual rights at the time of sale. proceeds are deferred and recognized as a reduction of the related commission expense. during fiscal 2009, we recognized $1.2 million of such deferred sales proceeds as other long-term liabilities. other 2008 acquisitions during fiscal 2008, we acquired a majority of the assets of euroenvios money transfer, s.a. and euroenvios conecta, s.l., which we collectively refer to as lfs spain. lfs spain consisted of two privately- held corporations engaged in money transmittal and ancillary services from spain to settlement locations primarily in latin america. the purpose of the acquisition was to further our strategy of expanding our customer base and market share by opening additional branch locations. during fiscal 2008, we acquired a series of money transfer branch locations in the united states. the purpose of these acquisitions was to increase the market presence of our dolex-branded money transfer offering. the following table summarizes the preliminary purchase price allocations of all these fiscal 2008 business acquisitions (in thousands):.
- | total
goodwill | $13536
customer-related intangible assets | 4091
contract-based intangible assets | 1031
property and equipment | 267
other current assets | 502
total assets acquired | 19427
current liabilities | -2347 (2347)
minority interest in equity of subsidiary (at historical cost) | -486 (486)
net assets acquired | $16594
the customer-related intangible assets have amortization periods of up to 14 years. the contract-based intangible assets have amortization periods of 3 to 10 years. these business acquisitions were not significant to our consolidated financial statements and accordingly, we have not provided pro forma information relating to these acquisitions. in addition, during fiscal 2008, we acquired a customer list and long-term merchant referral agreement in our canadian merchant services channel for $1.7 million. the value assigned to the customer list of $0.1 million was expensed immediately. the remaining value was assigned to the merchant referral agreement and is being amortized on a straight-line basis over its useful life of 10 years. fiscal 2007 on july 24, 2006, we completed the purchase of a fifty-six percent ownership interest in the asia-pacific merchant acquiring business of the hongkong and shanghai banking corporation limited, or hsbc asia pacific. this business provides card payment processing services to merchants in the asia-pacific region. the.
what is the value of goodwill? 13536.0
what is the value of customer-related intangible assets?
|
4091.0
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
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stock price performance the following graph shows a comparison of the cumulative total return on our common stock, the standard & poor's 500 index and the standard & poor's 500 retail index. the graph assumes that the value of an investment in our common stock and in each such index was $100 on december 30, 2006, and that any dividends have been reinvested. the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock. comparison of cumulative total return among advance auto parts, inc., s&p 500 index and s&p 500 retail index company/index advance auto parts s&p 500 index s&p retail index december 30, $100.00 100.00 100.00 december 29, $108.00 104.24 january 3, $97.26 january 2, $116.01 january 1, $190.41 101.84 december 31, $201.18 104.81.
company/index | december 30 2006 | december 29 2007 | january 3 2009 | january 2 2010 | january 1 2011 | december 31 2011
advance auto parts | $100.00 | $108.00 | $97.26 | $116.01 | $190.41 | $201.18
s&p 500 index | 100.00 | 104.24 | 65.70 | 78.62 | 88.67 | 88.67
s&p retail index | 100.00 | 82.15 | 58.29 | 82.36 | 101.84 | 104.81
stock price performance the following graph shows a comparison of the cumulative total return on our common stock, the standard & poor's 500 index and the standard & poor's 500 retail index. the graph assumes that the value of an investment in our common stock and in each such index was $100 on december 30, 2006, and that any dividends have been reinvested. the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock. comparison of cumulative total return among advance auto parts, inc., s&p 500 index and s&p 500 retail index company/index advance auto parts s&p 500 index s&p retail index december 30, $100.00 100.00 100.00 december 29, $108.00 104.24 january 3, $97.26 january 2, $116.01 january 1, $190.41 101.84 december 31, $201.18 104.81.
what is the value of the s&p 500 index on january 3, 2009 less it at the end of 2006?
|
-34.3
|
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