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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 aes corporation notes to consolidated financial statements 2014 (continued) december 31, 2017, 2016, and 2015 on december 8, 2017, the board of directors declared a quarterly common stock dividend of $0.13 per share payable on february 15, 2018 to shareholders of record at the close of business on february 1, 2018. stock repurchase program 2014 no shares were repurchased in 2017. the cumulative repurchases from the commencement of the program in july 2010 through december 31, 2017 totaled 154.3 million shares for a total cost of $1.9 billion, at an average price per share of $12.12 (including a nominal amount of commissions). as of december 31, 2017, $246 million remained available for repurchase under the program. the common stock repurchased has been classified as treasury stock and accounted for using the cost method. a total of 155924785 and 156878891 shares were held as treasury stock at december 31, 2017 and 2016, respectively. restricted stock units under the company's employee benefit plans are issued from treasury stock. the company has not retired any common stock repurchased since it began the program in july 2010. 15. segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business. during the third quarter of 2017, the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu. the management reporting structure is organized by five sbus led by our president and chief executive officer: us, andes, brazil, mcac and eurasia sbus. the company determined that it has five operating and five reportable segments corresponding to its sbus. all prior period results have been retrospectively revised to reflect the new segment reporting structure. in february 2018, we announced a reorganization as a part of our ongoing strategy to simplify our portfolio, optimize our cost structure, and reduce our carbon intensity. the company is currently evaluating the impact this reorganization will have on our segment reporting structure. corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. the company uses adjusted ptc as its primary segment performance measure. adjusted ptc, a non-gaap measure, is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions; (b) unrealized foreign currency gains or losses; (c) gains, losses and associated benefits and costs due to dispositions and acquisitions of business interests, including early plant closures; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; and (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations, and office consolidation. adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments. additionally, given its large number of businesses and complexity, the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results. revenue and adjusted ptc are presented before inter-segment eliminations, which includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees, and the write-off of intercompany balances, as applicable. all intra-segment activity has been eliminated within the segment. inter-segment activity has been eliminated within the total consolidated results. the following tables present financial information by segment for the periods indicated (in millions):.
year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015
us sbu | $3229 | $3429 | $3593
andes sbu | 2710 | 2506 | 2489
brazil sbu | 542 | 450 | 962
mcac sbu | 2448 | 2172 | 2353
eurasia sbu | 1590 | 1670 | 1875
corporate and other | 35 | 77 | 31
eliminations | -24 (24) | -23 (23) | -43 (43)
total revenue | $10530 | $10281 | $11260
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what was the total net revenue in 2017, in millions?
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10530.0
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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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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? 200247.0
what is the sum? 428928.0
what is the value of the afs investment securities in 2016?
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236670.0
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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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the goldman sachs group, inc. and subsidiaries notes to consolidated financial statements in the tables above: 2030 the gross fair values exclude the effects of both counterparty netting and collateral netting, and therefore are not representative of the firm 2019s exposure. 2030 counterparty netting is reflected in each level to the extent that receivable and payable balances are netted within the same level and is included in counterparty netting in levels. where the counterparty netting is across levels, the netting is included in cross-level counterparty netting. 2030 derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts. significant unobservable inputs the table below presents the amount of level 3 assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value the firm 2019s level 3 derivatives. level 3 assets (liabilities) and range of significant unobservable inputs (average/median) as of december $in millions 2017 2016.
$in millions | level 3 assets (liabilities) and range of significant unobservable inputs (average/median) as of december 2017 | level 3 assets (liabilities) and range of significant unobservable inputs (average/median) as of december 2016
interest rates net | $-410 (410) | $-381 (381)
correlation | (10)% (%) to 95% (95%) (71%/79% (71%/79%)) | (10)% (%) to 86% (86%) (56%/60% (56%/60%))
volatility (bps) | 31 to 150 (84/78) | 31 to 151 (84/57)
credit net | $1505 | $2504
correlation | 28% (28%) to 84% (84%) (61%/60% (61%/60%)) | 35% (35%) to 91% (91%) (65%/68% (65%/68%))
credit spreads (bps) | 1 to 633 (69/42) | 1 to 993 (122/73)
upfront credit points | 0 to 97 (42/38) | 0 to 100 (43/35)
recovery rates | 22% (22%) to 73% (73%) (68%/73% (68%/73%)) | 1% (1%) to 97% (97%) (58%/70% (58%/70%))
currencies net | $-181 (181) | $3
correlation | 49% (49%) to 72% (72%) (61%/62% (61%/62%)) | 25% (25%) to 70% (70%) (50%/55% (50%/55%))
commodities net | $47 | $73
volatility | 9% (9%) to 79% (79%) (24%/24% (24%/24%)) | 13% (13%) to 68% (68%) (33%/33% (33%/33%))
natural gas spread | $(2.38) to $3.34 ($(0.22) /$(0.12)) | $(1.81) to $4.33 ($(0.14) /$(0.05))
oil spread | $(2.86) to $23.61 ($6.47/$2.35) | $(19.72) to $64.92 ($25.30/$16.43)
equities net | $-1249 (1249) | $-3416 (3416)
correlation | (36)% (%) to 94% (94%) (50%/52% (50%/52%)) | (39)% (%) to 88% (88%) (41%/41% (41%/41%))
volatility | 4% (4%) to 72% (72%) (24%/22% (24%/22%)) | 5% (5%) to 72% (72%) (24%/23% (24%/23%))
in the table above: 2030 derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts. 2030 ranges represent the significant unobservable inputs that were used in the valuation of each type of derivative. 2030 averages represent the arithmetic average of the inputs and are not weighted by the relative fair value or notional of the respective financial instruments. an average greater than the median indicates that the majority of inputs are below the average. for example, the difference between the average and the median for credit spreads and oil spread inputs indicates that the majority of the inputs fall in the lower end of the range. 2030 the ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. for example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of the firm 2019s level 3 derivatives. 2030 interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models. 2030 the fair value of any one instrument may be determined using multiple valuation techniques. for example, option pricing models and discounted cash flows models are typically used together to determine fair value. therefore, the level 3 balance encompasses both of these techniques. 2030 correlation within currencies and equities includes cross- product type correlation. 2030 natural gas spread represents the spread per million british thermal units of natural gas. 2030 oil spread represents the spread per barrel of oil and refined products. range of significant unobservable inputs the following is information about the ranges of significant unobservable inputs used to value the firm 2019s level 3 derivative instruments: 2030 correlation. ranges for correlation cover a variety of underliers both within one product type (e.g., equity index and equity single stock names) and across product types (e.g., correlation of an interest rate and a currency), as well as across regions. generally, cross-product type correlation inputs are used to value more complex instruments and are lower than correlation inputs on assets within the same derivative product type. 2030 volatility. ranges for volatility cover numerous underliers across a variety of markets, maturities and strike prices. for example, volatility of equity indices is generally lower than volatility of single stocks. 2030 credit spreads, upfront credit points and recovery rates. the ranges for credit spreads, upfront credit points and recovery rates cover a variety of underliers (index and single names), regions, sectors, maturities and credit qualities (high-yield and investment-grade). the broad range of this population gives rise to the width of the ranges of significant unobservable inputs. 130 goldman sachs 2017 form 10-k.
between 2016 and 2017, what was the variation in the credit net? -999.0
and what was that credit net in 2016?
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2504.0
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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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table of contents item 7 2013 management 2019s discussion and analysis of financial condition and results of operations liquidity and capital resources we recorded net earnings of $35.4 million or $1.18 per share in 2004, compared with $52.2 million or $1.76 per share recorded in 2003 and $51.3 million or $1.86 per share in 2002. net earnings recorded in 2004 were negatively impacted by cost increases to steel and freight, as well as manufacturing inefficiencies during the first nine months of the year in our ashland city plant and higher selling, general and administrative expense (sg&a). while net earnings were flat in 2003 compared with 2002, the lower earnings per share amount in 2003 as compared with 2002 reflected the full-year impact of our stock offering in may 2002. our individual segment performance will be discussed later in this section. our working capital, excluding short-term debt, was $339.8 million at december 31, 2004, compared with $305.9 million and $225.1 million at december 31, 2003, and december 31, 2002, respectively. the $33.9 million increase in 2004 reflects $44.9 million higher receivable balances due to longer payment terms experienced by both of our businesses as well as higher sales levels in the fourth quarter. offsetting the increase in receivable balances were $13.5 million lower inventory levels split about equally between water systems and electrical products and $14.3 million higher accounts payable balances. the $80.8 million increase in 2003 reflects $46.6 million higher inventory balances due primarily to extensive manufacturing repositioning in our electric motor business and several new product introductions and manufacturing consolidation in our water systems business. additionally, receivable balances were $21.2 million higher due to price increases associated with new product introductions in our water systems business and an increase in international sales, which tend to have longer payment terms. finally, a $13.1 million increase in accounts payable balances was largely offset by $9.4 million in restructuring expenses paid out in 2003. reducing working capital is one of our major initiatives in 2005. cash provided by operating activities during 2004 was $67.2 million compared with $29.0 million during 2003 and $116.0 million during 2002. despite lower earnings in 2004, a smaller investment in working capital explains the majority of the improvement in cash flow compared with 2003. the higher investment in working capital in 2003 (as discussed above), explains the majority of the difference between 2003 and our capital expenditures were $48.5 million in 2004, essentially the same as in 2003 and approximately $2.2 million higher than in 2002. the increase in 2003 was associated with new product launches in our water systems business. we are projecting 2005 capital expenditures to be approximately $55 million, essentially the same as our projected 2005 depreciation expense. we believe that our present facilities and planned capital expenditures are sufficient to provide adequate capacity for our operations in 2005. in june 2004, we completed a $265 million, five-year revolving credit facility with a group of eight banks. the new facility expires on june 10, 2009, and it replaced a $250 million credit facility which expired on august 2, 2004, and was terminated on june 10, 2004. the new facility backs up commercial paper and credit line borrowings. as a result of the long-term nature of this facility, the commercial paper and credit line borrowings are now classified as long-term debt. at december 31, 2004, we had available borrowing capacity of $153.9 million under this facility. we believe that the combination of available borrowing capacity and operating cash flow will provide sufficient funds to finance our existing operations for the foreseeable future. to take advantage of historically low long-term borrowing rates, we issued $50.0 million in senior notes with two insurance companies in june 2003. the notes range in maturity between 2013 and 2016 and carry a weighted average interest rate of slightly less than 4.5 percent. the proceeds of the notes were used to repay commercial paper and borrowing under the credit facility. our leverage, as measured by the ratio of total debt to total capitalization, was 32 percent at the end of 2004 and the end of 2003. aggregate contractual obligations a summary of our contractual obligations as of december 31, 2004, is as follows:.
(dollars in millions) contractual obligation | (dollars in millions) total | (dollars in millions) less than 1 year | (dollars in millions) 1 - 3 years | (dollars in millions) 3 - 5 years | more than 5 years
long-term debt | $275.1 | $8.6 | $13.8 | $138.2 | $114.5
capital leases | 6.0 | 2014 | 2014 | 6.0 | 2014
operating leases | 62.9 | 14.4 | 20.7 | 11.6 | 16.2
purchase obligations | 177.3 | 176.6 | 0.7 | 2014 | 2014
total | $521.3 | $199.6 | $35.2 | $155.8 | $130.7
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as of december 31, 2004, what percentage of the total of aggregate contractual obligations was due to long-term debt?
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275.1
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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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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 was the total of non-utility nuclear earnings by the end of 2002?
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201.0
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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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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..
between the years of 2016 and 2017, what was the change in the number of class a common stocks issued and outstanding? 995.0
and in that year of 2017, what percentage did this number represent in relation to the total amount of class a common stock authorized?
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0.33924
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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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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? 665598.0
and what was the average between the three years? 221866.0
and between the last two years of that period, from 2017 to 2018, what was the change in the ending available for sale investment securities?
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28434.0
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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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2022 a financial safeguard package for cleared over-the-counter credit default swap contracts, and 2022 a financial safeguard package for cleared over-the-counter interest rate swap contracts. in the unlikely event of a payment default by a clearing firm, we would first apply assets of the defaulting clearing firm to satisfy its payment obligation. these assets include the defaulting firm 2019s guaranty fund contributions, performance bonds and any other available assets, such as assets required for membership and any associated trading rights. in addition, we would make a demand for payment pursuant to any applicable guarantee provided to us by the parent company of the clearing firm. thereafter, if the payment default remains unsatisfied, we would use the corporate contributions designated for the respective financial safeguard package. we would then use guaranty fund contributions of other clearing firms within the respective financial safeguard package and funds collected through an assessment against solvent clearing firms within the respective financial safeguard package to satisfy the deficit. we maintain a $5.0 billion 364-day multi-currency line of credit with a consortium of domestic and international banks to be used in certain situations by cme clearing. we have the option to request an increase in the line from $5.0 billion to $7.0 billion. we may use the proceeds to provide temporary liquidity in the unlikely event of a clearing firm default, in the event of a liquidity constraint or default by a depositary (custodian of the collateral), or in the event of a temporary disruption with the payments systems that would delay payment of settlement variation between us and our clearing firms. the credit agreement requires us to pledge certain assets to the line of credit custodian prior to drawing on the line of credit. pledged assets may include clearing firm guaranty fund deposits held by us in the form of u.s. treasury or agency securities, as well as select money market mutual funds approved for our select interest earning facility (ief) programs. performance bond collateral of a defaulting clearing firm may also be used to secure a draw on the line. in addition to the 364-day multi- currency line of credit, we also have the option to use our $1.8 billion multi-currency revolving senior credit facility to provide liquidity for our clearing house in the unlikely event of default. aggregate performance bond deposits for clearing firms for all three cme financial safeguard packages was $86.8 billion, including $5.6 billion of cash performance bond deposits and $4.2 billion of letters of credit. a defaulting firm 2019s performance bond deposits can be used in the event of default of that clearing firm. the following shows the available assets at december 31, 2012 in the event of a payment default by a clearing firm for the base financial safeguard package after first utilizing the defaulting firm 2019s available assets: (in millions) cme clearing available assets designated corporate contributions for futures and options (1)........ $100.0 guaranty fund contributions (2)..... 2899.5 assessment powers (3)............ 7973.6 minimum total assets available for default (4).................... $10973.1 (1) cme clearing designates $100.0 million of corporate contributions to satisfy a clearing firm default in the event that the defaulting clearing firm 2019s guaranty contributions and performance bonds do not satisfy the deficit. (2) guaranty fund contributions of clearing firms include guaranty fund contributions required of clearing firms, but do not include any excess deposits held by us at the direction of clearing firms. (3) in the event of a clearing firm default, if a loss continues to exist after the utilization of the assets of the defaulted firm, our designated working capital and the non-defaulting clearing firms 2019 guaranty fund contributions, we have the right to assess all non-defaulting clearing members as defined in the rules governing the guaranty fund. (4) represents the aggregate minimum resources available to satisfy any obligations not met by a defaulting firm subsequent to the liquidation of the defaulting firm 2019s performance bond collateral..
(in millions) | cme clearingavailable assets
designated corporate contributions for futures and options (1) | $100.0
guaranty fund contributions (2) | 2899.5
assessment powers (3) | 7973.6
minimum total assets available for default (4) | $10973.1
2022 a financial safeguard package for cleared over-the-counter credit default swap contracts, and 2022 a financial safeguard package for cleared over-the-counter interest rate swap contracts. in the unlikely event of a payment default by a clearing firm, we would first apply assets of the defaulting clearing firm to satisfy its payment obligation. these assets include the defaulting firm 2019s guaranty fund contributions, performance bonds and any other available assets, such as assets required for membership and any associated trading rights. in addition, we would make a demand for payment pursuant to any applicable guarantee provided to us by the parent company of the clearing firm. thereafter, if the payment default remains unsatisfied, we would use the corporate contributions designated for the respective financial safeguard package. we would then use guaranty fund contributions of other clearing firms within the respective financial safeguard package and funds collected through an assessment against solvent clearing firms within the respective financial safeguard package to satisfy the deficit. we maintain a $5.0 billion 364-day multi-currency line of credit with a consortium of domestic and international banks to be used in certain situations by cme clearing. we have the option to request an increase in the line from $5.0 billion to $7.0 billion. we may use the proceeds to provide temporary liquidity in the unlikely event of a clearing firm default, in the event of a liquidity constraint or default by a depositary (custodian of the collateral), or in the event of a temporary disruption with the payments systems that would delay payment of settlement variation between us and our clearing firms. the credit agreement requires us to pledge certain assets to the line of credit custodian prior to drawing on the line of credit. pledged assets may include clearing firm guaranty fund deposits held by us in the form of u.s. treasury or agency securities, as well as select money market mutual funds approved for our select interest earning facility (ief) programs. performance bond collateral of a defaulting clearing firm may also be used to secure a draw on the line. in addition to the 364-day multi- currency line of credit, we also have the option to use our $1.8 billion multi-currency revolving senior credit facility to provide liquidity for our clearing house in the unlikely event of default. aggregate performance bond deposits for clearing firms for all three cme financial safeguard packages was $86.8 billion, including $5.6 billion of cash performance bond deposits and $4.2 billion of letters of credit. a defaulting firm 2019s performance bond deposits can be used in the event of default of that clearing firm. the following shows the available assets at december 31, 2012 in the event of a payment default by a clearing firm for the base financial safeguard package after first utilizing the defaulting firm 2019s available assets: (in millions) cme clearing available assets designated corporate contributions for futures and options (1)........ $100.0 guaranty fund contributions (2)..... 2899.5 assessment powers (3)............ 7973.6 minimum total assets available for default (4).................... $10973.1 (1) cme clearing designates $100.0 million of corporate contributions to satisfy a clearing firm default in the event that the defaulting clearing firm 2019s guaranty contributions and performance bonds do not satisfy the deficit. (2) guaranty fund contributions of clearing firms include guaranty fund contributions required of clearing firms, but do not include any excess deposits held by us at the direction of clearing firms. (3) in the event of a clearing firm default, if a loss continues to exist after the utilization of the assets of the defaulted firm, our designated working capital and the non-defaulting clearing firms 2019 guaranty fund contributions, we have the right to assess all non-defaulting clearing members as defined in the rules governing the guaranty fund. (4) represents the aggregate minimum resources available to satisfy any obligations not met by a defaulting firm subsequent to the liquidation of the defaulting firm 2019s performance bond collateral..
what is the maximum potential change that can be made by cme on their current line of credit? 2.0
and how much, in percentage, does this maximum potential change represent in relation to that current line of credit as it is now?
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0.4
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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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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? 0.61
by what amount, then, did that percentage increase over the year? 0.01
and what was this increase amount in that percentage over the next year, from 2018 to 2019?
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0.0
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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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reinsurance commissions, fees and other revenue decreased 2% (2%) in 2014 reflecting a 1% (1%) unfavorable impact from foreign currency exchange rates and 1% (1%) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty, partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business, as well as facultative placements. operating income operating income increased $108 million, or 7% (7%), from 2013 to $1.6 billion in 2014. in 2014, operating income margins in this segment were 21.0% (21.0%), an increase of 120 basis points from 19.8% (19.8%) in 2013. operating margin improvement was driven by solid organic revenue growth, return on investments, expense discipline and savings related to the restructuring programs, partially offset by a $61 million unfavorable impact from foreign currency exchange rates. hr solutions.
years ended december 31 | 2014 | 2013 | 2012
revenue | $4264 | $4057 | $3925
operating income | 485 | 318 | 289
operating margin | 11.4% (11.4%) | 7.8% (7.8%) | 7.4% (7.4%)
our hr solutions segment generated approximately 35% (35%) of our consolidated total revenues in 2014 and provides a broad range of human capital services, as follows: 2022 retirement specializes in global actuarial services, defined contribution consulting, tax and erisa consulting, and pension administration. 2022 compensation focuses on compensatory advisory/counsel including: compensation planning design, executive reward strategies, salary survey and benchmarking, market share studies and sales force effectiveness, with special expertise in the financial services and technology industries. 2022 strategic human capital delivers advice to complex global organizations on talent, change and organizational effectiveness issues, including talent strategy and acquisition, executive on-boarding, performance management, leadership assessment and development, communication strategy, workforce training and change management. 2022 investment consulting advises public and private companies, other institutions and trustees on developing and maintaining investment programs across a broad range of plan types, including defined benefit plans, defined contribution plans, endowments and foundations. 2022 benefits administration applies our human resource expertise primarily through defined benefit (pension), defined contribution (401 (k)), and health and welfare administrative services. our model replaces the resource-intensive processes once required to administer benefit plans with more efficient, effective, and less costly solutions. 2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare, while helping individuals select the insurance that best meets their needs. 2022 human resource business processing outsourcing provides market-leading solutions to manage employee data; administer benefits, payroll and other human resources processes; and record and manage talent, workforce and other core human resource process transactions as well as other complementary services such as flexible spending, dependent audit and participant advocacy. disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace. weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate. while we believe that the majority of our practices are well positioned to manage through this time, these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services, which is having an adverse effect on our new business and results of operations..
what was the operating margin in 2014? 0.114
and what was it in 2013?
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0.078
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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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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? 2.8
and in 2013? 2.6
so what was the difference between these two values?
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0.2
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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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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 net change in the price of the nasdaq composite from 2008 to 2012? 10.78
what is that over 100?
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0.1078
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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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in addition to the committed credit facilities discussed above, certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs. these credit arrangements, which amounted to approximately $2.9 billion at december 31, 2015, and $3.2 billion at december 31, 2014, are for the sole use of our subsidiaries. borrowings under these arrangements amounted to $825 million at december 31, 2015, and $1.2 billion at december 31, 2014. commercial paper program 2013 we have commercial paper programs in place in the u.s. and in europe. at december 31, 2015 and december 31, 2014, we had no commercial paper outstanding. effective april 19, 2013, our commercial paper program in the u.s. was increased by $2.0 billion. as a result, our commercial paper programs in place in the u.s. and in europe currently have an aggregate issuance capacity of $8.0 billion. we expect that the existence of the commercial paper program and the committed credit facilities, coupled with our operating cash flows, will enable us to meet our liquidity requirements. sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions. these arrangements allow us to sell, on an ongoing basis, certain trade receivables without recourse. the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets. we sell trade receivables under two types of arrangements, servicing and non-servicing. pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets, which remained outstanding with the unaffiliated financial institutions. the trade receivables sold that remained outstanding under these arrangements as of december 31, 2015, 2014 and 2013 were $888 million, $120 million and $146 million, respectively. the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows. for further details, see item 8, note 23. sale of accounts receivable to our consolidated financial statements. debt 2013 our total debt was $28.5 billion at december 31, 2015, and $29.5 billion at december 31, 2014. our total debt is primarily fixed rate in nature. for further details, see item 8, note 7. indebtedness. the weighted-average all-in financing cost of our total debt was 3.0% (3.0%) in 2015, compared to 3.2% (3.2%) in 2014. see item 8, note 16. fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt. the amount of debt that we can issue is subject to approval by our board of directors. on february 21, 2014, we filed a shelf registration statement with the u.s. securities and exchange commission, under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period. our debt issuances in 2015 were as follows: (in millions) type face value interest rate issuance maturity u.s. dollar notes (a) $500 1.250% (1.250%) august 2015 august 2017 u.s. dollar notes (a) $750 3.375% (3.375%) august 2015 august 2025 (a) interest on these notes is payable annually in arrears beginning in february 2016. 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 2014 and 10.5 years at the end of 2015. 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..
type | - | face value | interest rate | issuance | maturity
u.s. dollar notes | (a) | $500 | 1.250% (1.250%) | august 2015 | august 2017
u.s. dollar notes | (a) | $750 | 3.375% (3.375%) | august 2015 | august 2025
in addition to the committed credit facilities discussed above, certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs. these credit arrangements, which amounted to approximately $2.9 billion at december 31, 2015, and $3.2 billion at december 31, 2014, are for the sole use of our subsidiaries. borrowings under these arrangements amounted to $825 million at december 31, 2015, and $1.2 billion at december 31, 2014. commercial paper program 2013 we have commercial paper programs in place in the u.s. and in europe. at december 31, 2015 and december 31, 2014, we had no commercial paper outstanding. effective april 19, 2013, our commercial paper program in the u.s. was increased by $2.0 billion. as a result, our commercial paper programs in place in the u.s. and in europe currently have an aggregate issuance capacity of $8.0 billion. we expect that the existence of the commercial paper program and the committed credit facilities, coupled with our operating cash flows, will enable us to meet our liquidity requirements. sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions. these arrangements allow us to sell, on an ongoing basis, certain trade receivables without recourse. the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets. we sell trade receivables under two types of arrangements, servicing and non-servicing. pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets, which remained outstanding with the unaffiliated financial institutions. the trade receivables sold that remained outstanding under these arrangements as of december 31, 2015, 2014 and 2013 were $888 million, $120 million and $146 million, respectively. the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows. for further details, see item 8, note 23. sale of accounts receivable to our consolidated financial statements. debt 2013 our total debt was $28.5 billion at december 31, 2015, and $29.5 billion at december 31, 2014. our total debt is primarily fixed rate in nature. for further details, see item 8, note 7. indebtedness. the weighted-average all-in financing cost of our total debt was 3.0% (3.0%) in 2015, compared to 3.2% (3.2%) in 2014. see item 8, note 16. fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt. the amount of debt that we can issue is subject to approval by our board of directors. on february 21, 2014, we filed a shelf registration statement with the u.s. securities and exchange commission, under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period. our debt issuances in 2015 were as follows: (in millions) type face value interest rate issuance maturity u.s. dollar notes (a) $500 1.250% (1.250%) august 2015 august 2017 u.s. dollar notes (a) $750 3.375% (3.375%) august 2015 august 2025 (a) interest on these notes is payable annually in arrears beginning in february 2016. 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 2014 and 10.5 years at the end of 2015. 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..
what was the change in the total debt from 2014 to 2015?
|
-1.0
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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.
|
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
what was 2013 revenue? 40678.0
what is the difference of revenue less net income over the 2013 revenue value?
|
0.9379
|
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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
what was the lowest price? 32.1
what is the net difference?
|
10.62
|
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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
what is the sum? 1495939.0
what is the sum divided by 1000?
|
1495.939
|
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. market for registrant 2019s common equity, related stockholder matters and issuer purchases of equity securities our common stock is traded on the nasdaq global select market under the symbol cdns. as of february 2, 2019, we had 523 registered stockholders and approximately 56000 beneficial owners of our common stock. stockholder return performance graph the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index, the s&p 500 index and the s&p 500 information technology index. the graph assumes that the value of the investment in our common stock and in each index on december 28, 2013 (including reinvestment of dividends) was $100 and tracks it each year thereafter on the last day of our fiscal year through december 29, 2018 and, for each index, on the last day of the calendar year. comparison of 5 year cumulative total return* among cadence design systems, inc., the nasdaq composite index, the s&p 500 index and the s&p 500 information technology index 12/29/181/2/16 12/30/1712/28/13 12/31/161/3/15 *$100 invested on 12/28/13 in stock or index, including reinvestment of dividends. fiscal year ending december 29. copyright a9 2019 standard & poor 2019s, a division of s&p global. all rights reserved. nasdaq compositecadence design systems, inc. s&p 500 s&p 500 information technology.
- | 12/28/2013 | 1/3/2015 | 1/2/2016 | 12/31/2016 | 12/30/2017 | 12/29/2018
cadence design systems inc. | $100.00 | $135.18 | $149.39 | $181.05 | $300.22 | $311.13
nasdaq composite | 100.00 | 112.60 | 113.64 | 133.19 | 172.11 | 165.84
s&p 500 | 100.00 | 110.28 | 109.54 | 129.05 | 157.22 | 150.33
s&p 500 information technology | 100.00 | 115.49 | 121.08 | 144.85 | 201.10 | 200.52
the stock price performance included in this graph is not necessarily indicative of future stock price performance..
what is the value of cadence design system in 2018 less an initial investment of $100? 211.13
what is that divided by 100?
|
2.1113
|
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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during 2015, $82 million of provision recapture was recorded for purchased impaired loans compared to $91 million of provision recapture during 2014. charge-offs (which were specifically for commercial loans greater than a defined threshold) during 2015 were $12 million compared to $42 million during 2014. at december 31, 2015 and december 31, 2014, the alll on total purchased impaired loans was $.3 billion and $.9 billion, respectively. the decline in alll was primarily due to the change in our derecognition policy. for purchased impaired loan pools where an allowance has been recognized, subsequent increases in the net present value of cash flows will result in a provision recapture of any previously recorded alll to the extent applicable, and/or a reclassification from non-accretable difference to accretable yield, which will be recognized prospectively. individual loan transactions where final dispositions have occurred (as noted above) result in removal of the loans from their applicable pools for cash flow estimation purposes. the cash flow re- estimation process is completed quarterly to evaluate the appropriateness of the alll associated with the purchased impaired loans. activity for the accretable yield during 2015 and 2014 follows: table 66: purchased impaired loans 2013 accretable yield.
in millions | 2015 | 2014
january 1 | $1558 | $2055
accretion (including excess cash recoveries) | -466 (466) | -587 (587)
net reclassifications to accretable from non-accretable | 226 | 208
disposals | -68 (68) | -118 (118)
december 31 | $1250 | $1558
note 5 allowances for loan and lease losses and unfunded loan commitments and letters of credit allowance for loan and lease losses we maintain the alll at levels that we believe to be appropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date. we use the two main portfolio segments 2013 commercial lending and consumer lending 2013 and develop and document the alll under separate methodologies for each of these segments as discussed in note 1 accounting policies. a rollforward of the alll and associated loan data follows. the pnc financial services group, inc. 2013 form 10-k 141.
what was the net change on all total purchased impaired loans between 12/31/15 and 12/31/14?
|
-0.6
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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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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
so what was the difference between these two years? 54102.0
and the value for 2019 specifically?
|
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.
|
table of contents adobe inc. notes to consolidated financial statements (continued) certain states and foreign jurisdictions to fully utilize available tax credits and other attributes. the deferred tax assets are offset by a valuation allowance to the extent it is more likely than not that they are not expected to be realized. we provide u.s. income taxes on the earnings of foreign subsidiaries unless the subsidiaries 2019 earnings are considered permanently reinvested outside the united states or are exempted from taxation as a result of the new territorial tax system. to the extent that the foreign earnings previously treated as permanently reinvested are repatriated, the related u.s. tax liability may be reduced by any foreign income taxes paid on these earnings. as of november 30, 2018, the cumulative amount of earnings upon which u.s. income taxes have not been provided is approximately $275 million. the unrecognized deferred tax liability for these earnings is approximately $57.8 million. as of november 30, 2018, we have net operating loss carryforwards of approximately $881.1 million for federal and $349.7 million for state. we also have federal, state and foreign tax credit carryforwards of approximately $8.8 million, $189.9 million and $14.9 million, respectively. the net operating loss carryforward assets and tax credits will expire in various years from fiscal 2019 through 2036. the state tax credit carryforwards and a portion of the federal net operating loss carryforwards can be carried forward indefinitely. the net operating loss carryforward assets and certain credits are reduced by the valuation allowance and are subject to an annual limitation under internal revenue code section 382, the carrying amount of which are expected to be fully realized. as of november 30, 2018, a valuation allowance of $174.5 million has been established for certain deferred tax assets related to certain state and foreign assets. for fiscal 2018, the total change in the valuation allowance was $80.9 million. accounting for uncertainty in income taxes during fiscal 2018 and 2017, our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows (in thousands):.
- | 2018 | 2017
beginning balance | $172945 | $178413
gross increases in unrecognized tax benefits 2013 prior year tax positions | 16191 | 3680
gross decreases in unrecognized tax benefits 2013 prior year tax positions | -4000 (4000) | -30166 (30166)
gross increases in unrecognized tax benefits 2013 current year tax positions | 60721 | 24927
settlements with taxing authorities | 2014 | -3876 (3876)
lapse of statute of limitations | -45922 (45922) | -8819 (8819)
foreign exchange gains and losses | -3783 (3783) | 8786
ending balance | $196152 | $172945
the combined amount of accrued interest and penalties related to tax positions taken on our tax returns were approximately $24.6 million and $23.6 million for fiscal 2018 and 2017, respectively. these amounts were included in long-term income taxes payable in their respective years. we file income tax returns in the united states on a federal basis and in many u.s. state and foreign jurisdictions. we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities. our major tax jurisdictions are ireland, california and the united states. for ireland, california and the united states, the earliest fiscal years open for examination are 2008, 2014 and 2015, respectively. we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from these examinations. we believe such estimates to be reasonable; however, there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position. the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process. these events could cause large fluctuations in the balance of short-term and long- term assets, liabilities and income taxes payable. we believe that within the next 12 months, it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire, or both. given the uncertainties described above, we can only determine a range of estimated potential effect in underlying unrecognized tax benefits ranging from $0 to approximately $45 million..
between the years of 2017 and 2018, what was the variation observed in the total gross amount of unrecognized tax benefits? 23207.0
and what was that total gross amount in 2017?
|
172945.0
|
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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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
and the specific rent value after five years? 58.0
so what would be the growth rate over this time?
|
0.13793
|
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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? 116.85
and what was it in 2009? 100.0
what was, then, the change in that performance over the year?
|
16.85
|
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.
|
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
|
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.
|
in the ordinary course of business, based on our evaluations of certain geologic trends and prospective economics, we have allowed certain lease acreage to expire and may allow additional acreage to expire in the future. if production is not established or we take no other action to extend the terms of the leases, licenses or concessions, undeveloped acreage listed in the table below will expire over the next three years. we plan to continue the terms of certain of these licenses and concession areas or retain leases through operational or administrative actions; however, the majority of the undeveloped acres associated with other africa as listed in the table below pertains to our licenses in ethiopia and kenya, for which we executed agreements in 2015 to sell. the kenya transaction closed in february 2016 and the ethiopia transaction is expected to close in the first quarter of 2016. see item 8. financial statements and supplementary data - note 5 to the consolidated financial statements for additional information about this disposition. net undeveloped acres expiring year ended december 31.
(in thousands) | net undeveloped acres expiring year ended december 31, 2016 | net undeveloped acres expiring year ended december 31, 2017 | net undeveloped acres expiring year ended december 31, 2018
u.s. | 68 | 89 | 128
e.g. | 2014 | 92 | 36
other africa | 189 | 4352 | 854
total africa | 189 | 4444 | 890
other international | 2014 | 2014 | 2014
total | 257 | 4533 | 1018
.
what was the total african and us net undeveloped acres expiring in 2016? 257.0
what percentage of undeveloped acres were in the us in 2018?
|
0.12574
|
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.
|
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 is the ratio of fair value to carrying value? 1.07513
what is that less 1?
|
0.07513
|
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 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
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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.
|
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 $750 million of floating rate notes (201c2013 floating rate notes 201d), which were repaid in may 2013 at maturity. net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co., inc. (201cmerrill lynch 201d). interest.
what was the amount of notes maturing in june 2022? 750.0
and the maturity amount due in 2017? 700.0
combined, what is the total of these two values?
|
1450.0
|
As a helpful financial assistant, your expertise is required for the following tasks: 'ConvFinQA', 'FiQA_SA', 'FPB', 'Headline', and 'NER'. Please provide answers honestly and succinctly.
|
page 31 of 94 other liquidity items cash payments required for long-term debt maturities, rental payments under noncancellable operating leases, purchase obligations and other commitments in effect at december 31, 2007, are summarized in the following table:.
($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
|
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.
|
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 was the tier 2 capital in 2008? 37.4
and what was it in 2007? 39.6
how much, then, did the 2008 amount represent in relation to this 2007 one? 0.94444
and in that last year of the period, what was the total capital? 108.4
what was it in 2007? 121.6
by how much, then, did it increase over the year?
|
-13.2
|
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.
|
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 value of liability in 2007? 1.2
what was it in 2003? 5.7
what is the sum of those 2 years? 6.9
what is the total sum including the 2001 value?
|
12.8
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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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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?
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81.15
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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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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?
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688.0
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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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the company had net realized capital losses for 2015 of $184.1 million. in 2015, the company recorded $102.2 million of other-than-temporary impairments on fixed maturity securities, $45.6 million of losses due to fair value re-measurements and $36.3 million of net realized capital losses from sales of fixed maturity and equity securities. in 2014, net realized capital gains were $84.0 million due to $121.7 million of gains from fair value re-measurements on fixed maturity and equity securities and $1.9 million of net realized capital gains from sales of fixed maturity and equity securities, partially offset by $39.5 million of other-than- temporary impairments on fixed maturity securities. in 2013, net realized capital gains were $300.2 million due to $258.9 million of gains due to fair value re-measurements on fixed maturity and equity securities and $42.4 million of net realized capital gains from sales of fixed maturity and equity securities, partially offset by $1.1 million of other-than-temporary impairments on fixed maturity securities. the company 2019s cash and invested assets totaled $17.7 billion at december 31, 2015, which consisted of 87.4% (87.4%) fixed maturities and cash, of which 91.4% (91.4%) were investment grade; 8.2% (8.2%) equity securities and 4.4% (4.4%) other invested assets. the average maturity of fixed maturity securities was 4.1 years at december 31, 2015, and their overall duration was 3.0 years. as of december 31, 2015, the company did not have any direct investments in commercial real estate or direct commercial mortgages or any material holdings of derivative investments (other than equity index put option contracts as discussed in item 8, 201cfinancial statements and supplementary data 201d - note 4 of notes to consolidated financial statements) or securities of issuers that are experiencing cash flow difficulty to an extent that the company 2019s management believes could threaten the issuer 2019s ability to meet debt service payments, except where other-than-temporary impairments have been recognized. the company 2019s investment portfolio includes structured commercial mortgage-backed securities (201ccmbs 201d) with a book value of $264.9 million and a market value of $266.3 million. cmbs securities comprising more than 70% (70%) of the december 31, 2015 market value are rated aaa by standard & poor 2019s financial services llc (201cstandard & poor 2019s 201d). furthermore, securities comprising more than 90% (90%) of the market value are rated investment grade by standard & poor 2019s. the following table reflects investment results for the company for the periods indicated:.
(dollars in millions) | december 31, average investments (1) | december 31, pre-tax investment income (2) | december 31, pre-tax effective yield | december 31, pre-tax realized net capital (losses) gains (3) | december 31, pre-tax unrealized net capital gains (losses)
2015 | $17430.8 | $473.8 | 2.72% (2.72%) | $-184.1 (184.1) | $-194.0 (194.0)
2014 | 16831.9 | 530.6 | 3.15% (3.15%) | 84.0 | 20.3
2013 | 16472.5 | 548.5 | 3.33% (3.33%) | 300.2 | -467.2 (467.2)
2012 | 16220.9 | 600.2 | 3.70% (3.70%) | 164.4 | 161.0
2011 | 15680.9 | 620.0 | 3.95% (3.95%) | 6.9 | 106.6
pre-tax pre-tax pre-tax pre-tax realized net unrealized net average investment effective capital (losses) capital gains (dollars in millions) investments (1) income (2) yield gains (3) (losses) 17430.8$473.8$2.72% (2.72%) (184.1) $(194.0) $16831.9 530.6 3.15% (3.15%) 84.0 20.3 16472.5 548.5 3.33% (3.33%) 300.2 (467.2) 16220.9 600.2 3.70% (3.70%) 164.4 161.0 15680.9 620.0 3.95% (3.95%) 6.9 106.6 (1) average of the beginning and ending carrying values of investments and cash, less net funds held, future policy benefit reserve, and non-interest bearing cash. bonds, common stock and redeemable and non-redeemable preferred stocks are carried at market value. common stock which are actively managed are carried at fair value. (2) after investment expenses, excluding realized net capital gains (losses). (3) included in 2015, 2014, 2013, 2012 and 2011 are fair value re-measurements of ($45.6) million, $121.7 million, $258.9 million, $118.1 million and ($4.4) million, respectively..
what was the change in the average of investments from 2014 to 2015?
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598.9
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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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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
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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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equipment and energy.
- | 2013 | 2012 | 2011
sales | $451.1 | $420.1 | $400.6
operating income | 65.5 | 44.6 | 62.8
2013 vs. 2012 sales of $451.1 increased primarily from higher lng project activity. operating income of $65.5 increased from the higher lng project activity. the sales backlog for the equipment business at 30 september 2013 was $402, compared to $450 at 30 september 2012. it is expected that approximately $250 of the backlog will be completed during 2014. 2012 vs. 2011 sales of $420.1 increased 5% (5%), or $19.5, reflecting higher air separation unit (asu) activity. operating income of $44.6 decreased 29% (29%), or $18.2, reflecting lower lng project activity. the sales backlog for the equipment business at 30 september 2012 was $450, compared to $334 at 30 september 2011. other operating income (loss) primarily includes other expense and income that cannot be directly associated with the business segments, including foreign exchange gains and losses. also included are lifo inventory valuation adjustments, as the business segments use fifo, and the lifo pool valuation adjustments are not allocated to the business segments. other also included stranded costs resulting from discontinued operations, as these costs were not reallocated to the businesses in 2012. 2013 vs. 2012 other operating loss was $4.7, compared to $6.6 in the prior year. the current year includes an unfavorable lifo adjustment versus the prior year of $11. the prior year loss included stranded costs from discontinued operations of $10. 2012 vs. 2011 other operating loss was $6.6, compared to $39.3 in the prior year, primarily due to a reduction in stranded costs, a decrease in the lifo adjustment as a result of decreases in inventory values, and favorable foreign exchange, partially offset by gains on asset sales in the prior year..
in 2013, what was the ratio of sales to operating income?
|
6.88702
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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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hologic, inc. notes to consolidated financial statements (continued) (in thousands, except per share data) acquisition and the adjustments did not have a material impact on the company 2019s financial position or results of operation. there have no other material changes to the purchase price allocation as disclosed in the company 2019s form 10-k for the year ended september 30, 2006. as part of the purchase price allocation, all intangible assets that were a part of the acquisition were identified and valued. it was determined that only customer relationship, trade name, developed technology and know how and in-process research and development had separately identifiable values. customer relationship represents r2 2019s strong active customer base, dominant market position and strong partnership with several large companies. trade name represents the r2 product names that the company intends to continue to use. order backlog consists of customer orders for which revenue has not yet been recognized. developed technology and know how represents currently marketable purchased products that the company continues to resell as well as utilize to enhance and incorporate into the company 2019s existing products. the estimated $10200 of purchase price allocated to in-process research and development projects primarily related to r2 2019s digital cad products. the projects added direct digital algorithm capabilities as well as a new platform technology to analyze images and breast density measurement. the projects were substantially completed as planned in fiscal 2007. the deferred income tax asset relates to the tax effect of acquired net operating loss carry forwards that the company believes are realizable partially offset by acquired identifiable intangible assets, and fair value adjustments to acquired inventory as such amounts are not deductible for tax purposes. acquisition of suros surgical systems, inc. on july 27, 2006, the company completed the acquisition of suros surgical systems, inc. (suros), pursuant to an agreement and plan of merger dated april 17, 2006. the results of operations for suros have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment. suros, located in indianapolis, indiana, develops, manufactures and sells minimally invasive interventional breast biopsy technology and products for biopsy, tissue removal and biopsy site marking. the initial aggregate purchase price for suros of approximately $248100 (subject to adjustment) consisted of 2300 shares of hologic common stock valued at $106500, cash paid of $139000, and approximately $2600 for acquisition related fees and expenses. the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no. 99-12, determination of the measurement date for the market price of acquirer securities issued in a purchase business combination. the components and allocation of the purchase price, consists of the following approximate amounts:.
net tangible assets acquired as of july 27 2006 | $11800
in-process research and development | 4900
developed technology and know how | 46000
customer relationship | 17900
trade name | 5800
deferred income taxes | -21300 (21300)
goodwill | 202000
estimated purchase price | $267100
the acquisition also provides for a two-year earn out. the earn-out is payable in two annual cash installments equal to the incremental revenue growth in suros 2019 business in the two years following the closing..
what was the average individual price of the shares used in the acquisition of suros? 46.30435
and what was the total acquisition price in that transaction?
|
267100.0
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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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american tower corporation and subsidiaries notes to consolidated financial statements (3) consists of customer-related intangibles of approximately $15.5 million and network location intangibles of approximately $19.8 million. the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years. (4) the company expects that the goodwill recorded will be deductible for tax purposes. the goodwill was allocated to the company 2019s international rental and management segment. uganda acquisition 2014on december 8, 2011, the company entered into a definitive agreement with mtn group to establish a joint venture in uganda. the joint venture is controlled by a holding company of which a wholly owned subsidiary of the company (the 201catc uganda subsidiary 201d) holds a 51% (51%) interest and a wholly owned subsidiary of mtn group (the 201cmtn uganda subsidiary 201d) holds a 49% (49%) interest. the joint venture is managed and controlled by the company and owns a tower operations company in uganda. pursuant to the agreement, the joint venture agreed to purchase a total of up to 1000 existing communications sites from mtn group 2019s operating subsidiary in uganda, subject to customary closing conditions. on june 29, 2012, the joint venture acquired 962 communications sites for an aggregate purchase price of $171.5 million, subject to post-closing adjustments. the aggregate purchase price was subsequently increased to $173.2 million, subject to future post-closing adjustments. under the terms of the purchase agreement, legal title to certain of these communications sites will be transferred upon fulfillment of certain conditions by mtn group. prior to the fulfillment of these conditions, the company will operate and maintain control of these communications sites, and accordingly, reflect these sites in the allocation of purchase price and the consolidated operating results. the following table summarizes the preliminary allocation of the aggregate purchase price consideration paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition (in thousands): preliminary purchase price allocation.
- | preliminary purchase price allocation
non-current assets | $2258
property and equipment | 102366
intangible assets (1) | 63500
other non-current liabilities | -7528 (7528)
fair value of net assets acquired | $160596
goodwill (2) | 12564
(1) consists of customer-related intangibles of approximately $36.5 million and network location intangibles of approximately $27.0 million. the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years. (2) the company expects that the goodwill recorded will be not be deductible for tax purposes. the goodwill was allocated to the company 2019s international rental and management segment. germany acquisition 2014on november 14, 2012, the company entered into a definitive agreement to purchase communications sites from e-plus mobilfunk gmbh & co. kg. on december 4, 2012, the company completed the purchase of 2031 communications sites, for an aggregate purchase price of $525.7 million..
what was the final aggregate purchase price of all towers, in millions of dollars? 173.2
and how much is that in dollars?
|
173200000.0
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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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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
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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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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
|
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 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
|
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?
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3.95
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in our primary disbursement accounts which were reclassified as accounts payable and other accrued liabilities on our consolidated balance sheet. concentration of credit risk financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, trade accounts receivable and derivative instruments. we place our cash and cash equivalents with high quality financial institutions. such balances may be in excess of fdic insured limits. in order to manage the related credit exposure, we continually monitor the credit worthiness of the financial institutions where we have deposits. concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services, as well as the dispersion of our operations across many geographic areas. we provide services to commercial, industrial, municipal and residential customers in the united states and puerto rico. we perform ongoing credit evaluations of our customers, but do not require collateral to support customer receivables. we establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers, age of receivables outstanding, historical trends, economic conditions and other information. no customer exceeded 5% (5%) of our outstanding accounts receivable balance at december 31, 2009 or 2008. accounts receivable, net of allowance for doubtful accounts accounts receivable represent receivables from customers for collection, transfer, recycling, disposal and other services. our receivables are recorded when billed or when the related revenue is earned, if earlier, and represent claims against third parties that will be settled in cash. the carrying value of our receivables, net of the allowance for doubtful accounts, represents their estimated net realizable value. provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience, the age of the receivables, specific customer information and economic conditions. we also review outstanding balances on an account-specific basis. in general, reserves are provided for accounts receivable in excess of ninety days old. past due receivable balances are written-off when our collection efforts have been unsuccess- ful in collecting amounts due. the following table reflects the activity in our allowance for doubtful accounts for the years ended december 31, 2009, 2008 and 2007:.
- | 2009 | 2008 | 2007
balance at beginning of year | $65.7 | $14.7 | $18.8
additions charged to expense | 27.3 | 36.5 | 3.9
accounts written-off | -37.8 (37.8) | -12.7 (12.7) | -7.8 (7.8)
acquisitions | - | 27.2 | -0.2 (0.2)
balance at end of year | $55.2 | $65.7 | $14.7
subsequent to our acquisition of allied, we recorded a provision for doubtful accounts of $14.2 million to adjust the allowance acquired from allied to conform to republic 2019s accounting policies. we also recorded $5.4 million to provide for specific bankruptcy exposures in 2008. in 2007, we recorded a $4.3 million reduction in our allowance for doubtful accounts as a result of refining our estimate of the allowance based on our historical collection experience. restricted cash as of december 31, 2009, we had $236.6 million of restricted cash, of which $93.1 million was proceeds from the issuance of tax-exempt bonds and other tax-exempt financings and will be used to fund capital republic services, inc. and subsidiaries notes to consolidated financial statements, continued.
during 2009, what was the total of additions charged to expense? 27.3
and what was the total of accounts written-off? -37.8
what was, then, the combined total of both segments? -10.5
and as of december 31 of that year, what percentage of the restricted cash was due to proceeds from the issuance of tax-exempt bonds?
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0.39349
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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?
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242.0
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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 issued options, warrants, and rights? 125504485.76
what about in millions?
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125.50449
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70| | duke realty corporation annual report 2009 the following table summarizes transactions for our rsus, excluding dividend equivalents, for 2009: weighted average number of grant date restricted stock units rsus fair value.
restricted stock units | number of rsus | weighted average grant date fair value
rsus at december 31 2008 | 401375 | $29.03
granted | 1583616 | $9.32
vested | -129352 (129352) | $28.39
forfeited | -172033 (172033) | $12.53
rsus at december 31 2009 | 1683606 | $12.23
compensation cost recognized for rsus totaled $7.3 million, $4.9 million and $3.0 million for the years ended december 31, 2009, 2008 and 2007, respectively. as of december 31, 2009, there was $6.7 million of total unrecognized compensation expense related to nonvested rsus granted under the plan, which is expected to be recognized over a weighted average period of 3.3 years. (14) financial instruments we are exposed to capital market risk, such as changes in interest rates. in an effort to manage interest rate risk, we may enter into interest rate hedging arrangements from time to time. we do not utilize derivative financial instruments for trading or speculative purposes. in november 2007, we entered into forward starting interest swaps with notional amounts appropriate to hedge interest rates on $300.0 million of anticipated debt offerings in 2009. the forward starting swaps were appropriately designated and tested for effectiveness as cash flow hedges. in march 2008, we settled the forward starting swaps and made a cash payment of $14.6 million to the counterparties. an effectiveness test was performed as of the settlement date and it was concluded that a highly effective cash flow hedge was still in place for the expected debt offering. of the amount paid in settlement, approximately $700000 was immediately reclassified to interest expense, as the result of partial ineffectiveness calculated at the settlement date. the net amount of $13.9 million was recorded in other comprehensive income (201coci 201d) and is being recognized through interest expense over the life of the hedged debt offering, which took place in may 2008. the remaining unamortized amount included as a reduction to accumulated oci as of december 31, 2009 is $9.3 million. in august 2005, we entered into $300.0 million of cash flow hedges through forward starting interest rate swaps to hedge interest rates on $300.0 million of anticipated debt offerings in 2007. the swaps qualified for hedge accounting, with any changes in fair value recorded in oci. in conjunction with the september 2007 issuance of $300.0 million of senior unsecured notes, we terminated these cash flow hedges as designated. the settlement amount received of $10.7 million is being recognized to earnings through a reduction of interest expense over the term of the hedged cash flows. the remaining unamortized amount included as an increase to accumulated oci as of december 31, 2009 is $8.2 million. the ineffective portion of the hedge was insignificant. the effectiveness of our hedges is evaluated throughout their lives using the hypothetical derivative method under which the change in fair value of the actual swap designated as the hedging instrument is compared to the change in fair value of a hypothetical swap. we had no material interest rate derivatives, when considering both fair value and notional amount, at december 31, 2009..
what is the net change of compensation cost recognized for rsus from 2008 to 2009?
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2.4
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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?
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137.81
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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
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the goldman sachs group, inc. and subsidiaries notes to consolidated financial statements in the tables above: 2030 the gross fair values exclude the effects of both counterparty netting and collateral netting, and therefore are not representative of the firm 2019s exposure. 2030 counterparty netting is reflected in each level to the extent that receivable and payable balances are netted within the same level and is included in counterparty netting in levels. where the counterparty netting is across levels, the netting is included in cross-level counterparty netting. 2030 derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts. significant unobservable inputs the table below presents the amount of level 3 assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value the firm 2019s level 3 derivatives. level 3 assets (liabilities) and range of significant unobservable inputs (average/median) as of december $in millions 2017 2016.
$in millions | level 3 assets (liabilities) and range of significant unobservable inputs (average/median) as of december 2017 | level 3 assets (liabilities) and range of significant unobservable inputs (average/median) as of december 2016
interest rates net | $-410 (410) | $-381 (381)
correlation | (10)% (%) to 95% (95%) (71%/79% (71%/79%)) | (10)% (%) to 86% (86%) (56%/60% (56%/60%))
volatility (bps) | 31 to 150 (84/78) | 31 to 151 (84/57)
credit net | $1505 | $2504
correlation | 28% (28%) to 84% (84%) (61%/60% (61%/60%)) | 35% (35%) to 91% (91%) (65%/68% (65%/68%))
credit spreads (bps) | 1 to 633 (69/42) | 1 to 993 (122/73)
upfront credit points | 0 to 97 (42/38) | 0 to 100 (43/35)
recovery rates | 22% (22%) to 73% (73%) (68%/73% (68%/73%)) | 1% (1%) to 97% (97%) (58%/70% (58%/70%))
currencies net | $-181 (181) | $3
correlation | 49% (49%) to 72% (72%) (61%/62% (61%/62%)) | 25% (25%) to 70% (70%) (50%/55% (50%/55%))
commodities net | $47 | $73
volatility | 9% (9%) to 79% (79%) (24%/24% (24%/24%)) | 13% (13%) to 68% (68%) (33%/33% (33%/33%))
natural gas spread | $(2.38) to $3.34 ($(0.22) /$(0.12)) | $(1.81) to $4.33 ($(0.14) /$(0.05))
oil spread | $(2.86) to $23.61 ($6.47/$2.35) | $(19.72) to $64.92 ($25.30/$16.43)
equities net | $-1249 (1249) | $-3416 (3416)
correlation | (36)% (%) to 94% (94%) (50%/52% (50%/52%)) | (39)% (%) to 88% (88%) (41%/41% (41%/41%))
volatility | 4% (4%) to 72% (72%) (24%/22% (24%/22%)) | 5% (5%) to 72% (72%) (24%/23% (24%/23%))
in the table above: 2030 derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts. 2030 ranges represent the significant unobservable inputs that were used in the valuation of each type of derivative. 2030 averages represent the arithmetic average of the inputs and are not weighted by the relative fair value or notional of the respective financial instruments. an average greater than the median indicates that the majority of inputs are below the average. for example, the difference between the average and the median for credit spreads and oil spread inputs indicates that the majority of the inputs fall in the lower end of the range. 2030 the ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. for example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of the firm 2019s level 3 derivatives. 2030 interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models. 2030 the fair value of any one instrument may be determined using multiple valuation techniques. for example, option pricing models and discounted cash flows models are typically used together to determine fair value. therefore, the level 3 balance encompasses both of these techniques. 2030 correlation within currencies and equities includes cross- product type correlation. 2030 natural gas spread represents the spread per million british thermal units of natural gas. 2030 oil spread represents the spread per barrel of oil and refined products. range of significant unobservable inputs the following is information about the ranges of significant unobservable inputs used to value the firm 2019s level 3 derivative instruments: 2030 correlation. ranges for correlation cover a variety of underliers both within one product type (e.g., equity index and equity single stock names) and across product types (e.g., correlation of an interest rate and a currency), as well as across regions. generally, cross-product type correlation inputs are used to value more complex instruments and are lower than correlation inputs on assets within the same derivative product type. 2030 volatility. ranges for volatility cover numerous underliers across a variety of markets, maturities and strike prices. for example, volatility of equity indices is generally lower than volatility of single stocks. 2030 credit spreads, upfront credit points and recovery rates. the ranges for credit spreads, upfront credit points and recovery rates cover a variety of underliers (index and single names), regions, sectors, maturities and credit qualities (high-yield and investment-grade). the broad range of this population gives rise to the width of the ranges of significant unobservable inputs. 130 goldman sachs 2017 form 10-k.
what was the value of credit net in 2017? 1505.0
what was it in 2016? 2504.0
what is the net change? -999.0
what was the 2016 value?
|
2504.0
|
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.
|
the fair value of the psu award at the date of grant is amortized to expense over the performance period, which is typically three years after the date of the award, or upon death, disability or reaching the age of 58. as of december 31, 2017, pmi had $34 million of total unrecognized compensation cost related to non-vested psu awards. this cost is recognized over a weighted-average performance cycle period of two years, or upon death, disability or reaching the age of 58. during the years ended december 31, 2017, and 2016, there were no psu awards that vested. pmi did not grant any psu awards during note 10. earnings per share: unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and therefore are included in pmi 2019s earnings per share calculation pursuant to the two-class method. basic and diluted earnings per share (201ceps 201d) were calculated using the following:.
(in millions) | for the years ended december 31, 2017 | for the years ended december 31, 2016 | for the years ended december 31, 2015
net earnings attributable to pmi | $6035 | $6967 | $6873
less distributed and undistributed earnings attributable to share-based payment awards | 14 | 19 | 24
net earnings for basic and diluted eps | $6021 | $6948 | $6849
weighted-average shares for basic eps | 1552 | 1551 | 1549
plus contingently issuable performance stock units (psus) | 1 | 2014 | 2014
weighted-average shares for diluted eps | 1553 | 1551 | 1549
for the 2017, 2016 and 2015 computations, there were no antidilutive stock options..
what was the total of net earnings attributable to pmi in 2017? 6035.0
what was that in 2016? 6967.0
what was, then, the increase over the year? -932.0
and how much did this increase represent in relation to the 2016 total? -0.13377
and concerning the net earnings for basic and diluted eps, what was their change over that period? -927.0
what was the total of those earnings in 2016?
|
6948.0
|
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.
|
addition, we are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates on transactions generated by our international subsidiaries in currencies other than their local currencies. these gains and losses are primarily driven by inter-company transactions. these exposures are included in other income (expense), net on the consolidated statements of income. since 2007, we have used foreign currency forward contracts to reduce the risk from exchange rate fluctuations on inter-company transactions and projected inventory purchases for our canadian subsidiary. beginning in december 2008, we began using foreign currency forward contracts in order to reduce the risk associated with foreign currency exchange rate fluctuations on inter-company transactions for our european subsidiary. we do not enter into derivative financial instruments for speculative or trading purposes. based on the foreign currency forward contracts outstanding as of december 31, 2009, we receive us dollars in exchange for canadian dollars at a weighted average contractual forward foreign currency exchange rate of 1.04 cad per $1.00 and us dollars in exchange for euros at a weighted average contractual foreign currency exchange rate of 0.70 eur per $1.00. as of december 31, 2009, the notional value of our outstanding foreign currency forward contracts for our canadian subsidiary was $15.4 million with contract maturities of 1 month, and the notional value of our outstanding foreign currency forward contracts for our european subsidiary was $56.0 million with contract maturities of 1 month. the foreign currency forward contracts are not designated as cash flow hedges, and accordingly, changes in their fair value are recorded in other income (expense), net on the consolidated statements of income. the fair value of our foreign currency forward contracts was $0.3 million and $1.2 million as of december 31, 2009 and 2008, respectively. these amounts are included in prepaid expenses and other current assets on the consolidated balance sheet. refer to note 9 for a discussion of the fair value measurements. other income (expense), net included the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts:.
year ended december 31, (in thousands) | year ended december 31, 2009 | year ended december 31, 2008 | 2007
unrealized foreign currency exchange rate gains (losses) | $5222 | $-5459 (5459) | $2567
realized foreign currency exchange rate gains (losses) | -261 (261) | -2166 (2166) | 174
unrealized derivative gains (losses) | -1060 (1060) | 1650 | -243 (243)
realized derivative losses | -4412 (4412) | -204 (204) | -469 (469)
although we have entered into foreign currency forward contracts to minimize some of the impact of foreign currency exchange rate fluctuations on future cash flows, we cannot be assured that foreign currency exchange rate fluctuations will not have a material adverse impact on our financial condition and results of operations. inflation inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results. although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs..
what is the balance in the air value of our foreign currency forward contracts in 2009? 0.3
what about in 2008? 1.2
what is the net change?
|
-0.9
|
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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
|
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.
|
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
|
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
|
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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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
|
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
|
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.
|
directors in advance for their review. in the event the cbot directors determine in their sole discretion that a proposed rule change will materially impair the business of cbot or the business opportunities of the holders of the cbot memberships, such change must be submitted to a committee comprised of three cbot directors and two cme directors (as defined in our bylaws). in connection with these rights, our ability to take certain actions that we may deem to be in the best interests of the company and its shareholders, including actions relating to the operation of our open outcry trading facilities and certain pricing decisions, may be limited by the rights of our members. item 1b.unresolved staff comments not applicable. item 2. properties our global headquarters are located in chicago, illinois at 20 south wacker drive. the following is a description of our key locations and facilities. location primary use owned/leased lease expiration approximate size (in square feet) (1) 20 south wacker drive, chicago, illinois global headquarters and office space leased 2022 (2) 490000 141 west jackson chicago, illinois chicago trading floor and office space owned n/a 1500000 (3) 550 west washington chicago, illinois office space leased 2023 225000 one north end new york, new york new york trading floor and office space mixed (4) 2069 500000 (5) 33 cannon street, london office space leased 2019 14000 (6) one new change, london office space leased 2026 40000 (7) annex data center chicagoland area business continuity leased 2014 100000 remote data center chicagoland area business continuity leased 2017 50000 data center 3 chicagoland area business continuity and co-location owned n/a 430000 (1) size represents the amount of space leased by us unless otherwise noted. (2) the initial lease expires in 2022 with two consecutive options to extend the term for seven and ten years, respectively. (3) we occupy approximately 425000 square feet of the 141 west jackson complex. (4) the one north end property is subject to a ground lease with the battery park city authority for the site of our new york offices and trading facility. in accordance with the terms of the lease, we are deemed to lease the building and its improvements from the landlord. we do not make lease payments to the landlord related to the building and we receive the financial benefit of the rental income. (5) we occupy approximately 350000 square feet of the one north end building. (6) we have a termination right effective in the first quarter of 2012, which we intend to exercise in the first quarter of 2011. (7) we expect to occupy the space at one new change in the second quarter of 2011. we also lease global office space around the world and have also partnered with major global telecommunications carriers in connection with our telecommunications hubs whereby we place data cabinets within the carriers 2019 existing secured data centers. we believe our facilities are adequate for our current operations and that additional space can be obtained if needed. item 3. legal proceedings see 201clegal matters 201d in note 18. contingencies to the consolidated financial statements beginning on page 96 for cme group 2019s litigation disclosure which is incorporated herein by reference..
location | primary use | owned/leased | lease expiration | approximate size (in squarefeet) (1)
20south wacker drive chicagoillinois | global headquarters and office space | leased | 2022 (2) | 490000
141west jacksonchicago illinois | chicago trading floor and office space | owned | n/a | 1500000 (3)
550west washingtonchicago illinois | office space | leased | 2023 | 225000
onenorth endnew york new york | new york trading floor and office space | mixed (4) | 2069 | 500000 (5)
33cannon street london | office space | leased | 2019 | 14000 (6)
onenew change london | office space | leased | 2026 | 40000 (7)
annexdata centerchicagoland area | business continuity | leased | 2014 | 100000
remotedata centerchicagoland area | business continuity | leased | 2017 | 50000
datacenter 3chicagoland area | business continuity and co-location | owned | n/a | 430000
directors in advance for their review. in the event the cbot directors determine in their sole discretion that a proposed rule change will materially impair the business of cbot or the business opportunities of the holders of the cbot memberships, such change must be submitted to a committee comprised of three cbot directors and two cme directors (as defined in our bylaws). in connection with these rights, our ability to take certain actions that we may deem to be in the best interests of the company and its shareholders, including actions relating to the operation of our open outcry trading facilities and certain pricing decisions, may be limited by the rights of our members. item 1b.unresolved staff comments not applicable. item 2. properties our global headquarters are located in chicago, illinois at 20 south wacker drive. the following is a description of our key locations and facilities. location primary use owned/leased lease expiration approximate size (in square feet) (1) 20 south wacker drive, chicago, illinois global headquarters and office space leased 2022 (2) 490000 141 west jackson chicago, illinois chicago trading floor and office space owned n/a 1500000 (3) 550 west washington chicago, illinois office space leased 2023 225000 one north end new york, new york new york trading floor and office space mixed (4) 2069 500000 (5) 33 cannon street, london office space leased 2019 14000 (6) one new change, london office space leased 2026 40000 (7) annex data center chicagoland area business continuity leased 2014 100000 remote data center chicagoland area business continuity leased 2017 50000 data center 3 chicagoland area business continuity and co-location owned n/a 430000 (1) size represents the amount of space leased by us unless otherwise noted. (2) the initial lease expires in 2022 with two consecutive options to extend the term for seven and ten years, respectively. (3) we occupy approximately 425000 square feet of the 141 west jackson complex. (4) the one north end property is subject to a ground lease with the battery park city authority for the site of our new york offices and trading facility. in accordance with the terms of the lease, we are deemed to lease the building and its improvements from the landlord. we do not make lease payments to the landlord related to the building and we receive the financial benefit of the rental income. (5) we occupy approximately 350000 square feet of the one north end building. (6) we have a termination right effective in the first quarter of 2012, which we intend to exercise in the first quarter of 2011. (7) we expect to occupy the space at one new change in the second quarter of 2011. we also lease global office space around the world and have also partnered with major global telecommunications carriers in connection with our telecommunications hubs whereby we place data cabinets within the carriers 2019 existing secured data centers. we believe our facilities are adequate for our current operations and that additional space can be obtained if needed. item 3. legal proceedings see 201clegal matters 201d in note 18. contingencies to the consolidated financial statements beginning on page 96 for cme group 2019s litigation disclosure which is incorporated herein by reference..
what year does the initial lease expire for the chicago headquarters? 2022.0
what is that plus 9? 2031.0
what is that value plus 10?
|
2041.0
|
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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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 was the long-term debt in 2011? 1340.0
and what was it in 2007? 607.0
by how much, then, did it vary over the years? 733.0
and what is this variation as a percentage of the 2007 amount?
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0.54701
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retail and hnw investors (excluding investments in ishares) retail/hnw long-term aum by asset class & client region december 31, 2012 (dollar amounts in millions) americas emea asia-pacific total.
(dollar amounts in millions) | americas | emea | asia-pacific | total
equity | $94805 | $53140 | $16803 | $164748
fixed income | 121640 | 11444 | 5341 | 138425
multi-asset class | 76714 | 9538 | 4374 | 90626
alternatives | 4865 | 3577 | 1243 | 9685
long-term retail/hnw | $298024 | $77699 | $27761 | $403484
blackrock serves retail and hnw investors globally through separate accounts, open-end and closed-end funds, unit trusts and private investment funds. at december 31, 2012, long-term assets managed for retail and hnw investors totaled $403.5 billion, up 11% (11%), or $40.1 billion, versus year-end 2011. during the year, net inflows of $11.6 billion in long-term products were augmented by market valuation improvements of $28.3 billion. retail and hnw investors are served principally through intermediaries, including broker-dealers, banks, trust companies, insurance companies and independent financial advisors. clients invest primarily in mutual funds, which totaled $322.4 billion, or 80% (80%), of retail and hnw long-term aum at year-end, with the remainder invested in private investment funds and separately managed accounts. the product mix is well diversified, with 41% (41%) of long-term aum in equities, 34% (34%) in fixed income, 23% (23%) in multi-asset class and 2% (2%) in alternatives. the vast majority (98% (98%)) of long-term aum is invested in active products, although this is partially inflated by the fact that ishares is shown separately, since we do not identify all of the underlying investors. the client base is also diversified geographically, with 74% (74%) of long-term aum managed for investors based in the americas, 19% (19%) in emea and 7% (7%) in asia-pacific at year- end 2012. 2022 u.s. retail and hnw long-term inflows of $9.8 billion were driven by strong demand for u.s. sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity. in 2012, we broadened the distribution of alternatives funds to bring higher alpha, institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance, raising close to $0.8 billion of assets. u.s. retail alternatives aum crossed the $5.0 billion threshold in 2012. the year also included the launch of the blackrock municipal target term trust (201cbtt 201d) with $2.1 billion of assets raised, making it the largest municipal fund ever launched and the largest overall industry offering since 2007. we are the leading u.s. manager by aum of separately managed accounts, the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2. 2022 international retail net inflows of $1.8 billion in 2012 were driven by fixed income net inflows of $5.2 billion. investor demand remained distinctly risk-off in 2012, largely driven by macro political and economic instability and continued trends toward de-risking. equity net outflows of $2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets. our international retail and hnw offerings include our luxembourg cross-border fund families, blackrock global funds (201cbgf 201d), blackrock strategic funds with $83.1 billion and $2.4 billion of aum at year-end 2012, respectively, and a range of retail funds in the united kingdom. bgf contained 67 funds registered in 35 jurisdictions at year-end 2012. over 60% (60%) of the funds were rated by s&p. in 2012, we were ranked as the third largest cross border fund provider3. in the united kingdom, we ranked among the five largest fund managers3, and are known for our innovative product offerings, especially within natural resources, european equity, asian equity and equity income. global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements. 2 simfund, cerulli 3 lipper feri.
what was the long-term retail/hnw in americas as a percentage of the total long-term retail/hnw?
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0.73863
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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?
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35.0
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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 was the change in the amortization expense from 2007 to 2008?
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3.9
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the aes corporation notes to consolidated financial statements december 31, 2016, 2015, and 2014 the following table summarizes the company's redeemable stock of subsidiaries balances as of the periods indicated (in millions):.
december 31, | 2016 | 2015
ipalco common stock | $618 | $460
colon quotas (1) | 100 | 2014
ipl preferred stock | 60 | 60
other common stock | 4 | 2014
dpl preferred stock | 2014 | 18
total redeemable stock of subsidiaries | $782 | $538
_____________________________ (1) characteristics of quotas are similar to common stock. colon 2014 during the year ended december 31, 2016, our partner in colon increased their ownership from 25% (25%) to 49.9% (49.9%) and made capital contributions of $106 million. any subsequent adjustments to allocate earnings and dividends to our partner, or measure the investment at fair value, will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable. ipl 2014 ipl had $60 million of cumulative preferred stock outstanding at december 31, 2016 and 2015, which represented five series of preferred stock. the total annual dividend requirements were approximately $3 million at december 31, 2016 and 2015. certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $100 and $118 per share. holders of the preferred stock are entitled to elect a majority of ipl's board of directors if ipl has not paid dividends to its preferred stockholders for four consecutive quarters. based on the preferred stockholders' ability to elect a majority of ipl's board of directors in this circumstance, the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity. dpl 2014 dpl had $18 million of cumulative preferred stock outstanding as of december 31, 2015, which represented three series of preferred stock issued by dp&l, a wholly-owned subsidiary of dpl. the dp&l preferred stock was redeemable at dp&l's option as determined by its board of directors at per-share redemption prices between $101 and $103 per share, plus cumulative preferred dividends. in addition, dp&l's amended articles of incorporation contained provisions that permitted preferred stockholders to elect members of the dp&l board of directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends. based on the preferred stockholders' ability to elect members of dp&l's board of directors in this circumstance, the redemption of the preferred shares was considered to be not solely within the control of the issuer and the preferred stock was considered temporary equity. in september 2016, it became probable that the preferred shares would become redeemable. as such, the company recorded an adjustment of $5 million to retained earnings to adjust the preferred shares to their redemption value of $23 million. in october 2016, dp&l redeemed all of its preferred shares. upon redemption, the preferred shares were no longer outstanding and all rights of the holders thereof as shareholders of dp&l ceased to exist. ipalco 2014 in february 2015, cdpq purchased 15% (15%) of aes us investment, inc., a wholly-owned subsidiary that owns 100% (100%) of ipalco, for $247 million, with an option to invest an additional $349 million in ipalco through 2016 in exchange for a 17.65% (17.65%) equity stake. in april 2015, cdpq invested an additional $214 million in ipalco, which resulted in cdpq's combined direct and indirect interest in ipalco of 24.90% (24.90%). as a result of these transactions, $84 million in taxes and transaction costs were recognized as a net decrease to equity. the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of 377 million for the excess of the fair value of the shares over their book value. no gain or loss was recognized in net income as the transaction was not considered to be a sale of in-substance real estate. in march 2016, cdpq exercised its remaining option by investing $134 million in ipalco, which resulted in cdpq's combined direct and indirect interest in ipalco of 30% (30%). the company also recognized an increase to additional paid-in capital and a reduction to retained earnings of $84 million for the excess of the fair value of the shares over their book value. in june 2016, cdpq contributed an additional $24 million to ipalco, with no impact to the ownership structure of the investment. any subsequent adjustments to allocate earnings and dividends to cdpq will be classified as nci within permanent equity as it is not probable that the shares will become redeemable..
what were the total annual dividend requirements in the end of the 2015 and 2016? 3.0
and what was the amount of the ipl preferred stock? 60.0
how much, then, did those requirements represent in relation to this amount? 0.05
and between those two years, what was the variation of ipalco common stock, in millions?
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158.0
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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 by operating activities for 2014? 7385.0
and in 2013? 6823.0
so what was the difference between these years? 562.0
and the percentage change over this time?
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0.08237
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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?
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102.0
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performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's peer group and the s&p 500 index. the graph assumes the investment of $100 as of december 31, 2013, in pmi common stock (at prices quoted on the new york stock exchange) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis. date pmi pmi peer group (1) s&p 500 index.
date | pmi | pmi peer group (1) | s&p 500 index
december 31 2013 | $100.00 | $100.00 | $100.00
december 31 2014 | $97.90 | $107.80 | $113.70
december 31 2015 | $111.00 | $116.80 | $115.30
december 31 2016 | $120.50 | $118.40 | $129.00
december 31 2017 | $144.50 | $140.50 | $157.20
december 31 2018 | $96.50 | $127.70 | $150.30
(1) the pmi peer group presented in this graph is the same as that used in the prior year. the pmi peer group was established based on a review of four characteristics: global presence; a focus on consumer products; and net revenues and a market capitalization of a similar size to those of pmi. the review also considered the primary international tobacco companies. as a result of this review, the following companies constitute the pmi peer group: altria group, inc., anheuser-busch inbev sa/nv, british american tobacco p.l.c., the coca-cola company, colgate-palmolive co., diageo plc, heineken n.v., imperial brands plc, japan tobacco inc., johnson & johnson, kimberly-clark corporation, the kraft-heinz company, mcdonald's corp., mondel z international, inc., nestl e9 s.a., pepsico, inc., the procter & gamble company, roche holding ag, and unilever nv and plc. note: figures are rounded to the nearest $0.10..
what was the value of pmi common stock in 2018? 96.5
what is that less 100? -3.5
what is that divided by 100? -0.035
what is the net change of the s&p 500 from 2013 to 2018? 50.3
what is that divided by 100? 0.503
what is the pmi quotient less the s&p quotient?
|
0.538
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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
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entergy louisiana, inc. management's financial discussion and analysis gross operating revenues, fuel and purchased power expenses, and other regulatory credits gross operating revenues increased primarily due to: 2022 an increase of $98.0 million in fuel cost recovery revenues due to higher fuel rates; and 2022 an increase due to volume/weather, as discussed above. the increase was partially offset by the following: 2022 a decrease of $31.9 million in the price applied to unbilled sales, as discussed above; 2022 a decrease of $12.2 million in rate refund provisions, as discussed above; and 2022 a decrease of $5.2 million in gross wholesale revenue due to decreased sales to affiliated systems. fuel and purchased power expenses increased primarily due to: 2022 an increase in the recovery from customers of deferred fuel costs; and 2022 an increase in the market price of natural gas. other regulatory credits increased primarily due to: 2022 the deferral in 2004 of $14.3 million of capacity charges related to generation resource planning as allowed by the lpsc; 2022 the amortization in 2003 of $11.8 million of deferred capacity charges, as discussed above; and 2022 the deferral in 2004 of $11.4 million related to entergy's voluntary severance program, in accordance with a proposed stipulation with the lpsc staff. 2003 compared to 2002 net revenue, which is entergy louisiana's measure of gross margin, consists of operating revenues net of: 1) fuel, fuel-related, and purchased power expenses and 2) other regulatory charges (credits). following is an analysis of the change in net revenue comparing 2003 to 2002..
- | (in millions)
2002 net revenue | $922.9
deferred fuel cost revisions | 59.1
asset retirement obligation | 8.2
volume | -16.2 (16.2)
vidalia settlement | -9.2 (9.2)
other | 8.9
2003 net revenue | $973.7
the deferred fuel cost revisions variance resulted from a revised unbilled sales pricing estimate made in december 2002 and a further revision made in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs. the asset retirement obligation variance was due to the implementation of sfas 143, "accounting for asset retirement obligations" adopted in january 2003. see "critical accounting estimates" for more details on sfas 143. the increase was offset by decommissioning expense and had no effect on net income. the volume variance was due to a decrease in electricity usage in the service territory. billed usage decreased 1868 gwh in the industrial sector including the loss of a large industrial customer to cogeneration..
what was the total increase in the other regulatory credits in 2003? 37.5
and what percentage did this increase represent in relation to the net revenue in that year? 0.03851
and concerning the increase in fuel cost recovery revenues in that same period, what percent of it was due to deferred fuel cost revisions?
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0.60306
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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 is the net change in the price of henry hub natural gas from 2007 to 2009?
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-2.87
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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?
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246.0
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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?
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0.7
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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?
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0.24017
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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?
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99832.0
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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?
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8690.0
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with apb no. 25. instead, companies will be required to account for such transactions using a fair-value method and recognize the related expense associated with share-based payments in the statement of operations. sfas 123r is effective for us as of january 1, 2006. we have historically accounted for share-based payments to employees under apb no. 25 2019s intrinsic value method. as such, we generally have not recognized compensation expense for options granted to employees. we will adopt the provisions of sfas 123r under the modified prospective method, in which compensation cost for all share-based payments granted or modified after the effective date is recognized based upon the requirements of sfas 123r, and compensation cost for all awards granted to employees prior to the effective date that are unvested as of the effective date of sfas 123r is recognized based on sfas 123. tax benefits will be recognized related to the cost for share-based payments to the extent the equity instrument would ordinarily result in a future tax deduction under existing law. tax expense will be recognized to write off excess deferred tax assets when the tax deduction upon settlement of a vested option is less than the expense recorded in the statement of operations (to the extent not offset by prior tax credits for settlements where the tax deduction was greater than the fair value cost). we estimate that we will recognize equity-based compensation expense of approximately $35 million to $38 million for the year ending december 31, 2006. this amount is subject to revisions as we finalize certain assumptions related to 2006, including the size and nature of awards and forfeiture rates. sfas 123r also requires the benefits of tax deductions in excess of recognized compensation cost be reported as a financing cash flow rather than as operating cash flow as was previously required. we cannot estimate what the future tax benefits will be as the amounts depend on, among other factors, future employee stock option exercises. due to the our tax loss position, there was no operating cash inflow realized for december 31, 2005 and 2004 for such excess tax deductions. in march 2005, the sec issued staff accounting bulletin (sab) no. 107 regarding the staff 2019s interpretation of sfas 123r. this interpretation provides the staff 2019s views regarding interactions between sfas 123r and certain sec rules and regulations and provides interpretations of the valuation of share-based payments for public companies. the interpretive guidance is intended to assist companies in applying the provisions of sfas 123r and investors and users of the financial statements in analyzing the information provided. we will follow the guidance prescribed in sab no. 107 in connection with our adoption of sfas 123r. information presented pursuant to the indentures of our 7.50% (7.50%) notes, 7.125% (7.125%) notes and ati 7.25% (7.25%) the following table sets forth information that is presented solely to address certain tower cash flow reporting requirements contained in the indentures for our 7.50% (7.50%) notes, 7.125% (7.125%) notes and ati 7.25% (7.25%) notes. the information contained in note 19 to our consolidated financial statements is also presented to address certain reporting requirements contained in the indenture for our ati 7.25% (7.25%) notes. the following table presents tower cash flow, adjusted consolidated cash flow and non-tower cash flow for the company and its restricted subsidiaries, as defined in the indentures for the applicable notes (in thousands):.
tower cash flow for the three months ended december 31 2005 | $139590
consolidated cash flow for the twelve months ended december 31 2005 | $498266
less: tower cash flow for the twelve months ended december 31 2005 | -524804 (524804)
plus: four times tower cash flow for the three months ended december 31 2005 | 558360
adjusted consolidated cash flow for the twelve months ended december 31 2005 | $531822
non-tower cash flow for the twelve months ended december 31 2005 | $-30584 (30584)
.
what is the value of non-tower cash flow for the twelve months ended december 31 2005? 30584.0
what is that expressed as a positive number?
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-30584.0
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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.
in the year of 2008, what were the preliminary purchase price allocations related to contract-based intangible assets, in thousands? 1031.0
and considering its amortization period, what was their average annual amortization expense? 103.1
and concerning the total assets in that same acquisition, what amount of them was due to goodwill?
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13536.0
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market street commitments by credit rating (a) december 31, december 31.
- | december 31 2009 | december 312008
aaa/aaa | 14% (14%) | 19% (19%)
aa/aa | 50 | 6
a/a | 34 | 72
bbb/baa | 2 | 3
total | 100% (100%) | 100% (100%)
(a) the majority of our facilities are not explicitly rated by the rating agencies. all facilities are structured to meet rating agency standards for applicable rating levels. we evaluated the design of market street, its capital structure, the note, and relationships among the variable interest holders. based on this analysis and under accounting guidance effective during 2009 and 2008, we are not the primary beneficiary and therefore the assets and liabilities of market street are not included on our consolidated balance sheet. we considered changes to the variable interest holders (such as new expected loss note investors and changes to program- level credit enhancement providers), terms of expected loss notes, and new types of risks related to market street as reconsideration events. we reviewed the activities of market street on at least a quarterly basis to determine if a reconsideration event has occurred. tax credit investments we make certain equity investments in various limited partnerships or limited liability companies (llcs) that sponsor affordable housing projects utilizing the low income housing tax credit (lihtc) pursuant to sections 42 and 47 of the internal revenue code. the purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings and to assist us in achieving goals associated with the community reinvestment act. the primary activities of the investments include the identification, development and operation of multi-family housing that is leased to qualifying residential tenants. generally, these types of investments are funded through a combination of debt and equity. we typically invest in these partnerships as a limited partner or non-managing member. also, we are a national syndicator of affordable housing equity (together with the investments described above, the 201clihtc investments 201d). in these syndication transactions, we create funds in which our subsidiaries are the general partner or managing member and sell limited partnership or non-managing member interests to third parties, and in some cases may also purchase a limited partnership or non-managing member interest in the fund. the purpose of this business is to generate income from the syndication of these funds, generate servicing fees by managing the funds, and earn tax credits to reduce our tax liability. general partner or managing member activities include selecting, evaluating, structuring, negotiating, and closing the fund investments in operating limited partnerships, as well as oversight of the ongoing operations of the fund portfolio. we evaluate our interests and third party interests in the limited partnerships/llcs in determining whether we are the primary beneficiary. the primary beneficiary determination is based on which party absorbs a majority of the variability. the primary sources of variability in lihtc investments are the tax credits, tax benefits due to passive losses on the investments and development and operating cash flows. we have consolidated lihtc investments in which we absorb a majority of the variability and thus are considered the primary beneficiary. the assets are primarily included in equity investments and other assets on our consolidated balance sheet with the liabilities classified in other liabilities and third party investors 2019 interests included in the equity section as noncontrolling interests. neither creditors nor equity investors in the lihtc investments have any recourse to our general credit. the consolidated aggregate assets and liabilities of these lihtc investments are provided in the consolidated vies 2013 pnc is primary beneficiary table and reflected in the 201cother 201d business segment. we also have lihtc investments in which we are not the primary beneficiary, but are considered to have a significant variable interest based on our interests in the partnership/llc. these investments are disclosed in the non-consolidated vies 2013 significant variable interests table. the table also reflects our maximum exposure to loss. our maximum exposure to loss is equal to our legally binding equity commitments adjusted for recorded impairment and partnership results. we use the equity and cost methods to account for our investment in these entities with the investments reflected in equity investments on our consolidated balance sheet. in addition, we increase our recognized investments and recognize a liability for all legally binding unfunded equity commitments. these liabilities are reflected in other liabilities on our consolidated balance sheet. credit risk transfer transaction national city bank, (a former pnc subsidiary which merged into pnc bank, n.a. in november 2009) sponsored a special purpose entity (spe) and concurrently entered into a credit risk transfer agreement with an independent third party to mitigate credit losses on a pool of nonconforming mortgage loans originated by its former first franklin business unit. the spe was formed with a small equity contribution and was structured as a bankruptcy-remote entity so that its creditors have no recourse to us. in exchange for a perfected security interest in the cash flows of the nonconforming mortgage loans, the spe issued to us asset-backed securities in the form of senior, mezzanine, and subordinated equity notes. the spe was deemed to be a vie as its equity was not sufficient to finance its activities. we were determined to be the primary beneficiary of the spe as we would absorb the majority of the expected losses of the spe through our holding of the asset-backed securities. accordingly, this spe was consolidated and all of the entity 2019s assets, liabilities, and.
in the year of 2009, considering the percentage of the total facilities the bbb/baa ones represented, if there had been 50 facilities, how many of them would have been bbb/baa?
|
1.0
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proportional free cash flow (a non-gaap measure) we define proportional free cash flow as cash flows from operating activities less maintenance capital expenditures (including non-recoverable environmental capital expenditures), adjusted for the estimated impact of noncontrolling interests. the proportionate share of cash flows and related adjustments attributable to noncontrolling interests in our subsidiaries comprise the proportional adjustment factor presented in the reconciliation below. upon the company's adoption of the accounting guidance for service concession arrangements effective january 1, 2015, capital expenditures related to service concession assets that would have been classified as investing activities on the consolidated statement of cash flows are now classified as operating activities. see note 1 2014general and summary of significant accounting policies of this form 10-k for further information on the adoption of this guidance. beginning in the quarter ended march 31, 2015, the company changed the definition of proportional free cash flow to exclude the cash flows for capital expenditures related to service concession assets that are now classified within net cash provided by operating activities on the consolidated statement of cash flows. the proportional adjustment factor for these capital expenditures is presented in the reconciliation below. we also exclude environmental capital expenditures that are expected to be recovered through regulatory, contractual or other mechanisms. an example of recoverable environmental capital expenditures is ipl's investment in mats-related environmental upgrades that are recovered through a tracker. see item 1. 2014us sbu 2014ipl 2014environmental matters for details of these investments. the gaap measure most comparable to proportional free cash flow is cash flows from operating activities. we believe that proportional free cash flow better reflects the underlying business performance of the company, as it measures the cash generated by the business, after the funding of maintenance capital expenditures, that may be available for investing or repaying debt or other purposes. factors in this determination include the impact of noncontrolling interests, where aes consolidates the results of a subsidiary that is not wholly-owned by the company. the presentation of free cash flow has material limitations. proportional free cash flow should not be construed as an alternative to cash from operating activities, which is determined in accordance with gaap. proportional free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments. our definition of proportional free cash flow may not be comparable to similarly titled measures presented by other companies. calculation of proportional free cash flow (in millions) 2015 2014 2013 2015/2014change 2014/2013 change.
calculation of proportional free cash flow (in millions) | 2015 | 2014 | 2013 | 2015/2014 change | 2014/2013 change
net cash provided by operating activities | $2134 | $1791 | $2715 | $343 | $-924 (924)
add: capital expenditures related to service concession assets (1) | 165 | 2014 | 2014 | 165 | 2014
adjusted operating cash flow | 2299 | 1791 | 2715 | 508 | -924 (924)
less: proportional adjustment factor on operating cash activities (2) (3) | -558 (558) | -359 (359) | -834 (834) | -199 (199) | 475
proportional adjusted operating cash flow | 1741 | 1432 | 1881 | 309 | -449 (449)
less: proportional maintenance capital expenditures net of reinsurance proceeds (2) | -449 (449) | -485 (485) | -535 (535) | 36 | 50
less: proportional non-recoverable environmental capital expenditures (2) (4) | -51 (51) | -56 (56) | -75 (75) | 5 | 19
proportional free cash flow | $1241 | $891 | $1271 | $350 | $-380 (380)
(1) service concession asset expenditures excluded from proportional free cash flow non-gaap metric. (2) the proportional adjustment factor, proportional maintenance capital expenditures (net of reinsurance proceeds) and proportional non-recoverable environmental capital expenditures are calculated by multiplying the percentage owned by noncontrolling interests for each entity by its corresponding consolidated cash flow metric and are totaled to the resulting figures. for example, parent company a owns 20% (20%) of subsidiary company b, a consolidated subsidiary. thus, subsidiary company b has an 80% (80%) noncontrolling interest. assuming a consolidated net cash flow from operating activities of $100 from subsidiary b, the proportional adjustment factor for subsidiary b would equal $80 (or $100 x 80% (80%)). the company calculates the proportional adjustment factor for each consolidated business in this manner and then sums these amounts to determine the total proportional adjustment factor used in the reconciliation. the proportional adjustment factor may differ from the proportion of income attributable to noncontrolling interests as a result of (a) non-cash items which impact income but not cash and (b) aes' ownership interest in the subsidiary where such items occur. (3) includes proportional adjustment amount for service concession asset expenditures of $84 million for the year ended december 31, 2015. the company adopted service concession accounting effective january 1, 2015. (4) excludes ipl's proportional recoverable environmental capital expenditures of $205 million, $163 million and $110 million for the years december 31, 2015, 2014 and 2013, respectively..
what is the proportional recoverable environmental capital expenditures in 2015? 205.0
what is the value in 2014? 163.0
what is the sum of those 2 years? 368.0
what is the value in 2013? 110.0
what is the total sum for all 3 years?
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478.0
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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 advance auto parts stock in 2009 less 100?
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-2.74
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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?
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373.0
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item 5. market for the registrant 2019s common equity, related stockholder matters and issuer purchases of equity securities the following graph compares annual total return of our common stock, the standard & poor 2019s 500 composite stock index (201cs&p 500 index 201d) and our peer group (201cloews peer group 201d) for the five years ended december 31, 2015. the graph assumes that the value of the investment in our common stock, the s&p 500 index and the loews peer group was $100 on december 31, 2010 and that all dividends were reinvested..
- | 2010 | 2011 | 2012 | 2013 | 2014 | 2015
loews common stock | 100.0 | 97.37 | 106.04 | 126.23 | 110.59 | 101.72
s&p 500 index | 100.0 | 102.11 | 118.45 | 156.82 | 178.29 | 180.75
loews peer group (a) | 100.0 | 101.59 | 115.19 | 145.12 | 152.84 | 144.70
(a) the loews peer group consists of the following companies that are industry competitors of our principal operating subsidiaries: ace limited, w.r. berkley corporation, the chubb corporation, energy transfer partners l.p., ensco plc, the hartford financial services group, inc., kinder morgan energy partners, l.p. (included through november 26, 2014 when it was acquired by kinder morgan inc.), noble corporation, spectra energy corp, transocean ltd. and the travelers companies, inc. dividend information we have paid quarterly cash dividends on loews common stock in each year since 1967. regular dividends of $0.0625 per share of loews common stock were paid in each calendar quarter of 2015 and 2014..
what was the performance price of the loews common stock in 2012? 106.04
and what was the change in that performance price from 2010 to 2012? 6.04
how much does this change represent in relation to the performance price of that stock in 2010?
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0.0604
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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
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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
|
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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 is the net change in the value of total accumulated other comprehensive losses from 2013 or 2014? 2636.0
what is the value in 2013? 4190.0
what is the net change over the 2013 value?
|
0.62912
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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
|
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interest rate cash flow hedges 2013 we report changes in the fair value of cash flow hedges in accumulated other comprehensive loss until the hedged item affects earnings. at both december 31, 2008 and 2007, we had reductions of $4 million recorded as an accumulated other comprehensive loss that is being amortized on a straight-line basis through september 30, 2014. as of december 31, 2008 and 2007, we had no interest rate cash flow hedges outstanding. earnings impact 2013 our use of derivative financial instruments had the following impact on pre-tax income for the years ended december 31: millions of dollars 2008 2007 2006.
millions of dollars | 2008 | 2007 | 2006
(increase) /decrease in interest expense from interest rate hedging | $1 | $-8 (8) | $-8 (8)
(increase) /decrease in fuel expense from fuel derivatives | 1 | -1 (1) | 3
increase/ (decrease) in pre-tax income | $2 | $-9 (9) | $-5 (5)
fair value of debt instruments 2013 the fair value of our short- and long-term debt was estimated using quoted market prices, where available, or current borrowing rates. at december 31, 2008, the fair value of total debt is approximately $247 million less than the carrying value. at december 31, 2007, the fair value of total debt exceeded the carrying value by approximately $96 million. at december 31, 2008 and 2007, approximately $320 million and $181 million, respectively, of fixed-rate debt securities contained call provisions that allowed us to retire the debt instruments prior to final maturity, with the payment of fixed call premiums, or in certain cases, at par. sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables, inc. (upri), a bankruptcy-remote subsidiary, as part of a sale of receivables facility. upri sells, without recourse on a 364-day revolving basis, an undivided interest in such accounts receivable to investors. the total capacity to sell undivided interests to investors under the facility was $700 million and $600 million at december 31, 2008 and 2007, respectively. the value of the outstanding undivided interest held by investors under the facility was $584 million and $600 million at december 31, 2008 and 2007, respectively. upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables at december 31, 2008. the value of the outstanding undivided interest held by investors is not included in our consolidated financial statements. the value of the undivided interest held by investors was supported by $1015 million and $1071 million of accounts receivable held by upri at december 31, 2008 and 2007, respectively. at december 31, 2008 and 2007, the value of the interest retained by upri was $431 million and $471 million, respectively. this retained interest is included in accounts receivable in our consolidated financial statements. the interest sold to investors is sold at carrying value, which approximates fair value, and there is no gain or loss recognized from the transaction. the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks, including default and dilution. if default or dilution percentages were to increase one percentage point, the amount of eligible receivables would decrease by $6 million. should our credit rating fall below investment grade, the value of the outstanding undivided interest held by investors would be reduced, and, in certain cases, the investors would have the right to discontinue the facility. the railroad services the sold receivables; however, the railroad does not recognize any servicing asset or liability as the servicing fees adequately compensate us for these responsibilities. the railroad collected approximately $17.8 billion and $16.1 billion during the years ended december 31, 2008 and 2007, respectively. upri used certain of these proceeds to purchase new receivables under the facility..
what was the difference in sold receivables between 2007 and 2008?
|
1.7
|
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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 value of inventories in 2018? 4111.8
what was the value in 2017?
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4458.3
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at december 31, 2015 and 2014, we had a modest working capital surplus. this reflects a strong cash position that provides enhanced liquidity in an uncertain economic environment. in addition, we believe we have adequate access to capital markets to meet any foreseeable cash requirements, and we have sufficient financial capacity to satisfy our current liabilities. cash flows.
millions | 2015 | 2014 | 2013
cash provided by operating activities | $7344 | $7385 | $6823
cash used in investing activities | -4476 (4476) | -4249 (4249) | -3405 (3405)
cash used in financing activities | -3063 (3063) | -2982 (2982) | -3049 (3049)
net change in cash and cash equivalents | $-195 (195) | $154 | $369
operating activities cash provided by operating activities decreased in 2015 compared to 2014 due to lower net income and changes in working capital, partially offset by the timing of tax payments. federal tax law provided for 100% (100%) bonus depreciation for qualified investments made during 2011 and 50% (50%) bonus depreciation for qualified investments made during 2012-2013. as a result, the company deferred a substantial portion of its 2011-2013 income tax expense, contributing to the positive operating cash flow in those years. congress extended 50% (50%) bonus depreciation for 2014, but this extension occurred in december, and the related benefit was realized in 2015, rather than 2014. similarly, in december of 2015, congress extended bonus depreciation through 2019, which delayed the benefit of 2015 bonus depreciation into 2016. bonus depreciation will be at a rate of 50% (50%) for 2015, 2016 and 2017, 40% (40%) for 2018 and 30% (30%) for 2019. higher net income in 2014 increased cash provided by operating activities compared to 2013, despite higher income tax payments. 2014 income tax payments were higher than 2013 primarily due to higher income, but also because we paid taxes previously deferred by bonus depreciation. investing activities higher capital investments in locomotives and freight cars, including $327 million in early lease buyouts, which we exercised due to favorable economic terms and market conditions, drove the increase in cash used in investing activities in 2015 compared to 2014. higher capital investments, including the early buyout of the long-term operating lease of our headquarters building for approximately $261 million, drove the increase in cash used in investing activities in 2014 compared to 2013. significant investments also were made for new locomotives, freight cars and containers, and capacity and commercial facility projects. capital investments in 2014 also included $99 million for the early buyout of locomotives and freight cars under long-term operating leases, which we exercised due to favorable economic terms and market conditions..
what was the difference in cash provided by operating activities between 2013 and 2014? 562.0
so what was the percentage change over this time?
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0.08237
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market street commitments by credit rating (a) december 31, december 31.
- | december 31 2009 | december 312008
aaa/aaa | 14% (14%) | 19% (19%)
aa/aa | 50 | 6
a/a | 34 | 72
bbb/baa | 2 | 3
total | 100% (100%) | 100% (100%)
(a) the majority of our facilities are not explicitly rated by the rating agencies. all facilities are structured to meet rating agency standards for applicable rating levels. we evaluated the design of market street, its capital structure, the note, and relationships among the variable interest holders. based on this analysis and under accounting guidance effective during 2009 and 2008, we are not the primary beneficiary and therefore the assets and liabilities of market street are not included on our consolidated balance sheet. we considered changes to the variable interest holders (such as new expected loss note investors and changes to program- level credit enhancement providers), terms of expected loss notes, and new types of risks related to market street as reconsideration events. we reviewed the activities of market street on at least a quarterly basis to determine if a reconsideration event has occurred. tax credit investments we make certain equity investments in various limited partnerships or limited liability companies (llcs) that sponsor affordable housing projects utilizing the low income housing tax credit (lihtc) pursuant to sections 42 and 47 of the internal revenue code. the purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings and to assist us in achieving goals associated with the community reinvestment act. the primary activities of the investments include the identification, development and operation of multi-family housing that is leased to qualifying residential tenants. generally, these types of investments are funded through a combination of debt and equity. we typically invest in these partnerships as a limited partner or non-managing member. also, we are a national syndicator of affordable housing equity (together with the investments described above, the 201clihtc investments 201d). in these syndication transactions, we create funds in which our subsidiaries are the general partner or managing member and sell limited partnership or non-managing member interests to third parties, and in some cases may also purchase a limited partnership or non-managing member interest in the fund. the purpose of this business is to generate income from the syndication of these funds, generate servicing fees by managing the funds, and earn tax credits to reduce our tax liability. general partner or managing member activities include selecting, evaluating, structuring, negotiating, and closing the fund investments in operating limited partnerships, as well as oversight of the ongoing operations of the fund portfolio. we evaluate our interests and third party interests in the limited partnerships/llcs in determining whether we are the primary beneficiary. the primary beneficiary determination is based on which party absorbs a majority of the variability. the primary sources of variability in lihtc investments are the tax credits, tax benefits due to passive losses on the investments and development and operating cash flows. we have consolidated lihtc investments in which we absorb a majority of the variability and thus are considered the primary beneficiary. the assets are primarily included in equity investments and other assets on our consolidated balance sheet with the liabilities classified in other liabilities and third party investors 2019 interests included in the equity section as noncontrolling interests. neither creditors nor equity investors in the lihtc investments have any recourse to our general credit. the consolidated aggregate assets and liabilities of these lihtc investments are provided in the consolidated vies 2013 pnc is primary beneficiary table and reflected in the 201cother 201d business segment. we also have lihtc investments in which we are not the primary beneficiary, but are considered to have a significant variable interest based on our interests in the partnership/llc. these investments are disclosed in the non-consolidated vies 2013 significant variable interests table. the table also reflects our maximum exposure to loss. our maximum exposure to loss is equal to our legally binding equity commitments adjusted for recorded impairment and partnership results. we use the equity and cost methods to account for our investment in these entities with the investments reflected in equity investments on our consolidated balance sheet. in addition, we increase our recognized investments and recognize a liability for all legally binding unfunded equity commitments. these liabilities are reflected in other liabilities on our consolidated balance sheet. credit risk transfer transaction national city bank, (a former pnc subsidiary which merged into pnc bank, n.a. in november 2009) sponsored a special purpose entity (spe) and concurrently entered into a credit risk transfer agreement with an independent third party to mitigate credit losses on a pool of nonconforming mortgage loans originated by its former first franklin business unit. the spe was formed with a small equity contribution and was structured as a bankruptcy-remote entity so that its creditors have no recourse to us. in exchange for a perfected security interest in the cash flows of the nonconforming mortgage loans, the spe issued to us asset-backed securities in the form of senior, mezzanine, and subordinated equity notes. the spe was deemed to be a vie as its equity was not sufficient to finance its activities. we were determined to be the primary beneficiary of the spe as we would absorb the majority of the expected losses of the spe through our holding of the asset-backed securities. accordingly, this spe was consolidated and all of the entity 2019s assets, liabilities, and.
what is the aaa interest rate in 2009? 14.0
what is it in 2008? 19.0
what is the sum?
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33.0
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the table below details cash capital investments for the years ended december 31, 2006, 2005, and 2004. millions of dollars 2006 2005 2004.
millions of dollars | 2006 | 2005 | 2004
track | $1487 | $1472 | $1328
capacity and commercial facilities | 510 | 509 | 347
locomotives and freight cars | 135 | 98 | 125
other | 110 | 90 | 76
total | $2242 | $2169 | $1876
in 2007, we expect our total capital investments to be approximately $3.2 billion, which may include long- term leases. these investments will be used to maintain track and structures, continue capacity expansions on our main lines in constrained corridors, remove bottlenecks, upgrade and augment equipment to better meet customer needs, build and improve facilities and terminals, and develop and implement new technologies. we designed these investments to maintain infrastructure for safety, enhance customer service, promote growth, and improve operational fluidity. we expect to fund our 2007 cash capital investments through cash generated from operations, the sale or lease of various operating and non-operating properties, and cash on hand at december 31, 2006. we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007. for the years ended december 31, 2006, 2005, and 2004, our ratio of earnings to fixed charges was 4.4, 2.9, and 2.1, respectively. the increases in 2006 and 2005 were driven by higher net income. the ratio of earnings to fixed charges was computed on a consolidated basis. earnings represent income from continuing operations, less equity earnings net of distributions, plus fixed charges and income taxes. fixed charges represent interest charges, amortization of debt discount, and the estimated amount representing the interest portion of rental charges. see exhibit 12 for the calculation of the ratio of earnings to fixed charges. financing activities credit facilities 2013 on december 31, 2006, we had $2 billion in revolving credit facilities available, including $1 billion under a five-year facility expiring in march 2009 and $1 billion under a five-year facility expiring in march 2010 (collectively, the "facilities"). the facilities are designated for general corporate purposes and support the issuance of commercial paper. neither of the facilities were drawn on in 2006. commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers. these facilities allow for borrowings at floating rates based on london interbank offered rates, plus a spread, depending upon our senior unsecured debt ratings. the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio. at december 31, 2006, we were in compliance with these covenants. the facilities do not include any other financial restrictions, credit rating triggers (other than rating-dependent pricing), or any other provision that could require the posting of collateral. in addition to our revolving credit facilities, we had $150 million in uncommitted lines of credit available, including $75 million that expires in march 2007 and $75 million expiring in may 2007. neither of these lines of credit were used as of december 31, 2006. we must have equivalent credit available under our five-year facilities to draw on these $75 million lines. dividends 2013 on january 30, 2007, we increased the quarterly dividend to $0.35 per share, payable beginning on april 2, 2007, to shareholders of record on february 28, 2007. we expect to fund the increase in the quarterly dividend through cash generated from operations, the sale or lease of various operating and non-operating properties, and cash on hand at december 31, 2006. dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities. retained earnings available.
what was the cash capital investments in track in 2006? 1487.0
and for 2005? 1472.0
so what was the difference between these two years?
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15.0
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the hartford financial services group, inc. notes to consolidated financial statements (continued) 7. deferred policy acquisition costs and present value of future profits (continued) results changes in the dac balance are as follows:.
- | 2011 | 2010 | 2009
balance january 1 | $9857 | $10686 | $13248
deferred costs | 2608 | 2648 | 2853
amortization 2014 dac | -2920 (2920) | -2665 (2665) | -3247 (3247)
amortization 2014 dac from discontinued operations | 2014 | -17 (17) | -10 (10)
amortization 2014 unlock benefit (charge) pre-tax [1] | -507 (507) | 138 | -1010 (1010)
adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 (377) | -1159 (1159) | -1031 (1031)
effect of currency translation | 83 | 215 | -39 (39)
cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 (78)
balance december 31 | $8744 | $9857 | $10686
[1] the most significant contributors to the unlock charge recorded during the year ended december 31, 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s. variable annuity macro hedge program, as well as actual separate account returns below our aggregated estimated return. the most significant contributors to the unlock benefit recorded during the year ended december 31, 2010 were actual separate account returns being above our aggregated estimated return. also included in the benefit are assumption updates related to benefits from withdrawals and lapses, offset by hedging, annuitization estimates on japan products, and long-term expected rate of return updates. the most significant contributors to the unlock charge recorded during the year ended december 31, 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009, partially offset by actual returns being greater than our aggregated estimated return for the period from april 1, 2009 to december 31, 2009. [2] the most significant contributor to the adjustments was the effect of declining interest rates, resulting in unrealized gains on securities classified in aoci. other includes a $34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010. [3] for the year ended december 31, 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and, as a result, a dac benefit. in addition, an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance. for the year ended december 31, 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and, as a result, a dac charge. in addition, an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance. as of december 31, 2011, estimated future net amortization expense of present value of future profits for the succeeding five years is $39, $58, $24, $23 and $22 in 2012, 2013, 2014, 2015 and 2016, respectively..
what was the change in estimated future net amortization expense of present value of future profits between 2013 and 2014?
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-34.0
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reinsurance commissions, fees and other revenue decreased 2% (2%) in 2014 reflecting a 1% (1%) unfavorable impact from foreign currency exchange rates and 1% (1%) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty, partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business, as well as facultative placements. operating income operating income increased $108 million, or 7% (7%), from 2013 to $1.6 billion in 2014. in 2014, operating income margins in this segment were 21.0% (21.0%), an increase of 120 basis points from 19.8% (19.8%) in 2013. operating margin improvement was driven by solid organic revenue growth, return on investments, expense discipline and savings related to the restructuring programs, partially offset by a $61 million unfavorable impact from foreign currency exchange rates. hr solutions.
years ended december 31 | 2014 | 2013 | 2012
revenue | $4264 | $4057 | $3925
operating income | 485 | 318 | 289
operating margin | 11.4% (11.4%) | 7.8% (7.8%) | 7.4% (7.4%)
our hr solutions segment generated approximately 35% (35%) of our consolidated total revenues in 2014 and provides a broad range of human capital services, as follows: 2022 retirement specializes in global actuarial services, defined contribution consulting, tax and erisa consulting, and pension administration. 2022 compensation focuses on compensatory advisory/counsel including: compensation planning design, executive reward strategies, salary survey and benchmarking, market share studies and sales force effectiveness, with special expertise in the financial services and technology industries. 2022 strategic human capital delivers advice to complex global organizations on talent, change and organizational effectiveness issues, including talent strategy and acquisition, executive on-boarding, performance management, leadership assessment and development, communication strategy, workforce training and change management. 2022 investment consulting advises public and private companies, other institutions and trustees on developing and maintaining investment programs across a broad range of plan types, including defined benefit plans, defined contribution plans, endowments and foundations. 2022 benefits administration applies our human resource expertise primarily through defined benefit (pension), defined contribution (401 (k)), and health and welfare administrative services. our model replaces the resource-intensive processes once required to administer benefit plans with more efficient, effective, and less costly solutions. 2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare, while helping individuals select the insurance that best meets their needs. 2022 human resource business processing outsourcing provides market-leading solutions to manage employee data; administer benefits, payroll and other human resources processes; and record and manage talent, workforce and other core human resource process transactions as well as other complementary services such as flexible spending, dependent audit and participant advocacy. disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace. weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate. while we believe that the majority of our practices are well positioned to manage through this time, these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services, which is having an adverse effect on our new business and results of operations..
what was total operating income in 2013?
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1.6
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of prior service cost or credits, and net actuarial gains or losses) as part of non-operating income. we adopted the requirements of asu no. 2017-07 on january 1, 2018 using the retrospective transition method. we expect the adoption of asu no. 2017-07 to result in an increase to consolidated operating profit of $471 million and $846 million for 2016 and 2017, respectively, and a corresponding decrease in non-operating income for each year. we do not expect any impact to our business segment operating profit, our consolidated net earnings, or cash flows as a result of adopting asu no. 2017-07. intangibles-goodwill and other in january 2017, the fasb issued asu no. 2017-04, intangibles-goodwill and other (topic 350), which eliminates the requirement to compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill (commonly referred to as step 2) from the goodwill impairment test. the new standard does not change how a goodwill impairment is identified. wewill continue to perform our quantitative and qualitative goodwill impairment test by comparing the fair value of each reporting unit to its carrying amount, but if we are required to recognize a goodwill impairment charge, under the new standard the amount of the charge will be calculated by subtracting the reporting unit 2019s fair value from its carrying amount. under the prior standard, if we were required to recognize a goodwill impairment charge, step 2 required us to calculate the implied value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination and the amount of the charge was calculated by subtracting the reporting unit 2019s implied fair value of goodwill from its actual goodwill balance. the new standard is effective for interim and annual reporting periods beginning after december 15, 2019, with early adoption permitted, and should be applied prospectively from the date of adoption. we elected to adopt the new standard for future goodwill impairment tests at the beginning of the third quarter of 2017, because it significantly simplifies the evaluation of goodwill for impairment. the impact of the new standard will depend on the outcomes of future goodwill impairment tests. derivatives and hedging inaugust 2017, the fasb issuedasu no. 2017-12derivatives and hedging (topic 815), which eliminates the requirement to separately measure and report hedge ineffectiveness. the guidance is effective for fiscal years beginning after december 15, 2018, with early adoption permitted. we do not expect a significant impact to our consolidated assets and liabilities, net earnings, or cash flows as a result of adopting this new standard. we plan to adopt the new standard january 1, 2019. leases in february 2016, the fasb issuedasu no. 2016-02, leases (topic 842), which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors. the new standard is effective january 1, 2019 for public companies, with early adoption permitted. the new standard currently requires the application of a modified retrospective approach to the beginning of the earliest period presented in the financial statements. we are continuing to evaluate the expected impact to our consolidated financial statements and related disclosures. we plan to adopt the new standard effective january 1, 2019. note 2 2013 earnings per share theweighted average number of shares outstanding used to compute earnings per common sharewere as follows (in millions):.
- | 2017 | 2016 | 2015
weighted average common shares outstanding for basic computations | 287.8 | 299.3 | 310.3
weighted average dilutive effect of equity awards | 2.8 | 3.8 | 4.4
weighted average common shares outstanding for diluted computations | 290.6 | 303.1 | 314.7
we compute basic and diluted earnings per common share by dividing net earnings by the respectiveweighted average number of common shares outstanding for the periods presented. our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units (rsus), performance stock units (psus) and exercise of outstanding stock options based on the treasury stock method. there were no significant anti-dilutive equity awards for the years ended december 31, 2017, 2016 and 2015. note 3 2013 acquisitions and divestitures acquisition of sikorsky aircraft corporation on november 6, 2015, we completed the acquisition of sikorsky from united technologies corporation (utc) and certain of utc 2019s subsidiaries. the purchase price of the acquisition was $9.0 billion, net of cash acquired. as a result of the acquisition.
what was the total weighted average common shares outstanding for diluted computations in 2016 and 2017? 593.7
and including the value for 2015?
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908.4
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the following table sets forth information concerning increases in the total number of our aap stores during the past five years:.
- | 2012 | 2011 | 2010 | 2009 | 2008
beginning stores | 3460 | 3369 | 3264 | 3243 | 3153
new stores (1) | 116 | 95 | 110 | 75 | 109
stores closed | 2014 | -4 (4) | -5 (5) | -54 (54) | -19 (19)
ending stores | 3576 | 3460 | 3369 | 3264 | 3243
(1) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores. store technology. our store-based information systems are comprised of a proprietary and integrated point of sale, electronic parts catalog, or epc, and store-level inventory management system (collectively "store system"). information maintained by our store system is used to formulate pricing, marketing and merchandising strategies and to replenish inventory accurately and rapidly. our fully integrated system enables our store team members to assist our customers in their parts selection and ordering based on the year, make, model and engine type of their vehicles. our store system provides real-time inventory tracking at the store level allowing store team members to check the quantity of on-hand inventory for any sku, adjust stock levels for select items for store specific events, automatically process returns and defective merchandise, designate skus for cycle counts and track merchandise transfers. if a hard-to-find part or accessory is not available at one of our stores, the store system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors. available parts and accessories are then ordered electronically from another store, hub, pdq ae or directly from the vendor with immediate confirmation of price, availability and estimated delivery time. our centrally-based epc data management system enables us to reduce the time needed to (i) exchange data with our vendors and (ii) catalog and deliver updated, accurate parts information. we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities. all of these systems are tightly integrated and provide real-time, comprehensive information to store personnel, resulting in improved customer service levels, team member productivity and in-stock availability. we plan to start rolling out a new and enhanced epc in fiscal 2013 which is expected to simplify and improve the customer experience. among the improvements is a more efficient way to systematically identify add-on sales to ensure our customers have what they need to complete their automotive repair project. store support center merchandising. purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations: 2022 store support center in roanoke, virginia; 2022 regional office in minneapolis, minnesota; and 2022 global sourcing office in taipei, taiwan. our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories, oil and chemicals. our global sourcing team works closely with both teams. in fiscal 2012, we purchased merchandise from approximately 450 vendors, with no single vendor accounting for more than 9% (9%) of purchases. our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms, including pricing, payment terms and volume. the merchandising team has developed strong vendor relationships in the industry and, in a collaborative effort with our vendor partners, utilizes a category management process where we manage the mix of our product offerings to meet customer demand. we believe this process, which develops a customer-focused business plan for each merchandise category, and our global sourcing operation are critical to improving comparable store sales, gross margin and inventory productivity..
what were the number of stores at the end of 2011? 3460.0
what was the number at the start of 2011? 3369.0
what is the net change?
|
91.0
|
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long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31, 2013 included the following: (in millions) maturity amount unamortized discount carrying value fair value.
(in millions) | maturity amount | unamortized discount | carrying value | fair value
3.50% (3.50%) notes due 2014 | $1000 | $2014 | $1000 | $1029
1.375% (1.375%) notes due 2015 | 750 | 2014 | 750 | 759
6.25% (6.25%) notes due 2017 | 700 | -2 (2) | 698 | 812
5.00% (5.00%) notes due 2019 | 1000 | -2 (2) | 998 | 1140
4.25% (4.25%) notes due 2021 | 750 | -3 (3) | 747 | 799
3.375% (3.375%) notes due 2022 | 750 | -4 (4) | 746 | 745
total long-term borrowings | $4950 | $-11 (11) | $4939 | $5284
long-term borrowings at december 31, 2012 had a carrying value of $5.687 billion and a fair value of $6.275 billion determined using market prices at the end of december 2012. 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, 2013, $5 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition. 2013 and 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 on the 4.25% (4.25%) notes due in 2021 (201c2021 notes 201d) is payable semi-annually on may 24 and november 24 of each year, which commenced november 24, 2011, and is approximately $32 million per year. the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price. the 2021 notes were issued at a discount of $4 million that is being amortized over the term of the notes. the company incurred approximately $7 million of debt issuance costs for the $1.5 billion note issuances, which are being amortized over the respective terms of the notes. at december 31, 2013, $3 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition. in may 2011, in conjunction with the issuance of the 2013 floating rate notes, the company entered into a $750 million notional interest rate swap maturing in 2013 to hedge the future cash flows of its obligation at a fixed rate of 1.03% (1.03%). during the second quarter of 2013, the interest rate swap matured and the 2013 floating rate notes were fully repaid. 2012, 2014 and 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 and $1.0 billion of 5.0% (5.0%) notes maturing in december 2014 and 2019, respectively. 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 (201cbgi 201d) from barclays on december 1, 2009 (the 201cbgi transaction 201d), and for general corporate purposes. interest on the 2014 notes and 2019 notes of approximately $35 million and $50 million per year, respectively, 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. these notes were issued collectively at a discount of $5 million, which is being amortized over the respective terms of the notes. the company incurred approximately $13 million of debt issuance costs, which are being amortized over the respective terms of these notes. at december 31, 2013, $4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition. 2017 notes. in september 2007, the company issued $700 million in aggregate principal amount of 6.25% (6.25%) senior unsecured and unsubordinated notes maturing on september 15, 2017 (the 201c2017 notes 201d). a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund of funds business of quellos and the remainder was used for general corporate purposes. interest is payable semi-annually in arrears on march 15 and september 15 of each year, or approximately $44 million per year. the 2017 notes may be redeemed prior.
what is the sum of carrying value of notes due 2014 and 2015?
|
1750.0
|
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.
|
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 net pension cost in 2018? 137.0
and in 2017? 138.0
combined, what was the total for these two years? 275.0
and in 2016?
|
113.0
|
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.
|
income tax liabilities tax liabilities related to unrecognized tax benefits as of 30 september 2018 were $233.6. these tax liabilities were excluded from the contractual obligations table as it is impractical to determine a cash impact by year given that payments will vary according to changes in tax laws, tax rates, and our operating results. in addition, there are uncertainties in timing of the effective settlement of our uncertain tax positions with respective taxing authorities. however, the contractual obligations table above includes our accrued liability of approximately $184 for deemed repatriation tax that is payable over eight years related to the tax act. refer to note 22, income taxes, to the consolidated financial statements for additional information. obligation for future contribution to an equity affiliate on 19 april 2015, a joint venture between air products and acwa holding entered into a 20-year oxygen and nitrogen supply agreement to supply saudi aramco 2019s oil refinery and power plant being built in jazan, saudi arabia. air products owns 25% (25%) of the joint venture and guarantees the repayment of its share of an equity bridge loan. in total, we expect to invest approximately $100 in this joint venture. as of 30 september 2018, we recorded a noncurrent liability of $94.4 for our obligation to make future equity contributions in 2020 based on our proportionate share of the advances received by the joint venture under the loan. expected investment in joint venture on 12 august 2018, air products entered an agreement to form a gasification/power joint venture ("jv") with saudi aramco and acwa in jazan, saudi arabia. air products will own at least 55% (55%) of the jv, with saudi aramco and acwa power owning the balance. the jv will purchase the gasification assets, power block, and the associated utilities from saudi aramco for approximately $8 billion. our expected investment has been excluded from the contractual obligations table above pending closing, which is currently expected in fiscal year 2020. the jv will own and operate the facility under a 25-year contract for a fixed monthly fee. saudi aramco will supply feedstock to the jv, and the jv will produce power, hydrogen and other utilities for saudi aramco. pension benefits the company and certain of its subsidiaries sponsor defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees. the principal defined benefit pension plans are the u.s. salaried pension plan and the u.k. pension plan. these plans were closed to new participants in 2005, after which defined contribution plans were offered to new employees. the shift to defined contribution plans is expected to continue to reduce volatility of both plan expense and contributions. the fair market value of plan assets for our defined benefit pension plans as of the 30 september 2018 measurement date decreased to $4273.1 from $4409.2 at the end of fiscal year 2017. the projected benefit obligation for these plans was $4583.3 and $5107.2 at the end of fiscal years 2018 and 2017, respectively. the net unfunded liability decreased $387.8 from $698.0 to $310.2, primarily due to higher discount rates and favorable asset experience. refer to note 16, retirement benefits, to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits. pension expense.
- | 2018 | 2017 | 2016
pension expense 2013 continuing operations | $91.8 | $72.0 | $55.8
settlements termination benefits and curtailments (included above) | 48.9 | 15.0 | 6.0
weighted average discount rate 2013 service cost | 3.2% (3.2%) | 2.9% (2.9%) | 4.1% (4.1%)
weighted average discount rate 2013 interest cost | 2.9% (2.9%) | 2.5% (2.5%) | 3.4% (3.4%)
weighted average expected rate of return on plan assets | 6.9% (6.9%) | 7.4% (7.4%) | 7.5% (7.5%)
weighted average expected rate of compensation increase | 3.5% (3.5%) | 3.5% (3.5%) | 3.5% (3.5%)
.
what was the total of operating expenses in 2018? 91.8
and what was it in 2017?
|
72.0
|
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.
|
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.
by what amount did the net earnings attributable to pmi decrease over the year, in millions? 932.0
and what percentage of those net earnings in the previous year is represented by this amount? 0.134
considering, then, this decrease amount and the percentage of the net earnings it represents, what was the total of those net earnings in the previous year, in millions?
|
6955.22388
|
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.
|
of exiting a business in japan, economic weakness in asia and political unrest in thailand, partially offset by growth in new zealand and certain emerging markets. reinsurance commissions, fees and other revenue increased 48% (48%), due mainly to the benfield merger, partially offset by unfavorable foreign currency translation. organic revenue is even with 2008, as growth in domestic treaty business and slightly higher pricing was offset by greater client retention, and declines in investment banking and facultative placements. operating income operating income increased $54 million or 6% (6%) from 2008 to $900 million in 2009. in 2009, operating income margins in this segment were 14.3% (14.3%), up 60 basis points from 13.7% (13.7%) in 2008. contributing to increased operating income and margins were the merger with benfield, lower e&o costs due to insurance recoveries, a pension curtailment gain of $54 million in 2009 versus a curtailment loss of $6 million in 2008, declines in anti-corruption and compliance initiative costs of $35 million, restructuring savings, and other cost savings initiatives. these items were partially offset by an increase of $140 million in restructuring costs, $95 million of lower fiduciary investment income, benfield integration costs and higher amortization of intangible assets obtained in the merger, and unfavorable foreign currency translation. consulting.
years ended december 31, | 2009 | 2008 | 2007
segment revenue | $1267 | $1356 | $1345
segment operating income | 203 | 208 | 180
segment operating income margin | 16.0% (16.0%) | 15.3% (15.3%) | 13.4% (13.4%)
our consulting segment generated 17% (17%) of our consolidated total revenues in 2009 and provides a broad range of human capital consulting services, as follows: consulting services: 1. health and benefits advises clients about how to structure, fund, and administer employee benefit programs that attract, retain, and motivate employees. benefits consulting include health and welfare, executive benefits, workforce strategies and productivity, absence management, benefits administration, data-driven health, compliance, employee commitment, investment advisory and elective benefits services. 2. retirement specializes in global actuarial services, defined contribution consulting, investment consulting, tax and erisa consulting, and pension administration. 3. compensation focuses on compensatory advisory/counsel including: compensation planning design, executive reward strategies, salary survey and benchmarking, market share studies and sales force effectiveness, with special expertise in the financial services and technology industries. 4. strategic human capital delivers advice to complex global organizations on talent, change and organizational effectiveness issues, including talent strategy and acquisition, executive on-boarding, performance management, leadership assessment and development, communication strategy, workforce training and change management. outsourcing offers employment processing, performance improvement, benefits administration and other employment-related services. beginning in late 2008 and continuing throughout 2009, the disruption in the global credit markets and the deterioration of the financial markets has created significant uncertainty in the marketplace. the prolonged economic downturn is adversely impacting our clients 2019 financial condition and the levels of business activities in the industries and geographies where we operate. while we believe that the majority of our practices are well positioned to manage through this time, these challenges are reducing demand for some of our services and depressing the price of those services, which is having an adverse effect on our new business and results of operations..
what is the difference in segment revenue from 2008 to 2009? -89.0
what is the 2008 value?
|
1356.0
|
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.
|
interest rate cash flow hedges 2013 we report changes in the fair value of cash flow hedges in accumulated other comprehensive loss until the hedged item affects earnings. at both december 31, 2008 and 2007, we had reductions of $4 million recorded as an accumulated other comprehensive loss that is being amortized on a straight-line basis through september 30, 2014. as of december 31, 2008 and 2007, we had no interest rate cash flow hedges outstanding. earnings impact 2013 our use of derivative financial instruments had the following impact on pre-tax income for the years ended december 31: millions of dollars 2008 2007 2006.
millions of dollars | 2008 | 2007 | 2006
(increase) /decrease in interest expense from interest rate hedging | $1 | $-8 (8) | $-8 (8)
(increase) /decrease in fuel expense from fuel derivatives | 1 | -1 (1) | 3
increase/ (decrease) in pre-tax income | $2 | $-9 (9) | $-5 (5)
fair value of debt instruments 2013 the fair value of our short- and long-term debt was estimated using quoted market prices, where available, or current borrowing rates. at december 31, 2008, the fair value of total debt is approximately $247 million less than the carrying value. at december 31, 2007, the fair value of total debt exceeded the carrying value by approximately $96 million. at december 31, 2008 and 2007, approximately $320 million and $181 million, respectively, of fixed-rate debt securities contained call provisions that allowed us to retire the debt instruments prior to final maturity, with the payment of fixed call premiums, or in certain cases, at par. sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables, inc. (upri), a bankruptcy-remote subsidiary, as part of a sale of receivables facility. upri sells, without recourse on a 364-day revolving basis, an undivided interest in such accounts receivable to investors. the total capacity to sell undivided interests to investors under the facility was $700 million and $600 million at december 31, 2008 and 2007, respectively. the value of the outstanding undivided interest held by investors under the facility was $584 million and $600 million at december 31, 2008 and 2007, respectively. upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables at december 31, 2008. the value of the outstanding undivided interest held by investors is not included in our consolidated financial statements. the value of the undivided interest held by investors was supported by $1015 million and $1071 million of accounts receivable held by upri at december 31, 2008 and 2007, respectively. at december 31, 2008 and 2007, the value of the interest retained by upri was $431 million and $471 million, respectively. this retained interest is included in accounts receivable in our consolidated financial statements. the interest sold to investors is sold at carrying value, which approximates fair value, and there is no gain or loss recognized from the transaction. the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks, including default and dilution. if default or dilution percentages were to increase one percentage point, the amount of eligible receivables would decrease by $6 million. should our credit rating fall below investment grade, the value of the outstanding undivided interest held by investors would be reduced, and, in certain cases, the investors would have the right to discontinue the facility. the railroad services the sold receivables; however, the railroad does not recognize any servicing asset or liability as the servicing fees adequately compensate us for these responsibilities. the railroad collected approximately $17.8 billion and $16.1 billion during the years ended december 31, 2008 and 2007, respectively. upri used certain of these proceeds to purchase new receivables under the facility..
what was the change in the value of the interest retained by upri from 2007 to 2008?
|
-40.0
|
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.
|
the following table sets forth information concerning increases in the total number of our aap stores during the past five years:.
- | 2012 | 2011 | 2010 | 2009 | 2008
beginning stores | 3460 | 3369 | 3264 | 3243 | 3153
new stores (1) | 116 | 95 | 110 | 75 | 109
stores closed | 2014 | -4 (4) | -5 (5) | -54 (54) | -19 (19)
ending stores | 3576 | 3460 | 3369 | 3264 | 3243
(1) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores. store technology. our store-based information systems are comprised of a proprietary and integrated point of sale, electronic parts catalog, or epc, and store-level inventory management system (collectively "store system"). information maintained by our store system is used to formulate pricing, marketing and merchandising strategies and to replenish inventory accurately and rapidly. our fully integrated system enables our store team members to assist our customers in their parts selection and ordering based on the year, make, model and engine type of their vehicles. our store system provides real-time inventory tracking at the store level allowing store team members to check the quantity of on-hand inventory for any sku, adjust stock levels for select items for store specific events, automatically process returns and defective merchandise, designate skus for cycle counts and track merchandise transfers. if a hard-to-find part or accessory is not available at one of our stores, the store system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors. available parts and accessories are then ordered electronically from another store, hub, pdq ae or directly from the vendor with immediate confirmation of price, availability and estimated delivery time. our centrally-based epc data management system enables us to reduce the time needed to (i) exchange data with our vendors and (ii) catalog and deliver updated, accurate parts information. we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities. all of these systems are tightly integrated and provide real-time, comprehensive information to store personnel, resulting in improved customer service levels, team member productivity and in-stock availability. we plan to start rolling out a new and enhanced epc in fiscal 2013 which is expected to simplify and improve the customer experience. among the improvements is a more efficient way to systematically identify add-on sales to ensure our customers have what they need to complete their automotive repair project. store support center merchandising. purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations: 2022 store support center in roanoke, virginia; 2022 regional office in minneapolis, minnesota; and 2022 global sourcing office in taipei, taiwan. our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories, oil and chemicals. our global sourcing team works closely with both teams. in fiscal 2012, we purchased merchandise from approximately 450 vendors, with no single vendor accounting for more than 9% (9%) of purchases. our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms, including pricing, payment terms and volume. the merchandising team has developed strong vendor relationships in the industry and, in a collaborative effort with our vendor partners, utilizes a category management process where we manage the mix of our product offerings to meet customer demand. we believe this process, which develops a customer-focused business plan for each merchandise category, and our global sourcing operation are critical to improving comparable store sales, gross margin and inventory productivity..
what was the beginning number of stores in 2012?
|
3576.0
|
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.
|
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 is the value of euro notes with march 2021 maturities? 1029.0
what is the value with march 2026 maturities? 1372.0
what is the sum? 2401.0
what is the value of euro notes with may 2029 maturities? 697.0
what is the total sum of the 3?
|
3098.0
|
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